H1 2020 results impacted by COVID-19, business model remains resilient

H1 2020 results impacted by COVID-19, business model remains resilient

With a large amount of projects in the permitting stage, Immobel is well positioned to continue on its growth path.

  • First half-year financials have been mainly impacted by lower residential sales and reduced activity on construction sites during the lockdown with revenues at EUR 213.9 million, EBITDA[1] at EUR 34.6 million and net profit group share at EUR 21.9 million.
  • Since the end of the lockdown, recovery of residential sales experienced in every core market.
  • Delivery of new head office for Allianz Benelux (Möbius I) and signing of lease agreement with ING for a major office project in the European quarter of Brussels.
  • While permitting 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[2] (> EUR 1.5 billion in sales value[3]).
  • Moreover, with its solid cash position of over EUR 200 million and strong balance sheet, Immobel is well positioned to take further advantage of additional growth opportunities and ensure its long-term development.
  • The company already acquired projects with a sales value amounting to EUR 480 million mainly in Belgium, Luxembourg and France growing the sales value of its portfolio by 8% to EUR 4.8 billion.
  • Despite Covid-19, the company expects to maintain its dividend policy.

 


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

[2] Total number of apartments and houses on 100% basis

[3] Sales value or gross development value: the expected total future turnover (Group Share) of the respective projects

 

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