Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.06.2024 | 30.06.2023 | 30.06.2022 | 30.06.2021 | 30.06.2020 |
|---|---|---|---|---|---|
| I. Rental income | 174.506 | 169.143 | 154.996 | 141.774 | 122.760 |
| II. Writeback of lease payments sold and discounted | 280 | 1.111 | 4.293 | 3.631 | 4.722 |
| III. Rental-related expenses | -187 | -111 | 0 | -1 | -1.933 |
| Net rental income | 174.598 | 170.143 | 159.289 | 145.403 | 125.549 |
| IV. Recovery of property charges | 286 | 141 | 384 | 267 | 252 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 33.046 | 33.118 | 31.850 | 31.780 | 28.397 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -296 | -365 | -485 | -525 | 21 |
| VII. Charges and taxes normally payable by the tenant on let properties | -37.979 | -37.520 | -35.550 | -34.356 | -31.378 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 169.655 | 165.518 | 155.488 | 142.569 | 122.841 |
| IX. Technical costs | -2.399 | -1.005 | -1.972 | -2.076 | -1.411 |
| X. Commercial costs | -2.059 | -2.788 | -1.952 | -1.214 | -1.265 |
| XI. Taxes and charges on unlet properties | -2.552 | -2.442 | -2.543 | -2.728 | -2.457 |
| XII. Property management costs | -16.156 | -17.150 | -16.515 | -14.473 | -12.250 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -23.166 | -23.384 | -22.981 | -20.491 | -17.383 |
| Property operating result | 146.489 | 142.133 | 132.507 | 122.079 | 105.458 |
| XIV. Corporate management costs | -6.924 | -7.350 | -7.078 | -6.203 | -5.250 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 139.565 | 134.783 | 125.429 | 115.876 | 100.208 |
| XVI. Gains or losses on disposals of investment properties | 7.319 | -3.251 | 1.825 | 1.832 | 3.350 |
| XVII. Gains or losses on disposals of other non-financial assets | 0 | 0 | 0 | 0 | 0 |
| XVIII. Changes in the fair value of investment properties | -91.160 | -66.704 | 94.975 | -11.480 | 7.697 |
| XIX. Other result on the portfolio | -4.819 | -2.529 | -17.848 | -14.175 | -24.171 |
| Operating result | 50.906 | 62.300 | 204.381 | 92.053 | 87.084 |
| XX. Financial income | 6.586 | 6.009 | 5.527 | 6.427 | 4.608 |
| XXI. Net interest charges | -18.874 | -19.789 | -15.468 | -12.643 | -11.666 |
| XXII. Other financial charges | -588 | -592 | -725 | -467 | -364 |
| XXIII. Changes in the fair value of financial assets and liabilities | 17.779 | -12.642 | 137.379 | 17.936 | -19.112 |
| Financial result | 4.903 | -27.014 | 126.712 | 11.254 | -26.534 |
| XXIV. Share in the result of associated companies and joint ventures | -5.157 | -1.673 | 569 | -1.148 | 270 |
| Pre-tax result | 50.652 | 33.612 | 331.663 | 102.158 | 60.820 |
| XXV. Corporate tax | -4.144 | -5.943 | -5.710 | -5.195 | -2.465 |
| XXVI. Exit tax | 0 | 301 | 0 | -263 | -916 |
| Taxes | -4.144 | -5.643 | -5.710 | -5.458 | -3.382 |
| Net result | 46.508 | 27.970 | 325.953 | 96.700 | 57.439 |
| Attributable to: | |||||
| Minority interests | 4.403 | 850 | 1.373 | 1.242 | -2.359 |
| Net result – group share | 42.106 | 27.120 | 324.580 | 95.458 | 59.798 |
| B. OTHER ELEMENTS OF COMPREHENSIVE INCOME | 30.06.2024 | 30.06.2023 | 30.06.2022 | 30.06.2021 | 30.06.2020 |
| I. Net result | 46.508 | 27.970 | 325.953 | 96.700 | 57.439 |
| II. Other elements of comprehensive income | 546 | 712 | -440 | -1.247 | 3.607 |
| A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 0 | 0 | 0 | |
| B. Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS |
0 | 0 | 0 | 0 | |
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | 0 | 0 | |
| D. Currency translation differences linked to conversion of foreign activities | 546 | 712 | -440 | 0 | 0 |
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | |
| F. Income tax relating to 'Other elements of comprenhensive income' | 0 | 0 | 0 | 0 | |
| G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | |
| H. Other elements of 'comprehensive income', net of tax | 0 | 0 | -1.247 | 3.607 | |
| Convertible obligations | 0 | 0 | -1.247 | 3.607 | |
| Comprehensive income (I+II) | 47.054 | 28.682 | 325.514 | 95.453 | 61.045 |
| Attributable to: | |||||
| Non-controlling interests | 4.403 | 850 | 1.373 | 1.242 | -2.359 |
| Shareholders of the parent | 42.652 | 27.832 | 324.141 | 94.211 | 63.405 |
Consolidated balance sheet (x 1,000 EUR)
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| ASSETS | 30.06.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| I. Non-current assets | 6.454.336 | 6 512 921 | 6 558 181 | 5 985 532 | 5 093 589 |
| A. Goodwill | 0 | 0 | 27337 | 41 627 | 46 827 |
