Instone Real Estate : Presentation H1 Results 2021

Q2 2021 Results Presentation

Disclaimer

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Highlights

Portfolio Update

Q2 Financial Performance

Outlook

Appendix

Highlights

Highlights

Strong business performance reflects sound underlying fundamentals

		 Sales: Strong retail sales slightly ahead of plan; Several institutional deals close to signing
		 Positive HPI trend persists
Operational		 Acquisitions: 6 new projects with (GDV > €600m) approved YTD; pipeline with GDV of ~€1.0bn under exclusivity
Highlights		 Construction: Actively managing supply bottlenecks for certain materials, experiencing selected albeit minor
		delays, rising material costs more than offset by positive HPI momentum
		 FY 2021 construction costs are largely fixed (incl. material costs)

Sustained high gross margins - positive price trend and support from sales mix

		 Adjusted revenues: €260.5m (H1 2020: €179.6m, +45.0%)
H1-2021		 Adjusted gross profit margin: 29.4% (H1 2020: 32.2%)
Results		 Adjusted EBIT margin: 15.8% (H1 2020: 15.7%)
		 Adjusted earnings after tax (EAT): €23.4m (H1 2020: €13.7m; +70.8%)

Well on track for FY 2021 targets - guidance reiterated

			 Adj. revenues of €820-900m;
	Outlook		 Adj. gross profit margin of 26-27%;
		 Adj. EAT of €90-95m;
			 Target payout-ratio: 30%

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