Annual Report 2018
Annual Report 2018
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Key figures

The company achieved a Return on Equity * of 18.7 %, reflecting the efficient use of its balance sheet.


* Return on Equity: net result of the year / equity as per end of previous year.price for the period.

Key consolidated figures

KEY FIGURES IMMOBEL GROUP (MEUR)
  2014 2015 2016 2017 2018
Net result, Group's share  20.0 0.7 52.5 11.0 56.8
Equity, Group's share 196.7 194.4 311.0 303.6 344.6
Market capitalization (including own shares)  177.5 174.2 530.0 551.8 503.9
Market capitalization (excluded own shares) 177.5 174.2 464.7 484.2 442.4

326.1 MEUR
revenues in 2018

75.1 MEUR
EBITDA

56.8 MEUR
net result

344.7 MEUR
equity

FIGURES PER SHARE (EUR) (EXCLUDING OWN SHARES)
   2014 2015 2016 2017 2018
Number of shares at year-end (thousand) 4,122 4,122 8,767 8,772 8,777
Net result, Group's share 4.9 0.2 6.0 1.3 6.5
Value of equity 47.7 47.2 35.5 34.6 39.3
Gross ordinary dividend 2.40 0.00 2.00 2.20 2.42
Net ordinary dividend 1.80 0.00 1.40 1.54 1.69
STOCK MARKET RATIOS
  2014 2015 2016 2017 2018
Stock price on 31 December (EUR) 43.1 42.3 53.0 55.2 50.4
Maximum quotation (EUR) 44.5 52.7 53.8 59.7 57.0
Minimum quotation (EUR) 36.5 40.1 38.2 51.0 47.0
Stock price / book value 90.3  % 89.7  % 149.4  % 159.5  % 128.4  %
Gross return for 1 year** 24.0  % 0.0  % 25.3  % 9.8  % -4.8 %
Gross ordinary dividend / last stock price 5.6  % 0.0  % 3.8  % 4.0  % 4.8 %
Net ordinary dividend / last stock price 4.2 0.0  % 2.6  % 2.8  % 3.4  %

** Gross return for 1 year : (last closing price + dividends paid during the year - first stock price for the period) / first stock price for the period.

Portfolio

Evolution of the portfolio by country - Before IFRS 11 (MEUR)

Belgium
Luxembourg
Poland
Evolution of the portfolio by segment - Before IFRS 11 (MEUR)

Offices
Residential
Landbanking

Summary of the consolidated financial statements (MEUR)

INCOME STATEMENT
  2014 2015 2016 2017 2018
Operating income 41.2 60.6 298.6 149.0 326.1
Operating expenses -38.4 -53.1 -238.7 -127.1 -261.0
Share in the results of associates 24.9 -0.4 7.7 3.4 5.2
Operating result 27.6 7.1 67.7 25.3 70.3
Financial result -7.0 -6.4 -3.9 -4.8 -4.8
Result before taxes 20.6 0.7 63.8 20.5 65.5
Income taxes -0.6 -0.1 -10.2 -9.6 -8.6
Result for the year 20.0 0.7 53.6 10.9 56.9
Share of IMMOBEL 20.0 0.7 52.5 11.0 56.8
Operating result / net result (MEUR)

Operating result
Net result, group’s share
FINANCIAL POSITION
ASSETS 2014 2015 2016 2017 2018
Non-current assets 77.5 67.5 88.3 66.2 181.7
Intangible assets and goodwill 0.2 0.2 0.1 0.4 0.4
Tangible assets 0.9 0.7 0.9 1.0 0.9
Investment property 2.7 2.8 2.9 3,0 104.3
Financial assets 73.4 63.4 70.2 50.7 70.6
Other 0.4 0.4 14.2 11.0 5.4
Current assets 367.0 379.6 627.9 734.1 784.7
Inventories 311.0 334.5 443.1 518.5 511.8
Cash 25.5 17.0 120.6 147.9 170.9
Other 30.5 28.1 64.1 67.6 102.0
TOTAL ASSETS 444.5 447.1 716.2 800.2 966.4
 
EQUITY AND LIABILITIES 2014 2015 2016 2017 2018
Equity 196.7 194.4 314.9 303.6 344.7
Non-current liabilities 152.4 145.5 286.7 338.8 332.9
Financial debts 150.5 143.8 281.6 330.1 322.0
Other 2.0 1.8 5.1 8.7 10.8
Current liabilities 95.3 107.3 114.6 157.8 288.7
Financial debts 67.7 62.3 40.5 68.8 193.7
Other 27.6 45.0 74.1 89.0 95.0
TOTAL EQUITY AND LIABILITIES 444.5 447.1 716.2 800.2 966.4