| B. Intangible assets | 1.934 | 2 128 | 2 374 | 2 487 | 2 172 |
| C. Investment properties | 6.112.695 | 6 187 930 | 6 082 541 | 5 669 990 | 4 865 581 |
| D. Other tangible assets | 2.137 | 2 111 | 2 357 | 2 019 | 1 434 |
| E. Non-current financial assets | 143.192 | 121 649 | 198 814 | 36 145 | 2 883 |
| F. Finance lease receivables | 157.694 | 158 936 | 161 534 | 147 999 | 104 889 |
| G. Trade receivables and other non-current assets | 3.654 | 6 719 | 1 827 | 1 687 | 386 |
| H. Deferred taxes | 8.331 | 9 822 | 5 593 | 3 918 | 1 390 |
| I. Participations in associates and joint ventures | 24.698 | 23 626 | 75 805 | 79 661 | 68 026 |
| II. Current assets | 200.360 | 178 500 | 245 385 | 191 421 | 160 026 |
| A. Assets held for sale | 60.936 | 43 111 | 117 270 | 39 846 | 3 320 |
| B. Current financial assets | 3.479 | 642 | 642 | ||
| C. Finance lease receivables | 4.499 | 4 419 | 4 139 | 3 667 | 2 367 |
| D. Trade receivables | 46.229 | 44 810 | 39 483 | 34 835 | 26 023 |
| E. Tax receivables and other current assets | 38.262 | 46 170 | 42 940 | 50 568 | 46 605 |
| F. Cash and cash equivalents | 21.878 | 19 958 | 19 611 | 19 857 | 48 642 |
| G. Accrued charges and deferred income | 25.077 | 19 390 | 21 299 | 42 648 | 33 069 |
| TOTAL ASSETS | 6.654.696 | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.06.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| Shareholders’ equity | 3.587.612 | 3 698 985 | 3 666 991 | 3 287 533 | 2 649 362 |
| I. Shareholders’ equity attributable to shareholders of the parent company | 3.512.736 | 3 623 262 | 3 637 413 | 3 233 274 | 2 574 775 |
| A. Capital | 2.041.523 | 1 970 211 | 1 761 872 | 1 698 517 | 1 450 210 |
| B. Share premium account | 900.424 | 896 826 | 936 321 | 916 019 | 804 557 |
| C. Reserves | 528.684 | 811 723 | 456 282 | 358 402 | 200 786 |
| D. Net result of the financial year | 42.106 | - 55 497 | 482 938 | 260 337 | 119 222 |
| II. Non-controlling interests | 74.876 | 75 723 | 29 578 | 54 259 | 74 587 |
| Liabilities | 3.067.084 | 2 992 436 | 3 136 575 | 2 889 420 | 2 604 252 |
| I. Non-current liabilities | 2.049.756 | 1 891 516 | 2 101 636 | 1 616 425 | 1 417 964 |
| A. Provisions | 26.769 | 26 426 | 24 302 | 27 220 | 25 359 |
| B. Non-current financial debt | 1.953.845 | 1 791 325 | 2 000 483 | 1 467 877 | 1 246 850 |
| a. Credit establishments | 790.727 | 630 977 | 785 744 | 771 827 | 354 979 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 1.163.117 | 1 160 348 | 1 214 739 | 696 050 | 891 871 |
| C. Other non-current financial liabilities | 15.108 | 20 021 | 15 074 | 66 305 | 100 690 |
| D. Trade debts and other non-current debts | 0 | 0 | 0 | 0 | 0 |
| E. Other non-current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Deferred tax liabilities | 54.035 | 53 744 | 61 776 | 55 022 | 45 064 |
| a. Exit tax | 0 | 0 | 0 | 0 | 0 |
| b. Other | 54.035 | 53 744 | 61 776 | 55 022 | 45 064 |
| II. Current liabilities | 1.017.328 | 1 100 919 | 1 034 939 | 1 272 995 | 1 186 289 |
| A. Provisions | 0 | 0 | 0 | 0 | 0 |
| B. Current financial debts | 871.041 | 953 187 | 880 054 | 1 100 189 | 1 036 612 |
| a. Credit establishments | 71.041 | 111 169 | 32 527 | 126 830 | 5 328 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 800.000 | 842 018 | 847 526 | 973 358 | 1 031 283 |
| C. Other current financial liabilities | 0 | 0 | 0 | 310 | 206 |
| D. Trade debts and other current debts | 122.690 | 128 645 | 132 421 | 148 911 | 126 637 |
| a. Exit tax | 0 | 0 | 2 604 | 6 704 | 6 275 |
| b. Other | 122.690 | 128 645 | 129 817 | 142 207 | 120 361 |
| E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Accrued charges and deferred income | 23.597 | 19 088 | 22 464 | 23 585 | 22 834 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.654.696 | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 |
| (in EUR per share) | 30.06.2024 | 30.06.2023 |
| EPRA Earnings | 3.21 | 3.47 |
| EPRA Diluted Earnings | 3.21 | 3.47 |
| (in EUR per share) | 30.06.2024 | 31.12.2023 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 99.59 | 106.54 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 91.18 | 98.11 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 97.31 | 103.97 |
| 30.06.2024 | 31.12.2023 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.5 % |
| EPRA 'topped-up' NIY | 5.6 % | 5.5 % |
| EPRA Vacancy rate | 1.5 % | 1.6 % |
| EPRA Cost ratio (direct vacancy costs included) | 20.0 % | 21.6 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 16.9 % | 18.8 % |
| EPRA LTV | 44.8 % | 43.1 % |