Earnings Release • Aug 28, 2014
Earnings Release
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Brussels, 28th August 2014 5.40 p.m. Regulated information
PRESS RELEASE
The first half year of 2014 shows a net profit of 22.3 MEUR, a sharp rise thanks to the results of the Offices sector.
During the first 6 months of 2014, IMMOBEL continued to pursue its activities (acquisition, development, leasing and sales) in the 3 sectors, Offices, Residential and Landbanking, and in the 3 countries where it is present, Belgium, the Grand Duchy of Luxembourg and Poland.
IMMOBEL has a balanced portfolio of projects worth 403 MEUR. It is spread as follows (based on the book value of inventories at 30.6.2014 before IFRS 111 *):
1 As per the new IFRS11 regulation, the value of the inventories, as published, is 291 MEUR.
In terms of projects, this represents (at 100 %) around 235,000 m2 of offices, approximately 3,200 housing units and nearly 425 ha of land (including 87 ha under conditions precedent) at different stages of development.
* * *
IMMOBEL's financial position at 30th June 2014 can be summarized by two ratios (before IFRS 11*):
*In accordance with IFRS, the Company applied since 1st January 2014, IFRS 11, which amends the strong readings of the financial statements of the Company but does not change the net income and shareholder's equity. The Board of Directors believes that the financial data before IFRS 11 give a better picture of the activities and financial statements.
Taking into account the achievements of the first half year, as well as the outlook for the results for the whole of 2014, the Board of Directors has decided to distribute an interim dividend for 2014 of 1.60 EUR gross per share, or a net sum of 1.20 EUR, on submission of coupon n°25, payable as of 4 th September 2014. Based on the full year results a final dividend will be proposed to the Annual Shareholders Meeting of May 2015, in line with IMMOBEL's dividend policy, aiming at a pay-out of maximum 50 % of profits.
Payment of the interim dividend will be made at the counters of BNP Paribas Fortis (lead agent), ING Belgium, KBC Bank and Banque Degroof according to the following timetable:
Ex-Date: 1 st September 2014 Record Date: 3 rd September 2014 Payment Date: 4 th September 2014.
There have been no significant events since 1st July 2014 that are likely to alter the financial statements.
The result expected for the end of this year cannot be extrapolated on the basis of the results of the first half year of 2014. It will depend on the conclusion of negotiations underway concerning certain projects.
In view of its portfolio of good quality projects as well as the negotiations underway, IMMOBEL is confidant of the profitable and sustainable mid and long-term development of the Company.
IMMOBEL has drawn up a half-year financial report in accordance with IAS 34 "Interim financial reporting". The Auditor has issued a limited review report on the consolidated interim financial information for the six-month period ended 30th June 2014.
On the basis of this limited review, the Statutory Auditor concluded that: "Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information of IMMOBEL SA, has not been prepared, in all material respects, in accordance with IAS 34 – Interim Financial Reporting as adopted by the European Union".
This half year report and the Auditor's report are available at www.immobel.be (on the "Press Release" page).
For more information: Gaëtan PIRET*, CEO T. +32(0)2 422 53 23 * SPRL [email protected]
IMMOBEL, listed on Euronext Brussels since 19th September 1863, is since 150 years a major player in property development in Belgium. It is also active in the Grand Duchy of Luxembourg and in Poland. Its business covers the office, residential and landbanking sectors, ensuring the diversification of its portfolio of projects. Its vision of the market and its expertise enable it to design, develop and manage ambitious real estate projects that create long-term value while respecting the environment and integrating the major issues facing society.
IMMOBEL is listed on NYSE Euronext Brussels as «IMMOBEL». For further information see: www.immobel.be
Following the adoption of the IFRS 11 standard by the Group as of 1st January 2014, all of the data for the financial year 2013 has been reworked to facilitate comparison
| Consolidated figures in MEUR | 30/06/2014 | 30/06/2013 |
|---|---|---|
| Turnover | 15.77 | 11,565.00 |
| Operating results | 26.09 | 3.02 |
| Net financial costs | -3.70 | -2.85 |
| Results before taxes | 22.39 | 0.17 |
| Taxes | -0.08 | -0.05 |
| Results from continuing operations | 22.30 | 0.12 |
| Results for the year | 22.30 | 0.12 |
| Group's share in the results for the year | 22.30 | 0.12 |
| Net cash flow (*) | 24.55 | -0.70 |
| Consolidated figures in EUR | 30/06/2014 | 30/06/2013 |
| Basic earnings per share | 5.41 | 0.03 |
| Gross dividend per share | 1.60 | NA |
| Number of shares | 4,121,987 | 4,121,987 |
(*) Net result without non-cash expenses (amortisations, depreciations, provisions, etc.) and non-cash income (fair value, etc.)
