Immobel Sa · EURONEXT:IMMO
Immobel Sa — H1 2020 Earnings Presentation
19 slides from Immobel Sa's earnings presentation, September 2020
Slide 1: H1 2020 Results
H1 2020 RESULTS September 2020 0
Slide 2: Results impacted by COVID-19, resilient business model
RESULTS IMPACTED BY COVID-19, RESILIENT BUSINESS MODEL Strong impact of COVID-19 on new sales, progress on construction sites and ongoing permitting process; recovery of sales post-lockdown Contracted sales volume for EUR 292m driven by residential sales in all markets and the delivery of an off
Slide 3: Overview of current project pipeline
OVERVIEW OF CURRENT PROJECT PIPELINE Project Country Type Gross sqm GDV (EURm)(1) % sold(2) H1 2020 H2 2020E 2021E 2022E 2023E 2024E+ Greenhill Park BEL Residential 6,440 31.8 86.8% Parc Seny BEL Residential 14,305 59.4 90.6% In conception/permitting phase Möbius I BEL Office 28,610 N/A(3) 100.0% So
Slide 4: Highlights of Immobel's project pipeline
HIGHLIGHTS OF IMMOBEL‘S PROJECT PIPELINE ~61,000sqm ~5,700sqm EUR 88m GDV Total Total N/A(1) 50% 100% Immobel share Immobel share 524/ 5 20/ 1 Apartments/ retail units Apartments/ retail unit ~5,000sqm ~4,700sqm Offices Offices Q1 ‘21/ Q3 ’21/ Q1 ‘29 Q2 ‘21/ Q3 ’21/ Q3 ‘23 Key West | Brussels, Belgi
Slide 5: Proven portfolio strategy
PROVEN PORTFOLIO STRATEGY Portfolio by country Portfolio by asset class Portfolio by status Time to delivery 10% 3% 6% 3% 17% 27% 31% 23% EUR EUR EUR EUR 19% 4.8bn 51% 4.8bn 48% 4.8bn 4.8bn GDV GDV GDV GDV 73% 32% 17% 40% Belgium Luxembourg France Contracted sales Permitted 1-3 Years 4-5 Years Resid
Slide 6: Immobel has achieved record results since merger
IMMOBEL HAS ACHIEVED RECORD RESULTS SINCE MERGER ROE (EURm) Net income 30% 102 Allfin Merger Allfin Merger 68 19% 18% 17% 53 57 Target ROE 15% Ø 17.3% 9% 10% 6% 6% 20 22 Ø 5.4% 16 12 3% 11 11 1% 0.4% 2 1 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A LTM 2010A 2011A 2012A 2013A 2014A 20
Slide 7: Highly scalable business model focusing on profitable growth
HIGHLY SCALABLE BUSINESS MODEL FOCUSING ON PROFITABLE GROWTH (EURm) Operating income (EURm) EBITDA 546 486 4 23 Margin 12% 21% 27% 18% 39% 15% 70 106 371 27 Y-o-Y: 17 132 5 Y-o-Y: 64% 135 134 Y-o-Y: 98 227 206 239 79 68% 179 33% 36 Y-o-Y: 69 Y-o-Y: 80 65 1 24 28 128% (47)% 37 257 90 147 171 189 156
Slide 8: Financial stability backed by strong balance sheet
FINANCIAL STABILITY BACKED BY STRONG BALANCE SHEET Gearing(1) (EURm) Debt maturity schedule as of H1 2020A (3) Project financing 70% Additional 102 Corporate financing 2 61% headroom 59% 54% to drive 1 191 53 182 profitable 106 125 48% 76 growth 23 17 2017A 2018A 2019A H1 2020 Year 1 Year 2 Year 3 Y
Slide 9: On track to outperform stress case scenario in 2020
ON TRACK TO OUTPERFORM STRESS CASE SCENARIO IN 2020 (EURm) Operating income guidance >13% CAGR Earnings delay in 2020 & 2021 due to COVID-19 which is recovered in 2022 >7% CAGR 700 600 486 500 400 400 320 239 2019A 2020E 2021E 2022E Minimum operating income under post COVID-19 stress conditions Pre
Slide 10: Liquidity remains strong in the upcoming years
LIQUIDITY REMAINS STRONG IN THE UPCOMING YEARS Liquidity Cash commitments With a strong residential portfolio (EURm) (EURm) delivering recurring sales, Immobel still 1 expects further sales in 2020 and 2021 Additional sales of office projects in the pipeline for 2020 and 2021 Potential Additiona
Slide 11: Acquisitions strengthen market position in each core market
ACQUISITIONS STRENGTHEN MARKET POSITION IN EACH CORE MARKET (EURbn) Historical acquisitions GDV Gross GDV Project Country Type sqm(2) (EURm)(2) 0.94 (0.47) 0.48 (0.23) 0.05 4.85 0.23 4.56 Multi / 0.96 (0.37) 3.85 BEL Office 22,878 N/A(3) 3.26 Brussels NMBS / BEL Mixed 54,921 185.4 Brussels Bundle of
Slide 12: Shaping the landscape of European cities since 1863
SHAPING THE LANDSCAPE OF EUROPEAN CITIES SINCE 1863
Slide 13: Appendix
Appendix
Slide 14: Profit and loss statement (external)
PROFIT AND LOSS STATEMENT EXTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 Jun 2020 Operating Income 148,999 326,131 419,547 213,914 Turnover 145,000 313,420 408,784 208,034 Other operating income 3,999 12,711 10,763 5,879 Operating Expenses (127,082) (260,953) (327,192) (185,995) Cost of sales (106,711)
Slide 15: Balance sheet (external)
BALANCE SHEET EXTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 Jun 2020 (EURk) Dec 2017 Dec 2018 Dec 2019 Jun 2020 Non-current assets 66,454 181,670 213,311 251,778 Total equity 306,958 344,749 428,162 477,341 Goodwill - - 43,789 506 Equity share of immobel 306,941 344,633 426,151 474,761 Intangible asset
Slide 16: Profit and loss statement (internal)
PROFIT AND LOSS STATEMENT INTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 Jun 2020 Operating Income 226,716 371,265 486,298 238,505 Turnover 222,165 357,131 470,626 229,587 Other operating income 4,551 14,134 15,672 8,917 Operating Expenses (198,940) (297,440) (379,551) (203,522) Cost of sales (176,778)
Slide 17: Balance sheet (internal)
BALANCE SHEET INTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 Jun 2020 (EURk) Dec 2017 Dec 2018 Dec 2019 Jun 2020 Non-current assets 25,398 187,279 252,412 228,029 Total equity 303,578 344,749 426,182 477,341 Intangible and tangible assets 1,439 1,374 51,756 50,521 Non-current liabilities 383,990 414,877
Slide 18: Definitions
DEFINITIONS Gross development Total expected future turnover (group share) of a project or all projects in the current portfolio value External view Official IFRS reported figures of the company Internal view External view figures before the application of IFRS 11 Inventory Inventories plus
Slide 19: Disclaimer
DISCLAIMER By attending the meeting where this presentation is made, or by receiving and/or reading the The statements included in this presentation are neither reported results nor other historical presentation slides, you agree to be bound by the following limitations: information. These statement