Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.06.2023 | 30.06.2022 | 30.06.2021 | 30.06.2020 | 30.06.2019 |
|---|---|---|---|---|---|
| Rental income | 169 143 | 154 996 | 141 774 | 122 760 | 111 391 |
| Writeback of lease payments sold and discounted | 1 111 | 4 293 | 3 631 | 4 722 | 4 392 |
| Rental-related expenses | - 111 | - 1 | - 1 933 | 678 | |
| Net rental income | 170 143 | 159 289 | 145 403 | 125 549 | 116 460 |
| Recovery of property charges | 141 | 384 | 267 | 252 | 59 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 33 118 | 31 850 | 31 780 | 28 397 | 31 646 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 365 | - 485 | - 525 | 21 | - 1 255 |
| Charges and taxes normally payable by the tenant on let properties | - 37 520 | - 35 550 | - 34 356 | - 31 378 | - 38 471 |
| Property result | 165 518 | 155 488 | 142 569 | 122 841 | 108 440 |
| Technical costs | - 1 005 | - 1 972 | - 2 076 | - 1 411 | - 2 383 |
| Commercial costs | - 2 788 | - 1 952 | - 1 214 | - 1 265 | - 713 |
| Taxes and charges on unlet properties | - 2 442 | - 2 543 | - 2 728 | - 2 457 | - 2 870 |
| Property management costs | - 17 150 | - 16 515 | - 14 473 | - 12 250 | - 10 950 |
| Property charges | - 23 384 | - 22 981 | - 20 491 | - 17 383 | - 16 916 |
| Property operating result | 142 133 | 132 507 | 122 079 | 105 458 | 91 523 |
| Corporatemanagement costs | - 7 350 | - 7 078 | - 6 203 | - 5 250 | - 4 693 |
| Operating result before result on the portfolio | 134 783 | 125 429 | 115 876 | 100 208 | 86 830 |
| Gains or losses on disposals of investment properties and other non-financial assets | - 3 251 | 1 825 | 1 832 | 3 350 | 3 001 |
| Changes in fair value of investment properties | - 66 704 | 94 975 | - 11 480 | 7 697 | 35 073 |
| Other result on the portfolio | - 2 529 | - 17 848 | - 14 175 | - 24 171 | - 8 729 |
| Operating result | 62 300 | 204 381 | 92 053 | 87 084 | 116 175 |
| Financial income | 6 009 | 5 527 | 6 427 | 4 608 | 5 606 |
| Net interest charges | - 19 789 | - 15 468 | - 12 643 | - 11 666 | - 12 331 |
| Other financial charges | - 592 | - 725 | - 467 | - 364 | - 281 |
| Changes in fair value of financial assets and liabilities | - 12 642 | 137 379 | 17 936 | - 19 112 | - 32 222 |
| Financial result | - 27 014 | 126 712 | 11 254 | - 26 534 | - 39 228 |
| Share in the result of associates and joint ventures | - 1 673 | 569 | - 1 148 | 270 | - 183 |
| Pre-tax result | 33 612 | 331 663 | 102 158 | 60 820 | 76 764 |
| Corporate tax | - 5 943 | - 5 710 | - 5 195 | - 2 465 | - 2 983 |
| Exit tax | 301 | - 263 | - 916 | - 201 | |
| Taxes | - 5 643 | - 5 710 | - 5 458 | - 3 382 | - 3 184 |
| Net result | 27 970 | 325 953 | 96 700 | 57 439 | 73 580 |
| Minority interests | - 850 | - 1 373 | - 1 242 | 2 359 | - 2 584 |
| Net result – group share | 27 120 | 324 580 | 95 458 | 59 798 | 70 997 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.06.2023 | 30.06.2022 | 30.06.2021 | 30.06.2020 | 30.06.2019 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | |||||
| Changes in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | |||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | |||||
| Share in the other elements of the global result of associates and joint ventures | |||||
| Convertible bonds | - 1 247 | 3 607 | - 3 346 | ||
| Translation differences | 712 | - 440 | |||
| Other elements of the global result | 712 | - 440 | - 1 247 | 3 607 | - 3 346 |
| Minority interests | |||||
| Other elements of the global result – group share | 712 | - 440 | - 1 247 | 3 607 | - 3 346 |
| C. GLOBAL RESULT | 30.06.2023 | 30.06.2022 | 30.06.2021 | 30.06.2020 | 30.06.2019 |
| Global result | 28 682 | 325 514 | 95 453 | 61 045 | 70 234 |
| Minority interests | - 850 | - 1 373 | - 1 242 | 2 359 | - 2 584 |
