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Immobel busy despite crisis

The sale of part of the Möbius project had a beneficial effect on results.
The sale of part of the Möbius project had a beneficial effect on results.

Immobel reports that it results for the first half of 2020 have been impacted by covid-19, but that its business model remains resilient. With a large amount of projects at the permit request stage, Immobel says it is well positioned to continue on its growth path. An overview first half-year financial figures shows that they have been mainly impacted by lower residential sales and reduced activity on construction sites during the lockdown with revenues at 213.9 million Euros. The company states its EBITDA at 34.6million Euros and net profit group share at 21.9 million Euros.
And on the positive side, Immobel confirms that since the end of the lockdown, it has seen a recovery of residential sales in every core market. With a solid cash position of over 200 million Euros and strong balance sheet, Immobel also confirms that it is well positioned to take further advantage of additional growth opportunities and ensure its long-term development. Despite Covid-19, the company expects to maintain its dividend policy.

Ongoing activities

Turning to real estate activities during the period, there was the delivery of the new head office for Allianz Benelux (Möbius I) and the signing of a lease agreement with ING for a major office project in the European quarter of Brussels

While permit processes have also been impacted by the lockdown, a key catalyst for solid growth in the short term is a large number of new projects expected to be launched by the end of 2021 representing more than 4,000 apartments and houses. The company has already acquired projects with a sales value amounting to 480 million Euros, mainly in Belgium, Luxembourg and France growing the sales value of its portfolio by 8% to 4.8 billion Euros.

Along with the sale of Möbius I, revenues in the first half were mainly driven by residential sales in Belgium, France, Luxembourg and Poland (100.3 million Euros), along withlandbanking. Key contributors to residential sales were the residential business in France (29.2 million Euros), Granary Island in Poland (23.5 million Euros), Infinity (9.7 million Euros) in Luxembourg and the Parc Seny (9.6 million Euros) in Belgium. These transactions mean that compared to last year, revenues saw a strong increase, whereas the EBITDA and net profit group share went down. This decrease follows on from the contribution of the exceptional sales of Centre Etoile in Luxembourg and Möbius II in Belgium last year.
Tim Harrup
29-09-2020
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