Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.03.2022 | 31.03.2021 | 31.03.2020 | 31.03.2019 | 31.03.2018 |
|---|---|---|---|---|---|
| Rental income | 76 385 | 69 255 | 60 965 | 55 193 | 52 834 |
| Writeback of lease payments sold and discounted | 2 914 | 1 815 | 2 361 | 2 196 | 2 696 |
| Rental-related expenses | - 55 | - 46 | 7 | 705 | - 147 |
| Net rental income | 79 244 | 71 025 | 63 332 | 58 094 | 55 383 |
| Recovery of property charges | 92 | 148 | 235 | 18 | - 23 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 26 246 | 26 911 | 24 725 | 24 262 | 31 135 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 157 | - 395 | 161 | - 917 | - 425 |
| Charges and taxes normally payable by the tenant on let properties | - 28 917 | - 29 078 | - 27 270 | - 30 199 | -37 054 |
| Property result | 76 508 | 68 610 | 61 182 | 51 259 | 49 016 |
| Technical costs | - 714 | - 841 | - 808 | - 1 200 | - 947 |
| Commercial costs | - 926 | - 535 | - 580 | - 336 | - 529 |
| Taxes and charges on unlet properties | - 2 270 | - 2 176 | - 2 074 | - 2 410 | -3 140 |
| Property management costs | - 9 016 | - 7 789 | - 6 703 | - 6 059 | -5 312 |
| Property charges | - 12 925 | - 11 340 | - 10 164 | - 10 005 | -9 928 |
| Property operating result | 63 582 | 57 270 | 51 018 | 41 254 | 39 088 |
| Corporate management costs | - 3 864 | - 3 338 | - 2 873 | - 2 597 | -2 277 |
| Operating result before result on the portfolio | 59 718 | 53 932 | 48 145 | 38 658 | 36 811 |
| Gains or losses on disposals of investment properties and other non-financial assets | 459 | 545 | 742 | 2 224 | 27 522 |
| Changes in fair value of investment properties | 47 335 | - 7 158 | 13 699 | 8 149 | 4 072 |
| Other result on the portfolio | - 6 700 | - 4 949 | - 3 229 | - 1 393 | -1 115 |
| Operating result | 100 812 | 42 371 | 59 357 | 47 638 | 67 290 |
| Financial income | 2 717 | 2 286 | 1 789 | 1 412 | 4 820 |
| Net interest charges | - 7 932 | - 6 443 | - 5 829 | - 6 429 | -7 697 |
| Other financial charges | - 330 | - 202 | - 190 | - 138 | - 181 |
| Changes in fair value of financial assets and liabilities | 74 865 | 12 415 | - 10 879 | - 14 288 | 4 333 |
| Financial result | 69 319 | 8 056 | - 15 109 | - 19 443 | 1 275 |
| Share in the result of associates and joint ventures | 863 | - 1 652 | 177 | 134 | 119 |
| Pre-tax result | 170 994 | 48 774 | 44 425 | 28 328 | 68 684 |
| Corporate tax | - 3 295 | - 3 236 | - 2 227 | - 2 049 | -1 552 |
| Exit tax | - 200 | - 160 | - 103 | - 1 | |
| Taxes | - 3 295 | - 3 436 | - 2 387 | - 2 151 | -1 553 |
| Net result | 167 699 | 45 338 | 42 037 | 26 177 | 67 131 |
| Minority interests | - 695 | - 259 | 136 | - 1 385 | -1 345 |
| Net result – group share | 167 004 | 45 079 | 42 174 | 24 792 | 65 786 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.03.2022 | 31.03.2021 | 31.03.2020 | 31.03.2019 | 31.03.2018 |
| 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 | - 578 | ||||
| Share in the other elements of the global result of associates and joint ventures | 20 | ||||
| Convertible bonds | - 706 | 6 306 | - 3 734 | ||
| Translation differences | - 142 | ||||
| Other elements of the global result | - 142 | - 706 | 6 306 | - 3 734 | - 558 |
| Minority interests | |||||
| Other elements of the global result – group share | - 142 | - 706 | 6 306 | - 3 734 | - 558 |
| C. GLOBAL RESULT | 31.03.2022 | 31.03.2021 | 31.03.2020 | 31.03.2019 | 31.03.2018 |
| Global result | 167 556 | 44 632 | 48 343 | 22 443 | 66 574 |
| Minority interests | - 695 | - 259 | 136 | - 1 385 | -1 345 |
| Global result – group share | 166 862 | 44 373 | 48 480 | 21 058 | 65 229 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.03.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 | |