| Global result – group share | 27 832 | 324 141 | 94 211 | 63 405 | 67 651 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.06.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | |
| Non-current assets | 6 532 589 | 6 558 181 | 5 985 532 | 5 093 589 | 4 397 253 |
| Goodwill | 27 337 | 27 337 | 41 627 | 46 827 | 56 947 |
| Intangible assets | 2 266 | 2 374 | 2 487 | 2 172 | 935 |
| Investment properties | 6 084 820 | 6 082 541 | 5 669 990 | 4 865 581 | 4 218 523 |
| Other tangible assets | 2 039 | 2 357 | 2 019 | 1 434 | 1 278 |
| Non-current financial assets | 176 525 | 198 814 | 36 145 | 2 883 | 2 121 |
| Finance lease receivables | 160 449 | 161 534 | 147 999 | 104 889 | 105 651 |
| Trade receivables and other non-current assets | 1 836 | 1 827 | 1 687 | 386 | 1 016 |
| Deferred taxes | 8 319 | 5 593 | 3 918 | 1 390 | 1 162 |
| Participations in associates and joint ventures | 68 998 | 75 805 | 79 661 | 68 026 | 9 621 |
| Current assets | 269 255 | 245 385 | 191 421 | 160 026 | 160 986 |
| Assets held for sale | 113 202 | 117 270 | 39 846 | 3 320 | 28 764 |
| Current financial assets | 4 635 | 642 | 2 | ||
| Finance lease receivables | 4 073 | 4 139 | 3 667 | 2 367 | 2 258 |
| Trade receivables | 43 981 | 39 483 | 34 835 | 26 023 | 23 443 |
| Tax receivables and other current assets | 49 121 | 42 940 | 50 568 | 46 605 | 37 639 |
| Cash and cash equivalents | 20 128 | 19 611 | 19 857 | 48 642 | 31 569 |
| Accrued charges and deferred income | 34 115 | 21 299 | 42 648 | 33 069 | 37 311 |
| TOTAL ASSETS | 6 801 844 | 6 803 566 | 6 176 953 | 5 253 614 | 4 558 239 |
| Shareholders’ equity | 3 527 836 | 3 666 991 | 3 287 533 | 2 649 362 | 2 533 960 |
| Shareholders’ equity attributable to shareholders of parent company | 3 506 251 | 3 637 413 | 3 233 274 | 2 574 775 | 2 451 335 |
| Capital | 1 794 023 | 1 761 872 | 1 698 517 | 1 450 210 | 1 385 227 |
| Share premium account | 948 226 | 936 321 | 916 019 | 804 557 | 727 330 |
| Reserves | 736 882 | 456 282 | 358 402 | 200 786 | 134 163 |
| Net result of the financial year | 27 120 | 482 938 | 260 337 | 119 222 | 204 615 |
| Minority interests | 21 585 | 29 578 | 54 259 | 74 587 | 82 625 |
| Liabilities | 3 274 007 | 3 136 575 | 2 889 420 | 2 604 252 | 2 024 279 |
| Non-current liabilities | 2 022 575 | 2 101 636 | 1 616 425 | 1 417 964 | 1 025 918 |
| Provisions | 23 311 | 24 302 | 27 220 | 25 359 | 24 176 |
| Non-current financial debts | 1 921 553 | 2 000 483 | 1 467 877 | 1 246 850 | 873 546 |
| Other non-current financial liabilities | 14 942 | 15 074 | 66 305 | 100 690 | 84 227 |
| Deferred taxes | 62 769 | 61 776 | 55 022 | 45 064 | 43 969 |
| Current liabilities | 1 251 432 | 1 034 939 | 1 272 995 | 1 186 289 | 998 361 |
| Current financial debts | 1 070 947 | 880 054 | 1 100 189 | 1 036 612 | 870 993 |
| Other current financial liabilities | 310 | 206 | 96 | ||
| Trade debts and other current debts | 154 294 | 132 421 | 148 911 | 126 637 | 112 435 |
| Accrued charges and deferred income | 26 191 | 22 464 | 23 585 | 22 834 | 14 837 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 801 844 | 6 803 566 | 6 176 953 | 5 253 614 | 4 558 239 |
| (in EUR per share) | 30.06.2023 | 30.06.2022 |
| EPRA Earnings | 3.47 | 3.43 |
| EPRA Diluted Earnings | 3.47 | 3.43 |
| (in EUR per share) | 30.06.2023 | 31.12.2022 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 110.77 | 115.99 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 101.57 | 106.83 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 112.02 | 117.88 |
| 30.06.2023 | 31.12.2022 | |
| EPRA Net Initial Yield (NIY) | 5.5 % | 5.3 % |
| EPRA 'topped-up' NIY | 5.5 % | 5.3 % |
| EPRA Vacancy rate | 1.6 % | 1.4 % |
| EPRA Cost ratio (direct vacancy costs included) | 20.8 % | 22.2 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 18.0 % | 19.5 % |