Slide 1: FY2021 H1 Results
FY2021 H1 Results September 2021
Slide 2: Summary
SUMMARY 1. Market update 2. Key achievements 3. Portfolio review 4. 2021 Financial performance 5. Outlook 6. Appendix
Slide 3: Market update
SECTION 1 Market update 3
Slide 4: Key market updates per country
Key market updates per country Residential real estate continues to experience strong demand in every core market mainly driven by shortage of supply; Institutional investor and tenant appetite for prime offices in Immobel’s core market remain strong Belgium - Residential: Luxembourg - Residential:
Slide 5: Key achievements
SECTION 2 Key achievements 5
Slide 6: Key achievements
Key achievements Solid results in H1 2021 with net profit up by 37% Continued strong residential sales across all markets; strong rental and investor activity witnessed for office business attributed to the “downsizing and upgrading” trend in the international office market Sales value contracte
Slide 7: Rebound in permitting activities
Rebound in permitting activities Permits obtained to date at similar level as for the whole of 2020 (EURm) Permits obtained Permits obtained to date are at similar level as full FY 2020 Permitting activity improved compared to last year, however a few projects have encountered delays. Some permi
Slide 8: Portfolio review
SECTION 3 Portfolio review 8
Slide 9: New acquisitions
New acquisitions Immobel continues to successfully source new projects in its core markets with EUR 575m in sales value (incl acquisitions for 3rd parties) added to date growing its total portfolio to EUR 5.4bn in GDV Historical acquisitions GDV (EURbn) Immobel Gross GDV Project Country Type / 3rd S
Slide 10: Portfolio Strategy
Portfolio Strategy Exposure to residential real estate development remains high with 71% of GDV of portfolio in residential projects; permitting pipeline of EUR 1.8 bn of projects or 4,600 residential units(1) and 8 offices Portfolio by country Portfolio by asset class(2) Portfolio by status Time to
Slide 11: Current project pipeline
In conception/permitting phase Current project pipeline In construction phase In permitting Permit obtained (subject Significant amount of new residential/mixed use projects to be launched in 2021 to potential recourse) Project Country Type Gross m² GDV (EURm)(1) % sold(2) 2021E 2022E 2023E 20
Slide 12: 2021 H1 Financial Performance
SECTION 4 2021 H1 Financial Performance 12
Slide 13: Key financials
Key financials Dividend policy maintained with increase of 4% to 10% in dividend ROE Net income (EURm) 30% Allfin Merger Allfin Merger 19% Ø 19.0% 17% Target ROE 15% 9% 10% 8% 6% 6% Ø 5.4% 3% 1% 0.4% 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A (EURm) Inventory(1) (EUR/share) DP
Slide 14: P&L: Net result up by 37% with strong underlying profitability
P&L Net result up by 37% with strong underlying profitability Operating income EBITDA (EURm) (EURm) 486 Y-o-Y: (11)% 431 Margin 12% 21% 27% 13% 18% 371 Y-o-Y: 31% 227 Y-o-Y: 64% 216 Y-o-Y: Y-o-Y: 68% (57)% Y-o-Y: 128% (EURm) Gross margin(1) (EURm) Net income Margin 22% 27% 30% 20% 23% Margin 5% 15%
Slide 15: Balance sheet and operating cash flows
Balance sheet and operating cash flows Strong balance sheet as key enabler for continuous growth strategy Gearing(1) Debt maturity schedule as of 2021 H1 (EURm) Bonds and other Additional financing Project financing headroom to drive profitable growth (EURm) Net Debt(2) (EURm) OCF excluding investme
Slide 16: Outlook
SECTION 5 Outlook 16
Slide 17: Outlook
Outlook Still on track to deliver on mid term business plan (EURm) Operating income guidance 13% CAGR 1,000 Earnings delay in 2020 & 2021 due to COVID-19 which is recovered in 2022 800 800 620 600 486 431 450 2019A 2020A 2021E 2022E 2023E Upside potential Note(s): Most financials refer to internal v
Slide 18: Appendix
SECTION 6 Appendix 18
Slide 19: Profit & loss statement
Profit & loss statement External view (EURk) Dec-18 Dec-19 Dec-20 Jun-21 Operating Income 326,131 419,547 375,390 183,769 Turnover 313,420 408,784 364,479 178,447 Other operating income 12,711 10,763 10,911 5,322 Operating Expenses -260,953 -327,192 -333,526 -153,080 Cost of sales -235,325 -291,027
Slide 20: Balance sheet
Balance sheet External view (EURk) Dec-18 Dec-19 Dec-20 Jun-21 (EURk) Dec-18 Dec-19 Dec-20 Jun-21 Non-current assets 181,670 213,311 448,370 472,572 Total equity 344,749 428,162 494,490 512,771 Goodwill 0,000 43,789 43,789 43,789 Equity share of immobel 344,633 426,151 491,922 510,210 Intangible ass
Slide 21: Profit & loss statement
Profit & loss statement Internal view (EURk) Dec-18 Dec-19 Dec-20 Jun-21 Operating Income 371,265 486,298 431,153 216,064 Turnover 357,131 470,626 413,751 207,076 Other operating income 14,134 15,672 17,402 8,988 Operating Expenses -297,440 -379,551 -378,746 -178,676 Cost of sales -270,994 -340,310
Slide 22: Balance sheet
Balance sheet Internal view (EURk) Dec-18 Dec-19 Dec-20 Jun-21 (EURk) Dec-18 Dec-19 Dec-20 Jun-21 Non-current assets 187,279 252,412 420,272 437,986 Total equity 344,749 426,182 492,907 510,938 Intangible and tangible assets 1,374 51,756 50,200 50,193 Non-current liabilities 414,877 642,663 731,077
Slide 23: Thank you
Thank you 23
Slide 24: 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 25: 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