| Non-current assets | 6 168 007 | 5 985 532 | 5 093 589 | 4 397 253 | 3 881 018 |
| Goodwill | 41 627 | 41 627 | 46 827 | 56 947 | 71 556 |
| Intangible assets | 2 358 | 2 487 | 2 172 | 935 | 922 |
| Investment properties | 5 829 543 | 5 669 990 | 4 865 581 | 4 218 523 | 3 694 202 |
| Other tangible assets | 2 488 | 2 019 | 1 434 | 1 278 | 810 |
| Non-current financial assets | 56 350 | 36 145 | 2 883 | 2 121 | 9 |
| Finance lease receivables | 147 619 | 147 999 | 104 889 | 105 651 | 101 731 |
| Trade receivables and other non-current assets | 1 809 | 1 687 | 386 | 1 016 | 1 379 |
| Deferred taxes | 4 954 | 3 918 | 1 390 | 1 162 | 1 383 |
| Participations in associates and joint ventures | 81 259 | 79 661 | 68 026 | 9 621 | 9 026 |
| Current assets | 216 892 | 191 421 | 160 026 | 160 986 | 140 449 |
| Assets held for sale | 59 268 | 39 846 | 3 320 | 28 764 | 33 663 |
| Current financial assets | 240 | 2 | |||
| Finance lease receivables | 3 708 | 3 667 | 2 367 | 2 258 | 1 915 |
| Trade receivables | 37 525 | 34 835 | 26 023 | 23 443 | 24 091 |
| Tax receivables and other current assets | 38 341 | 50 568 | 46 605 | 37 639 | 24 167 |
| Cash and cash equivalents | 29 706 | 19 857 | 48 642 | 31 569 | 27 177 |
| Accrued charges and deferred income | 48 104 | 42 648 | 33 069 | 37 311 | 29 436 |
| TOTAL ASSETS | 6 384 899 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| Shareholders’ equity | 3 455 816 | 3 287 533 | 2 649 362 | 2 533 960 | 2 166 364 |
| Shareholders’ equity attributable to shareholders of parent company | 3 401 375 | 3 233 274 | 2 574 775 | 2 451 335 | 2 082 130 |
| Capital | 1 698 517 | 1 698 517 | 1 450 210 | 1 385 227 | 1 230 014 |
| Share premium account | 916 019 | 916 019 | 804 557 | 727 330 | 584 901 |
| Reserves | 619 835 | 358 402 | 200 786 | 134 163 | 121 602 |
| Net result of the financial year | 167 004 | 260 337 | 119 222 | 204 615 | 145 613 |
| Minority interests | 54 441 | 54 259 | 74 587 | 82 625 | 84 234 |
| Liabilities | 2 929 082 | 2 889 420 | 2 604 252 | 2 024 279 | 1 855 102 |
| Non-current liabilities | 1 882 809 | 1 616 425 | 1 417 964 | 1 025 918 | 1 140 333 |
| Provisions | 21 769 | 27 220 | 25 359 | 24 176 | 22 447 |
| Non-current financial debts | 1 783 574 | 1 467 877 | 1 246 850 | 873 546 | 1 012 290 |
| Other non-current financial liabilities | 20 449 | 66 305 | 100 690 | 84 227 | 62 600 |
| Deferred taxes | 57 017 | 55 022 | 45 064 | 43 969 | 42 996 |
| Current liabilities | 1 046 273 | 1 272 995 | 1 186 289 | 998 361 | 714 768 |
| Current financial debts | 860 858 | 1 100 189 | 1 036 612 | 870 993 | 613 107 |
| Other current financial liabilities | 2 204 | 310 | 206 | 96 | |
| Trade debts and other current debts | 151 770 | 148 911 | 126 637 | 112 435 | 88 292 |
| Accrued charges and deferred income | 31 441 | 23 585 | 22 834 | 14 837 | 13 370 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 384 899 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| (in EUR per share) | 31.03.2022 | 31.03.2021 |
| EPRA Earnings | 1.60 | 1.67 |
| EPRA Diluted Earnings | 1.60 | 1.66 |
| (in EUR per share) | 31.03.2022 | 31.12.2021 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 117.36 | 114.82 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 108.63 | 106.35 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 111.34 | 103.49 |
| 31.03.2022 | 31.12.2021 | |
| EPRA Net Initial Yield (NIY) | 5.2 % | 5.2 % |
| EPRA 'topped-up' NIY | 5.2 % | 5.2 % |
| EPRA Vacancy rate | 2.2 % | 1.9 % |
| EPRA Cost ratio (direct vacancy costs included) | 21.6 % | 21.7 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 19.0 % | 19.3 % |