Grupo Insur closes 2023 with a Ebitda of 31.5 million euros, up 35.6 percent compared to 2022 and driven by asset rotation – the sale of equity assets – at a global sales value of 14.4 million euros in the year. This rotation is part of one of the Group’s strategic objectives: the divestment of properties in Seville in order to accelerate territorial diversification within the property activity.
He adjusted ebitdaWhich does not take into account the result of asset rotation, reaching 22.6 million euros, an increase of 6.7 percent compared to 2022.
He result of exploitation Net income increased by 7.7 percent to 23.8 million and profit after taxes to 11.5 million euros, 24.2 percent less than in 2022, mainly due to a strong increase in the negative financial result derived from the sudden increase in interest rates.
He consolidated business Grupo Insur’s revenues reached 119.8 million euros, up 1.6 percent from the end of 2022 and this includes 12.8 million euros in proportion to land sales operations carried out in the third and fourth quarters of 2023 and ongoing promotions to increase the volume of promotions. Are included. Developed through joint ventures.
promotion
promotional activity It stood at 84.7 million euros, an increase of 3.2 percent compared to January-December 2022. The turnover corresponding to the sale of buildings in particular stood at 71.9 million, which is 12.4 percent less than that registered in 2022 due to not being able to. Deliver before the end of the year 54 houses for the amount of 25 million euros, corresponding to two developments in Madrid, due to delays in achieving the urbanization works of the sector. However, its delivery has started in February 2024.
property activity business This declined by 2.3 percent to 17.1 million euros, a decrease resulting from the sale of assets during the previous year.
for its part, construction activity Reached 13.7 million euros, 8.8 percent less than in 2022, and the turnover of management activity reached 4.3 million, a significant increase of 30.1 percent compared to 2022.
refering to Business Activity, The pre-sale formally due in 2023 has been 114.5 million euros, 85.1 million adjusted by the group’s percentage of participation in the joint venture in which it participates and only 3.3 percent less than the formal amount in previous practice. This fact has allowed us to record a global amount of accumulated pre-sales worth 235.6 million at the end of the year, 16.6 percent more than at the end of 2022; Average selling price adjusted by group participation percentage at 15.4 percent, its highest since 2019. Pre-sale coverage in 2024 and 2025 is 73.4 and 43.0 percent, respectively.
In 2023, Grupo Insur has invested 13.5 million euros in the purchase of new plots for a total of 353 homes and 77.3 million euros in construction execution, with plans to start construction on 166 more homes in the next six months and throughout the financial year. There is a plan to start construction on 554 houses during this period. 2024.
At the end of 2023, the group has 1,963 active homes, of which 1,137 are under construction, 223 are yet to begin construction, 462 are in design and 141 are completed. Additionally, it has a portfolio of land to develop 1,722 more homes.
office and property tax
accomplish the objectives of Strategic Plan 2021-2025 The Group has four projects in development in Madrid and Málaga with a total buildable area of 65,900 square meters from the ground up, for an increase in tertiary promotional-offices and other uses. To date, three of these projects, the Agora and Martirico offices in Málaga and the Las Tablas project in Madrid, are already in the construction phase.
The Group additionally has 30,000 square meters in tertiary projects under development and 24,054 square meters in its land portfolio to develop elsewhere in Andalusia.
Regarding property activity, the occupancy rate is set to close at 87.7 per cent in the year 2023; That was 2.8 percentage points below the completion rate for 2022, partly due to the sale of properties in that year that were fully occupied.
Among the assets rotated, in the second quarter, the sale of a capital building in Seville took place at a price of 11.7 million euros and in the third quarter of 2023, a commercial complex also in Seville at a sale price of 2.2 million euros. million euros, the total sale price is only three percent less than their valuation by CBRE as of December 31, 2022.
As a result of the expiration of the lease contract for the Sweden office building in the Isla de la Cartuja Technology Park in Seville and the sale of the Capitol building, the annual rent of the applicable contracts has been reduced by €18.9 million. at the end of 2022, to 18.1 million at the end of 2023. In addition, investments for the improvement and adaptation of heritage properties in 2023 amounted to 4.0 million euros.
For its part, net financial debt closes in 2023 at 240.5 million and remains stable compared to the end of 2022, despite the strong investments made in the year, totaling 94.8 million, and the delay in the delivery of two residential developments in Madrid. In.
GAV or gross asset value was 593.0 million euros, up 1.5 percent compared to the end of the 2022 fiscal year. Of the GAV, 55 percent corresponds to property activity and 45 percent to promotional activity.
For its part, the NAV or gross asset value of loans has been net 352.5 million, an increase of 5.1 million compared to the fourth quarter of 2022, representing an increase of 1.5 percent. LTV or the ratio between net financial credit and GAV has increased to 40.6 per cent; 0.1 percentage points higher than at the end of 2022.
With regard to continuing its commitment to sustainability and ESG criteria, it should be noted that, during 2023, Grupo Insur has presented its strategic sustainability plan for the period 2023-2025 and has achieved the ESG 2023 rating of ‘AA, Received ‘Very High Performance’ rating. Rating, prepared by Lighthouse (Spanish Institute of Financial Analysts).
The Group has achieved an AA rating of 79 out of 100, reflecting Insure’s commitment and excellence in key areas of sustainability; Which includes transparency in environment, community relations, responsible business management, corporate governance and communications.
(TagstoTranslate)Millions of Euros(T)Group(T)Operating Results(T)Promotions in Madrid(T)Interest Rates