Annual Report • Mar 17, 2023
Annual Report
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| IMMOBEL at a glance | 3 |
|---|---|
| IMMOBEL IN 2022 | 4 |
| message of the chair | 4 |
| key Figures | 8 |
| highlights | 10 |
| Who we are | 13 |
| mission, values, strategy | 13 |
| ESG policy | 15 |
| shareholder information | 23 |
| activity report | 25 |
|---|---|
| development | 26 |
| Belgium | 26 |
| proximus towers | 30 |
| france | 33 |
| Immotion | 36 |
| luxembourg | 38 |
| liewen | 40 |
| germany, poland, spain | 43 |
| Investment management | 47 |
| market analysis | 49 |
| ESG REPORT | 59 |
| corporate Governance statement | 137 |
|---|---|
| remuneration report | 156 |
| Management report | 171 |
| consolidated accounts and condensed statutory accounts |
185 |
| Lexicon | 248 |
| general information | 249 |
As experts in high-quality real estate projects in major European cities, we create attractive urban environments that meet clients' expectations and the needs of today and tomorrow. With more than 160 years of experience, we dare to claim that we have the agility to invest and the drive to improve living and working environments.
Ambitious ESG policy based on three pillars on asset level:
For the neighbourhoods
EUR 450 mio market capitalisation1
63 projects under development
1,500,000 m2 under development
EUR 5.7 bio gross development value2
71% residential projects in portfolio
200 devoted team members in Europe
On 31 December 2022
Sales value or gross development value: total expected future turnover (Group share) of all projects in the current portfolio (including projects subject to conditions precedent for which the management judges there is a high likelyhood of closing).
2022 was a challenging year marked by geopolitical and economic turmoil. The effects of the war in Ukraine, the lingering pressure on our supply chains, increased construction costs, inflation, and the long tail of the COVID-19 pandemic rippled across the globe. Rising interest rates impacted housing affordability and reduced liquidity in investment markets. Alongside these macroeconomic developments, structural megatrends like climate change, increased urbanisation, and an ageing population continue to shape our sector, forcing us to rethink how we build our homes, offices, and cities.
In the face of these challenges, Immobel shifted its focus from growth to operational excel lence. By refocusing on its core strengths and tightly controlling costs, the company navigated the market and delivered solid financial results. By limiting exposure to small residential pro jects in France (which has led to an impairment loss on goodwill of EUR 43.8 million) as well as transferring its real estate investment management activity from London to Brussels. It also encompassed toning down its acquisition strategy during the second half of 2022, Immobel will reduce its yearly overhead costs by EUR 15 million as of 2024. Additionally, the company adjusted its acquisition strategy in the second half of 2022.
With these strategic measures, Immobel continues to demonstrate its commitment to prudent financial management and sustainable growth. We ended 2022 with an underlying net profit 1 of EUR 54.5 million and an underlying return on equity2 at 9.5%. EBITDA3 reached EUR 68.6 million. Despite the challenging economic conditions, the company has maintained a strong liquidity position, with a cash position of EUR 276 million and a gearing ratio 4 of only 53.0%. A gross dividend of EUR 3.05 per share will be proposed at the General Meeting on 20 April 2023.
Together with Immobel's healthy balance sheet this strategy enabled the company to weather current market conditions, providing a solid foundation for the future.
Immobel's financial performance in 2022 was facilitated by the strengths of our sustainable and high -quality portfolio of transformative, large, mixed -use inner -city projects at prime locations and our solid 160+year experience. Our portfolio sets us apart from our competitors. Our extensive expertise in real estate development allows us to navigate the market quickly and effectively while maintaining a competitive edge.
In Belgium, we closed the sale 5 of the BREEAM Outstanding office building of circa 14,200 m² Commerce 46 – a Grade A core asset in the heart of Brussels' stable European Quarter. Commerce 46 and its host of green and high -tech building features exemplify Immobel's objective of creating high -quality, future -proof buildings in prime loca tions. In addition, Immobel and BESIX RED successfully
Immside, Paris
concluded the sale 1 of the Cours Saint -Michel site in Brussels at the end of last year. The property is strategically located and will allow the American Embassy in Belgium and American Mission to the European Union to consolidate their diplomatic representations in a safe, sustainable, and modern workplace.
In Poland, the company's operations were successful, with the Granary Island project being almost completely sold in 2022. The company's performance in Luxembourg was somewhat mixed, which can be attributed to the challenging market con ditions. Next to the higher costs incurred related to the Eden tower project (Frankfurt), sales in Germany were impacted by tough market conditions.
France has also proven to be a challenging market in 2022. We therefore decided to refocus our efforts in this country towards the essence of our core expertise – transformative, large, mixed -use inner -city projects at prime locations. By focusing on these projects, we aim to limit our exposure to low -profit activities. This move will allow us to tap into the increased demand for commercial real estate in central Paris due to the area's structural concentration of businesses and high population density.
During the first half of 2022, Immobel conducted several and impactful new acquisitions, including the Héros project, the Proximus Towers 2, and the Commodore project. During the second half of 2022, Immobel toned down its acquisition strategy to align with the evolving macroeconomic environment. Immobel's total gross development value re mained stable compared with 2021, at EUR 5.7 billion, as the sale of assets offset acquisitions.
1. Through the sale of 100% of the shares of CSM Properties SA/NV
Although the company faced delays in obtaining permits for some of its residential projects, key projects are moving forward. Permits were obtained for new projects with a total Gross Development Value (GDV) of EUR 412 million last year. This is slightly lower than expected, mainly due to permitting delays. Successful real estate development requires the support and buy -in of a wide range of stakeholders, including residents, government officials, and community organisations. By engaging in open and transparent dialogue, we can build trust and mutual understanding, which in turn helps us navigate the permit ting process more effectively. In addition, being transparent and open in our communication with stakeholders helps us to identify and address any concerns or issues they may have early on, which reduces the likelihood of delays or complications down the line.
Despite the macroeconomic conditions, Immobel has maintained a strong position in the residential and office markets – uniquely positioning itself as a developer focused on large mixed -use projects that are engines for urban transformation.
This is partly due to key business drivers that have allowed us to weather the current market conditions, in particular the structural shortage of housing supply in our main markets. Our projects are typically located in prime locations, which have provided some protection during a challenging market. Additionally, our focus on sustainable and energy -efficient projects strengthens Immobel's market positioning, as these elements are becoming increasingly essential. In the office market, we are seeing a continued increase in rent prices for sustainable and green top-quality office spaces in prime loca tions due to their limited supply. This trend is particularly relevant for Immobel as we focus on this market segment.
Looking back at 2022, I am proud of our teams, their exceptional commitment, and what we've accomplished over the past year. The results outlined in this report reflect their unwavering dedication, perseverance, and resilience. Immobel's history of over 160 years is a testament to our adaptability and readiness to embrace the ever -evolving future. We are deeply grateful for the trust and loyalty of our shareholders, partners, and stakeholders.
I look forward to everything we will accomplish together in the year ahead.
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net result, Group share | 56.8 | 102.4 | 33.3 | 92.2 | 10.7 |
| Equity, Group share | 344.6 | 426.2 | 491.9 | 571.5 | 556.6 |
| Market capitalization (including own shares) | 503.9 | 663.8 | 681.8 | 728.8 | 449.9 |
| Market capitalization (excluding own shares) | 442.4 | 583.3 | 655.0 | 726.8 | 448.7 |
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Number of shares at year-end (thousand) | 8,777 | 8,785 | 9,605 | 9,970 | 9,972 |
| Net result, Group share | 6.5 | 11.7 | 3.6 | 9.3 | 1.1 |
| Value of equity | 39.3 | 48.5 | 51.2 | 57.3 | 55.8 |
| Gross ordinary dividend | 2.42 | 2.66 | 2.77 | 3.05 | 3.05 |
| Net ordinary dividend | 1.69 | 1.86 | 1.90 | 2.14 | 2.14 |
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Stock price on 31 December (EUR) | 50.4 | 66.4 | 68.2 | 72.9 | 45.0 |
| Maximum quotation (EUR) | 57.0 | 69.0 | 81.8 | 78.0 | 79.2 |
| Minimum quotation (EUR) | 47.0 | 50.2 | 56.2 | 62.2 | 39.0 |
| Stock price / book value | 128.4% | 136.9% | 133.2% | 127.2% | 80.6% |
| Gross return for 1 year1 | -4.8% | 36.5% | 6.7% | 11.0% | -34.1% |
| Gross ordinary dividend / last stock price | 4.8% | 4.0% | 4.1% | 4.2% | 6.8% |
| Net ordinary dividend / last stock price | 3.4% | 2.8% | 2.8% | 2.9% | 4.7% |
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Operating income | 326.1 | 419.5 | 375.4 | 392.8 | 243.9 |
| Operating expenses | -261.0 | -327.2 | -333.5 | -338.3 | -293.6 |
| Share in the results of associates |
5.2 | 24.6 | 8.1 | 44.5 | 67.2 |
| Operating result | 70.3 | 117.0 | 50.0 | 99.0 | 17.5 |
| Financial result | -4.8 | -5.3 | -7.3 | -5.0 | -4.4 |
| Result before taxes | 65.5 | 111.6 | 42.7 | 94.0 | 13.1 |
| Income taxes | -8.6 | -9.4 | -8.7 | -1.6 | -2.8 |
| Result for the year | 56.9 | 102.2 | 34.0 | 92.4 | 10.3 |
| Share of Immobel | 56.8 | 102.4 | 33.3 | 92.2 | 10.7 |
| Assets | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Non-current assets | 181.7 | 213.3 | 448.3 | 506.3 | 362.3 |
| Intangible assets | 0.4 | 0.5 | 0.6 | 0.2 | 1.4 |
| Goodwill | 0.0 | 43.8 | 43.8 | 43.8 | 0.0 |
| Tangible assets | 0.9 | 1.0 | 1.4 | 2.8 | 4.1 |
| Right-of-use assets | 0.0 | 6.4 | 4.4 | 3.8 | 9.9 |
| Investment property | 104.3 | 81.1 | 197.1 | 174.0 | 67.7 |
| Financial assets | 70.6 | 65.4 | 182.8 | 258.2 | 256.4 |
| Other | 5.4 | 15.0 | 18.2 | 23.5 | 22.8 |
| Current assets | 784.7 1,087.9 | 982.8 | 1,178.9 1,385.7 | ||
| Inventories | 511.8 | 694.6 | 683.1 | 698.6 | 985.7 |
| Cash | 170.9 | 156.1 | 148.1 | 273.4 | 275.9 |
| Other | 102.0 | 237.2 | 151.6 | 206.9 | 124.1 |
| Total assets | 966.4 1,301.2 1,431.1 | 1,685.2 1,748.0 |
| Equity and liabilities | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Equity | 344.7 | 428.2 | 494.5 | 582.9 | 573.1 |
| Non-current liabilities | 332.9 | 523.4 | 609.6 | 535.1 | 744.5 |
| Financial debts | 322.0 | 507.0 | 571.1 | 507.6 | 722.8 |
| Other | 10.8 | 16.4 | 38.5 | 27.5 | 21.7 |
| Current liabilities | 288.7 | 349.7 | 327.0 | 567.2 | 430.4 |
| Financial debts | 193.7 | 200.1 | 180.8 | 359.1 | 179.7 |
| Other | 95.0 | 149.6 | 146.2 | 208.1 | 250.7 |
| Total Equity and liabilities |
966.4 1,301.2 1,431.1 | 1,685.2 1,748.0 |
EUR 10.7 mio
Net result
ANNUAL REPORT 2022 | 10
Acquisition in Luxembourg - Immobel and TotalEnergies announce the conclusion of an agreement concerning the acquisition by Immobel of two plots in Luxembourg
Héros - Immobel acquires a site in Uccle, Brussels to develop the residential project "Héros"
Lebeau - Immobel submits building permit application for new Lebeau design in Brussels
Rez-de-Ville - Co-creation workshop on the pedestrian zone of the Place de Brouckère: Immobel is a partner of the City of Brussels in this 15-minute city project
Liewen - Immobel launches the marketing of Liewen, a new eco-friendly residential neighbourhood in Mamer, Luxembourg
Cours Saint-Michel - U.S. Department of State expresses interest in Immobel and BESIX RED's Cours Saint-Michel, Brussels
Investment management - Launch of Immobel Capital Partners under the leadership of Duncan Owen
White Rose Park - Immobel Capital Partners acquires White Rose Parkoffice campus in Leeds, UK as the first asset for its green office strategy
Proximus Towers - Immobel and Proximus reach a binding agreement for the redevelopment of the Proximus headquarters in Brussels
Dividend increase - Immobel increases its dividend by 10%, bringing the 2021 dividend to EUR 3.05 gross per share
Îlot Saint-Roch - First stone laid at Îlot Saint-Roch, a future sustainable district in the heart of Nivelles, Belgium
Multi - The materials passport used for the first time in the Multi renovation project in Brussels
Green bonds - Early closure of the EUR 125 million green bonds issue in Belgium
Ukraine - Immobel joins the Ukraine donation movement
move to multi - Immobel relocates its headquarters at the Multi building
The Woods - Immobel sells1 the Woods offices, a modern redevelopment located in Flemish Brabant, Belgium
Immorun Luxembourg - 3rd edition of Immorun Luxembourg powered by Immobel
Slachthuis - Bart De Wever, mayor of Antwerp, kicks-off the development of the Slachthuis neighbourhood
Urban Land Institute - Marnix Galle hands over his position as ULI Europe Chairman to Lars Huber
Brouck'R - Immobel and BPI Real Estate redesign the Brouck'R project
The Commodore - Acquisition by Immobel of the residential project The Commodore in Evere, Brussels
Fort d'Aubervilliers - Immobel France starts construction of its two residential buildings in the Fort d'Aubervilliers mixed development zone
Proximus Towers - Building permit request submitted by Immobel for the redevelopment of the Proximus Towers, Brussels
Half-year results - Immobel half-year result 2022 shows a resilient business model in challenging markets
Immorun Belgium - 13th edition of Immorun Belgium powered by Immobel
Brouck'R - Immobel and BPI Real Estate submit modified building permit request for the Brouck'R project, Brussels
immside - Immobel France partners with Nestore, a pop-up store specialist, for the temporary occupation of its Immside project in Paris
FIABCI Award - Immobel receives a FIABCI Award for the Eden tower in Frankfurt
Commerce 46 - Immobel closes the sale of Commerce 46, a BREEAM Outstanding office building located at the heart of the European quarter in Brussels
Cours Saint-Michel - Immobel and BESIX RED sell Cours Saint-Michel to the U.S. Department of State
we are
As the world faces unprecedented challenges, we are driven to create urban spaces that are sustainable, diverse, and enjoyable for everyone.
Our mission is to transform cities and their neighbourhoods into future-proof urban environments that positively impact the lives of people, communities, and the planet. Each neighbourhood is unique and defined by its inhabitants, companies, local businesses, culture, heritage, and natural environment. That's why we work closely with all our stakeholders to create spaces that are in harmony with their surroundings and improve the social and environmental conditions of the cities we serve.
Our approach is grounded in a commitment to sustainability and the positive impact that our projects have on their surroundings. We take a comprehensive approach to our work. This includes consideration of the technical and economic factors required for our developments. We also take into account the history and identity of the neighbourhoods where our projects are located. We consider every aspect of our work, to create living, working, and recreational spaces that fulfil the needs of all. bute real added value to our projects. Who
As a family-owned company with over 160 years of experience, we are confident in our ability to create a better future for our cities and communities.
Trust is the cornerstone of our business and our company's story that started in 1863. Every day, we put our dedication and expertise to work for clients, investors, citizens and partners. Every day, we aim to be worthy of their trust.
We are used to working with many different stakeholders and improvising in ever-changing circumstances. Without ever compromising on quality or the key aspects of responsible development, we design real estate projects that meet the most exacting construction and urban renewal standards.
We love what we do! It is the driving force for our team of dedicated people, and it fuels our constant desire for improvement and our solutions-oriented approach. It also creates a lively work atmosphere where all colleagues can give their best and contri-
We want to shape the future of cities with our portfolio of sustainable, high-quality, and transformative mixed-use projects in prime European locations. We lead the way in urban transformation, providing innovative solutions for a better urban living and working experience.
Our commitment to sustainability and energy efficiency is at the heart of what sets us apart in an increasingly demanding market. Our focus on preserving and repositioning assets, combined with our expertise in development and investment management, offers real synergies for long-term growth and success. We are ahead of the curve in the office market, capitalising on the growing demand for sustainable and green top-quality office spaces.
With 160 years of experience, we are the trusted choice for those seeking a unique combination of prime locations, sustainability, and high-quality, transformative projects. Our ability to quickly and effectively navigate the market positions us with a competitive edge, making us the go-to choice for a better urban future.
Buildings are constructed to endure. We therefore design our buildings to be healthy living or working places that will last for many decades at least. This objective is thrown into sharper relief when we consider the current crises affecting the world: an ailing global economy, the fragility of energy security, the tense geopolitical climate, and the still ongoing COVID -19 pandemic. All of these show us what counts today and into the future: the ability of places to contribute to our quality of life, to reduce our environmental footprint, and to actively contribute to the vitality of the region.
These concerns are part of all of our projects and illustrate the desire of our teams to develop urban spaces that bene fit individual users, communities, and the environment.
To rollout our sustainability engagements throughout the Group, we have identified seven of the most important UN Sustainable Development Goals that should guide our day -to -day development business. These are the goals that relate most closely to sustainable cities and communities, good health and well -being, as well as measures related to climate change.
In addition, at the level of the Group we are convinced that we can have a direct or indirect impact on several SDGs. In this respect we consider SDG 17 – Ecosystem, SDG 5 – Di versity and inclusion, SDG 3 – Healthy workplace, SDG 9 – Sustainability culture and leadership, and SDG 4 – Training / knowledge sharing as the main ones.
As a real estate developer and investor, we take our leading role and responsibility seriously to construct a healthy living, working and recreational environment for all end-users. Our projects are intended to produce high-quality areas in cities and communities that benefit everyone.
For this reason we take great care to minimise exposure to risk factors that impact people's health. We also include the many secondary factors which contribute to ensuring the well-being of urban populations: the proximity of essential services, accessibility to nature, the design of spaces, a sense of safety, and the opportunity to meet.
To successfully complete our mission to create healthy spaces, we strive to ensure the excellence of building techniques and operations management.
In line with our enlarged focus on well-being, we pursue WELL certification for large urban development projects. Across our entire portfolio, a health and well-being design checklist has been developed to assure health and well-being parameters are integrated in the design. In practice this means designing environmental qualities such as daylight, clean air, ventilation, careful sound design, biophilic design, vistas onto green surroundings, and integrated biodiversity into our living environments and working spaces. The end results include better conditions for our users' health and well-being, both mental and physical.
A key factor when deciding where to develop our projects is the distance to public transport and between facilities. For this reason we focus on developing projects near central mobility hubs. We also want to promote access to nearby services that can be reached on foot or by bicycle. By emphasising sustainable mobility we aim to be a catalyst that promotes more sustainable lifestyles and the consequent improvement in quality of life.
We are also fully aware of our significant responsibility to participate in developing urban areas, which can often involve revitalising neighbourhoods. Such initiatives provide unique opportunities to create environments that have long-term impacts on the lives of their users. We therefore design our developments in close collaboration with many stakeholder groups impacted in a neighbourhood. This means taking full account of the needs for services and facilities expressed by our interlocutors.
Furthermore, we are actively involved in several non-profit organisations, whose goal is to rethink neighbourhoods via a public-private-associative dialogue. This demonstrates our commitment to overall wellbeing and our role as a regional expert.
It is vital that our developments provide opportunities to diversify the local economic fabric by providing answers to the needs for services expressed by the resident community. We are convinced that the wealth of neighbourhoods is proportional to the diverse activities that take place in them. This is a factor for social cohesion because it enables the resident population to meet their needs locally and it draws in other users. Diversity also enables the development of a range of local activities by reducing dependency on external economic flows.
We want our projects to reflect this goal for diversity via the planning of common exterior and interior spaces and by the integration of public amenities. We are convinced that the economic and social value of a real estate asset grows when it is used intensively by a diverse set of users.
To meet this goal, we systematically analyse public and community needs. We also make full use of prototyping or transitional urban planning experiences such as temporary occupations to test the relevance of new services before integrating them in a final project.
Basing ourselves on the axiom that "a diverse neighbourhood is the foundation for a healthy neighbourhood" we strengthen dialogue with the players concerned at every level: from the territorial authorities to residents, from retailers to major companies. We try to include our stakeholders as much as possible in our projects right from the outset. The resulting feedback is then fed into our planning activity and adds value to each project.
Immobel wants to contribute to an increase in social diversity in its residential offer. We will actively lead the discussion at sector level and look for tools and solutions with the authorities and the associative sector to increase diversity in housing developments in the cities in which we are active. Immobel commits to increase the supply of social / intermediate / student / intergenerational and other housing typologies based on local needs. We will work with housing associations and governments to help increase the supply of homes that are genuinely affordable to buy or rent. This will help to tackle the inequalities experienced by certain groups affected by the shortage of affordable homes. ANNUAL REPORT 2022 | Immobel at a glance Immobel in 2022 Who we are Shareholder information Activity report ESG report Governance Financial report
The Muse, Brussels
The real estate sector accounts for about 40% of energy consumption and 36% of European CO2 emissions. In the light of this highly significant impact on the environment, the sector is at the heart of national and European strategies to adapt to and mitigate climate change, via quick, binding standards changes as demonstrated by the work underway to adopt the European green taxonomy.
We work to anticipate regulatory changes that will have a profound impact on the way in which we design, build and manage real estate assets. To do this we use a variety of tools to measure, reduce, offset and include these actions in a comprehensive strategy.
Immobel applies an acquisition policy based on "recycling" or "repurposing" built-up areas or transforming existing assets in the city. This refers to a strong preference for renovation of existing buildings instead of demolition (combined with a circular approach to minimise the embodied carbon) in urban environments. It's a way of avoiding using new materials and energy that conventionally goes into demolishing and rebuilding.
Immobel systematically uses Life Cycle Assessments (LCA) studies for new developments.
An important parameter that is obtained via the LCA study are the embodied carbon emissions. These are the GHG emissions and removals associated with materials and construction processes throughout the whole life cycle of an asset.
We have been using tools and studying avant-garde initiatives for several years now to ensure the environmental performance of our assets, starting with certification practices (BREEAM, High Environmental Quality Certification (HQE), DGNB, or equivalent) which are consistently implemented in our projects. Our projects strive to obtain several certifications, as well as a series of labels, including BREEAM, WELL, BiodiverCity.
To ensure the consistency of our in-house initiatives; disseminate them throughout our developments; and equip the company with a broader strategic direction, we have defined a path to carbon neutrality, based on a renovation strategy, an embodied carbon reduction programme, and eventually an offset programme through local initiatives regarding reforestation and regenerative agriculture.
Renovation will become more and more important in the future. This is because demolishing a building generates a huge carbon footprint that is very difficult to offset later, even by putting very energy-efficient new housing on the market. For this reason, Immobel changed its acquisition strategy more than a year ago. We no longer buy buildings that have to be demolished and rebuilt, but buildings that can be renovated.
A fossil-free energy solution is the obligatory standard for all new permits introduced. In the design phase, particular attention is paid to the replacement of fossil fuels by alternatives such as geothermal energy, heat pumps, and solar panels, and the optimisation of techniques to minimise energy consumption during the operational phase. Immobel will have integrated all taxonomy requirements in all its projects by 2025.
Several of our developments are already designed today to become CO2-neutral by eliminating all operational
carbon and striving to become energy-neutral by producing locally at least as much energy as the development consumes.
Our activity has an impact on biodiversity. The preservation of living things is integrated in our activities via the location choices for our projects and the inclusion of green spaces favourable to flora and fauna. We work with landscapers and ecologists on a regular basis to get a precise understanding of the state of biodiversity on our sites and to put in place instruments suited to its preservation. We disseminate in-house initiatives which combine respect for living beings with the
maintenance of our green spaces.
Immobel favours the establishment of the most favourable spaces for biodiversity. We aim to achieve a "Net Gain" in biodiversity for each development.
To measure the improvement, Immobel uses a recognised Biodiversity Net Gain calculator. This tool allows for the biodiversity value of a site to be measured based on the type of habitat present and its relative condition.
Designs can then be drawn up which target an improvement in biodiversity following development.
lead
by example
Investing in continuous training and development of our teams helps not only them, but also Immobel as a whole. By providing our teams with learning and development activities, we enable the company to achieve its business targets, and the people to constantly grow professionally and to prepare for the future.
Training and personal development has a strategic role in the company. We believe that learning and development contributes to attracting new talents as well as retaining existing talents.
Through the "Immobel Academy" we want to offer an attractive and qualitative offer of trainings and learning experiences, accessible for all teams to be able to further grow in the current role or to evolve in a potential career path.
In 2022, an engagement survey was launched at Immobel headquarters. It focused on well-being and life at work and provided us with very useful insights. Some other actions that we implement to improve health and well-being at work include the provision of healthy food in cafeterias and vending machines, and sports and team-building events.
Immobel aims to stimulate diversity at all levels in its overall HR policy as well as in the composition of its Boards. Immobel's diversity and equality initiatives must promote equal treatment on issues concerning conditions of employment, work conditions, and development in the work. The ambition is the pursuit of diversity and equality initiatives as an integral part of operations. Immobel seeks to be a working environment that enables everyone to unleash their full potential and at the same time be treated fairly, equally and respectfully.
Non-financial reporting has drastically improved over the past years. With the implementation of the new EU directives linked to non-financial reporting (CSRD), the scope of companies required to report on ESG aspects will be increased.
As a first step in this journey, Immobel has performed a readiness assessment against the CSRD requirements. This involved identifying the gaps between the current state of play at Immobel and what is mandated by the proposed CSRD legislation. Moreover, a realistic high-level roadmap with actions and initiatives based upon the readiness assessment has been created.
ESG reporting has become an increasingly important part of our business. Immobel is aligning its KPIs with the ESRS (European Sustainability Reporting Standards) which will be the norm to be respected within the CSRD.
We also demonstrate leadership in the sector by supporting and playing an active role in sector-wide initiatives such as the Urban Land Institute. The aim of this initiative is to drive the sector to move beyond individual actions and collaborate to create change within the industry by providing knowledge, tools and education.
Immobel wants to demonstrate a societal engagement and a positive impact towards the community. In this perspective, the Immobel Engagement Fund is active for several years as the charity pillar of Immobel. A Board composed of internal and external members selects on a regular basis initiatives in the fields of social inclusion, arts, health and inclusive city development that can be supported by Immobel. The Immobel Engagement Fund accounts for up to 1% of our net income each year.
Dividend evolution over the past 5 years (EUR per share)
A gross dividend of EUR 3.05 per share will be proposed at the General Meeting on 20 April 2023.
ROE evolution over the past 7 years
15.0%
average underlying ROE over the past 7 years
gross dividend proposal for 2022
Share price evolution over the past 6 years (EUR per share)
share price on 31/12/2022
| Publication of 2022 annual accounts | 9 March 2023 |
|---|---|
| Annual General Meeting 2023 | 20 April 2023 |
| Publication of 2023 half-year results | 14 September 2023 |
In accordance with article 29 of the Law of 2 May 2007 on the disclosure of stakes held in issuers whose shares are admitted to trading on a regulated market, Immobel has been informed by the following shareholders that they hold the shares mentioned below:
| Shareholders | Number of shares | % of total shares |
|---|---|---|
| A³ Capital NV/SA (and a related company), having its registered seat at 1020 Brussels, avenue des Trembles 2 |
5,898,644 | 59.00% |
| Immobel NV/SA having its registered seat at 1000 Brussels, Boulevard Anspach 1 |
25,434 | 0.25% |
| Free float | 4,073,278 | 40.74% |
| Total of known shareholders | 9,997,356 |
We are delighted to introduce our 2022 Activity Report, in which you can discover brief summaries of our many and varied activities in the countries where we have a
presence. In addition, we provide more details of three key projects: Proximus Towers in Brussels, Immotion in Paris, and Liewen in Luxembourg. Although very different in scope and implementation, they each clearly display our commitment to develop high-end, sustainable and energyefficient residential and office spaces in prime locations.
Despite difficult market conditions, 2022 was a highly successful year for Immobel in Belgium.
The office market in Belgium recorded an all-time-high investment activity of EUR 6.5 billion. The offer of well-located new ESG-compliant office buildings continues to be very constrained. The Brussels office market, our main office market, with a strong government-linked tenant market (EU, local governments, embassies etc.) again proved its robustness in this challenging environment.
In the residential market, prices have increased due to building costs being affected by inflation. This, combined with the increased interest rates leading to higher financing costs, slowed down the pace of sales. In this market, certainly in the bigger cities where we are active, the main drivers are private investors.
As a real estate developer, we experience first-hand that the permitting process can be a significant challenge in our line of work. Each year, the regulatory environment becomes increasingly complex and more difficult to navigate. The average permitting time ranges from three years in Wallonia to four in Flanders and five in Brussels. Despite these challenges, we have been able to successfully move
Adel Yahia Senior Managing Director
Immobel Belgium and Luxembourg
forward with key projects thanks to our commitment to open and transparent communication with our key stakeholders.
In the first quarter of 2022, Immobel and Aréa Real Estate signed an off-market agreement regarding the acquisition of the Héros project, a prime residential location in Uccle, Brussels, where Immobel will develop 29 high-end apartments. Permits have been obtained for this site.
We submitted a building permit to revitalise the Lebeau project in the Brussels Sablon district. The new project design takes into account comments from the district regarding renovation, heritage consultation, building density and sustainability.
Of great significance was when Immobel and Proximus reached a binding agreement regarding the redevelopment of the Proximus headquarters in Brussels. The overall aim is to create a sustainable and inspiring digital campus that fosters connection, collaboration, and innovation. At the same time,
| Name | Surface (m2 ) |
Location | Use | Building period | Immobel share |
|---|---|---|---|---|---|
| Slachthuis | 240,000 | Antwerp | Residential | Q2 2022 - 2030+ | 30% |
| Proximus | 118,000 | Brussels | Mixed | Offices: Q3 2024 - Q1 2026 Residential: Q3 2024 - Q1 2027 |
100% |
| Universalis Park 3 | 58,000 | Brussels | Mixed | Q4 2025 - 2030+ | 50% |
| Oxy | 71,000 | Brussels | Mixed | Q1 2023 - Q3 2025 | 50% |
| Key West | 61,000 | Brussels | Mixed | Q2 2023 - Q2 2029 | 50% |
| Panorama | 60,000 | Brussels | Mixed | Q3 2020 - Q2 2027 | 40% |
| Ciney | 47,000 | Ciney | Residential | Q4 2023 - 2030+ | 100% |
| Multi | 46,000 | Brussels | Offices | Q1 2019 - Q1 2022 | 50% |
| Theodore | 45,000 | Brussels | Mixed | Q1 2022 - Q3 2024 | 50% |
| Brouck'R | 37,000 | Brussels | Mixed | Q2 2024 - Q3 2026 | 50% |
| Lebeau | 36,000 | Brussels | Mixed | Q4 2024 - Q4 2026 | 100% |
| Ilôt Saint-Roch | 32,000 | Nivelles | Residential | Q1 2022 - Q2 2026 | 100% |
| Eghezée | 30,000 | Eghezée | Residential | Q1 2024 - Q3 2029 | 100% |
| T-Park | 29,000 | Tielt | Residential | Q4 2022 - Q1 2028 | 100% |
| Oostakker | 27,000 | Oostakker | Residential | Q2 2023 - Q2 2027 | 50% |
| Isala | 34,000 | Brussels | Offices | Q3 2023 - Q3 2025 | 70% |
| O'Sea (phase 3) | 24,000 | Ostend | Residential | Q4 2022 - Q1 2025 | 100% |
| Lalys | 31,000 | Astene | Residential | Q3 2020 - Q3 2025 | 100% |
| Cala | 20,000 | Liège | Offices | Q3 2018 - Q4 2020 | 30% |
| Plateau d'Erpent | 19,000 | Erpent | Residential | Q2 2018 - Q4 2022 | 50% |
| Domaine du Fort | 13,000 | Barchon | Residential | Q3 2020 - Q4 2025 | 100% |
| The Muse | 9,000 | Brussels | Offices | Q3 2023 - Q2 2025 | 30% |
| Les Cinq Sapins | 9,000 | Wavre | Residential | Q1 2019 - Q1 2024 | 100% |
| The Commodore | 12,000 | Brussels | Reisdential | Q3 2023 - Q2 2025 | 100% |
| Héros | 4,000 | Brussels | Reisdential | Q4 2022 - Q4 2024 | 100% |
200,400 m2
offices
325 ha landbanking
the project will substantially contribute to the revitalisation of the Brussels North area. Over the summer we submitted the building permit to transform the Proximus Towers office building into a liveable, future-oriented and inclusive place.
In the summer months Immobel completed the sale of the Woods offices, a modern redevelopment located in Hoeilaart, Flemish Brabant. Nestling entirely within the Sonian Forest, The Woods offers a multifunctional work-café, shared leisure spaces, stylish work areas, shared meeting rooms, with a wide range of restaurants and facilities in the neighbourhood.
In Antwerp, Mayor Bart De Wever kicked off the development of the Slachthuis neighbourhood. A former slaughterhouse will be transformed into a sustainable, high-tech campus for AP University of Applied Sciences and Arts. The new campus is the first of many projects that will turn the entire area into a bustling, green neighbourhood in the coming years.
We completed the acquisition of the Commodore project in Evere, Brussels. The 11,000 m² project, with final permit, consists of the redevelopment of a former office site into 115 quality apartments surrounded by green. Neighbourhood information and co-creation played a significant role in the redesigned Brouck'R project for which Immobel and BPI Real Estate submitted a modified building permit request.
In November, we concluded the sale of Commerce 46 – a BREEAM Outstanding office building of around 14,200 m². This Grade A core asset is located in the heart of Brussels' stable European Quarter. Commerce 46 and its host of green and high-tech building features exemplify Immobel's objective of creating high-quality, future-proof buildings in prime locations.
718,900 m2 Belgian portfolio
9,084
residential units1
Towards the end of the year Immobel, together with BESIX RED, successfully concluded the sale of the Cours Saint-Michel site to the United States Department of State. The property, located in Etterbeek, Brussels, is strategically situated and will allow the American Embassy in Belgium and American Mission to the European Union to consolidate their diplomatic representations in a safe, sustainable, and modern workplace.
Also in 2022 we held a co-creation workshop on the pedestrian zone of the Place de Brouckère: Immobel is a partner of the City of Brussels in this 15-minute city project. Two further milestones were the laying of the first stone at Îlot Saint-Roch, a future sustainable district in the heart of
Nivelles, and the first use of the materials passport in the Multi, a major renovation project in Brussels.
Turning to Immobel Home, the continuing impact of COVID-19 encouraging many employees in Belgium to work from home for two to three days a week helped drive our sales activities of homes located 40 to 50 kilometres away from larger cities. Immobel Home sold 105 residential units in development, and 29 plots of land free of construction. Five residential projects are currently being marketed: Lalys (Deinze), 5 Sapins (Wavre), Erpent (Namur), T-Park (Tielt) and Domaine du Fort (Blegny-Trembleur). In addition, marketing of 202 units in Tielt started successfully at the end of the year.
Significant permitting work was carried out by Immobel Home in 2022, with permits declared complete in Ciney, Chaumont-Gistoux, Cointe, Wezembeek, Tielt, Astene and Waterloo. In total, 560 residential units were submitted as subdivision permits. In addition, 40,000 m² were submitted in permits for SME zones or business parks.
Overall, at Immobel Belgium we exceeded our goals for 2022, despite the permitting challenges which will negatively impact our activities for the coming 24 months. Thanks to our strong foundations we can look forward to 2023 with considerable optimism.
ANNUAL REPORT 2022 | 30
Office block to become a livable, future-oriented and inclusive place In the North Station District of Brussels, the monofunctional Proximus Towers are to be transformed into a multifunctional project. In this dynamic building, people will live, work, study, relax, shop and play sports. The plans are part of the new vision of the Brussels Region to transform the district into an accessible, safe, and connecting neighbourhood for all its residents and users.
Functionally, the current 100% office -oriented towers will be transformed into a mixed -use project of offices (50%), residential units (36%), retail (4%) and amenities (10%) totalling ±119,000 m². It will offer a wide range of amenities, such as sports facilities, communal spaces, a large semi -public courtyard, and new green spaces. Close engagement with the neighbourhood has been a priority from the outset.
The new design of the Proximus Towers will incorporate 300 residential units (one to three bedrooms) and 93 high -quality student rooms with communal kitchens and living rooms. The current bridge between the two towers will be transformed into "The Connector", which will house a restaurant that will be open to residents and users of the building as well as the general public. Food service and retail establishments will also be added to the ground floor. The end result will be a location that is not just open during office hours but a vibrant destina tion that is alive 24/7.
A major goal of this redevelopment is to reconnect the site with city life and the neighbourhood. The current barrier between the public space and the building will be removed by changing both the structure and function of the towers. The base of the towers will be moved back to create more than 2,250 m² of additional green space for the neighbourhood. Here, a central meeting point will be established, with benches and terraces.
The redevelopment of the towers is an excellent example of sustainable urban development. At least 75% of the existing structure will be retained. This will reduce both the need for new materials and the carbon footprint of the project. Existing materials will be reused or recycled on site or in other Immobel projects as much as possible.
Thomas Joris Developer, Immobel Belgium
The project will be carbon neutral in operation. Geothermal energy will be used for heating and cooling, and the building will be rated as a Nearly Zero-Energy Building (NZEB) in accordance with the Energy Performance of Buildings Directive.
One of the ways that Immobel is taking a leading role in the environmental transition is to be mindful of the use of water. Proximus Towers is an excellent example. A basin of approximately 2,200 m3 will allow for the recovery and re-use of rainwater.
Furthermore, the project has been designed with the encouragement of biodiversity in mind. Practical measures include the creation of green roofs and an easily accessible 5,000 m2 garden on the fifth floor. In total, 10,000 m² of green space will be created throughout the project. Every single one of the plants in these areas will be irrigated only by rainwater, thanks to an innovative rainwater recovery system.
The building permit request was submitted in July 2022 and an environmental impact study is currently taking place. Construction is expected to start in 2024 with delivery of the first office buildings anticipated for 2026. Proximus Towers is set to achieve the highest scores in terms of certification: BREEAM Outstanding, WELL Platinum, and DGNB Platinum.
ANNUAL REPORT 2022 || 33
In face of the challenging year 2022 marked by geopolitical and economic turmoil, we decided to concentrate on preserving and improving the value of our portfolio, by obtaining planning permission for several projects in Paris, negotiating the main construction contracts, and rethinking certain assets to achieve even higher levels of environmental certification, among others.
As such, all the tools that were deemed instrumental to the commercial success of our main projects were put in place in 2022, enabling us to launch an intense rental and sales campaign in 2023. Our respect for heritage and our commitment to sustainability played a key role.
In Q3, construction started on the Immside mixed-use development project. Presales of the residential units began in September, followed by the offices in December. Temporary occupancy was also arranged for units under development. Thanks to our partner Nestor, a pop-up specialist, local businesses were able to move into the Immside building from the outset.
We decided to rename the Tati site La Passerelle Néo Barbès. The appeal of this iconic site was clearly reflected in the high attendance figures of the many events that our partner Forest & Maison Château Rouge organised. The design of La Passerelle Néo Barbès, which preserves the existing buildings as much as possible in addition to respecting the building's unique style, the district's human, social and cultural needs.
By facilitating temporary occupancy at all our ongoing projects, we can generate a positive impact here and now, paving the way for a powerful dialogue between the project and the neighbourhood where it is located. "These actions take very little time to implement, but have long-lasting effects," said Paul-Michel Roy, Managing Director Immobel France Tertiary.
Immside and La Passerelle Néo Barbès provide a response to the strong trend for investing in sustainable, mixed urban premises. By sharing space, services, or functions in our buildings, users contribute to generating sustainable value.
In Q1, construction began on the Fort'Izy and Fort'Immo projects in Aubervilliers, and as well as Horizon Nature in Montévrain. We completed the Villa du Petit Bois in Eaubonne, Hélios in Drancy, Esprit Verde in Bessancourt, Les Terrasses de l'Orge in Épinay-sur-Orge, and Villa Colomba in Charenton-Le-Pont.
In Q2, we began work on the Bucolia project in Bussy-Saint-Georges. The town, which is just 30 km from Paris, is synonymous with an authentic, laidback way of life, in addition to offering essential daily services. Set in the heart of a 7,000 m² green area near the golf course, the Bucolia project consists of 88 apartments, 6 luxury villas, and 8 houses.
Paul-Michel Roy Managing Director Immobel France Tertiary
We also completed L'Aquila in La Garenne-Colombes, applied for building permission for Vaujours, and launched the marketing of Les Dryades in Avon. In May, Immobel France was awarded the contract to build the AFORP - Pôle Formation UIMM Île-de-France site in Issy-les-Moulineaux. Here we will develop a 4,350 m² residential project, to a design by Christophe Cheney from Atelier 2A. The project's 60 apartments are arranged around the heart of a green building block, for which we will offer tailor-made and original services as well as personalised support for interior fittings.
Later last year, work started on Essen'Ciel in Othis, in addition to completing the second phase of Esprit Verde in Bessancourt and applying for a building permit for Issy-Les-Moulineaux.
Given the current challenging economic context, the company has decided to shift its focus from the development of small residential projects in the suburban areas of Paris to the development of mixed-use projects in the centre of Paris.
| Name | Surface (m2 ) |
Location | Use | Building period | Immobel share |
|---|---|---|---|---|---|
| 55 Avenue de Colmar | 26,800 | Rueil-Malmaison | Mixed | na | 100% |
| FORT'IZY (Fort d'Aubervilliers) | 18,300 | Aubervilliers | Residential | Q4 2021 - Q1 2025 | 50% |
| 17-27 rue Chateaubriand | 14,100 | Savigny Sur Orge | Residential | Q1 2022 - Q3 2024 | 100% |
| 1 Rue de Cergy | 9,600 | Osny | Residential | Q3 2022 - Q3 2024 | 60% |
| Immotion | 9,200 | Paris | Offices | Q3 2025 - Q2 2027 | 100% |
| FORT'IMMO (Fort d'Aubervilliers) | 8,500 | Aubervilliers | Residential | Q4 2021 - Q1 2024 | 50% |
| Tati Barbès | 8,000 | Paris | Mixed | Q2 2023 - Q2 2025 | 100% |
| Bucolia | 7,300 | Bussy saint georges | Residential | Q1 2022 - Q2 2024 | 100% |
| Esprit verde | 6,900 | Bessancourt | Residential | Q1 2020 - Q4 2022 | 100% |
| Ch des Poutils - Route D'Orléans | 7,000 | Montlhery 2 | Residential | Q2 2023 - Q2 2025 | 20% |
| L'aquila | 5,900 | La Garenne Colombes | Residential | Q3 2019 - Q3 2022 | 100% |
| Immside | 5,000 | Paris | Offices | Q3 2022 - Q2 2024 | 100% |
| Helios | 4,900 | Drancy 2 | Residential | Q1 2019 - Q1 2022 | 100% |
| Horizon nature | 4,800 | Montévrain | Residential | Q4 2021 - Q4 2023 | 100% |
| 29 bis avenue du Général De Gaulle | 4,800 | Avon | Residential | Q3 2022 - Q4 2024 | 100% |
| Essen'ciel | 4,400 | Othis | Residential | Q3 2022 - Q1 2024 | 100% |
| Buttes-Chaumont | 5,400 | Paris | Mixed | Q4 2023 - Q4 2025 | 100% |
| Les terrasses de l'orge | 3,800 | Epinay sur orge | Residential | Q2 2020 - Q2 2022 | 100% |
| Villa Colomba | 3,300 | Charenton le pont | Residential | Q1 2018 - Q1 2022 | 51% |
| 277 rue Saint Honoré | 3,000 | Paris | Mixed | na | 10% |
| 32 rue Saint Léger | 3,000 | Saint germain en laye | Residential | Q1 2021 - Q1 2023 | 100% |
| Villa du Petit Bois | 2,700 | Eaubonne | Residential | Q3 2020 - Q1 2022 | 100% |
| Nanterre | 4,200 | Nanterre | Residential | Q1 2024 - Q1 2026 | 100% |
| Issy-les-Moulineaux | 4,300 | Issy les moulineaux | Residential | Q1 2025 - Q1 2027 | 100% |
| Neuilly Plaisance | 3,400 | Neuilly Plaisance | Residential | Q2 2024 - Q2 2026 | 100% |
535 residential units1
ANNUAL REPORT 2022 || 36
An office building to see and be seen
The Immotion project in Montrouge, Paris, creates a new, future-proof sustainable office building with the latest standards of comfort and performance. Its highly flexible nature allows for complete customisation for its future users.
The Immotion project is located in the south of Paris. When completed it will proudly stand 38 metres above the Boulevard Périphérique near the Porte d'Orléans, giving great views over the city as well as being a highly visible landmark building. Its elegant silhouette, designed by Arte Charpentier, will undoubtedly make it a real urban totem.
Biodiversity is given a strong focus thanks to 850 m² of green areas on the ground floor and the rooftop Mediterranean garden.
Marion Vallet Developer, Immobel France
Its strategic location close to key highways and public transport stations (metro, tram and RER) makes it is easily accessible and therefore interesting both for investors and office tenants.
Immotion is an office-only building, providing 9,200 m² of prime office space on ten levels. In addition, four basement levels can be used for various purposes, such as a fitness centre or meeting rooms, according to the wishes of the occupants.
One of the characteristics of the project is that services such as restaurants, business centres and social areas are located on the upper levels rather than on the lower levels as in traditional buildings. More people will enjoy the beautiful views over Paris and it frees up the ground floor for multi-purpose spaces that can be set up à la carte as auditorium space or for other events.
Finally, two beautifully laid out gardens are part of the Immotion project. The 350 m2 rooftop Mediterranean garden gives breathtaking 360-degree views over the whole of Paris. The ground floor garden extends over 500 m² and includes three terraced areas.
"In terms of environmental labels, we are aiming for BREEAM certification, Wired score, and HQE label," says Marion Vallet, Development Manager. "Biodiversity is given a strong focus thanks to 850 m² of green areas on the ground floor and the rooftop Mediterranean garden.
Energy for heating and cooling the building will be provided by reversible heat pumps, while photovoltaic panels will be added where appropriate."
Thanks to its solid foundation, Immobel Luxembourg is well positioned to succeed in the challenging economic climate in which property financing rates have more than doubled since the beginning of the year. This caused a noticeable slowdown in preliminary sales of projects in
the second half of the year, and numerous rejections of loans for retail clients by banks conducting more stringent risk analyses. At the same time, construction costs have significantly increased, which has reduced projected margins on most of our projects. While residential real
estate is still attracting potential homeowners and investors, the current economic environment has fostered unfavourable market conditions, resulting in a wait-and-see period.
In such a challenging environment, our 2022 projects were relatively mildly impacted by the market downturn. The construction contracts of our projects Nova and Livingstone had been concluded before 2021 and both projects were nearly sold out (Nova 100%, Livingstone ca. 95%). Most of our other projects are under development and design/permitting processes are going ahead.
During 2022, agreements were reached for the acquisition of two plots in the capital belonging to TotalEnergies on the Route d'Esch, and for 8,400 m² in the soughtafter Belair district (the Arquebusiers project). Another highlight was the commercial launch of the new Liewen residential district, which is built around a century-old tree and designed with sustainability in mind. 27 apartments and houses (48% of phase 1) have already been sold.
Agreement was finalised for development of the Polvermillen project on the banks of the Alzette. Designed using a sustainable approach, the project will revitalise a former industrial site. Marketing of both Livingstone and Nova has been finalised in readiness for delivery in Spring 2023. Preparatory work for the terracing at Canal 44 has been completed. Canal 44 and its landscaped garden offer exceptional green spaces in the heart of the city for the benefit of residents and the improvement of city biodiversity.
The Rue de Hollerich project near to Luxembourg City railway station has received a green light from city authorities for a PAP2. The permit application for River Place has been re-submitted with optimised construction and the integration of new energy regulations.
| Luxembourg Luxembourg Luxembourg |
Residential Mixed |
Q4 2022 - Q2 2026 | 100% |
|---|---|---|---|
| Q2 2024 - Q1 2027 | 70% | ||
| Residential | Q1 2027 - Q2 2029 | 50% | |
| Mamer | Residential | Q4 2022 - Q4 2024 | 100% |
| Luxembourg | Residential | Q3 2020 - Q2 2023 | 33% |
| Luxembourg | Mixed | Q3 2024 - Q3 2027 | 100% |
| Luxembourg | Mixed | Q1 2025 - Q2 2027 | 100% |
| Godbrange | Residential | Q4 2023 - Q4 2025 | 100% |
| Luxembourg | Residential | Q4 2024 - Q4 2026 | 100% |
| Luxembourg | Residential | Q2 2021 - Q1 2025 | 100% |
| Esch-sur-Alzette | Residential | Q3 2027 - Q1 2029 | 100% |
| Offices | Q1 2021 - Q2 2023 | 100% | |
| Strassen |
Our 2022 projects were relatively mildly impacted by the market downturn.
Immobel Luxembourg
163,800 m2 Luxembourg portfolio
1,500 residential units1
Where nature and neighbours co-exist in harmony
On the outskirts of Luxembourg City, in the bustling town of Mamer, Liewen is a uniquely sustainable and eco-friendly development of 43 apartments and 36 family houses. It will bring people of all ages together, in the midst of a green, mature landscape where priority is given to nurturing nature and creating community.
On this 3-hectare site, of which nearly half is private or public green space, 79 new high-quality homes are being constructed to meet every housing need. The 43 apartments, from one to three bedrooms, will be divided over four compact residential buildings, with all the ground floor units having their own private gardens. The 36 family houses (up to four bedrooms) will also benefit from spacious private gardens.
As a symbol of the eco-friendliness of the site, at its heart is a willow tree that is over 100 years old. Under the cooling shade of its branches a children's playground brings fun and breathes life to the site. A second communal area is a meeting place that encourages community. Its benches are invitations to stop, sit down and chat with neighbours. This square can host a food truck or ice cream parlour and can be transformed for neighbourhood festivals. The two common squares are linked by a pedestrian walkway.
The century-old tree is not the only tree on the site. Young saplings and new hedges will create greenery throughout the area. A plant screen will overlook the retention basins. Children in particular may be interested to look for inhabitants of bird nest-boxes and insect hotels placed strategically around the site.
Liewen puts people and nature front and centre to ensure the perfect work-life balance.
Liewen offers the ability to escape from everyday life and reconnect with others, yourself or nature, without having to miss the amenities of urban life.
Immobel Luxembourg
Aurelie Frédureau, Head of Development at Immobel Luxembourg, who is heading up this project, says: "Liewen offers the ability to escape from everyday life and reconnect with others, yourself or nature, without having to miss the amenities of urban life."
Liewen is one of the first fossil-fuel-free developments in Luxembourg. You won't find a single gas pipe or gas boiler anywhere. Instead, 100% of the site's heating and electricity requirements will be provided by heat pumps and photovoltaic panel. For the apartments these are grouped per block, while each house will have its own heat pump and photovoltaic panels. Such a 100% fossil-fuel-free site will surely be copied in the years to come.
In terms of exterior materials, the façades alternate between sustainable brick, glass and sand-coloured anodised aluminium. "These top-quality materials were the natural choice. They perfectly embody the spirit of the place and help to integrate the buildings harmoniously with the natural elements," adds Gérard Schroeder, Partner at A2RC Architects. Construction work begins early 2023 and will be completed in early 2025. Marketing began in 2022, and 50% of the units have already been purchased.
A short walk from the centre of Mamer, Liewen is also within easy reach of the centre of Luxembourg via a 20-minute car journey, a 30-minute bus trip, or a pleasant 10 km bicycle ride. In short, Liewen is ideal for homeworkers seeking a peaceful environment, or city workers looking for a short commute.
2022 was a turning point for the German real estate market, due to the turnaround in interest rates, the decrease in investment volumes, and upward pressure on yields. Investment volume was EUR 62.9 billion in 2022: about EUR 50.6 billion for commercial properties and about EUR 12.3 billion for residential properties. This was 44% below the 2021 figure.
Immobel received the Bronze Award in the "Residential" category of the 2022 FIABCI Prix d'Excellence Germany for the iconic Eden building developed in Frankfurt by Immobel Luxembourg; one of the tallest green residential towers in Europe. The project – which is 71% sold and realised - has recorded significantly higher construction costs than expected, leading to a negative impact on the net profit.
