Annual Results 2019

Annual Results 2019

Immobel increases its profit by more than 80% to EUR 102.4 million.

2019 was a year of strong growth for Immobel, completely in line with its strategy of prioritising profitability and recurring revenue. The company significantly outperformed its 2019 goals.

  • Immobel’s revenues in 2019 increased by 28.6% to EUR 419.5 million while its EBITDA[1] and net profit[2] (Group share) almost doubled to EUR 124.6 million and EUR 102.4 million, respectively. This resulted in a net profit of EUR 11.66/share compared to EUR 6.47/share in 2018 or an increase of 80.2% and a ROE of 29.7%.
  • Strong results were mainly driven by higher residential and office sales in Belgium, Luxembourg and France. These markets continue to show strong demand for new residential units and offices.
  • The company acquired more than EUR 900 million in Gross Development Value[3] in new residential and office projects in its core markets (Belgium, France, Luxembourg and Germany), increasing the Gross Development Value of its entire portfolio to EUR 4.5 billion.
  • The company’s balance sheet, with equity of EUR 428.2 million and net debt of EUR 550.9 million as per the end of 2019, remains strong with a gearing ratio of 56.3%.
  • Its strong portfolio should allow the company to continue to deliver strong recurrent results in the coming years. Exceptional transactions such as the sale of Infinity, Möbius II and Nova (formerly Centre Etoile) in 2019 come on top of the strong base of recurring results, and these types of non-recurring large transactions are expected to become more frequent as Immobel continues to grow.      
  • In July 2019, Immobel acquired 100% of Nafilyan & Partners, its subsidiary for residential development in France, contributing EUR 68 million to the revenues for the second half of the year.
  • Since 23 September 2019 Immobel has been included in the BEL Mid index, the Mid-Cap stock Index of Euronext Brussels, reflecting the confidence of the market and the increased interest from investors in the company.
  • Immobel has decided to increase its dividend by 10%, resulting in a dividend of EUR 2.66 per share[4].
  • The company took important steps in 2019 to strengthen its management structure in line with its ambitious growth path.

 


[1] EBITDA (Earnings Before Interest, Depreciation and Amortisation) refers to the operating result before amortisation, depreciation and impairment of assets (as included in Administration Costs)

[2] Net result or profit refers to results for the year (Group share)

[3] Gross Development Value is the total expected future turnover (Group Share) of all projects in a portfolio

[4] Subject to approval of the Ordinary General Meeting of 28 May 2020

 

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