Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 |
|---|---|---|---|---|---|
| Rental income | 317 761 | 292 349 | 251 521 | 232 601 | 212 170 |
| Writeback of lease payments sold and discounted | 6 124 | 7 262 | 9 444 | 8 784 | 8 815 |
| Rental-related expenses | - 1 367 | - 3 | - 2 030 | 623 | - 897 |
| Net rental income | 322 518 | 299 607 | 258 935 | 242 008 | 220 088 |
| Recovery of property charges | 750 | 411 | 573 | 251 | - 6 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 41 781 | 40 788 | 33 667 | 44 537 | 41 653 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 1 016 | - 1 987 | - 330 | - 1 252 | - 2 462 |
| Charges and taxes normally payable by the tenant on let properties | - 46 499 | - 44 934 | - 36 888 | - 50 929 | - 47 545 |
| Property result | 317 534 | 293 885 | 255 956 | 234 615 | 211 729 |
| Technical costs | - 6 128 | - 6 628 | - 6 051 | - 5 939 | - 6 421 |
| Commercial costs | - 4 360 | - 2 967 | - 2 344 | - 1 808 | - 1 791 |
| Taxes and charges on unlet properties | - 3 966 | - 3 188 | - 2 765 | - 3 579 | - 4 489 |
| Property management costs | - 32 209 | - 27 849 | - 23 579 | - 20 622 | - 17 573 |
| Property charges | - 46 663 | - 40 632 | - 34 740 | - 31 948 | - 30 275 |
| Property operating result | 270 871 | 253 253 | 221 217 | 202 667 | 181 455 |
| Corporate management costs | - 13 804 | - 11 935 | - 10 105 | - 8 838 | - 7 351 |
| Operating result before result on the portfolio | 257 067 | 241 318 | 211 112 | 193 829 | 173 923 |
| Gains or losses on disposals of investment properties and other non-financial assets | 4 493 | 7 768 | 4 583 | 12 394 | 28 436 |
| Changes in fair value of investment properties | 77 460 | 34 506 | - 13 696 | 79 069 | - 6 259 |
| Other result on the portfolio | - 39 466 | - 34 715 | - 33 815 | - 28 751 | - 18 150 |
| Operating result | 299 554 | 248 877 | 168 184 | 256 541 | 177 951 |
| Financial income | 11 503 | 11 692 | 8 186 | 9 021 | 8 958 |
| Net interest charges | - 33 349 | - 27 343 | - 24 541 | - 24 128 | - 30 307 |
| Other financial charges | - 1 395 | - 1 005 | - 744 | - 634 | - 498 |
| Changes in fair value of financial assets and liabilities | 216 452 | 40 968 | - 22 756 | - 23 765 | - 3 013 |
| Financial result | 193 211 | 24 312 | - 39 855 | - 39 505 | - 24 860 |
| Share in the result of associates and joint ventures | 1 289 | 2 305 | - 2 473 | - 797 | 841 |
| Pre-tax result | 494 054 | 275 493 | 125 856 | 216 239 | 153 932 |
| Corporate tax | - 11 368 | - 10 546 | - 7 907 | - 5 572 | - 2 806 |
| Exit tax | - 118 | - 1 945 | - 2 315 | - 378 | 327 |
| Taxes | - 11 486 | - 12 491 | - 10 223 | - 5 950 | - 2 480 |
| Net result | 482 568 | 263 002 | 115 633 | 210 289 | 151 452 |
| Minority interests | 370 | - 2 666 | 3 588 | - 5 674 | - 5 839 |
| Net result – group share | 482 938 | 260 337 | 119 222 | 204 615 | 145 613 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 |
| 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 | 63 | ||||
| Convertible bonds | 1 873 | 7 721 | - 9 930 | 300 | |
| Translation differences | - 1 130 | 424 | |||
| Other elements of the global result | - 1 130 | 2 298 | 7 721 | - 9 930 | - 215 |
| Minority interests | |||||
| Other elements of the global result – group share | - 1 130 | 2 298 | 7 721 | - 9 930 | - 215 |
| C. GLOBAL RESULT | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 |
| Global result | 481 438 | 265 300 | 123 354 | 200 359 | 151 237 |
| Minority interests | 370 | - 2 666 | 3 588 | - 5 674 | - 5 839 |
| Global result – group share | 481 808 | 262 634 | 126 943 | 194 685 | 145 398 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 | |
