The group grows 13.5 percent in the property business, where it reaches 17.5 million euros
SEVILLA, 1 Mar. (EUROPA PRESS) -
Grupo Insur has closed the 2022 financial year with a consolidated profit after taxes of 15 million euros, 25 percent higher than the previous year, and an accumulated pre-sales portfolio of 202.1 million euros. The turnover has stood at 117.9 million euros, with a decrease of 5.9 percent due to lower turnover in secondary construction and management activities.
By activities, the turnover of the promotion activity stood at 82 million euros, with a slight decrease of 1.8 percent. Those for construction and management stood at 15.1 million euros and 3.3 million, with falls of 33.7 percent and 8.6 percent, respectively.
However, the business figure of the property activity presented a significant growth of 13.5 percent, amounting to 17.5 million euros. The variations experienced in the business figures of the promotion, construction and management activities, with respect to the previous year, have been highly influenced by the takeover in the first half of the year, after the purchase of 50 percent, of the company Desarrollos Metropolitans of the South, S.L.; company in which Grupo Insur participated together with Anida from the BBVA Group.
The Operating Result has stood at 22.1 million euros, with an increase of 0.8 percent. Ebitda has risen to 23.2 million, with a decrease of 11.3 percent compared to 2021. Adjusted Ebitda, which does not take into account the result from disposals of real estate investments, has stood at 21.2 million euros , 5.6 percent lower than the previous year.
The negative financial result has been reduced by 5.7 percent, from 5.5 million euros in 2021 to 5.2 million in 2022, which is explained by the higher valuation of interest rate hedging instruments hired by Insur.
In the promotion activity, the Group has shown a significant increase in cumulative pre-sales at the end of the year, with 202.1 million euros (164.7 million euros considering the pre-sales of joint ventures by the percentage of participation of the Group) , which represents a rise of 15.7 percent compared to the close of the previous financial year, which highlights the Group's ability to generate income and results in this activity over the coming years.
The patrimonial activity has experienced an excellent performance during the past financial year. The increase in its turnover by 13.5 percent to reach 17.5 million, is added to the increase in the occupancy rate to 90.4 percent; 2.7 percentage points more than the previous year and an increase of 1.4 million euros, 8.1 percent in relative terms, of the annualized income from contracts in force, which already reaches the figure of 18.9 million of euros.
The fair value of investment property amounts to 366.2 million and that of inventories to 218.2 million euros, a total of 584.4 million; 61.5 million more than the previous year and which explains the 19.7 percent increase in the Group's net financial debt, which has stood at 237 million.
The NAV, or gross value of debt net assets, amounts to 347.4 million compared to 325.0 million the previous year, representing an increase of 6.9 percent. For its part, the LTV, or net financial debt to asset value ratio, stood at 40.5 percent, 2.6 percentage points higher than the previous year.
Among the main milestones of the year are the purchase of an additional 50 percent and takeover of the company Desarrollos Metropolitanos del Sur, S.L., which titled real estate assets at the time of takeover with a fair value of 85.8 million euros and the maintenance of purchase options on certain plots of the Entrenúcleos de Dos Hermanas sector (Seville), which together with the plots it owns, guarantee the company a development portfolio of 1,319 homes in the area.
Likewise, the excellent performance of the property activity stands out, the strength of the Grupo Insur business model, and the relevant investment effort for the development of tertiary assets (offices), with a new purchase in Malaga capital for the development of a new building in the Martiricos area, with a buildable area of 10,900 square meters and two new purchases in the capital Madrid, one in the Las Tablas area, with a buildable area of 9,000 square meters and another in Valdebebas, with a buildable area of 36,500 square meters.
Within the application of the result, figure to allocate to dividends, charged to the results of the financial year 2022, a total of six million euros at a rate of 32 cents per share, application that the Board of Grupo Insur will propose to the next General Meeting of Shareholders, for their approval. Given that an interim dividend of 15 cents per share was already paid on January 16, a final dividend of 17 cents per share would remain pending approval.
Grupo Insur is a comprehensive real estate management company with more than 75 years of experience in the sector that has been listed on the Stock Market since 1984. In its development activity, it has a portfolio of more than 3,900 homes in the prime areas of Andalusia and Madrid. Grupo Insur is the Andalusian leader in property management with a total asset portfolio of 132,000 square meters including offices, hotels, commercial premises and 3,000 parking spaces.
Most of its heritage properties have or are in the process of obtaining Breeam certification. Grupo Insur will carry out four important tertiary development projects with a total of more than 65,000 square meters after the acquisition of land in Málaga from Martiricos and Tabacalera, and in Madrid, Las Tablas and Valdebebas.