Immobel Sa · EURONEXT:IMMO
Immobel Sa — FY2022 Earnings Presentation
29 slides from Immobel Sa's earnings presentation, Mar 9, 2023
Slide 1: Annual Results 2022 Investor Presentation
Annual Results 2022 Investor Presentation 9 March 2023 FOR CITIES For People
Slide 2: 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: attractive urban environments that meet clients’ expectations and the needs of today and tomorrow. With more than > EUR 450 mio > 63 For
Slide 3: Agenda
Agenda Oxy | Brussels 01 macro-economic environment 03 PORTFOLIO OVERVIEW 05 OUTLOOK 02 KEY ACHIEVEMENTS 04 2022 FINANCIAL PERFORMANCE 06 APPENDIX
Slide 4: Macro-economic environment
macro-economic environment Slachthuissite | Antwerp 4
Slide 5: Macro-economic headwinds: Construction cost inflation
01 macro-economic environment Macro-economic headwinds Construction cost inflation EU construction prices and costs 2005-2022, unadjusted data (2015 = 100) • Another sharp rise in construction costs in 2022, following strong increase since 2020; with important differences between countries • Constru
Slide 6: Macro-economic headwinds: Rising interest rates
01 macro-economic environment Macro-economic headwinds Rising interest rates 12 months Euribor rates – 2022 Increasing interest rates are impacting: • Housing affordability with softening of demand • Investment markets with reduced liquidity on capital markets in 2022 • Rising project financing cost
Slide 7: Macro-economic headwinds: Strong rental activity for prime offices
01 macro-economic environment Macro-economic headwinds Strong rental activity for prime offices Paris office vacancy rate (Q4 2022) Brussels office vacancy rate (Q4 2022) Prime office investment yields 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 8: Macro-economic headwinds: Resilient business model
01 macro-economic environment Macro-economic headwinds Resilient business model • Despite the macro-economic backdrop, Immobel is well positioned in its EU residential and office markets Key business drivers: • Main office projects located in EU cities with low supply of Grade A sustainable office s
Slide 9: Key achievements
KEY achievements Héros | Brussels 9
Slide 10: Solid results confirm resilient business model despite challenging market environment
02 KEY achievements Solid results confirm resilient business model despite challenging market environment Financial performance Shift from growth to operational excellence • Underlying net profit reached EUR 54.5 million, down from • Reduction in yearly overhead costs by EUR 15 million as of 2024 ma
Slide 11: Portfolio overview
Portfolio overview The Muse | Brussels 11
Slide 12: Acquisitions and investments
03 Portfolio overview Acquisitions and investments Acquisition strategy toned down in H2 2022 Immobel / Gross Project Country Type 3rd party SQM Proximus BE Mixed Immobel 118,000 Historical acquisitions GDV Issy Les Moulineaux FRA Residential Immobel 4,325 Nanterre FRA Residential Immobel 4,269 (EUR
Slide 13: 71% of total GDV in residential projects
03 Portfolio overview Portfolio overview 71% of total GDV (EUR 5.7 billion) in residential projects Permitting pipeline of EUR 2.1 billion or 2,784 residential units(1) and 8 offices Portfolio by country Portfolio by asset class(2) Portfolio by status Time to delivery 3% 3% 17% 29% 21% 28% 41% 12% 4
Slide 14: Current project pipeline
03 Portfolio overview Current project pipeline Significant amount of new residential and office ■ In conception / permitting phase ■ In construction phase projects to be launched in 2023 • In permitting •• Final permit obtained Project Country Type Gross m² (x1000) GDV (EURm)(1) % sold/rented(2) 202
Slide 15: 2022 Financial performance
2022 Financial performance Brouck’R | Brussels 15
Slide 16: Key financials
04 2022 Financial Performance Key financials Solid underlying performance despite challenging market conditions Net income ROE Allfin Merger (EURm) (EURm) 102 92 30% 57 17% 19% 19% Average underlying 55 33 ROE 15% 8% 10% 11 11 Ø 5.4% 3% 2% 2017A 2018A 2019A 2020A 2021A 2022A 2010A-2015A 2016A 2017A
Slide 17: P&L
04 2022 Financial Performance P&L Despite lower operating income, gross margin and net income remained strong Operating income Operating income(2) (EURm) (EURm) 2017 2022 549 24.5 30.0 1.8 486 21.0 431 410 371 ■ Belgium 227 45.4 France ■ Germany Luxembourg 279.1 ■ Other 2017A 2018A 2019A 2020A 2021A
Slide 18: Balance sheet and operating cash flows
04 2022 Financial Performance Balance sheet and operating cash flows Strong balance sheet to weather current market conditions Gearing(1) Debt maturity schedule as of 2022 (EURm) 64% 73 Average interest cost = 2.8% 61% 60% 74 About 65% of gross debt 58% hedged/capped/fixed up to end of 2025 54% 3 12
Slide 19: Outlook
outlook The Muse | Brussels 19
Slide 20: Perspective for 2023
05 outlook Perspective for 2023 Uncertain macro-economic environment likely to continue Operating income guidance (EURm) 600 270 • Immobel will confirm its shift from growth to 410 profitability and operational excellence • Assets include strategic positioning and healthy balance sheet 2022A 2023E 2
Slide 21: Thank you
Thank you 21
Slide 22: 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
Slide 23: Appendix
appendix Brouck’R | Brussels 23
Slide 24: Profit & loss statement: External view
06 appendix Profit & loss statement External view 24 Source(s): Company information
Slide 25: Balance sheet: External view
06 appendix Balance sheet External view kEUR dec/19 dec/20 dec/21 dec/22 kEUR dec/19 dec/20 dec/21 dec/22 Non-current assets 213,311 448,370 506,258 362,294 Total equity 428,162 494,490 582,920 573,139 Goodwill 43,789 43,789 43,789 0,000 Equity share of immobel 426,151 491,922 571,568 556,552 Intang
Slide 26: Profit & Loss statement: Internal view
06 appendix Profit & Loss statement Internal view 26 Source(s): Company information
Slide 27: Balance sheet: Internal view
06 appendix Balance sheet Internal view 27 Source(s): Company information
Slide 28: Definitions
06 appendix Definitions Gross development value Inventory Sales value or gross development value is the total Inventories plus investment properties and investments in expected future turnover (group share) of a project or all contract assets projects in the current portfolio (including projects sub
Slide 29: Disclaimer
06 appendix Disclaimer By attending the meeting where this subject to change without notice. Although IMMOBEL uses statements. The forward-looking statements are subject to reasonable care to present information which is up-to-date to assumptions, risks and uncertainties which are difficult or prese