We continued to screen the market and analyse potential developments. Optimisation of the development of the Gutenbergstraße project in Berlin continued, with preparation and application for the building permit, and the development of a sustainable ESG concept for the project.
The unpredictable macroeconomic influences have forced us to revise our 2023 targets downwards.
| Name | Surface (m2 ) |
Location | Use | Building period | Immobel share |
|---|---|---|---|---|---|
| Eden | 20,000 | Frankfurt | Residential | Q3 2019 - Q2 2023 | 90% |
| GutenbergstraBe | 25,000 | Berlin | Mixed | Q4 2023 - Q4 2025 | 100% |
43,000 m2 German portfolio
397 residential units1
Immobel currently has two ongoing projects in Poland. We are developing the Central Point office project in the city centre of Warsaw. It is ideally located at the intersection of the city's two metro lines. Currently more than 80% of the building is leased and we expect the building to be fully let in 2023 as discussions with potential tenants are ongoing.
We are also building the Granary Island mixed-use development in the centre of Gdansk. It comprises two phases. The first phase has been completed and won the MIPIM Award for "Best Urban Project" in 2020. The second phase is following up on this success; more than 95% of the residential
units are already sold, a full two years before construction ends. The retail spaces have also been sold, and for the hotel a long-term lease contract was signed with a renowned hotel brand.
In the office market, we notice that lease indexation and shortage of grade A office space is adding upwards pressure on prime rents. The disruptive effect on the investment market caused by the war in Ukraine is decreasing but high inflation and subsequent increasing cost of finance are the main drivers for less movement on the Polish investment market.
9,650 m2
offices
706 residential units1
78,000 m2 Polish portfolio
| Name | Surface (m2 ) |
Location | Use | Building period | Immobel share |
|---|---|---|---|---|---|
| Phase 1: Q1 2017 - Q4 2019 | |||||
| Granary Island 76,000 Gdansk Mixed |
Phase 2: Q4 2020 - Q2 2024 | 90% | |||
| Central Point | 19,300 | Warsaw | Offices | Q2 2018 - Q4 2021 | 50% |
In general, the real estate market in Spain was extremely active in 2022. The Marbella area in particular enjoyed record sales, especially the luxury segment where there was great demand from international buyers. Marbella has positioned itself as a top destination for many Europeans who wish to own a second or retirement residence.
Immobel Spain set up its office in Marbella and has put together a great team of professionals to work on the Four Seasons Marbella Resort, a prestigious project with a five-star hotel and private residences, condominiums and villas. The project is facing the permitting delays that are common in Spain these days, but we have made significant progress on design and planning activities.
25,500 m2 Spanish portfolio
206 residential units1
| Name | Surface (m2 ) |
Location | Use | Building period | Immobel share |
|---|---|---|---|---|---|
| Four Seasons Marbella Resort | 76,600 | Marbella | Residential & leisure | Q1 2025 - Q2 2029 | 50% |
ANNUAL REPORT 2022 | 47
Investment management is core to Immobel's strategy. Our activities in this area encompass the Immobel Belux Office Development Fund. It has an equity of close to 100 MEUR which is almost fully invested. Key assets are The Muse and Isala in Brussels – for both we expect to obtain permits in 2023 – and Scorpio in Luxembourg, which is rented until 2025 when re-development will start.
Furthermore, in Paris we have partnered with renowned institutional investors Goldman Sachs Asset Management and Pictet Alternative Advisors for the development of two high-value assets in prime locations, Saint-Honoré and Richelieu. As part of its investment strategy Immobel also acquired an office park in Leeds, UK.
In early 2022 Immobel initiated the launch of an investment management platform in London. However, given the challenge in the current economic context, we decided to close this dedicated platform in London (Immobel Capital Partners) and pursue this activity from Brussels.
Total office take-up for Belgium was 559,000 m² in 2022, showing a decrease from 2021's 789,000 m². Take-up in Brussels recorded 296,000 m², which is a decrease of roughly 40% compared to the year before. The activity of the last two years averages out to the longer, 10year trend, as the Brussels market balances the pandemic and interest rate shocks. In Brussels, 68% of take-up volume was accounted for by the private sector, the largest chunk being small (<2,000 m²) deals. Carrefour secured the largest private-sector deal of the year, signing for 7,405 m² in the Corporate Village, while the Bogaert School moved into Airport Garden for 6,125 m² - both in Brussels Periphery Airport. In the regional markets, demand was similar to last year driven by corporates. Smaller corporates (<2,000 m²) on the other hand were more active, which differs from the year before.
The regional office market has shown consistency in take-up in recent years, recording 263,000 m² of letting and sales activity in 2022. After a strong take-up year for the Walloon markets in 2020, the Flemish markets rebounded in 2021. This trend has continued throughout 2022 with Flemish markets representing around 39% of total office take-up in Belgium. The strongest take-up activity was recorded in Antwerp, Ghent, Mechelen, Kortrijk and Hasselt. Walloon markets were quieter at 42,000 m² of take-up. Antwerp recorded the highest regional take-up of 96,600 m² followed by Ghent at 47,800 m².
The vacancy rate for the Brussels market in 2022 is 7.4% at the end of Q4, which is a decrease from last year's 8.1%. Vacant space is equivalent to just under 1 million m², largely in older stock. Grade A office space continues to be in short supply given strong occupier
demands for new qualitative offices. Overall, vacancy is tight in the CBD at just 4.3%. Moving outwards, vacancy is 10.6% in the Decentralised markets and just under 17% in the Brussels periphery.
In the regional markets, there is a persistent lack of quality available space in cities such as Namur and even Antwerp despite the higher vacancy in obsolescent stock for the latter.
Brussels office development completions totalled 190,000 m² in 2022. As of the end of 2022, the identified Brussels office pipeline for a 2023 completion is estimated at 210,000 m², of which 116,000 m² (56%) is still available. The largest projects anticipated for a 2023 completion are found in the South (such as Royale Belge Offices) and Periphery Airport (such as The Wings). The majority of ongoing projects in the Leopold district are smaller in size, under 10,000 m².
Development in major regional markets was limited in 2022 and remains limited in the very the short-term. Major plans are in place for longer-term city revitalization efforts in some Walloon markets - such as Charleroi and Liège – with one goal being to refresh or add new office stock.
Due to the imbalance between supply and demand at the top of the market, prime rent increased in the Leopold district to 330 €/m²/yr, which sets the new prime level for the wider Brussels market. Prime rents remained stable at an estimated 280 €/m²/yr in the North district and 275 €/m²/yr in the City Centre market. New developments led to prime rent increases in the Decentralised markets of Brussels to an estimated 195 €/m²/yr.
Antwerp experienced prime rental growth late in 2022 to an estimated 185 €/m²/yr, while Ghent remained 170 €/m²/yr for the year. Large Walloon markets see prime rents comparable to these levels, while Charleroi is estimated to be somewhat lower at around 150 €/m²/yr.
Commercial real estate in Belgium achieved record investment volumes in 2022 of €8.56 billion. This surpassed the former record in 2020 by €2.6 billion. Such investment is reflective of the attractive fundamentals Belgium has to offer. Brussels offices made up 55% of the total volume, or €4.65 billion. A series of big-ticket deals pushed the market to new heights. The most significant deal in 2022 was the Brookfield Asset Management acquisition of BE REIT Befimmo, though single-asset Brussels office deals closed for notable volumes as well, such as the sale of North Galaxy to KB Securities and Egmont I&II to UBP.
Changes to financing and hedging costs from rising interest rates along with an uncertain economic outlook led to an increase in real estate yields in 2022. Prime office yield for standard leases is now estimated at 4.15% following competitive bidding on prime assets in the CBD. Prime investment yield for long-term secured offices is estimated at 3.8%.
sources : CBRE
Belgium counts a population of 11.584 million as of January 1, 2022. This is a 0.54% increase over the previous year and follows a trend of steadily increasing population averaging 0.50% annually over the last decade. Brussels Region has been the fastest growing of the three Belgian Regions, averaging 0.74% growth annually versus 0.55% in Flanders and 0.33% in Wallonia over the last decade. With a population of 1.22 million as of January 1, 2022, the nation's capital has a well-supported residential market.
Belgium counts 5.068 million private households, as of January 1, 2022. The number of private households has been growing at about 0.68% annually, or 32,145 households, over the last decade. That yields an average household size of roughly 2.3 people per household. This has been declining over time as the number of single households grows. Single households now make up 35.7% of total private households, up from 34% since 2012. In 2022, the Federal Planning Bureau forecasts a 2.6% increase in the general population by 2030.
Belgium counts 5.680 million residences as of January 1, 2022. In the last year, the number of residences increased by around 53,000 units. This is a smaller number of completions compared to the previous years. Overall, residential development has been on a positive long-term trend. Brussels Region and Flanders saw the highest increase in development activity, and new development is dominated by apartments. This can often be at the expense of traditional houses, as available space becomes scarce, particularly in urban settings. In Brussels, there were 6,772 new apartments completed through 2021, though net new housing increased by 4,973 residences.
The Belgian median price for a house in closed or semi-detached buildings was €260,000 (second-hand and excluding costs) as of Q3 2022. Free-standing houses traded for a median price of €365,000. The Walloon Region recorded the lowest prices with a median price of €180,000 for houses in semi-detached or closed buildings, and €295,000 for free-standing
houses. This is followed by the Flemish Region. Houses in closed or semi-detached buildings traded at a median price of €295,000 and houses in detached buildings for €400,000. The Brussels-Capital Region is the most expensive region for all types of housing. Houses in closed or semi-detached buildings traded for a median price of €499,000 whereas the median price for detached houses was €1,075,000. Transaction prices in the Brussels Region have steadily increased. From 2010 to Q3 2022, median apartment transaction prices have increased by 50%. Demographic changes, a steadily growing economy and low interest rates have helped support prices over this time.
The median transaction price for apartments increased from €219,000 at the end 2021 to €235,000 in the third quarter of 2022. For 2022, Brussels capital Region was the most expensive with median prices over €260,000. Median prices for the Flemish and Walloon Region were €240,000 and €175,000 respectively. In Flanders, median transaction prices in Antwerp were €230,000, while Ghent apartment prices were more expensive at around €275,000. In Wallonia over the same period, median apartment prices were around €149,000 in Liège and €173,500 in Namur.
Rents have also experienced a general positive trend in Belgium over the long-term but at a slower pace than prices, resulting in yield compression, 2022 notwithstanding. The diversity in housing has also been growing from service flats to co-living to student housing, filling niche markets. According to the 2022 CBRE Belgium Residential Tenant Survey, the average residential rental price paid in Belgium was 680 €/month plus 87 €/month in charges. Single-family houses commanded a premium at 774 €/month, while studios were the least expensive at 523 €/month. Apartments averaged 678 €/month. Considering the typical reported size of 94 m², apartment rent of 7.2 €/ m²/month is rather moderate. Brussels Region claimed the highest apartment rents, averaging 828 €/month compared to second place Ghent at 743 €/month. Namur and Antwerp were similar to one another, reporting 650 €/month and 635 €/month, respectively.
New residential development is ongoing, with apartments built to a high standard and an overall more compact footprint compared with older units. Exit prices for typical new apartments in Brussels range from 2,550 €/m² in the western side of the region to 6,000 €/m² in the city centre and Louise corridor, with luxury projects even higher. In Antwerp, average market exit values are 4,250 €/m² and in Ghent they are higher at 4,500 €/m². Walloon markets are more affordable on average, ranging from 2,200 €/m² in Mons to 2,900 €/m² in Wavre.
The Belgian housing stock divided by region is 58% in Flanders, 31% in Wallonia, and 11% in Brussels, as of January 1, 2022. The proportion of apartments relative to regional housing stock is 28% in Flanders, 17% in Wallonia, and 58% in Brussels. The higher density and land scarcity of Brussels lends itself to apartment living. The proportion of apartments in the total Belgian housing stock has increased from 19% in 2001 to 28% in 2022 (January 1), to some extent at the expense of attached homes.
The number of permits issued for new residential units in the first 10 months of 2022 decreased by 9.4% to 44,152 units compared to the same period in 2021. The decrease in the Flemish Region amounted to 7.6% (34,572 permits). In the Walloon Region, the number of permits issued for new residential units was 15.3% lower (9,049 permits), and the Brussels-Capital Region registered a decrease of 15.1% (528).
Few vacant, buildable plots remain in Brussels. As a result, developments typically involve the conversion of existing buildings to an alternative use such as residential. The last decade has seen a trend of conversion of older, obsolescent offices and buildings to alternative, mostly residential uses. Sales and sale prices of properties with permits is on the rise. Incidences for land remained steady at an estimated 2,600 €/m² for the best locations in central markets. For other submarkets, such as decentralised areas, this is closer to 1,000 €/m².
sources: FOD Economie, IBSA, CBRE, Federal Planning Bureau, Statbel
The Parisian office market is one of the most vibrant in Europe. Counting 60.1 million m² at the end of 2022, the stock expanded by 404,516 m² over the year, or 0.68%.
Demand for office space in the form of take-up in the Paris region reached 2.1 million m² in 2022, which was an increase of over 10% compared to 2021. The fourth quarter of 2022 was the most dynamic, with 602,000 m² of space secured. 2022 was marked by transactions concentrated in the most established business districts. Not all districts in the Greater Paris Region office market performed equally well. On the one hand, take-up exceeded long-term trends in Paris and La Défense. On the other hand, areas such as the Western Crescent and the Inner and Outer Rims recorded below average take-up in 2022. Strong take-up in highly visible and well-connected business districts can be explained both by some companies' desire to relocate to more central locations and by the dynamism of certain fast-growing business sectors.
The market demand was diverse in 2022, with take-up over different size intervals and geographical sectors, with strong activity in Paris Centre Ouest and La Défense. Take-up of large transactions (>5,000 m²) increased by 10% year-over-year, to 708,000 m². The take-up for small and medium transactions (<5,000 m²) was similar to the previous year.
While Paris remains the favoured destination, regional markets offer substantial space too. The markets of Lyon, Lille, Toulouse, Marseille, and Bordeaux count a combined 22.2 million m², with Lyon being the largest regional office market at 6.87 million m². Regional markets rebounded strongly in 2021, after experiencing a significant drop in office demand in 2020,
and this trend continued through 2022. From 947,000 m² in 2021, regional take-up for offices increased again in 2022 to 1,085,000 m² (+14%).
Vacant office space in the Greater Paris Region increased in Q4 2022 to 4.3 million m². The average vacancy rate in the Greater Paris Region was 7.2% in the fourth quarter. This is an increase of 0.42% compared to Q4 of 2021 when there was only around 4 million m² of vacancy out of a total office stock of around 60 million m².
The vacancy rate evolution of regional markets in Q4 2022 has contrasted with the one in the Greater Paris Region, with Lyon vacancies down to 4.53% of total stock, which is a decrease by 0.39% year over year. Other markets saw a similar modest decrease, such as Marseille (down by 0.5% to 4.21% vacancy year-over-year) and Lille (down by 0.28% to 5.68% vacancy year-over-year). The decrease in the Bordeaux region was more substantial, with a decrease of 1.53% vacancy to 3.39% year-over-year.
The short supply on the top of the market in Paris put upward pressure on rents last year, seeing Prime rent rise from €930 to €1,000 m²/year. Average rents also rose, recording €509 m²/year in the Greater Paris Region and increasing by €32 m²/year compared to Q4 2021. Rental values for second-hand space also experienced upward pressure in this market. In the suburbs, the trends are more nuanced.
The average prime rent in La Défense and the Western Crescent was 536 €/m² (excluding VAT) in 2022. La Défense was slightly down by 3%, whereas the Western Crescent was up by 5%, arriving at the same level. While prime supply is often under pressure in the most attractive office submarkets, this is less the case in most other markets, where supply is greater and increasing, resulting in a stabilisation or even a decline in rents.
Some regional markets saw prime rents for office space remain stable or increase slightly. Lyon prime office space recorded prime rents of €340/m²/year, Marseille of €320/m²/ year and Lille of €250/m²/year in Q4. Prime office rent increased in other markets such as Toulouse and Bordeaux, to €240/m²/year (+12% year-over-year) and €230/m²/year (+7% year-over-year), respectively.
Yearly office development in the Greater Paris Region has fluctuated over the years. 2022 saw 794,000 m² of office development, which was a drop of around 350,000 m² compared to an exceptional 2021. Last year thus marked a reversion to the 5-year average of around 800,000 m² of annual office development for this market.
For France, total office investment volume in 2022 amounted to €14 billion. This is a drop of nearly 15% compared to 2021 (€16.3 billion) and even close to 50% less than the 2019 figure (€27 billion). 2019 was an exceptional year for this asset class in France, where the average investment volume for offices range somewhere around €20 billion.
Two sectors that showed better than average investment volumes over the last two years are the industrial & logistics and residential markets. Investor demand for industrial & logistics has been fuelled by the strong growth in e-commerce and occupiers optimising their supply chains. 2021 and 2022 were both record years for this asset class in France, with both years around €6.5 billion of investment transactions.
Investment volumes in the residential sector for 2022 are estimated around the 2021 record of €7.3 billion. Managed student and senior residences and co-living are driving investment volumes higher. Due to the development of teleworking, and even a dual residence approach, medium-sized towns close to large cities grew in investor interest the past years.
As a result of rising interest rates, prime office investment yields are estimated at 3.4% in the Paris CBD and the Paris Centre West as of Q4 2022, up from 2.6% a year earlier. Prime yields for offices in the regional markets are estimated closer to 4.5%, though Lyon and Lille are more sharply priced at an estimated 3.9% and 4.15%, respectively.
Regions Key stats: 22.2 million m² office stock in regional markets; 1.1 million m² take-up in regional markets
sources : CBRE
On 1 January 2023, France counted a population of 68 million inhabitants. This represents an increase of 0.3% from the previous year and a moderation of the pace of growth that averaged 0.38% annually over the last decade.
On 1 January 2022, the French housing stock counted 37.6 million housing units. In mainland France, 82% of housing units were main residences and 55% were individual housing units. Construction activity in 2022 was similar to the previous year. From December 2021 to November 2022, 492,000 housing units were authorised, and construction began on 370,000 housing units (over 12 months).
In Q3 2022, the house prices of metropolitan France rose 1.5% compared to the previous quarter (provisional seasonally adjusted results). Quarter-over-quarter, the price increase slowed for new dwellings (+1.9% after +3.2% in Q2); they grew for second-hand dwellings at a pace close to that of the previous quarter (+1.4% after +1.3% in Q2).
Year-over-year, house price growth decelerated slightly (+6.4% after +6.7% the year before). Prices of second-hand dwellings (+6.4%) grew at about the same rate as those of new dwellings (+6.5%).
In the third quarter of 2022, the annual volume of transactions increased again: in September, the number of transactions carried out over the last twelve months is estimated at 1,133,000. The annual volume of transactions decreased slightly compared to last year but is still historically high.
Average residential rental growth lagged the rate of inflation through Q3 2022, increasing 1.0% year-over-year. Discrepancies between Paris and regional locations persist. According to INSEE, average rent in Paris for a 3-room apartment (excluding charges) was €26.6/m²/ month; in Lyon, it is €12.9/m²/month in Lyon and €12.3/m²/month in Marseille. The Rent Reference Index (IRL) rose 3.5% in Q4 2022, the maximum allowable change.
Residential investment yields rose from changes in the macro environment in 2022. The prime residential yield for traditional assets in Paris was estimated at 2.8% in December 2022. Yields in regional locations followed a similar trend, rising to 3.50% in major regional cities such as Lyon.
sources: CBRE, Eurostat, INSEE, BTSLC, SDES
Luxembourg City experienced a moderation of take-up volume in 2022 to 124,603 m², though the number of deals was in line with recent years. Major central districts (CBD, Kirchberg, Station) are facing vacancies of 2% or less, which limits potential occupier movements. Take-up, then, is more reliant on pre-letting of new projects. The majority of projects in central Luxembourg were delivered fully let in 2022, with relatively few projects offering available space upon completion.
The biggest deal of the year was the PwC pre-letting in Cloche d'Or. The Luxembourg State (pre-) let three buildings, two of which were in Kirchberg and one in Station. Companies from the services, legal and banking, finance and insurance sectors were also active.
Market dynamics led to an increase in prime rent in the CBD of 2 €/m²/month (+3.9%) to 54 €/m²/month.
Activity in the periphery (outside of Luxembourg City) held up better than Luxembourg City in terms of year-over-year take-up, recorded at 82,088 m². The number of deals in the periphery even increased compared to the last several years to 122. Sizeable deals were recorded, including 18 for more than 1,000 m² of space. The Luxembourg State was responsible for three of these transactions for a total of 13,879 m². Other top deals were spread over diverse occupier sectors including IT; banking, finance and insurance, services and industrials.
Vacancy is generally higher in the peripheral markets, allowing for a greater possibility of occupier movements. Project Urbaterre was completed in Leudelange with available space, contributing to an increase in vacancy. Despite that, the continuation of quality projects and general market stability has seen upward pressure for prime rents in some markets
Take-up decreased year-over-year in 2022 to 206,692 m². This is a decline of approximately 44% over an active 2021, though is just 19% lower than the ten-year average. The number of recorded transactions was in line with the ten-year average; thus, the average deal size was lower than usual. Just one deal of more than 10,000 m² was noted in the market in 2022 – the PwC pre-letting in Cloche d'Or. Other top deals include the Luxembourg State taking Edison 2 in Strassen, Ultimate in Station and LSC Engineering Groupe taking Albert Simon 4 in Contern.
The European institutions were quiet in 2022, recording no notable deals after securing large volumes the year before. Sectors that outperformed their ten-year average include the Luxembourg State, services, law, IT, and real estate. The banking, finance and insurance (BFI) sector recorded modest take-up volumes of 48,986 m².
Approximately 182,600 m² of office space was considered vacant in Q4 2022 out of a total stock of 4.705 million m², putting the vacancy rate at a low 3.9% at the end of the year. City districts remain tight: vacancy is at or less than 2% in the CBD, Kirchberg and the Station districts. Outside of Luxembourg, Bertrange, Capellen-Mamer, and Howald all noted decreases in vacancy from the previous year. Strassen and Leudelange saw increased vacancy year-over-year, the latter from development completions with available space.
Completions declined to 152,700 m², though the number of completions was greater than the year before. Of this amount, 49,750 m² was available at the time of completion. Office projects were overall moderate in size, with just two 20,000 m² or larger. These were the Post renovation in Station and Urbaterre in Leudelange. Elsewhere, P+R Serra Steinmetzdemeyer in Kirchberg and the Intesa Sanpaolo HQ in Cloche d'Or were also completed.
The letting market and supply and demand dynamics are such that rental values are well-supported. Given the current market environment, prime rents in Luxembourg increased to 54 €/ m²/month in the CBD (excluding VAT) through the year. Prime rents in several other major markets such as Cloche d'Or at 37 €/ m²/mo (excl VAT), Airport at 30 €/ m²/mo (excl VAT) and Strassen at 30 €/ m²/mo (excl VAT) also experienced growth.
Commercial real estate investment in Luxembourg totalled €1.0 billion in 2022, which was a decline of 36% compared to the previous year. Offices accounted for €626 million of this amount. The mid-cap segment (€20 to €100 million) saw the largest decline which weighed on total volumes. Just 10% of invested capital originated within Luxembourg, with Belgian investors the source of almost one-third of total investment this year. Four deals closed for more than €100 million. The largest deal was the acquisition of Befimmo's assets (via the purchase of the BE-REIT) by Canadian firm Brookfield.
Investors were active in diverse markets in 2022 from the CBD to peripheral locations. Kirchberg was the target of €230 million, excluding Befimmo's assets. Cloche d'Or saw €175 million of invested capital, while Esch-Belval recorded €168 million of investment.
Yields were under upward pressure for much of 2022, largely from rising interest rates. Prime investment yield is estimated at 4.0% at the end of 2022, up some 70bps from cyclical lows.
Key stats: 3.9% vacancy in Q4 2022; 54 €/m2 /mo prime rent; 4.0% prime investment yield
As of January 1, 2022, the population of Luxembourg counted 645,397. Growth moderated against its ten-year average but still recorded 1.65% year-over-year. The foreign population is 47.1% of the Luxembourg population and fell slightly year-over-year, following the trend from its 2018 high.
The Luxembourg residential market continued to see increasing prices despite the changes to the macro environment. Still, with the latest available data through Q3 2022, a slowdown in the rate of appreciation is noted. Overall, the second-hand market has been more resilient to changing conditions through this period.
Average apartment prices in Q3 2022 were €695,385, which is a 5.1% increase from 2021. In relative terms this is 8,933 €/ m². Growth has been led by existing apartment sales (+6.6% YTD Q3 2022) over new construction (+5.5% YTD Q3 2022). The number of transactions moderated in Q3 2022, particularly in the new construction market.
Luxembourg City grew 3.2% to a population of 128,494 as of January 1, 2022. Strong population growth is typically supportive of residential values. Average transaction prices for existing apartments were 10,352 €/ m² as of Q3 2022, up approximately 4.4% (440 €/ m²) from the year before. The highest tier of apartments can be over 14,000 €/ m². New build apartments average 12,643 €/ m², with the highest tier achieving 17,000 €/ m².
As the city becomes expensive and crowded, people are increasingly looking towards decentralised and peripheral areas for more accommodating values. Luxury developments are underway for those still wanting comfort, though prices of 5,500 to 8,500 €/ m² are still commonplace. New projects can commercialise for prices more than 8,000 €/ m².
sources: CBRE
New lease regulations have been debated in parliament for several years with no final result. The goal of such legislation is to strengthen tenants' rights, particularly for the lower- and middle- income earners who are most financially burdened by the high residential costs.
Rental evolution is mixed but generally up. For the year leading to Q2 2022, the average asked rent in Luxembourg was 1,479 €/month, or 32.27 €/ m²/month. This was a decrease from 2021 on a nominal basis, but an increase on a relative basis. Leudelange recorded the highest relative asking rents at 43.35 €/ m²/month, followed by Mondercange (38.12 €/ m²/ month) and Luxembourg City (36.80 €/ m²/month).
Recent new build apartment transaction prices in Luxembourg average €776,722 or 9,473 €/ m² for Q3 2022, following a longer-term positive trend. At 5.5% YTD growth, this is a slowdown from two years of double-digit annual price growth and closer to the ten-year average. These prices are on average about 15% higher than second-hand apartment sale prices, indicating that the price gap is narrowing over the longer-term.
New build apartment sales moderated through Q3 2022, based on quarterly data. Sales of 236 new apartments in Q3 2022 is the lowest since Q1 2015. That said, the final quarter of the year usually sees the highest sales numbers of the year.
Luxembourg City recorded the highest average sale price of new apartments at 14,157 €/ m² (Q4 2021 – Q3 2022). The upper range of sale prices was more than 17,500 €/ m². After Luxembourg City, Bertrange and Walferdange recorded the next highest prices at 13,473 €/ m² and 12,222 €/ m², respectively.
Issued residential building permits in the first nine months of the year declined by 27% to 3,309. A slowdown in the issuance of multi-unit residential developments was the main culprit. Luxembourg City experienced the steepest decline (-52.3%), while the Cantons of the East (Echternach, Grevenmacher et Remich) were just below the permit issuances from the first nine months of the year before (-9.8%).
sources: Statec, Observatoire de l'Habitat
| SUSTAINABILITY ROADMAP | 60 |
|---|---|
| Sustainability timeline | 60 |
| Key sustainability | |
| achievements 2022 | 62 |
| ESG FOUNDATION | 63 |
| Integration of the UN | 63 |
| SDGs in our strategy | |
| Materiality matrix | 64 |
| ESG STRATEGY | 66 |
|---|---|
| Create healthy places | 68 |
| for the end-user for the neighbourhoods for the environment |
68 76 87 |
| Lead by example | 113 |
| towards collaborators in the industry for the community |
113 119 125 |
| ESG RISKS | 128 |
|---|---|
| ESG GOVERNANCE | 132 |
| Governance structure | 132 |
| Governance of ESG issues | 135 |
T-Park, Tielt
Year by year, an environmental and social focus becomes more integral to the way we do business. The climate emergency is high on everyone's agenda; we face a cost of living crisis; and COVID-19 continues to exert its impact throughout our communities. Immobel and the construction sector as a whole can make a significant contribution to reduce carbon emissions and ensure the sustainable use of materials, while giving the protection of biological diversity our full attention. In 2022 we focused on developing tools and roadmaps for reducing embodied carbon within our developments and designing processes for retrofitting existing buildings to be carbon neutral. We also examined our company's carbon footprint to create a pathway toward net zero that is both aspirational and attainable. Also in 2022 we launched the first pilot projects which will guide us in delivering Biodiversity Net Gain in all our future developments. These elements are integrated in the net zero and positive
biodiversity plan which is described in this document.
The global pandemic challenged us to place even greater focus on human health and well-being in our buildings, while we are also aware of our responsibilities to integrate our buildings into local communities and public spaces.
This holistic approach towards sustainability is delivered on a daily basis by a passionate team guided by Immobel's ESG principles and a supporting governing structure. In this ESG report, the different engagements within the ESG framework "healthy places" are explained, illustrated with project examples, progress reports and initiatives taken. This strategic framework is helping us sharpen our focus on areas that are key to our company and stakeholders, and to deepen our commitment to making positive changes through our business.
In 2022 Immobel performed a full gap-analysis in regard to compliance to the upcoming Corporate Sustainability Reporting Directive (CSRD) legislation. An action plan and working groups have been launched to enable us to become fully compliant by 2024, one year ahead of the deadline.
In addition, in the coming years we will demonstrate both our environmental and social leadership roles by achieving recognised international validations. In 2023, Immobel will start the validation process of its climate targets by the Science Based Targets initiative (SBTi) while evolving to a top ranking in the GRESB benchmark, an international
benchmark that measures and evaluates the sustainability initiatives of property companies and property funds.
This ESG report needs to be read as the natural extension of the Annual Report, as Immobel's vision on ESG is an integral part of its strategy.
• Immobel finalised its net zero and positive biodiversity strategy: all developments systematically use a standardised approach regarding Lifecycle Analysis, energy performance, circularity and positive biodiversity. All new permits are designed with fossil-free energy solutions. The climate targets will be validated in 2023 by the Science Based Targets and further aligned with the European Sustainability Reporting Standards (ESRS).
• Green bond: On 15 June 2022 Immobel announced the launch of a public offer in Belgium of 4-year green notes to both retail and qualified investors. The Immobel Green Financing Framework guarantees the selection of eligible, sustainable developments.
The foundation of our ESG strategy is based on 2 axes: alignment with the UN SDG's and the exercise to define which sustainability topics are important for Immobel.
We have integrated the United Nations Sustainable Development Goals in our ESG strategy. As a major property developer, Immobel works in the general interest of cities and communities to support them in their ecological and societal transitions (SDG 11 - Sustainable cities and communities).
Our design will incorporate the growing importance of health and well-being parameters (SDG 3 - Good health and well-being). Users now seek more qualitative living and working spaces, in which they can live and work comfortably and in good health. The way we design buildings, spaces and the surrounding neighbourhoods should encourage and support a sustainable lifestyle in its true sense.
Immobel wants to take up a leading role in the environmental transition. We will reduce our ecological footprint through mindful water and energy consumption, and by reducing CO2 (SDG 13 - Climate action, SDG 7 – Energy, SDG 12 – Resources, and SDG 6 – Water).
However, the solutions to respond to climate change are not limited to "grey" technologies such as renewable energies or material use. Even if we totally convert to renewable energy today, we will still need help from nature. We cannot address biodiversity loss (SDG 15) without tackling climate change, but it is equally impossible to tackle climate change without addressing biodiversity loss. Protecting and restoring ecosystems can help us reduce the extent of climate change and cope with its impact.
The continued increase of the built-up area and urbanisation are encouraging new ways of thinking about biodiversity. Ecosystems and biodiversity within cities are important, sometimes unique, and are to be protected and further
expanded. Immobel wants to implement biodiversity strategies in its developments as a key element to protect and restore biodiversity, using it as a driving force during the whole lifecycle of a building or a development.
We consider these UN SDGs as the ones on which we can have a direct impact with our projects. In addition, at the level of the group we are convinced that we can have a direct or indirect impact on several SDGs. In this respect we consider SDG 17 – Ecosystem, SDG 5 – Diversity and inclusion, SDG 3 – Healthy workplace, SDG 9 – Sustainability culture and leadership, and SDG 4 – Training / knowledge sharing as the main ones.
To develop and improve the sustainability initiatives of the operation, Immobel continually and systematically surveys and analyses both positive and negative impacts of the operations on its business environment from the perspective of the economy, the environment, society and human
rights. The input we routinely receive from our stakeholders through various situations and channels is one of the elements that facilitates our analysis of material sustainability issues. These issues are dealt with on a routine basis, for example at Board meetings, Executive Management meetings, and meetings with shareholders, and in a daily twoway communication with customers, employees, partners, suppliers and various societal stakeholders. The following topics are considered material sustainability issues:
| Focus area | Sustainability issue |
|---|---|
| Wellbeing | Health and well-being of occupants |
| Neighbourhood | Promote low-carbon mobility |
| Neighbourhood | Support local communities/economy |
| Neighbourhood | Affordability |
| Environment | Protecting, restoring and enhancing biodiversity and ecosystem services |
| Environment | Increase circularity |
| Environment | Renewable energy |
| Environment | Responsible water use across construction and building operations |
| Environment | Climate change adaptation and resilience |
| Environment | Technology and smart buildings |
| Environment | Energy and carbon emissions |
| Environment | Sustainable and circular building materials |
| Environment | Certification and labeling of buildings |
| Environment | Flexibility and adaptability of buildings |
| Environment | Climate risks |
| Stakeholder engagement | Employee training and engagement |
| Stakeholder engagement | Attractive workplace |
| Stakeholder engagement | Responsible purchasing |
| Stakeholder engagement | Ensure sustainable supply chains |
| Stakeholder engagement | Participation of stakeholders |
| Social / community responsibility | Good business ethics and anti-corruption |
| Social / community responsibility | Diversity and equal opportunity |
| Social / community responsibility | Sustainable financing |
| Social / community responsibility | Respect for human rights |
Based on continual dialogues with various stakeholders, Immobel reviews its sustainability issues and their priority in a materiality analysis. Additional input for the materiality analysis is obtained from comprehensive business intelligence and from discussions with in-house and external experts.
The impact – positive or negative – that various sustainability issues have on the business environment is reflected on the x-axis of the materiality matrix. The y-axis represents the importance of the topic to internal and external stakeholders.
In 2023, Immobel will perform an extensive consultation round amongst stakeholders to determine which of the issues are deemed to have become more or less important. Immobel will consult a diverse panel of external and internal stakeholders to allow the company to gather various interesting points of view regarding its priorities through interviews, workshops and an online survey.
importance for stakeholders
Impact on the business
"Creating Healthy Places" provides us with a fundamental analysis framework for our activities. The strategy is divided into two layers, what we do at the level of our assets and what we do at group level. On each level, our actions are grouped in different pillars: what we do for the end-user,
for the local neighbourhoods in which we are active, for the environment on asset level, and how we see collaborators and partners' engagement, leadership and community engagement at group level.
Targets have been defined based on various pilot projects that we ran at our current projects in order to have a baseline for target setting combined with an extensive analysis of trends and discussions with various stakeholders.
In the coming year, we will continue to roll out the ESG program based on the strategy that we developed over the last twelve months. This will include creating capacity to deliver on these targets; and publishing an internal frame work to guide our work.
The purpose of our ESG program is to ensure that Immobel delivers a positive impact in everything that it does.
We know we cannot do this on our own; we need the help of all our partners. We will therefore build up capacity through internal training for staff and our supply chain, as well as through thought leadership events on key chal lenges facing the real estate sector, such as the circular economy and biodiversity.
The implementation will be supported by means of ambi tious internal standards and guidelines for community en gagement, design briefs, construction operations, delivered through a consistent, measurable approach.
Our ESG strategy needs to be able to evolve and grow in response to changes in our understanding of the impact of the built environment. To build on our tradition of thought leadership, we will set up forward -looking working groups focused on carbon, biodiversity, the circular economy, health and well -being, and energy.
| • Wellbeing • Sustainable mobility |
Create healthy places For Our End-Users |
||||
|---|---|---|---|---|---|
| Current Target | 2025 | 2030 | |||
| Investing in the health & well-being of the end-users |
Based on the WELL certification, develop an internal health and wellbeing to be applied on all projects |
WELL Platinum all office development permits checklist |
certification for WELL all |
Platinum certification for delivered office developments |
|
| Simulate sustainable mobility |
Distance to public transportation stops under 750 m or 5' walk for all new acquisitions |
• Electrical charging • Bicycle parkings and in all developments • |
Sustainable mobility as a requisite for all new development permits: stations - 100% pre-equipped1 facilities Where relevant, other additional ecomobility mutualised parking solutions, bicycle repair services etc.) |
solutions (car-free districts, |
Create healthy spaces
• Wellbeing • Sustainable mobility
In the industry Towards collaborators
Feeling good at home and in our work environment is an essential prerogative. In fact, on average we spend 80% of our time in closed places; 67% of that in our home. It is in this context that health and well-being are essential criteria in the design of our programs.
The COVID crisis showed us how much we need social interactions and require new types of spaces to allow these interactions. A more intensive use of buildings is one way of responding to the challenges of urbanisation and preservation of the environment.
With office constructions, the certification of the development under "WELL" is always targeted. WELL is a certification system that is built on promoting health and wellness among the people who are in the building. The system is based on research, and by working with this system we can achieve healthy work places that help our tenants perform and be at their best. By certifying properties under WELL, Immobel also makes a tangible contribution to achieving the UN Sustainable Development Goals, including No. 3: Good health and well-being.
For residential developments where WELL certification is not specifically applicable, we still apply a health and well-being checklist covering the following parameters:
• Air quality: Bringing fresh air inside, delivering good indoor air quality through ventilation, and avoiding materials and chemicals that create harmful or toxic emissions.
• Wellbeing • Sustainable mobility
For the community For the neighbourhoods For our end-users For the environment
Targets
The main target is to achieve WELL certification for our office portfolio. The WELL label promotes the design and operation of environmentally responsible buildings and the comfort and well-being of users. In our businesses, we create solutions for the well-being of occupants.
This focus on user-related aspects is also translated in the services and the flexibility of the spaces we develop: spaces that allow shared uses through the pooling of sites and services. Examples include outdoor neighbourhood spaces, fitness centres, laundry rooms, DIY workshops, and shared terraces.
Finally, our focus on the well-being of our users is demonstrated by a dedicated residential Customer Guidance team that offers personalised support and long-term advice.
• Wellbeing • Sustainable mobility
Located in the historic heart of Brussels, the Multi project gives a second life to this H-shaped tower on its three-story base built in the 1960s. The building offers a panoramic view of the city in a revitalised urban environment. The 19-storey building with its surface area of 46,000 m² features maximum flexibility for different workspaces.
The project has been conceived with the objective to offer high standards in terms of health and wellbeing for the office occupants.
Terrace for relaxation of tenants: Occupants can enjoy a suspended garden on the third floor.
support for alternative transport by providing bicycle parking spots and showers inside the building
• Wellbeing • Sustainable mobility
In the industry Towards collaborators
In order to maintain a high level of quality of service and product, Immobel systematically conducts a series of surveys both internally within the teams as well as amongst clients with regards to their satisfaction. The team surveys measure process efficiency, workload, metrics, objectives, skills and other parameters. The findings are translated into internal improvement programs, led by the Group Continual Service Improvement Manager.
With regards to our customers, the entire customer guidance journey has been analysed and important milestones mapped, starting from the first contact of a customer with their Customer Guidance team. A sample of customers is constantly being
interviewed to measure the level of satisfaction on each need and to capture qualitative information.Examples of KPIs that are monitored as translated into action plan contain:
Baseline reporting is available in Q1 2023 and will be used to measure our progress.
Create healthy spaces
• Wellbeing • Sustainable mobility
Lead by example
In the industry Towards collaborators
Transport, and cars in particular, represent a significant part of the carbon footprint. To limit its impact, Immobel strives to locate its buildings near public transport networks and to develop innovative sustainable mobility solutions. In case no public transport should be available, Immobel will influence authorities to create an additional public transport hub.
After the COVID crisis, the status of the bicycle has changed; it has become a credible solution for getting around town. Today, more than 65% of the inhabitants of large cities are in favour of reducing the importance and status of the car in cities. Our developments contribute to our goal to reinvent mobility to reduce our dependency on the car and to provide services that contribute to a lower environmental footprint for users. The Group is therefore working on optimising proximity to public transport, availability of electric charging stations, partnerships specifically adapted to each site, etc.
Immobel is developing projects to reduce the use of the need for carbon-intensive mobility
For our development projects in a peri-urban environment we use the framework "sustainable districts" (local variants exist in Flanders, Wallonia, Luxemburg and France) as a framework for acquisitions, stating:
Create healthy spaces
• Wellbeing • Sustainable mobility
Lead by example
In the industry Towards collaborators
Key projects La Passerelle Néo Barbès, Paris
Located in the Northern half of Paris, La Passerelle aims to refurbish the well-known Tati former store of Barbès. Benefiting from a metro station at its doorstep, and at a walking distance from 2 international train stations, the project is aligned with the current policy of Paris in terms of mobility and does not include any car parking lot. In order to meet both concerns of soft mobility in one hand, and active ground floor spaces on the other hand, two bicycle parking spaces – one for the residential part and another for the office part - are provided and located in the basement. Each space includes a repair station, and lockers, equipped with charging points, to store cycling helmets, security jackets and batteries. The office bike parking spot comes with a cloakroom, with shower and toilet.
This zero car parking approach is also applied within our other developments in Ile-de-France.
The Multi project is located in the historic heart of Brussels. The building offers a panoramic view of the city in a revitalised urban environment. The 19-storey building with its surface area of 46,000 m² features maximum flexibility for different workspaces. The project presents office spaces but also retail surfaces.
The project is located in the pedestrian zone around the Place de Brouckère and the Stock Exchange, and has a metro station at its doorstep. With 230 bicycle parking spots on ground level, Multi becomes extremely well accessible for soft-mobility. For those who do use cars, electric car recharging points are provided.
The Oxy project consists of the major renovation of an office building and seeks to reconcile a building dating from the early 1970s with the expectations of today's city, while at the same time being part of an approach that is based on the principles
Brouck'R, Brussels
Immobel in 2022 Who we are Shareholder information Activity report ESG report Governance Financial report
• Wellbeing • Sustainable mobility
In the industry Towards collaborators
of the circular economy as well as improving the building's energy performance and its relationship with the hyper-urban environment.
The building is located in a particularly well-served area by public transport, with a metro station in its basement. A large bicycle parking for 715 bicycles has been integrated in the basement. The bicycle parking for the residential units are separated and are designed to hold 174 bikes, i.e. 1 bike per room. There are also 18 spaces for cargo bikes.
The Brouck'R redevelopment entails the transformation of the former Allianz offices which overlook the Place de Brouckère in the city centre of Brussels. The sustainable mixed use Brouck'R project meets the present demand for high-quality living and working environments in the city. The project is located in the popular, vibrant and car-free city centre of Brussels. This makes easy accessibility and soft mobility an essential aspect of the project. In that context, the project provides no fewer than 550 bicycle parking spaces (including 52 for cargo bikes).
| • Social purpose • Residential diversity |
Create healthy places For the neighbourhoods |
||||||
|---|---|---|---|---|---|---|---|
| Social purpose for the local stakeholders |
Current Target 100% of available empty buildings integrate a temporary occupation |
2025 At least one of the following social purposes is defined for each development: • local • interest: integrate functions with public interest2 public • construction works |
2030 economy: integrate local enterprises, associations in programming1 employment: integrate people in professional insertion trajectories in |
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| Increase the residential diversity |
Setting up a dialogue with multiple stakeholders in order to create a wider level-playing field to enhance affordable housing |
• Increase social diversity in residential offer both with regards to affordable housing and residential offer for specific groups (senior, students,) |
Overachieve norms imposed by authority with regards to affordable housing |
For our end-users
• Social purpose • Residential diversity
Lead by example
In the industry Towards collaborators
For the neighbourhoods 1. Social purpose
Our business is about more than great buildings. It is crucial for us to understand the most important issues and opportunities in the communities around each of our sites and focus our efforts collaboratively to make the biggest impact at each place.
Immobel is convinced that the proximity of services and activities, and the mix of uses, bring a better quality of life to city dwellers. Functional diversity can have concrete effects on the dynamism of a sector and the way in which citizens appropriate the space available. It encourages local consumption, active travel, and various facilities that promote the establishment of neighbourhood life. This proximity enables people-centric cities that help residents develop their identity.
The COVID crisis made it possible to highlight the problem of total dependence on an international scale – and it is the local economy that has been able to react the fastest. Indeed, the resurgence of the local community is an interesting dynamic that questions our model both of production and consumption.
We will focus on developing mixed projects with a programming that takes into account the requirements of the neighbourhood and that stimulates local development. Activities on the ground floor should contribute to the proximity of local services and shops or show inclusivity towards the surrounding communities. The accessibility of buildings and the integration of public equipment is the best way to integrate buildings into cities. This means that our developments offer shared services such as a restaurant, a fitness centre or a terrace that are available to everyone.
The Muse, Brussels
• Social purpose • Residential diversity
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In the industry Towards collaborators
At the same time, we are a significant creator of jobs across real estate construction and we have an important role in helping create a fairer, more inclusive economy. One that helps tackle the social inequalities specific to our local areas, and addresses the current and future skills we need. Our social approach therefore aims to empower people facing barriers with the skills and oppor tunities to enter the world of work.
By means of neighbourhood analysis and co -creation tables, Immobel wants to understand the local needs of the community. Immobel wishes to contribute to the development of the local economy through its projects (1) by integrating local businesses into the program (entrepreneurs, local shops, players in the social and solidarity economy, local start -ups and by privileging short supply chains (2) by integrating public functions; and (3) employ ment by integrating people who are in the process of professional integration in construction.
For empty buildings that are waiting for a permit, a temporary occupation program is set up (when technically feasible). We privilege transitional town planning in such a way that the temporary project contributes to the configuration of the site's permanent future. Transitional urban planning relies on the ability to promote urban projects with positive social and environmental benefits for the neighbourhood.
Temporary occupation at Lebeau in collaboration with 'Plant en Houtgoed'
For our end-users
• Social purpose • Residential diversity
Lead by example
In the industry Towards collaborators
Focus on key projects
Development that demonstrates a high engagement towards the local economy: 800m² tiers-lieu culturel
As Paris is the so-called '15-minute city' – aiming to offer Parisians all essential stores and facilities within a 15-minute reach – the architects analysed the commercial offering already present in the neighbourhood and proposed various sizes of retail premises. This enables a range of different retail activities from a bakery, florist or green grocery to bigger furniture or fashion stores. The corner building, with its iconic haussmannian façade, will house a cultural space on the ground floor and the underground floors.
Development that demonstrates an engagement towards the neighbourhood: 11,462 m² of amenities cultural third place 11,462m2
We see young people as the red line for the implementation of public facilities. Brussels is a young city; the average age is below that of the other regions of Belgium. This is certainly the case in the North District: young people form an important part of the social fabric, and form a highly diverse group.
With the implementation of the public facilities we want to create a place where young people can be inspired for the future; where entrepreneurial skills can be learned; where digital talent is developed; where children can be inspired; where young people are guided to the labor market; where through education social cohesion between young people can be strengthened; and where young companies can come into contact with an ecosystem of entrepreneurs and academic actors etc.
• Social purpose • Residential diversity
Lead by example
The set of addresses along the Rue de Laeken and around the square are aimed at the local inhabitants of the district. They should promote local know-how and create connection between Anspach and Sainte-Catherine by breaking down the barrier represented by Rue de Laeken. The programming will pay attention to the surrounding context (construction sites, renovation of the Grand Hospice site, arrival of new residents, etc.) and must address the reduction of traffic on Rue de Laeken.
The occupation of the sites will go through an accessible program to allow solidarity and innovative activities to revitalise the area and address as much as possible the needs of the neighbourhood.
Encourage the mix of functions by promoting better integration of a variety of craft activities in the urban environment.
The Key West project is located in the Brussels West district next to the Canal. It is part of a reconversion of a former industrial zone. The area has been defined as a residential area while maintaining the industrial character. In this context, Immobel and its partner BPI have integrated 2,800 m² of "craft" type activities.
Building B has a particularly wide plinth that accommodates productive activities (requiring a large floor area) and houses an urban farm on its roof.
For our end-users
• Social purpose • Residential diversity
Lead by example
Report
100% of our vacant projects are in pre-configuration or temporary occupation.
For our Buttes-Chaumont project, located in the 19th arrondissement of Paris, we once again called on the expertise and network of Agence Forest for the temporary occupation of the 5,000 m² building. The building houses various cultural activities - costume workshops and film sets for audiovisual companies - allowing these actors to rent affordable premises in Paris that are adapted to their activity, which mainly consists of short-term projects on limited budgets.
In the 18th arrondissement, as part of the project to transform the Tati Barbès shop, we are making this place full of history accessible by entrusting the building to Forest, a player in temporary and transitory occupation, free of charge. In coordination with Maison Château Rouge and the association Les Oiseaux Migrateurs, they are developing diversified, free and constantly renewed projects and activities on the three levels of the building. Exhibitions, workshops, conferences and debates... bring together a variety of audiences in an intercultural atmosphere and bring out ideas, talents, and develop inspiration.
For our project, Immside, located in the 4th arrondissement of Paris, we are providing our partner Nestore with the shop on rue Saint-Antoine. Nestore, a network of pop-up stores, supports brands on the move and players in the social and solidarity economy. These committed companies and associations thus have
the opportunity to set up shop for several weeks on this historic street in the Marais and to make themselves known, to talk about their project and their commitments or to give visibility to their causes.
Temporary occupation: La Passerelle Néo Barbès, Paris
Temporary occupation: Key West, Brussels
For our end-users
• Social purpose • Residential diversity
Lead by example
In the industry Towards collaborators
The different ground floors of the project have been made available to promote and highlight artists and entrepreneurs sharing their sustainability values: an active player in the reuse of materials and circularity, a centre around biodiversity, an inclusive cultural centre, a showroom for students etc.
The Oxy building in the heart of Brussels opened its doors to students during the exam period. The main aim of Student Hub De Post-La Poste was to provide a quality space where students could prepare their lessons, complete tasks or study for their exams in peace and quiet. In total, Brik offered up to 150 seats to students for 16 weeks.
The warehouse of the Key West project was made available for training sessions of Médecin sans Frontières. During the summer, the hangar was accessible free of charge to the inhabitants and associations of the neighbourhood for a series of sports activities.
Our project in Issy-les-Moulinaux is home to an apprentice training centre that prepares students to enter the workforce, particularly in electro-mechanics.
For our end-users
• Social purpose • Residential diversity
Lead by example
In the industry Towards collaborators
For the neighbourhoods 1. Residential diversity
The COVID pandemic has shown the impact that the built environment can have on diversity and inclusion, and the role that developers and planning professionals can play in promoting and sustaining diversity and inclusion in communities.
Historically, the provision of social and intermediate housing in most countries has been the responsibility of the public sector or non-profit bodies such as housing associations or both.
The public sector plays a key role in enforcing the delivery of social and intermediate housing by providing the long-term vision with clear alignment in policies at the national, regional, and local government levels.
In many cities, given budget constraints and political leadership which discouraged local authority homebuilding, there has been an increasing trend towards the public sector working with other housing providers both profit and non-profit organisations to deliver these homes. An increasing number of public-sector bodies have recognised the opportunities from working in partnership as a route to deliver more social or intermediate homes.
Immobel wants to contribute to an increase in social diversity in its residential offer. We will actively lead the discussion at sector level and look for tools and solutions with the authorities and the sector's associations to increase the diversity of housing developments in the cities in which we are active.
Immobel is committed to increase the supply of social, intermediate, student, intergenerational and other housing typologies based on local needs. Immobel will work with housing associations and governments to help increase the supply of homes that are genuinely affordable to buy or rent. This will help to tackle the inequalities experienced by certain groups affected by the shortage of affordable homes.
Immobel is extending the public-private partnerships provided by stakeholders such as the SLRB in Brussels and will look into a better application of the planning permission charges as a proactive tool for the construction of conventional housing.
For our end-users
• Social purpose • Residential diversity
Lead by example
The Universalis Park project provides for the development of two projects on the "Campus de la Plaine" site. The first project (Universalis Park 2), is divided into four lots and offers the following functions:
Lot A: Social housing Lot B:
Lot C: Conventional housing Lot D: Student rooms
The site will therefore offer more than five different functions with a social and generational mix within four buildings. At the same time, public spaces (square, playground, greenery) have also been created on this site which formerly housed a disused university building, now demolished.
