The turnover of Grupo Insur’s activities in 2021 stood at 125.3 million euros. Excluding the recording in 2020 of the amount derived from the sale of the Sur de Río 55 office building in Madrid, the turnover increased by 14.1%. All activities have presented significant increases, including promotion, if the previous operation is excluded.
The operating result stood at 21.9 million euros compared to 35.3 million euros in 2020. This represents a decrease of 37.9% due to the result recorded in the previous year for an amount of 21.9 million euros derived from the recording at fair value of the stake in the company IDS Madrid Manzanares SA, by application of IFRS 3. Without recording this result in the previous year, the operating profit would have increased by 64.2 %.
Ebitda for the 2021 financial year stood at 26.2 million euros, 32.9% higher than the previous year. The adjusted Ebitda, which does not take into account the result of the sale of real estate investments, has risen to 22.5 million euros, with an increase of 15.6%. The negative financial result stood at 5.5 million euros, compared to 5.9 million euros the previous year, which represents an improvement of 6.1%.
During the past year, the Insur Group obtained a result before taxes of 16.4 million euros compared to 29.4 million in the previous year, although excluding the previous extraordinary result, the result before taxes would have increased by 120.1%. . Thus, the result after taxes has risen to 12 million. However, excluding the previous extraordinary result, it would have increased by 111% compared to the previous year.
The turnover of the development activity amounted to 83.6 million euros and, excluding the amount derived from the sale in 2020 of the Sur de Río 55 building in Madrid, it would have increased by 11.4%.
PRE-SALES AND ACQUISITION OF LAND
The commercial performance in this activity has been “extraordinary” and thus the global amount of the pre-sales formalized during the year has been placed at 174.6 million euros, 111.9 million euros adjusted by the percentage of participation of the Insur Group in partnerships with third parties. This represents an increase of 102.7 percent higher than that registered in 2020, but also 61% higher than the pre-sales formalized in 2019.
Despite the significant volume of deliveries for the year, the Group had a pre-sales portfolio at the end of the year amounting to 174.6 million euros, 104 million adjusted for the percentage of the Group’s participation in companies with third parties, 43 .5% higher than the pre-sales portfolio at the end of the 2020 financial year, which makes the turnover and results of this activity visible in the coming years.
The Group has invested 35.5 million, 22.4 million adjusted by its percentage of participation in the companies with third parties, in the purchase of plots for the development activity, with a joint building area of 130,941 square meters for the development of 976 homes and 31,607 square meters for tertiary use, including 9,500 square meters for the development of the Ágora building, a state-of-the-art office building in Málaga.
The turnover of the patrimonial activity stood at 15.4 million euros, 16% higher than that registered in 2020. The annualized rent of the contracts in force stood at 17.5 million at the end of the year. The recent entry into charge of certain assets, previously rented but pending their availability to tenants, will reduce the gap between turnover and annualized rent of current contracts. The occupancy rate at the end of the year stood at 87.7%, 1.7 percentage points lower than the previous year.
During the 2021 financial year, the amount of 8.5 million euros has been invested in the reconversion and remodeling of certain buildings intended for lease, placing the group’s asset portfolio in a position to satisfy the most demanding needs of the market.
The turnover of the secondary construction and management activities stood at 22.7 million and 3.6 million, which represents increases of 22.6% and 20.3%, respectively, compared to the 2020 financial year.
The Group’s net financial debt stood at 197.9 million, reducing by 5.3% compared to the previous year. 84.5% of gross financial debt is long-term.
The gross asset value (GAV), according to valuation according to RICS standards carried out by CBRE, amounts to 522.9 million euros. In the 2021 financial year, real estate assets from the property area were transferred for an amount of 8.9 million, generating a positive result before taxes of 3.8 million euros. The sale price of these assets was 17% higher than the valuation of these assets made by CBRE at the end of the 2020 financial year.
The value of assets, net of debt (NAV) stands at 325.0 million and the debt to asset value (LTV) ratio stands at 37.9%, 1.8 percentage points lower than the previous year.
On September 15, 2021, the Board of Directors approved the new Strategic Plan for the 2021/2025 period, which projects a great growth in activities, estimating a cumulative turnover of 955 million euros, a cumulative Ebitda of 206 million and a consolidated profit after taxes accumulated of 113 million.
The corporate rating, Axesor BB stable trend, together with the correct financial structure of the group, with an adequate proportion between own and external resources; between short- and long-term debt and a comfortable liquidity position, allowed, last December, to place in the MARF an issue of senior secured bonds for an amount of 30 million euros for a term of five years and with a 4% interest.
With this placement, one of the main actions contemplated in the Strategic Plan is carried out to boost the growth of the promotion activity, in addition to advancing in the diversification of financing sources.