Slide 1: Analysts Meeting - March 24th, 2017 - Brussels
Analysts Meeting - March 24th, 2017 - Brussels 1
Slide 2: Agenda
AGENDA 1. EXECUTIVE SUMMARY 2. MAJOR EVENTS OF 2016 3. 2016 FINANCIAL STATEMENTS 4. MAJOR PROJECTS OF 2017 5. DIVIDEND POLICY 6. Q&A 2
Slide 3: Key Figures
KEY FIGURES 850.000 M² >500 MEUR RESIDENTIAL IN DEVELOPMENT MARKET CAPITALIZATION 100 TALENTS 3 COUNTRY 3 SECTORS OFFICES LANDBANKING 3
Slide 4: 1. Executive Summary
1. EXECUTIVE SUMMARY THE CONSOLIDATED NET RESULT AMOUNTS TO +52,5 MEUR MAJOR EVENTS • Merger with Allfin • Sale of Black Pearl • Sale of RAC 2 • Delivery of Gateway • Sale of Mobius Tower to Allianz & Purchase (under condition precedent) of Allianz HQ (De Brouckère) • Purchase of the Bostoen Portfol
Slide 5: 2. Major Events of 2016
2. MAJOR EVENTS OF 2016 5
Slide 6: Merger Allfin/Immobel
2. MAJOR EVENTS OF 2016 MERGER ALLFIN/IMMOBEL 6
Slide 7: Sale of Black Pearl
2. MAJOR EVENTS OF 2016 SALE OF BLACK PEARL • Usufruct contract (15 years) signed with the EU • Buyer : REAL IS • Sale Price : +/- 56 MEUR (asset value) 7
Slide 8: Sale of C de Ligne (RAC 2)
2. MAJOR EVENTS OF 2016 SALE OF C DE LIGNE (RAC 2) • Lease contract (18 years) signed with Brussels Region • Buyer : REAL IS • Sale Price : +/- 59 MEUR (asset value) 8
Slide 9: Delivery of Gateway
2. MAJOR EVENTS OF 2016 Delivery of Gateway • Delivery of the building to Deloitte • Definitive transfer to Befimmo 9
Slide 10: Acquisition of Allianz HQ and sale of Mobius tower
2. MAJOR EVENTS OF 2016 Acquisition (under conditions precedent) of Allianz HQ (De Brouckère) and sale of Mobius tower to Allianz Delivery of Gateway • Sale Price Mobius Tower : +/- 85 MEUR • De Brouckère : +/- 55.000 m² to (re)develop 10
Slide 11: Acquisition of a landbanking portfolio
2. MAJOR EVENTS OF 2016 Acquisition of a landbanking portfolio • Seller : Bostoen • 40 ha • Purchase Price : +/- 20 MEUR 11
Slide 12: 3. 2016 Financial Statements – Profit & Loss
3. 2016 FINANCIAL STATEMENTS – PROFIT & LOSS 12
Slide 13: 2016 Financial Statements – Profit & Loss
3. 2016 FINANCIAL STATEMENTS – PROFIT & LOSS ACTUALS DECEMBER PPA (revaluation on 29 june 2016 of immobel projects directly in equity) ACT ACT 31/12/2016 PPA 31/12/2016 before PPA after PPA Net impact of one-offs linked to the merger : 14,9 MEUR Offices (details page 2) 33.576 -13.627 19.949 Residen
Slide 14: 2016 Financial Statements – Profit & Loss
3. 2016 FINANCIAL STATEMENTS – PROFIT & LOSS Payroll and G&A in line with our budget (reminder : 6 first months of Immobel before merger are directly recorded in equity) Financial charges amount to 6,7 MEUR • - 14,1 MEUR of costs of debts • + 7,4 MEUR of activated financial charges on projects Avera
Slide 15: 2016 Financial Statements - Balance Sheet
3. 2016 FINANCIAL STATEMENTS - BALANCE SHEET (IN THOUSANDS OF EUR) ASSETS Notes 31-12-2016 31-12-2016 31-12-2015 31-12-2015 ALLFIN GROUP IMMOBEL SA Published Internal Published Published NON-CURRENT ASSETS 88.346 18.477 108.165 67.538 Intangible assets 1 142 142 25 169 Property, plant and equipment
Slide 16: 2016 Financial Statements - Balance Sheet