Lot A includes 32 social housing units. This project was proposed to the SLRB as part of its "turnkey" offering for a block sale. The permits are now all issued. Lot B, which itself hosts three separate establishments within the same building, includes a rest and care home (63 beds), 64 service flats whose occupants will benefit from certain shared services, and 61 student studios. These are larger studios for foreign students who have no other place to go at the weekend, or for doctoral students. Lot C provides 120 conventional apartments with a mixed program ranging from studios to 3 bedrooms. Lot D provides 314 student rooms as well
as a concierge service and a complete programme of amenities for students: Recreation room, game rooms, study rooms, communal kitchens.
The program for the second (Universalis Park 3) project is currently being drawn up. It will provide conventional and student accommodation as well as a public park of more than 2 ha on the site. Public equipment will also be provided.
Within our residential range we are always looking for the integration of different housing typologies in our projects.
Our next building of development at the Slachthuis-site in Antwerp is an example of the creation of an intergenerational project in which four housing typologies are integrated: maisonettes/duplex (15%), compact apartments (46%), modest housing units (29%)
Immobel at a glance Immobel at a glance
Immobel in 2022 Who we are Shareholder information Activity report ESG report Governance Financial report
• Social purpose • Residential diversity
Lead by example
and social housing (10%) with an average at project level of 68 m² net floor space. Compactness is one of the starting points for all housing typologies. We achieve this by pushing the boundaries for the best designable surfaces and dimensions of the living spaces and by integrating flexible use. The relationships between the spaces and the outdoor space, as well as the sun-through concept, are of great importance here.
In this way we realise an inter-generational housing project with a diverse program aimed at residents from different age categories and family compositions: from smaller entities for entry-level residents to facilitate young people's access, to housing for
singles and family homes. The project provides a large collective courtyard garden and communal areas such as washing areas, workshop, communal bicycle shed, covered entrances and footbridges that provide space and opportunities for social contact between residents. These shared spaces are an extension and maximisation of the living space, and are provided together with the use of collective energy systems (freeing up space in the home itself).
The housing units for social housing are fully designed according to the guidelines of the social housing company and thus conform to contemporary social housing.
| Rooftop villas (maisonettes) |
Compact apartments |
Modest housing units |
Social housing | ||
|---|---|---|---|---|---|
| Percent | 100% | 15% | 46% | 29% | 10% |
• Social purpose • Residential diversity
Lead by example
In the industry Towards collaborators
Currently 7% of the entire residential portfolio in permit or development stage in 2022 is composed of either social or intermediate housing typologies with specific access for people with lower incomes.
This represents a total of > 90.000 m² of affordable housing in the different countries we are active in.
Immobel also focuses on housing for specific groups such as senior citizens or young people:
• Our recent redevelopment of the Proximus office towers (Brussels) includes the creation of 42,156 m² of residential units including 300 apartments and 93 student rooms.
1 average maximum at Group level 2 by means of systematic use of LCA studies – Life Cycle Analysis 3 Since possible gains are mostly in the substructure and superstructure material choice
Demonstrate Environmental Leadership
Create healthy places
For the environment
In the industry Towards collaborators
Green Financing Framework in place
Certification of the Group's climate strategy by the Science Based Targets Initiative (scope 1, 2 and 3)
• 100% of delivered projects are taxonomy-aligned
1 brownfield redevelopments: land that has previously already been developed
Lead by example
In the industry Towards collaborators
For the environment 1. Embodied Carbon
The built environment is a critical sector to tackle if we are to reach the climate mitigation targets set out in the Paris Agreement, as it represents close to 40% of global energy-related carbon emissions.
As a major developer, our biggest environmental impacts are associated with energy use and GHG emissions during construction works, in the building materials we use, and the lifetime energy consumption of a building once it is operational.
Therefore, the sector needs better ways to develop, build and operate buildings, focussing on both operational and embodied CO2.
New regulations have pushed the industry to near net-zero operating emissions for new buildings, as property owners optimise the energy efficiency of their portfolios to entice tenants willing to pay a premium. However, there is also a strong focus on the embodied carbon of building materials and raw materials.
This means piloting projects that push the possibilities of carbon-neutral, resource-efficient buildings so as to bring more value to investors and communities. It means collaborating with industry partners to meet local and global climate goals by creating roadmaps for retrofitting the buildings of today for the people of tomorrow.
Urban reconversion projects such as Isala and Oxy in Brussels, KIEM in Luxembourg (wood-steel construction principle) or La Passerelle Néo Barbès and Immside in Paris aim for the lowest possible embodied CO2 emissions and a fossil-free energy concept as part of a holistic sustainability approach recognised by international labels such as BREEAM, HQE and WELL.
Immobel applies an acquisition policy based on "recycling" or "repurposing" built-up areas or transforming existing assets in the city. This refers to a strong preference for renovation of existing buildings instead of demolition (combined with a circular approach to minimise the embodied carbon) in urban environments. It's a way of avoiding the use of new materials and energy that conventionally goes into demolishing and rebuilding.
In renovation projects, we strive to preserve as much as possible of the original building. Below the % of preservation (expressed in weight compared to the total weight of the building) is given for our largest renovation projects.
Whereas we obtain in general scores above 70% preservation (with exceptional scores of 89% for the Multi and Oxy renovation) of the existing structure on most developments, the Isala renovation project (41% preservation) is an exception since we have decided to remove the interior part of the plot in order to create a full soil interior garden to increase both the biodiversity and the wellbeing for the users.
The exact weight calculations are ongoing for renovation projects Lebeau in Belgium, Immside and La Passerelle Néo Barbès in Paris, but they will all obtain a score around 70% maintain of the existing structure.
To improve the way we build, Immobel uses Life Cycle Assessments (LCA) as a methodology from the very early design stages on. This may seem obvious, but the industry has not yet adopted this approach as a standard and it is clear that working with common standards is a necessity. While LCA studies will push the industry to calculate emissions, these calculations should not be limited to documenting a building's carbon footprint. LCA has the potential to become a progressive design tool that helps our teams improve energy efficiency or point the way towards alternative choices for steel, cement and other high carbon materials.
An important parameter that is obtained via the LCA study are the embodied carbon emissions. These are the GHG emissions and removals associated with materials and construction proces ses throughout the whole life cycle of an asset (Modules A1-A5, B1 -B5, C1 -C4). In 2022, we began exploring options for creating an embodied carbon database to measure and manage embodied carbon across Immobel projects. We also began requesting third -party verified Environmental Product Declarations (EPDs) from select manufacturers and suppliers to understand the car bon footprint of new developments across their entire life cycle.
Through the systematic use of LCA studies as an active design tool, we have set the following ongoing targets:
By 2030, the embodied carbon for new builds should be reduced to 650 kg CO 2/m². These figures are applicable to delivered pro jects which means that the targets will be applied in the design process of the coming years.
Improvement of embodied carbon with renovation projects is more difficult as most potential gains are in the substructure and superstructure material choice. Reduction targets will be defined with future data measurements.
The Muse, Brussels
For the community For our end-users Create healthy spaces For the neighbourhoods
In the industry Towards collaborators
A1-C4 Embodied Carbon (1)
Within New Builds, we will strive to improve our Embodied Carbon through the choice of building materials, reusing of materials and recycling of materials
Improvement of Embodied Carbon with renovation is more difficult as most possible gains are in the substructure and superstructure material choice. Reduction targets will be defined with future data measurement.
1 Excluding operational Carbon (B6 and B7) 2 Target dates refer to the anticipated completion date of the building
Immobel has observed that no global standard is available – which makes comparison difficult. Embodied carbon analyses in the context of a BREEAM certification do not cover the entire carbon scope since technical installations are not being taken into account. To counter this and to avoid greenwashing by considering a partial scope of emissions, we have defined a holistic framework to which all Immobel developments should be aligned when performing an LCA study (database, scope of materials, material families, use of EPDs etc.). The results will be further
centralised in a dynamic reporting tool that will allow all executed LCA studies to be compared with each other.
The embodied carbon data below below are based on this standard approach applying the full lifecycle A1-A3, A4-A5, B1-B5, B6-B7 (separately reported within operational carbon), C1-C4 based on 60 years, based on gross m² and covering all building elements, building techniques and transport scenario as specified by "LEVELS", the new EU framework for sustainable buildings.
The data clearly show how renovation projects manage to remain below the threshold of 500-750 kg CO²/m² (Multi, Oxy, Isala, Proximus). Within these renovations projects, a direct link can be observed between embodied carbon and the degree of maintaining the existing building (Isala has the lowest maintain rate) because of the reduced need for new materials.
Our French renovation projects cannot be compared directly with Belgian data since different databases and tools are being used. Our 2 major renovation projects in Ile-de-France indicate an embodied carbon of 634 kg Co²/m² for Immside and 450 kg Co²/ m² for La Passerelle Néo Barbès. The difference can be partially explained by the use of refrigerants at Immside (representing 15%
of the total embodied carbon) since a district heating solution was not possible, as opposed to La Passerelle Néo Barbès.
For new constructions we manage to remain far below our baseline of 1000 kg Co²/m². The mixed project Brouck'r indicates a result of 614 kg Co²/m², whereas the residential project Key west leads to a result of 777 kg Co²/m².
For our residential development in Avon (820 kg Co²/m²), France, Immobel has chosen to go further than the thermal regulations in force when the building permit is filed (i.e. RT2012), by volunteering for a project RE2020 before the official effective date.
We also vary the 100% concrete solution with a terracotta brick solution which is more optimal in carbon even if it was to the detriment of a loss of living space (20 cm of brick against 16 cm of concrete wall). Part of the exterior walls are innovative through the installation of prefabricated brick walls.
To put these data in perspective, we can refer to embodied carbon standards defined by stakeholders such as:
Immobel will apply LCA studies as a standard tool in order to exceed market standards such as the above. At the same time, LCA studies are part of the mandatory parameters for our asset to become taxonomy-aligned.
Average maximum embodied carbon value 2022 to 2024 2024 to 2027 2028 to 2030 From 2031 Collective housing 740 kg CO2/m2 650 kg CO2/m2 580 kg CO2/m2 490 kg CO2/m2 Offices 980 kg CO2/m2 810 kg CO2/m2 710 kg CO2/m2 600 kg CO2/m2
Targets according to the RE2020 (France)
significant element in all projects.
in the renewed renovation project.
By 2030: Re-used, recycled and biosourced materials must be a
The first priority is to keep the material onsite and to re-use them
Below is an overview for the Isala project, indicating the potential re-use of materials in the new development project: a total of 132 tons of materials. The material list is shared with the design team in order to ensure integration in the new project.
In addition to the LCA study, every renovation project in the design phase at Immobel is also subject to a re-use inventory: in this way we optimise the reuse and upcycling of materials on site or elsewhere. The following group targets have been set in this regard:
By 2025: Each renovation project has a material passport and develops an inventory for re-use as a basis to maximise re-use and upcycling of materials (on or off site).
Total Building Existing Weight Distribution
| Waste 0.22% | Maintained | |
|---|---|---|
| Incineration 2.88% | Structure 41.68% | |
| Downcycling | ||
| Potential 53.42% |
| Material Cassification | Weight (kg) | Percentage |
|---|---|---|
| Maintained Structure | 19,967,715 | 41.68% |
| Re-using Potential on site | 132,632 | 0.28% |
| Re-using Potential offsite | 382,286 | 0.80% |
| Re-using Potential Immobel site | - | 0.00% |
| Upcycling Potential | 348,108 | 0.73% |
| Downcycling Potential | 25,596,037 | 53.42% |
| Incineration | 1,378,175 | 2.88% |
| Waste | 107,756 | 0.22% |
| Total | 47,912,709 | 100.00% |
| Floor Finishes 54,654 41.20% |
|
|---|---|
| Wall Finishes 77,978 58.80% |
Total 132,632
For The Muse, this concerns 171 tons of material.
Total Building Existing Weight Distribution
Lead by example
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Upcycling Potential 3.63 % Downcycling Potential 21.88 % Waste 2.42 %
to recover the material for re-use.
| Material Cassification | Weight (kg) | Percentage |
|---|---|---|
| Maintained Structure | 10,941,538 | 70.96 % |
| Re-using Potential on site | 171,422 | 1.11 % |
| Re-using Potential offsite | - | 0.00 % |
| Re-using Potential Immobel site | - | 0.00 % |
| Upcycling Potential | 560,144 | 3.63 % |
| Downcycling Potential | 3,372,896 | 21.88 % |
| Waste | 372,617 | 2.42 % |
| Total | 15,418,616 | 100.00 % |
For all other potential re-use and recycling opportunities (by prioritising upcycling) towards projects other than our own developments, Immobel looks for recyclers and manufacturers
Maintained Structure 70.96 %
Specifically for smaller associations and even neighbours, sessions are organised where materials are given away. Before the renovation works started at the Oxy development, an event was organised at which individuals and associations had the possibility to recover mirrors, sinks, lights, chairs, tables etc.
In the industry Towards collaborators
With regard to the incoming re-used and recycled materials in the new project, a market study is systematically being done on the potential and availability of re-used and recycled materials that can be integrated in the new development.
As an example, our new headquarters, the Multi building in Brussels, re-used 59 tons of materials originating from the existing building and 136 tons of re-used materials arising from external projects.
At each site, Immobel is also considering the re-use of specific materials between development projects wherever technically feasible. The raised floor from the Proximus Towers will be reused for the office part, while the raised floor from the second tower (destined to become residential) will be integrated in other Immobel office developments.
For the renovation of the Monnaie Centre in the centre of Brussels (Oxy project), the public walkway which will become an extension of the pedestrian zone will make use of natural stones that have been collected from existing developments in France to give them a second life in Brussels.
For the environment
A fossil-free energy solution is the obligatory standard for all new permits introduced. In the design phase, particular attention is being paid to the replacement of fossil fuels by alternatives such as geothermal energy, heat pumps, solar panels and the optimisation of techniques to minimise energy consumption during the operational phase. Immobel will strive towards a fully aligned taxonomy portfolio by 2025 with regards to energy consumption. Immobel will further strive towards complete zero operational carbon developments by maximising electricity production onsite and encourage tenants to purchase green leases.
Office Residential
Below an overview of the Primary Energy Consumption for large office and residential developments from the Immobel portfolio in relation to the reference value imposed by the Nearly Zero Energy Building (NZEB) standard. In preparation of our taxonomy alignment, we have also indicated aligned with the substantially contribute target related to climate change mitigation, which is set at 10% below the NZEB standard.
Our decision to develop fossil -free buildings automatically implies energy switches, replacing gas -fired boilers with electric heat pumps or urban heating, and an increase of the share of renewable energy in the energy mix.
In the roadmap towards net zero, the production of onsite electricity will be crucial to limit dependency on (grey) electricity from the grid.
By phasing out non -green gas, 100% of our delivered projects will be fossil -free by 2030 and will have a decreased dependency from the grid by maximising the electricity production onsite to cover the onsite demand. Immobel will set -up alignment tracks both with large tenants and residential buyers to stimulate the purchase of green electricity and head towards 100% net zero.
Regarding this operational carbon (limited to electricity from grid), our pathway aims for a maximum of 10kg CO 2/m² for developments with permits introduced as from 2022. We will continuously monitor our performance and implement alignment programs with tenants in order to make green leases the standard and to become net zero operational.
Development projects for which a Lifecycle Assessments has been done all indicate results equal or below 10 kg CO 2/m²/year, far below the CRREM pathway for decarbonisation. Since all developments are fossile-free, the operational carbon is related to the incoming electricity from the net and as such beyond the direct control of Immobel. Wherever possible and in close collaboration with future tenants, we put in place green leases in order to become net zero in operations (Multi and Proximus Towers). The Isala project is energy neutral on an annual basis since the production for the photovoltaic panels covers the entire energy consumption: the roof is covered with high performant PV panels while BIPV -panels are integrated on the upper garden facades (see image).
A key solution in decarbonising our buildings will be the district heating/cooling solutions. A heating or cooling network implies the distribution of thermal energy in the form of steam, hot water or cooled liquids from a central production plant through a network connected to several buildings or locations, for heating or cooling of spaces.
A focus is put on two Immobel developments that will rely on such collective heating and solution solutions: the Slachthuis site in Antwerp and La Passerelle Néo Barbès in Paris.
The Slachthuis site in Antwerp will be completely gasindependent because of the integration of innovative and sustainable energy alternatives (green energy).
The scale of the Slachthuis site, with a development potential of ±240,000 m², facilitates the integration of a heat network based on riothermia, a green and sustainable energy source. This heat
network will be able to supply heating and (passive) cooling to the entire newly-developed site through heat recovery from waste water. The residual heat is heated to the right temperature, using heat pumps, and will provide climate-neutral heating (and passive cooling) in the buildings on the Slachthuis site.
In the future, the 2,500 families that will live on this site will be able to use this efficient system, which is independent of fossil fuels, at an affordable price.
The project for the restructuring of La Passerelle Néo Barbès is part of a greater environmental approach, with the aim of obtaining the following certifications and labels:
The transformation of the iconic Tati Barbès building applies a design that respects the actual building and maintains a maximum of existing structures, combined with a program that responds to the human, social and cultural needs of the district.
Biodiversity is the wealth of species, ecosystems and their interactions. In addition to their intrinsic value, these species and ecosystems provide several valuable services to our society, such as reducing the urban heat island effect (an increase in temperature in urban areas), improving air quality, absorbing CO2, or regulating the runoff of rainwater. Biodiversity loss and ecosystem collapse represent one of the greatest threats humanity will face in the next decade: plant and animal species are disappearing at an accelerating rate due to human activities.
The continuous increase in built-up area and urbanisation is prompting new ways of thinking about biodiversity. Ecosystems and biodiversity in cities are important, sometimes unique, and need to be protected and further enhanced. There is a consensus that biodiversity strategies for the built environment will be a key element to protect and restore biodiversity in general. Action is needed to stop and reverse biodiversity loss.
Immobel will develop an approach to integrate biodiversity into all activities, using it as a driving force during the whole life cycle of a building or a development. As the biodiversity crisis and the climate crisis are profoundly interlinked, we are convinced they should be looked at jointly.
This approach will put Immobel on a pathway to become an active and positive partner to make our cities and communities more resilient and climate proof – combining the goals of biodiversity improvement and CO2 reduction/capture.
We will leave biodiversity in a measurably better condition on our developments. Since there is no legislative frame with regard to biodiversity, Immobel wants to pave the way in the application of Biodiversity Net Gain, setting best practice, and delivering schemes.
Sometimes through developments we remove green space or habitats to make way for new buildings. We are however committed to the principles of Biodiversity Net Gain (BNG). This means providing the right habitats, encouraging appropriate species, and improving the quality of biodiversity. We are targeting a 10% uplift in biodiversity compared with pre-development conditions for all new schemes, which is a significant net gain.
To measure the uplift, Immobel uses a recognised Biodiversity Net Gain calculator. This tool allows for the biodiversity value of a site to be measured based on the type of habitat present and its relative condition. Designs can then be drawn up which target an improvement in biodiversity following development. A pilot project has been set up for our residential development in Ciney, Belgium.
The interventions aiming to restore and increase the biodiversity value can and should obviously be mutually beneficial for the health of the users and the environment. The different habitats should provide an added value for:
We will therefore favour the following design features:
Creation of green and blue corridors along which wildlife can freely pass.
Living roof coverage (ideally biodiverse roofs) will be maximised.
All future developments which make use of existing land will be assessed with the Biodiversity Net Gain tool to guarantee a net gain despite our construction activities. A 10% improvement is the minimum threshold to achieve by 2025.
There is no single universal measure of biodiversity as there is for carbon. Therefore, biodiversity metrics necessarily have to simplify some of the complexities of biodiversity.
To start exploring how to more quantitively include biodiversity in Immobel's way of working, a decision was taken to conduct a pilot study for a concrete project. To this end, Immobel selected a project design for the development of new housing in Ciney, Belgium: the Crahiat project.
The Biodiversity Net Gain Calculator (BNGC) makes use of "Mean Species Abundance (MSA)", which is the generally accepted indicator in biodiversity. It is defined as the average abundance of originally occurring species relative to their abundance in the undisturbed ecosystem. Undisturbed ecosystem is understood here as equivalent to a pristine state, intact and undisturbed by human activity.
The score will be calculated by comparing the results of the envisaged design with a baseline score of the field in its initial state, calculated during a site visit.
Once a baseline situation has been calculated and expressed in terms of MSA.ha, consequent changes in biodiversity value (both
Baseline 9.16 MSA.ha
| | |
|---|---|
| Design: 8.93 MSA.ha |
0 MSA.ha |
| Best case: all is |
|
| pristinge nature |
|
in surface as in quality) can be tracked and expressed with the same metric. Changes in biodiversity value can either be negative (e.g. due to reduction of available surface of green areas and/ or due to degradation of habitat quality) or positive (e.g. through biodiversity positive measures).
| | |
|---|---|
| Best case: all is |
|
| pristinge nature |
|
| MSA score | Type |
|---|---|
| 0 | Building |
| 0 | Paved surface |
| 0 - 0.1 | Paved grass/concrete |
| 0.1 - 0.2 | Front yard |
| 0.1 - ? | Backyard |
| 0.3 - 0.5 | Natural verge/wadi |
| 0.4 - 0.6 | Forest (remains) |
| 0.2 - 0.6 | Water |
The total plot of 11.4 hectares has a baseline biodiversity footprint of 9.16 MSA.ha. The actual design of the project indicates that despite the provision of residential units,
a biodiversity gain of 2.5 % compared to the agricultural baseline was achieved, thanks to the integration of trees, water infiltration zones, bordering green hedges, an arboretum, wadi's etc.
The results of the pilot allows the design team to work on opportunities for biodiversity improvement detected during the study. The design will work on:
These improvements should allow us to optimise the BNG score.
As part of our ambition to make quantitative statements on Biodiversity Net Gain, Immobel will make available the use of the BNG calculator as a common design tool with the aim to reach a 10% gain by 2025 for similar rural projects. This will be a guiding principle in our evolution towards intelligent land use, which will in the future by definition be based on brownfields in order to limit construction on ground with high soil fertility and underground biological diversity.
The reporting will also provide us with relevant quantitative data with regard to the biodiversity-related disclosures within the EU taxonomy and the ecological KPIs as defined in ESRS 4 in the context of the Corporate Sustainability Reporting Directive.
While the Biodiversity Net Gain is almost by definition obtained in an urban context, success for urban developments will also be measured through the Biotope Area Factor (BAF): by assessing the proportion of green space in relation to the total site area and total open accessible space. The BAF is a tool used to measure the absorbent properties of a surface. To calculate this indicator, one need to determine the relationship between the ecologically effective surface area and the total surface area of a lot. The BAF is particularly valued because it offers a flexible approach to reconciling densification and greening policies.
For our large developments projects our design often leads to an increase of 30% biodiversity potential by providing a series of green spaces at different levels.
Biotope Area Factor scores
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The provision of green roofs is also an essential part of the green-blue strategy that we use on our projects. Our residential development in Marbella includes a total of 21,000 m² of green roofs combined with a 70% coverage of the total surface by green spaces. This unique landscape vision creates a Mediterranean ecosystem by combining a typical local landscape (rocks, stones) with a vegetal landscape with a large density and variation.
The graph below provides an overview of the planned green roofs on some other main development projects under permit or under construction in the different countries where Immobel is active.
All Immobel development projects also integrate a circular solution that allows rainwater to be recovered, by means of stormwater basins and/or rainwater tanks.
green roof: m2 intensive (++) roofs>30cm
green roof: m2 (semi) - intensive or extensive roofs:<30cm
Focus on key project (biodiversity and innovative water strategy)
If we look at the redevelopment of the Proximus Towers as an example, several actions have been taken to increase the BAF score. In total, approximately 1 ha of vegetation is provided on the buildings, in the form of roof gardens, green facades, covered patio gardens and especially public space on the ground floor.
The footprint of the buildings will be reduced. Thus, the transformed buildings will occupy a smaller land area than they do today; 62% compared to 82%. In this way, 20% (or / 2,250m²) of the land area will be given back to the neighbourhood by pulling the perimeter of the existing building back from the plot boundaries and creating an interior garden in the middle of the building.
Different green spaces are taken into account for the calculation such as the green roofs and terraces at different levels of the towers (with adapted habitats), as indicated below. This leads to an improvement in the BAF score which is significantly better compared to other developments in the Brussels area.
One of the means by which we have chosen to keep this commitment in the future is the registration of our major projects with the BiodiverCity® label. Created in 2013 by the International Council on Biodiversity and Real Estate (CIBI), it assesses the performance of real estate projects on the basis of a benchmark. This control, carried out by independent experts, guarantees that the program responds to the following four aspects: the commitment of the company, the means implemented, the evaluation of the ecological benefits, and the benefits for users. Immobel has started with one pilot project before opening up our ambitions to new, future developments. The first project to target this label is the redevelopment of the Proximus Towers.
The project is also characterised by an innovative water strategy. The area liberated by reducing the footprint of the buildings will be used to create an enormous water reservoir of 2,213m³. This water reservoir will collect 100% of all rainwater that fall on site.
In the same category of vertical green solutions, Immobel is proud to have integrated more than 2,000 m² or a total of 185,000 plants on the façade of the residential Eden tower in Frankfurt. This is almost 3 times more surface area than the ground on which the building is standing. The plants are watered using an automatic irrigation system. If the entire strip of greenery were to receive the same amount of water, this would not function optimally. To get the right amount of water in the right place, an advanced irrigation system with temperature sensors and several water groups is used. This way, each plant receives exactly what it needs.
Immobel has a clear strategic focus on urban renovation projects. Unfortunately, renovation of the existing building stock is unlikely to meet the expectations of citizens regarding housing needs. Nevertheless, Immobel fully commits to the principles behind "no net land take in 2050" which implies applying a land sobriety principle adapted to the social and economic conditions of each region and preventing urban sprawl.
Therefore, with regards to land use, Immobel will apply an acquisition policy based on brownfield redevelopments (land that has already been developed) with a view to reduce land use while at the same time protect soil in peri-urban environments.
In 2022, Immobel started the reconstruction of Fort d'Aubervilliers in Paris. The two residences Fort'Izy and Fort'Immo consist of 157 homes and 256 social and intermediate rental homes. The project takes place integrally on a former military site and is therefore 100% a brownfield development so no new land has to be opened. In addition, this eco-district provides 13 hectares of greenery, which are partially accessible to residents. The projects also integrates an advanced solution of rainwater recovery consisting of a cascade system including a retention roof, an infiltration basin, a specific basin for watering of green spaces which has an additional buffer into a second infiltration basin to avoid any runoff to the sewage system.
Residential projects throughout Europe apply the same focus on brownfield development such as the Polvermillen site in Luxembourg where an old industrial site will be transformed into an ecodistrict with 1/3 of the site dedicated to green spaces or the Eden project in Frankfurt where an old car parking has become a residential tower with exceptional vertical gardens.
Overall, within our "new construction" portfolio, 70% is developed
Immobel has started a net-zero pathway and considers that offsetting should be the last resort after efforts have been made to reduce the greenhouse gas emissions of its operations. For each project not reaching the objectives regarding operational and embodied, a CO2 compensation program will be launched. For this purpose, local partnerships in Belgium, Luxembourg and France will be established and projects meeting the highest standards will be carefully selected.
The objective is to provide a local compensation equivalent to the gap towards the target via carbon sequestration solutions, such as regenerative agriculture and reforestation.
The following years, focus will be put on reducing carbon and improving biodiversity. Our aim is to have a 100% transparency on carbon emissions by 2025. In the meantime, we choose to build the necessary partnerships with local partners in the field of biodiversity or regenerative agriculture, rather than enrol in carbon credit programs that often place the burden on developing countries.
We will continue to build on existing partnerships and gradually expand them, such as the collaboration with Reforest'Action in France. This collaboration has already led to the following results in the last 2 years:
The projects of Reforest'Action are aligned with the "Label Bas Carbone" in France. Adopted since 2019 to achieve the climate objectives of the national low-carbon strategy (SNBC), the Low-Carbon Label is the first voluntary climate certification framework in France (which includes certification by an independent international certifying authority).
In Belgium and Luxembourg, Immobel will continue analysing if plots in their portfolio can be dedicated to CO2 compensation projects. Immobel will also take part in 2023 in local initiatives such as planting a company forest.
For the community For our end-users Create healthy spaces For the neighbourhoods
For (re)development projects, Immobel wants its buildings to achieve an environmental performance that surpasses the regulatory requirements. All its (re)development office projects are therefore certified by acknowledged frameworks (BREEAM, HQE, DGNB, WELL). All ongoing office developments target a minimum of BREEAM Excellent aiming for 100% BREEAM Outstanding certification by 2025.
100% of our of office projects (design – permit – construction) are in the process of a BREEAM certification:
Immobel will demonstrate how its net zero targets are compatible with the Paris Agreement and the 1.5°C trajectory by using the Science Based Targets initiative (SBTi). It provides us with a clearly defined pathway to future-proof growth by specifying how much and how quickly we need to reduce our greenhouse gas emissions. Setting a Science Based Target is one of the most well-known internationally recognised methodologies to show ambition and to differentiate between greenwashing and real, effective climate action. The Immobel net zero targets, including the company-related scope 1 and 2 emissions, will be introduced in 2023 with the aim to be validated by 2025.
| very good | 3.40% |
|---|---|
| outstanding | 38.10% |
| excellent | 58.50% |
In 2022, Immobel finalised a baseline calculation for the company-related scope 1 and 2 emissions. Although the scope 1 and 2 emissions linked to corporate assets do not even represent 1% of the overall carbon emissions, Immobel considers that setting ambitious goals for this scope is essential, to set a good example and involve all employees in the overall effort to reduce greenhouse gas emissions.
Immobel has finalised these carbon emissions calculations of its own emissions, taking into account the energy consumption by buildings occupied by Immobel as well as business travel and commuting of Immobel employees.
The move to the Multi building – the new headquarters of Immobel – already leads to significant carbon reduction since this is the first CO2 neutral office building in operation, thanks to a combination of heat pumps, solar panels and a green electricity contract: 100% of the consumption is covered by renewable energy contracts. The building has also obtained BREEAM In-Use with an Excellent rating.
We target full visibility on how the climate strategy is being implemented within the company and transparency on progress against targets. Immobel therefore commits to publicly report its GHG emissions progress against published targets on an annual basis.
Immobel commits to have 100% CO2 documentation in place by 2025. This implies that all development projects should report on embodied and operational carbon (scope 3 emissions) by systematically using Life Cycle Analysis studies.
Immobel at a glance Immobel in 2022 Who we are Shareholder information Activity report ESG report Governance Financial report
In the industry
| Current Target | 2025 | 2030 | |
|---|---|---|---|
| Diversity & equality on all levels within the company |
Formalise our ambitions in a D&I policy based on zero inequality (equal pay - equal opportunities), fair and inclusive HR policies, diverse and inclusive workforce (gender, race/ethnicity, people with a disability) |
40% diversity on the level of gender and ethnicity/race at all management levels: Management team, Executive Committee and Board |
Take a leadership role in the sector regarding D&I by taking or supporting community initiatives, joining ecosystems/networks or obtaining external recognition for our equality and inclusion efforts. |
| Stimulate a healthy work environment |
Development and personal growth: 75% of employees have an individual development plan ("Immobel academy") |
• Reach a minimum of 50 hours of training per employee • Employee satisfaction survey, increase: − participation to >80% |
• Development and personal growth: 95% of employees have an individual develop ment plan ("Immobel academy") • Employee satisfaction survey, increase: |
| − the score to >80% |
− participation to >90% |
− the score to >85%
ANNUAL REPORT 2022 |113
• Healthy Work Environment
In the industry
The business case for diversity and inclusion is stronger than ever – organisations perform best when they employ diverse talent. Yet for diversity to truly flourish, it needs to be treated as a strategic, business-critical priority that's supported at the very top of an organisation and integrated throughout.
At Group level, where people are our key asset, we have defined 4 KPI's :
40% diversity on the level of gender and ethnicity/race at all management levels. Below an actual overview is given of the Board compositions by gender:
• Divers and Inclusive workforce: develop initiatives to increase the diversity of our workforce with a specific focus to welcome more collaborators with a disability.
| Level | Male | Female | Female % |
|---|---|---|---|
| Board of Directors | 4 | 3 | 43% |
| Executive Committee | 5 | 1 | 20% |
| Local Management Teams | 22 | 13 | 37% |
| All collaborators | 142 | 120 | 46% |
In the industry
Immobel's Commitments towards its collaborators
Immobel recognises its talented and diverse workforce as a key competitive advantage in the Real Estate business. Being successful as a company requires the quality and skills of all the collaborators. Immobel recognises that everyone brings its own experience and capabilities in their field of expertise. This diversity is a key element in being successful at all levels of the company. Diversity is recognised within Immobel as a business interest, leading to better overall performance and to high quality products, services, and business decisions. Immobel strives to create a supportive environment where everyone can realise its full potential within Immobel, regardless of their differences. Immobel strives to employ the best employees and collaborators in their field of expertise to do the best job possible. Immobel values the importance of reflecting the diversity of our customers and markets in its workforce. This diversity encompasses differences in gender, language, ethnicity, age, sexual orientation, religion, socio-economic status, experience, and education. Immobel gives equal opportunities to individuals, regardless of their background, in its recruitment, retention and talent management in general. The diversity of the teams in all its aspects is a source of innovation, growth, and prosperity.
and collaborators about their rights and responsibilities under the equality, diversity and inclusion policy.
• Immobel considers the development of its staff as a priority. It ensures the motivation and involvement of its staff and ensures that they always have the skills required for the success of their assignments. In other words, Immobel's HR ambition reflects its promises: improving and developing the Group's human capital, rich in diversity, creating opportunities for everyone and building the future for its staff.
Collaborators are essential to our success, and we are dedicated to attracting, developing and promoting a talented, diverse and multicultural workforce. To that end, Immobel's commitment to diversity and inclusion is reflected in its various practices:
Job opportunities are described with clear criteria and expectations and made available on a transparent job market (internally and externally). The recruitment process is open to diversity and free of any selection criteria linked, directly or indirectly, to age, sexual orientation, gender identity, marital status, birth, wealth, religious or philosophical belief, political belief, trade union belief, current or future health condition, disability, physical or genetic characteristic, social origin, or any other discriminatory characteristic.
When hiring, knowledge, experience and abilities of candidates will be considered against the objective requirements set forward.
In the industry
Attendance to learning opportunities is possible for all collaborators. Individual training needs are collected during the mid-year and yearly appraisal meeting and throughout the year career development reflections are organised. Immobel is also encouraging knowledge exchange between departments and countries by means of initiatives such as "lunch & learn" sessions.
Compliance with the Immobel approved remuneration policy (see annual report) is the foundation of a non-discriminating remuneration approach to all of our employees. We ensure that performance review methodologies and processes are consistently applied.
Our employees are our most valued assets. We see a diverse, resilient workforce as essential to the strength of our global business, and we invest in supporting our employees through every stage of their career with us.
Since well-being is a central pillar of today's world of work, Immobel takes also a number of actions to enhance physical well-being, in pleasant, ergonomic, well-equipped and safe environments.
The foundations
We want to offer training to develop basic skills. E.g.: Languages, Effective use of Microsoft tool, Presentations skills, but also topics around Well-being...
Learning and development: the Immobel Academy
Investing in continuous training and development of our teams contributes not only to them, but also to Immobel as a whole. By providing our teams with learning and development activities, we enable the Company to achieve its business targets, and allows the people to constantly grow professionally and to prepare for the future.
Training and personal development has a strategic role in the Company. We believe that learning and development contributes to attracting new talents as well as retaining existing talents.
Through the Immobel Academy1 we want to offer an attractive and qualitative offer of training and learning experiences, accessible for all teams so that everyone can grow in their current role or evolve in their potential career path.
Through the Academy we aim at offering training in line with the learning objectives (Awareness – Knowledge – Skilled – experts) and we do this around three domains:
Specific programs on future proof senior Leadership. Participative Leadership. Open & continuous feedback, etc.
Our internal experts share knowledge on specific topics. We regularly invite external speakers to do the same.
1 The Immobel Academy is the main tool and process which allows individual development plans to be stored and managed.
Well-being / Safety & Security / Engagement Survey
In the industry
In 2022, an engagement survey was launched at Immobel Belgium & Immobel Headquarters. This survey focused on well-being and life at work and provided us with very useful insights.
Collaborator's engagement is the strength of the mental and emotional connection collaborators feel toward the work they do, their teams, and their organization.
An overall Engagement score of 79% was reached, which is perfectly in line with the benchmark.
The Promoter Score is used to measure loyalty and engagement. we ask the collaborators if they would suggest Immobel to a friend or family member. In 2022, the promotor score (or recommendation score) was 76%. This is strongly above the benchmark of 55%.
Immobel's ambitions do not have a negative impact on perceived workload (9/100, benchmark = 31/100) or work-life interference (20/100, benchmark = 19/100). Collaborators seem to have found a good balance here; something that is very important for (mental) well-being. Immobel aims to gradually improve these scores in the coming years.
The move in 2022 to the new headquarters was accompanied by a focus on health and well-being for employees by providing healthy food on a daily basis (such as fruit baskets and fresh soup) and launching initiatives such as yoga sessions.
For the community Immobel at a glance
• Positive Leadership
| Current Target | 2025 | 2030 | |
|---|---|---|---|
| Positive leadership: promote sustainable behaviour throughout the value chain and within the industry |
Launch of a supply chain due diligence |
• Full CSRD alignment • Environmental leadership: GRESB rating of 4 stars (top 40%) • Responsible purchasing policy integrated in all supplier contracts |
• 100% of delivered projects are taxonomy-aligned |
• Positive Leadership
The challenges described in this report can only have a structural impact if we collaborate at sector level. It is therefore important to take part in various sector initiatives on social, community and environmental impact and collaborate and align with all stakeholders in the value chain on these topics.
At the same time, we observe an enormous number of global (environmental) standards in the field of real estate. Such a large number of standards gives rise to divergent interpretations and, as a result, in greenwashing. Common languages such as the taxonomy classification will be crucial to get all stakeholders aligned and to obtain standard and transparent data.
Non-financial reporting has significantly improved over the past years. With the implementation of the new EU directives linked to non-financial reporting, the scope of companies required to report on ESG aspects will be increased.
Specifically, Immobel is expected to fall within the scope of the upcoming Corporate Sustainability Reporting Directive (CSRD). Although the exact CSRD requirements remain uncertain, the key elements have been drafted and the first steps are being taken today to be able to meet the upcoming CSRD reporting requirements.
As the current European Commission draft for the CSRD stands, this piece of legislation will come into force for Immobel as of financial year 2025 (report published in 2026).
The CSRD will require us to increase our current sustainability efforts to report in line with the upcoming CSRD requirements; not merely to comply but also to create and sustain value out of its sustainability journey where possible.
As a first step in this journey, Immobel has performed a readiness assessment against the CSRD requirements, by identifying the gaps between the current state of play at Immobel and what is mandated by the proposed CSRD legislation. Moreover, a realistic high-level roadmap with actions and initiatives (structural requirements) based upon the readiness assessment has been created.
This had led to an action plan structured in clear and concise initiatives which have all been mapped in a roadmap until 2025.
The roadmap enables Immobel to be compliant by FY 2024 to allow a first "test" reporting year in 2025 and conduct an assurance readiness assessment regarding this information. An assurance readiness assessment will help Immobel to remediate any shortcomings in time and will prepare Immobel to be fully compliant by FY 2025 (reporting in 2026).
ESG reporting has become an increasingly important part of our business. Immobel is aligning its KPIs with the European Sustainability Reporting Standards (ESRS)) which will be the norm to be respected within the CSRD. Additionally, for the second year in a row Immobel has participated in the Global Real Estate Sustainability Benchmark (GRESB), obtaining a score of 79% which is an improvement of 6 points compared to our first participation and in line with our ambitions to be in the top 40% of participants by 2025.
• Positive Leadership
Such reporting frameworks have pushed us to be more strategic and actionable around ESG and to refine our approach to data collection to support more efficient, transparent disclosure.
Right from the outset Immobel has played an active role in sector initiatives such as Urban Land Institute (ULI). In 2022 we were involved in sharing knowledge within several ULI product councils as well as supporting and contributing to specific programs such as C-Change. C-Change was founded at the end of 2021 by a group of major real estate players with a common goal: to focus on collaboration to give the entire sector access to practical solutions and training for decarbonisation. As a founding partner, Immobel is convinced that the sector needs a common language, common tools and access to knowledge to accelerate the path towards decarbonisation.
In the chapter on stakeholder engagement, other initiatives or engagements at sector level are mentioned.
Conducting a constant and proactive dialogue with its stakeholders ensures that the Company keeps in step with their expectations and a constantly changing society. The overview below specifies the type of dialogue with both internal and external stakeholders.
Activity report ESG report Governance Financial report
• Positive Leadership
Immobel is a company that allows everyone to think about their job and give it meaning, to work in a caring professional environment and to have a balanced personal life.
'The Executive Committee proposes to the Board of Directors the implementation of a corporate social responsibility policy (CSR) to ensure that environmental, social, economic
Immobel designs real estate programmes to preserve the health of occupants, facilitate healthier and more sustainable lifestyles, and interact with the neighbourhood.
Immobel offers properties located in lively neighbourhoods that contribute to a modern positioning of their brand and help their organisation connect with society.
Immobel builds sober and attractive buildings that create value through their positioning and that are designed to be able to adapt to changing uses and maximise the intensity of use.
• Positive Leadership
Conferences/roadshows
Shareholder identification and targeting
Immobel develops projects that contribute to the city's commitments. We participate in ecological and societal transitions which take into account the needs of the neighbourhood.
Immobel is committed to supporting its suppliers who develop high-performance products and services, while fully supporting less advanced suppliers.
Immobel in 2022 Who we are Shareholder information Activity report
• Positive Leadership
To participate in the social and economic diversification of the neighbourhoods where we operate, Immobel relies on the ecosystem of local actors. We seek to enhance their knowledge and integrate into the ecosystem of the project area. Immobel's buildings have a positive impact on the community and the local economy, and host initiatives led by local people and groups. For the community Immobel at a glance ESG report Governance Financial report
Active member in a number of public-private partnerships as an engagement to rethink the neighbourhoods in which we are active:
Managing Director of Immobel Belgium is guest lecturer in the Master of Real Estate course, Saint-Louis University in Brussels
Immobel contributes to the advancement of the real estate sector and its ability to face the major social and environmental challenges of the years to come (industry dialogue).
Immobel Engagement
Fund
Immobel at a glance Immobel in 2022 Who we are Shareholder information Activity report ESG report Governance Financial report
Lead by example for The Community
culture for up to 1% of yearly
net profit
• Immobel Engagement Fund
ANNUAL REPORT 2022 |125
• Immobel Engagement Fund
Beyond our developments, Immobel as a group wants to demonstrate a societal engagement and a positive impact towards the community. In that perspective, the Immobel Engagement Fund is active for several years as the charity pillar of Immobel.
A Board composed of internal and external members selects on a regular basis initiatives in the fields of social inclusion, culture, health and inclusive city development to be supported by Immobel.
With regard to social inclusion, Immobel has chosen to work with the King Baudouin Foundation to manage the selection of and follow-up of the selected associations or initiatives.
Teambuilding event during the action to give away
small building materials at Oxy.
• Immobel Engagement Fund
for children from the TADA programme. The Immobel Engagement Fund also encourages the team to devote time to participate in actions the Company supports. To create awareness, different supported associations are invited during Lunch and learn sessions in order to explain to our collaborators the impact they are making for society thanks to the Immobel support.
Saturday class organised by our interior designers
Lunch and learn session by TADA for Immobel employees.
• Employees also demonstrate their solidarity within the context of our development projects. Before renovation works started at the Oxy development in Brussels, employees from Immobel and Whitewood assisted in a giveaway where large quantities of materials where given away to individuals and associations.
| Risks | Description | Link with corporate strategy | Key Risk Indicator | Financial planning |
|---|---|---|---|---|
| Climate change risk | ||||
| • Transition – failure to meet our carbon reduction target leading to regulatory, reputational and commercial impact. • Physical – failure to mitigate physical impact on Immobel assets" |
||||
| Environmental regulations (legal transition risk) |
• regulations in all European countries im pose buildings at least to achieve a certain standard of energy performance. Some countries have also set targets with regards to material use and climate adaptability |
• All renovations and new constructions will be fully aligned with the requirements set by the EU taxonomy • Immobel has executed a gap-anal ysis with regards to the CSRD. A 3 - year action plan has been rolled out to ensure 100% alignment by 2024 • Sustainability certifications of buildings |
• Energy intensity • Renewable electricity • EPC ratings • Operational carbon emissions • Embodied carbon for new developments • re-use of materials |
• Capex associated with refurbish ment, including improving energy efficiency, is integrated in the assets business plans |
| Access to capital | • Investors are increasingly discriminating between investment opportunities based on sustainability credentials, risking less availability and higher cost of capital for companies which do not show strong per formance and/or progress in this area |
• In order to assure our access to capital, Immobel has established a Green Financing Framework (GFF). The GFF sets out the criteria for allocating the proceeds of green finance instruments |
criteria set in Immobel's Green Financing Framework: • New acquisitions, construction of new buildings (mostly office and mixed-use developments) which have received or will be designed to receive any of the following classifications: *BREEAM, HQE or equivalent: minimum "Excellent" • For Assets which are not subject to an official classi fication standard (mostly residential projects), Eligible projects should achieve a high level of energy efficiency with a maximum Primary Energy Demand ("PED") of • For Belgium, Luxembourg, and Spain: 100 kWh/m2/year, • Germany: up to 75 kWh/m2/year, • France: 70 kWh/m2/year |
| Risks | Description | Link with corporate strategy | Key Risk Indicator | Financial planning |
|---|---|---|---|---|
| Customer behavior and stakeholder expectations (transition risk) |
• "Customers and other stakeholders expect buildings with sustainability credentials • Not keeping pace with social attitudes and customer behaviours and preferences could additionally cause reputational damage and reduce the attractiveness and value of our assets " |
In order to address climate change risks, we have set ambitious cli mate-related targets: • All new developments are fos sile-free and strive to a maximum to integrate renewable energy. All sites also include extensive landscape solutions thet reinforce biodiversity. Tenants are stimulated towards low-carbon mobility solutions • Specific targets have been set with regards to the carbon emissions. These climate-related targets will be validated by the Science-Based Targets • Each development aims to con tribute to the local economy or community as a whole by means of the creation of public spaces, public amenities" |
• "Capex associated with sustainability issues is integrated in the assets business plans" |
|
| Flood - precipitation - sea rise level (physical risk) |
• Increased insurance costs from growing flood risk • Increased maintenance and repair costs • Increased investment in drainage solutions and flood defences • Negative impact on asset valuation |
• All new investments (both acquisitions and developments) incorporate flood risk assessments • Measures taken to mitigate flood risk include rainwater recycling (such as rainwater harvesting systems for internal building use and landscaping) and biodiversity solutions |
• Measures incorporated into financial appraisals of acquisitions, refurbishments and developments |
|
| Extreme heat - increase in average temperature (physical risk) |
• Increased cooling demand |
• Adaptation techniques include solutions to prevent the Urban Heat island phenomenon, onsite renewable energy generation installed to manage additional cooling requirements, thermal modelling - orientation choices etc |
| Risks | Description | Link with corporate strategy | Key Risk Indicator | Financial planning |
|---|---|---|---|---|
| Environmental risk | ||||
| Land use: need to limit the artificalisation of soils and protect biodiversity |
• Define a roadmap with regards to land use by applying an acquisition policy aligned with the objectives regarding artificialisation of soil (intelligent urban sprawl taking into account the need for new housing and by increasing urban renovation projects), active policy of ontharding / perméabilisation / permeability. This implies a focus to build new residential project on brownfields (e.g. demolition & reconstruction, reuse of existing buildings) |
• Biodiversity Net Gain • Coefficient Biotope par surface |
||
| During construction sites, there is a risk of water and soil pollution linked to the presence of hydrocarbons, chemicals, etc. |
• Immobel strives towards 100% taxonomy alignment which included measures with regards to pollution prevention and control |
|||
| Social risk | ||||
| Risks related to working environment, corruption and human rights - risk that its counterparties may not fully comply with Immobel's ethical standards. |
• These risks can be found within the compa ny, but also among suppliers and partners working on assignments for Immobel. • This corporate responsibility risk can cause significant damage to Immobel's operations and brand" |
• Immobel will design a Third Party lifecycle process for the risk do mains in scope (Environment and Human Rights across the whole value chain) by conducting third party due diligence activities |
• Code of Conduct towards suppliers in integrated in contract |
| Risks | Description | Link with corporate strategy | Key Risk Indicator | Financial planning |
|---|---|---|---|---|
| Risk linked to the health, safety and well-being of the team. |
• Failure to identify, mitigate and/or react effectively to a major health, safety or security incident |
• Number of reportable health and safety incidents |
||
| War for talent | • By providing our teams with learning and development activities, we enable the Company to achieve its business targets, and the people to constantly grow professionally and to prepare for the future |
• Training and personal develop ment has a strategic role in the Company. We believe that learning and developing contributes to attracting new talents as well as retaining existing talents |
||
| Scarcity of resources and managing the production of waste |
• Managing resources and waste, either by limiting waste or reusing and recycling it, is a crucial issue. More than ever, circularity is a major challenge for our businesses |
• Immobel applies for future de velopments a strong preference for renovations and brownfield redevelopments |
| Opportunity | Description | Link with corporate strategy | Key Risk Indicator | Financial planning |
|---|---|---|---|---|
| Landscaping | ||||
| • The integration of nature-based solutions or a diversity of habitats in our developments |
||||
| Biodiversity | • Integrate biodiversity into all activities, using it as a driving force during the whole life cycle of a building or a development. Look for combined benefits; resilience, CO2 caption and biodiversity, linking site to the existing blue-green network • There is a clear business case for bio diversity. The ecosystem services provided increase property value and help safe energy, improve quality of life for users and inhabitants and increase social and mental well being • Carbon capture • Health and well-being • Increase permeable soil of our developments |
• Immobel demonstrates BNG on all its development projects • Local partnerships are concluded with biodiversity stakeholders/ reforestation projects • If Immobel constructs new build ings, it always ensures that there is at least a gain in biodiversity upon completion of the project as there was before the building was constructed. To ensure this, a tool that has been specially produced and adapted to Immobel's developments. Several different measures such as planting of flora and preservation of water courses were taken to ensure an increase in biodiversity |
• Biodiversity Net Gain |
• The landscaping cost is integrated in the CAPEX of the developments |
Immobel has set up a governance structure to manage and standardise the definition and rollout of its ESG strategy within the company.
The Board of Directors is to pursue sustainable value creation of the Company. To do so, they have a crucial role in overseeing the effective management of Corporate Social Responsibility in all its dimensions at the company. In particular, on the proposal of the Executive Committee, the Board of Directors examines and/or approves:
The Short Term Incentive Plan with targets related to the reduction of GHG emissions for the CEO and the members of the Executive Committee with strategic responsibilities;
The ESG report as part of the Annual Report;
• It supports the BoD on the review of the Disclosures, including the Half-Year Management Report and the Full Year Management Report (including the Consolidated Disclosure of Non-Financial information);
The Audit & Risk Committee is responsible for the monitoring of the Enterprise Risk Management and mitigation strategies, including ESG risks.
• It proposes to the BoD the general criteria for the variable remuneration of the CEO and members of the Executive Committee, which include specific objectives associated with the reduction of GHG emissions.
• The ESG knowledge is taken into consideration at each appointment. Specific attention is paid to ESG aspects at the level of the appointment.
Monitors the ESG sanity check (including climate risks) as part of Due Diligence.
The CEO, together with the ExCo is ultimately accountable for the effective management of Corporate Social Responsibility of the Company and is supported by:
| Responsibilities | Participants |
|---|---|
| Chair meeting and set the tone at the top | CEO (Chair) |
| Overall program management | |
| Reporting on implementation actions and KPIs | Head of ESG (acting as ESG Program Manager) |
| Monitor of and compliance with ESG regulation | Chief Legal Officer (CLO)* |
| Monitor and report on market trends and developments and share insights | |
| with thematic working groups | Head of ESG |
| Healthy Places: (Delegate) MDs and Chief Technical Officer | |
| Develop proposals, coordinate the integration of ESG aspects into core | Employees engagement: HR* |
| activities and drive implementation | Governance: CLO / Company Secretary* |
| Ensure operational projects are in line with the integrated strategy | Head of ESG - Continuous Improvement Manager |
* participation in function of topics on agenda
Goal: To allow regular in-depth conversations on all ESG topics and set the priorities for the overall ESG program and company-wide initiatives (including start-up of thematic working groups):
Possible topics: ESG strategy; refresh ESG policy; report 2022 implementation actions; define 2023 actions; ESG governance; CSRD update; expert sessions on specific topics.
