Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 | 30.09.2015 |
|---|---|---|---|---|---|
| Rental income | 171 702 | 157 388 | 154 462 | 151 671 | 150 509 |
| Writeback of lease payments sold and discounted | 6 588 | 6 775 | 9 355 | 8 449 | 7 660 |
| Rental-related expenses | 632 | - 755 | 125 | - 266 | - 116 |
| Net rental income | 178 922 | 163 408 | 163 942 | 159 854 | 158 053 |
| Recovery of property charges | 227 | - 23 | 1 719 | 38 | - 88 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 38 375 | 37 015 | 38 680 | 34 309 | 38 650 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 972 | -1 303 | - 2 790 | - 1 435 | - 816 |
| Charges and taxes normally payable by the tenant on let properties | - 45 362 | -42 847 | - 42 211 | - 36 765 | - 42 188 |
| Property result | 171 191 | 156 250 | 159 340 | 156 001 | 153 611 |
| Technical costs | - 4 420 | -3 495 | - 5 132 | - 4 721 | - 2 324 |
| Commercial costs | - 1 223 | -1 302 | - 1 255 | - 863 | - 501 |
| Taxes and charges on unlet properties | - 3 199 | -4 076 | - 4 658 | - 3 539 | - 2 876 |
| Property management costs | - 15 324 | -13 156 | - 13 640 | - 14 193 | - 10 697 |
| Property charges | - 24 165 | -22 029 | - 24 686 | - 23 316 | - 16 398 |
| Property operating result | 147 025 | 134 221 | 134 655 | 132 685 | 137 213 |
| Corporate management costs | - 6 567 | -5 638 | - 5 846 | - 6 406 | - 5 675 |
| Operating result before result on the portfolio | 140 458 | 128 583 | 128 809 | 126 279 | 131 538 |
| Gains or losses on disposals of investment properties | 2 327 | 28 166 | 714 | 2 018 | 1 940 |
| Changes in fair value of investment properties | 69 757 | 10 287 | - 10 019 | 29 786 | - 10 292 |
| Other result on the portfolio | - 11 331 | -6 206 | - 3 238 | - 1 447 | 122 |
| Operating result | 201 210 | 160 828 | 116 266 | 156 636 | 123 308 |
| Financial income | 7 320 | 7 460 | 4 131 | 3 893 | 4 197 |
| Net interest charges | - 18 270 | -22 658 | - 22 552 | - 24 736 | - 32 089 |
| Other financial charges | - 427 | - 433 | - 457 | - 478 | - 147 |
| Changes in fair value of financial assets and liabilities | - 47 083 | 5 910 | 4 146 | - 55 211 | - 12 129 |
| Financial result | - 58 459 | -9 721 | - 14 732 | - 76 532 | - 40 168 |
| Share in the result of associated companies and joint ventures | - 69 | 735 | 873 | 584 | 347 |
| Pre-tax result | 142 682 | 151 842 | 102 407 | 80 689 | 83 487 |
| Corporate tax | - 4 339 | -2 945 | - 2 324 | - 3 535 | - 3 348 |
| Exit tax | - 416 | 46 | - 169 | - 117 | 20 |
| Taxes | - 4 755 | -2 899 | - 2 493 | - 3 652 | - 3 328 |
| Net result | 137 927 | 148 943 | 99 914 | 77 037 | 80 159 |
| Minority interests | - 4 348 | -4 185 | - 4 031 | - 4 302 | - 3 896 |
| Net result - Group share | 133 579 | 144 758 | 95 883 | 72 735 | 76 263 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 | 30.09.2015 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | |||||
| Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 4 027 | ||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | - 578 | 8 461 | 4 518 | 9 580 | |
| Share in the other elements of the global result of associated companies and joint ventures | 62 | 57 | 24 | 23 | |
| Convertible bonds | - 8 421 | ||||
| Other elements of the global result | - 8 421 | - 516 | 8 518 | 4 542 | 13 630 |
| Minority interests | |||||
| Other elements of the global result - Group share | - 8 421 | - 516 | 8 518 | 4 542 | 13 630 |
| C. GLOBAL RESULT | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 | 30.09.2015 |