3. 2016 FINANCIAL STATEMENTS - BALANCE SHEET ASSETS Notes 31-12-2016 31-12-2016 31-12-2015 31-12-2015 The increase of other current assets is Published Internal ALLFIN GROUP Published IMMOBEL SA Published explained by the recognition of CURRENT ASSETS 627.886 767.915 283.186 379.607 receivables for
Slide 17: 2016 Financial Statements - Inventories (before IFRS11)
3. 2016 FINANCIAL STATEMENTS - INVENTORIES (BEFORE IFRS11) Landbanking POLAND 17% Offices 12% 33% LUXEMBURG 19% BELGIUM Residential 69% 50% 17
Slide 18: 2016 Financial Statements - Balance Sheet Equity
3. 2016 FINANCIAL STATEMENTS - BALANCE SHEET EQUITY EQUITY AND LIABILITIES Notes 31-12-2016 31-12-2016 31-12-2015 31-12-2015 AFFLIN GROUP IMMOBEL SA Publié Interne Publié publié TOTAL EQUITY 314.949 314.949 165.466 194.358 EQUITY SHARE OF IMMOBEL 14 311.032 311.032 156.347 194.375 Share capital 97.1
Slide 19: 2016 Financial Statements - Balance Sheet
3. 2016 FINANCIAL STATEMENTS - BALANCE SHEET EQUITY AND LIABILITIES Notes 31-12-2016 31-12-2016 31-12-2015 31-12-2015 AFFLIN GROUP IMMOBEL SA Publié Interne Publié publié NON-CURRENT LIABILITIES 286.685 324.121 160.547 145.534 Employee benefit obligations 15 102 102 - 264 Deferred tax liabilities 16
Slide 20: Sources of financial debts
3. 2016 FINANCIAL STATEMENTS - BALANCE SHEET Sources of financial debts 101 MEUR 30 MEUR 26% 8% 40 MEUR 10% 216 MEUR 56% Corporate line of credit Project financing Landbanking financing Bond 20
Slide 21: 2016 Financial Statements - Balance Sheet
3. 2016 FINANCIAL STATEMENTS - BALANCE SHEET Equity/Assets : 40% Loan to Cost : 66% Net Financial debt / Equity : 82% Net Financial Debt / (Net Financial Debt + Equity) : 58% 21
Slide 22: 4. Major Projects 2017
4. MAJOR PROJECTS 2017 KONS LAKE FRONT UNIVERSALIS PARK SOLVAY (Phase 2) INFINITY O’SEA GREENHILL PARK 22
Slide 23: Universalis Park
UNIVERSALIS PARK BRUSSELS 110,000 m² What happened in 2016 ? Planning permission obtained to build a first phase of 140 units on LOT 3. Construction work of the first phase are ongoing from Q2-2016 The permit has been the subject of an action for annulment. Planning permission application filed to s
Slide 24: Universalis Park
UNIVERSALIS PARK ADDRESS Boulevard du Triomphe, 1050 Brussels ARCHITECTS Art & Build TECHNICAL DATA Excellent thermal and acoustic insulation / Double flow ventilation / Gas heaters / Green roof / Recovery of rainwater / Use of recyclable materials STATUS Scheme being worked up CONTRACTING AUTHORITY
Slide 25: O'Sea
O’SEA OOSTENDE 88,500 m² What happened in 2016 ? Phase 1 – 19,000 m² "O’sea Charme": permit obtained. The marketing began at the beginning of July 2016, after the permit was obtained. Sales: (Aug 16: units sold = 18) 25
Slide 26: O'Sea
O’SEA ADDRESS Troonstraat (N34) between Elisabethlaan and Leopold van Tyghemlaan - 8400 Ostende ARCHITECTS Conix RDBM TECHNICAL DATA Phase 1 – O’sea Charme will start after permit procurement (Q3 2016) - Phase 2 / 3 / 4 : N/A Characteristics of the project STATUS Empereur Froissart CONTRACTING AUTHO
Slide 27: Ernest
