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Creating Opportunities. Building the Future

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Creating Opportunities. Building the Future Creating opportunities. Building the future. ANNUAL REPORT 2015 Creating opportunities. Building the future. IMMOBEL, listed on the Brussels Stock Exchange since 19 September 1863, has been a major player in property development in Belgium for more than 150 years. It is also active in the Grand Duchy of Luxembourg and in Poland. Its activities cover 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. BELGIUM RESIDENTIAL POLAND LANDBANKING OFFICE LUXEMBOURG Strategy Since its incorporation in 1863, property development has been at the heart of IMMOBEL’s strategy. Attentive to developments in the market, the company has diversified its activities to encompass three lines of business – offices, residential and landbanking – in three countries – Belgium, Luxembourg and since 2011 in Poland. The clients who are targeted are institutionals, private or pub- IMMOBEL currently manages a balanced portfolio that is less lic investors and individuals. The company’s goal is to create a exposed to economic cycles and to the local market specifica- portfolio of sustainable developments with a good diversifica- tions, allowing it to cover its fixed costs in times of low activity tion of risk, through a positioning on different types and inter- in the offices segment. nationally, while maximizing value creation for its shareholders. TO BALANCE RISKS DIVERSIFY OUR ACTIVITIES IMMOBEL takes a prudent approach to the acquisition and devel- So far, IMMOBEL has developed all three activities in Belgium; the opment of its projects, applying precise selection criteria. These office and residential segments in the Grand Duchy of Luxem- criteria address, among others, location, size and phasing, the bourg and in Poland. architectural quality that can be deployed, the environmental characteristics that the project must meet, transport facilities Today this diversification is bearing fruit. Previously, a multi-year and communication routes as well as profitability compared to average of close to 90% of profits generated by IMMOBEL came estimated risk. from our office activity. In Belgium and Luxembourg profits generated by residential and landbanking have now increased Moreover, IMMOBEL ensures it enters into partnerships for par- to a multi-year average of 40 to 50% of the company’s profits. ticularly large projects or those requiring specific added value. Thanks to this diversification in terms of geography and markets, These partnerships are part of its goal of diversification. ANALYSIS SALE INVESTMENT DEVELOPMENT DESIGN Business overview GRAND DUCHY OF BELGIUM POLAND LUXEMBOURG HIGHLIGHTS Office Agreement on the sale of Gateway to On-going construction of the project Start of the construction of the project Befimmo for € 140 millions (100%) Galerie Kons, mainly let to ING Luxem- Cedet offering 22,400 sqm Redefinition of the project Brussels bourg and pre-sold to AXA Belgium Obtaining planning permission for the Tower (Möbius) in 2 towers project CBD One Residential Obtaining planning permission for Acquisition, in partnership, of the I MMOBEL and his partner won the tender phase 1 of Universalis Park for the project Route d’Esch allowing the for the development in public-private construction of 140 residential units development of +/- 27,000 sqm partnership of the project Granary Sale of almost all residential units of Sale of the last apartment of the project Island in Gdańsk Belair (RAC 3) Green Hill Landbanking The second best year in terms of N/A1 N/A1 margin, an increase by 53% A total portfolio of about 416ha Obtaining planning permission for Verger de Fayenbois OUTLOOKS Maximizing the value of the develop- Introduction of the planning permission Identification of development opportuni- ment portfolio of the project Route d’Esch ties in secondary cities Focus on mixed projects and the crea- Delivery of the project Galerie Kons Securing pre-leases for the CBD One tion of more compact apartments scheduled for Q1 2017 project Increase of the perimeter of activities to Start of the construction of the first other cities besides Brussels, both in phase of Granary Island Flanders and in Wallonia Obtaining planning permission for the Obtaining planning permission for Chien Zielna project Vert and introduction of a new planning permission for Parc Seny and Brussels Tower (Möbius) KEY FIGURES % % % of67 the portfolio of17 the portfolio of16 the portfolio 35% Offices 79% Offices 91% Offices 35% Residential 21% Residential 9% Residential 30% Landbanking 1. N/A: Not applicable. CONTENT 02 — Meeting With the Chairman and the CEO 04 — 2015 in brief 06 — Key figures 08 — Shareholder information 10 — Property development 10 — Belgium 42 — Grand Duchy of Luxembourg 54 — Poland 66 — Directors’ report 74 — Corporate Governance 83 — Remuneration report 89 — Consolidated accounts 128 — Statutory