Slide 1: Full Year Results 2023 Investor Presentation
full year FOR CITIES FOR PEOPLE Results 2023 Investor Presentation March 11th 2024
Slide 2: Summary
summAry Oxy | Brussels 01 IMMOBEL AT A GLANCE 05 SOME OF OUR PROJECTS 02 MACRO-ECONOMIC AND REAL ESTATE ENVIRONMENT 06 FINANCIAL PERFORMANCE 03 FINANCIAL & BUSINESS HIGHLIGHTS 07 OUTLOOK 04 PORTFOLIO OVERVIEW 08 APPENDIX
Slide 3: Immobel at a glance
Immobel at a glance We are a Belgian real estate Ambitious ESG policy based development company that on three pillars on asset level: specialises in the creation of sustainable and high-quality EUR 292 mio 52 projects across Europe, encompassing residential, office and mixed-use properties. With mor
Slide 4: Our ESG strategy to build a better future
Our ESG strategy to build a better future Aligning our portfolio with strongest certifications while reinforcing sustainability progress disclosure WE CREATE HEALTHY PLACES FOR OUR END-USERS FOR THE FOR THE ENVIRONMENT NEIGHBOURHOODS Sustainable Climate Biodiversity, Well-being Social Residential ch
Slide 5: Macro-economic environment
macro-economic environment Slachthuissite | Antwerp 5
Slide 6: Macro-economic and real estate environment: GDP, inflation
02 Macro-economic and real estate environment GDP (% y/y) 10 Economic Growth 8 Global economy expected to recover as from 2025 6 4 2 0 GDP Euro-zone Japan United United Kingdom States • The global economy is still slowing as tighter monetary policy continues to feed through 2021 2022 2023 2024 2025
Slide 7: Macro-economic and real estate environment: Office sector
European Office Take up (sq m) 02 Macro-economic and real estate environment Office Sector Fundamentals remain resilient in the occupier market as vacancy rates stabilize across CBD markets and strong demand for prime office buildings • European office take up in 2024 is expected to reach a level si
Slide 8: Office sector: investment market
02 Macro-economic and real estate environment Rolling past 4-quarter investment volume in Europe Office Sector Investment market should improve by the end of 2024 as the price gap between buyers and sellers narrows • European investment volume down 12% compared with the same quarter last year and 51
Slide 9: Residential sector
Luxembourg – Transaction Volume (number of units) 02 Macro-economic and real estate environment Residential Sector Residential markets have already bottomed out in most markets but the recovery will depend largely on the trend in mortgage rate • Across Europe, the residential sector shows exacerbate
Slide 10: Financial & Business Highlights
Financial & Business HIGHLIGHTS The Muse | Brussels 10
Slide 11: FY 2023 Business highlights: navigating a challenging market
03 FY 2023 - Financial & Business highlights Immobel navigates challenging market and eyes market rebound in 2025 Business update • Belgian residential market resilient; despite transaction volume high demand, low supply, driving up prime rental prices dip, prices rise • Oxy project in Brussels exem
Slide 12: FY 2023 Financial update
03 FY 2023 - Financial & Business highlights Immobel navigates challenging market and eyes market rebound in 2025 Financial update • Underlying EBITDA at EUR 35 million with an underlying net • Final permits obtained for GDV of EUR 311 million, total result of EUR 12 million and net result of EUR -3
Slide 13: We create healthy places
03 FY 2023 - Financial & Business highlights We create healthy places 2023 main achievements in our portfolio FOR OUR END-USERS FOR THE NEIGHBOURHOODS FOR THE ENVIRONMENT Well-Being Social Purpose Leadership Offices target a WELL certification or eq., Temporary occupations were hosted in main Office
Slide 14: Some of our projects: Oxy
05 Some of our projects OxyResidential & Offices • Type Mixed-use • Green Finance Label BREEAM – Outstanding (for offices) • Current project status Construction & commercialization phase • Surface 73 339 m² • Address Boulevard Anspach/Anspachlaan 2-6, 1000 Brussels • Country Belgium Héros | Brussels
Slide 15: Oxy: urban green campus
05 Some of our projects Oxy Residential & Offices Urban green campus in the middle of the city CO2-neutral building with high circularity ratio Smart building of construction materials In the middle of the main shopping district, Spectacular roof terraces Flexible office space 24/7 reception with lo
Slide 16: Portfolio overview
Portfolio overview 16 Tata – La Passerelle Barbès | Paris
Slide 17: Portfolio strategy
04 Portfolio overview Portfolio strategy (1) Portfolio of 5 bn, of which 1.4 bn in permitting. Total residential units between 8.000 and 9.000. Portfolio by country (2) Portfolio by asset class Portfolio by status Time to delivery 2% 6% 22% 22% 17% 21% 25% 49% 8% 26% 20% 52% 21% 78% 28% Belgium Luxe
Slide 18: Project pipeline: key projects
04 Portfolio overview In conception / permitting phase Project pipeline In construction phase In permitting Diverse launched projects final permit obtained Project Country Type Gross m² GDV (EURm)(1) % sold/leased(2) 2023A 2024E 2025E 2026E+ (x1000) O'Sea Phase 2 BEL Residential 24 89,2 77% Eden GER
