Immobel Sa · EURONEXT:IMMO
Immobel Sa — Investor Presentation (January 2020)
31 slides from Immobel Sa's investor presentation, January 2020
Slide 1: Immobel Presentation January 2020
“oy or STAKEHOLDERS \\ Fa, a OF, —_ “nll the major li sted 0. be C7, Belgian real e state group a VLE EE 2. Anambitious and F | | — ae ra z qt | © | — SA & IMMOBEL - Satisfy ag DIVERSIFIED STRATEGY cs me & gle needs of oe Vo "PRESENTATION * (9) LOE ate L. 2O (L yao OD January 2020 § INNOVATIVE and o
Slide 2: Disclaimer
DISCLAIMER By attending the meeting where this presentation is made. or by receiving and/or reading the presentation slides, you agree to be bound by the following limitations: This presentation is provided only for general information purposes about IMMOBEL NV (*IMMOBEL’) and its activities. This p
Slide 3: Today's Presenters
TODAY'S PRESENTERS Marnix Galle (CEO) © In total more than 30 years of prof sector experience © Founder of Allfin in 2001 Karel Breda (CFO) © In total more than 17 experience s of professional finance ns include Mi g Director of Enc t, CFO of Engie E&P Nederland, CFO of Engie
Slide 4: Immobel
o IMMOBEL shaping the Landscape of -uropean cities since 1863
Slide 5: >150 Years Proof-of-Delivery
>150 YEARS PROOF-OF-DELIVERY Acquisition of First visionar Deployment in Family-owned work-site Y Luxembourg ALLFIN becomes Nafilyan & Partners, French 1930 C 2008 the major residential property developer a 2019 Merger with Real development of Wena scr Creation of the IMMOBEL Estate European all Soc
Slide 6: How People Want to Live in Future Cities
HOW PEOPLE WANT TO LIVE IN FUTURE CITIES Disruption of the urban real estate market Urbanisation by 2050, about > in urban area’ saa number of households ouble vih erson households ...driving... Urban Densification & ° n densification througt inner-city” space New ways of living Gar y: ] pers ! aan
Slide 7: Leading Mixed-Use Developer of Large and Complex Projects
LEADING MIXED-USE DEVELOPER OF LARGE AND COMPLEX PROJECTS Secondary market © Land supplier expertise as a one-stop-shop © B2C/ B2B2C (residential) © Construction contractors © International direct investors © Institutional investor: Immobel is a longstanding and trusted partner of choice helping aut
Slide 8: Immobel at a Glance
IMMOBEL AT A GLANCE ] | | mes ae ss SESSSS22, 4 a HH is
Slide 9: Key Highlights
KEY HIGHLIGHTS 3 Operational track record 5 Business Model = Financial profile O00 Growth strategy Leading real estate developer strongly benefitting from structural growth drivers in top-tier European cities Scalable and diversified business model backed by established partner network, allowing ful
Slide 10: Evolving European Residential Markets
Business model (Operational track record Financial profile Growth strategy EVOLVING EUROPEAN RESIDENTIAL MARKETS Demographic trends Metropolisation trends Sociological trends The European population will continue . - - ..and smaller and more numerous expanding... ..With increasing urban concentratio
Slide 11: Increasing Fund Inflows in Major Cities
Business model (Operational track record Financial profile INCREASING FUND INFLOWS IN MAJOR CITIES Growth strategy l es as Brussels — Transaction volumes (in EURbn) ) Luxembourg — Transaction volumes (in EURbn) a0 a I I | | | rl I | | I) I ] ~0,50 I] “200 20k OBA. 208 2s 2071 __ as Paris — Transacti
Slide 12: Fragmented Developer Space
Business model (Operational track record Financial profile Growth strategy FRAGMENTED DEVELOPER SPACE a Highly fragmented European residential real estate markets 4S, WER de spl ~ fARcueLAMco SF BEsix ranceune Wp has significant market w share MATEXI BONAVA ii mon caour Source: Management estimates
Slide 13: Excellent Partner Network
Market Operational track record EXCELLENT PARTNER NETWORK — Immobel's success story is based on established relationships along the value chain Development Construction MSS ARCHITECTS cf CFE @ JASPERS-EYERS BESIX Long-standing Macctannor telationships..... Lavington Béduen ZUBLIN TEAMS WORK, archi 2
Slide 14: Proven Track Record for >150 Years
Market Business model Operational track record Financial profile Growth strategy PROVEN TRACK RECORD FOR >150 YEARS — — Proven track record Highly attractive project portfolio
Slide 15: Project Portfolio at a Glance
Market Business model Operational PROJECT PORTFOLIO AT A GLANCE — Immobel's key target markets — Prime locations in key European metropolitan areas er ) 7 Financial profile Growth strategy Luxembourg City a Portfolio by country Portfolio by asset class * Immobel projects 6
Slide 16: Highlights of Immobel's Portfolio I