On 30th June 2014 IMMOBEL records operational results of 26.09 MEUR, to be compared with operational results of 3.02 MEUR as at 30th June 2013.
This operational result is mainly influenced by the Offices activity with the sale of the 40 % share in the company RAC 1, which holds the first phase of the Belair project.
The net financial costs amount to -3.70 MEUR against -2.85 MEUR in 2013.
The net result of the period thus is 22.30 MEUR against 0.12 MEUR on 30th June 2013.
| in thousands of EUR | 30-06- | 31-12- |
|---|---|---|
| 2014 | 2013 | |
| Inventories | 291 460 | 284 632 |
| Investments in joint ventures and associates | 72 699 | 69 238 |
| Trade receivables and other assets | 39 366 | 33 053 |
| Cash | 27 366 | 16 486 |
| TOTAL ASSETS | 430 891 | 403 409 |
| Shareholder's equity | 205 489 | 183 177 |
| Provisions | 4 321 | 2 102 |
| Long-term financial debt | 115 218 | 138 379 |
| Short-term financial debt | 78 810 | 54 738 |
| Trade payables and other liabilities | 27 053 | 25 013 |
| TOTAL EQUITY | 430 891 | 403 409 |
Consolidated shareholder equity came to 205.49 MEUR at 30 June 2014 or 47.7 % of the total assets. At 31 December 2013 it came to 183.18 MEUR (or 45.4 % of the balance sheet total).
At 30 June 2014, shareholder equity was equivalent to a value of 49.85 EUR per share as opposed to 44.44 EUR at the end of 2013.
The net cash position of the Group, the balance between long and short-term financial debt and the cash available, came to -167 MEUR at 30 June 2014 as opposed to -177 MEUR at the end of 2013.
| in thousands of EUR | 30-06-2014 | 30-06-2013 |
|---|---|---|
| OPERATING INCOME | 21 890 | 17 813 |
| Turnover | 15 768 | 11 565 |
| Other operating income | 6 122 | 6 248 |
| OPERATING EXPENSES | -19 748 | -13 405 |
| Cost of sales | -12 207 | -5 916 |
| Personnel expenses | -3 763 | -3 443 |
| Assets amortisation and depreciation | - 146 | - 138 |
| Other operating expenses | -3 632 | -3 908 |
| Gain/Loss on sales of joint ventures and associates | 24 086 | |
| Part of profit in joint ventures and associates | - 141 | -1 386 |
| OPERATING RESULT | 26 087 | 3 022 |
| Interest income | 1 141 | 1 740 |
| Interest expense | -4 777 | -4 227 |
| Other financial income & expenses | - 64 | - 367 |
| FINANCIAL RESULT | -3 700 | -2 854 |
| RESULT FROM CONTINUING OPERATING BEFORE TAXES | 22 387 | 168 |
| Taxes | - 84 | - 48 |
| RESULT FROM CONTINUING OPERATIONS | 22 303 | 120 |
| RESULT OF THE YEAR | 22 303 | 120 |
| Share of non-controlling interests | - 1 | - 4 |
| SHARE OF IMMOBEL | 22 304 | 124 |
| RESULT OF THE YEAR | 22 303 | 120 |
| Other comprehensive income - items subject to subsequent recycling in the income statement |
9 | 167 |
| Currency translation | 9 | 167 |
| TOTAL OF OTHER COMPREHENSIVE INCOME | 9 | 167 |
| COMPREHENSIVE INCOME OF THE YEAR | 22 312 | 287 |
| Share of non-controlling interests | - 1 | - 4 |
| SHARE OF IMMOBEL | 22 313 | 291 |
| NET INCOME PER SHARE (EUR) (BASIC AND DILUTED) | 5,41 | 0,03 |
| COMPREHENSIVE INCOME GROUP PER SHARE (EUR) (BASIC AND DILUTED) |
5,41 | 0,07 |
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