Immobel - H1 2023 - Navigating turbulent markets
Net profit lands at EUR -2.8m. Adj. Net profit (not accounting for the exceptional cost of EUR 9.6m) lands at EUR 6.5m.Gearing comes in at 58.5%, and cost of debt stands at 3.0%.No guidance is given (reiterated or updated) for the FY2023.The company hosts an analyst meeting today at 10:00 CETMore details in our Note issued this morningCompagnie Immobiliere de Belgique SA (Immobel) is a Belgium-based company active in the real estate development sector. The Company operates in three lines of business in Belgium, Luxembourg and Poland, such as office properties, the residential sector and land banking. Its clients include: the state, the European Union (EU) and/or institutional investors for office complexes; private clients for residential property and land purchases, as well as private clients looking to invest in housing. The Company's main projects in Belgium include Belair, Black Pearl, Parc Seny, Gateway, Bella Vita and Chastre Rue Du Chene. Its main projects in Luxembourg include Westside Village, Green Hill and Galerie Kons. Finally its main projects in Poland include Cedet, CBD One and Okraglak.
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