auditor’s report 129 — Statutory condensed financial statements 132 — General information 2 • MEETING MEETING ALEXANDER HODAC Sustainable MARNIX GALLE CEO engagement Chairman MEETING WITH THE CHAIRMAN AND THE CEO How did the tight global economic in European real estate was € 263 billion in Have the three sectors where conditions impact IMMOBEL’s 2015, a record level. IMMOBEL is active performed in the activities in 2015 ? Alexander Hodac: Our projects evolve same way ? Marnix Galle: The real estate market is part A.H.: Offices in Brussels are lagging behind. with the economy. We adapt to the market. of a complex economic reality connected to There is limited interest from the private sector We prefer mixed projects and the creation the global economy. It is one link in a chain on large new office spaces, except in renego- of more compact apartments to meet the where a series of factors end up influencing tiating leases. Supply and demand are weak, current demand. The offices we offer com- our activities. The emerging markets are though the institutions, including the EU, are ply with the best BREEAM standards and stagnating. China is slowing down while its returning to the market with new demands are space-efficient. The market as a whole debt is colossal. Commodity prices are fall- for utilising space. On the other hand a lot remains buoyant. The noticeable arrival of ing, putting the brake on investments. Europe of leases will expire in the next five years. major Asian funds on the Belgian market is facing a worrying geopolitical situation. These are all new opportunities. But building illustrates the attractiveness of our country in Investors are sliding from the risk curve to sizes are decreasing. The norm today is more terms of real estate development. the non-risk. Nevertheless Europe’s pros- like 15,000 sqm, whereas it used to be over pects for growth remain stable. Investment 20,000 sqm. 3 • IMMOBEL M.G.: The residential sector is doing well. M.G.: We favour better rotation and liquid- A.H.: Moreover, we are going to increase the The basic conditions in the Belgian real ity in our portfolio. Measures have been perimeter of our activities in Belgium to other estate market improved in 2015. In Brussels taken to generate cash in order to start new cities besides Brussels, both in Flanders - in volumes increased by nearly 5% compared ope rations. We are going to activate our Antwerp and Ghent, for example – and in to 2014. Prices continue to rise slightly in the portfolio and make sure that we develop the Wallonia. In Poland, a market that continues capital, in Flanders and in Wallonia. The con- projects so that they offer maximum satis- to be buoyant, we are going to start looking at version of offices to residential properties is faction in terms of buyers’ expectations in a the secondary cities. still booming. An average of 80,000 sqm of changing market. We also pay great attention obsolete office space is transformed annually to optimum follow-up of the sales process. How do you see IMMOBEL’s future in in Brussels for mainly residential purposes. In Our marketing strategy is going to evolve this new context ? Luxembourg the market is very competitive too. A.H.: We have prepared a business plan and remains healthy, with prices rising. The 2016-2020 which will be our roadmap for the prices of new homes increased 10% com- You have announced that you next few years. It will allow us to have a clear intend to be more transparent in view of possible gaps in our portfolio as well pared to 2014. IMMOBEL has a promising pro- ject there, Route d’Esch. your communications concerning as the deadlines we need to anticipate. It will IMMOBEL’s results and activities… also give us a framework within which to work Did IMMOBEL’s results for 2015 match A.H.: Transparency means communicating effectively for the benefit of our shareholders. your expectations ? not only when the company is doing well but Our intention is to avoid the cyclicity linked M.G.: Postponement of the signature of a also in more difficult times. to our present dependency sizeable project can put an artificial strain on In particular, it means pro- on the offices portfolio. We an accounting year. That is what happened viding our shareholders are going to substantially to us last year. In the future we do not intend with impeccable access to increase the proportion of to be so dependent on the cyclical nature of information. That is already € 263 billion residential property in our our portfolio. We sold no office buildings in reflected in all our financial investment in European projects to secure the divi- 2015 which had an impact on our results. communications and espe- real estate in 2015 dend. We would like to offer Our intention to strengthen our presence in cially in this new annual our shareholders a mini- the residential sector will allow us to generate report where we present mum thres hold for the div- recurrent results.
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