| Global result | 129 506 | 148 427 | 108 432 | 81 579 | 93 789 |
| Minority interests | - 4 348 | -4 184 | - 4 031 | - 4 302 | - 3 896 |
| Global result - Group share | 125 158 | 144 243 | 104 401 | 77 277 | 89 893 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.09.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | |
| Goodwill | 71 556 | 71 556 | 85 156 | 99 256 | 111 256 |
| Intangible assets | 1 697 | 922 | 826 | 751 | 565 |
| Investment properties (including assets held for sale) | 4 258 768 | 3 727 865 | 3 507 781 | 3 366 331 | 3 134 353 |
| Other tangible assets | 619 | 810 | 926 | 635 | 364 |
| Non-current financial assets | 261 | 9 | 871 | 758 | 20 |
| Finance lease receivables | 104 842 | 101 731 | 85 148 | 75 718 | 75 652 |
| Trade receivables and other non-current assets | 1 585 | 1 379 | 1 370 | 29 | 41 |
| Deferred taxes | 1 752 | 1 383 | 448 | 0 | 0 |
| Participations in associated companies and joint ventures | 8 564 | 9 026 | 7 290 | 6 398 | 6 033 |
| Current financial assets | 1 | 0 | 0 | 0 | 14 |
| Finance lease receivables | 2 028 | 1 915 | 1 826 | 1 795 | 1 656 |
| Trade receivables | 18 726 | 24 091 | 23 698 | 25 642 | 19 801 |
| Tax receivables and other current assets | 27 099 | 24 167 | 19 917 | 20 446 | 17 363 |
| Cash and cash equivalents | 43 386 | 27 177 | 22 532 | 41 271 | 22 040 |
| Accrued charges and deferred income | 33 382 | 29 436 | 24 793 | 22 252 | 23 322 |
| TOTAL ASSETS | 4 574 266 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| Shareholders’ equity | 2 465 771 | 2 166 364 | 1 986 440 | 1 919 459 | 1 924 615 |
| Shareholders’ equity attributable to shareholders of parent company | 2 381 729 | 2 082 130 | 1 903 160 | 1 852 923 | 1 860 099 |
| Capital | 1 383 316 | 1 230 014 | 1 141 904 | 1 124 628 | 1 124 295 |
| Share premium account | 727 127 | 584 901 | 520 655 | 504 544 | 504 240 |
| Reserves | 137 707 | 121 602 | 103 239 | 126 358 | 127 597 |
| Net result of the financial year | 133 579 | 145 613 | 137 362 | 97 393 | 103 967 |
| Minority interests | 84 042 | 84 234 | 83 280 | 66 536 | 64 516 |
| Liabilities | 2 108 494 | 1 855 102 | 1 796 142 | 1 741 823 | 1 487 865 |
| Non-current liabilities | 1 036 840 | 1 140 333 | 1 222 857 | 1 074 668 | 926 891 |
| Provisions | 22 448 | 22 447 | 25 886 | 16 890 | 17 636 |
| Non-current financial debts | 861 393 | 1 012 290 | 1 112 890 | 970 604 | 809 313 |
| Other non-current financial liabilities | 107 358 | 62 600 | 43 729 | 49 971 | 64 656 |
| Deferred taxes | 45 641 | 42 996 | 40 352 | 37 203 | 35 286 |
| Current liabilities | 1 071 655 | 714 768 | 573 285 | 667 155 | 560 974 |
| Current financial debts | 933 136 | 613 107 | 462 810 | 558 167 | 445 676 |
| Other current financial liabilities | 0 | 0 | 4 544 | 12 949 | 20 572 |
| Trade debts and other current debts | 123 394 | 88 292 | 81 362 | 72 280 | 62 865 |
| Accrued charges and deferred income | 15 124 | 13 370 | 24 569 | 23 759 | 31 861 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 4 574 266 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| (in EUR per share) | 30.09.2019 | 30.09.2018 |
| EPRA Earnings | 5.06 | 4.89 |
| EPRA Diluted Earnings | 5.05 | 4.89 |
| (in EUR per share) | 30.09.2019 | 31.12.2018 |
| EPRA Net Asset Value (NAV) | 99.21 | 94.76 |
| EPRA Adjusted Net Asset Value (NNNAV) | 95.07 | 92.48 |
| 30.09.2019 | 31.12.2018 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 3.2 % | 4.3 % |
| EPRA Cost ratio (direct vacancy costs included) | 22.4 % | 23.2 % |