Immobel Sa · EURONEXT:IMMO
Immobel Sa — H1 2023 Earnings Presentation
28 slides from Immobel Sa's earnings presentation, Sep 15, 2023
Slide 1: Half Year Results 2023 Investor Presentation
Half year Results 2023 Investor Presentation September 15th 2023 FOR CITIES FOR PEOPLE
Slide 2: Summary
summAry Oxy | Brussels 01 MACRO-ECONOMIC and real estate ENVIRONMENT 04 FINANCIAL PERFORMANCE 02 highlights 05 OUTLOOK 03 PORTFOLIO OVERVIEW 06 APPENDIX
Slide 3: Immobel at a glance
Immobel at a glance As experts in high-quality real Ambitious ESG policy estate projects in major based on three pillars European cities, we create on asset level: 1 attractive urban environments that meet clients’ expectations and the needs of today and EUR 350 million 59 tomorrow. With more than F
Slide 4: Macro-economic environment
macro-economic environment Slachthuissite | Antwerp 4
Slide 5: Economic Growth: global economy is cooling as monetary policy tightens
01 Macro-economic and real estate environment Economic Growth Global economy is cooling as monetary policy tightens GDP – (Q1 2023 = 100) • The global economy slows as tighter monetary policy continues to feed through • Any recession in major developed markets is currently expected to be mild • With
Slide 6: Inflation: tight labour markets keep core inflation above target
01 Macro-economic and real estate environment Inflation Despite lower commodity prices, tight labour markets are expected to maintain core and services inflation above the 2% ECB target for longer Euro-zone HICP (% y/y) Cost Inflation expected to ease through 2023 | Annual % change • Lower commodity
Slide 7: ECB Policy Rate
01 Macro-economic and real estate environment ECB Policy Rate • The deposit rate has increased ECB has increased its interest rate, with the deposit rate moving from from -0.5% to 3.75% -0.5% in 2019 to 3.75% currently • Main reason for this unprecedented increase is to combat inflation that has soa
Slide 8: Office Sector: yield expansion partly compensated by rent growth
01 Macro-economic and real estate environment Brussels – Prime Rents Office Sector Yield expansion partly compensated by accelerated rent growth • Upward pressure on prime rents in the main European capital cities due to sustained demand for quality office space and limited new speculative developme
Slide 9: Residential Sector: markets under pressure due to rising mortgage rates
01 Macro-economic and real estate environment Building permits issued in Belgium (number of units) Residential Sector Residential markets under pressure due to rising mortgage rates 50000 40000 38408 32626 31803 • Across Europe, the residential sector shows exacerbated long-standing 31024 30800 3030
Slide 10: Highlights
HIGHLIGHTS The Muse | Brussels 10
Slide 11: H1 2023 highlights
02 H1 2023 highlights Challenging macro-economic conditions Solid balance sheet to navigate turbulent markets Strategy & Operational Optimisation Financial Performance • Strategic shift from growth to operational excellence by • Stable Gross Development Value (GDV) of EUR 5.7 focusing on projects in
Slide 12: Portfolio overview
Portfolio overview Héros | Brussels 12
Slide 13: Portfolio strategy
03 Portfolio overview Portfolio strategy Permitting pipeline of EUR 1.6 billion, 2,020 residential units (1) and 8 office projects (2) Portfolio by country Portfolio by asset class Portfolio by status Time to delivery 3% 2% 19% 12% 27% 25% 36% 10% 44% 52% 19% 73% 49% 29% Belgium Luxembourg Residenti
Slide 14: Project pipeline
03 Portfolio overview Project pipeline In conception / permitting phase In construction phase Diverse quality pipeline In permitting Gross m² Project Country Type (x1000) GDV (EURm)(1) % sold/rented(2) 2023E 2024E 2025E 2026E+ O'Sea Phase 2 BEL Residential 24 88,1 77% Eden GER Residential 20 181,3 7
Slide 15: Financial performance
Financial performance Brouck’R | Brussels 15
Slide 16: P&L: Underlying net result of EUR 6.5 million
04 Financial performance P&L Underlying net result of EUR 6.5 million Net result Belgium Luxembourg Net result Underlying net result Inventory(1) France (2) Other 3 year rolling average net result (EURm) 3 year rolling average underlying net result (EURm) 102 92 EUR 5.7 bn GDV 1,539 1,599 1,397 1,43
Slide 17: P&L: gross margin remains healthy
04 Financial performance P&L Despite lower operating income, gross margin remains healthy Belgium France Operating income Revenue(2) Gemany Luxembourg (EURm) (EURm) 2017 2023 H1 Other 1 25 12 9 486 549 431 410 48 371 227 31 154 112 198 2017A 2018A 2019A 2020A 2021A 2022A 2022 H1 2023 H1 Net result U
Slide 18: Balance sheet and operating cash flows
04 Financial performance Balance sheet and operating cash flows Solid balance sheet Average interest cost = 3% About 71,5% of gross debt Gearing (1) Debt maturity schedule as of H1 2023 hedged/capped/fixed as of 30/06/2023 (EURm) 64% 64% Bonds and other financing 61% 77 Project financing 60% 58% 175
Slide 19: Outlook
OUtlook The Muse | Brussels 19
Slide 20: Outlook
05 Outlook Outlook • For second half of the year, revenues expected to be in line with first half • No office building expected to be sold 20
Slide 21: Appendix
Appendix Brouck’R | Brussels 21
Slide 22: Profit & loss statement - External view
06 Appendix Profit & loss statement External view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Jun-22 Jun-23 Operating Income 419,547 375,390 392,815 243,875 130,795 83,638 Turnover 408,784 364,479 386,330 236,306 124,614 81,655 Other operating income 10,763 10,911 6,484 7,569 6,181 1,983 Operating Expenses -32
Slide 23: Balance sheet - External view
06 Appendix Balance sheet External view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 kEUR Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 Non-current assets 213,311 448,370 506,258 362,294 373,341 Total equity 428,162 494,490 582,920 573,139 544,941 Goodwill 43,789 43,789 43,789 0,000 0,000 Equity share of immobel 42
Slide 24: Profit & loss statement - Internal view
06 Appendix Profit & loss statement Internal view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Jun-22 Jun-23 Operating Income 486,298 431,153 549,046 409,516 154,262 111,696 Turnover 470,626 413,751 526,799 377,377 142,644 99,733 Other operating income 15,672 17,402 22,247 32,139 11,618 11,963 Operating Expense
Slide 25: Balance sheet - Internal view
06 Appendix Balance sheet Internal view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 kEUR Dec-19 Dec-20 Dec-21 Dec-22 Jun-23 Non-current assets 252,412 420,272 428,872 258,956 268,874 Total equity 426,182 492,907 582,798 572,644 544,346 Intangible and tangible assets 51,756 50,200 50,663 15,416 13,877 No
Slide 26: Definitions
06 Appendix Definitions • Gross development vale • Inventory Sales value or gross development value is the total Inventories plus investment properties and expected future turnover (group share) of a investments in contract assets project or all projects in the current portfolio • Operating cash flo
Slide 27: Thank you
Thank you 27
Slide 28: Contact details
Contact details Immobel is the largest listed real estate developer in Belgium. The Group, which dates back to 1863, creates high-quality, future-proof urban environments with a positive impact on the way people live, work and play, and specialises in mixed real estate. With a market capitalisation