Goal: Strengthen the knowledge with regard to specific ESG topics across the company and exchange best practices around specific topics.
All of Immobel's operations are encompassed by the sustainability initiatives, which are governed via Group-wide policies,
guidelines, short- and long-term measurable goals and detailed action plans. The aim of this work is to monitor, document, evaluate and improve Immobel's sustainability activities with strategic responsibilities;
| Users | Neighbourhoods | Environment | Lead by example (collaborators, stakeholders, industry) |
Social / community impact |
|
|---|---|---|---|---|---|
| Sustainability issues | • Healthy buildings |
• Promote low-carbon mobility • Support local com munities/economy • Affordability |
• Protecting, restoring and enhancing biodiversity and ecosystem services • Increase circularity • Reneweable energy • Responsable water use across construction • Climate change adaptation and resilience • Energy and carbon emissions • Sustainable and circular building materials • Certification and labeling of buildings • Climate risks |
• Employee training and engagement • Attractive workplace • Responsible purchasing |
• Good business ethics and anti corruption • Diversity and equal opportunity • Sustainable financing • Respect for human rights |
| Policy documents | • Net zero roadmap • Positive biodiversity roadmap |
• Diversity and Inclusion policy • Health and wellbeing policy • Good and ethical behavior code • Renumeration policy • HR manual • Sustainable procurement policy (2023) • Supplier code of conduct |
• Associative part nership code of conduct |
||
| Tools | • Health and well being checklist / WELL certificate • Quality of Life sur vey post-delivery |
• Perform neighbour hood diagnostic/ local economy diag nostic and organise a co-creation table (or a methodology for the analysis of regional/local issues) |
ESG-policy • CRREM Carbon Risk Real Estate Monitor (CRREM) as reference for carbon intensity • ESG Due Diligence checklist and carbon assess ment as part of a larger taxonomy assessment for new acquisitions • LifeCycle Analysis studies • Biodiversity Net Gain calculator • Inventory for re-use • (Madaster) material passport • Certification schemes • GRESB audit |
• Employees (health and well-being) survey • Immobel Academy (learning and development) • GRESB audit |
| Users | Neighbourhoods | Environment | Lead by example (collaborators, stakeholders, industry) |
Social / community impact |
|
|---|---|---|---|---|---|
| KPI's to measure performance |
• Distance to public transport • Number of bicycle parkings / number per type: regular, cargo, electric • Number of electrical charging stations • Public equipment (m²) or (semi -)public spaces • Number of projects with a temporary occupation program • part of social housing; part of residential offer for specific groups (sen iors, students etc.) |
• BNG (Biodiversity Net Gain), BAF (Biotope Area Factor), CES (Coefficient Emprise au Sol) • Embodied and operational carbon (kg CO 2/m²) • Primary Energy Demand (kWh/m²/y) • Total primary energy consumption from renewable source (kWh/m²/y) • Green roofs • Water buffer capacity • % of buiding preserved • Re-use inventory: indication of re -use options (downcycle - upcycle - re -use) indicated in weight • Number of developments with certifications scheme (score) |
• Gender parity on Boards • GRESB score |
||
| Special projects, initiatives, programs |
• Launch of Rez-de Ville programme to reinforce a local economy around our developments in the Brussels hypercenter • Launch a pilot by providing job opportunities for young people and unemployed in our development project • Participate in programs around alternative living forms • Collaboration with SLRB (BE) |
• Signature projects net-zero carbon • Launch a pilot development project per country targeting the BiodiverCity or a local label with a specific focus on biodiversity • Launch pilot project regarding re-use of drainage water (e.g. in Brussels via non -profit Open Source) for watering public green spaces • Development of a dynamic calculator that allows all executed LCA studies to be compared between each other leading to a Call For Tender for future LCA studies • Launch of pilot projects of LCA in residential market to set the baseline • Local partnerships with positive biodiversity stakeholders such as regenerative agriculture and reforestation (Reforest'Action) |
• Sustainability trainings and awareness sessions • Stakeholder dialogue initiatives (information sessions) • Immobel is founding partner of the ULI "C-change" decarbonisation program • Membership of Real Estate Balance (D&I) |
• Green Financing Framework |
ANNUAL REPORT 2022 ||137
In addition to complying with the applicable laws and regulations, Immobel sets itself high standards of corporate governance and continuously reassesses its methods based on acceptable principles, practices, and requirements. In this framework, the Company applies the Belgian Corporate Governance Code1 (the "2020 Code") as a reference code within the meaning of Article 3:6, §2, section 1 of the Belgian Code of Companies and Associations (the "CCA").
On 31 December 2022, the Board of Directors has stated that, to its knowledge, its corporate governance practice is compliant with the 2020 Code, except regarding the following and subject to changes:
Such deviation is explained by the fact that Marnix Galle has an extensive network and is considered as most fit to chair the Nomination Committee;
The Corporate Governance Charter describes in detail the structure of the Company's governance and its policies and procedures in matters of governance. This Charter can be consulted on the Company's website: www.immobelgroup.com.
In terms of diversity policy, Immobel's Board of Directors wishes to point out that it meets the criteria that at least one-third of the Members are of a different gender. More information on diversity is included under: III. Regulations and Procedures (see below).
This section of the Annual Financial Report contains information concerning the way Immobel put the principles of governance into practice during the past year.
1 The "2020 Code" was published in the Belgian Official Gazette on 17 May 2019 and is available on the website: www.corporategovernancecommittee.be.
In accordance with the articles 7:85 of the CCA, Immobel has opted for a one-tier governance model, whereby the board of directors holds all powers unless those reserved by law or the Articles of Association to the general meeting of shareholders.
In accordance with Immobel's articles of association and as further specified by the Corporate Governance Charter, the Company is administered by a Board of Directors of at least five Directors of which at least three independent Directors meet the criteria set out in provision Article 7:87 §1 of the CCA and Article 3.5 of the 2020 Code. The Directors are appointed for a maximum period of four years by the general meeting. They are re-electable.
The Board meets at least four times a year. This frequency enables, among other things, to review the half-yearly accounts in September, the annual accounts in March, as well as the budgets in December. Moreover, additional meetings may be organised at any time, with reasonable notice, whenever it is deemed necessary or advisable for its proper functioning.
In 2022, the Board met on six occasions. In addition to the items falling within its ordinary powers, it made decisions on the following key topics:
The Board was regularly informed on the activities of the Audit & Risk Committee, the Investment Committee, the Nomination Committee, the Remuneration Committee, and the Executive Committee.
On 31 December 2022, the Board consisted of seven Directors, specifically:
• one Executive Chair
• six non-executive Directors, including five independent Directors who meet the criteria of Article 7:78 §1 of the CCA and Article 3.5 of the 2020 Code, and one Director linked to a shareholder.
| Name Function |
Date first appointment |
End of term |
Professional address | Directorships in other listed companies |
|---|---|---|---|---|
| Marnix GALLE2 Executive Chair / CEO |
25/09/2014 | AGM 2026 | c/o the Company's registered office | None |
| Astrid DE LATHAUWER3 (Independent) Director |
26/08/2015 | AGM 2024 | c/o the Company's registered office | Etablissements Fr. Colruyt – Etablissementen Fr. Colruyt NV, listed on Euronext Brussels |
| Wolfgang de LIMBURG STIRUM4 (Independent) Director |
01/01/2019 | AGM 2024 | c/o Ergon Capital Advisors SA/NV, avenue Louise 326, 1050 Brussel |
None |
| Pierre NOTHOMB5 (Independent) Director |
25/09/2015 | AGM 2023 | c/o Deminor SA/NV Joseph Stevensstraat 7, 1000 Brussel |
None |
| Michèle SIOEN6 Director linked to a shareholder |
20/12/2018 | AGM 2025 | c/o Sioen Industries NV Fabriekstraat 23, 8850 Ardooie |
NV, D'Ieteren SA/NV and Sofina SA, all listed on Euronext Brussels |
| Annick VAN OVERSTRAETEN7 (Independent) Director |
28/09/2016 | AGM 2026 | c/o PQ Belgium SA/NV Havenlaan 6C, 1000 Brussel |
Financière de Tubize SA, listed on Euronext Brussels |
| Patrick ALBRAND8 (Independent) Director |
30/11/2021 | AGM 2024 | c/o the Company's registered office | None |
2 In carrying out the functions concerned in the present report, Marnix GALLE acts as the permanent representative of the company A³ Management SRL.
3 In carrying out the functions concerned in the present report, Astrid DE LATHAUWER acts as the permanent representative of the company ADL CommV.
4 In carrying out the functions concerned in the present report, Wolfgang de LIMBURG STIRUM acts as the permanent representative of the company LSIM SA.
5 In carrying out the functions concerned in the present report, Pierre NOTHOMB acts as the permanent representative of the company Pierre Nothomb SRL.
6 In carrying out the functions concerned in the present report, Michèle SIOEN acts as the permanent representative of the company M.J.S. Consulting SRL.
7 In carrying out the functions concerned in the present report, Annick VAN OVERSTRAETEN acts as the permanent representative of the company A.V.O. - Management SRL.
8 In carrying out the functions concerned in the present report, Patrick ALBRAND acts as the permanent representative of the company SKOANEZ SAS since 17 February 2022.
The target on gender diversity at the level of the board, to reach at least one-third of members of different sexes, has been met. At the end of 2022, the board of directors was composed of three women and four men, i.e. 42% exceeding the minimum criteria of at least one-third. More information on diversity is included under: III. Regulations and Procedures (see below).
Changes in the composition of the Board of Directors during 2022
The mandates of the following Directors expired at the end of the ordinary general meeting of 20 April 2022:
The same ordinary general meeting renewed the mandates of:
The ordinary general meeting decided to appoint Patrick Albrand following his co-optation at the end of the mandate of Karin Koks until 17 February 2022 and appointed the company SKOANEZ SAS, represented by the permanent representative Patrick Albrand, since 17 February 2022 until the ordinary general meeting of 2024.
A brief description of the professional background of each Director is included below.
The mandate of Pierre Nothomb expires at the Ordinary General Meeting of 20 April 2023. The proposal for renewal will be submitted to the Ordinary General Meeting of 20 April 2023. The curriculum vitae can be summarised as follows:
Marnix GALLE (59) began his professional career in 1987 at Cegos Belgium as a consultant, after having studied economics at Tulane University in New Orleans, Louisiana, USA. In 1989 he took his first steps in the real estate sector (family portfolio). His own company Allfin (°2001) became one of the leading real estate developers in Belgium. In 2014, Allfin took a 29% stake in Immobel, listed on the Brussels Stock Exchange since 1863. Following the merger between Allfin Group and Immobel in 2016, he became its Executive Chair.
Patrick ALBRAND (67) holds a Master of Architecture degree from the Paris Ecole des Beaux-Arts (1980) and a Master's degree in Real Estate Development from Columbia University (1988). He joined Hines in 1995 and was instrumental in the creation and supervision of its French subsidiary. He has been active in the overall development of Hines France, both in the Development and the Investment Management activities. Prior to working at Hines, he was the Director in charge of Development at Bouygues Real Estate in Paris (1989-1995), where he arranged joint ventures with outside developers and investors. He was a Senior Research Associate at Lawrence Berkeley Laboratory in Berkeley, California (1983-1987), and prior to that, worked for the Ministry of Interior of Morocco (1980-1982).
Astrid DE LATHAUWER (59) holds degrees in International Politics and Diplomatic Sciences (KU Leuven), a Bachelor in History of Art (RU Ghent) and completed an Executive MBA at Stanford, California. She brings over 30 years of international Human Resources experience. She started her career in marketing and moved to Human Resources very early in her career as the HR Manager for Eastern Europe with Monsanto. In 1990 she became the HR Leader for Central & Eastern Europe and subsequently the entire EMEA region for the Communications Services Division of AT&T. In 1994 she relocated to the US, first as the HR Director of the AT&T Microelectronics Division internationally, and subsequently as the Executive HR Director at HQ, managing the employment conditions of all Executives outside the US. In 2000 she returned to Belgium and became the CHRO and Member of the Executive Committee at Proximus until 2011, and later the HRVP and Member of the Executive Committee at Ontex until 2022.
Wolfgang de LIMBURG STIRUM (51) holds an MBA from the Booth School of Business at the University of Chicago (USA), a Bachelor's degree in Management Engineering and a Master's degree in Applied Economics and Management from the Louvain School of Management (Belgium). Over the past twenty years, he has built up a solid experience in finance and private equity in Europe and the United States, investing in a wide range of sectors, such as healthcare, specialty chemicals, industrial niche products, services, entertainment and media. He is a Managing Partner of Ergon Capital, a mid-market private
ANNUAL REPORT 2022 |141
equity fund with a portfolio of approximately EUR 2.5 billion, which he joined in 2005. Prior to that, he spent most of his career in investment banking (mergers and acquisitions) at Lehman Brothers in New York and London, where he became co-head of the European Healthcare M&A team. He is currently also a director of Haudecoeur, Telenco, Sausalitos, Opseo, SVT, Stationary Care Group, Dental Service Group and VPK Group.
Pierre NOTHOMB (60) has a Master in Applied Economic Sciences (UCL Louvain-la-Neuve). He joined Deminor 32 years ago at its foundation. He has several mandates as director of companies or associations including Sibelco, ULB Foundation, Build UP, the FIIS Kimbal, Imperbel-Derbigum, and Epsylon. He is also Chairman of the Deminor companies and member of the advisory committee of DIMFunds (with DegroofPetercam Manco). He is a member of the audit committee of Imperbel and of the psychiatric care network of La Ramée - Fond'Roy. In addition, he is a certified mediator in civil and commercial matters since 2022. Before joining Deminor in 1991, he worked as a senior auditor at Coopers & Lybrand (now PricewaterhouseCoopers), and subsequently as a financial consultant at Petercam Securities. He was also director of ForSettlement (Fortis), member of the audit committee of Sabam and CEO of the toy retailer Christiaensen International.
Michèle SIOEN (58) holds a Master's degree in Economics and has completed management programmes at Vlerick Business School, among others. She is the CEO of Sioen Industries, a multinational specialised in the production of technical textiles and professional protective clothing. She was Chair of the FEB between 2015 and 2017 and is now Honorary Chair. In addition to her daily involvement in Sioen Industries, she is also a director of various Belgian listed companies, including D'Ieteren and Sofina, as well as associations such as Fedustria and Vlerick Business School. Finally, she is closely involved in Art and Culture through her Chairship of KANAL and as a member of the Board of Directors of the Queen Elisabeth Music Chapel.
Annick VAN OVERSTRAETEN (57) holds a degree in Economic Sciences (KUL – 1987) and a Master's degree in Management (IAG-UCL – 1992). She began her career at Philips in 1987 as a project manager in the HR department. Between 1991 and 1999, she worked in the retail sector, in particular in the textile sector (New-D, Mayerline). She then worked as Commercial & Marketing Director at Confiserie Leonidas (1999-2004). From 2004 to 2009, she was the Operational Director of Quick Restaurants Belux NV. From 2010 until 2020, she occupied the position of CEO and Director of Lunch Garden Group. In 2020, she was appointed CEO at Le Pain Quotidien. She is an independent Director of Financière de Tubize SA/NV, as well as of Euro Shoe Group NV.
In accordance with the articles of association, the Board of Directors may establish one or more committees. In accordance with the articles of association, the Board of Directors has set-up the Audit and Risk Committee, the Nomination Committee, the Remuneration Committee and the Investment Committee to assist them.
In accordance with Article 4.3 of the 2020 Code, the Audit & Risk Committee (ARC) is composed of at least three members. All members are non-executive Directors and at least one meets the criteria of Article 7:78 §1 of the CCA and Article 3.5 of the 2020 Code.
The Board of Directors ensures that the Audit & Risk Committee has enough relevant expertise to fulfil its role effectively, notably in accounting and audit matters. All the members are competent in accounting and auditing matters.
The Chair of the Audit & Risk Committee is appointed by the Committee itself from its members. The Chair of the Audit & Risk Committee is different from the Chair of the Board of Directors.
As at 31 December 2022, the Audit & Risk Committee was composed as follows: Pierre NOTHOMB, Independent Director and Chair of the Audit & Risk Committee Patrick ALBRAND, Independent Director Wolfgang de LIMBURG STIRUM, Independent Director Michèle SIOEN, non-executive Director, linked to the shareholder.
The Members have the collective competence in the field of activity of Immobel and have particular accounting and audit skills.
The Executive Chair is not a member of the ARC but he is invited to attend the meetings. The Audit & Risk Committee assists the Board of Directors and the Executive Committee with the following duties:
• monitoring the statutory audit of the annual and consolidated accounts, including following up on any questions and recommendations made by the External Auditor;
The Audit & Risk Committee meets at least four times a year and whenever a meeting is deemed necessary, at request of its Chair.
In 2022, the Audit & Risk Committee met four times, at the request of its Chair. Amongst others, the following topics were discussed:
The Remuneration Committee is composed of non-executive directors of whom a majority should be independent in accordance with the requirements set out in Article 3.5 of the 2020 Code and Article 7:87 of the CCA.
The Remuneration Committee consists of only non-executive Directors, of which at least a majority must be independent Directors with an expertise in remuneration matters. A nonexecutive Director with particular knowledge in the field of the remuneration policy chairs the Remuneration Committee.
Astrid DE LATHAUWER, independent Director and Chair of the Remuneration Committee Pierre NOTHOMB, independent Director Annick VAN OVERSTRAETEN, independent Director.
The tasks of the Remuneration Committee consists of:
In 2022 the Remuneration Committee met three times, at the request of its Chair. The following main dossiers and topics were discussed:
o the preparation of the remuneration report.
The Nomination Committee consists of a majority of independent non-executive Directors in accordance with the requirements set out in Article 3.5 of the 2020 Code and Article 7:87 of the CCA.
The Chair of the Board chairs the Committee. The Chair can be involved but cannot chair the Nomination Committee when dealing with the appointment of his successor.
Marnix GALLE, Executive Chair and Chair of the Nomination Committee Astrid DE LATHAUWER, independent Director Annick VAN OVERSTRAETEN, independent Director.
The task of the Nomination Committee consists of:
• ensuring that sufficient and regular attention is paid to the succession of executives and that the appropriate talent development programmes and programmes to promote diversity in leadership are in place.
In 2022, the Nomination Committee met three times, at the request of its Chair. The following main topics were discussed:
The Investment Committee consists of at least four members, including the Executive Chair, who is also the Chair of the Investment Committee.
The Members of the Investment Committee are appointed by the Board of Directors for a maximum of four years.
Marnix GALLE, Executive Chair and Chair of the Investment Committee Patrick ALBRAND, independent Director Olivier THIEL9, Head of Development Belgium Thierry VANDEN HENDE, non-executive Director Piet VERCRUYSSE, non-executive Director.
9 acting as the permanent representative of the company SRL Queen-K.
Olivier BASTIN (Managing Director Immobel Luxembourg & Germany) was replaced by Olivier THIEL as member of the Investment Committee on 8 September 2022.
The Investment Committee is in charge of:
The Board of Directors has delegated to the Executive Committee the power to approve all decisions relating to the acquisition, development, syndication and divestment of assets, or in case of an asset developed in partnership or syndicated with a third party, the pro rata share of the Company therein, up to an estimated total investment cost of 70 MEUR per asset (which shall include the acquisition price and total development costs, such as construction costs, financing costs and fees payable to third parties).
The Board of Directors further has delegated to the Investment Committee the power to decide on and approve all acquisitions, development, syndication and divestments of assets, or in case of an asset developed in partnership or syndicated with a third party, the pro rata share of the Company therein, up to an estimated total investment cost of MEUR 200 per asset (which shall include the acquisition price and total development costs, such as construction costs, financing costs and fees payable to third parties).
The Chair of the respective Committees will inform the Board of Directors on the investment decisions so taken at the next Board of Directors' meeting.
In 2022 the Investment Committee met five times, at the request of its Chair. The following main topics were discussed:
The Executive Committee of the Company is composed of the Executive Chair and of the Members of the Executive Committee (as mentioned on the website of the Company).
Marnix GALLE, Executive Chair and Chair of the Executive Committee Olivier BASTIN, Managing Director Immobel Luxembourg Karel BREDA10, Chief Financial Officer Stephanie DE WILDE11, Chief Legal Officer Duncan OWEN, Managing Director of Immobel Capital Partners Adel YAHIA12, Managing Director Belgium, Members.
Duncan Ownen (Managing Directors of Immobel Capital Partners) has joined the Executive Committee on 1 January 2022. In addition, Stephanie De Wilde (Chief Legal Officer) has joined the Executive Committee on 8 September 2022. Fabien Acerbis (Managing Director Immobel France) has terminated his mission for the Company on 2 December 2022.
The Board of Directors defines the responsibilities of the Executive Committee. The Committee is primarily in charge of the following tasks:
10 In carrying out the functions concerned in the present report, Karel BREDA acts as the permanent representative of the company KB Financial Services SRL.
11 In carrying out the functions concerned in the present report, Stephanie DE WILDE acts as the permanent representative of the company Lady at Work SRL.
12 In carrying out the functions concerned in the present report, Adel YAHIA acts as the permanent representative of the company Adel Yahia Consult SRL.
In 2022 the Executive Committee met fourteen times, at the request of its Chair.
The "curriculum vitae" of the Members of the Executive Committee in function (except for Marnix GALLE already listed above) can be summarized as follows:
Olivier BASTIN (52) began his career in the banking sector (BACOB, 1994-1995) before joining the real estate department at Intermarché, where he contributed to the expansion of the brand in Wallonia (1995-1996). In 1997, he joined Jones Lang LaSalle, where he became the department head of the Office Department for Belgium (1997-2005) before becoming Managing Director of the group's Luxembourg branch (2005-2011). In 2010, he combined this position with that of Head of Capital Markets for the Belux. He left JLL at the end of 2011 to join Allfin Group as CEO of the Luxembourg entity. Since 2018, he is also in charge of the German market. Olivier has a degree in Applied Economics (ULG, 1988-1992) and an MBA (ULG & Maastricht University, 1993-1994).
Karel BREDA (47). After studying Applied Economics at the KU Leuven and obtaining an MBA from the University of Chicago, Booth School of Business, Karel began his professional career in 1999 by developing a number of internet start-ups in Europe. In 2002, he joined GDF Suez (now Engie), where he held various managerial positions in M&A and Project Finance in Europe, South Asia, the Middle East and Africa. In 2011, he was promoted to Chief Financial Officer for the South Asia, Middle East and Africa region based in Dubai and in 2014 for Engie E&P in the Netherlands. Prior to joining Immobel on 1 August 2018, Karel was Managing Director Middle East, South and Central Asia and Turkey for Engie Solar based in Dubai and India.
Stephanie DE WILDE (40), holds a Master in Law from Ghent University, a Master after Master in Company Law (UGent) and a Master in Real Estate (KU Leuven). She started her professional career as an attorney for Corporate and M&A and gained experience at several law firms, including Monard Law and EY LAW, and in-house experience as Corporate Legal Counsel at Lotus Bakeries. In 2016, Stephanie joined Immobel Group as Senior Legal Counsel and later Head of Legal (2020) before being promoted as Chief Legal Officer and Compliance Officer in 2022.
Duncan OWEN (55) has a long history of building real-estate investment management businesses and delivering investment performance for multiple stakeholders through a number of economic cycles. With a career spanning more than 30 years, he has an in-depth knowledge of European real-estate markets and a strong track record in core+ and valueadd investment, development, asset management, refurbishment, and portfolio restructuring. He served as Global Head of Real Estate at Schroders for nine years and subsequently, in 2021, as Special Advisor. Prior to Schroders, he was the CEO of Invista Real Estate PLC which he founded and listed on the London Stock Exchange.
Adel YAHIA (44) joined Immobel in December 2017 as Chief Operating Officer responsible for the Development, Technical, Sales and Landbanking departments. Prior to that, he worked at AG Real Estate as head of the Residential department and co-Head of Development. Between 2010 and 2015, he was responsible for various business units at Matexi. He started his career in 2004 as a real estate developer and also worked in real estate investment banking. After studying law at the KU Leuven and holding a Master's degree in General Management (MGM) from Vlerick Business School, he graduated in 2006 with a Master's degree in Real Estate (postgraduate programme in Real Estate Studies) at the KU Leuven. In 2014, he completed the "Executive Program in Real Estate" training at Solvay Business School (ULB). He is a lecturer at KU Leuven, Solvay Business School and at Saint-Louis in different real estate related programmes.
The Acquisition Committee of the Company is composed of the Executive Chair and of the Members of the Acquisition Committee (as mentioned on the website of the Company).
The Board of Directors defines the responsibilities of the Acquisition Committee and oversees following tasks:
In 2022 the Acquisition Committee met fourteen times, at the request of its Chair.
.
The Executive Committee has established Teams in each country that assist it in the practical implementation of the executive powers (the "Management Teams"). Their creation has been approved by the Board of Directors. The Executive Committee determines the assignment of the Management Teams, their composition, and their responsibilities.
These Management Teams are accountable for the exercise of their powers vis-à-vis the Executive Committee.
13 Abbreviation of "Committee of Sponsoring Organizations of the Treadway Commission".
The Belgian legislative framework for internal controls and risk management consists of the Law of 17 December 2008 (in application of the European Directive 2006/43 concerning corporate financial control), the Belgian 2020 Code and Law of 6 April 2010 (Corporate Governance Law).
The IFRS 7 likewise defines additional requirements in regard to management of risks related to financial instruments.
Nevertheless, the current Belgian legislative and normative frameworks specify neither the model of internal control to which the companies for which it is intended should conform, nor the modalities for implementing it (level of detail required).
Immobel uses a system of risk management and internal control that was drawn up internally based on the "COSO13" model of internal control. The COSO methodology is organised around five elements:
The element "internal control environment" focuses on the following components:
Immobel is the largest listed real estate developer in Belgium. The Group, which dates back to 1863, creates high-quality, future-proof urban environments with a positive impact on the way people live, work and play, and specialises in mixed real estate. With a market capitalisation of about EUR 450 million14 and a portfolio of more than 1,500,000 m2 of project development in seven countries (Belgium, Grand Duchy of Luxembourg, Poland, France, Spain, Germany and the United Kingdom), Immobel occupies a leading position in the European real estate landscape. The group strives for sustainability in urban development. Furthermore, it uses part of its profits to support good causes in the areas of health, culture
14 On 31 December 2022.
and social inclusion. More than 200 people work at Immobel. For more information, please visit www.immobelgroup.com
Immobel has a Board of Directors, an Investment Committee, an Audit & Risk Committee, a Remuneration Committee, a Nomination Committee, an Executive Committee and an Acquisition Committee.
Responsibility for Immobel's strategy and for the oversight of its activities belongs primarily to the Board of Directors. The main responsibilities of the different Committees have been mentioned above (cfr. Decision-making bodies).
Immobel takes a prudent attitude in managing its portfolio of diversified projects that create long-term value through its lines of activity.
Immobel has a Good Behaviour Code that describes the principles of ethics and integrity that apply to each of the Directors and the Members of the Executive Committee as well as all the employees and external collaborators. This Code deals with aspects of conflicts of interest, professional secrecy, corruption, and misuse of corporate funds and even business gifts. Immobel also has a Dealing and Disclosure Code, the main purpose of which is to ensure that Persons Discharging Managerial Responsibilities do not misuse or place themselves under suspicion of misusing certain price-sensitive information, ("Inside Information" as defined in the Dealing and Disclosure Code). Certain obligations are also imposed on persons closely associated with them (such as certain of their relatives or entities controlled by them). Compliance with these Codes is monitored by the Compliance Officer.
See also point C. "Control Activities", below.
evaluation based on the achievement of realistic and measurable goals makes it possible to ensure the competence of Immobel staff.
Immobel regularly carries out risk identification and evaluation exercises. They are mapped out and formal action plans are drawn up to deal with those risks for which the level of control is deemed to be inadequate. The Audit & Risk Committee monitors the implementation of these action plans.
The principal risks to which Immobel is exposed are set out in detail in section I.B.C of the Management Report.
The control activities correspond to the regulations and procedures used to deal with the principal risks identified. The the main regulations and procedures established within Immobel that we would like to mention are as follows:
developed in partnership or syndicated with a third party, the pro rata share of the Company therein, up to an estimated total investment cost of 70 MEUR per asset (which shall include the acquisition price and total development costs, such as construction costs, financing costs and fees payable to third parties) without prior consent of the Investment Committee or the Board of Directors. Furthermore, the Investment Committee can, at its discretion, mandate the Executive Committee to approve all decisions relating to the acquisition, development, syndication and divestment of assets, or in case of an asset developed in partnership or syndicated with a third party, the pro rata share of the Company therein, up to an estimated total investment cost of MEUR 200 per asset (which shall include the acquisition price and total development costs, such as construction costs, financing costs and fees payable to third parties), without prior consent of the Board of Directors.
The Audit & Risk Committee is responsible for supervising internal control. The internal audit function does not currently exist within the Company and will be created in function of the future needs.
To regularly evaluate the control environment, the Audit & Risk Committee entrusts the auditor with certain specific missions involving more thorough examination of internal control, consisting of testing the existing controls and identifying possible weaknesses. The Audit & Risk Committee ensures that the recommendations are implemented if the need arises.
A. Transactions and other contractual relationships between the Company, including associated companies, with the Directors, the Members of the Executive Committee, and the other staff
During the financial year 2022, there were no transactions between Immobel (associated companies included) and a Member of its Management Team and no transactions between Immobel and its Directors, its Members of the Executive Committee, or its other Staff Members.
Under the new provisions of the said Act, Immobel specifies that the diversity policy applied in all company bodies goes beyond gender. Age and skills are also considered.
Immobel's Corporate Governance Charter states that the composition of its Board of Directors guarantees decision-making in the interest of the company. To this end, the Board of Directors is attentive to gender diversity and diversity in general, as well as complementarity of skills, experiences, and knowledge. The provisions of article 7:86 of the Belgian Companies & Associations Code relating to gender diversity are respected in this regard.
Currently the Board of Directors is composed of seven Members. Following its adherence to the Corporate Governance principles contained in the Belgian Corporate Governance Code 2020, and more particularly provisions 3.1 and 3.3 of the said Code, the Board of Directors believes that this number is sufficiently small to allow for effective decision-making and sufficiently broad to ensure that its Members bring experience and knowledge in different areas and that changes in its composition are managed without disruption. Indeed, the Board of Directors shares the European Commission's view that diversity feeds debate, promotes vigilance, and raises the stakes within the Board. The quality of decisions is improved.
Following the diversity policy in force at Immobel during the year under review, the breakdown of the composition of the Board of Directors is as follows (as at 31 December 2022):
Immobel recognises its talented and diverse workforce as a key competitive advantage in the Real Estate business. Being successful as a company requires the quality and skills of all the employees and collaborators.
Immobel recognises that everyone brings their own experience and capabilities in their field of expertise. This diversity is a key element in being successful at all levels of the company. Diversity is recognised within Immobel as a business interest, leading to better overall performance and to high-quality products, services, and business decisions.
Immobel strives to create a supportive environment where everyone can realise their full potential within Immobel, regardless of their differences. Immobel strives to employ the best employees and collaborators in their field of expertise to do the best job possible.
Immobel values the importance of reflecting the diversity of our customers and markets in its workforce. This diversity encompasses differences in gender, language, ethnicity, age, sexual orientation, religion, socio-economic status, experience, and education.
Immobel gives equal opportunities to individuals, regardless of their background, in its recruitment, retention and talent management in general. The diversity of the teams in all its aspects is a source of innovation, growth, and prosperity.
Immobel commits to:
Immobel considers the development of its staff as a priority. It ensures the motivation and involvement of its staff and ensures that they always have the skills required for the success of their assignments.
In other words, Immobel's HR ambition reflects its promises: improving and developing the Group's human capital, rich in diversity, through an open and innovative human resources policy and thus creating opportunities for everyone and building the future for its staff and customers.
Following this diversity policy that Immobel implemented, the breakdown of the Immobel operational teams, in the seven countries, (as at 31 December 2022) is presented in the ESG Report:
As part of its diversity policy, Immobel promotes diversity at all levels (operational teams, members of the Management Teams, Members of the Executive Committee & Directors).
The Dealing and Disclosure Code intends to ensure that Directors, senior executives and other staff of Immobel and affiliated entities do not misuse information which they may have about Immobel and which is not available to other investors.
These rules have been supplemented by an internal note summarising the main legal obligations in this matter, particularly considering the new Regulation on Market Abuse as entered into force on 3 July 2016, with a view to increasing an awareness of their obligations in those concerned.
The Compliance Officer is entrusted with ensuring compliance with said rules to reduce the risk of abuse of the market by insider trading. The Compliance Officer keeps lists of people who have or are liable to have privileged information and who have access to, may have access to or cannot reasonably be unaware of the privileged nature of this information.
These rules provide, among others, in:
notify Immobel of such relevant transactions promptly and no later than two working days from the date of the transaction;
• The obligation for Persons exercising managerial responsibilities to ensure that their investment managers, persons who organise or carry out business transactions on their behalf or any other person who organises or carries out transactions on their behalf do not trade during the Closed Periods or the Prohibited Periods, including when the investment managers are authorised financial intermediaries acting under a fully discretionary investment management mandate.
During the past financial year, the role of Compliance Officer at Immobel was carried out by Joëlle Micha15 until 8 June 2022 and afterwards by Stephanie De Wilde16.
During the year, Immobel observed that there is a need to strengthen the awareness and procedures in regard to the Dealing and Disclosure Code among Directors and Senior Executives. In this regard, Immobel has implemented a new tool to ensure compliance with the European Market Abuse Regulation (MAR) in Q4. In addition, a Compliance Update is planned during H1 2023 to further strengthen the awareness of the Directors, senior management and other concerned staff of Immobel on their obligations.
The Board of Directors of Immobel assesses that, except those disclosed in the Note 32 to the Consolidated Financial Statements "Main contingent assets and liabilities", no governmental, legal or arbitration proceeding exists that reasonably may have, or have had in the recent past, significant effects on the financial position or profitability of the Company.
15 Permanent representative of the company JOMI BV. 16 Permanent representative of the company Lady at Work BV.
Based on the transparency declarations or based on the information received from the shareholder by Immobel, the following shareholders are the most important:
| Shareholder | Voting rights | % of the gross number of shares17 |
|---|---|---|
| A³ Capital NV (and a related company)18 having its registered seat at 1020 Brussel, Abelenlaan 2 |
5,898,644 | 59.00% |
| Immobel SA/NV (own shares / Treasury shares) having its registered seat at 1000 Brussel, Anspachlaan 1 |
25.434 | 0.25 % |
There are no special voting rights and, to the extent known by the Company, no shareholder agreements. Further to a decision of the Board of Directors, the dividend rights of the treasury shares kept by Immobel are suspended. In application of the Belgian Companies and Associations Code, these shares have no voting rights.
During the General Meeting of 28 May 2020, the Shareholders have authorised the Board of Directors:
• to increase the Company's capital by a maximum amount of 97,000,000 EUR, in one or more occasions, dates and manner to be determined by the Board of Directors, and for a term of five years from the publication of this authorisation in the Belgian Official Gazette.
The Company may acquire or take as security its own shares under the conditions determined by the law. The Board of Directors is authorised to sell, on the stock exchange or outside, at the conditions it determines, without prior authorisation of the General Meeting, in accordance with the law.
This authorisation also applies to the acquisition of shares of the Company by a direct subsidiary according to article 7:221 of the Belgian Companies and Associations Code. subsidiary according to
The Board of Directors has full powers to cancel the shares acquired by the company in this way, to have the cancellation certified by notarial act and to amend and coordinate the Articles of Association to bring them into line with the decisions taken.
The rules governing the appointment and replacement of Directors and the amendment of the Articles of Association shall be those provided by the Belgian Companies and Associations Code, as well as by the Corporate Governance Charter of Immobel.
The terms of change of control contained in credit agreements with financial institutions were approved by the General Meeting of 28 May 2020, pursuant to article 7:151 of the Belgian Companies & Associations Code.
17 A gross number of 9,997,356 shares were issued.
18 Companies controlled by Marnix GALLE.
The auditor of Immobel NV, KPMG Réviseurs d'Entreprises SRL, represented by Filip De Bock, has been appointed as Statutory Auditor for a period of 3 years. The mandate will expire after the Annual General Shareholders' Meeting of 2024.
Audit fees of KPMG Réviseurs d'Entreprises SRL charged to Immobel SA for the audit of the statutory and consolidated accounts amounted to 114 KEUR (excluding VAT). The fee for the audit of the statutory accounts of subsidiaries amounted to 187 KEUR (excluding VAT).
Total fees charged by the Statutory Auditor and his network in 2022 in the exercise of the mandate on Group level amounted to 540 KEUR (excluding VAT). In addition, the Statutory Auditor charged 118 KEUR for audit related services.
BNP Paribas Fortis Bank is the Central Paying Agent of Immobel for an indefinite period. The remuneration of the commission amounts up to 0.20% of the net amount (VAT excluded) of the coupon and of the income securities presented in a securities account.
Agreed during the Board of Directors of 9 March 2023.
PIERRE NOTHOMB SRL represented by Pierre Nothomb Director
A³ MANAGEMENT BV represented by Marnix Galle Executive Chair of the Board
ANNUAL REPORT 2022 ||156
Ladies and Gentlemen,
We have great pleasure in presenting our Remuneration Report for the year under review.
This report provides a complete overview of the different components of the remuneration and other benefits granted or due during 2022 to the Directors, the Executive Chair / CEO and the other Members of the Executive Committee.
The remuneration report complies with the provisions of Article 3:6 §3 of the Code of Companies and Associations (CCA) and the 2020 corporate governance code and the Company's remuneration policy.
No deviation or derogation has been done from the current Remuneration Policy as approved by the Annual Shareholders' Meeting of the Company held on 21 April 2022.
During 2022 the following changes occurred among the Directors and the Members of the Exececutive Committee:
On 1 January 2022, Duncan Owen started as Managing Director of Immobel Capital Partners and Member of the Executive Committee.
On 8 September 2022 Stephanie De Wilde1 (Head of Legal of Immobel Belgium) was promoted as Chief Legal Officer and appointed as Member of the Executive Committee.
Finally, the Board of Directors has launched a compensation benchmarking for all Members of the Executive Committee which will have an impact on the remuneration in 2023.
The individual sums of remuneration granted or due to all the Directors for 2022 are shown in the table below. All the amounts shown are, where appropriate, gross, i.e. before the deduction of tax.
It is reminded that the Board of Directors, on proposal of the Remuneration Committee, decided on December 10th 2020 that each Director is requested to purchase Immobel shares for a minimum of 20,000 EUR before the AGM to be held in April 2022 being the fix annual remuneration for the year 2022 for each of them and to keep the shares at least 3 years after acquisition and until 1 year after the ending of the mandate.
Pursuant to Provision 7.5 of the Belgian Corporate Governance Code 2020, non-executive Directors do not receive any performance-related remuneration, that is directly related to the results of the Company.
1 In carrying out the functions concerned in the present report, Stephanie De Wilde acts as the permanent representative of the company Lady at Work bv.
| Immobel at a glance | ||
|---|---|---|
| Name Director, | Fixed remuneration in EUR | Variable remuneration in EUR |
Extraor-dinary items2 |
Pension expense | Total remuner ation in EUR3 |
Proportion fixed/ variable remuner-ation |
|||
|---|---|---|---|---|---|---|---|---|---|
| Position | |||||||||
| Base salary | Attend-ance Fees | Fringe benefits |
One-year variable |
Multi-year variable |
|||||
| Patrick ALBRAND3 | 2,575 | 2,100 | N/A | N/A | N/A | N/A | N/A | 4,675 | 100% |
| SKOANEZ SAS represented by Patrick ALBRAND4 |
17,425 | 26,250 | N/A | N/A | N/A | N/A | N/A | 43.675 | 100% |
| ADL Comm.V represented by Astrid DE LATHAUWER |
20,000 | 18,300 | N/A | N/A | N/A | N/A | N/A | 38,300 | 100% |
| Pierre Nothomb SRL, represented by Pierre NOTHOMB |
20,000 | 30,150 | N/A | N/A | N/A | N/A | N/A | 50,150 | 100% |
| M.J.S. Consulting BV represented by Michèle SIOEN |
20,000 | 19,950 | N/A | N/A | N/A | N/A | N/A | 39,950 | 100% |
| LSIM SA represented by Wolfgang de LIMBURG STIRUM |
20,000 | 19.950 | N/A | N/A | N/A | N/A | N/A | 39.950 | 100% |
| A.V.O.- Management SRL represented by Annick VAN OVERSTRAETEN |
20,000 | 18,900 | N/A | N/A | N/A | N/A | N/A | 38,900 | 100% |
| Total Directors | 120,000 | 135,600 | 255,600 |
2 Such as the cost or value of insurance and other benefits in kind, with an explanation of the details of the main components.
3 This includes benefits that were granted / awarded / due (but not materialised) during the reported FY.
3 Up to 17 February, 2022. 4 As from 17 February 2022.
In 2022, the Company has applied the principles of the Remuneration Policy for the Members of the Executive Committee as described in Annexe 2 of the Corporate Governance Charter. The Board of Directors approves the appointment propositions of the Executive Committee, upon proposal by the Nomination Committee, and decides on their remuneration, based on the recommendations of the Remuneration Committee.
As already mentioned above, Duncan Owen joined Immbel as Managing Director Of Immobel Capital Partners and became a Member of the Executive Committee on 1 January 2022. Stephanie De Wilde4 was appointed Chief Legal Officer and became a member of the Executive Committee on 8 September 2022. Until then she was remunerated in her capacity as Head of Legal Immobel Belgium. Since her appointment she has been remunerated in accordance with the remuneration policy and this remuneration is included in the remuneration report.
Fabien Acerbis (Managing Director of Immobel France) has terminated his mission for the Company on 2 December 2022.
No other changes were done in the composition of the Executive Committee.
In line with the Remuneration Policy applicable in 2022, the remuneration package of the Executive Chair and the Members of the Executive Committee consist of 3 elements: 1° a fixed remuneration, 2° a Short Term Incentive Plan, and 3° a Long Term Incentive Plan, unless contractually otherwise agreed.
The 2022 remuneration paid to the Executive Chair / CEO is as follows:
the quantitative amount obtained on the STI will be put at 0. In 2022, short-term variable remuneration granted to the Executive Chair/CEO amounts to 120,667 EUR;
• A LTI "Performance Share plan" up to 50% of the base salary, as described hereunder.
The fixed remuneration of the other Members of the Executive Committee at December 31st, 2022, together with quantitative and qualitative criteria of their variable Short Term Incentive (STI) and the criteria and targets of the Long Term Incentive (LTI) for some of the Members are decided by the Board of Directors, on recommendation of the Remuneration Committee, and upon proposal of the Executive Chair of the Board / CEO.
On this basis, the Board of Directors, during its session on 9 March 2023, and on recommendation of the Remuneration Committee, decided to award the CEO and the other Members of the Executive Committee the variable remuneration for 2022 as set out in the table below.
4 In carrying out the functions concerned in the present report, Stephanie De Wilde acts as the permanent representative of the company Lady at Work bv.
| Name Member Executive Committee, position |
Fixed remuneration in EUR | Variable remuneration in EUR |
Extraordinary items | Pension expense |
Total remuneration in EUR5 |
Proportion fixed/ variable remuneration |
|||
|---|---|---|---|---|---|---|---|---|---|
| Base salary | Attend-ance Fees |
Fringe benefits | One-year variable6 |
Multi-year variable7 |
|||||
| A3 Management, represented by Marnix Galle |
1,200,000 | N/A | N/A | 120,667 | 0 | N/A | 1,320,667 | 994% | |
| Executive Chair of the Board | |||||||||
| Total of all other Members of the Executive Committee8 |
2,529,442 | N/A | N/A | 1,364.345 | 1,500,497 | N/A | 5,394,284 | 88% | |
| Total | 3,729,442 | 1,485.012 | 1,500,497 | 6,714,951 |
performance period as indicated also in the table related to « share awards ». The amount of the share based remuneration is equal to the sum of the amount reported in the table « share-based remuneration » as indicated below.
5 This includes the remunation and benefits that were granted / awarded / due during the reported FY. 6 The « one-year varbiable » includes the Short-Term Incentive (STI) and the Long-Term Incentive (LTI) that were granted, awarded or due in the given reporting year and linked to the performance of the reported year.
7 The « multi-year variable » includes (i) the Long-Term Incentive (LTI) that is granted, awarded or due in the reported year and linked to the performance of the previous years and (ii) the performance shares (PSP) that are vested at the end of the
8 For the new Members and Members that left the Company the remuneration during their effective mandate as Member of the Executive Committee is taken into account.
The Board of Directors, at its meeting of 10 March 2022, on recommendation of the Remuneration Committee, has granted a total of 5.878 performance shares to the CEO and the other Members of the Executive Committee as part of the variable remuneration for 2022
under the Performance Share Plan 2020-2022. In addition the Board of Directors, at its meeting of 9 March 2023, on recommendation of the Remuneration Committee has granted 4.010 performance shares as part of the variable remuneration linked to the 2022 performance.
The tables hereafter detail the performance shares granted and vested to the Executive Chair / CEO and the other members of the Executive Committee since 2020.
| Name | Main conditions of the Performance Share Plan | Information regarding the reported FY | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Director, position |
Opening balance |
During the year | Closing balance | ||||||||
| Specification plan | mance Perfor period |
ward date Grant/ a |
Vesting date | End of holding period |
Shares granted/ beginning of the warded at the period a |
Shares vested | Shares granted | Shares subject to mance condition a perfor |
warded and vested at granted/a year end Shares |
Shares subject to a holding period |
|
| 01/01/2020 - 31/12/2022 |
10/12/2020 | 20/04/2023 | n/a | 2,424 | - | - | - | 0 | n/a | ||
| A³ MANAGEMENT bv Executive Chair / CEO |
PSP 2020 – 2022 |
01/01/2021 - 31/12/2023 |
04/03/2021 | 18/04/2024 | n/a | 2,352 | - | - | 2,352 | - | n/a |
| 01/01/2022 - 31/12/2024 |
10/03/2022 | 17/04/2025 | n/a | 5,405 | - | - | 5,405 | - | n/a | ||
| 10,181 | - | - | 7,758 | 0 | n/a |
| Name Executive, position |
Information regarding the reported FY | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance |
During the year | Closing balance | |||||||||
| Specification plan |
mance Perfor period |
ward Grant/ a date |
Vesting date | End of holding period |
Shares granted/ beginning of the warded at the period a |
Shares vested | Shares granted | Shares subject to mance condition a perfor |
warded and vested at granted/a year end Shares |
Shares subject to a holding period |
|
| KB FINANCIAL |
01/01/2020- 31/12/2022 |
10/12/2020 | 20/04/2023 | n/a | 489 | - | - | - | 0 | n/a | |
| SERVICES BV | PSP 2020 – 2022 |
01/01/2021- 31/12/2023 |
04/03/2021 | 18/04/2024 | n/a | 514 | - | - | 514 | - | n/a |
| Executive (CFO) | 01/01/2022- 31/12/2024 |
10/03/2022 | 17/04/2025 | n/a | 473 | - | - | 473 | - | n/a | |
| Adel Yahia Consult BV Executive (MD Belgium) |
LTI 2019 | 728 | - | - | - | - | 728 | ||||
| LTI 2021 | 925 | 925 | |||||||||
| 925 | 925 | ||||||||||
| LTI 2022 | 2,005 | 2,005 | |||||||||
| 2,005 | 2,005 | ||||||||||
| Olivier Bastin |
80 | 80 | |||||||||
| Executive (MD Luxembourg) |
LTI 2021 | 80 | 80 | ||||||||
| 8,224 | - | - | 987 | 0 | 6,748 |
The Performance Share Plan 2020 – 2022 was approved by the Shareholders at the General Meetings held on May 28th, 2020. Pursuant the « Performance Share Plan 2020 – 2022 » some Members of the Executive Committee can be granted yearly, under certain conditions, Performance Shares. These "Performance Shares" will vest definitively after a period of three full calendar years, if they meet the predefined performance targets based on the average Return on Equity over three years and the average Return On Capital Employed (ROCE) over three years.
| <= Threshold ϭϳϱй |
3Y Average ROE <=10% 3Y Average ROE => 15% |
0% 100% |
|---|---|---|
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dZ'd d,Z^,K> |
Ϯϱй |
| Ϭй ϭϬй ϭϱй ϮϬй Performance Zone… |
For 2022, the lower treshold for 3Y Average ROE is defined by the Board of Directors at 10%, while the upper threshold is 15%.
For 3 Year Average ROCE, the lower threshold is defined by the Board of Directors at 7%, while the upper threshold is set at 8%.
There will be an allotment of Performance Shares in each of the years 2020 to 2022 and the total number of Performance Shares, and the total number of Performance Shares to be offered will be determined each year by the Board of Directors upon proposal of the Remuneration Committee.
In the framework of this Plan, for the 2022 allocation a total of 5,878 shares have been granted, subject to the achievement of the 100 % performance objectives, split-off as follows:
Executive Chair : 5,405 Performance Shares.
Chief Financial Officer : 473 Performance Shares.
The main rules of this Performance Share Plan are listed below:
The "Performance Shares" granted by the aforementioned plans are offered free of charge to the beneficiaries, and entitle the same rights as the existing shares. The Board of Directors annually sets the objectives, in accordance with the Company's strategy and the Remuneration Policy of the Company.
The exact degree to which the Performance Shares for the two plans will be definitively acquired, will depend on the level of performance of the objectives achieved:
• no definitive acquisition when the performance is below or equal to the defined minimum threshold;
Upon the final vesting, the beneficiaries will not receive the dividend value of the last three years to which the acquired Performance Shares relate.
As mentioned above, the Members of the Executive Committee, exercising a role of Managing Director of a country, can benefit from a Long Term Incentive Plan (LTI), based on the outperformance of the business unit. This LTI is for 5% allocated in shares. These shares will be vested in year 4 and year 5 following the grant allocation.
There is no specific right to reclaim the variable remuneration awarded based on incorrect financial information, except in the above-mentioned Performance Share Plan which contains a Claw Back Clause. The Board of Directors has decided that the variable remuneration ("Short Term Incentive") will be paid to the Members of the Executive Committee/ Executive Director after the Board of Directors of March 9th, 2023 which draws up the Annual Accounts as at December 31st, 2022, subject to final approval by the Shareholders' Meeting of 20 April 2023.
Pursuant to Provision 7.8 of the Belgian Corporate Governance Code 2020, the variable part of the executive remuneration package is structured to link reward to overall corporate and individual performance, and to align the interests of the Members of the Executive Committee with the sustainable value-creation objectives of Immobel. Therefore the Remuneration of the Members of the Executive Committee (Executive Chair included, as detailed above) is divided into a fixed part, a variable part STI ("Short Term Incentive") and, for some of them, a variable part LTI ("Long Term Incentive").
The variable part STI includes:
As decided by the Board of Directors, upon proposal of the Remuneration Committee, the Members of the Executive Committee, exercising a Group function, benefit from a weighted remuneration, at 80 % for quantitative aspects, and at 20 % for qualitative aspects, compared to total variable remuneration. The Managing Directors benefit from a weight 50 % - 50 %.
Regarding the variable part Long Term Incentive (LTI), a differentiation needs to be made between, on the one hand the Immobel Performance Share Plans (2020 - 2022) and on the other hand a specific Long Term Incentive Plan for some other Members.
The Performance Share Plan gives to some Members of the Executive Committee an incentive in case targets are met on ROE and ROCE (Plan 2020 - 2022).
The 2nd LTI Plan, which incentivizes more specifically outperformance of the Managing Directors on country level, is based on outperformance of the ROE on country level and calculated in function of excess Net profit (above ROE level of 15%). In this LTI-Plan, a part of the amount is vested and paid out in cash (95% over 3 years), while the remaining 5% is allocated in shares and vested in year 4 and year 5 following the grant allocation.
The Members of the Executive Committee exercising a function at Group level received shares in the framework of the PSP 2020 - 2022 Plan, according to a certain % depending on their remuneration (50% for the Executive Chair/CEO and 10% for the other Members holding a function at Group level).The Board of Directors has decided that the variable
remunerations "Short Term Incentive" will be paid to the Members of the Executive Committee after the Board of Directors of March 2023 establishing the Annual Accounts per December 31st, 2022, subject to final approval by the General Meeting of 20 April 2023.