Market HIGHLIGHTS OF IMMOBEL‘S PORTFOLIO | Ernest in Brussels, Belgium Source: Company information Business model Q4 2020 Com n date 50,000m? Total area 308/ 95/ 114 jouses/ student Apartment and pent s/ beds V1 3/4 Kindergarten/ hote! ions rest home spaces/ ‘Operational track record beral Asset hig
Slide 17: Highlights of Immobel's Portfolio II
Market HIGHLIGHTS OF IMMOBEL‘S PORTFOLIO II Infinity in Luxembourg Source: Company information Business model ‘Operational track record Asset highlights Q2 2020 Completion date 33,300m? Mixed-use area 6,500m?/ 6,800m? Commercial spaces/ office space 165/ 23 Residential units/ commercial spaces Statu
Slide 18: Highlights of Immobel's Portfolio III
Market Business model Financial profile Growth strategy HIGHLIGHTS OF IMMOBEL'‘S PORTFOLIO Il e Eden in Frankfurt am Main, Germany Asset highlights Q2 2021 Completion date 20,000m? Residential area 263 / 420 ithouses and studios @) Status © s ° f commercialization 98/ 27 Meters high/ floors Source:
Slide 19: Secured Pipeline of Future Projects
Market Business model SECURED PIPELINE OF FUTURE PROJECTS Financial profile Growth strategy cam Historical acquisitions ——+ Cours Saint-Michel | Brussels, De Brouckére | Brussels, Lebeau Sablon | Brussels, Belgium Belgium Belgium Panorama | Brussels, Rueil Malmaison | Paris, Polvermillen | Luxembour
Slide 20: Highly Scalable Business Model Focusing on Profitable Growth
Business model (Operational track record Growth strategy HIGHLY SCALABLE BUSINESS MODEL FOCUSING ON PROFITABLE GROWTH Operating income Gross margin® eae” 22% 27% 31% L | _ | i LJ EBITDA Net income 12% 21% 29% 5% 15% 23%
Slide 21: Strong Balance Sheet with Further Upside from Leverage
(Operational track record Financial profile rowth strategy STRONG BALANCE SHEET WITH FURTHER UPSIDE FROM LEVERAGE GDV Inventory “EUR AAon Gbv Net debt Time of delivery Source: Company information
Slide 22: Highly Efficient IRR Machine Allows for Superior Shareholder Returns
(Operational track record HIGHLY EFFICIENT IRR 2 MACHINE ALLOWS FOR SUPERIOR SHAREHOLDER RETURNS Return on Equity Gearing® : Additional j headroom to drive profitable growth Equity Ratio®) Gross ordinary dividend © Immobel's athe a5% Dividend Policy” Y-0-Y: 10% Annual dividend a 24 increase between
Slide 23: Key Building Blocks of Future Growth
Market Business model Operational track record Financial profile Growth strategy KEY BUILDING BLOCKS OF FUTURE GROWTH Market penetration Market expar Platform development IMMOBEL IS ENTERING THE GERMAN MARKET = 1 Clear target to become a leading Pan-European real estate developer
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Slide 25: Appendix
Appendix
Slide 26: Fundament of Deep Sector Knowledge
FUNDAMENT OF DEEP SECTOR KNOWLEDGE — Immobel's top-class leadership team Previous experience Executive Committee ™ Morgan Stanley LEHMAN BROTHERS — ra i Qu citibank SICEN = cde avez delta Hoyd } oles 1 Norpic Caprrat MATEXI Sater acerta tex EXGON MIN © %B Pegroot A Petercam PHILIPS Thirty Vanden Hen
Slide 27: Commercial Real Estate Market
COMMERCIAL REAL ESTATE MARKET a Key drivers of the European commercial real estate market Major trends in the European commercial real estate market i sili - Ww) % New European office supply, in millions sqm (2011 — 2020) Co-working © The number and size of flexible and adaptable office spaces has s
Slide 28: Immobel's Proven Business Model
IMMOBEL'S PROVEN BUSINESS MODEL Expertise Access 4. Sales & services 360° in-house 32 expertise as a one- ‘Conception stop-shop 3.2 33 Permitting Construction 4. oriented Operational excellence Client- Immobel has unique access to key areas to sustain a continuous deal flow through its strong client
Slide 29: Profit and Loss Statement
PROFIT AND LOSS STATEMENT EXTERNAL VIEW \(EURK) Dec 2017 Dec 2018 Jun 2019 Operating Income 148,999 326,131 140,821 Turnover 145,000 313,420 135,398 Other operating income 3,999 12,711 5,423 Operating Expenses (127,082) (260,953) (101,106) Cost of sales (106,711) (235,325) (86,477) Cost of commercia
Slide 30: Balance Sheet
BALANCE SHEET EXTERNAL VIEW (EUR) Dec2017 Dec2018 Jun 2019 (EURk) Dec2017 Dec2018 Jun 2019) Non-current assets 66,454 181,670 -—-169,505_—_‘Total equity 306,958 344,749 «380,680 Intangible assets 405 427 419 Equity share of immobel 306,941 344,633 «380,610 Property, plant and equipment 1,034 947 916
Slide 31: Cash Flow Statement
CASH FLOW STATEMENT EXTERNAL VIEW \(EURK) Dec 2017 Dec 2018 Jun 2019} Operating income 148,999 326,131 140,821 Operating expenses (127,082) (260,953) (101,106) Amortisation, depreciation and impairment of assets 470 4,698 2,656 Change in the fair value of investment property (86) = = Change in provi