Slide 1: 2019 Full Year Results
2019 FULL YEAR RESULTS March 2020 1
Slide 2: Agenda
AGENDA 2019 Achievements Operating results Portfolio and pipeline Pages 3-4 Pages 5-11 Pages 12-14 2
Slide 3: Immobel has achieved record results since merger
IMMOBEL HAS ACHIEVED RECORD RESULTS SINCE MERGER ROE (EURm) Net income 30% 102 Allfin Merger Allfin Merger 19% 17% Ø 17.1% 53 57 Target ROE 15% 9% 10% 6% 6% 20 Ø 5.4% 3% 16 12 11 2 11 1% 0.4% 1 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017
Slide 4: Immobel outperformed its objectives
IMMOBEL OUTPERFORMED ITS OBJECTIVES Full integration and acquisition of Nafilyan & Partners, a residential development platform in Paris (Ile de France) Acquired for EUR 940m in GDV of new residential and office projects in core markets (Belgium, Luxembourg, Germany and France) increasing the GD
Slide 5: Highly scalable business model focusing on profitable growth
HIGHLY SCALABLE BUSINESS MODEL FOCUSING ON PROFITABLE GROWTH (EURm) Operating income Comments 486 Y-o-Y: 31% 371 70 4 Top-line growth of 31% driven by all core markets significantly (Belgium Y-o-Y: 64% 17 EUR 189m, Luxembourg EUR 206m and France EUR 70m) 227 135 206 80 65 Belgium is mainly drive
Slide 6: Highly scalable business model focusing on profitable growth (cont'd)
HIGHLY SCALABLE BUSINESS MODEL FOCUSING ON PROFITABLE GROWTH (CONT’D) (EURm) EBITDA Comments EBITDA increases even more than gross margin driven by higher Margin 12% 21% 27% portion of G&A being covered by project management fees charged 132 Y-o-Y: 62% to projects. Gap expected to decrease further
Slide 7: Growing cash conversion supports stable shareholder returns
GROWING CASH CONVERSION SUPPORTS STABLE SHAREHOLDER RETURNS (EURm) OCF excluding investments(1) Comments 110 Operational cash flows more than doubled in line with growth in net income 52 Immobel will further increase its dividend by 10% (subject to approval of General Assembly on the 28th May) i
Slide 8: Strong balance sheet with further upside from leverage
STRONG BALANCE SHEET WITH FURTHER UPSIDE FROM LEVERAGE Gearing(1) Comments 70% Additional Gearing is still well below its 70% target leaving more than EUR 300m headroom of headroom for new acquisitions in 2020 61% 54% to drive Covenant in recently issued corporate bond is at 80% profitable Inc
Slide 9: Balanced debt schedule with an average maturity of ~3 years
BALANCED DEBT SCHEDULE WITH AN AVERAGE MATURITY OF ~3 YEARS (EURm) Debt maturity schedule as of 2019A(1) Comments Average cost of debt: 2.5% Access to high amount of 212 liquidity: cash of EUR 178m 190 and undrawn corporate credit lines of EUR 65m (incl. 153 143 138 100 commercial paper) 50 212
Slide 10: Value creation through active capital management
VALUE CREATION THROUGH ACTIVE CAPITAL MANAGEMENT ROE vs cost of equity Comments Immobel achieved a ROE of 30% well above its target of 15% With a cost of equity estimated at 9% to 10% Immobel is creating substantial value for its shareholders 30% 19% Target ROE 15% 10% Cost of equity 9% 3% 2017A
Slide 11: Secure project pipeline drives top-line growth
SECURE PROJECT PIPELINE DRIVES TOP-LINE GROWTH (EURm) Operating income guidance Comments Immobel is expecting top-line growth of more than 10% CAGR up to >10% 2022 CAGR 100% of future expected operating income comes from projects 650 already in the current portfolio 486 500 36% of operating in
Slide 12: 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 m2(2) (EURm)(2) 0.94 (0.47) 0.23 4.56 (0.37) Eden / 0.96 3.85 GER Residential 20,000 174.5 3.26 Frankfurt Key West / BE Residential 30,641 88.3 Brussels Centre Monnaie / BE
Slide 13: Superior portfolio status
SUPERIOR PORTFOLIO STATUS Portfolio by country Portfolio by asset class(1) Portfolio by status Time to delivery 4% 7% 7% 8% 13% 4% 26% 14% EUR EUR EUR 16% 9% 4.5bn 53% 4.5bn 46% 4.5bn % of equity GDV(2) GDV(2) GDV(2) invested 38% 23% 74% 25% 33% Belgium Luxembourg France Contracted sales Permitted 1
Slide 14: Visible pipeline underlines future growth
VISIBLE PIPELINE UNDERLINES FUTURE GROWTH Project Country Type Gross m² GDV (EURm)(1) % sold(2) 2019A 2020E 2021E 2022E 2023E 2024E+ ‘t Zout BE Residential 4,772 16.1 96.7% O'Sea Phase 1 BE Residential 16,844 67.9 86.0% In conception/ permitting phase Greenhill Park BE Residential 6,440 32.2 86.9% T
Slide 15: Appendix
Appendix
Slide 16: Profit and loss statement (external)
PROFIT AND LOSS STATEMENT EXTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 Operating Income 148,999 326,131 419,547 Turnover 145,000 313,420 408,784 Other operating income 3,999 12,711 10,763 Operating Expenses (127,082) (260,953) (327,192) Cost of sales (106,711) (235,325) (291,027) Cost of commercialisa
Slide 17: Balance sheet (external)
BALANCE SHEET EXTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 (EURk) Dec 2017 Dec 2018 Dec 2019 Non-current assets 66,454 181,670 213,311 Total equity 306,958 344,749 428,162 Goodwill - - 43,789 Equity share of immobel 306,941 344,633 426,151 Intangible assets 405 427 543 Share capital 97,256 97,256 97,2
Slide 18: Profit and loss statement (internal)
PROFIT AND LOSS STATEMENT INTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 Operating Income 226,716 371,265 486,298 Turnover 222,165 357,131 470,626 Other operating income 4,551 14,134 15,672 Operating Expenses (198,940) (297,440) (379,551) Cost of sales (176,778) (270,994) (340,310) Cost of commercialisa
Slide 19: Balance sheet (internal)
BALANCE SHEET INTERNAL (EURk) Dec 2017 Dec 2018 Dec 2019 (EURk) Dec 2017 Dec 2018 Dec 2019 Non-current assets 25,398 187,279 252,412 Total equity 303,578 344,749 426,182 Intangible and tangible assets 1,439 1,374 51,756 Non-current liabilities 383,990 414,877 642,663 Investment property 2,960 158,28
Slide 20: 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 21: 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