Our key figures in 2017

The financial data before IFRS 11 correspond to the data used by the main decision-makers to assess the company’s performance by ensuring sufficient visibility on the main items of the balance sheet and income statement and a coherent presentation between the differenct activities, regardless the group interest percentage. These data are also used to calculate the main economic and financial ratios presented internally 600 and externally. This internal view before IFRS 11 implies that all the results of the projects are accounted in the income statement for their share, except for those arising from associates.

Key consolidated figures

Key figures IMMOBEL Group (MEUR)

2013 2014 2015 2016 2017
IMMOBEL SA INTERNAL VIEW
Net result, Group’s share 1.5 20.0 0.7 52.5 11.0
Equity, Group’s share 183.2 196.7 194.4 311.0 303.6
Market capitalization (including own shares) 148.4 177.5 174.2 530.0 551.8
Market capitalization (excluded own shares) 148.4 177.5 174.2 464.7 484.2

Figures per share (EUR) (including own shares)

2013 2014 2015 2016 2017
IMMOBEL SA INTERNAL VIEW
Number of shares at year-end (thousand) 4,122 4,122 4,122 9,997 9,997
Net result, Group’s share 0.4 4.9 0.2 5.2 1.1
Value of equity 44.4 47.7 47.2 31.1 30.4
Gross ordinary dividend 0.00 2.40 0.00 2.00 2.20
Net ordinary dividend 0.00 1.80 0.00 1.40 1.54
2.20 EUR
/ share gross dividend

Stock market ratios

2013 2014 2015 2016 2017
IMMOBEL SA INTERNAL VIEW
Stock price on 31 December (EUR) 36.0 43.1 42.3 53.0 55.2
Maximum quotation (EUR) 37.4 44.5 52.7 53.8 59.7
Minimum quotation (EUR) 28.4 36.5 40.1 38.2 51.0
Stock price / book value 81.0  % 90.3  % 89.7  % 170.4  % 181.8 %
Gross return for 1 year1 32.0  % 24.0  % 0.0  % 25.3  % 9.8 %
Gross ordinary dividend / last stock price 0.0  % 5.6  % 0.0  % 3.8  % 4.0 %
Net ordinary dividend / last stock price 0.0  % 4.2  % 0.0  % 2.6  % 2.8 %
1. 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

Summary of the consolidated financial statements (MEUR)

Income statement

2013 2014 2015 2016 2017
IMMOBEL SA INTERNAL VIEW
Operating income 65.1 183.1 103.6 346.1 226.7
Operating expenses -54.5 -151.8 -93.2 -273.4 -198.9
Operating result 10.6 31.2 10.5 72.7 27.8
Financial result -9.3 -9.6 -8.9 -5.4 -6.4
Share in the results of associates 0.2 -0.2 -0.3 -2.0 -0.3
Result before taxes 1.5 21.4 1.3 65.3 21.1
Income taxes 0.0 -1.4 -0.6 -11.6 -10.1
Result for the year 1.5 20.0 0.7 53.6 10.9
Share of IMMOBEL 1.5 20.0 0.7 52.5 11.0

Financial position

Assets 2013 2014 2015 2016 2017
IMMOBEL SA INTERNAL VIEW
Non-current assets 6.5 5.0 4.6 18.5 15.8
Intangible assets and goodwill 0.1 0.2 0.2 0.1 0.4
Tangible assets and investment property 3.6 3.6 3.6 3.8 4.0
Financial assets 1.1 0.8 0.4 3.7 1.3
Other 1.7 0.5 0.5 10.9 10.1
Current assets 520.4 492.2 506.9 767.9 855.2
Inventories 464.7 423.5 456.8 584.0 606.6
Cash 31.4 32.0 24.5 128.9 169.3
Other 24.4 36.7 25.6 55.1 79.3
TOTAL ASSETS 527.0 497.2 511.6 786.4 871.0
227 MEUR
operating income in 2017

Equity and liabilities 2013 2014 2015 2016 2017
IMMOBEL SA INTERNAL VIEW
Equity 183.2 196.7 194.4 314.9 303.6
Non-current liabilities 152.4 166.8 156.9 324.1 384.0
Financial debts 151.5 164.5 155.0 319.0 368.7
Other 0.9 2.3 1.8 5.1 15.3
Current liabilities 191.4 133.7 160.3 147.3 183.4
Financial debts 148.8 99.4 110.4 68.4 63.4
Other 42.7 34.3 49.9 79.0 120.0
TOTAL EQUITY AND LIABILITIES 527.0 497.2 511.6 786.4 871.0

Portfolio (stocks)

607 MEUR
projects in portfolio

SHARE PRICE EVOLUTION

DIVIDEND POLICY

The Board of Directors has adopted a new dividend policy since 2016: a dividend that is expected to increase by up to 10 % every year, subject to the absence of any currently unforeseen exceptional events.

For the fiscal year 2017 the proposed gross dividend amounts to EUR 2.20 per share.

For reference, the following amounts were paid in previous years: EUR 2 in 2016, no dividend in 2015, EUR 2.40 for 2014, no dividend in 2013, EUR 1.40 in 2012, EUR 1.75 in 2011 and EUR 1.25 in 2010. In the period 2010-2017, the average gross yearly dividend amounted to EUR 1.37 gross per share.

SHAREHOLDING STRUCTURE

In accordance with of 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 following shares :

SHAREHOLDERS VOTING RIGHTS % OF TOTAL SHARES
A³ CAPITAL nv + VEMACO nv + A³ MANAGEMENT bvba, all having its registered seat at 1000 Brussels, quai des Péniches 52 5,875,369 58.77  %
IMMOBEL SA, having its registered seat at 1000 Brussels 1000 Brussels, rue de la Régence 58 1,225,603 12.25  %
CAPFI DELEN ASSET MANAGEMENT NV, having its registered seat at 2020 Antwerp, Jan Van Rijswijcklaan 178 412,196 4.12  %
FREE FLOAT 2,479,393 24.86  %
Total 9,997,356 100 %

FINANCIAL CALENDAR

Publication of annual accounts 2017 13 March 2018
Ordinary General Meeting 2018 24 May 2018
Publication of 2017 half-year results 30 August 2018 *
Publication of 2018 annual accounts 29 March 2019
Ordinary General Meeting 2019 23 May 2019

* 12 September 2018 due to postponing of the Board of Directors.