Based on the global performance of the Company during 2022 and on the realization of the individual targets of the Members of the Executive Committee between January 1st and December 31st, 2022, the variable part of the global remuneration (qualitative and quantitative) paid for 2022, represents 113,26% of the basic remuneration for the Members of the Executive Committee (with exclusion of the one of the Executive Chair / CEO, detailed below). The variable part include on the one hand the contractually agreed STI amount, the LTI amount for some members and the amounts due in the context of the Performance Share Plans (the vested shares).
The period of notice or compensatory severance payment due by Immobel in case of termination of contracts with the Members of the Executive Committee / Executive Directors, under a self-employed status, active within Immobel is 3 months. Exceptions can only be granted, after validation by the Board of Directors, on proposal of the Remuneration Committee.
For those exercising their function under an employee status, the legal notice periods and modalities are applicable.
For your information, the foreseen periods of notice for the Members of the Executive Committee are:
No severance payments were paid to any Member of the Executive Committee during 2022.
For 2022, the performance of the CEO and the other Members of the Executive Committee were appraised on the basis of the following criteria.
| Name Director, | Description of the performance criteria and type of applicable |
Relative weighting of the performance citeria |
Information on performance targets | Measured performance (a) and actual award outcome (b) |
|
|---|---|---|---|---|---|
| position | remuneration | Minimum target/threshold performance (a) |
Maximum target/threshold performance (a) and corresponding award (b) |
||
| and corresponding award (b) | |||||
| Return on Equity – quantitative performance |
(a) ROE of 10% | (a) unlimited | (a) ROE of 1,9% |
||
| A³ MANAGEMENT bv, | 80% | (b) 0 EUR | (b) unlimited | (b) 0 EUR | |
| Executive Chair / CEO | Qualitative performance (general criteria, specific criteria and ESG |
20% | (a) / |
(a) 100% | (a) 75,42% |
| criteria) | (b) / | (b) 160,000 EUR |
(b) 120,667 EUR |
||
| Quantitative criteria | Depends on Role within the Executive Comittee. |
(a) ROE of 10% or 15% |
(a) unlimited |
(a) Individual scores per Member |
|
| Other Members of the Executive | (b) 0 EUR |
(b) unlimited |
(b) 3,690,014 EUR |
||
| Committee | Qualitative criteria (general, specific and ESG criteria) |
Depends on Role within the Executive Comittee |
(a) / |
(a) / | (a) individual scores per Member |
| (b) / |
(b) 217,533 EUR | (b) 195,841 EUR |
Based on the global performance of the Company during 2022 and on the realization of the individual targets of the Members of the Executive Committee between January 1st and December 31st, 2022, the variable part of the global remuneration (qualitative and quantitative) paid in 2022, represents 113,26 % of the base remuneration for the Members of the Executive Committee (with exclusion of the one of the Executive Chair/CEO).
The variable remuneration of some other Members of the Executive Committee amounts more than 25 % of their respective remuneration in 2022. Further to the Extraordinary General Meeting of November 17th, 2016 it was expressly foreseen in article 14 (former article 16) of the articles of association that the Company may however derogate from the provisions of articles 7:91 paragraph 1 and 2 and 7:121 last paragraph of the Code of Companies and Associations, for each person falling within the scope of these provisions.
During 2022, there were no deviations from the Remuneration Policy or from its implementation.
| Annual change | 2018 | 2019 | 2020 | 2021 | 2022 | Information regarding the RFY | |
|---|---|---|---|---|---|---|---|
| Remuneration CEO / | |||||||
| Executive Chair of the Board of Directors | |||||||
| A³ MANAGEMENT bv10 | - | 886,260 | 1,043,760 | 2,032,801 | 1,320,667 | The lower remuneration is due as the quantitative | |
| Executive Chair | results on Group level are below the predefined threshold target. |
||||||
| Year-on-year change | - | - | +18% | +95% | -35% | ||
| Remuneraton other members of the Executive Committee | |||||||
| Other members of the Executive Committee | - | - | 2,181,293 | 4,288,273 | 5,394,284 | The higher remuneration is partly linked to the new members that joined the Executive Committee and partly due to the outperformance of a business unit. |
|
| Year-on-year change | - | - | - | +97% | +26% | ||
| Remuneration Non-Excecutive Directors | |||||||
| ADL CommV11 | 27,050 | 34,175 | 25,475 | 35,525 | 38,300 | Higher attendance fees due to higher number of | |
| Non-executive | (physical) meetings. | ||||||
| Year-on-year change | -18% | +26% | -25% | +39% | +8% | ||
| PIERRE NOTHOMB srl12 | - | 43,175 | 35,875 | 47,625 | 50,150 | Higher attendance fees due to higher number of (physical) meetings. |
|
| Non-executive | Year-on-year change | - | - | -17% | +33% | +5% |
10 Represented by its permanent representative Marnix GALLE.
11 Represented by its permanent representative Astrid DE LATHAUWER.
12 Represented by its permanent representative Pierre NOTHOMB.
| MANAGEMENT bv13 A.V.O.- |
30,800 | 35,525 | 26,600 | 36,800 | 38,900 | Higher attendance fees due to higher number of (physical) meetings. |
|
|---|---|---|---|---|---|---|---|
| Non-executive | |||||||
| Year-on-year change | -5% | +15% | -25% | +38% | +6% | ||
| M.J.S. CONSULTING bv14 | - | 29,750 | 28,700 | 39,950 | 39,950 | Equal attendance fees due to equal number of |
|
| Non-executive | meetings meetings | ||||||
| Year-on-year change | - | - | -4% | +39% | 0% | ||
| LSIM sa15 | - | 23,450 | 20,300 | 41,000 | 39,950 | Lower attendance fees due to lower number of |
|
| Non-executive | (physical) meetings. | ||||||
| Year-on-year change | - | - | -13% | +102% | -3 % | ||
| Patrick ALBRAND | - | - | - | 7,967 | 4,675 | Patrick Albrand was replaced by the Company | |
| Non-executive | SKOANES SAS as of 17 February 2022. | ||||||
| Year-on-year change | - | - | - | - | -41 % |
||
| SKOANEZ SAS16 | - | - | - | - | 43,675 | Patrick Albrand was replaced by the Company |
|
| Non-executive | SKOANES SAS as of 17 February 2022. | ||||||
| Year-on-year change | - | - | - | - | n/a | ||
| Total remuneration granted to | 270,752 | 289,775 | 167,750 | 250,300 | 255,600 | ||
| non-executive Directors17 | |||||||
| Year-on-year change | -10% | +7% | -42% | +49% | +2% |
13 Represented by its permanent representative Annick van OVERSTRAETEN.
14 Represented by its permanent representative Michèle SIOEN.
15 Represented by its permanent representative Wolfgang de LIMBURG STIRUM.
16 Represented by its permanent representative Patrick ALBRAND.
17 The total remuneraiton granted includes also the remuneration granted to non-executive Directors that have left the Company.
| Annual change | 2018 | 2019 | 2020 | 2021 | 2022 | Information regarding the RFY | ||
|---|---|---|---|---|---|---|---|---|
| Company performance | ||||||||
| EBITDA | 75.1 MEUR | 124.6 MEUR |
52.8 MEUR | 103.8 MEUR | 68.6 MEUR | |||
| Year-on-year change | 291% | +66% | -58% | +97% | +34% | |||
| Net profit | 56.8 | 102.4 MEUR | 33.3 MEUR | 92.2 MEUR | 10.7 MEUR | |||
| Year-on-year change | +514% | +80% | -68% | +177% | -88% | |||
| Average employee remuneration | ||||||||
| Average remuneration per employee (full cost) | NA | NA | NA | 125,498 | 152,220 | |||
| Year-on-year change | - | - | - | - | +21% |
The ratio of the highest remuneration (i.e. the Executive Chair compared to the lowest remunerated employee, at Full Time Equivalent, in Immobel Group amounts to 2,65 % in 2022. This information applies to all entities of the Group, in all locations (Belgium, Luxemburg, France, Germany, Poland, Spain and United Kingdom).
Immobel is required to explain in the report how the advisory vote on the previous remuneration report adopted by the last General Meeting has been taken into account:
For the sake of completeness, it is especially mentioned to the Shareholders that de Ordinary General Meeting of Shareholders (representing 64,83% of the share-capital) has on April 21th, 2022 approved
We therefore ask you to approve the terms of this Remuneration Report for the year 2022.
* * *
Agreed at the Meeting of the Board of Directors on March 9th, 2023.
ADL CommV
(represented by Astrid De Lathauwer)
Chair of the Remuneration Committee
A³ Management BV
(represented by Marnix Galle)
Executive Chair of the Board of Directors
* * *
ANNUAL REPORT 2022 ||171
Ladies and Gentlemen,
We have the pleasure to present our activity report 2022.
Immobel closed its annual accounts on 31 December 2022.
Immobel delivered solid 2022 financial results despite challenging geopolitical and macroeconomic environments. The underlying net profit reached EUR 54.5 million. The underlying return on equity stood at 9.5%. EBITDA reached EUR 68.6 million.
Like most real estate companies, in 2022 Immobel was impacted by the geopolitical context and macro-economic headwinds. These have led to rapidly increasing interest rates, increased construction costs as well as procurement issues for key building materials – impacting construction speed. In the face of these challenges, the company shifted its focus from growth to operational excellence, reducing its overhead costs by 30% as of 2024. Together with Immobel's healthy balance sheet – with a cash position of EUR 276 million – this strategy enabled the company to weather current market conditions and provide a solid foundation for the future.
1 ZĞƉƌĞƐĞŶƚƐŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞŝŶŝŶƚĞƌŶĂůǀŝĞǁ;ŝ͘Ğ͘ ĞdžƚĞƌŶĂůǀŝĞǁĨŝŐƵƌĞƐďĞĨŽƌĞƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨ/&Z^ϭϭͿ͘KƉĞƌĂƚŝŶŐŝŶĐŽŵĞŝŶĞdžƚĞƌŶĂůǀŝĞǁ;ŝ͘Ğ͘ŽĨĨŝĐŝĂů/&Z^ƌĞƉŽƌƚĞĚ ĨŝŐƵƌĞƐŽĨƚŚĞĐŽŵƉĂŶLJͿƌĞĂĐŚĞĚhZϮϰϰŵŝůůŝŽŶ͘
In 2022, the total sales value of our sold assets reached EUR 473 million. This figure can be broken down into EUR 318 million for residential properties and EUR 155 million for offices. The company also witnessed strong rental activity for its office business.
Although the company faces substantial delays in obtaining permits for some of its mixed-use residential developments, other key projects are moving forward. Final permits were obtained for new projects with a total GDV (Gross Development Value) of EUR 412 million last year. This was slightly lower than expected mainly due to the annulment of the land use plan for our RAC4 project in Brussels by the Council of State, in December.
Immobel's total gross development value remained stable compared with 2021, at EUR 5.7 billion, as the sale of assets offset acquisitions.
During the first half of 2022, Immobel conducted several successful and impactful new acquisitions, including the Proximus Towers (see above).
During the second half of 2022, Immobel toned down its acquisition strategy to align it with the evolving macroeconomic environment and the existing pipeline.
Despite the challenging economic conditions, the company has maintained a strong liquidity, with a cash position of EUR 275.9 million and a gearing ratio2 of only 53.0%. The net debt3 reached EUR 626.6 million at the end of last year. The company's financial footing gives it the flexibility and agility to face the current headwinds and pursue the development of its existing portfolio.
| BEFORE IFRS 11 | AFTER IFRS 11 | |
|---|---|---|
| Belgium | 279.13 | 129.41 |
| Grand-Ducy of Luxemburg | 30.02 | 23.65 |
| France | 45.43 | 52.12 |
| Poland | 1.22 | 0.48 |
| Germany | 20.99 | 20.99 |
| Spain | 0.58 | 0.58 |
| Total | 377.37 | 227.23 |
| BEFORE IFRS 11 | AFTER IFRS 11 | |
|---|---|---|
| Belgium | 735.24 | 436.74 |
| Grand-Ducy of Luxemburg | 152.94 | 152.36 |
| France | 237.6 | 218.02 |
| Poland | 104.2 | 64.23 |
| Germany | 112.46 | 112.46 |
| Spain | 18.26 | 1.92 |
| Total | 1360.7 | 985.73 |
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| NOTES | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| OPERATING INCOME | 243 875 | 392 815 | |
| Revenues | 2 | 227 228 | 379 509 |
| Rental income | 3 | 9 078 | 9 368 |
| Other operating income | 4 | 7 569 | 3 938 |
| OPERATING EXPENSES | -293 573 | -338 312 | |
| Cost of sales | 5 | -208 866 | -311 066 |
| Cost of commercialisation | - 204 | - 439 | |
| Administration costs | 6 | -84 503 | -26 807 |
| Administration costs - Others | 6 | -40 714 | -26 807 |
| Administration costs - Goodwill impairment | 6 | -43 789 | |
| OPERATING PROFIT | -49 698 | 54 502 | |
| SALE OF SUBSIDIARIES | 25 | ||
| Gain (loss) on sales of subsidiaries | 25 | ||
| JOINT VENTURES AND ASSOCIATES | 67 181 | 44 531 | |
| Share of result of joint ventures and associates, net of tax | 7 | 67 181 | 44 531 |
| OPERATING PROFIT AND SHARE OF RESULT OF ASSOCIATES AND JOINT VENTURES, NET OF TAX |
17 483 | 99 058 | |
| Interest income | 4 398 | 4 983 | |
| Interest expense | -4 272 | -6 605 | |
| Other financial income | 103 | 81 | |
| Other financial expenses | -4 584 | -3 552 | |
| NET FINANCIAL COSTS | 8 | -4 355 | -5 094 |
| PROFIT BEFORE TAXES | 13 128 | 93 964 | |
| Income taxes | 9 | -2 755 | -1 619 |
| PROFIT OF THE PERIOD | 10 373 | 92 345 | |
| Share of non-controlling interests | - 350 | 195 | |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 10 723 | 92 150 | |
| PROFIT FOR THE PERIOD | 10 373 | 92 345 | |
| Other comprehensive income - items that are or may be reclassified subsequently to profit or loss | 5 524 | - 820 | |
| Currency translation | 1 779 | - 904 | |
| Cash flow hedging | 3 745 | 84 | |
| Other comprehensive income - items that will not be reclassified subsequently to profit or loss | 111 | 57 | |
| Actuarial gains and losses (-) on defined benefit pension plans | 24 | 111 | 57 |
| TOTAL OTHER COMPREHENSIVE INCOME | 5 635 | - 763 | |
| COMPREHENSIVE INCOME OF THE PERIOD | 16 008 | 91 582 | |
| Share of non-controlling interests | 544 | 112 | |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 15 464 | 91 470 | |
| EARNINGS PER SHARE (€) (BASIC/DILUTED) | 10 | 1,08 | 9,25 |
| ASSETS | NOTES | 31/12/2022 | 31/12/2021 |
|---|---|---|---|
| NON-CURRENT ASSETS | 362 294 | 506 259 | |
| Intangible assets | 11 | 1 357 | 246 |
| Goodwill | 12 | 43 789 | |
| Property, plant and equipment | 13 | 4 122 | 2 793 |
| Right-of-use assets | 14 | 9 937 | 3 772 |
| Investment property | 15 | 67 686 | 173 999 |
| Investments in joint ventures and associates | 16 | 144 891 | 156 532 |
| Other investments | 1 015 | ||
| Advances to joint ventures and associates | 16 | 111 527 | 101 670 |
| Deferred tax assets | 17 | 21 733 | 21 292 |
| Cash guarantees and deposits | 1 041 | 1 151 | |
| CURRENT ASSETS | 1 385 733 | 1 178 890 | |
| Inventories | 18 | 985 726 | 698 623 |
| Trade receivables | 19 | 17 591 | 38 116 |
| Contract assets | 20 | 42 148 | 117 953 |
| Income Tax receivables | 988 | 1 369 | |
| Prepayments and other receivables | 21 | 56 217 | 36 240 |
| Advances to joint ventures and associates | 16 | 3 450 | 13 163 |
| Other current financial assets | 3 687 | 49 | |
| Cash and cash equivalents | 22 | 275 926 | 273 377 |
| TOTAL ASSETS | 1 748 027 | 1 685 149 |
| EQUITY AND LIABILITIES | NOTES | 31/12/2022 | 31/12/2021 |
|---|---|---|---|
| TOTAL EQUITY | 23 | 573 140 | 582 919 |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 556 552 | 571 567 | |
| Share capital | 97 257 | 97 257 | |
| Retained earnings | 456 249 | 472 629 | |
| Reserves | 3 046 | 1 681 | |
| NON-CONTROLLING INTERESTS | 16 588 | 11 352 | |
| NON-CURRENT LIABILITIES | 744 480 | 535 104 | |
| Employee benefit obligations | 24 | 567 | 996 |
| Deferred tax liabilities | 17 | 21 136 | 26 352 |
| Financial debts | 22 | 722 777 | 507 596 |
| Derivative financial instruments | 22 | 160 | |
| CURRENT LIABILITIES | 430 408 | 567 126 | |
| Provisions | 25 | 3 829 | 2 328 |
| Financial debts | 22 | 179 723 | 359 094 |
| Trade payables | 26 | 98 384 | 83 546 |
| Contract liabilities | 27 | 51 485 | 21 969 |
| Income Tax liabilities | 13 057 | 13 770 | |
| Social debts, VAT and other tax payables | 20 021 | 16 430 | |
| Accrued charges and other amount payable | 34 339 | 31 165 | |
| Advances from joint venture and associates | 16 | 29 570 | 38 824 |
| TOTAL EQUITY AND LIABILITIES | 1 748 027 | 1 685 149 |
The operating loss amounts to EUR 4.69 million for the past financial year.
The financial result amounts to EUR 50.7 million, being the net amount of interest charges on group financing (bonds and corporate lines), capital gains on disposals of subsidiaries, interest income from loans to the various subsidiaries, mainly generated by dividends and disposal of treasury shares.
Immobel's financial year ended with a net profit before taxes of EUR 46.01 million.
The total Balance Sheet amounts to EUR 1,081.78 million and is mainly composed of financial investments in subsidiaries and claims on these subsidiaries (EUR 819,76 million), the project stock directly held by Immobel SA (EUR 42.28 million), own shares (EUR 1.14 million) and cash equivalents (EUR 175.41 million).
The equity amounts to EUR 331.94 million as of 31 December 2022. The liabilities are mainly composed of long-term debts (EUR 479.43 million) and short-term debts (EUR 261.03 million).
The profit to be allocated, taking into account the amount carried forward from the previous year amounts to EUR 157.92 million.
Given the dividend policy approved by the Board of Directors and the results as of 31 December 2022, the Board of Directors proposes to the General Meeting of Shareholders of 20 April 2023 to distribute a gross dividend of EUR 3.05 per share in circulation for the year 2022, an amount that should increase every year, subject to the absence of any currently unforeseen exceptional events.
The Immobel Group faces the risks and uncertainties inherent to the property development sector as well as those associated with the economic situation and the financial world.
Without the list being exhaustive, we would like to mention the following in particular:
Changes in general economic conditions in the markets in which Immobel's properties are located can adversely affect the value of Immobel's property development portfolio, as well as its development policy and, consequently, its growth prospects.
Immobel is exposed to the national and international economic conditions and other events and occurrences that affect the markets in which Immobel's property development portfolio is located: the office property market in Belgium (mainly in Brussels), Luxembourg, France, Germany, Spain, Poland, and United Kingdom; and the residential (apartments and plots) property market in Belgium, Luxembourg, Poland and France. This diversification of both business and countries means it can target different clients, economic cycles and sales volumes.
Changes in the principal macroeconomic indicators, a general economic slowdown in one or more of Immobel's other markets, or on a global scale, could result in a fall in demand for office buildings or residential property or building plots, higher vacancy rates and higher risk of default of service providers, building contractors, tenants and other counterparties, any of which could materially adversely affect Immobel's value of its property portfolio, and, consequently, its development prospects.
Immobel has spread its portfolio of projects under development or earmarked for development to limit the impact of any deterioration in the real estate market by spreading the projects in terms of time and nature.
Immobel's revenues are determined by disposals of real estate projects. Hence, the results of Immobel can fluctuate significantly from year to year depending on the number of projects that can be put up for sale and can be sold in a given year.
Furthermore, it cannot be guaranteed that Immobel will find a buyer for the transfer of its assets or that the transfer price of the assets will reach a given level. Immobel's inability to conclude sales can give rise to significant fluctuations of the results.
The policy of diversification implemented by Immobel over the last years to spread its exposure to both offices and residential activities should give it a revenue base and regular cash flows.
When considering property development investments, Immobel makes certain estimates as to economic, market and other conditions, including estimates relating to the value or potential value of a property and the potential return on investment. These estimates may prove to differ from reality, rendering Immobel's strategy inappropriate with consequent negative effects for Immobel's business, results of operations, financial condition, and prospects.
Immobel takes a prudent approach to the acquisition and development of new projects and applies precise selection criteria. Each investment follows a clear and strict approval process.
Before acquiring a new project, Immobel carries out feasibility studies with regards to all relevant aspects of such projects, including but not limited to urban planning, technical, legal, financial and tax due diligence, usually with the help of specialised consultants. Nevertheless, these projects are always subject to a variety of risks, each of which could cause late delivery of a project and consequently increase the length of time before it can be sold, engender a budget overrun or cause the loss or decrease of expected income from a project or even, in some cases, its actual termination.
Risks involved in these activities include but are not limited to: (i) delays resulting from amongst other things adverse weather conditions, work disputes, construction process, insolvency of construction contractors, shortages of equipment or construction materials, accidents or unforeseen technical difficulties; (ii) difficulty in obtaining construction permits or other approvals required to complete the project, appeals against such permits and resulting delays in the start of commercialization and construction; (iii) a refusal by the planning authorities in the countries in which Immobel operates to approve development plans; (iv) demands of planning authorities to modify existing plans; (v) intervention by pressure groups during public consultation procedures or other circumstances; and (vi) upon completion of the development project, occupancy rates, actual income from sale of properties or fair value being lower than forecasted.
Considering these risks, Immobel cannot be sure that all its development projects (i) can be completed in the expected timeframe, (ii) can be completed within the expected budgets or (iii) can even be completed at all. It is in the framework of controlling this risk and others that Immobel has increased the diversification of its business/countries/clients, which allows it to reduce its concentration on any particular project or another.
Furthermore, Immobel has some projects where an asset under development is preleased or pre-sold to a third party and where Immobel could incur substantial liabilities if and when such projects are not completed within the pre-agreed timeline.
Immobel's operations and property development portfolio are subject to various laws and regulations in the countries in which it operates concerning the protection of the environment, including but not limited to regulation of air, soil and water quality, controls of hazardous or toxic substances and guidelines regarding health and safety.
Such laws and regulations may also require Immobel to obtain certain permits or licenses, which it may not be able to obtain in a timely manner or at all. Immobel may be required to pay for clean-up costs (and in specific circumstances, for aftercare costs) for any contaminated property it currently owns or may have owned in the past.
As a property developer, Immobel may also incur fines or other penalties for any lack of environmental compliance and may be liable for remedial costs. In addition, contaminated properties may experience decreases in value.
Loss of its managerial staff and other key personnel or the failure to attract and retain skilled personnel could hamper Immobel's ability to successfully execute its business strategies.
Immobel believes that its performance, success, and ability to fulfil its strategic objectives depend on retaining its current executives and members of its managerial staff who are experienced in the markets and business in which Immobel operates. Immobel might find it difficult to recruit suitable employees, both for expanding its operations and for replacing employees who may resign or recruiting such suitable employees may entail substantial costs both in terms of salaries and other incentive schemes.
The unexpected loss of the services of one or more of these key individuals and any negative market or industry perception arising from such loss could have a material adverse effect on Immobel's business, results of operations, financial condition, and prospects.
The conduct of its management (teams), in Belgium, Luxembourg, France, Germany, Spain and Poland, is therefore monitored regularly by the CEO and the Nomination Committee, one of the organs of the Board of Directors.
In the normal course of Immobel's business, legal actions, claims against and by Immobel and its subsidiaries and arbitration proceedings involving Immobel and its subsidiaries may arise. Immobel may be subject to other litigation initiated by sellers or purchasers of properties, tenants, contractors, and subcontractors, current or former employees or other third parties.
In particular, Immobel may be subject to warranty claims due to defects in quality or title relating to the leasing and sale of its properties. This liability may apply to defects in properties that were unknown to Immobel but could have, or should have, been revealed.
Immobel may also be subject to claims by purchasers of its properties as a result of representations and warranties about those properties given by Immobel at the time of disposal.
Immobel makes sure to control these risks with a systematic policy of taking out adequate insurance cover.
Immobel is exposed to risk in terms of liquidity and financing which might result from a lack of funds in the event of nonrenewal or cancellation of its existing financing contracts or its inability to attract new financing.
Immobel does not initiate the development of a project unless financing for it is assured by both internal and external sources for the estimated duration of its development.
Immobel gets its financing from several first-rate Belgian banking partners with which it has maintained longstanding good relations and mutual trust.
Given its current and future indebtedness, Immobel is affected by a short or long-term change in interest rates, by the credit margins taken by the banks and by the other financing conditions.
Immobel's financing is mainly provided based on short-term interest rates (based on the Euribor rates for 1 to 12 months) except for the 2017, 2018, 2019,2021 and 2022 bond issues, which are fixed rate. As part of a comprehensive risk management coverage programme, Immobel introduced a policy to implement, as appropriate, adequate coverage against the risks associated with the interest rates on its debt through financial instruments.
Feasibility studies for each project are based on the predictions for long-term rates.
Following its entering in the Polish and English markets, Immobel is subject to currency exchange risks. There is the foreign currency transaction risk and the foreign currency translation risk.
Immobel also makes sure whenever possible to carry out all of its operations outside the Eurozone in EUR, by having purchase, lease and sales contracts drawn up for the most part in EUR.
Any development project depends on obtaining urban planning, subdivision, urban development, building and environmental permits.
A delay in granting them or failure to grant them could impact on Immobel's activities. Furthermore, the granting of a subdivision permit does not mean that it is immediately enforceable. An appeal against it is still possible.
Furthermore, Immobel must respect various urban planning regulations. Local authorities or public administrations might embark on a revision and/or modification of these regulations, which could have a material impact on Immobel's activities.
Immobel has contractual relations with multiple parties, such as partners, investors, tenants, contractors, financial institutions, architects. The inability of such counterparty to live up to their contractual obligations could have an impact on Immobel's operational and financial position. Immobel pays great attention, through appropriate studies, to the choice of its counterparties.
Immobel is active in Belgium, Luxembourg, France, Germany, Spain, Poland, and United Kingdom. Changes in direct or indirect fiscal legislation in any of these could impact Immobel's financial position.
The preparation of financial information in terms of the adequacy of the systems, the reporting and compilation of financial information, considering changes in scope or changes in accounting standards is a major challenge for Immobel, the more so given the complexity of the Group and the number of its subsidiaries. Please also note in this risk the complexity of the Immobel Group is active in Belgium, Luxemburg, France, Germany, Spain and Poland. Competent teams in charge of producing it and suitable tools and systems must be able to prevent this financial information from not being produced on time or presenting deficiencies with regards to the required quality.
Nihil
To the Directors' knowledge, there should not be any circumstances likely to have any significant influence on the development of the Company. With respect to the geopolitical and economic turmoil on the economic circumstances and on the financial performance of the company, the Board of Directors assesses on a continuous basis the going concern assumption of the company based on a floored case which is updated on a regular basis.
The geopolitical and economic turmoil is currently still having an impact on the activity of the company and the sector as a whole as a buffer against this market conditions the company has a cash position of EUR 276 million at the end of December 2022 to weather current market conditions.
Based on available and committed credit lines and available cash and taking the floored case into consideration, the Board of Directors is of the opinion that the company can maintain the going concern assumption.
In 2022 Immobel continued its comprehensive sustainability strategy based on 13 themes linked to the United Nations Sustainable Development Goals. More information can be found in the ESG report included in this annual report.
The Board of Directors confirms that Immobel used financial instruments intended to cover any rise in interest rates.
Except Michèle SIOEN, all Members of the Audit & Risk Committee (currently composed of Pierre NOTHOMB10, Patrick ALBRAND11 Wolfgang de LIMBURG STIRUM12 and Michele SIOEN13) meet the independence criteria stated in art. 7:87 CCA as well as in provision 3.5 of the Code 2020 and sit on the Board of Directors and the Audit & Risk Committee of Immobel as independent Directors. All of them hold university degrees, occupy positions as Directors in international groups and, as such, hold mandates in the Audit Committees of other companies and organisations.
In as far as it is necessary, the Board of Directors reiterates:
Furthermore, the Board confirms that during the past financial year:
The Board of Directors reports that, during the financial year under review, the conflict-of-interest procedure prescribed by articles 7:96 and 7:97 CCA has been applied on one occasion.
The Board of Directors has applied the conflict-of-interest procedure when taking its decision to validate the remuneration package and remuneration policy on 10 March 2022.
Below you will find an extract of the minutes of the Board of Directors concerning this decision:
10 In his capacity of permanent representative of PIERRE NOTHOMB SRL.
11 In his capacity of permanent representative of Skoanez SAS.
12 In his capacity of permanent representative of LSIM SA.
13 In her capacity of permanent representative of M.J.S. Consulting BV.
« Before the deliberation started, A3 Management bv, represented by Marnix Galle declared that he had a potential conflict of interest, as defined under article 7:96 of the BCC, with respect to this Agenda item.
This potential conflict of interest arises because A3 Management bv, represented by Marnix Galle, is the Executive Chair / CEO of the Company and will be the beneficiary of the remuneration to be decided upon by the Board of Directors.
In accordance with article 7:96, the Statutory Auditor of the Company will be informed of the existence of the conflict of interest.
Marnix Galle left the Meeting. He did not participate to the deliberations or the resolutions.
The Chair of the Remuneration Committee commented on the reviewed remuneration proposal for the Executive Chair / CEO as prepared by the Remuneration Committee, upon suggestion of the CHRO. Given the evolution of the current market and after discussion they proposed to:
1) to increase the remuneration of the CEO as follows as from 2022 and to apply the same principles for the period April – December 2021 (as exceptional bonus), as such:
2) as mentioned above, in addition thereto, the Board of Directors will propose to the Shareholders at the next Shareholder's Meeting to award a remuneration for the role of Chair of the Board of 400,000 EUR per year (in addition to the remuneration A3 Management bv receives as CEO).
The Board of Directors indicated that the enhanced package of the Executive Chair would represent a potential additional cost of 1,280,000 EUR per year for the Company. The increase aims to [further align the remuneration of the Executive Chair/CEO to relevant benchmarks and to further incentivise the CEO and therefore the Board took the view that the increased remuneration is in the corporate interest.
Given the fact that this is a material change to the current Remuneration Policy (change in pro rata portion of the variable remuneration), the Remuneration Policy must be amended and resubmitted to the Annual General Meeting for approval. The Members of the Remuneration Committee decided to propose to the Directors to amend the Remuneration Policy taken into account discussion and decisions under the concerned agenda points.
Resolution: Upon proposal of the Members of the Remuneration Committee, the non-conflicted Directors participating in the vote unanimously, decided to increase the remuneration of the CEO as follows as from 2022 and to apply the same principles for the period April – December 2021 (as an aggregate exceptional one-time specific remuneration bonus of 1,000,000 EUR), as such:
(in addition to the 400,000 EUR as Chair of the Board).
Given the fact that this is a material change to the current Remuneration Policy (change in pro rata portion of the variable remuneration), the Directors also decided to amend the Remuneration Policy accordingly and propose it as such to the Shareholders during the Annual Shareholders Meeting of April 21st, 2022. »
The procedure related to "Corporate Opportunities" has neither been enforced during the reviewed financial year.
The Corporate Governance Statement is part of this Management report.
Pursuant to article 34 of the Royal Decree of 14th November 2007 concerning the obligations of issuers of financial instruments admitted for trading on a regulated market, the Board of Directors of Immobel states that the following information could have an incidence in case of takeover bid (being understood that the other elements are currently not applicable for Immobel):
It will be proposed to you at the Ordinary General Meeting of 20 April 2023, to decide on the renewal of the mandate of the company PIERRE NOTHOMB SRL for a period of 4 years expiring after the Ordinary General Meeting to be held in 2027. It will be proposed to you at the Ordinary General Meeting of 20 April 2023 to confirm the mandate of PIERRE NOTHOMB SRL, as independent Director within the meaning of the articles 7:97 § 3 and 7:87, § 1 of the Belgian Companies & Associations Code, who declared to meet the independence criteria.
At the Ordinary General Meeting of April 15th, 2021, KPMG Reviseurs d'Entreprises/ Bedrijfsrevisoren BV, represented by Filip DE BOCK, was appointed as Statutory Auditor, for a period of 3 years expiring at the Ordinary General Meeting to be held in 2024, for a fee of EUR 105.000 per year (excluding fees and disbursements, indexed annually).
Duncan Ownen (Managing Directors of Immobel Capital Partners) has joined the Executive Committee on 1 January 2022. In addition, Stephanie De Wilde (Chief Legal Officer) has joined the Executive Committee on 8 September 2022. Fabien Acerbis (Managing Director Immobel France) has terminated his mission for the Company on 2 December 2022.
As at 31st December 2022, the Executive Committee was composed as follows:
* acting for a company.
* * *
We therefore ask you to approve the terms of this report and grant discharge to the Members of the Board and the Statutory Auditor.
* * *
Approved during the Meeting of the Board of Directors on March 9th, 2022.
PIERRE NOTHOMB BV represented by Pierre Nothomb Director
A³ MANAGEMENT BV represented by Marnix Galle Executive Chair of the Board
ANNUAL REPORT 2022 ||185
| I.CONSOLIDATED FINANCIAL STATEMENTS 188 | ||
|---|---|---|
| A. | CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME (IN THOUSAND EUR) FOR THE | |
| YEARS ENDING 188 | ||
| B. C. |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IN THOUSANDS EUR) 189 CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS EUR) FOR THE YEARS ENDING 190 |
|
| D. | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IN THOUSANDS EUR) FOR THE YEARS ENDING 191 | |
| E. | ACCOUNTING PRINCIPLES AND METHODS 192 | |
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| ϱ͘Ϯ͘ | ŽƌƌŽǁŝŶŐĐŽƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϰ | |
| ϱ͘ϯ͘ | /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϰ | |
| ϱ͘ϰ͘ | 'ŽŽĚǁŝůů ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϱ | |
| ϱ͘ϱ͘ | WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϱ | |
| ϱ͘ϲ͘ | /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϱ | |
| ϱ͘ϳ͘ | >ĞĂƐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϱ | |
| ϱ͘ϴ͘ | &ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϲ | |
| ϱ͘ϵ͘ | /ŶǀĞŶƚŽƌŝĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϵ | |
| ϱ͘ϭϬ͘ | WƌŽǀŝƐŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϵ | |
| ϱ͘ϭϭ͘ | ŵƉůŽLJĞĞďĞŶĞĨŝƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵϵ | |
| ϱ͘ϭϮ͘ | 'ƌĂŶƚƐƌĞůĂƚĞĚƚŽĂƐƐĞƚƐŽƌŝŶǀĞƐƚŵĞŶƚƐƵďƐŝĚŝĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϬ | |
| ϱ͘ϭϯ͘ | KƉĞƌĂƚŝŶŐŝŶĐŽŵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϬ | |
| ϱ͘ϭϰ͘ | /ŵƉĂŝƌŵĞŶƚŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϭ | |
| ϱ͘ϭϱ͘ | dĂdžĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϭ | |
| ϱ͘ϭϲ͘ | ŝƐĐŽŶƚŝŶƵĞĚŽƉĞƌĂƚŝŽŶƐĂŶĚŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϭ | |
| ϱ͘ϭϳ͘ | DĂŝŶũƵĚŐĞŵĞŶƚƐĂŶĚŵĂŝŶƐŽƵƌĐĞƐŽĨƵŶĐĞƌƚĂŝŶƚŝĞƐƌĞůĂƚĞĚƚŽƚŚĞĞƐƚŝŵĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϮ | |
| ϱ͘ϭϴ͘ | ^ĞŐŵĞŶƚƌĞƉŽƌƚŝŶŐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϯ | |
| F. | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (IN THOUSAND EUR) 203 | |
| ϭͿ | KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚͲ ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶďLJŐĞŽŐƌĂƉŚŝĐĂůƐĞŐŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϯ |
| ϮͿ | ZĞǀĞŶƵĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϳ | |
|---|---|---|
| ϯͿ | ZĞŶƚĂůŝŶĐŽŵĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϴ | |
| ϰͿ | KƚŚĞƌŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϴ | |
| ϱͿ | ŽƐƚŽĨƐĂůĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϵ | |
| ϲͿ | ĚŵŝŶŝƐƚƌĂƚŝŽŶĐŽƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϬϵ | |
| ϳͿ | ^ŚĂƌĞŝŶƚŚĞƌĞƐƵůƚŽĨũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͕ŶĞƚŽĨƚĂdž ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϭϬ | |
| ϴͿ | EĞƚĨŝŶĂŶĐŝĂůĐŽƐƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϭ | |
| ϵͿ | /ŶĐŽŵĞƚĂdžĞƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϭ | |
| ϭϬͿ | ĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϭ | |
| ϭϭͿ | /ŶƚĂŶŐŝďůĞĂƐƐĞƚƐ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϭϮ | |
| ϭϮͿ | 'ŽŽĚǁŝůů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϭϮ | |
| ϭϯͿ | WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϯ | |
| ϭϰͿ | ZŝŐŚƚͲŽĨͲƵƐĞĂƐƐĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϯ | |
| ϭϱͿ | /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϯ | |
| ϭϲͿ | /ŶǀĞƐƚŵĞŶƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϰ | |
| ϭϳͿ | ĞĨĞƌƌĞĚƚĂdž ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭϵ | |
| ϭϴͿ | /ŶǀĞŶƚŽƌŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϬ | |
| ϭϵͿ | dƌĂĚĞƌĞĐĞŝǀĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϭ | |
| ϮϬͿ | ŽŶƚƌĂĐƚĂƐƐĞƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϭ | |
| ϮϭͿ | WƌĞƉĂLJŵĞŶƚƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϮ | |
| ϮϮͿ | /ŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞĚƚŽƚŚĞŶĞƚĨŝŶĂŶĐŝĂůĚĞďƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϮ | |
| ϮϯͿ | ƋƵŝƚLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϲ | |
| ϮϰͿ | WĞŶƐŝŽŶƐĂŶĚƐŝŵŝůĂƌŽďůŝŐĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϳ | |
| ϮϱͿ | WƌŽǀŝƐŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϴ | |
| ϮϲͿ | dƌĂĚĞƉĂLJĂďůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϴ | |
| ϮϳͿ | ŽŶƚƌĂĐƚůŝĂďŝůŝƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϴ | |
| ϮϴͿ | ^ŽĐŝĂůĚĞďƚƐ͕sd͕ĂĐĐƌƵĞĚĐŚĂƌŐĞƐĂŶĚŽƚŚĞƌĂŵŽƵŶƚƉĂLJĂďůĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϵ | |
| ϮϵͿ | DĂŝŶĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮϵ | |
| ϯϬͿ | ŚĂŶŐĞŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂů ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϯϬ | |
| ϯϭͿ | ŽŵŵŝƚŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϯϬ | |
| ϯϮͿ | /ŶĨŽƌŵĂƚŝŽŶŽŶƌĞůĂƚĞĚƉĂƌƚŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϯϬ | |
| ϯϯͿ | ǀĞŶƚƐƐƵďƐĞƋƵĞŶƚƚŽƌĞƉŽƌƚŝŶŐĚĂƚĞ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϯϭ | |
| ϯϰͿ | ŽŵƉĂŶŝĞƐŽǁŶĞĚďLJƚŚĞ/ŵŵŽďĞů'ƌŽƵƉ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϯϮ | |
| G. | STATEMENT FROM THE RESPONSIBLE PERSONS 238 | |
| H. | AUDITOR'S REPORT | 239 |
| STATUTORY CONDENSED FINANCIAL STATEMENTS 245 | ||
| A. | STATEMENT OF FINANCIAL POSITION (IN THOUSAND EUR) 245 | |
| B. | STATEMENT OF COMPREHENSIVE INCOME (IN THOUSAND EUR) 246 | |
| C. | APPROPRIATION ACCOUNT (IN THOUSAND EUR) 246 | |
| D. | SUMMARY OF ACCOUNTING POLICIES 247 |
A. Consolidated statement of profit and loss and other comprehensive income (in thousand EUR) for the years ending
| NOTES | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| OPERATING INCOME | 243,875 | 392,815 | |
| Revenues | 2 | 227,228 | 379,509 |
| Rental income | 3 | 9,078 | 9,368 |
| Other operating income | 4 | 7,569 | 3,938 |
| OPERATING EXPENSES | -293,573 | -338,312 | |
| Cost of sales | 5 | -208,866 | -311,066 |
| Cost of commercialisation | -204 | -439 | |
| Administration costs | 6 | -84,503 | -26,807 |
| Administration costs - Others | 6 | -40,714 | -26,807 |
| Administration costs - Goodwill impairment | 6 | -43,789 | |
| OPERATING PROFIT | -49,698 | 54,502 | |
| SALE OF SUBSIDIARIES | 25 | ||
| Gain (loss) on sales of subsidiaries | 25 | ||
| JOINT VENTURES AND ASSOCIATES | 67,181 | 44,531 | |
| Share of result of joint ventures and associates, net of tax | 7 | 67,181 | 44,531 |
| OPERATING PROFIT AND SHARE OF RESULT OF ASSOCIATES AND JOINT VENTURES, NET OF TAX |
17,483 | 99,058 | |
| Interest income | 4,398 | 4,983 | |
| Interest expense | -4,272 | -6,605 | |
| Other financial income | 103 | 81 | |
| Other financial expenses | -4,584 | -3,552 | |
| NET FINANCIAL COSTS | 8 | -4,355 | -5,094 |
| PROFIT BEFORE TAXES | 13,128 | 93,964 | |
| Income taxes | 9 | -2,755 | -1,619 |
| PROFIT OF THE PERIOD | 10,373 | 92,345 | |
| Share of non-controlling interests | -350 | 195 | |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 10,723 | 92,150 | |
| PROFIT FOR THE PERIOD | 10,373 | 92,345 | |
| Other comprehensive income - items that are or may be reclassified subsequently to profit or loss | 5,524 | -820 | |
| Currency translation | 1,779 | -904 | |
| Cash flow hedging | 3,745 | 84 | |
| Other comprehensive income - items that will not be reclassified subsequently to profit or loss | 111 | 57 | |
| Actuarial gains and losses (-) on defined benefit pension plans | 24 | 111 | 57 |
| TOTAL OTHER COMPREHENSIVE INCOME | 5,635 | -763 | |
| COMPREHENSIVE INCOME OF THE PERIOD | 16,008 | 91,582 | |
| Share of non-controlling interests | 544 | 112 | |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 15,464 | 91,470 | |
| EARNINGS PER SHARE (€) (BASIC/DILUTED) | 10 | 1.08 | 9.25 |
| ASSETS | NOTES | 31/12/2022 | 31/12/2021 |
|---|---|---|---|
| NON-CURRENT ASSETS | 362,294 | 506,259 | |
| Intangible assets | 11 | 1,357 | 246 |
| Goodwill | 12 | 43,789 | |
| Property, plant and equipment | 13 | 4,122 | 2,793 |
| Right-of-use assets | 14 | 9,937 | 3,772 |
| Investment property | 15 | 67,686 | 173,999 |
| Investments in joint ventures and associates | 16 | 144,891 | 156,532 |
| Other investments | 1,015 | ||
| Advances to joint ventures and associates | 16 | 111,527 | 101,670 |
| Deferred tax assets | 17 | 21,733 | 21,292 |
| Cash guarantees and deposits | 1,041 | 1,151 | |
| CURRENT ASSETS | 1,385,733 | 1,178,890 | |
| Inventories | 18 | 985,726 | 698,623 |
| Trade receivables | 19 | 17,591 | 38,116 |
| Contract assets | 20 | 42,148 | 117,953 |
| Income Tax receivables | 988 | 1,369 | |
| Prepayments and other receivables | 21 | 56,217 | 36,240 |
| Advances to joint ventures and associates | 16 | 3,450 | 13,163 |
| Other current financial assets | 3,687 | 49 | |
| Cash and cash equivalents | 22 | 275,926 | 273,377 |
| TOTAL ASSETS | 1,748,027 | 1,685,149 |
| EQUITY AND LIABILITIES | NOTES | 31/12/2022 | 31/12/2021 |
|---|---|---|---|
| TOTAL EQUITY | 23 | 573,140 | 582,919 |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 556,552 | 571,567 | |
| Share capital | 97,257 | 97,257 | |
| Retained earnings | 456,249 | 472,629 | |
| Reserves | 3,046 | 1,681 | |
| NON-CONTROLLING INTERESTS | 16,588 | 11,352 | |
| NON-CURRENT LIABILITIES | 744,480 | 535,104 | |
| Employee benefit obligations | 24 | 567 | 996 |
| Deferred tax liabilities | 17 | 21,136 | 26,352 |
| Financial debts | 22 | 722,777 | 507,596 |
| Derivative financial instruments | 22 | 160 | |
| CURRENT LIABILITIES | 430,408 | 567,126 | |
| Provisions | 25 | 3,829 | 2,328 |
| Financial debts | 22 | 179,723 | 359,094 |
| Trade payables | 26 | 98,384 | 83,546 |
| Contract liabilities | 27 | 51,485 | 21,969 |
| Income Tax liabilities | 13,057 | 13,770 | |
| Social debts, VAT and other tax payables | 20,021 | 16,430 | |
| Accrued charges and other amount payable | 34,339 | 31,165 | |
| Advances from joint venture and associates | 16 | 29,570 | 38,824 |
| TOTAL EQUITY AND LIABILITIES | 1,748,027 | 1,685,149 |
| NOTES | 31/12/2022 | 31/12/2021 (represented *) |
|
|---|---|---|---|
| Operating income | 243,875 | 392,815 | |
| Operating expenses | -293,573 | -338,312 | |
| Amortisation, depreciation and impairment of assets | 6 | 50,078 | 4,584 |
| Change in provisions | 1,082 | 214 | |
| CASH FLOW FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL | 1,462 | 59,301 | |
| Change in working capital | 30 | -73,183 | -60,379 |
| CASH FLOW FROM OPERATIONS BEFORE PAID TAXES | -71,721 | -1,078 | |
| Paid taxes | 9 | -8,327 | -6,251 |
| CASH FROM OPERATING ACTIVITIES | -80,048 | -7,329 | |
| Acquisitions of intangible, tangible and other investments | -4,762 | -8,845 | |
| Sale of intangible, tangible and other investments | 54 | 4,207 | |
| Repayment of capital and advances by joint ventures | 16 | 83,680 | 86,557 |
| Acquisitions, capital injections and loans to joint ventures and associates | 16 | -40,233 | -45,612 |
| Dividends received from joint ventures and associates | 16 | 43,587 | 8,034 |
| Interests received | 8 | 4,398 | 4,983 |
| CASH FROM INVESTING ACTIVITIES | 86,724 | 49,324 | |
| Proceeds from financial debts | 22 | 405,473 | 258,113 |
| Repayment of financial debts | 22 | -369,663 | -143,372 |
| Change of ownership interests without change of control | 4,365 | ||
| Paid interests | 8 | -19,728 | -15,456 |
| Other financing cash flows | 1,513 | -3,471 | |
| Proceeds from sale of treasury shares | 117 | 16,417 | |
| Gross dividends paid | -30,409 | -28,907 | |
| CASH FROM FINANCING ACTIVITIES | -8,332 | 83,324 | |
| NET INCREASE OR DECREASE (-) IN CASH AND CASH EQUIVALENTS | -1,656 | 125,319 | |
| CHANGE OF SCOPE OR CONSOLIDATION METHOD | 4,205 | ||
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 273,377 | 148,059 | |
| CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | 275,926 | 273,377 |
(*) Interest received has been transferred from the section "Cash from Operating activities" to "Cash from investment activities". Paid interest and other financing cash flow has been transferred from the section "Cash from Operating activities" to "Cash from financing activities".
| CAPITAL | RETAINED EARNINGS |
ACQUISITION RESERVE |
TREASURY SHARES RESERVE |
CURRENCY TRANSLATION RESERVE |
ACCUMULATED ACTUARIAL GAINS AND LOSSES |
HEDGING RESERVES |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
NON CONTROL LING INTERESTS |
TOTAL EQUITY | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | ||||||||||
| Balance as at 01-01-2022 | 97 256 | 349 109 | 124 869 | -1 204 | 1 326 | 434 | - 223 | 571 567 | 11 352 | 582 919 |
| Result for the period | 10 723 | 10 723 | - 350 | 10 373 | ||||||
| Other comprehensive income | - 123 | 1 378 | 111 | 3 375 | 4 741 | 894 | 5 635 | |||
| Comprehensive income for the period | 10 600 | 1 378 | 111 | 3 375 | 15 464 | 544 | 16 008 | |||
| Transactions on treasury shares | - 73 | 68 | - 5 | - 5 | ||||||
| Dividends and other beneficiaries paid | -30 409 | -30 409 | -30 409 | |||||||
| Acquisition / disposal of no controlling interests, without a change in control |
- 307 | - 307 | 310 | 3 | ||||||
| Change of ownership interests without change of control | 4 365 | 4 365 | ||||||||
| Other changes | 243 | - 1 | 242 | 17 | 259 | |||||
| Transactions with owners of the company | -30 546 | 67 | -30 479 | 4 692 | -25 787 | |||||
| Changes in the period | -19 946 | 67 | 1 378 | 111 | 3 375 | -15 015 | 5 236 | -9 779 | ||
| Balance as at 31-12-2022 | 97 256 | 329 163 | 124 869 | -1 137 | 2 704 | 545 | 3 152 | 556 552 | 16 588 | 573 140 |
| CAPITAL | RETAINED EARNINGS |
ACQUISITION RESERVE |
TREASURY SHARES RESERVE |
CURRENCY TRANSLATION RESERVE |
ACCUMULATED ACTUARIAL GAINS AND LOSSES |
HEDGING RESERVES |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
NON CONTROL LING INTERESTS |
TOTAL EQUITY | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | ||||||||||
| Balance as at 01-01-2021 | 97 256 | 280 997 | 124 869 | -13 164 | 2 147 | 377 | - 560 | 491 922 | 2 568 | 494 490 |
| Result for the period | 92 150 | 92 150 | 195 | 92 345 | ||||||
| Other comprehensive income | - 821 | 57 | 84 | - 680 | - 83 | - 763 | ||||
| Comprehensive income for the period | 92 150 | - 821 | 57 | 84 | 91 470 | 112 | 91 582 | |||
| Transactions on treasury shares | 4 545 | 11 871 | 16 416 | 16 416 | ||||||
| Dividends and other beneficiaries paid | -27 942 | -27 942 | -2 156 | -30 098 | ||||||
| Cash flow hedging | 253 | 253 | 253 | |||||||
| Scope changes | - 167 | - 167 | 10 828 | 10 661 | ||||||
| Other changes | - 474 | 89 | - 385 | - 385 | ||||||
| Transactions with owners of the company | -24 038 | 11 960 | 253 | -11 825 | 8 672 | -3 153 | ||||
| Changes in the period | 68 112 | 11 960 | - 821 | 57 | 337 | 79 645 | 8 784 | 88 429 | ||
| Balance as at 31-12-2021 | 97 256 | 349 109 | 124 869 | -1 204 | 1 326 | 434 | - 223 | 571 567 | 11 352 | 582 919 |
A gross dividend of EUR 3.05 per share (excluding treasury shares) was proposed by the Board of Directors on 9 March 2023. It will be submitted to the shareholders for approval at the general meeting. The appropriation of income has not been recognized in the financial statements as of 31 December 2022.
The share capital of Immobel SA is represented by 9.997.356 ordinary shares, including 25 434 treasury shares.
As at 31 December 2022, 1 531 treasury shares have been sold during the current year, resulting in a decrease of EUR 68 thousand in the reserve for treasury shares.
In accordance with IAS 32, these treasury shares are deducted from equity. These treasury shares have neither voting rights nor dividend rights.
On 31 December 2022 the treasury shares, resulting from the merger with ALLFIN, remain valued at the share price on 29 June 2016, which was the date of the merger.
The acquisition reserve was generated by the merger between ALLFIN and IMMOBEL on 29 June 2016 and remains unchanged since then.