ERNEST BRUSSELS 50,000 m² What happened in 2016 ? Phase 1 – delivery ongoing. Residences for students and the elderly: 100% sold and fully delivered (2015). Phase 1: Residential spaces: more than 90% sold and marketing still ongoing. Phase 2: dwellings part awaiting permit (favourable consultation i
Slide 28: Ernest
ERNEST ADDRESS Chaussée d’Ixelles, Rue Keyenveld, Rue de l’Arbre Bénit, Rue du Prince Albert, Rue du Prince Royal – 1050 Brussels ARCHITECTS Jaspers –Eyers & Partners + A2RC Architects TECHNICAL DATA Valideo certificate for the senior housing STATUS Phase 1: delivery ongoing. Phase 2: dwellings part
Slide 29: Greenhill Park
GREENHILL PARK BRUSSELS 6,000 m2 What happened in 2016 ? Permit application procedure ongoing. The marketing will begin at the end of 2016, after obtaining the permit Sales started in December. 4 units sold. 29
Slide 30: Greenhill Park
GREENHILL PARK ADDRESS Avenue du Val d’Or, Rue Julien Vermeersch, Avenue de Tervueren 1150 Brussels ARCHITECTS ARCHI2000 TECHNICAL DATA N/A STATUS Waiting for permit CONTRACTING AUTHORITY IMMOBEL SA UNITS 31 apartments or penthouses Characteristics of the project PROGRAM 6,000 m² of residential spac
Slide 31: Lake Front
LAKE FRONT KNOKKE-HEIST 12,200 m² WHAT HAPPENED IN 2016? Phase 1 – Start delivery in November 87% sold Phase 2 – Start construction in May 2016 and already 72% sold. 31
Slide 32: Lake Front
LAKE FRONT ADDRESS Duinenwaterstraat 92-120 – 8300 Knokke-Heist ARCHITECTS Project Architects TECHNICAL DATA N/A STATUS Phase 1 & 2 - Under construction & commercialization CONTRACTING AUTHORITY Lake Front nv PROGRAM Phase 1: 70 apartments. Phase 2: 50 apartments. 12,000 m² of residential space PARK
Slide 33: Galerie Kons
GALERIE KONS CITY OF LUXEMBOURG 22,700 m2 What happened in 2016 ? The construction is on going, handing over foreseen for February 2017 33
Slide 34: Galerie Kons
GALERIE KONS ADDRESS ARCHITECTS Place de la Gare 26, L-1616 Luxembourg M3 Architects TECHNICAL DATA Excellent thermal and acoustic insulation / Green roof / BREEAM “Very Good” on the office building, with reversible ceilings and triple glazing « Certificat de performance énergétique » (CPE) B-B-A cl
Slide 35: Infinity
INFINITY CITY OF LUXEMBOURG 33,300 m2 What happened in 2016 ? Control of the land (agreement with the FUAK - Fonds d’urbanisation du Kirchberg) through the signature of a “promesse synallagmatique de bail emphytéotique” 100% commitment on the retail 100% commitment on the office, fully reserved by A
Slide 36: Infinity
INFINITY ADDRESS ARCHITECTS Avenue JF Kennedy, Rue du Fort Niedergrünewald L-2226 Luxembourg Arquitectonica architects, Miami M3 architectes, Luxembourg TECHNICAL DATA BREAM Excellent on the office building Green roof terraces, thermic panels and perfect thermic and acoustic isolation and urban coge
Slide 37: 5. Dividend Policy
5. DIVIDEND POLICY Proposition to the Annual Shareholders Meeting: ◦ propose a gross dividend of 2 EUR per share in circulation (e.g. 17,5 MEUR) ◦ a yearly increase between 4% and 10% in the future, except if major adverse events Impact on the equity to assets ratio : decrease from 40% to 38,7%