| Non-current assets | 6 558 181 | 5 985 532 | 5 093 589 | 4 397 253 | 3 881 018 |
| Goodwill | 27 337 | 41 627 | 46 827 | 56 947 | 71 556 |
| Intangible assets | 2 374 | 2 487 | 2 172 | 935 | 922 |
| Investment properties | 6 082 541 | 5 669 990 | 4 865 581 | 4 218 523 | 3 694 202 |
| Other tangible assets | 2 357 | 2 019 | 1 434 | 1 278 | 810 |
| Non-current financial assets | 198 814 | 36 145 | 2 883 | 2 121 | 9 |
| Finance lease receivables | 161 534 | 147 999 | 104 889 | 105 651 | 101 731 |
| Trade receivables and other non-current assets | 1 827 | 1 687 | 386 | 1 016 | 1 379 |
| Deferred taxes | 5 593 | 3 918 | 1 390 | 1 162 | 1 383 |
| Participations in associates and joint ventures | 75 805 | 79 661 | 68 026 | 9 621 | 9 026 |
| Current assets | 245 385 | 191 421 | 160 026 | 160 986 | 140 449 |
| Assets held for sale | 117 270 | 39 846 | 3 320 | 28 764 | 33 663 |
| Current financial assets | 642 | 2 | |||
| Finance lease receivables | 4 139 | 3 667 | 2 367 | 2 258 | 1 915 |
| Trade receivables | 39 483 | 34 835 | 26 023 | 23 443 | 24 091 |
| Tax receivables and other current assets | 42 940 | 50 568 | 46 605 | 37 639 | 24 167 |
| Cash and cash equivalents | 19 611 | 19 857 | 48 642 | 31 569 | 27 177 |
| Accrued charges and deferred income | 21 299 | 42 648 | 33 069 | 37 311 | 29 436 |
| TOTAL ASSETS | 6 803 566 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| Shareholders’ equity | 3 666 991 | 3 287 533 | 2 649 362 | 2 533 960 | 2 166 364 |
| Shareholders’ equity attributable to shareholders of parent company | 3 637 413 | 3 233 274 | 2 574 775 | 2 451 335 | 2 082 130 |
| Capital | 1 761 872 | 1 698 517 | 1 450 210 | 1 385 227 | 1 230 014 |
| Share premium account | 936 321 | 916 019 | 804 557 | 727 330 | 584 901 |
| Reserves | 456 282 | 358 402 | 200 786 | 134 163 | 121 602 |
| Net result of the financial year | 482 938 | 260 337 | 119 222 | 204 615 | 145 613 |
| Minority interests | 29 578 | 54 259 | 74 587 | 82 625 | 84 234 |
| Liabilities | 3 136 575 | 2 889 420 | 2 604 252 | 2 024 279 | 1 855 102 |
| Non-current liabilities | 2 101 636 | 1 616 425 | 1 417 964 | 1 025 918 | 1 140 333 |
| Provisions | 24 302 | 27 220 | 25 359 | 24 176 | 22 447 |
| Non-current financial debts | 2 000 483 | 1 467 877 | 1 246 850 | 873 546 | 1 012 290 |
| Other non-current financial liabilities | 15 074 | 66 305 | 100 690 | 84 227 | 62 600 |
| Deferred taxes | 61 776 | 55 022 | 45 064 | 43 969 | 42 996 |
| Current liabilities | 1 034 939 | 1 272 995 | 1 186 289 | 998 361 | 714 768 |
| Current financial debts | 880 054 | 1 100 189 | 1 036 612 | 870 993 | 613 107 |
| Other current financial liabilities | 310 | 206 | 96 | ||
| Trade debts and other current debts | 132 421 | 148 911 | 126 637 | 112 435 | 88 292 |
| Accrued charges and deferred income | 22 464 | 23 585 | 22 834 | 14 837 | 13 370 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 803 566 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| (in EUR per share) | 31.12.2022 | 31.12.2021 |
| EPRA Earnings | 6.95 | 7.15 |
| EPRA Diluted Earnings | 6.995 | 7.15 |
| (in EUR per share) | 31.12.2022 | 31.12.2021 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 115.99 | 114.82 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 106.83 | 106.35 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 117.88 | 103.49 |
| 31.12.2022 | 31.12.2021 | |
| EPRA Net Initial Yield (NIY) | 5.3 % | 5.2 % |
| EPRA 'topped-up' NIY | 5.3 % | 5.2 % |
| EPRA Vacancy rate | 1.4 % | 1.9 % |
| EPRA Cost ratio (direct vacancy costs included) | 22.2 % | 21.7 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 19.5 % | 19.3 % |