As per Immobel's 2021 result allocation, EUR 30 409 thousand have been paid out as dividends.
The currency translation adjustments are related to Polish entities for which the functional currency is PLN and to British entities for which the functional currency is GBP.
Immobel ("the Company") is incorporated in Belgium and its shares are publicly traded (Euronext – IMMO). The financial statements of the Group comprise the Company, its subsidiaries, and the Group's interest in associates and joint arrangements (referred to as "The Group"). The Group is active in the real estate development business, with activities in Belgium, France, Luxemburg, Germany, Poland, Spain and the United Kingdom.
The consolidated financial statements have been prepared in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union. The consolidated financial statements were authorized for issue by the Company's board of directors on 9 March 2023.
The consolidated statements of the Group as disclosed in this annual report take into account new standards applicable as from 1 January 2022. Following standards and amendments were applied to the Group's financial statements for the first time in 2022. These standards were either not applicable or did not have a material impact to the Group's financial statements.
Following new standards or amendments to IFRS are effective as from 1 January 2022 but are either not material or do not have a material impact on the 2022 Group's financial statements .
The Group has not anticipated and is not planning on early adopting the following standards and interpretations which are not yet applicable on 31 December 2022:
The process for determining the potential impact of these standards and interpretations on the Group's consolidated financial statements is ongoing. The group does not expect any significant changes resulting from the application of these standards.
The consolidated financial statements include the financial statements of the Company and its subsidiaries, as well as interests in joint ventures and in associates accounted for using the equity method.
All intragroup balances, transactions, revenue and expenses are eliminated, except for the companies accounted for using the equity method; for which the unrealised profits and unrealised losses on transactions are eliminated to the extent of the investor's interest in the investee and only to the extent that there is no evidence of impairment .
Subsidiaries are companies controlled by the Group.
Control is achieved when the Group:
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The financial statements of subsidiaries are included in the consolidated financial statements from the date when control begins until the date when control ends.
Non-controlling interests are measured initially at their proportionate share of the acquirees identifiable net assets at the date of acquisition.
Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
The Group's interests in equity-accounted investees comprise interests in joint ventures and in associates.
A joint venture is a contractual agreement whereby the Group and one or several parties agree to undertake an economic activity under joint control and whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Associates are entities over which the Group has significant influence through its participation in their financial and operating policy decisions. They are neither subsidiaries, nor joint ventures of the Group.
Significant influence is presumed if the Group, directly or indirectly, holds 20 % or more but less than 50 % of the voting rights.
The Group's interest in a joint venture is accounted for using the equity method from the date when joint control begins until the date when it ends.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group's share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately.
When the share of the Group in the losses exceeds its interest in an equity accounted investee, the carrying amount of that interest is reduced to zero, and the recognition of future losses is discontinued, except to the extent that the Group has an obligation or has made payments on behalf of the investee. In such case the negative investment in equity accounted investees is deducted from other components of the investor's interest in the equity accounted investee (borrowings to equity accounted investees). The interest in an equity-accounted investee includes, for this purpose, the carrying amount of the investment under the equity method and other long-term interests that in substance form part of the entity's net investment in the joint venture. If the negative investment in equity accounted investees exceeds the investor's interest, a liability is recognized for the net amount. The group makes this assessment on a project basis.
The financial statements of subsidiaries, joint ventures and associates with reporting dates other than 31 December (reporting date of the Company) are adjusted so as to take into account the effect of significant transactions and events
that occurred between the reporting date of the subsidiary, joint venture or associate and 31 December. The difference between 31 December and the reporting date of the subsidiary, joint venture or associate never exceeds 3 months.
Immobel accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.
Immobel has an option to apply a "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit and loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.
The consolidated financial statements are presented in thousands of EUR.
They are prepared on the historical cost basis, except for some financial instruments which are measured at fair value, as explained in the accounting policies below.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into euro at the exchange rates at the dates of the transactions.
Translation differences resulting therefrom are recognised in OCI and accumulated in shareholders' equity under "translation differences", except to the extent that the translation difference is allocated to NCI.
When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.
Transactions are translated into the respective functional currencies of the Group Companies at the exchange rate prevailing on the transaction date. At reporting date, monetary assets and liabilities are converted at the exchange rates on the balance sheet date. Gains or losses resulting from this conversion are recorded as financial result.
Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed in the period in which they are incurred and reported in finance costs.
Intangible assets are recorded in the balance sheet if it is likely that the expected future economic benefits which may be allocated to assets will flow to the entity and if the cost of the assets can be measured reliably.
Intangible assets are measured at cost less accumulated amortisation and any impairment losses.
Intangible assets are amortised using the straight-line method on the basis of the best estimate of their useful lives of 3 to 5 years. The amortisation period and method are reviewed at each reporting date.
Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units (or Groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss on goodwill is not reversed in a subsequent period.
On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Property, plant and equipment are measured at cost less accumulated depreciation and any impairment losses. Property, plant and equipment are depreciated prorata temporis on a straight-line basis over their useful lives. Useful lives have been determined as follows:
Land has an unlimited useful life and therefore it is not depreciated.
Subsequent expenses related to property, plant and equipment are only capitalised if it is likely that future economic benefits associated with the item will flow to the entity and if the cost of the item can be measured reliably.
Investment property related to projects (land and or (part of) buildings) in Belgium and Luxembourg is property held to earn rental income or for capital appreciation, or both, rather than for use in the production or supply of goods or services or for administrative purposes; or sale in the ordinary course of business. They mainly relate to buildings acquired to be redeveloped and which are leased out until the beginning of development.
Investment property is measured at cost, less accumulated depreciation and any accumulated impairment losses.
Investment property is amortized over the period between acquisition date and the date on which the redevelopment commences. Investment property is amortized to its residual value. At the date on which the redevelopment commences, the investment property is transferred to inventories at its carrying amount at that time.
With respect to all lease arrangements in which the Group is the lessee, a lease liability (i.e. a liability to make lease payments) will be recognized, as well as a right-of-use asset (i.e. an asset representing the right to use the underlying asset over the lease term), except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The Group's leased assets relate mainly to buildings and transportation equipment. The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part of financial debt.
The right-of-use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the lessee. Adjustments may also be required for lease incentives, payments at or prior to commencement and restoration obligations or similar.
Some lease contracts contain both lease and non-lease components. These non-lease components are usually associated with facilities management services at offices and servicing and repair contracts in respect of motor vehicles. The Group has elected to not separate its leases for offices into lease and non-lease components and instead accounts for these contracts as a single lease component. For its other leases, the lease components are split into their lease and non-lease components based on their relative stand-alone prices.
After lease commencement, the right-of-use asset is measured using the cost model.
Under the cost model a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described under section 17 hereunder.
The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate.
The lease liability is subsequently remeasured to reflect changes in:
The remeasurements are treated as adjustments to the right-of-use asset.
The Group enters into lease agreements as a lessor with respect to its investment properties. These mainly relate to buildings acquired to be redeveloped and which are rented out until the beginning of development. These contracts are classified as operating leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
Financial assets and financial liabilities are recognised in the Group's balance sheet when the Group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
The financial assets include the investments in equity instruments at fair value through profit or loss, loans to related parties, receivables including trade receivables and other receivables, derivative financial instruments, cash and cash equivalents.
Trade receivables and debt securities are initially recognized when they are originated. The purchase or sale of a nonderivative financial asset in a regular-way transaction is recognized at trade date
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
Debt instruments include
On initial recognition, all equity investments are measured at fair value through profit and loss unless the entity makes an irrevocable election to measure the instrument at fair value through other comprehensive income (only possible if not held for trading). Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in the income statement.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.
For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument to the gross carrying amount of the debt instrument on initial recognition.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
The Group has elected to adopt the hedge accounting requirements of IFRS 9 Financial Instruments where the hedging instrument and the hedged item match based on an assessment of the effectiveness of the hedge.
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reeve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.
The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.
In relation to the impairment of financial assets and contract assets, an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) current and non-current other receivables and loans to related parties; 3) contract assets; 4) cash and cash equivalents.
IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group
is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses.
The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix.
The expected credit loss is assessed for each financial asset and contract asset on an individual basis and is generally immaterial in view of the fact that a physical asset can be considered as a collateral (guarantee) in the assessment of the expected credit loss : trade receivables generally relate to the sales of residential units under construction and advances to associates and joint ventures relate to financing projects under development and contract assets arises in in situations where revenue is recognised in advance of the next progress billing.
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.
If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.
All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest method.
Interest-bearing bank loans and overdrafts are recorded at the amount of cash obtained, after deduction of any transaction costs. After initial recognition, they are measured at amortized cost. Any difference between the consideration received and the redemption value is recognized in income over the period of the loan using the effective interest rate.
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
Issue costs that may be directly allocated to an equity transaction are recorded as a deduction from equity. As a consequence, capital increases are recorded at the proceeds received, net of issue costs and net of tax.
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented in retaining earnings.
Cash flows are inflows and outflows of cash and cash equivalents.
Operating activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. Acquisitions and sales of projects through the purchase or sale of assets are considered as operating activities and are presented as part of the cash flows from operating activities, whether the project is classified in inventory.
Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.
Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. The capitalization of borrowing costs has no impact on the statement of cash flows.
Inventories are measured at cost or net realisable value, whichever is lower. Net realizable value is the estimated selling price in the ordinary course of business, less estimated completion costs and costs to sell.
The acquisition cost of purchased goods includes acquisition cost and expenses directly attributable to the purchases. For finished goods and work in progress, the cost price takes into account direct expenses and a portion of production overhead without including administrative and financial expenses.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion
and the estimated cost necessary to make the sale. The impairment in value or loss (write-down or reversals) on inventories to bring them to their net realisable value is recognised in profit or loss in 'cost of sales' in the year when the impairment in value occurs.
The interests incurred during construction are capitalised. The costs of borrowings are capitalised depending on the nature of the funding. The cost of funding defined as "project financing" are fully allocated to projects funded. The costs of "Corporate" and "Bonds" financing are partially allocated based on an allocation key taking into account the projects under development and the amounts invested. The activation of the borrowing costs stops as soon as the project is ready for its intended sale.
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is probable that an outflow of resources will be necessary to settle the obligation and when a reliable estimate of the amount of the obligation can be made.
The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation if necessary.
Contingent liabilities, which occurrence is not probably, are not recognized as a provision and are mentioned in the notes to the financial statements, provided that the risk is not remote.
Contingent assets are not recognized in the financial statements.
The Group operates a defined-benefit pension plan and a defined-contribution pension plan.
• « Defined-contribution » pension plan
Contributions to these pension plans are recognized as an expense in the income statement as the related service is provided..
• « Defined-benefit » pension plan
For such a plan, the cost of corresponding commitments is determined using the Projected Unit Credit Method, with present values being calculated at reporting date.
The amount recognised in the balance sheet represents the present value of the estimated amount of future benefits that employees have earned in return for their service in the current and prior periods, less the fair value of plan assets. Any asset resulting from this calculation is limited to the present value of possible refunds to the Group or reductions in future contributions to the plan.
Actuarial gains and losses are directly recorded in the other elements of comprehensive income and accumulated in a separate reserve within equity. These accumulated actuarial gains and losses are subsequently never reclassified to profit or loss.
Bonuses granted to employees and senior executives are based on targets relating to key financial indicators. The estimated amount of bonuses is recognized as an expense in the year to which they relate.
Received government grants related to assets or investment subsidies are recognised in the balance sheet as deferred income. They are recognised as income in equal amounts over the expected useful life of the related asset.
Group revenue comes mainly from Real Estate Development activities.
Under IFRS 15, revenue is recognised when the customer obtains control of the goods or services sold, for an amount which reflects what the entity expects to receive for the goods or services.
The main categories of sale contracts used by the Group comprise:
In accordance with IFRS 15, Immobel assesses on a case-by-case basis:
Payment terms for office sales are negotiated and stipulated in the individual contracts.
For "Residential" projects, the analysis has distinguished revenue from contracts for which the contractual provisions and the legal context (Breyne Act in Belgium or equivalent in Luxembourg, France and Germany) establish a gradual transfer of control of the asset to the purchaser as the construction progresses from other revenue linked to contracts with customers for which control is transferred at a point in time.
Projects involving residential units - Breyne Act contracts (Belgium, Luxembourg, France and Germany)
Legally foreseen by the legal framework in Belgium and Luxembourg, the ownership of a residential unit is gradually transferred to the purchaser during the construction period as such as the revenue is recognized over time for residential properties when the entity's performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.
Revenue (with no distinction between "land" and "development") is recognised over time for each residential project based on progress of works measured by incurred and budgeted costs.
In Poland revenue is recognised upon the signing of the final deed, i.e. once the unit being sold is delivered, because there is no enforceable right to payment for performance completed to date according to the regulatory framework.
Other types of sale may occur (block sale of a project, hotel, commercial space, etc.). Such transactions are therefore subject to an analysis on a case-by-case basis using an approach similar to that described for the "Office" schemes.
For this segment, the sales revenue is recorded when the asset is transferred at the moment of the notarial deed.
The revenue from the sale of a project is recognized in gross (sales price and cost of sales) regardless of the structure of the transaction (share deal / asset deal). Disposals of subsidiaries dedicated to a project and that do not contain a business are considered part of the normal business of the Group and are therefore recognized in sales and cost of sales (IFRS 15). Upon disposal of such a subsidiary the same accounting policies with regard to the timing of revenue recognition as described above are applied.
The method of legal ownership has no impact on the recognition of the margin but on its presentation, which will differ depending on whether it is:
• Direct property, subsidiary: the results are recorded in sales and cost of sales irrespective of the legal structure of ownership of the asset;
• Joint ventures: in accordance with IFRS 11, when a partnership gives rise to joint control over net assets, Immobel recognizes an investment for its interest in the joint venture and recognizes it using the equity method (IAS 28). The result of the sales of property within a joint venture is therefore presented under the heading "Share in the profit or loss of joint ventures and associates"
When the Group loses control of a subsidiary that does not contain a business as defined by IFRS 3 and retains an investment (partial sale of a company dedicated to a project), the transaction is treated as a transaction between an investor and its associate or joint venture and the gain or loss is recognised in operating result only to the extent of unrelated investors' interest in the associate or joint venture. If a downstream transaction results in a loss, then no portion of the loss is eliminated to the extent that it provides evidence of a reduction in the net realizable value or of impairment of the asset to be sold or contributed.
With respect to operating leases, rent is recognised on a straight-line basis over the term of the lease, even if payments are not made on this basis. Lease incentives granted by the Group in negotiating or renewing an operating lease are recognised as a reduction of the lease income on a straight-line basis over the term of the lease.
The carrying amount of non-current assets (other than financial assets in the scope of IFRS 9, deferred taxes and noncurrent assets held for sale) is reviewed at the end of each reporting period in order to determine if an indication exists that an asset has impaired. If such indication exists, the recoverable amount is determined. Regarding intangible assets with indefinite useful lives and goodwill, an impairment test needs to be performed on an annual basis and whenever an impairment indicator has been identified. . An impairment loss is recognized if the carrying amount of the asset or the cashgenerating unit exceeds its recoverable amount. Impairment losses are presented in the operating expenses.
When the recoverable amount cannot be individually determined for an asset, including goodwill, it is measured at the level of the cash generating unit to which the asset belongs.
The recoverable amount of an asset or cash-generating unit is its fair value less costs of disposal or its value in use, whichever is higher. The latter is the present value of expected future cash flows from the asset or the respective cash generating unit. In order to determine the value in use, the future cash flows are discounted using a pre-tax discount rate which reflects both the current market rate and the specific risks of the asset.
A reversal of impairment loss is recognised operating revenue if the recoverable amount exceeds the net book value. However, the reversal may not lead to a higher book value than the value that would have been determined if no impairment loss had been initially recorded on this asset (cash-generating unit). No reversal of impairment loss is recognized on goodwill.
Income tax for the year includes current and deferred tax. Current and deferred income taxes are recognised in profit and loss unless they relate to items recognised directly under shareholders' equity or other comprehensive income, in which case they are also recognised under shareholders' equity or other comprehensive income.
Current tax is the amount of income taxes payable (or recoverable) on the profit (or loss) of the current year and comprises any adjustments to tax charges of previous years.
Deferred tax is recognised using the liability method,recognizing deferred taxes in respect of temporary differences between the book value of assets and liabilities in the consolidated accounts and their tax basis.
Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised on unused tax losses and on deductible temporary differences if it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are re-evaluated at each reporting date.
A discontinued operation is a component of an entity that either has been disposed of or is classified as held for sale. Such component represents a separate major line of business or geographical area of operations that can be clearly distinguished, operationally and for financial reporting purposes. The net result of discontinued operations (including possible results on disposal and taxes) is presented separately from the continued operations in the income statement.
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs of disposal. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets which continue to be measured in accordance with the Group's
other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in profit or loss.
Once classified as held-for-sale, intangible assets, property, plant and equipment and investment property are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.
In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The deferred tax assets are recognised upon availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilised. When a project company with tax losses carried forward contains a project with future taxable profits a deferred tax asset is recognised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Immobel's deferred tax asset positions were reviewed in order to make sure they can be recovered through future taxable income. The Group also monitored changes to legislation, revisions to tax rates and other tax measures taken – see note 17.
The projects in inventory are subject to feasibility studies used in determining the net realisable value and any required write down, and if applicable for the release of margin and the computation of the rate of completion. At each closing date, the expenses to be incurred are estimated. With regard to the inventories (projects to be developed), the assumptions used to assess the net realisable value of the projects under development are reviewed on quarterly basis by the project manager and updated based on the most recent market data (with respect to residential projects: expected sales prices and construction costs and with respect to the office project: expected exit yields, expected rental levels and construction costs). Obviously, the current macroeconomic environment with higher construction costs inflation and interest rates has been taken into account. No write-downs have been identified as at 31 December 2022 as the respective net realisable value is higher than the carrying amount for each of the projects – see note 18.
Investment properties are amortized using the straight-line method based on an estimate of the duration up to the beginning of the development of the project, date when they are transferred to inventories, and taking into account a residual value estimated at that date.
Investment properties are tested for impairment in function of the forecasted net residual value of the project once this asset will be developed, based on equal assumptions as net residual value of inventory. Taken into account the recent acquisitions, management does not assess a material risk on impairment – see note 15.
Income from the sale of a project is recognized in gross (sales price and cost of sales) regardless of the structure of the transaction (asset deal / share deal). Disposals of controlled companies dedicated to a project are therefore considered part of the Group's normal business and are therefore recognized as revenue and cost of sales at the time of the disposal. The presentation is taking into account the specificities of the Group's sector and activity.
End December 2019, Immobel was notified with 2 decisions of the Belgian Council of State in a legacy file relating to the purchase of land plots in 2007 from the Université Libre de Bruxelles. A joint venture between Immobel and its partner, Thomas & Piron, obtained in 2014 all necessary building permits for the development of a residential project on the relevant land plot. The decision of the Council of State of end 2019, however, lead to an annulment of the building permits obtained back in 2014 due to the absence of a prior allotment permit at the time of purchase of the land from Université Libre de Bruxelles in 2007. The purchasers of the relevant apartment units were duly informed on the pending legal procedure before the Council of State at the time of purchase of their unit and their purchase deed provide for the right to apply for an annulment of the sale of their unit under certain circumstances, including in case regularisation of the relevant building permits is not realized within the contractual delay. The aforementioned situation is eligible for regularisation and, at the date hereof, Immobel and its partner Thomas & Piron are in the process of regularization and expect that the financial impact of such right to rescind will not materially impact the financial position of the joint venture partners.
A segment is a distinguishable component of the Group, which generates revenues and costs.
The operating results are regularly reviewed by the Management Committee in order to monitor the performance of the various segments in terms of strategic goals, plans and budgets. In this context, the Board of Directors has opted to follow up the operating results by country.
The segment reporting is presented based on the operational segments used by the Board of Directors to monitor the financial performance of the Group, being the geographical segments (by country). The choice made by the Board of Directors to focus on geographical segment rather than on other possible operating segments is motivated by local market characteristics (customers, product, regulation, culture, local network, political environment, etc.) as being the key business drivers.
The core business of the Group, real estate development, is carried out in Belgium, Luxemburg, France, Germany, Poland, Spain and the United Kingdom.
The breakdown of sales by country depends on the country where the activity is carried out.
The Group has been applying IFRS 11 since 1 January 2014, which substantially amended the reading of the Group's financial statements, but does not affect the net income and shareholders' equity. However, the Board of Directors believes that the financial information based on the proportionate consolidation of the Group's joint ventures (before IFRS 11) gives a better picture of the activities and financial statements. Therefore, the information reported to the Board of Directors and presented below includes the Group's interest in joint ventures based on the proportionate consolidation method. Using this consolidation method, intercompany transactions are eliminated at percentage of financial rights detention. Consolidation under equity method is applied for associates.
| INCOME STATEMENT EUR ('000) |
31/12/2022 | 31/12/2021 |
|---|---|---|
| OPERATING INCOME | 409,515 | 549,046 |
| Revenues | 377,377 | 526,799 |
| Rental income | 17,894 | 14,160 |
| Other operating income | 14,244 | 8,087 |
| OPERATING EXPENSES | -386,615 | -430,390 |
| Cost of sales | -294,770 | -396,929 |
| Cost of commercialisation | -215 | -439 |
| Administration costs | -91,630 | -33,022 |
| OPERATING PROFIT | 22,900 | 118,656 |
| SALE OF SUBSIDIARIES | 25 | |
| Gain (loss) on sales of subsidiaries | 25 | |
| JOINT VENTURES AND ASSOCIATES | 105 | 63 |
| Share of result of joint ventures and associates, net of tax | 105 | 63 |
| OPERATING PROFIT AND SHARE OF RESULT OF ASSOCIATES AND JOINT VENTURES, NET OF TAX | 23,005 | 118,744 |
| Interest income | 3,330 | 3,835 |
| Interest expense | -8,020 | -13,299 |
| Other financial income / expenses | -4,834 | -43 |
| NET FINANCIAL COSTS | -9,524 | -9,507 |
| PROFIT FROM OPERATIONS BEFORE TAXES | 13,481 | 109,237 |
| Income taxes | -3,710 | -17,596 |
| PROFIT OF THE PERIOD | 9,771 | 91,641 |
| Share of non-controlling interests | -952 | -509 |
| SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY | 10,723 | 92,150 |
| EUR ('000) | REVENUES | OPERATING RESULT |
REVENUES | OPERATING RESULT |
|
|---|---|---|---|---|---|
| 31/12/2022 | 31/12/2022 | 31/12/2021 | 31/12/2021 | ||
| Belgium | 279,129 | 88,599 | 273,307 | 90,851 | |
| Luxembourg | 30,019 | 1,573 | 119,491 | 22,616 | |
| France | 45,432 | -49,014 | 87,530 | 938 | |
| Germany | 20,993 | -12,155 | 44,637 | 4,724 | |
| Poland | 1,224 | -598 | 1,834 | -385 | |
| Spain | 580 | 163 | |||
| United Kingdom | -5,563 | ||||
| TOTAL CONSOLIDATED | 377,377 | 23,005 | 526,798 | 118,744 |
| STATEMENT OF FINANCIAL POSITION | EUR ('000) | 31/12/2022 | 31/12/2021 (represented*) |
|---|---|---|---|
| NON-CURRENT ASSETS | 258,956 | 428,873 | |
| Intangible assets and property, plant and equipment | 5,479 | 3,102 | |
| Goodwill | 43,789 | ||
| Right-of-use assets | 9,937 | 3,772 | |
| Investment property | 133,520 | 274,666 | |
| Investments and advances to joint ventures and associates | 70,728 | 63,555 | |
| Deferred tax assets | 27,008 | 25,656 | |
| Other non-current assets | 12,284 | 14,334 | |
| CURRENT ASSETS | 1,840,242 | 1,617,739 | |
| Inventories | 1,360,703 | 997,103 | |
| Trade receivables | 24,309 | 44,632 | |
| Contract assets | 45,128 | 138,985 | |
| Tax receivables and other current assets | 88,252 | 58,445 | |
| Advances to joint ventures and associates | 6,588 | 9,660 | |
| Cash and cash equivalents | 315,262 | 368,914 | |
| TOTAL ASSETS | 2,099,198 | 2,046,612 | |
| TOTAL EQUITY | EUR ('000) | 572,644 | 582,798 |
| NON-CURRENT LIABILITIES | 847,078 | 681,903 | |
| Financial debts | 824,153 | 651,775 | |
| Deferred tax liabilities | 22,358 | 28,972 | |
| Other non-current liabilities | 567 | 1,155 | |
| CURRENT LIABILITIES | 679,476 | 781,911 | |
| Financial debts | 318,445 | 453,077 | |
| Trade payables | 113,780 | 98,943 | |
| Contract liabilities | 61,470 | 32,876 | |
| Tax payables and other current liabilities | 168,699 | 175,243 | |
| Advances from joint venture and associates | 17,083 | 21,772 | |
| TOTAL EQUITY AND LIABILITIES | 2,099,198 | 2,046,612 |
(*) Some adjustments were made in the presentation of the balance sheet as at 31 December 2021 that have no impact on equity. They concern the following headings: inventories (- EUR 20,872 thousand), deferred tax liabilities (- EUR 5,218 thousand) and taxes payable and other current liabilities (- EUR 15,654 thousand).
| ^dϯϭDZϮϬϮϮ | ||
|---|---|---|
| ------------ | -- | -- |
| FINANCIAL POSITION ITEMS | EUR ('000) | NON-CURRENT SEGMENT ASSETS |
CURRENT SEGMENT ASSETS |
UNALLOCATED ITEMS ¹ |
CONSOLIDATED |
|---|---|---|---|---|---|
| Belgium | 13,481 | 994,168 | 1,007,649 | ||
| Luxembourg | 28,017 | 201,771 | 229,788 | ||
| France | 44,982 | 237,635 | 282,617 | ||
| Germany | 2 | 44,369 | 44,371 | ||
| Poland | 29 | 82,317 | 82,346 | ||
| Spain | 383 | 27,163 | 27,546 | ||
| United Kingdom | 62,065 | 3,550 | 65,615 | ||
| Unallocated items1 | 359,265 | 359,265 | |||
| TOTAL ASSETS | 148,959 | 1,590,974 | 359,265 | 2,099,198 |
| FINANCIAL POSITION ITEMS | EUR ('000) | SEGMENT LIABILITIES |
UNALLOCATED ITEMS ¹ |
CONSOLIDATED |
|---|---|---|---|---|
| Belgium | 973,358 | 973,358 | ||
| Luxembourg | 128,411 | 128,411 | ||
| France | 198,079 | 198,079 | ||
| Germany | 59,144 | 59,144 | ||
| Poland | 66,454 | 66,454 | ||
| Spain | 5,949 | 5,949 | ||
| United Kingdom | 52,227 | 52,227 | ||
| Unallocated items1 | 42,932 | 42,932 | ||
| TOTAL LIABILITIES | 1,483,622 | 42,932 | 1,526,554 |
| ^dϯϭDZϮϬϮϭ | |||||
|---|---|---|---|---|---|
| FINANCIAL POSITION ITEMS | EUR ('000) | NON-CURRENT SEGMENT ASSETS |
CURRENT SEGMENT ASSETS |
UNALLOCATED ITEMS ¹ |
CONSOLIDATED |
| Belgium | 207,677 | 1,029,503 | 1,237,180 | ||
| Luxembourg | 27,345 | 191,206 | 218,551 | ||
| France | 91,302 | 38,370 | 129,672 | ||
| Germany | 1 | 21,715 | 21,716 | ||
| Poland | -11 | 26,234 | 26,223 | ||
| Spain | 5 | 2,880 | 2,885 | ||
| United Kingdom | |||||
| Unallocated items1 | 410,385 | 410,385 | |||
| TOTAL ASSETS | 326,319 | 1,309,908 | 410,385 | 2,046,612 | |
| FINANCIAL POSITION ITEMS | EUR ('000) | SEGMENT LIABILITIES |
UNALLOCATED ITEMS ¹ |
CONSOLIDATED | |
| Belgium | 1,087,218 | 1,087,218 | |||
| Luxembourg | 130,033 | 130,033 | |||
| France | 123,693 | 123,693 | |||
| Germany | 18,476 | 18,476 | |||
| Poland | 46,773 | 46,773 |
Spain 7,754 7,754 Unallocated items1 49,866 49,866 TOTAL LIABILITIES 1,413,947 49,866 1,463,813
(1) Unallocated items: Assets: Deferred tax assets - Other non-current financial assets - Other non-current assets - Tax receivables - Other current financial assets - Cash and equivalents - Liabilities: Employee benefit obligations – Provisions - Deferred tax liabilities - Tax liabilities – Derivative financial instruments.
For the analysis of projects in progress by operational segment, inventories should be taken into consideration, as well as investment property, since the latter contains leased out property acquired with a view to be redeveloped.
| INVENTORIES AND INVESTMENT PROPERTY EUR ('000) | Offices | Residential | Landbanking | 31/12/2022 |
|---|---|---|---|---|
| Belgium | 352,681 | 306,298 | 80,192 | 739,171 |
| Luxembourg | 27,625 | 151,098 | 178,723 | |
| France | 220,397 | 59,922 | 280,319 | |
| Germany | 112,465 | 112,465 | ||
| Poland | 38,739 | 65,463 | 104,202 | |
| Spain | 18,254 | 18,254 | ||
| United Kingdom | 61,089 | 61,089 | ||
| TOTAL INVENTORIES AND INVESTMENT PROPERTY | 700,531 | 713,500 | 80,192 | 1,494,223 |
| INVENTORIES AND INVESTMENT PROPERTY EUR ('000) | Offices | Residential | Landbanking | 31/12/2021 |
| (represented*) | ||||
| Belgium | 359,350 | 285,751 | 66,698 | 711,799 |
| Luxembourg | 28,261 | 143,168 | 171,429 | |
| France | 210,556 | 34,127 | 244,683 | |
| Germany | 59,033 | 59,033 | ||
| Poland | 34,341 | 36,095 | 70,436 | |
| Spain | 14,389 | 14,389 | ||
| United Kingdom |
The main movements in inventories and investment property are driven by the acquisition of new projects (mainly Héros in Belgium, Issy-les-Moulineaux in France, Gutenbergstrasse in Germany en Leeds in United Kingdom), the exit of office projects (Cours Saint-Michel and The Woods in Belgium) and the ongoing development of all projects in the portfolio (with main movements coming from Granaria in Poland, Canal in Luxembourg, Eden in Germany and Rueil Malmaison in France).
(*) As previously mentioned, some presentation adjustments without any impact on equity have been made in the presentation of the balance sheet as at 31 December 2021, which includes a reclassification impacting the inventories (- EUR 20 872 thousand), and more specifically the inventories for residential projects in Spain.
| EUR ('000) | 31/12/2022 | ||
|---|---|---|---|
| Operating | Adjustments | Published | |
| Segment | Information | ||
| Revenues | 377,377 | -150,149 | 227,228 |
| Operating result | 23,005 | -5,522 | 17,483 |
| Total balance sheet | 2,099,198 | -351,171 | 1,748,027 |
For segment information, joint ventures are consolidated using the proportional method. The adjustments result from the application of IFRS 11, resulting in the consolidation of joint ventures and associates using the equity method.
The Group generates its revenues through commercial contracts for the transfer of goods and services in the following main revenue categories:
| Cross-analysis by type of project and by geographical zone - EUR (000) | Offices | Residential | Landbanking | 31/12/2022 |
|---|---|---|---|---|
| Belgium | 57,409 | 64,256 | 7,758 | 129,423 |
| Luxembourg | 1,616 | 21,692 | 23,308 | |
| France | 35 | 52,087 | 52,122 | |
| Germany | 20,993 | 20,993 | ||
| Poland | 334 | 483 | 817 | |
| Spain | 565 | 565 | ||
| Total | 59,394 | 160,076 | 7,758 | 227,228 |
| Cross-analysis by type of project and by geographical zone - EUR (000) | Offices | Residential | Landbanking | 31/12/2021 |
| Belgium | 74,219 | 65,830 | 21,293 | 161,342 |
| Luxembourg | 6,376 | 96,498 | 102,874 | |
| France | 1,951 | 66,555 | 68,506 | |
| Germany | 44,726 | 44,726 |
Poland 541 1,520 2,061 Total 83,087 275,129 21,293 379,509
Revenues for Belgium are mainly driven by Commerce 46 and The Woods for Offices and O'Sea, Lalys and St Roch for Residential, for Luxembourg by Canal, for France by Savigny-sur-Orge and Bussy St Georges and for Germany by Eden Tower Frankfurt. Revenues from residential projects are lower mainly due to fewer projects in sales as a result of the lower permitting activity over recent years.
The breakdown of sales according to these different principles of recognition is as follows:
| EUR ('000) | Timing of revenue recognition | |||
|---|---|---|---|---|
| Point in time | Over time | 31/12/2022 | ||
| OFFICES | 20,901 | 38,493 | 59,394 | |
| RESIDENTIAL | 483 | 159,593 | 160,076 | |
| Residential unit per project - Breyne Act or equivalent | 159,593 | 159,593 | ||
| Residential unit per project - Other | 483 | 483 | ||
| Other project | ||||
| LANDBANKING | 7,758 | 7,758 | ||
| TOTAL REVENUE | 29,142 | 198,086 | 227,228 | |
| EUR ('000) | Timing of revenue recognition | |||
| Point in time | Over time | 31/12/2021 | ||
| OFFICES | 1,931 | 81,156 | 83,087 | |
| RESIDENTIAL | 92,260 | 182,869 | 275,129 | |
| Residential unit per project - Breyne Act or equivalent | 182,869 | 182,869 | ||
| Residential unit per project - Other | 92,260 | 92,260 | ||
| Other project |
LANDBANKING 21,293 21,293 TOTAL REVENUE 115,484 264,025 379,509
With respect to offices, as the share purchase agreement includes clauses that the property cannot be sold to another party and that the payment is due upon delivery, Commerce 46 is recognised over time as the Board of Directors believes both the "alternative use" and the "right to payment" criteria for this sale have been met. The sale of The Woods has been recognised at the time of the sale.
The transaction price relating to performance obligations unrealized or partially realized at 31 December 2022 amounted to EUR 89 million.
It mainly concerns the sales of residential units of which construction is in progress (for the totality of their value or the unrecognized part based on progress of completion) as well as the sales of offices of which the contract analysis deemed to assume that the recognition criteria were not met under IFRS 15.
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| OFFICES | ||
| Construction, commercialisation and other contractual arrangements | 2,661 | 39,714 |
| RESIDENTIAL | ||
| Construction of sold units | 86,254 | 67,641 |
| LANDBANKING | ||
| TOTAL | 88,915 | 107,355 |
The Group's management estimates that 81 % of the price allocated to these outstanding performance obligations as at 31 December 2022 will be recognized as revenue in fiscal year 2023.
Breakdown of the rental of investment properties is allocated as follows by geographical segment:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 4,562 | 5,205 |
| France | 2,837 | 2,546 |
| Luxembourg | 1,679 | 1,617 |
| TOTAL RENTAL INCOME | 9,078 | 9,368 |
The main contributors are the projects Isala in Belgium, Rueil Malmaison in France and Thomas in Luxembourg.
The lease periods depend on the relevant investment property agreements and have a term for the current contracts of two and a half years.
Break down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Other income | 7,569 | 3,938 |
| TOTAL OTHER OPERATING INCOME | 7,569 | 3,938 |
The increase compared to the previous financial year is mainly driven by recharging fit-out works related to new offices and other recoveries of taxes and withholdings, miscellaneous reinvoicing…
Cost of sales is allocated as follows per geographical segment:
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| Belgium | -103,813 | -120,483 | |
| Luxembourg | -22,341 | -88,263 | |
| France | -49,986 | -60,276 | |
| Germany | -32,174 | -39,839 | |
| Poland | -226 | -2,205 | |
| Spain | -175 | ||
| United Kingdom | -151 | ||
| TOTAL COST OF SALES | -208,866 | -311,066 |
Cost of sales for Belgium are mainly driven by Commerce 46 and The Woods for Offices and O'Sea, Lalys and St Roch for Residential, for Luxembourg by Canal, for France by Savigny-sur-Orge, Osny and Bussy St Georges and for Germany by Eden Tower Frankfurt. In Germany, the Eden Tower (Frankfurt) project – which is currently being completed – has recorded significantly higher construction costs than expected, leading to a negative impact on the net profit. Cost of sales from residential projects are lower mainly due to fewer projects in sales as a result of the lower permitting activity over recent years.
Break down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Personnel expenses | -16,939 | -7,768 |
| Amortisation, depreciation and impairment of assets | -50,078 | -4,584 |
| Other operating expenses | -17,486 | -14,455 |
| TOTAL ADMINISTRATION COSTS | -84,503 | -26,807 |
In general, Administration costs have increased as a result of Immobel Capital Partners' activities being launched in London and the impairment of the goodwill in Immobel France.
Break down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Salaries and fees of personnel and members of the Exectuive Committee | -37,063 | -28,488 |
| Project monitoring costs capitalized under "inventories" | 24,572 | 24,629 |
| Social security charges | -3,368 | -3,542 |
| Pension costs | -80 | -86 |
| Other | -1,000 | -281 |
| TOTAL PERSONNEL EXPENSES | -16,939 | -7,768 |
Break down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Goodwill impairment | -43,789 | |
| Amortisation of intangible and tangible assets, and of investment property | -6,161 | -4,693 |
| Write down on trade receivables | -128 | 109 |
| TOTAL AMORTISATION, DEPRECIATION AND IMPAIRMENT OF ASSETS | -50,078 | -4,584 |
The increase in the Depreciation and Impairment on Assets is primarily due to the amortization of goodwill related to the acquisition of Nafilyan & Partners in 2019. This is in response to the management's decision to focus more on the development of large mixed-use projects and offices in France than on small residential projects. – cfr. note 12
Break down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Services and other goods | -12,716 | -10,269 |
| Other operating expenses | -3,767 | -4,036 |
| Provisions | -1,003 | -150 |
| TOTAL OTHER OPERATING EXPENSES | -17,486 | -14,455 |
Main components of services and other goods:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Service charges of the registered offices | -2,812 | -3,185 |
| Third party payment, including in particular the fees paid to third parties | -2,169 | -1,884 |
| Other services and other goods, including company supplies, advertising, maintenance and repair expense of properties available for sale awaiting for development |
-7,735 | -5,200 |
| TOTAL SERVICES AND OTHER GOODS | -12,716 | -10,269 |
Amount of fees allocated during the year to KPMG Company auditors B.V./S.R.L. and its network:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Audit fees at consolidation level (Belgium) | -313 | -265 |
| Audit fees for the Statutory Auditor for extraordinary presentations or special assignments within the Group (Belgium) | -118 | -82 |
| - Other audit assignments | -92 | -57 |
| - Tax advice | ||
| - Other assignments outside the ordinary auditor's remit | -26 | -25 |
| Audit fees at consolidation level (Abroad) | -227 | -186 |
| Audit fees for the Statutory Auditor for extraordinary presentations or special assignments within the Group (Abroad) | ||
| - Other audit assignments | ||
| - Tax advice | ||
| - Other assignments outside the ordinary auditor's remit | ||
| Total | -658 | -533 |
The missions outside the audit mission were approved by the Audit & Risk Committee.
Main components of variations in provisions:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Provisions related to the sales | 270 | 17 |
| Other provisions | 733 | 197 |
| TOTAL VARIATIONS IN PROVISIONS | 1,003 | 214 |
| Increase | 1,834 | 724 |
| Use and reversal | -831 | -510 |
The share in the net result of joint ventures and associates breaks down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Operating result | 73,549 | 64,561 |
| Financial result | -5,168 | -4,441 |
| Income taxes | -1,200 | -15,589 |
| RESULT OF THE PERIOD | 67,181 | 44,531 |
The result of joint ventures and associates is mainly driven by the sale of Cours Saint-Michel.
Further information relating to joint ventures and associates is provided in note 16.
The financial result breaks down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Interest expense under the effective interest method | -19,728 | -15,612 |
| Capitalised interests on projects in development | 15,553 | 9,364 |
| Fair value changes | -89 | -358 |
| Interest income | 4,398 | 4,983 |
| Other financial income and expenses | -4,489 | -3,471 |
| FINANCIAL RESULT | -4,355 | -5,094 |
The decrease in the financial result is mainly due to a higher capitalisation of interest, mainly because of lower number of project in commercialisation, offsetting higher costs of interest, mainly because of higher debt levels .
Income taxes are as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Current income taxes for the current year | -5,299 | -15,416 |
| Current income taxes for the previous financial years | -1,161 | 505 |
| Deferred taxes on temporary differences | 3,705 | 13,292 |
| TOTAL OF TAX EXPENSES RECOGNIZED IN THE STATEMENT OF COMPREHENSIVE INCOME | -2,755 | -1,619 |
| Current taxes | -6,460 | -15,236 |
| Change in tax receivables / tax payables | -1,867 | 8,985 |
| PAID INCOME TAXES ( STATEMENT OF CASH FLOW) | -8,327 | -6,251 |
Recognised tax expenses are higher, mainly driven by the lower recognition of deferred tax assets partially offset by a lower net result for the period.
The reconciliation of the actual tax charge with the theoretical tax charge is summarised as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| Result from continuing operations before taxes | 13,128 | 93,964 | |
| Result from joint ventures and associates | -67,181 | -44,531 | |
| RESULT BEFORE TAXES AND SHARE IN THE RESULT OF JOINT VENTURES AND ASSOCIATES | -54,053 | 49,433 | |
| THEORETICAL INCOME TAXE CHARGE AT : | 25.00% | 25.00% | |
| 13,513 | -12,358 | ||
| Tax impact | |||
| - non-taxable income | 5,022 | 7,835 | |
| - non-deductible expenses | -13,618 | -959 | |
| - use of tax losses and notional interests deduction carried forward on which no DTA was recognised in previous years | 802 | 5,802 | |
| - tax losses of current year on which no DTA is recognised | -3,622 | -2,853 | |
| - tax losses of prior years on which a DTA is recognised | 990 | 1,194 | |
| - (un)recognized tax latencies | -2,201 | 1,018 | |
| - different tax rates | -1,320 | 612 | |
| - Income taxes for the previous financial years | -2,321 | -1,910 | |
| TAX CHARGE | -2 755 | -1 619 | |
| EFFECTIVE TAX RATE OF THE YEAR | -5.10% | 3.28% |
The change in effective tax rate is mainly due to the non-tax deductible impairment loss on goodwill in Immobel France Immobel.
The basic result per share is obtained by dividing the result of the year by the average number of shares. Basic earnings per share are determined using the following information:
| 31/12/2022 | 31/12/2021 | |
|---|---|---|
| Net result of the period attributable to owners of the company EUR ('000) |
10,723 | 92,150 |
| Comprehensive income of the period EUR ('000) |
15,464 | 91,470 |
| Weighted average share outstanding | ||
| Ordinary shares as at 1 January | 9,997,356 | 9,997,356 |
| Treasury shares as at 1 January | -26,965 | -292,527 |
| Treasury shares disposed | 1,531 | 265,562 |
| Ordinary shares outstanding as at 31 December | 9,971,922 | 9,970,391 |
| Weighted average share outstanding (basic) | 9,970,986 | 9,965,823 |
| Net result per share | 1.075 | 9.247 |
To take into account the potential dilutive impact of performance shares traded against treasury shares, diluted earnings per share are calculated. The calculation of the diluted earnings per share is based on the following data:
| 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|
| Net result of the period | EUR ('000) | 10,723 | 92,150 |
| Comprehensive income of the period | EUR ('000) | 15,464 | 91,470 |
| Weighted average share outstanding (basic) | 9,970,986 | 9,965,823 | |
| Diluive element: performance shares | 1,531 | 3,383 | |
| Weighted average ordinary shares outstanding (diluted) | 9,972,517 | 9,969,206 | |
| Diluted net result per share | 1.075 | 9.247 | |
| Dilued comprehensive income per share | 1.551 | 9.178 | |
Intangible assets evolve as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| ACQUISITION COST AT THE END OF THE PREVIOUS PERIOD | 1,333 | 1,626 |
| Entry in consolidation scope | ||
| Acquisitions | 1,271 | 6 |
| Disposals | 195 | -299 |
| ACQUISITION COST AT THE END OF THE YEAR | 2,799 | 1,333 |
| AMORTISATION AND IMPAIRMENT AT THE END OF THE PREVIOUS PERIOD | -1,087 | -1,044 |
| Entry in consolidation scope | ||
| Amortisation | -153 | -216 |
| Depreciation cancelled on disposals | -202 | 173 |
| AMORTISATION AND IMPAIRMENT AT THE END OF THE YEAR | -1,442 | -1,087 |
| NET CARRYING AMOUNT AS AT 31 DECEMBER | 1,357 | 246 |
The goodwill recognised since 2019 resulted from the acquisition in 2019 of Nafilyan & Partners, a French-based unlisted company specialising in property development. Through the acquisition, Immobel acquired 100% of the voting shares and control of Nafilyan & Partners. The acquisition qualified as a business combination as defined by IFRS 3. The Group acquired Nafilyan & Partners to increase its residential coverage in the French market and share the know-how, expertise and potential synergies with Immobel France.
As a result of the recent change in strategy to phase out the development of small residential projects on the outskirts of Paris and focus on mixed-use projects in the centre of the French capital, management's estimates of recoverable amount were revised downwards, resulting in the carrying amount of the cash-generating unit exceeding its recoverable amount, defined as the higher of fair value less costs to sell and value in use, where value in use is the present value of future cash flows. Consequently, management impaired the total amount of goodwill related to the acquisition of Nafilyan and Partners (EUR 43.8 million).
The reconciliation of the carrying amount of the goodwill at beginning and end of the reporting period is as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| ACQUISITION COST AT THE END OF THE PREVIOUS PERIOD | 43,789 | 43,789 |
| Acquisition of Immobel France | ||
| ACQUISITION COST AT THE PERIOD END | 43,789 | 43,789 |
| IMPAIRMENT AT THE END OF THE PREVIOUS PERIOD | ||
| Impairment of the period | -43,789 | |
| IMPAIRMENT AT THE PERIOD END | -43,789 | |
| NET CARRYING AMOUNT AS AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 43,789 |
The carrying amount of the goodwill has been allocated to cash-generating units as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| France | 43,789 | |
| NET CARRYING AMOUNT AS AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 43,789 |
Property, plant and equipment evolve as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| ACQUISITION COST AT THE END OF THE PREVIOUS PERIOD | 5,693 | 4,142 | |
| Entry in consolidation scope | |||
| Acquisitions | 3,045 | 1,666 | |
| Disposals | -1,369 | -115 | |
| ACQUISITION COST AT THE END OF THE YEAR | 7,369 | 5,693 | |
| DEPRECIATIONS AND IMPAIRMENT AT THE END OF THE PREVIOUS PERIOD | -2,900 | -2,754 | |
| Depreciations | -450 | -329 | |
| Depreciation cancelled on disposals | 103 | 183 | |
| DEPRECIATIONS AND IMPAIRMENT AT THE END OF THE YEAR | -3,247 | -2,900 | |
| NET CARRYING AMOUNT AS AT 31 DECEMBER | 4,122 | 2,793 |
Property, plant and equipment consist primarily of fitting-out costs of the various registered offices. The increase compared to previous year mainly reflects the fit-out works of Immobel headquarters in Brussels.
The right-of-use assets evolve as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| ACQUISITION COST AT THE END OF THE PREVIOUS PERIOD | 6,708 | 7,297 |
| Entry in consolidation scope | ||
| Acquisitions | 10,115 | 770 |
| Disposals | -4,270 | -1,359 |
| ACQUISITION COST AT THE END OF THE YEAR | 12,553 | 6,708 |
| DEPRECIATIONS AND IMPAIRMENT AT THE END OF THE PREVIOUS PERIOD | -2,936 | -2,907 |
| Entry in consolidation scope | ||
| Depreciations | -2,747 | -1,388 |
| Depreciation cancelled on disposals | 3,067 | 1,359 |
| DEPRECIATIONS AND IMPAIRMENT AT THE END OF THE YEAR | -2,616 | -2,936 |
| NET CARRYING AMOUNT AS AT 31 DECEMBER | 9,937 | 3,772 |
Three new offices have been included as right-of-use assets.
In May 2022, Immobel headquarters moved to the Multitower building located in the city centre of Brussels .
Also under consideration are the new offices in the United Kingdom and Spain and the renewal of the office in Luxembourg.
This heading includes leased out property acquired with a view to be redeveloped. Investment property evolves as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| ACQUISITION COST AT THE END OF THE PREVIOUS YEAR | 178,741 | 199,415 |
| Entry in consolidation scope | ||
| Disposal/exit from the consolidation scope | -2,952 | -20,649 |
| Net carrying value of investment property transferred from/to inventories | -103,462 | -25 |
| ACQUISITION COST AT THE END OF THE PERIOD | 72,327 | 178,741 |
| DEPRECIATIONS AND IMPAIRMENT AT THE END OF THE PREVIOUS YEAR | -4,742 | -2,266 |
| Depreciations | -2,810 | -2,747 |
| Depreciations and impairment cancelled following disposal/exit from the consolidation scope | 2,911 | 271 |
| DEPRECIATIONS AND IMPAIRMENT AT THE END OF THE PERIOD | -4,641 | -4,742 |
| NET CARRYING AMOUNT AS AT 31 DECEMBER | 67,686 | 173,999 |
The key projects included in investment property are Rueil Malmaison and Thomas. The net carrying value of Isala has been transferred to inventories as the leasing contract came to an end and the project is ready for development.
The useful lifetime of the Investment properties is based on the contract lease duration. The average useful life is 2.5 years. Investment property comprises a number of commercial properties that are leased to third parties. At the end of rental period, the development phase of the project starts. Given the recent acquisitions of investment property at market price and the fact there are no indications of significant changes in fair value (both upward and downward), the depreciation of the investment property is in line with the remaining lease terms.
The contributions of joint ventures and associates in the statement of financial position and the statement of comprehensive income is as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Investments in joint ventures | 135,495 | 148,352 |
| Investments in associates | 9,396 | 8,179 |
| TOTAL INVESTMENTS INCLUDED IN THE STATEMENT OF FINANCIAL POSITION | 144,891 | 156,532 |
| EUR ('000) | 31/12/2022 | 31/12/2021 |
| Advances from joint ventures - current liabilities | -29,570 | -38,824 |
| TOTAL ADVANCES FROM JOINT VENTURES | -29,570 | -38,824 |
| Advances to joint ventures - non-current assets | 110,097 | 100,180 |
| Advances to joint ventures - current assets | 1,430 | 1,490 |
| TOTAL ADVANCES TO JOINT VENTURES | 111,527 | 101,670 |
| Advances to associates - non-current assets | 3,450 | 12,964 |
| Advances to associates - current assets | 0 | 200 |
| TOTAL ADVANCES TO ASSOCIATES | 3,450 | 13,163 |
| EUR ('000) | 31/12/2022 | 31/12/2021 |
| Share in the net result of joint ventures | 67,657 | 44,831 |
| Share in the net result of associates | -476 | -446 |
| SHARE OF JOINT VENTURES AND ASSOCIATES IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 67,181 | 44,384 |
In accordance with the agreement under which the joint ventures and associates are established, the Group and the other investors have agreed to make additional contributions in proportion to their interests to make up any losses, if required, up to a maximum amount of EUR 32 538 thousand. Therefore, no commitments have been recognised in these consolidated financial statements neither in associates nor for joint ventures in which the Group has joint control.
The book value of investments in joint ventures and associates evolve as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| VALUE AS AT 1 JANUARY | 156,532 | 106,195 |
| Share in result | 67,181 | 44,531 |
| Acquisitions and capital injections | 40,233 | 14,096 |
| Scope changes | 15,456 | 1,831 |
| Dividends received from joint ventures and associates | -43,587 | -8,034 |
| Disposals or liquidation of joint ventures and associates | -83,680 | 4 |
| Repayment of capital | -8,827 | -2,079 |
| Other changes | 1,583 | -12 |
| CHANGES FOR THE PERIOD | -11,641 | 50,337 |
| VALUE AS AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 144,891 | 156,532 |
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| ASSETS - EUR ('000) | LIABILITIES - EUR ('000) | |||||
|---|---|---|---|---|---|---|
| 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | |||
| VALUE AS AT 1 JANUARY | 114,833 | 130,882 | -38,824 | -55,634 | ||
| Acquisitions and capital injections | 79,217 | 17,683 | -99,848 | -840 | ||
| Scope changes | -12,800 | -28,061 | 90,174 | 3,933 | ||
| Repayment of capital | -67,291 | 5,062 | 17,005 | 12,839 | ||
| Currency translation | 2,202 | |||||
| Other changes | 1,018 | -10,733 | -279 | 878 | ||
| CHANGES FOR THE PERIOD | 144 | -16,049 | 9,254 | 16,810 | ||
| VALUE AS AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 114,977 | 114,833 | -29,570 | -38,824 |
The change in book value of investments and advances in joint ventures and associates reflects the ongoing development of existing projects and the acquisition of an office park in Leeds partially offset by the distribution of a dividend by Möbius II and the sale of Cours Saint-Michel.