Slide 19: Some of our projects
Some of our projects 19 Kiem 2050 | Luxembourg
Slide 20: UNI residential
05 Some of our projects UNIresidential • Type Residential • Current project status Construction & commercialization phase • Surface 100 000 m² • Address Boulevard du Triomphe, 1050 Bruxelles • Country Belgium Héros | Brussels 20
Slide 21: Kiem 2050
05 Some of our projects Kiem 2050 residential • Type Residential • Current project status Construction & commercialization phase • Surface 23.460 m² • Address Boulevard Pierre Frieden 1543 Luxembourg • Country Luxembourg Héros | Brussels 21
Slide 22: MULTI Offices
05 Some of our projects MULTI Offices • Type Office • Green Finance Label BREEAM – Excellent • Current project status In use • Surface 46 000 m² • Address Boulevard Anspach/Anspachlaan 1, 1000 Brussels • Country Belgium Héros | Brussels 22
Slide 23: Saint-Antoine
05 Some of our projects Saint-Antoine Offices • Type Office • Green Finance Label (aspired) BREEAM – Excellent • Current project status Construction & commercialization phase • Surface 5000 m² • Address Rue Saint-Antoine 16, 75004 Paris • Country France Héros | Brussels 23
Slide 24: Financial performance
Financial performance Brouck’R | Brussels 24
Slide 25: P&L: Underlying net result of EUR 12m
06 Financial performance P&L Underlying net result of EUR 12 m Net income Belgium Luxembourg Net result underlying net income Inventory(1) France Other 3 year rolling average net income (EURm) 3 year rolling average underlying net income (EURm) 1,683 102 1,539 1,397 1,432 92 EUR 5.0 bn GDV 1,090 57
Slide 26: P&L: gross margin remains healthy
06 Financial performance P&L Despite lower operating income, gross margin remains healthy 1 Operating income Revenue 2023(2) 3 23 (EURm) (EURm) Belgium France Germany 486 549 Luxembourg 431 410 55 107 371 Other 227 216 2017A 2018A 2019A 2020A 2021A 2022A 2023A Gross margin(1) (EURm) Net result (EURm
Slide 27: Balance sheet and operating cash flows
06 Financial performance Balance sheet and operating cash flows Solid balance sheet Gearing ratio increased mainly Average interest cost = 3,7% due to unsold leased offices About 76% of gross debt Gearing(1) Debt maturity schedule as of 2023 hedged/capped/fixed per 31/12/2023 (EURm) 68% 64% 61% 60%
Slide 28: Outlook
OUtlook The Muse | Brussels 28
Slide 29: Expected revenues in 2024 between €250 and €400 million
07 Outlook Expected revenues in 2024 are between €250 and €400 million, compared to €216 million in 2023 29
Slide 30: Appendix
Appendix Brouck’R | Brussels 30
Slide 31: Profit & loss statement: external view
08 Appendix Profit & loss statement External view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Operating Income 419,547 375,390 392,815 243,875 162,843 Turnover 408,784 364,479 386,330 236,306 156,378 Other operating income 10,763 10,911 6,484 7,569 6,465 Operating Expenses -327,192 -333,526 -338,312 -29
Slide 32: Balance sheet: external view
08 Appendix Balance sheet External view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 kEUR Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Non-current assets 213,311 448,370 506,258 362,294 367,090 Total equity 428,162 494,490 582,920 573,139 501,674 Goodwill 43,789 43,789 43,789 0,000 0,000 Equity share of immobel 42
Slide 33: Profit & loss statement: internal view
08 Appendix Profit & loss statement Internal view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Operating Income 486,298 431,153 549,046 409,516 215,674 Turnover 470,626 413,751 526,799 377,377 189,820 Other operating income 15,672 17,402 22,247 32,139 25,854 Operating Expenses -379,551 -378,746 -430,390
Slide 34: Balance sheet: internal view
08 Appendix Balance sheet Internal view kEUR Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 kEUR Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Non-current assets 252,412 420,272 428,872 258,956 242,962 Total equity 426,182 492,907 582,798 572,644 500,793 Intangible and tangible assets 51,756 50,200 50,663 15,416 14,136 No
Slide 35: Definitions
08 Appendix Definitions • Gross development vale • Inventory Sales value or gross development value is the total expected Inventories plus investment properties and investments in future turnover (group share) of a project or all projects in the contract assets current portfolio (including projects
Slide 36: We lead by example
08 Appendix We lead by example 2023 main achievements as a responsible company TOWARDS OUR COLLABORATORS FOR THE INDUSTRY FOR THE COMMUNITY Financial Empowerment Mobility Governance Shift towards electric fleet as company ESG Committee at board level cars are responsible for 42% of corporate carbon
Slide 37: Thank you
Thank you 37
Slide 38: Contact details
Contact details Immobel is the largest listed real estate developer in Belgium (Euronext Brussels: IMMO). 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. Wit