Among the newly incorporated companies, Houilles Jean Jacques Rousseau, Oxy living and Munroe K Luxembourg are regarded as joint ventures and Arlon 75 as an associate. The shares held in Belux Office Development Feeder CV, previously 30.46% owned and now 26.93% owned have also impacted the percentage of financial rights of the related entities.
As there have been no indicators of impairment, no impairment testing has been carried out for the equity accounted investees.
The weighted average interest rate on loans to/from joint ventures and associates is 3.6% as at 31 December 2022. The repayment schedule for loans is defined at the end date of the projects.
The table below shows the contribution of joint ventures and associates in the statement of financial position and the statement of comprehensive income.
| NAME 31/12/2022 Bella Vita 50% BONDY CANAL 40% Boralina Investments, S.L. 50% Brouckère Tower Invest 50% CBD International 50% Château de Beggen 50% Cityzen Holding 50% Cityzen Hotel 50% Cityzen Office 50% Cityzen Residence 50% CP Development Sp. z o.o. 50% CSM Development 50% CSM Properties 50% Debrouckère Development 50% Debrouckère Land (ex-Mobius I) 50% Debrouckère Leisure 50% |
31/12/2021 50% 40% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 0% 50% 50% 50% |
31/12/2022 76 -37 86 35,981 2,310 13 1,699 3,017 8,180 2,756 -1,424 0 0 452 83 2,253 3,736 3,168 0 150 |
31/12/2021 48 -37 -2,890 31,307 122 16 -21 711 1,411 694 -256 -12 3,852 497 90 2,283 3,740 319 3,234 |
31/12/2022 28 0 -24 3,424 -243 -3 -9 -179 -625 -192 -577 -1,603 62,023 -45 -7 -30 -4 -3 -67 |
31/12/2021 -6 |
|---|---|---|---|---|---|
| -21 598 |
|||||
| -150 -1 -2 147 -135 133 -196 -36 -48 -52 -12 -27 -30 -3 |
|||||
| Debrouckère Office 50% |
|||||
| Gateway 50% |
|||||
| Goodways SA 50% |
-3 | ||||
| HOUILLES JJ ROUSSEAU 50% |
0 | ||||
| Ilot Ecluse 50% |
163 | -13 | -2 | ||
| Immo Marial SàRL 50% |
0 | -121 | -66 | ||
| Immo PA 33 1 50% |
1,350 | 1,314 | 36 | 43 | |
| Immo PA 44 1 50% |
50% | 504 | 682 | -177 | -1 |
| Immo PA 44 2 50% |
50% | 1,430 | 2,423 | -993 | 39 |
| Key West Development 50% |
50% | 292 | 387 | -95 | -84 |
| Les Deux Princes Develop. 50% M1 33% |
50% 33% |
170 2,034 |
-2,439 7,270 |
3,109 1,426 |
16 4,992 |
| M7 33% |
33% | -12 | 42 | -4 | 1 |
| Mobius II 50% |
33% | 686 | 47,376 | 19 | 39,255 |
| Munroe K Luxembourg SA 50% |
50% | 8,085 | -311 | ||
| NP_AUBER 50% |
50% | -136 | -10 | -47 | |
| NP_AUBER_VH 50% |
50% | 140 | -34 | 159 | |
| NP_AUBERVIL 50% |
50% | 1,022 | 324 | 698 | 340 |
| NP_BESSANC2 50% |
50% | 497 | 86 | 348 | |
| NP_BESSANCOU 50% |
50% | 102 | -56 | -169 | |
| NP_CHARENT1 50% |
50% | 0 | 33 | -263 | -1 |
| NP_CRETEIL 50% |
33% | -1 | -1 | -3 | 0 |
| NP_EPINAY 33% |
33% | 121 | -34 | 170 | |
| NP_VAIRES 33% |
33% | 245 | -131 | 130 | |
| ODD Construct 50% |
50% | 1,292 | 1,164 | 128 | 482 |
| Oxy Living 50% |
50% | 1,047 | -3 | ||
| PA_VILLA 51% |
50% | 107 | -40 | 147 | 0 |
| Plateau d'Erpent 50% |
50% | 2,290 | 1,823 | 467 | 986 |
| RAC3 40% |
50% | 3,536 | 3,403 | 133 | 139 |
| RAC4 40% |
40% | 1,317 | 1,321 | -3 | -11 |
| RAC4 Developt 40% |
40% | 1,544 | 1,567 | -23 | -20 |
| RAC5 40% |
40% | 5,858 | 5,651 | 207 | 200 |
| RAC6 40% |
40% | 4,223 | 2,182 | 2,040 | 15 |
| Surf Club Hospitality Group SL 50% |
40% | 5,485 | 123 | -15 | -15 |
| Surf Club Marbella Beach, S.L. 50% |
50% | 21,312 | 21,772 | -83 | 132 |
| TRELAMET 40% |
40% | 94 | 48 | 46 | 7 |
| ULB Holding 60% |
60% | -5,782 | -11,173 | -210 | -210 |
| Unipark 50% |
50% | 4,108 | 4,066 | 42 | 3 |
| Universalis Park 2 50% |
50% | 0 | -1,122 | -133 | 505 |
| Universalis Park 3 50% |
50% | 0 | -2,487 | -280 | -238 |
| Universalis Park 3AB 50% Universalis Park 3C 50% |
50% 50% |
1,988 418 |
1,974 417 |
14 1 |
7 -1 |
| Urban Living Belgium 30% |
30% | 8,600 | 14,013 | 189 | -2,431 |
| TOTAL JOINT VENTURES | 135,495 | 148,352 | 67,657 | 44,831 | |
| 277 SH 10% |
0% | 4,423 | 4,445 | -22 | |
| Arlon 75 20% |
0% | 1,364 | -5 | ||
| Beiestack SA 20% |
22% | 1,308 | 1,498 | -16 | -73 |
| Belux Office Development Feeder CV 26% |
30% | 64 | 57 | -6 | -83 |
| DHR Clos du Château 33% |
33% | 23 | 26 | -3 | -83 |
| Immobel Belux Office Development Fund SCSP 19% |
22% | 1,213 | 1,152 | -399 | -206 |
| MONTLHERY 2 BIS 20% |
20% | 0 | 0 | -25 | |
| RICHELIEU 10% |
10% | 1,001 | 1,001 | ||
| TOTAL ASSOCIATES | 9,396 | 8,179 | -476 | -446 | |
| TOTAL JOINT VENTURES AND ASSOCIATES |
144,891 | 156,532 | 67,181 | 44,384 |
The table below shows the advances from and to the joint ventures and associates in the statement of financial position.
| ADVANCES FROM JOINT VENTURES AND ASSOCIATES - EUR (000) CURRENT LIABILITIES |
ADVANCES TO JOINT VENTURES AND ASSOCIATES - EUR (000) NON-CURRENT ASSETS |
ADVANCES TO JOINT VENTURES AND ASSOCIATES - EUR (000) CURRENT ASSETS |
||||
|---|---|---|---|---|---|---|
| NAME | 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 |
| Bella Vita | ||||||
| BONDY CANAL | 3,582 | |||||
| Boralina Investments, S.L. | ||||||
| Brouckère Tower Invest | 3,000 | |||||
| CBD International | 24,388 | 20,296 | ||||
| Château de Beggen | ||||||
| Cityzen Holding | 0 | 522 | 8,278 | |||
| Cityzen Hotel | 500 | 2,612 | 1,985 | |||
| Cityzen Office | 1,575 | 1,375 | 3,543 | 900 | ||
| Cityzen Residence | 400 | 2,633 | 1,968 | |||
| CP Development Sp. z o.o. | ||||||
| CSM Development | 50 | 57 | 844 | 1,721 | ||
| CSM Properties | 145 | |||||
| Debrouckère Development | 2,957 | 1,332 | 63 | 297 | ||
| Debrouckère Land (ex-Mobius I) | 494 | -602 | 349 | 486 | ||
| Debrouckère Leisure | 325 | 2,260 | 573 | |||
| Debrouckère Office | -2,881 | -2,838 | 138 | 180 | ||
| Gateway | ||||||
| Goodways SA | 125 | 30 | 3,256 | 3,088 | 30 | |
| HOUILLES JJ ROUSSEAU | ||||||
| Ilot Ecluse | 46 | |||||
| Immo Marial SàRL | 2,514 | |||||
| Immo PA 33 1 | -1,601 | -1,534 | ||||
| Immo PA 44 1 | -419 | -400 | -50 | |||
| Immo PA 44 2 | -1,185 | -1,132 | -150 | |||
| Key West Development | 75 | 6,644 | 5,731 | |||
| Les Deux Princes Develop. | -1,001 | -1,636 | -300 | |||
| M1 | -6,061 | -6,522 | ||||
| M7 | ||||||
| Mobius II | -11,008 | 10,994 | ||||
| Munroe K Luxembourg SA | 14,752 | 226 | ||||
| NP_AUBER | 251 | 251 | ||||
| NP_AUBER_VH | 158 | 158 | ||||
| NP_AUBERVIL | 2,945 | 2,945 | ||||
| NP_BESSANC2 | 1,329 | 1,329 | ||||
| NP_BESSANCOU | 60 | 60 | ||||
| NP_CHARENT1 | 475 | 475 | ||||
| NP_CRETEIL | 405 | 405 | ||||
| NP_EPINAY | 1,176 | 1,176 | ||||
| NP_VAIRES | 0 | |||||
| ODD Construct | 584 | 571 | ||||
| Oxy Living | ||||||
| PA_VILLA | 31 | 47 | ||||
| Plateau d'Erpent | 47 | 7 | 1,701 | 1,701 | ||
| RAC3 | -2,990 | -2,477 | ||||
| RAC4 RAC4 Developt |
-2,165 320 |
-2,172 | 200 57 |
507 | 267 | |
| RAC5 | -6,107 | -5,817 | ||||
| RAC6 | -1,337 | -2,087 | 1,320 | -3,983 | ||
| Surf Club Hospitality Group SL | ||||||
| Surf Club Marbella Beach, S.L. | 3,000 | |||||
| TRELAMET | ||||||
| Unipark | -4,082 | 206 | 16 | |||
| ULB Holding | -4,141 | 0 | 99 | |||
| Universalis Park 2 | 5,869 | 6,919 | ||||
| Universalis Park 3 | 9,305 | 10,731 | ||||
| Universalis Park 3AB | -1,901 | -1,880 | 0 | 1 | ||
| Universalis Park 3C | -346 | -342 | ||||
| Urban Living Belgium | 0 | 21,773 | 21,087 | 1,178 | 963 | |
| TOTAL JOINT VENTURES | -29,570 | -38,824 | 110,097 | 100,180 | 3,450 | 12,964 |
| 277 SH | 60 | |||||
| Arlon 75 | ||||||
| Beiestack SA | ||||||
| Belux Office Development Feeder CV | ||||||
| DHR Clos du Château | ||||||
| Immobel Belux Office Development Fund SCSP | 0 | 200 | ||||
| MONTLHERY 2 BIS | ||||||
| RICHELIEU | 1,430 | 1,430 | ||||
| TOTAL ASSOCIATES | 1,430 | 1,490 | 0 | 200 | ||
| TOTAL JOINT VENTURES AND ASSOCIATES |
-29,570 | -38,824 | 111,527 | 101,670 | 3,450 | 13,163 |
The tables below present condensed financial information of joint ventures and associates of the Group by entity. The amounts reported are the amounts determined in accordance with IFRS, before elimination of intragroup transactions.
| FIGURES AT 100% | TOTAL EQUITY | SHAREHOLDER | |||||
|---|---|---|---|---|---|---|---|
| AS AT 31 DECEMBER 2022 | TURNOVER | COMPREHENSIVE INCOME |
TOTAL ASSETS |
TOTAL LIABILITIES |
TOTAL EQUITY |
ALLOCATED TO THE GROUP |
LOANS BY THE GROUP |
| Bella Vita | 0 | 56 | 155 | 2 | 152 | 76 | 0 |
| BONDY CANAL | 0 | - 1 | 8 058 | 8 048 | 9 | - 37 | 0 |
| Boralina Investments, S.L. | 0 | - 48 | 55 585 | 78 | 55 507 | 86 | 0 |
| Brouckère Tower Invest | 659 | 6 848 | 231 577 | 159 615 | 71 962 | 35 981 | 0 |
| CBD International | 0 | - 486 | 60 999 | 65 404 | -4 405 | 2 310 | 24 388 |
| Château de Beggen | 0 | - 6 | 42 | 15 | 27 | 13 | 0 |
| Cityzen Holding | 0 | - 18 | 35 022 | 1 048 | 33 975 | 1 699 | 522 |
| Cityzen Hotel | 0 | - 358 | 23 532 | 17 499 | 6 033 | 3 017 | 2 612 |
| Cityzen Office | 0 | -1 251 | 65 036 | 48 676 | 16 360 | 8 180 | 3 543 |
| Cityzen Residence | 0 | - 383 | 22 762 | 17 250 | 5 512 | 2 756 | 2 633 |
| CP Development Sp. z o.o. CSM Development |
1 482 | -1 154 | 84 158 | 87 006 | -2 847 | -1 424 | 0 |
| CSM Properties | 0 | -3 205 | 1 168 | 4 397 | -3 229 | 0 | 901 |
| Debrouckère Development | 0 0 |
-6 040 - 89 |
0 10 246 |
0 9 342 |
0 904 |
0 452 |
0 3 020 |
| Debrouckère Land (ex-Mobius I) | 0 | - 14 | 23 994 | 23 829 | 165 | 83 | 835 |
| Debrouckère Leisure | 0 | - 59 | 9 240 | 4 733 | 4 507 | 2 253 | 2 260 |
| Debrouckère Office | 0 | - 9 | 15 306 | 7 835 | 7 471 | 3 736 | 318 |
| Garden Point | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gateway | 0 | - 7 | 0 | 0 | 0 | 0 | 0 |
| Goodways SA | 0 | - 133 | 22 683 | 19 039 | 3 644 | 3 168 | 3 286 |
| HOUILLES JJ ROUSSEAU | 0 | 0 | 1 | 0 | 1 | 0 | 0 |
| Ilot Ecluse | 0 | - 26 | 302 | 2 | 300 | 150 | 0 |
| Immo PA 33 1 | 0 | 71 | 3 216 | 516 | 2 700 | 1 350 | 0 |
| Immo PA 44 1 | 1 348 | - 354 | 1 060 | 52 | 1 009 | - 50 | |
| Immo PA 44 2 | 4 043 | -1 986 | 3 027 | 166 | 2 861 | 1 430 | - 150 |
| Immobel Marial SàRL | 0 | - 241 | 5 052 | 5 410 | - 358 | 0 | 2 514 |
| Key West Development | 0 | - 191 | 14 022 | 13 439 | 584 | 292 | 6 644 |
| Les Deux Princes Develop. | - 824 | 6 218 | 4 557 | 4 216 | 341 | 170 | - 300 |
| M1 | 19 267 | 4 278 | 23 690 | 17 589 | 6 101 | 2 034 | 0 |
| M7 | 0 | - 12 | 194 | 230 | - 35 | - 12 | 0 |
| Mobius II Munroe K Luxembourg SA |
0 | 39 | -36 261 | -37 632 | 1 372 | 686 | 0 |
| NP_AUBER | 0 | - 622 | 126 857 | 110 688 | 16 169 | 8 085 | 14 978 |
| NP_AUBER_VH | 0 0 |
- 138 - 35 |
425 733 |
708 739 |
- 282 - 6 |
0 0 |
251 158 |
| NP_AUBERVIL | 21 499 | 1 393 | 15 394 | 13 355 | 2 039 | 1 022 | 2 945 |
| NP_BESSANC2 | 3 461 | 351 | 2 661 | 2 387 | 274 | 0 | 1 329 |
| NP_BESSANCOU | 0 | 99 | 603 | 211 | 392 | 0 | 60 |
| NP_CHARENT1 | 929 | - 516 | 1 764 | 2 215 | - 451 | 0 | 475 |
| NP_CRETEIL | 0 | - 6 | - 2 | 0 | - 2 | - 1 | 405 |
| NP_EPINAY | -6 518 | - 116 | 1 857 | 1 802 | 54 | 0 | 1 176 |
| NP_VAIRES | 0 | - 134 | 1 535 | 1 560 | - 25 | 0 | 0 |
| ODD Construct | 6 400 | 257 | 5 246 | 2 661 | 2 585 | 1 292 | 584 |
| Oxy Living | 0 | - 6 | 2 439 | 344 | 2 095 | 1 047 | 0 |
| PA_VILLA | 0 | 288 | 820 | 610 | 209 | 107 | 31 |
| Plateau d'Erpent | 853 | 933 | 10 890 | 6 310 | 4 580 | 2 290 | 1 748 |
| RAC3 | 1 | 333 | 8 851 | 11 | 8 840 | 3 536 | 0 |
| RAC4 | 0 | - 8 | 31 588 | 28 295 | 3 294 | 1 317 | 200 |
| RAC4 Developt | 0 | - 57 | 6 142 | 2 282 | 3 859 | 1 544 | 564 |
| RAC5 RAC6 |
0 | 516 | 15 275 | 631 | 14 644 | 5 858 | 0 |
| Surf Club Hospitality Group SL | 33 386 | 5 100 | 12 228 | 1 672 | 10 556 | 4 223 | -2 663 |
| Surf Club Marbella Beach, S.L. | 0 0 |
- 31 - 166 |
11 014 46 428 |
44 3 803 |
10 970 42 624 |
5 485 21 312 |
0 0 |
| TRELAMET | 0 | 115 | 289 | 55 | 234 | 94 | 0 |
| ULB Holding | 0 | - 350 | 18 260 | 19 391 | -1 132 | -5 782 | 0 |
| Unipark | 0 | 84 | 10 309 | 2 093 | 8 216 | 4 108 | 206 |
| Universalis Park 2 | 0 | - 266 | 24 954 | 27 464 | -2 510 | 0 | 5 869 |
| Universalis Park 3 | 0 | - 559 | 35 178 | 40 712 | -5 534 | 0 | 9 305 |
| Universalis Park 3AB | 0 | 27 | 4 176 | 201 | 3 975 | 1 988 | 0 |
| Universalis Park 3C | 0 | 2 | 1 009 | 173 | 836 | 418 | 0 |
| Urban Living Belgium | 30 885 | 602 | 202 633 | 197 023 | 5 609 | 8 600 | 22 951 |
| TOTAL JOINT VENTURES | 116 870 | 8 531 | 1287 980 | 945 246 | 342 734 | 135 495 | 113 547 |
| 277 SH | 0 | - 217 | 113 600 | 69 369 | 44 230 | 4 423 | 0 |
| Arlon 75 | 0 | - 26 | 32 782 | 26 008 | 6 774 | 1 364 | 0 |
| Beiestack SA | 0 | - 82 | 21 157 | 14 660 | 6 497 | 1 308 | 0 |
| Belux Office Development Feeder CV | 0 | - 21 | 31 416 | 2 | 31 414 | 64 | 0 |
| DHR Clos du Château | 0 | - 10 | 85 | 16 | 69 | 23 | 0 |
| Immobel Belux Office Development Fund SCSP MONTLHERY 2 BIS |
0 | -1 993 | 36 291 | 786 | 35 505 | 1 213 | 0 |
| RICHELIEU | 0 | - 123 | 1 055 | 1 179 | - 123 | 0 | 0 |
| TOTAL ASSOCIATES | 0 0 |
0 -2 472 |
64 724 301 110 |
54 714 166 734 |
10 010 134 376 |
1 001 9 396 |
1 430 1 430 |
| TOTAL JOINT VENTURES AND ASSOCIATES | 116 870 | 6 059 | 1589 090 | 1111 980 | 477 110 | 144 891 | 114 977 |
The tables below present condensed financial information of all joint ventures and associates of the Group as well as a breakdown of the inventories, investment properties and the financial debts. Figures are presented at 100%.
| INVENTORIES AND | |||||
|---|---|---|---|---|---|
| Main components of assets and liabilities: | Main projects and financial debts | INVESTMENT | |||
| PROPERTY FINANCIAL DEBTS | |||||
| Investment property | 143 336 | Cityzen Hotel | 20 732 | 13 940 | |
| Other fixed assets | 183 059 | Cityzen Office | 59 863 | 40 120 | |
| Inventories | 952 986 | Cityzen Residence | 20 415 | 13 940 | |
| Cash and cash equivalents | 98 127 | RAC4 | 23 287 | 28 000 | |
| Receivables and other assets | 211 582 | Universalis Park 2 | 23 412 | 12 700 | |
| Non-current financial debts | 343 130 | Universalis Park 3 | 34 358 | 15 930 | |
| Current Financial debts | 277 443 | Urban Living Belgium | 144 734 | 74 352 | |
| Deferred tax liabilities | 5 071 | Debrouckère Land (ex-Mobius I) | 23 973 | 21 150 | |
| Shareholder's loans | 157 052 | CP Development Sp. z o.o. | 77 964 | 25 975 | |
| Other Liabilities | 329 284 | Brouckère Tower Invest | 205 395 | 142 336 | |
| TOTAL | 1 589 090 | 1 111 980 | Beiestack SA | 20 196 | |
| Others | 441 991 | 232 130 | |||
| TOTAL | 1 096 322 | 620 573 |
| INVENTORIES AND | |||||
|---|---|---|---|---|---|
| Main components of assets and liabilities: | Main projects and financial debts | INVESTMENT | |||
| PROPERTY FINANCIAL DEBTS | |||||
| Investment property | 212 506 | Cityzen Office | 56 600 | 40 120 | |
| Other fixed assets | 128 129 | CSM Properties | 100 870 | 94 750 | |
| Inventories | 830 299 | RAC4 | 22 399 | 28 000 | |
| Cash and cash equivalents | 200 467 | Universalis Park 2 | 22 786 | 12 700 | |
| Receivables and other assets | 274 751 | Universalis Park 3 | 33 444 | 15 930 | |
| Non-current financial debts | 347 494 | Urban Living Belgium | 130 164 | 73 242 | |
| Current Financial debts | 224 764 | Debrouckère Land (ex-Mobius I) | 22 180 | 21 150 | |
| Deferred tax liabilities | 17 338 | CP Development Sp. z o.o. | 69 700 | 25 956 | |
| Shareholder's loans | 254 853 | Brouckère Tower Invest | 197 695 | 123 120 | |
| Other Liabilities | 341 169 | Beiestack SA | 20 988 | 12 268 | |
| TOTAL | 1 646 152 | 1 185 619 | Surf Club Marbella Beach, S.L. | 62 784 | |
| Others | 303 196 | 137 290 | |||
| TOTAL | 1 042 805 | 572 258 |
In case of financial debts towards credit institutions, the shareholder loans reimbursements (reimbursement of cash to the mother company) are subordinated to the reimbursements towards credit institutions.
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Amount of debts guaranteed by securities | 175,951 | 265,072 |
| Book value of Group's assets pledged for debt securities | 299,004 | 352,449 |
For the main debts towards credit institutions mentioned above, the company Immobel SA has engaged itself to provide the necessary financial means in order to bring the different projects to a good end ("cash deficiency" and "cost overrun" engagements). There are no significant restrictions which limit the Group's ability to access the assets of joint ventures and associates, nor specific risks or commitments other than those relating to bank loans.
Deferred tax assets or liabilities are recorded in the balance sheet on deductible or taxable temporary differences, tax losses and tax credits carried forward. Changes in deferred tax assets and liabilities are recognised in the statement of profit and loss unless they relate to items directly recognised in other comprehensive income. Immobel has reviewed the recoverability of the deferred tax assets on:
| EUR ('000) | DEFERRED TAX ASSETS | DEFERRED TAX LIABILITIES | ||
|---|---|---|---|---|
| 31/12/2022 | 31/12/2021 | 31/12/2022 | 31/12/2021 | |
| Tax losses | 34,501 | 35,086 | ||
| Timing difference on projects valuation | 2,151 | 2,891 | 36,164 | 43,165 |
| Financial debts | ||||
| Fair value of financial instruments | -61 | 2 | ||
| Other items | 55 | 60 | 7 | -70 |
| Netting (net tax position per entity) | -14,974 | -16,745 | -14,974 | -16,745 |
| TOTAL | 21,733 | 21,292 | 21,136 | 26,352 |
| VALUE AS AT 1 JANUARY | 21,292 | 26,352 | |
|---|---|---|---|
| Scope changes | 7 | -1,078 | |
| Deferred tax recognised in the consolidated statement of comprehensive income | 434 | -4,138 | |
| VALUE AS AT 31 DECEMBER | 21,733 | 21,136 |
Immobel France remains the main contributor to the deferred tax assets with a number of projects still in development that will still generate sufficient profit to recover the tax losses. In view of the decision taken by management to focus on large mixed use and office projects, management challenged the existing deferred tax assets and assessed that it is still recoverable.
Immobel and Infinito contribute for the most part to the deferred tax liabilities.
In Poland, tax losses may be carried forward for only 5 consecutive tax years, subject to the restriction that not more than 50% of the amount of the tax loss from a given past year can be utilized in any single subsequent tax year.
| TEMPORARY DIFFERENCES OR TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS ARE RECOGNISED IN THE | |
|---|---|
| BALANCE SHEET, FROM WHICH: | 7,362 |
| Expiring at the end of 2022 | 565 |
| Expiring at the end of 2023 | 220 |
| Expiring at the end of 2024 | 1,681 |
| Expiring at the end of 2025 | 1,007 |
| Expiring at the end of 2026 | 3,889 |
Inventories consist of buildings and land acquired for development and resale. Allocation of inventories by geographical segment is as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 436,740 | 292,874 |
| Luxembourg | 152,357 | 143,801 |
| France | 218,021 | 167,192 |
| Germany | 112,465 | 59,033 |
| Poland | 64,229 | 34,735 |
| Spain | 1,914 | 988 |
| TOTAL INVENTORIES | 985,726 | 698,623 |
| Cross-analysis by type of project and by geographical zone - EUR (000) | Offices | Residential | Landbanking | 31/12/2022 |
|---|---|---|---|---|
| Belgium | 144,431 | 212,117 | 80,192 | 436,740 |
| Luxembourg | 1,335 | 151,022 | 152,357 | |
| France | 159,962 | 58,059 | 218,021 | |
| Germany | 112,465 | 112,465 | ||
| Poland | 64,229 | 64,229 | ||
| Spain | 1,914 | 1,914 | ||
| Total | 305,728 | 599,806 | 80,192 | 985,726 |
| Cross-analysis by type of project and by geographical zone - EUR (000) | Offices | Residential | Landbanking | 31/12/2021 |
|---|---|---|---|---|
| Belgium | 29,187 | 196,989 | 66,698 | 292,874 |
| Luxembourg | 581 | 143,220 | 143,801 | |
| France | 136,134 | 31,058 | 167,192 | |
| Germany | 59,033 | 59,033 | ||
| Poland | 34,735 | 34,735 | ||
| Spain | 988 | 988 | ||
| Total | 165,902 | 466,023 | 66,698 | 698,623 |
Inventories increased driven mainly by the development of the Granaria project in Poland, the acquisition of Héros in Belgium and Gutenbergstrasse in Germany and the capitalisation of project management fees and borrowing costs in all countries, partially offset by the sale of The Woods project in Belgium. The net carrying value of Isala has been transferred from Investment properties.
The main projects in inventories include Isala, O'Sea and Lebeau Sablon in Belgium, Polvermillen and Cat Club in Luxembourg, Saint-Antoine, Tati in France, Eden and Gutenbergstrasse in Germany and Granaria Gdansk in Poland.
The weighted average interest rate on borrowing costs capitalized on Project Financing Credits and on Bonds was 3.6% in 2022 and 2.3 % in 2021.
The inventories break down as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| INVENTORIES AS AT 1 JANUARY | 698,623 | 683,121 |
| Net book value of investment property transferred from/to inventories | 103,462 | 25 |
| Purchases of the year | 37,857 | 72,716 |
| Developments | 340,856 | 246,743 |
| Disposals of the year | -208,866 | -311,066 |
| Borrowing costs | 15,553 | 9,364 |
| Scope changes | -1,759 | -1,588 |
| Write-off | -692 | |
| CHANGES FOR THE PERIOD | 287,103 | 15,502 |
| INVENTORIES AS AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 985,726 | 698,623 |
Management has considered an increase in construction costs (partially) compensated by higher sales prices (passthrough of cost increase) in its net realisable value assessment and estimates that current book value of inventory can be recoverable by future sales.
| Break down of the movements by EUR ('000) geographical area : |
Purchases/ Developments |
Disposals | Borrowing costs | Scope changes | Net book value of investment property transferred from/to inventories |
Net |
|---|---|---|---|---|---|---|
| Belgium | 186,430 | -160,678 | 14,652 | 103,462 | 143,866 | |
| Luxembourg | 26,631 | -19,204 | 1,129 | 8,556 | ||
| France | 69,562 | -16,974 | -1,759 | 50,829 | ||
| Germany | 61,372 | -7,417 | -523 | 53,432 | ||
| Poland | 33,792 | -4,593 | 295 | 29,494 | ||
| Spain | 926 | 926 | ||||
| United Kingdom | ||||||
| Total | 378,713 | -208,866 | 15,553 | -1,759 | 103,462 | 287,103 |
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| Within 12 months | 175,902 | 173,046 | |
| Beyond 12 months | 809,824 | 525,577 | |
| Breakdwon of the stock by type: | |||
| Without permit | 617,759 | 488,527 | |
| Permit obtained but not yet in development | |||
| In development | 367,967 | 210,096 |
The book value of the Group's assets pledged for debt securities related to investment property and inventory as a whole was EUR 893 million compared to EUR 759 million at the end of 2021, representing an increase of EUR 134 million.
Trade receivables refer to the following operational segments:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 7,737 | 13,405 |
| Luxembourg | 1,050 | 4,554 |
| France | 5,133 | 15,590 |
| Germany | 3,072 | 2,204 |
| Poland | 179 | 211 |
| Spain | 420 | 2,152 |
| United Kingdom | ||
| TOTAL TRADE RECEIVABLES | 17,591 | 38,116 |
| The analysis of the delay of payment arises as follows: EUR ('000) |
31/12/2022 | 31/12/2021 |
| Due < 3 months | 1,609 | 11,622 |
| Due > 3 months < 6 months | 710 | 829 |
| Due > 6 months < 12 months | 333 | 2,021 |
| Due > 1 year | 1,230 | 1,482 |
The decrease in trade receivables reflects the lower operating activities in 2022.
Trade receivables mainly relate to receivables either for equity accounted investees or for customers. The credit risk for both types of receivables is considered as immaterial. Receivables towards equity accounted investees are typically backed by an asset under development. Receivables for customers are typically backed by the asset sold which serves as collateral.
Impairments recorded on trade receivables evolve as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| BALANCE AT 1 JANUARY | 627 | 542 |
| Additions | 81 | 85 |
| Discounts | ||
| MOVEMENTS OF THE PERIOD | 81 | 85 |
| BALANCE AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 708 | 627 |
Contract assets, arising from the application of IFRS 15, refer to the following operational segments:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 5,493 | 78,552 |
| Luxembourg | 1,867 | 1,403 |
| France | 25,755 | 25,367 |
| Germany | 9,033 | 12,631 |
| TOTAL CONTRACT ASSETS | 42,148 | 117,953 |
| EUR ('000) | 31/12/2022 | 31/12/2021 |
| BALANCE AT 1 JANUARY | 117,953 | 57,251 |
| Additions | 4,952 | 60,702 |
| Discounts | -80,757 | |
| MOVEMENTS OF THE PERIOD | -75,805 | 60,702 |
| BALANCE AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 42,148 | 117,953 |
Contract assets include the amounts to which the entity is entitled in exchange for goods or services that it already has provided for a customer, but for which payment is not yet due or is subject to fulfilment of a specific condition provided for in the contract. When an amount becomes due, it is transferred to the receivables account. A trade receivable is recognised as soon as the entity has an unconditional right to collect a payment. This unconditional right exists from the moment in time when the payment becomes due.
Trade receivables, other receivables and contract assets are similarly subject to an impairment test in accordance with the provisions of IFRS 9 on expected credit losses. This test does not show any significant potential impact since these contract assets (and their related receivables) are generally covered by the underlying assets represented by the building to be transferred.
As at 31 December 2022, consideration of the office project "Commerce 46" during the progress of completion is the main contributory factor to the change in contract assets as well as the residential projects "La Garenne" in France and "Eden" in Germany.
The components of this item are:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Other receivables | 51,304 | 27,815 |
| of which : advances and guarantees paid | ||
| taxes (other than income taxes) and VAT receivable | 33,567 | 20,247 |
| prepayments and dividends receivable | 17,737 | 7,568 |
| Deferred charges and accrued income on projects in development | 4,913 | 8,425 |
| deferred charges | 4,550 | 7,686 |
| accrued income | 363 | 739 |
| TOTAL OTHER CURRENT ASSETS | 56,217 | 36,240 |
Those receivables are mainly related to VAT receivables on projects in Savigny sur Orge in France and to a prepayment for the acquisition of a project in Gasperich in Luxembourg.
The Group's net financial debt is the balance between the cash and cash equivalents and the financial debts (current and non-current). It amounts to EUR -625 274 thousand as at 31 December 2022 compared to EUR -593 313 thousand as at 31 December 2021.
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Cash and cash equivalents | 275,926 | 273,377 |
| Non current financial debts | 722,777 | 507,596 |
| Current financial debts | 179,723 | 359,094 |
| NET FINANCIAL DEBT | -626,574 | -593,313 |
The Group's debt ratio1 is 52,9% (58,9% in internal view) as at 31 December 2022, compared to 52,9% (58,2% in internal view) as at 31 December 2021. The capital management policy is to remain under a ratio of 65% in internal view.
The increase in non-current financial debts and the decrease in current financial debts are mainly driven by the reimbursement of a 5-year EUR 100 million bond and the issuance of a new 4-year EUR 125 million bond in the first half of 2022.
Cash deposits and cash at bank and in hand amount to EUR 275 926 thousand compared to EUR 273 377 thousand at the end of 2021, representing an increase of EUR 2 549 thousand. The breakdown of cash and cash equivalents is as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Term deposits with an initial duration of maximum 3 months | 137,804 | |
| Cash at bank and in hand | 138,122 | 273,364 |
| Cash pledged | 13 | |
| AVAILABLE CASH AND CASH EQUIVALENTS | 275,926 | 273,377 |
The explanation of the change in available cash is given in the consolidated cash flow statement. Cash and cash equivalents are fully available, either for distribution to the shareholders or to finance projects owned by the different companies.
All bank accounts are held by investment grade banks (minimum Baa3/BBB- rating).
Financial debts increase with EUR 35 810 thousand, from EUR 866 690 thousand at 31 December 2021 to EUR 902 500 thousand at 31 December 2022. The components of financial debts are as follows:
1 Debt ratio is calculated by dividing net financial debt by the sum of net financial debt and equity group share with goodwill subtracted from the equity group share
| Immobel at a glance | Immobel in 2022 | Who we are | Shareholder information | Activity report | ESG report | Governance | Financial report |
|---|---|---|---|---|---|---|---|
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| Bond issues: | |||
| Bond issue maturity 17-10-2023 at 3.00% - nominal amount 50 MEUR | 49,903 | ||
| Bond issue maturity 17-10-2025 at 3.50% - nominal amount 50 MEUR | 50,000 | 50,000 | |
| Bond issue maturity 14-04-2027 at 3.00% - nominal amount 75 MEUR | 75,000 | 75,000 | |
| Bond issue maturity 12-05-2028 at 3.00% - nominal amount 125 MEUR | 125,000 | 125,000 | |
| Bond issue maturity 29-06-2026 at 4,75% - nominal amount 125 MEUR | 125,000 | ||
| Lease contracts | 8,536 | 2,130 | |
| Credit institutions | 339,241 | 205,563 | |
| NON CURRENT FINANCIAL DEBTS | 722,777 | 507,596 | |
| Bond issues: | |||
| Bond issue maturity 31-05-2022 at 3.00% - nominal amount 100 MEUR | 100,000 | ||
| Bond issue maturity 17-10-2023 at 3.00% - nominal amount 50 MEUR | 50,000 | ||
| Credit institutions | 119,843 | 253,257 | |
| Lease contracts | 2,316 | 1,630 | |
| Bonds - not yet due interest | 7,564 | 4,206 | |
| CURRENT FINANCIAL DEBTS | 179,723 | 359,094 | |
| TOTAL FINANCIAL DEBTS | 902,500 | 866,690 | |
| Financial debts at fixed rates | 425,000 | 399,903 | |
| Financial debts at variable rates | 469,936 | 462,581 | |
| Not yet due interest | 7,564 | 4,206 | |
| Amount of debts guaranteed by securities | 409,558 | 438,301 | |
| Book value of Group's assets pledged for debt securities | 893,009 | 759,011 |
In 2022, a new bond has been issued maturing in 2026. The bond does not have any additional or specific covenants compared to earlier bonds issued by the company. There are no embedded derivates, nor with the bonds issued earlier by the company.
Financial debts evolve as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| FINANCIAL DEBTS AS AT 1 JANUARY | 866,690 | 751,949 |
| Liabilities related to lease contracts | -8,536 | -2,130 |
| Contracted debts | 397,909 | 249,033 |
| Repaid debts | -353,659 | -128,872 |
| Change in the fair value recognized in the statement of comprehensive income | ||
| Scope changes | ||
| Movements bonds - - not yet due interest | -7,468 | -12,565 |
| Not yet due interest on other loans | 7,564 | 9,080 |
| Amortization of deferred debt issue expenses | 195 | |
| CHANGES FOR THE PERIOD | 35,810 | 114,741 |
| FINANCIAL DEBTS AS AT 31 DECEMBER 2022 / 31 DECEMBER 2021 | 902,500 | 866,690 |
All the financial debts are denominated in EUR.
Except for the bonds, the institutional credit loans contracted to finance the Group and the Group's projects, are provided based on a short-term rate, the 1 to 12 month EURIBOR, increased by margin.
At 31 December 2022, IMMOBEL is entitled to use EUR 672 million of confirmed project finance lines of which EUR 411 million were used. These credit lines (Project Financing Credits) are specific for the development of certain projects.
At 31 December 2022, the book value of Group's assets pledged to secure the corporate credit and the project financing credits amounts to EUR 893 million.
The table below summarises the maturity of the financial liabilities of the Group:
| DUE IN THE PERIOD - EUR (000) | UP TO 1 YEAR | 1 TO 2 YEARS | 2 TO 3 YEARS | 3 TO 4 YEARS | 4 TO 5 YEARS | AFTER 5 YEARS | Total |
|---|---|---|---|---|---|---|---|
| Bonds | 50,000 | 50,000 | 125,000 | 75,000 | 125,000 | 425,000 | |
| Project Financing Credits | 95,398 | 101,163 | 196,882 | 15,695 | 409,138 | ||
| Corporate Credit lines | 2,000 | 2,500 | 23,000 | 27,500 | |||
| Commercial paper | 22,445 | 22,445 | |||||
| Lease contracts | 3,236 | 1,774 | 1,626 | 1,058 | 778 | 2,382 | 10,853 |
| Interests not yet due and amortized costs | 7,564 | 7,564 | |||||
| TOTAL AMOUNT OF DEBTS | 180,643 | 105,437 | 271,508 | 141,753 | 75,778 | 127,382 | 902,500 |
The table below summarises the maturity of interests on the financial liabilities of the Group:
| DUE IN THE PERIOD - EUR (000) | UP TO 1 YEAR | 1 TO 2 YEARS | 2 TO 3 YEARS | 3 TO 4 YEARS | 4 TO 5 YEARS | AFTER 5 YEARS | Total |
|---|---|---|---|---|---|---|---|
| Bonds | 14,879 | 13,688 | 13,318 | 8,896 | 4,379 | 1,346 | 56,506 |
| Project Financing Credits | 15,972 | 9,906 | 4,697 | 354 | 30,929 | ||
| Corporate Credit lines | 138 | 138 | 11 | 287 | |||
| Commercial paper | 219 | 219 | |||||
| Lease contracts | 64 | 59 | 54 | 22 | 14 | 43 | 256 |
| TOTAL AMOUNT OF DEBTS | 31,272 | 23,791 | 18,080 | 9,272 | 4,393 | 1,389 | 88,197 |
To hedge its variable interest rate exposure, the Group uses various type of financial instruments.
| Interest rate swaps - EUR (000) Company |
OUTSTANDING AMOUNT |
FIXED INTEREST RATE |
START DATE | END DATE |
|---|---|---|---|---|
| Immobel S.A. | 27,500 | 0,05% | 01/01/2020 | 31/01/2025 |
| Infinito S.A. | 19,550 | 0,09% | 02/07/2021 | 30/04/2024 |
| Infinito S.A. | 5,000 | 0,09% | 02/07/2021 | 30/04/2024 |
| Infinito Holding S.R.L. | 19,550 | 0,09% | 02/07/2021 | 30/04/2024 |
| Infinito Holding S.R.L. | 5,000 | 0,09% | 02/07/2021 | 30/04/2024 |
An increase of 1% interest rate would result in an annual increase of the interest charge on debt of EUR 1 857 thousand.
The following table list the different classes of financial assets and liabilities with their carrying amounts in the balance sheet and their respective fair value and analysed by their measurement category.
The fair value of financial instruments is determined as follows:
The fair value measurement of financial assets and financial liabilities can be characterized in one of the following ways:
• Level 1: the fair values of financial assets and liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices in active markets for identical assets and liabilities,
• Level 2: the fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments. This mainly relates to derivative financial instruments,
• Level 3: the fair values of the remaining financial assets and financial liabilities are derived from valuation techniques which include inputs which are not based on observable market data.
| Financial report |
|---|
| Amounts recognized in accordance with IFRS 9 | ||||||
|---|---|---|---|---|---|---|
| EUR ('000) | Level of the fair value |
Carrying amount 31/12/2022 |
Amortized cost | Fair value trough profit or loss |
Fair value 31/12/2022 |
Cash flow hedging 31/12/2022 |
| ASSETS | ||||||
| Cash and cash equivalents | 275,926 | 275,926 | 275,926 | |||
| Other non-current assets | Level 2 | 1,041 | 1,041 | 1,041 | ||
| Trade receivables | Level 2 | 17,591 | 17,591 | 17,591 | ||
| Other operating receivables | Level 2 | 57,205 | 57,205 | 57,205 | ||
| Other current financial assets | Level 1 | 3,450 | 3,450 | 3,450 | 3,745 | |
| Advances to joint ventures and associates | Level 2 | 114,977 | 114,977 | 114,977 | ||
| TOTAL | 470,190 | 470,190 | 470,190 | 3,745 | ||
| LIABILITIES | ||||||
| Interest-bearing debt | Level 1 | 425,000 | 425,000 | 405,127 | ||
| Interest-bearing debt | Level 2 | 477,500 | 477,500 | 477,500 | ||
| Trade payables | Level 2 | 98,384 | 98,384 | 98,384 | ||
| Other operating payables | Level 2 | 67,417 | 67,417 | 67,417 | ||
| Advances from joint ventures and associates | Level 2 | 29,570 | 29,570 | 29,570 | ||
| TOTAL | 1,097,871 | 1,097,871 | 1,077,998 |
| Amounts recognized in accordance with IFRS 9 (represented) | ||||||
|---|---|---|---|---|---|---|
| EUR ('000) | Level of the fair value |
Carrying amount 31/12/2021 |
Amortized cost | Fair value trough profit or loss |
Fair value 31/12/2021 |
Cash flow hedging 31/12/2021 |
| ASSETS | ||||||
| Cash and cash equivalents | 273,377 | 273,377 | 273,377 | |||
| Other non-current financial assets | Level 2 | 1,015 | 1,015 | 1,015 | ||
| Other non-current assets | Level 2 | 1,151 | 1,151 | 1,151 | ||
| Trade receivables | Level 2 | 38,116 | 38,116 | 38,116 | ||
| Other operating receivables | Level 2 | 37,609 | 37,609 | 37,609 | ||
| Other current financial assets | Level 1 | 49 | 49 | 49 | ||
| Advances to joint ventures and associates | Level 2 | 114,833 | 114,833 | 114,833 | ||
| TOTAL | 466,150 | 465,135 | 1,015 | 466,150 | ||
| LIABILITIES | ||||||
| Interest-bearing debt | Level 1 | 399,903 | 399,903 | 410,892 | ||
| Interest-bearing debt | Level 2 | 466,787 | 466,787 | 466,787 | ||
| Trade payables | Level 2 | 83,546 | 83,546 | 83,546 | ||
| Other operating payables | Level 2 | 61,365 | 61,365 | 61,365 |
Derivative financial instruments Level 2 160 160 160 TOTAL 1,011,761 1,011,601 160 1,022,590 160
The Group did not make any changes to its financial risk management policy in 2022.
Immobel uses largely centralised structures for pooling cash and cash equivalents at Group level. The central liquidity position is calculated monthly using a bottom-up method over a rolling twelve-month period. The liquidity planning is supplemented by monthly stress tests.
The Group is subject, for bonds and credit lines mentioned hereabove, to a number of financial commitments.
These covenants are taking into account the equity, the net financial debt and its relation with the equity and the
inventories. At 31 December 2022, as for the previous years, the Group was in conformity with all these financial commitments and no effect of a covenant breach on classification has to be considered. Immobel has sufficient headroom before being in breach.
The Group has limited exposure to foreign exchange rate risks on its activities. The functional currency of projects currently being developed in Poland and of the activities in the UK are converted respectively from PLN to EUR (except for the Central Point managed in EUR) and from GBP to EUR, with an impact on other comprehensive income.
| 2022 | 2021 | |
|---|---|---|
| Number of shares at 31 December | 9,997,356 | 9,997,356 |
| Number of shares fully paid at 31 December | 9,997,356 | 9,997,356 |
| Treasury shares at 31 December | 25,434 | 26,965 |
| Nominal value per share | 10 | 10 |
| Number of shares at 1 January | 9,997,356 | 9,997,356 |
| Number of treasury shares at 1 January | -26,965 | -292,527 |
| Treasury shares granted to a member of the executive committee | ||
| Treasury shares sold | 1,531 | 265,562 |
| Number of shares (excluding treasury shares) at 31 December | 9,971,922 | 9,970,391 |
The capital structure of the Group consists of current and non-current liabilities less the cash and cash equivalents reported in the balance sheet and in equity. Immobel manages its capital with the aim of ensuring that all Group companies continue to operate on a going concern basis while keeping the cost of capital as low as possible. The capital structure is reviewed on a regular basis taking into account the underlying financial and operational risks of the company.
The pensions and similar obligations cover the obligations of the Group as far as the Group insurance is concerned. The amount recognised in the balance sheet represents the present value of obligations in terms of defined benefit pension plans less the fair value of plan assets.
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| STATEMENT OF FINANCIAL POSITION | |||
| Provisions | 398 | ||
| Present value of the defined benefit obligations | 1,662 | 1,996 | |
| Fair value of plan assets at the end of the period | -1,095 | -1,398 | |
| NET LIABILITY ARISING FROM DEFINED BENEFIT OBLIGATION | 567 | 996 | |
| STATEMENT OF COMPREHENSIVE INCOME | |||
| Current service cost Past service cost or settlement |
-159 | -164 | |
| Interest cost on the defined benefit obligation | -16 | -6 | |
| Interest income on plan assets | 11 | 4 | |
| Administration costs | -3 | -5 | |
| DEFINED BENEFIT COSTS RECOGNIZED IN PROFIT OR LOSS | -167 | -171 | |
| Acturial (gains) / losses on defined benefit obligation arising from | |||
| - changes in financial assumptions | 582 | 131 | |
| - return on plan assets (excluding interest income) | -351 | -73 | |
| - experience adjustments | -121 | ||
| REMEASUREMENTS OF NET DEFINED BENEFIT LIABILITY RECOGNISED IN OTHER COMPREHENSIVE INCOME | 110 | 58 | |
| DEFINED BENEFIT COSTS | -57 | -113 | |
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
| PRESENT VALUE OF THE OBLIGATIONS AS AT 1 JANUARY | 1,996 | 1,963 | |
| Current service cost | 159 | 164 | |
| Interest cost | 16 | 6 | |
| Contributions from plan participants | 4 | 12 | |
| Actuarial (gains) losses | -461 | -131 | |
| Benefits paid | -52 | -18 | |
| Past service cost, settlement or business combination PRESENT VALUE OF THE OBLIGATIONS AS AT 31 DECEMBER |
1,662 | 1,996 | |
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
| FAIR VALUE OF THE PLAN ASSETS AS AT 1 JANUARY | 1,398 | 1,360 | |
| Interest income | 11 | 4 | |
| Contributions from employer | 88 | 118 | |
| Contributions from plan participants | 4 | 12 | |
| Benefits paid | -52 | -18 | |
| Return on plan assets (excluding interest income) | -351 | -73 | |
| Administrative costs | -3 | -5 | |
| Settlement or business combination | |||
| FAIR VALUE OF THE PLAN ASSETS AS AT 31 DECEMBER | 1,095 | 1,398 | |
| CONTRIBUTION OF THE EMPLOYER EXPECTED FOR 2022 / 2021 | 67 | 95 | |
| ACTURIAL ASSUMPTIONS USED TO DETERMINE OBLIGATIONS | |||
| Discount rate | 3.75% | 0.83% | |
| Future salary increases | 3.56% | 3.08% | |
| Inflation rate | 2.20% | 1.71% | |
| Mortality table | MR-3/FR-3 (BE) INSEE H/F 14-16 (FR) |
MR-3/FR-3 (BE) INSEE H/F 14-16 (FR) |
|
| SENSITIVITY ANALYSIS OF THE DBO 31/12/2021 | |||
| Discount rate | 3.25% | 3.75% |
The Belgian defined benefit pension plan and defined contribution pension plans with guaranteed return are funded through Group insurance contracts. The plans are funded through employer and employee contributions. The underlying assets of the insurance contracts are primarily invested in bonds. The defined benefit plan is closed for new employees. The plan
participants are entitled to a lump sum on retirement. Active members also receive a benefit on death-in-service.
The French retirement indemnity plan offers a lump sum on retirement as defined by the collective labour agreement of the real estate industry. The plan is unfunded and open to new employees.
Amount of the DBO 1 766 1 662
The components of provisions are as follows:
| 31/12/2022 | 31/12/2021 | ||
|---|---|---|---|
| 1,823 | 1,201 | ||
| 2,006 | 1,127 | ||
| 3,829 | 2,328 | ||
| Related to sales | Other | 31/12/2022 | |
| 1,201 | 1,127 | 2,328 | |
| 351 | 147 | 498 | |
| 340 | 1,583 | 1,923 | |
| -69 | -851 | -920 | |
| 1,823 | 2,006 | 3,829 | |
| 622 | EUR ('000) 879 |
1,501 |
Allocation by operational segment is as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 105 | 139 |
| Luxembourg | 500 | 500 |
| France | 3,224 | 1,689 |
| TOTAL PROVISIONS | 3,829 | 2,328 |
The provisions are made up based on the risks related to the litigations, in particular when the recognition conditions of those liabilities are met.
These provisions made correspond to the best estimate of outgoing resources considered as likely by the Board of Directors. The Group has no indication on the final amount of disbursement or the timing of the disbursement, it depends on court decisions.
Risks related to sales and litigation in progress are the subject of provisions when the conditions for recognition of these liabilities are met. The provisions related to sales are generally related to guarantees of rents, good execution of work,...
No provision has been recorded for the other litigations that mainly concern:
This account is allocated by operational segment as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 41,955 | 41,548 |
| Luxembourg | 3,889 | 10,920 |
| France | 27,534 | 7,006 |
| Germany | 16,044 | 7,980 |
| Poland | 2,202 | 12,065 |
| Spain | 4,175 | 4,027 |
| United Kingdom | 2,585 | |
| TOTAL TRADE PAYABLES | 98,384 | 83,546 |
The trade payables are mainly related to the projects O'Sea in Belgium, Issy-les -Moulineaux in France, Eden in Germany, Canal in Luxembourg and Granaria in Poland.
The contract liabilities, arising from the application of IFRS 15, relate to following operational segment:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Belgium | 10,254 | 10,427 |
| Luxembourg | 7,778 | |
| France | 4,987 | 11,542 |
| Poland | 28,466 | |
| TOTAL CONTRACT LIABILITIES | 51,485 | 21,969 |
The contract liabilities primarily relate to the advance consideration received from customers for construction for which revenue is recognised over time. The amount of EUR 21 969 thousand included in contract liabilities at 31 December 2021 has been recognised as revenue in 2022.
The increase in contract liabilities is mainly due to the project Granaria in Poland.
Contract liabilities include amounts received by the entity as compensation for goods or services that have not yet been provided for the customer. Contract liabilities are settled by "future" recognition of the revenue when the IFRS 15 criteria for revenue recognition have been met.
All amounts reflected in contract liabilities relate to residential activities for which revenue is recognised over time.
Because payment terms are based on predefined milestones and revenue recognition is based on progress of works measured by incurred and budgeted costs minor discrepancies might occur between both, resulting either in contract assets or contract liabilities.
The components of this account are:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Payroll related liabilities | 3,015 | 4,244 |
| Taxes (other than income taxes) and VAT payable | 17,005 | 12,186 |
| Accrued charges | 13,026 | 8,568 |
| Dividends payable | 163 | 3,339 |
| Other | 2,732 | 3,303 |
| Other liability with business partners | 18,419 | 15,955 |
| TOTAL OTHER CURRENT LIABILITIES | 54,360 | 47,595 |
Other current liabilities mainly consist of taxes (other than income taxes) as well as accrued charges and deferred income in Belgium and France.
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Guarantees from third parties on behalf of the Group with respect to: | ||
| - inventories | 480,376 | 281,015 |
| - other assets | ||
| TOTAL GUARANTEES FROM THIRD PARTIES ON BEHALF OF THE GROUP | 480,376 | 281,015 |
| These guarantees consist of: | ||
| - guarantees "Real estate trader" (acquisitions with registration fee at reduced rate) | 26,493 | 33,012 |
| - guarantees "Law Breyne" (guarantees given in connection with the sale of houses or apartments under construction) | 300 | 63,207 |
| - guarantees "Good end of execution" (guarantees given in connection with the execution of works) and "other" (successful completion of payment, rental,…) |
453,583 | 184,796 |
| TOTAL GUARANTEES FROM THIRD PARTIES ON BEHALF OF THE GROUP | 480,376 | 281,015 |
| Mortgage power - Amount of inscription | 83,899 | 58,852 |
| MORTGAGE POWER - AMOUNT OF INSCRIPTION | 83,899 | 58,852 |
| Book value of Group's assets pledged for debt securities related to investment property and inventory as a whole | 893,009 | 759,011 |
| BOOK VALUE OF PLEDGED GROUP'S ASSETS | 893,009 | 759,011 |
| Amount of debts guaranteed by above securities | ||
| - Non current debts | 299,465 | 205,563 |
| - Current debts | 110,093 | 232,739 |
| TOTAL AMOUNT OF DEBTS GUARANTEED | 409,558 | 438,301 |
The change in working capital by nature is established as follows:
| EUR ('000) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Inventories, including the acquisition and sales of subsidiaries holding a dedicated project | -183,641 | -15,012 |
| Amounts receivable within one year | 96,330 | -63,254 |
| Deferred charges and accrued income | -19,977 | -17,327 |
| Trade debts | 44,353 | 15,527 |
| Amounts payable regarding taxes and social security | 3,591 | -3,324 |
| Accrued charges and deferred income | -9,254 | 22,465 |
| Other payable with business partners | -4,585 | 546 |
| CHANGE IN WORKING CAPITAL | -73,183 | -60,379 |
Changes in drivers for working capital are addressed in the respective notes earlier in this report.
The net book value of Isala, having been transferred from investment properties to inventories for an amount of EUR 103 462 thousand, is not included in the change in working capital.
At 31 December 2022, Immobel acknowledges a capital commitment for an amount of EUR 179 785 thousand for projects in Brussels and Luxembourg.
| Number of representative capital shares | 9,997,356 | 9,997,356 |
|---|---|---|
| IMMOBEL (Treasury shares) | 0.25% | 0.26% |
| A3 Capital NV & A3 Management BVBA | 58.99% | 58.99% |
| 31/12/2022 | 31/12/2021 |
These are the remuneration of members of the (non) Executive Committee and of the Board of Directors.
| At 31 December 2022 | EUR ('000) | Executive Chairman/ CEO |
Executive Committee |
Non Executive Committee |
|---|---|---|---|---|
| Basic remuneration | 1,200 | 2,529 | 256 | |
| Variable remuneration STI | 120 | 1,297 | None | |
| Variable remuneration LTI | None | 1,500 | None | |
| Individual pension commitment | None | None | None | |
| Other | None | None | None |
| At 31 December 2021 | EUR ('000) | Executive Chairman/ CEO |
Executive Committee |
Non Executive Committee |
|---|---|---|---|---|
| Basic remuneration | 640 | 1,700 | 250 | |
| Variable remuneration STI | 364 | 2,479 | None | |
| Variable remuneration LTI | 28 | 109 | None | |
| Individual pension commitment | None | None | None | |
| Other | 1,000 | None | None |
The relationships with joint ventures and associates consist mainly of loans or advances, whose amounts are recorded in the balance sheet in the following accounts:
| EUR ('000) | 31/12/2022 | 31/12/2021 | |
|---|---|---|---|
| Invetments in joint ventures and associates - shareholder's loans | 111,527 | 101,670 | |
| Advances to joint ventures and associates | 3,450 | 13,163 | |
| Advances from joint ventures and associates | -29,570 | -38,824 | |
| Financial lease | -1,299 | ||
| Operating income | 4,474 | 9,282 | |
| Operating expense | -4,941 | -5,162 | |
| interest income | 3,679 | 4,247 | |
| interest expense | -1,008 | -1,260 |
Those relationships are conducted in accordance with formal terms and conditions agreed with the Group and its partner. The interest rate applicable to these loans and advances is EURIBOR + margin, defined based on internal transfer pricing principles.
See note 16 for further information on joint ventures and associates.
'ŝǀĞŶ ƚŚĞĐŚĂůůĞŶŐĞƐƌĞůĂƚĞĚƚŽƚŚĞĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐĐŽŶƚĞdžƚ͕ƚŚĞĐŽŵƉĂŶLJŚĂƐĚĞĐŝĚĞĚƚŽĐůŽƐĞŝƚƐĚĞĚŝĐĂƚĞĚ
ƉůĂƚĨŽƌŵŝŶ>ŽŶĚŽŶ;/ŵŵŽďĞůĂƉŝƚĂůWĂƌƚŶĞƌƐͿĞĂƌůLJϮϬϮϯĂŶĚĨƵƌƚŚĞƌƉƵƌƐƵĞƚŚŝƐĂĐƚŝǀŝƚLJĨƌŽŵƌƵƐƐĞůƐ͘
/Ŷ&ƌĂŶĐĞƚŚĞĐŽŵƉĂŶLJŝƐůŝŵŝƚŝŶŐŝƚƐĞdžƉŽƐƵƌĞƚŽƐŵĂůůƌĞƐŝĚĞŶƚŝĂůƉƌŽũĞĐƚƐůŽĐĂƚĞĚŝŶƚŚĞŽƵƚƐŬŝƌƚƐŽĨWĂƌŝƐĂŶĚŝƚƐ ƐƵďƵƌďĂŶĂƌĞĂƐŝŶŽƌĚĞƌƚŽĨŽĐƵƐŽŶ;ŚŝŐŚͲŵĂƌŐŝŶͿŵŝdžĞĚĚĞǀĞůŽƉŵĞŶƚƐůŽĐĂƚĞĚŝŶƚŚĞĐĞŶƚƌĞŽĨWĂƌŝƐ͘
Companies forming part of the Group as at 31 December 2022:
| 'ZKhW /EdZ^d;йͿ ;ĐŽŶŽŵŝĐ |
|||
|---|---|---|---|
| ED | KDWEzEhDZ | ,K&&/ | ŝŶƚĞƌĞƐƚͿ |
| AIC IMMO OSNY | ϵϭϱϬϳϵϰϯϴ | WĂƌŝƐ | ϲϬ |
| BEYAERT NV | ϴϯϳϴϬϳϬϭϰ | ƌƵƐƐĞůƐ | ϭϬϬ |
| BOITEUX RESIDENTIAL NV | ϴϯϳϳϵϳϯϭϰ | ƌƵƐƐĞůƐ | ϭϬϬ |
| BRUSSELS EAST REAL ESTATE SA | ϰϳϴϭϮϬϱϮϮ | ƌƵƐƐĞůƐ | ϭϬϬ |
| BRUSSELS HOLDING BV | ϬϳϴϯϮϳϲϱϴϮ | ƌƵƐƐĞůƐ | ϭϬϬ |
| BULL'S EYE PROPERTY LUX SA | ϭϯϴϭϯϱ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| CANAL DEVELOPEMENT SARL | ϮϱϬϲϰϮ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| CHAMBON NV | ϴϯϳϴϬϳϱϬϵ | ƌƵƐƐĞůƐ | ϭϬϬ |
| COLONEL STONE | ϬϳϰϵϰϲϳϴϮϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| COMPAGNIE IMMOBILIÈRE DE WALLONIE (CIW) SA | ϰϬϭϱϰϭϵϵϬ | ƌƵƐƐĞůƐ | ϭϬϬ |
| COMPAGNIE IMMOBILIÈRE LUXEMBOURGEOISE SA | Ϯϵϲϵϲ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| COSIMO S.A. | ϰϮϲϯϳϬϱϮϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| EDEN TOWER FRANKFURT GMBH | Ϯϯϱϯϳϱ | &ƌĂŶŬĨƵƌƚ | ϭϬϬ |
| EMPEREUR FROISSART NV | ϴϳϭϰϰϵϴϳϵ | ƌƵƐƐĞůƐ | ϭϬϬ |
| ENTREPRISE ET GESTION IMMOBILIÈRES (EGIMO) SA | ϰϬϯϯϲϬϳϰϭ | ƌƵƐƐĞůƐ | ϭϬϬ |
| ESPACE NIVELLES SA | ϰϳϮϮϳϵϮϰϭ | ƌƵƐƐĞůƐ | ϭϬϬ |
| FLINT CONSTRUCT NV | ϱϬϲϴϵϵϭϯϱ | ƌƵƐƐĞůƐ | ϲϱ |
| FLINT LAND NV | ϱϬϲϴϮϯϲϭϰ | ƌƵƐƐĞůƐ | ϲϱ |
| FONCIÈRE JENNIFER SA | ϰϲϰϱϴϮϴϴϰ | ƌƵƐƐĞůƐ | ϭϬϬ |
| FONCIÈRE MONTOYER SA | ϴϮϲϴϲϮϲϰϮ | ƌƵƐƐĞůƐ | ϭϬϬ |
| FROUNERBOND DEVELOPPEMENT S.À R.L. | ϮϱϭϳϴϮ | >ƵdžĞŵďŽƵƌŐ | ϭϬϬ |
| GASPERICH DEVELOPPEMENT SARL | ϮϲϯϱϮϲ | >ƵdžĞŵďŽƵƌŐ | ϭϬϬ |
| GRANARIA DEVELOPMENT GDANSK BIS SP. Z.O.O. | ϬϬϬϬϰϴϬϮϳϴ | tĂƌƐĂǁ | ϵϬ |
| GRANARIA DEVELOPMENT GDANSK SP. Z.O.O. | ϬϬϬϬϱϭϬϲϲϵ | tĂƌƐĂǁ | ϵϬ |
| HERMES BROWN II NV | ϴϵϬϱϳϮϱϯϵ | ƌƵƐƐĞůƐ | ϭϬϬ |
| HOLLERICH DEVELOPPEMENT S.ÀR.L.L | Ϯϲϵϴϱϲ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| HOTEL GRANARIA DEVELOPMENT SP. Z.O.O. | ϬϬϬϬϱϭϬϲϲϰ | tĂƌƐĂǁ | ϵϬ |
| ILOT SAINT ROCH SA | ϲϳϱϴϲϬϴϲϭ | ƌƵƐƐĞůƐ | ϭϬϬ |
| IMMO DEVAUX I NV | ϲϵϰϵϬϰϯϯϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| IMMO DEVAUX II NV | ϲϵϰϴϵϳϬϭϯ | ƌƵƐƐĞůƐ | ϭϬϬ |
| IMMOBEL BIDCO LTD | ϭϰϬϱϴϮ | :ĞƌƐĞLJ | ϭϬϬ |
| IMMOBEL CAPITAL PARTNERS LTD | ϭϯϴϯϯϰϮϴ | >ŽŶĚŽŶ | ϵϬ |
| IMMOBEL FRANCE GESTION SARL | ϴϬϵϳϮϰϵϳϰ | WĂƌŝƐ | ϭϬϬ |
| IMMOBEL FRANCE TERTIAIRE SAS | ϴϯϯϲϱϰϮϮϭ | WĂƌŝƐ | ϭϬϬ |
| IMMOBEL GERMANY 1 GMBH | ,ZϭϭϬϮϬϭ | <ƂůŶ | ϭϬϬ |
| IMMOBEL GERMANY 2 GMBH | ,ZϭϭϬϭϲϱ | <ƂůŶ | ϭϬϬ |
| IMMOBEL GERMANY GMBH | ϱϬϱϬϴϭϳϱϱϳ | <ƂůŶ | ϭϬϬ |
| IMMOBEL GERMANY SARL | ϮϯϭϰϭϮ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| IMMOBEL GP (SCOTLAND) LTD | ^ϳϮϬϵϰϭ | ĚŝŶďƵƌŐŚ | ϵϬ |
| IMMOBEL GP LLP LTD | KϰϰϬϱϱϵ | >ŽŶĚŽŶ | ϵϬ͕ϭ |
| IMMOBEL GP SARL | ϮϰϳϱϬϯ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
|---|---|---|---|
| IMMOBEL GREEN OFFICE IMPACT I LP | >WϬϮϮϯϰϲ | >ŽŶĚŽŶ | ϭϬϬ |
| IMMOBEL GUTENBERG BERLIN 1 GMBH | ,ZϭϬϲϲϳϲ | <ŽůŶ | ϭϬϬ |
| IMMOBEL GUTENBERG BERLIN 2 GMBH | ,ZϭϬϲϲϵϳ | <ŽůŶ | ϭϬϬ |
| IMMOBEL GUTENBERG BERLIN 3 GMBH | ,ZϭϬϲϴϴϮ | <ŽůŶ | ϭϬϬ |
| IMMOBEL GUTENBERG BERLIN 4 GMBH | ,ZϭϬϲϲϳϵ | <ŽůŶ | ϭϬϬ |
| IMMOBEL GUTENBERG BERLIN INVESTMENT GMBH | ,ZϵϬϯϭϵ | <ŽůŶ | ϭϬϬ |
| IMMOBEL HOLDCO SPAIN S.L. | ϴϴϭϮϮϵϲϮ | DĂĚƌŝĚ | ϭϬϬ |
| IMMOBEL HOLDING LUXEMBOURG SARL | ϭϯϴϬϵϬ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| IMMOBEL LUX SA | ϭϯϬϯϭϯ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| IMMOBEL PM SPAIN S.L. | ϴϴϮϱϲϳϬϲ | DĂĚƌŝĚ | ϭϬϬ |
| IMMOBEL POLAND SP. Z.O.O. | ϬϬϬϬϯϳϮϮϭϳ | tĂƌƐĂǁ | ϭϬϬ |
| IMMOBEL PROJECT MANAGEMENT SA | ϰϳϱϳϮϵϭϳϰ | ƌƵƐƐĞůƐ | ϭϬϬ |
| IMMOBEL R.E.M. FUND SARL | ϮϮϴϯϯϱ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| IMMOBEL REAL ESTATE FUND SC | ϮϮϴϯϵϯ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| IMMOBEL URBAN LIVING | ϲϵϱϲϳϮϰϭϵ | ƌƵƐƐĞůƐ | ϭϬϬ |
| IMMO-PUYHOEK SA | ϴϰϳϮϬϭϵϱϴ | ƌƵƐƐĞůƐ | ϭϬϬ |
| IMZ NV | ϰϰϰϮϯϲϴϯϴ | ƌƵƐƐĞůƐ | ϭϬϬ |
| INDUSTRIE 52 BV | ϳϱϵϰϳϮϱϴϰ | ƌƵƐƐĞůƐ | ϳϲ͕Ϭϱ |
| INFINITO HOLDING S.R.L. | ϳϲϱϰϳϰϰϭϭ | ƌƵƐƐĞůƐ | ϳϲ͕Ϭϱ |
| INFINITO S.A. | ϰϬϯϬϲϮϮϭϵ | ƌƵƐƐĞůƐ | ϳϲ͕Ϭϱ |
| INFINITY LIVING SA | Ϯϭϭϰϭϱ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| LAKE FRONT SA | ϱϲϮϴϭϴϰϰϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| LEBEAU DEVELOPMENT | ϳϭϭϴϬϵϱϱϲ | ƌƵƐƐĞůƐ | ϭϬϬ |
| LEBEAU SABLON SA | ϱϱϭϵϰϳϭϮϯ | ƌƵƐƐĞůƐ | ϭϬϬ |
| LES JARDINS DU NORD SA | ϰϰϰϴϱϳϳϯϳ | ƌƵƐƐĞůƐ | ϵϲ͕Ϯ |
| LOTINVEST DEVELOPMENT SA | ϰϭϳϭϬϬϭϵϲ | ƌƵƐƐĞůƐ | ϭϬϬ |
| MICHAEL OSTLUND PROPERTY SA | ϰϯϲϬϴϵϵϮϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| MILAWEY INVESTMENTS SP. ZO.O. | ϬϬϬϬϲϯϱϭϱϭ | tĂƌƐĂǁ | ϭϬϬ |
| MÖBIUS CONSTRUCT SA | ϲϴϭϲϯϬϭϴϯ | ƌƵƐƐĞůƐ | ϭϬϬ |
| MONTAGNE RESIDENTIAL SA | ϴϯϳϴϬϲϰϮϬ | ƌƵƐƐĞůƐ | ϭϬϬ |
| NENNIG DEVELOPPEMENT SARL | ϮϱϬ͘ϴϮϰ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| NORTH LIVING BV | ϳϴϲϳϰϬϲϳϬ | ƌƵƐƐĞůƐ | ϭϬϬ |
| NORTH OFFICES BV | ϳϴϲϳϮϲϲϭϲ | ƌƵƐƐĞůƐ | ϭϬϬ |
| NORTH PUBLIC BV | ϳϴϲϳϮϳϳϬϱ | ƌƵƐƐĞůƐ | ϭϬϬ |
| NORTH RETAIL BV | ϳϴϲϳϰϬϰϳϮ | ƌƵƐƐĞůƐ | ϭϬϬ |
| NORTH STUDENT HOUSING BV | ϳϴϲϳϮϲϴϭϰ | ƌƵƐƐĞůƐ | ϭϬϬ |
| NP SHOWROOM SNC | ϴϯϳϵϬϴϬϴϲ | WĂƌŝƐ | ϭϬϬ |
| OFFICE FUND CARRY SRL | ϳϱϵϲϭϬϱϲϮ | ƌƵƐƐĞůƐ | ϭϬϬ |
| OFFICE FUND GP SRL | ϳϱϵϲϭϬϰϲϯ | ƌƵƐƐĞůƐ | ϭϬϬ |
| OKRAGLAK DEVELOPMENT SP. Z.O.O. | ϬϬϬϬϮϲϳϰϴϭ | tĂƌƐĂǁ | ϭϬϬ |
| POLVERMILLEN SARL | ϮϬϳϴϭϯ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| PORCELYNEGOED NV | ϰϮϵϱϯϴϮϲϵ | ƌƵƐƐĞůƐ | ϭϬϬ |
| PRINCE ROYAL CONSTRUCT SA | ϲϯϯϴϳϮϵϮϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| QUOMAGO SA | ϰϮϱϰϴϬϮϬϲ | ƌƵƐƐĞůƐ | ϭϬϬ |
| SAS PARIS LANNELONGUE | ϴϱϭϴϵϭϳϮϭ | WĂƌŝƐ | ϭϬϬ |
| SAS RUEIL COLMAR | ϴϱϮϭϱϮϰϭϮ | WĂƌŝƐ | ϭϬϬ |
| SAS SAINT ANTOINE COUR BERARD | ϴϱϭϴϵϭϳϮϭ | WĂƌŝƐ | ϭϬϬ |
| SCCV BUTTES CHAUMONT | ϴϴϮϮϱϴϱϭϬ | WĂƌŝƐ | ϭϬϬ |
| SCCV IMMO AVON 1 | ϵϭϭϭϭϵϯϴϲ | WĂƌŝƐ | ϭϬϬ |
|---|---|---|---|
| SCCV IMMO BOUGIVAL 1 | ϴϴϯϰϲϬϰϮϬ | WĂƌŝƐ | ϭϬϬ |
| SCCV IMMO MONTEVRAIN 1 | ϴϴϰϱϱϮϯϬϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV IMMO TREMBLAY 1 | ϴϴϯϰϲϭϮϯϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP ASNIERES SUR SEINE 1 | ϴϭϯϯϴϴϭϴϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP AUBERGENVILLE 1 | ϴϯϳϵϯϱϴϱϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP AULNAY SOUS BOIS 1 | ϴϭϭϰϰϲϲϵϵ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BEZONS 1 | ϴϮϬϯϰϱϳϭϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BEZONS 2 | ϴϮϵϳϬϳϯϰϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BOIS D'ARCY 1 | ϴϮϵϳϯϵϱϭϱ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BONDOUFLE 1 | ϴϭϱϬϱϳϰϯϱ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BUSSY SAINT GEORGES 1 | ϴϭϮϮϲϰϰϰϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CHATENAY-MALABRY 1 | ϴϯϳϵϭϰϭϮϲ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CHELLES 1 | ϴϮϰϭϭϳϭϵϲ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CHILLY-MAZARIN 1 | ϴϯϴϭϭϮϯϯϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CROISSY SUR SEINE 1 | ϴϭϳϴϰϮϰϴϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CROISSY SUR SEINE 2 | ϴϮϮϳϲϬϳϯϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CROISSY SUR SEINE 3 | ϴϮϮϳϲϬϲϮϱ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP CROISSY SUR SEINE 4 | ϴϯϮϯϭϭϬϰϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP DOURDAN 1 | ϴϮϬϯϲϲϮϮϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP DRANCY 1 | ϴϮϵϵϴϮϭϴϬ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP EAUBONNE 1 | ϴϱϬϰϬϲϱϲϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP FONTENAY AUX ROSES 1 | ϴϯϴϯϯϬϯϵϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP FRANCONVILLE 1 | ϴϮϴϴϱϮϬϯϴ | WĂƌŝƐ | ϵϬ |
| SCCV NP GARGENVILLE 1 | ϴϯϳϵϭϰϰϱϲ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP ISSY LES MOULINEAUX 1 | ϴϮϬϭϬϮϳϳϬ | WĂƌŝƐ | ϴϱ |
| SCCV NP LA GARENNE-COLOMBES 1 | ϴϰϮϮϯϰϬϲϰ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP LE PLESSIS TREVISE 1 | ϴϮϵϲϳϱϱϰϱ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP LE VESINET 1 | ϴϰϴϮϮϱϴϴϰ | WĂƌŝƐ | ϱϭ |
| SCCV NP LIVRY-GARGAN 1 | ϴϰϰϱϭϮϲϯϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP LONGPONT-SUR-ORGE 1 | ϴϮϬϯϳϯϰϲϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP LOUVECIENNES 1 | ϴϮϳϱϳϮϭϳϯ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP MEUDON 1 | ϴϮϵϳϬϳϰϮϭ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP MOISSY-CRAMAYEL 1 | ϴϯϴϯϰϴϳϯϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP MONTESSON 1 | ϴϱϭϴϯϰϭϭϵ | WĂƌŝƐ | ϱϭ |
| SCCV NP MONTLHERY 1 | ϴϮϯϰϵϲϱϱϵ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP MONTLHERY 2 | ϴϯϳϵϯϱϴϴϭ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP MONTMAGNY 1 | ϴϯϴϬϴϬϬϵϭ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP NEUILLY SUR MARNE 1 | ϴϭϵϲϭϭϬϭϯ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP PARIS 1 | ϴϮϵϳϬϳϭϱϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP PARIS 2 | ϴϰϮϮϯϵϴϭϲ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP RAMBOUILLET 1 | ϴϯϯϰϭϲϯϲϱ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP ROMAINVILLE 1 | ϴϮϵϳϬϲϱϴϵ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP SAINT ARNOULT EN YVELINES 1 | ϴϮϴϰϬϱϴϯϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP SAINT GERMAIN EN LAYE 1 | ϴϮϵϳϯϵϳϯϵ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP SAINT GERMAIN EN LAYE 2 | ϴϰϰϰϲϰϳϲϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP VAUJOURS 1 | ϴϮϵϲϳϴϵϲϬ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP VILLE D'AVRAY 1 | ϴϮϵϳϰϯϬϴϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP VILLEJUIF 1 | ϴϮϵϲϳϰϭϯϰ | WĂƌŝƐ | ϭϬϬ |
|---|---|---|---|
| SCCV NP VILLEMOMBLE 1 | ϴϰϳϴϬϵϬϲϴ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP VILLEPINTE 1 | ϴϭϬϱϭϴϱϯϬ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP VILLIERS SUR MARNE 1 | ϴϮϬϭϰϳϬϳϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV SCI COMBS LES NOTES FLORALES | ϴϮϬϵϱϱϴϴϴ | WĂƌŝƐ | ϲϬ |
| SCI LE COEUR DES REMPARTS DE SAINT-ARNOULT-EN-YVELINES | ϴϯϭϮϲϲϴϮϬ | WĂƌŝƐ | ϭϬϬ |
| SNC HEMACLE | ϵϬϰϬϮϰϵϵϵ | WĂƌŝƐ | ϭϬϬ |
| SNC IMMO ILM 2 | ϵϭϯϴϱϵϬϭϯ | WĂƌŝƐ | ϭϬϬ |
| SNC IMMO MDB | ϴϴϮϯϮϴϯϯϵ | WĂƌŝƐ | ϭϬϬ |
| SQUARE DES HÉROS S.A. | ϴϰϯϲϱϲϵϬϲ | ƌƵƐƐĞůƐ | ϭϬϬ |
| SSCV IMMO OTHIS 1 | ϴϵϵϮϲϵϳϳϯ | WĂƌŝƐ | ϭϬϬ |
| SSCV IMMO SAVIGNY SUR ORGE 1 | ϴϬϵϳϮϰϵϳϰ | WĂƌŝƐ | ϭϬϬ |
| T ZOUT CONSTRUCT SA | ϲϱϲϳϱϰϴϯϭ | ƌƵƐƐĞůƐ | ϭϬϬ |
| THOMAS SA | ϯϯϴϭϵ | >ƵdžĞŵďƵƌŐ | ϭϬϬ |
| VAARTKOM SA | ϲϱϲϳϱϴϯϵϯ | ƌƵƐƐĞůƐ | ϭϬϬ |
| VAL D'OR CONSTRUCT SA | ϲϱϲϳϱϮϮϱϳ | ƌƵƐƐĞůƐ | ϭϬϬ |
| VELDIMMO SA | ϰϯϬϲϮϮϵϴϲ | ƌƵƐƐĞůƐ | ϭϬϬ |
| VESALIUS CONSTRUCT NV | ϱϰϯϴϱϭϭϴϱ | ƌƵƐƐĞůƐ | ϭϬϬ |
| ZIELNA DEVELOPMENT SP. Z.O.O. | ϬϬϬϬϱϮϳϲϱϴ | tĂƌƐĂǁ | ϭϬϬ |
| ED | KDWEzEhDZ | ,K&&/ | ;ĐŽŶŽŵŝĐ ŝŶƚĞƌĞƐƚͿ |
|---|---|---|---|
| IMMOBEL CARRY LP (UK) | ^>ϬϯϱϱϬϭ | >ŽŶĚŽŶ | ϵϬ |
| IMMOBEL FRANCE SAS | ϴϬϬϲϳϲϴϱϬ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP AUBER RE | ϴϭϯϱϵϱϵϱϲ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP AUBER VICTOR HUGO | ϴϯϯϴϴϯϳϲϮ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BESSANCOURT 1 | ϴϬϴϯϱϭϵϲϵ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP BESSANCOURT 2 | ϴϰϯϱϴϲϯϵϳ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP EPINAY SUR ORGE 1 | ϴϯϴϱϳϳϰϭϵ | WĂƌŝƐ | ϭϬϬ |
| SCCV NP VAIRES SUR MARNE 1 | ϴϭϯϰϰϬϴϲϰ | WĂƌŝƐ | ϭϬϬ |
| BELLA VITA SA | ϴϵϬϬϭϵϳϯϴ | ƌƵƐƐĞůƐ | ϱϬ |
| BORALINA INVESTMENTS SL | ϴϴϰϲϲϵϯϯ | DĂĚƌŝĚ | ϱϬ |
| BROUCKERE TOWER INVEST NV | ϴϳϰϰϵϭϲϮϮ | ƌƵƐƐĞůƐ | ϱϬ |
| CBD INTERNATIONAL SP. Z.O.O. | ϬϬϬϬϮϮϴϮϯϳ | tĂƌƐĂǁ | ϱϬ |
| CHÂTEAU DE BEGGEN SA | ϭϯϯϴϱϲ | >ƵdžĞŵďƵƌŐ | ϱϬ |
| CITYZEN HOLDING SA | ϳϮϭϴϴϰϵϴϱ | ƌƵƐƐĞůƐ | ϱϬ |
| CITYZEN HOTEL SA | ϳϮϭϱϮϬϰϰϰ | ƌƵƐƐĞůƐ | ϱϬ |
| CITYZEN OFFICE SA | ϳϮϭϱϮϬϴϰϬ | ƌƵƐƐĞůƐ | ϱϬ |
| CITYZEN RESIDENCE SA | ϳϮϭϱϮϬϲϰϮ | ƌƵƐƐĞůƐ | ϱϬ |
| CP DEVELOPMENT SP. Z O.O. | ϬϬϬϬϲϯϱϭϱϭ | tĂƌƐĂǁ | ϱϬ |
| CSM DEVELOPMENT NV | ϲϵϮϲϰϱϱϮϰ | ƌƵƐƐĞůƐ | ϱϬ |
| CSM PROPERTIES NV | ϲϵϮϲϰϱϰϮϱ | ƌƵƐƐĞůƐ | ϱϬ |
| DEBROUCKERE DEVELOPMENT SA | ϳϬϬϳϯϭϲϲϭ | ƌƵƐƐĞůƐ | ϱϬ |
| DEBROUCKERE LAND NV | ϲϲϮϰϳϯϮϳϳ | ƌƵƐƐĞůƐ | ϱϬ |
| DEBROUCKERE LEISURE NV | ϳϱϬϳϯϰϱϲϳ | ƌƵƐƐĞůƐ | ϱϬ |
| DEBROUCKERE OFFICE NV | ϳϱϬϳϯϱϱϱϳ | ƌƵƐƐĞůƐ | ϱϬ |
| GATEWAY SA | ϱϬϭϵϲϴϲϲϰ | ƌƵƐƐĞůƐ | ϱϬ |
| SAS TRELAMET | ϲϱϮϬϭϯϳϳϮ | WĂƌŝƐ | ϰϬ |
|---|---|---|---|
| SCCV HOUILLES JJ ROUSSEAU | ϵϭϯϴϱϵϬϭϯ | WĂƌŝƐ | ϱϬ |
| SCCV NP AUBERVILLIERS 1 | ϴϮϰϰϭϲϬϬϮ | WĂƌŝƐ | ϱϬ͕ϭ |
| SCCV NP CHARENTON LE PONT 1 | ϴϯϯϰϭϰϲϳϱ | WĂƌŝƐ | ϱϬ͕ϵϴ |
| SCCV NP CRETEIL 1 | ϴϮϰϯϵϯϯϬϬ | WĂƌŝƐ | ϱϬ͕ϭ |
| SCCV PA VILLA COLOMBA | ϴϯϴϭϭϮϰϰϵ | WĂƌŝƐ | ϱϭ |
| SCHOETTERMARIAL SARL | ϮϰϱϯϴϬ | >ƵdžĞŵďƵƌŐ | ϱϬ |
| SURF CLUB HOSPITALITY GROUP SL | ϵϯϱϱϭϳϴϲ | DĂĚƌŝĚ | ϱϬ |
| SURF CLUB MARBELLA BEACH SL | ϴϳϱϰϰϴϮϭ | DĂĚƌŝĚ | ϱϬ |
| UNIPARK SA | ϲϴϲϱϲϲϴϴϵ | ƌƵƐƐĞůƐ | ϱϬ |
| UNIVERSALIS PARK 2 SA | ϲϲϱϵϮϭϱϮϵ | ƌƵƐƐĞůƐ | ϱϬ |
| UNIVERSALIS PARK 3 SA | ϲϲϱϵϮϭϭϯϯ | ƌƵƐƐĞůƐ | ϱϬ |
| UNIVERSALIS PARK 3AB SA | ϲϲϱϵϮϮϰϮϬ | ƌƵƐƐĞůƐ | ϱϬ |
| UNIVERSALIS PARK 3C SA | ϲϲϱϵϮϭϰϯϬ | ƌƵƐƐĞůƐ | ϱϬ |
| URBAN LIVING BELGIUM HOLDING NV | ϴϯϭϲϳϮϮϱϴ | ŶƚǁĞƌƉ | ϲϬ |
| ED | KDWEzEhDZ | ,K&&/ | 'ZKhW /EdZ^d;йͿ ;ĐŽŶŽŵŝĐ ŝŶƚĞƌĞƐƚͿ |
|---|---|---|---|
| ARLON 75 BV | ϳϴϬϲϱϬϮϱϴ | ƌƵƐƐĞůƐ | ϮϬ͕ϭϯ |
| BEIESTACK S.A. | ϭϴϯϲϰϭ | >ƵdžĞŵďƵƌŐ | ϮϬ͕ϭϯ |
| BELUX OFFICE DEVELOPMENT FEEDER CV | ϳϱϵϵϬϴϵϴϱ | ƌƵƐƐĞůƐ | Ϯϲ͕ϵϯ |
| DHR CLOS DU CHÂTEAU SA | ϴϵϱϱϮϰϳϴϰ | ƌƵƐƐĞůƐ | ϯϯ͕ϯϯ |
| IMMOBEL BELUX OFFICE DEVELOPMENT FUND SCSP | Ϯϰϵϴϵϲ | >ƵdžĞŵďŽƵƌŐ | ϮϬ |
| SCCV 73 RICHELIEU | ϴϵϰϴϳϲϲϱϱ | WĂƌŝƐ | ϭϬ |
| SCCV MONTLHERY ROUTE D'ORLEANS | ϵϬϰϲϰϳϴϮϯ | WĂƌŝƐ | ϮϬ |
| SSCV 277 SH | ϵϬϭϰϬϬϱϯϭ | WĂƌŝƐ | ϭϬ |
URBAN LIVING BELGIUM NV ϴϯϭϲϳϮϮϱϴ ŶƚǁĞƌƉ ϯϬ
GOODWAYS SA ϰϬϱϳϳϯϰϲϳ ƌƵƐƐĞůƐ ϱϬ ILOT ECLUSE SA ϰϰϭϱϰϰϱϵϮ 'ŝůůLJ ϱϬ IMMO PA 33 1 SA ϴϰϱϳϭϬϯϯϲ ƌƵƐƐĞůƐ ϱϬ IMMO PA 44 1 SA ϴϰϱϳϬϴϮϱϳ ƌƵƐƐĞůƐ ϱϬ IMMO PA 44 2 SA ϴϰϱϳϬϵϬϰϵ ƌƵƐƐĞůƐ ϱϬ KEY WEST DEVELOPMENT SA ϳϯϴϳϯϴϰϯϵ ƌƵƐƐĞůƐ ϱϬ LES 2 PRINCES DEVELOPMENT SA ϴϰϵϰϬϬϮϵϰ ƌƵƐƐĞůƐ ϱϬ M1 SA ϭϵϳϵϯϮ ^ƚƌĂƐƐĞŶ ϯϯ͕ϯϯ M7 SA ϭϵϳϵϯϰ ^ƚƌĂƐƐĞŶ ϯϯ͕ϯϯ MÖBIUS II SA ϲϲϮϰϳϰϬϲϵ ƌƵƐƐĞůƐ ϱϬ MUNROE K LUXEMBOURG SA ϭϭϳϯϮϯ >ƵdžĞŵďŽƵƌŐ ϱϬ ODD CONSTRUCT SA ϲϴϮϵϲϲϳϬϲ <ŶŽŬŬĞͲ,ĞŝƐƚ ϱϬ OXY LIVING SA ϳϴϲϵϮϯϮϴϳ ƌƵƐƐĞůƐ ϱϬ PLATEAU D'ERPENT ϲϵϲϵϲϳϯϲϴ EĂŵƵƌ ϱϬ RAC 3 SA ϴϭϵϱϴϴϴϯϬ ŶƚǁĞƌƉ ϰϬ RAC 4 DEVELOPMENT SA ϲϳϯϲϰϬϱϱϭ ƌƵƐƐĞůƐ ϰϬ RAC 4 SA ϴϭϵϱϵϯϰϴϭ ƌƵƐƐĞůƐ ϰϬ RAC5 SA ϲϲϱϳϳϱϱϯϰ ŶƚǁĞƌƉ ϰϬ RAC6 SA ϳϯϴϯϵϮϭϭϬ ƌƵƐƐĞůƐ ϰϬ SAS BONDY CANAL ϵϬϰϴϮϬϰϲϭ WĂƌŝƐ ϰϬ
There are no significant restrictions that limit the Group's ability to access assets and settle the liabilities of subsidiaries.
In case of financial debts towards credit institutions, the shareholder's loans reimbursements (reimbursement of cash to the mother company) are subordinated to the reimbursements towards credit institutions.
The undersigned persons state that, to the best of their knowledge:
• the Consolidated Financial Statements of Immobel SA and its subsidiaries as of 31st December 2021 have been prepared in accordance with the International Financial Reporting Standards ("IFRS"), and give a true and fair view of the assets and liabilities, financial position and results of the whole of the companies of the Immobel Group as well as the subsidiaries included in the consolidation;
• the Director's Report on the financial year ended at 31 December 2022 gives a fair overview of the development, the results and of the position of the Immobel Group as well as the subsidiaries included in the consolidation, as well as a description of the principal risks and uncertainties faced by the Immobel Group.
On behalf of the Board of Directors:
Marnix Galle2 Chairman of the Board of Directors
2 Vaste vertegenwoordiger van de vennootschap A³ Management bvba
In the context of the statutory audit of the consolidated financial statements of Immobel NV ("the Company") and its subsidiaries (jointly "the Group"), we provide you with our statutory auditor's report. This includes our report on the consolidated financial statements for the year ended December 31, 2022, as well as other legal and regulatory requirements. Our report is one and indivisible.
We were appointed as statutory auditor by the general meeting of April 15, 2021, in accordance with the proposal of the supervisory board issued on the recommendation of the audit committee. Our mandate will expire on the date of the general meeting deliberating on the annual accounts for the year ended December 31, 2023. We have performed the statutory audit of the consolidated financial statements of the Group for two consecutive financial years.
We have audited the consolidated financial statements of the Group as of and for the year ended December 31, 2022, prepared in accordance with IFRS Standards as issued by the International Accounting Standards Board and as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium. These consolidated financial statements comprise the consolidated statement of financial position as at December 31, 2022, the consolidated statements of profit and loss and other comprehensive income, changes in equity and cash flows for the year then ended and notes, comprising a summary of significant accounting policies and other explanatory information. The total of the consolidated statement of financial position amounts to 1.748.027 KEUR and the consolidated statement of profit and loss shows a profit for the year of 10.373 KEUR.
In our opinion, the consolidated financial statements give a true and fair view of the Group's equity and financial position as at December 31, 2022 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Standards as issued by the International Accounting Standards Board and as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium.
We conducted our audit in accordance with International Standards on Auditing ("ISAs") as adopted in Belgium. In addition, we have applied the ISAs as issued by the IAASB and applicable for the current accounting year while these have not been adopted in Belgium yet.
Our responsibilities under those standards are further described in the "Statutory auditors' responsibility for the audit of the consolidated financial statements" section of our report. We have complied with the ethical requirements that are relevant to our audit of the consolidated financial statements in Belgium, including the independence requirements.
We have obtained from the board of directors and the Company's officials the explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Project development revenue (including revenue recognised by joint ventures and associates accounted for under the equity method)
We refer to accounting policies E.5.13) 'Operating income' and E.5.17) 'Main judgements and main sources of uncertainties related to estimations' and notes F.1) 'Operating segment – financial information by geographical segment' and F.2) 'Revenue' of the consolidated financial statements.
As disclosed in note F.1), revenue ('project development revenue') amounts to 377.377 KEUR in 2022, of which 150.149 KEUR attributable to joint ventures and associates accounted for under the equity method (revenue which is not included in the consolidated statement of profit and loss).
The Group contracts in a variety of ways. Each project has a different risk and revenue profile based on its individual contractual and delivery characteristics. We determined the recognition and measurement of revenue from the sale of project developments, for which revenue is recognized over time, as a key audit matter due to its size to the consolidated statement of profit or loss, complexity of contract terms, judgement involved to recognize revenue in accordance with the relevant accounting standards and the high degree of management judgement involved in determining the percentage of completion of the projects.
For a selection of projects that we considered at higher risk of misstatement, due to either size and/or complexity, we performed the following audit procedures:
We refer to accounting policies E. 5.9) 'Inventories' and E.5.17) 'Main judgements and main sources of uncertainties related to estimations' and notes F.1) 'Operating segment – financial information by geographical segment', F.18) 'Inventories' and F.16) 'Investments in joint ventures and associates' of the consolidated financial statements.
As disclosed in note F.1), inventories ('project development inventories') amount to 1.360.703 KEUR as at 31 December 2022, of which 374.977 KEUR attributable to project development inventories held by joint ventures and associates accounted for under the equity method (which is not included in the consolidated statement of financial position). Inventories are measured at the lower of cost and net realizable value at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. A write-down is necessary when the net realizable value at balance sheet date is lower than the carrying value. The determination of the net realizable value used to assess the recoverability of project development inventories involves management judgment as this assessment includes assumptions about future events which inherently are subject to the risk of change and uncertainty.
Due to the high degree of management judgement required, we determined the assessment of the net realizable value of project development inventories, and specifically those projects for which the permitting, construction or commercialization process has been significantly delayed, as a key audit matter.
For a selection of projects that we considered at higher risk of misstatement, due to either size to the consolidated statement of financial positions and/or complexity, we performed the following audit procedures:
The board of directors is responsible for the preparation of these consolidated financial statements that give a true and fair view in accordance with IFRS Standards as issued by the International Accounting Standards Board and as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium, and for such internal control as board of directors determines, is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of the users taken on the basis of these consolidated financial statements.
When performing our audit we comply with the legal, regulatory and professional requirements applicable to audits of the consolidated financial statements in Belgium. The scope of the statutory audit of the consolidated financial statements does not extend to providing assurance on the future viability of the Group nor on the efficiency or effectivity of how the board of directors has conducted or will conduct the business of the Group. Our responsibilities regarding the going concern basis of accounting applied by the board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also perform the following procedures:
We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
For the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.
The board of directors is responsible for the preparation and the content of the board of directors' annual report on the consolidated financial statements and the other information included in the annual report.
In the context of our engagement and in accordance with the Belgian standard which is complementary to the International Standards on Auditing as applicable in Belgium, our responsibility is to verify, in all material respects, the board of directors' annual report on the consolidated financial statements and the other information included in the annual report, and to report on these matters.
Based on specific work performed on the board of directors' annual report on the consolidated financial statements, we are of the opinion that this report is consistent with the consolidated financial statements for the same period and has been prepared in accordance with article 3:32 of the Companies' and Associations' Code.
In the context of our audit of the consolidated financial statements, we are also responsible for considering, in particular based on the knowledge gained throughout the audit, whether the board of directors' annual report on the consolidated financial statements and other information included in the annual report:
contain material misstatements, or information that is incorrectly stated or misleading. In the context of the procedures carried out, we did not identify any material misstatements that we have to report to you.
In accordance with the draft standard on the audit of compliance of the Financial Statements with the European Single Electronic Format (hereafter "ESEF"), we have audited as well whether the ESEF-format is in accordance with the regulatory technical standards as laid down in the EU Delegated Regulation nr. 2019/815 of 17 December 2018 (hereafter "Delegated Regulation").
The Board of Directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated financial statements in the form of an electronic file in ESEF format (hereafter "digital consolidated financial statements") included in the annual financial report.
It is our responsibility to obtain sufficient and appropriate information to conclude whether the format and the tagging of the digital consolidated financial statements comply, in all material respects, with the ESEF requirements under the Delegated Regulation.
At the date of this report, we have not yet received the annual financial report and the digital consolidated financial statements prepared by the Board of Directors. We have reminded the Board of Directors of their legal responsibility to provide the documents to the statutory auditor and the shareholders within the deadlines stipulated in the Belgian Companies' and Associations' Code. As a result, we were unable to conclude whether the format and the tagging of the digital consolidated financial statements comply, in all material respects, with the ESEF requirements under the Delegated Regulation.
• This report is consistent with our additional report to the audit committee on the basis of Article 11 of Regulation (EU) No 537/2014.
Zaventem, March 17, 2023
KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises Statutory Auditor represented by
Filip De Bock Bedrijfsrevisor / Réviseur d'Entreprises
The financial statements of the parent company, Immobel SA, are presented below in a condensed form.
In accordance with Belgian company law, the Directors' Report and Financial Statements of the parent company, Immobel SA, together with the Statutory Auditor's Report, have been filed at the National Bank of Belgium.
They are available on request from:
Immobel SA Rue de la Régence 58 BE-1000 Brussels Belgium www.immobelgroup.com
The statutory auditor issued an unqualified report on the financial statements of Immobel SA.
| ASSETS | 31/12/2022 | 31/12/2021 |
|---|---|---|
| FIXED ASSETS | 824,784 | 462,911 |
| Start-Up costs | 136 | 194 |
| Intangible fixed assets | 1,152 | 164 |
| Tangible fixed assets | 3,736 | 2,403 |
| Financial fixed assets | 819,760 | 460,150 |
| CURRENT ASSETS | 256,995 | 582,548 |
| Amounts receivable after one year | ||
| Stocks and contracts in progress | 42,285 | 43,851 |
| Amounts receivable within one year | 35,690 | 368,590 |
| Treasury shares | 1,137 | 1,205 |
| Cash equivalents | 175,411 | 162,940 |
| Deferred charges and accrued income | 2,472 | 5,962 |
| TOTAL ASSETS | 1,081,779 | 1,045,459 |
| LIABILITIES | 31/12/2022 | 31/12/2021 |
|---|---|---|
| SHAREHOLDERS' EQUITY | 331,941 | 317,010 |
| Capital | 97,357 | 97,357 |
| Reserves | 107,076 | 107,076 |
| Accumulated profits | 127,508 | 112,577 |
| PROVISIONS AND DEFERRED TAXES | 514 | 296 |
| Provisions for liabilities and charges | 514 | 296 |
| DEBTS | 749,324 | 728,152 |
| Amounts payable after one year | 479,427 | 374,947 |
| Amounts payable within one year | 261,034 | 348,740 |
| Accrued charges and deferred income | 8,863 | 4,465 |
| TOTAL LIABILITIES | 1,081,779 | 1,045,459 |
| 31/12/2022 | 31/12/2021 | |
|---|---|---|
| Operating income | 28,495 | 27,283 |
| Operating charges | -33,183 | -21,177 |
| OPERATING RESULT | -4,688 | 6,106 |
| Financial income | 118,251 | 35,660 |
| Financial charges | -67,555 | -15,532 |
| FINANCIAL RESULT | 50,696 | 20,128 |
| PROFIT OF THE FINANCIAL YEAR BEFORE TAXES | 46,008 | 26,234 |
| Taxes | -664 | -375 |
| PROFIT OF THE FINANCIAL YEAR | 45,344 | 25,859 |
| PROFIT OF THE FINANCIAL YEAR TO BE APPROPRIATED | 45,344 | 25,859 |
| 31/12/2022 | 31/12/2021 | |
|---|---|---|
| PROFIT TO BE APPROPRIATED | 157,922 | 143,917 |
| Profit for the financial year available for appropriation | 45,344 | 25,859 |
| Profit carried forward | 112,577 | 118,058 |
| APPROPRIATION TO EQUITY | ||
| To other reserves | ||
| RESULT TO BE CARRIED FORWARD | 127,508 | 112,577 |
| Profit to be carried forward | 127,508 | 112,577 |
| PROFIT AVAILABLE FOR DISTRIBUTION | 30,414 | 31,340 |
| Dividends | 30,414 | 30,409 |
| Other beneficiaries | 931 |
Property, plant and equipment are recorded as assets net of accumulated depreciation, at either their cost price or contribution value (value at which they were brought into the business), including ancillary costs and non-deductible VAT. Depreciation is calculated by the straight-line method. The main depreciation rates are the following:
| • | Buildings | 3 % |
|---|---|---|
| • | Buildings improvements | 5 % |
| • | Office furniture and equipment | 10 % |
| • | Computer equipment | 33 % |
| • | Vehicles | 20 % |
Financial Fixed Assets are entered either at their purchase price, after taking into account any amounts still not paid up and any write-offs made. They are written down if they suffer a capital loss or a justifiable long-term loss in value.
Amounts Receivable within one year and those receivable after one year are recorded at their nominal value. Writedowns are applied in case of permanent impairment or if the repayment value at the closing date is less than the book value.
Stocks are recorded at their purchase price or contribution value, including, in addition to the purchase price, the ancillary costs, duties and taxes relating to them. The infrastructure costs are recorded at their cost price. Realisation of stocks is recorded at the weighted average price. Work in progress is valued at cost price. Profits are, in principle, recorded on the basis of the percentage of completion of the work. Write-downs are applied as appropriate, according to the selling price or the market value.
The sales and the purchases of properties are recorded at the signature of the notarial act in so far as the eventual conditions precedents are lifted and a clause of deferred property transfer is foreseen in the compromise under private signature
Short term investments are recorded as assets at their purchase price (ancillary costs excluded) or contribution value. Their values are adjusted, provided that the depreciation is lasting.
Cash at bank and in hand are recorded at their nominal value. Values are adjusted if the estimated value at the end of the financial year is lower than the book value.
At the close of each financial year, the Board of Directors, acting with prudence, sincerity and in good faith, examines the provisions to be set aside to cover the major repairs or major maintenance and the risks arising from completion of orders placed or received, advances made, technical guarantees after sale or delivery and current litigations.
Amounts Payable are recorded at their nominal value.
Immobel assesses its financial performance using alternative performance measures. We believe that these measurements are useful for understanding changes and trends in our historical results of operations, as they allow performance to be compared on a consistent basis.
Operating cash flow excluding investments: Cash margin + project management fees – overhead costs
Portfolio Gross development value (Portfolio GDV): Sales value or gross development value: total expected future turnover (Group share) of all projects in the current portfolio (including projects subject to conditions precedent for which the management judges there is a high likelyhood of closing).
Immobel
Boulevard Anspach 1 - 1000 Brussels - Belgium RPM / RPR (Legal Entitites Register) - VAT BE 0405.966.675
Belgian registered joint stock company, constituted on 9 July 1863, authorised by the Royal Decree of 23 July 1863.
(Article 10 of the Articles of Association – excerpt)
In addition to the transparency declaration thresholds provided for in the Belgian legislation, the disclosure obligation provided for in this legislation is also applicable as soon as the number of voting rights held by a person acting alone or by persons acting in concert reaches, exceeds or falls
below a threshold of 3% of the total existing voting rights. Any obligation imposed by the current legislation on holders of 5% (or any multiple of 5%) of the total existing voting securities is also applicable to the additional 3% thresholds.
www.immobelgroup.com
Publication of 2022 annual accounts: 9 March 2023 Annual General Meeting 2023: 20 April 2023 Publication of 2023 half-year results: 14 September 2023
BNP Paribas Fortis KBC Bank ING Belgique Banque Degroof Petercam
Karel Breda +32 (0)2 422 53 50
Katrien Huygens +32 (0)2 422 53 37
Typografics - www.typografics.be
Denzil Walton
Triptyque, Marc Detiffe, Serge Brison, Georges De Kinder, KSP ENGEL GmbH
Immobel does its utmost to respect the legal prescriptions related to copyrights. It kindly invites any person whose rights may have been infringed to contact the Company.
This report is available in English, Dutch and French.
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