Financial results
Consolidated global result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
Download the consolidated global result figures
| A. NET RESULT | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 | 30.06.2014 |
|---|---|---|---|---|---|
| Rental income | 103 421 | 104.082 | 99.765 | 99.561 | 97.385 |
| Writeback of lease payments sold and discounted | 4 736 | 6.237 | 5.633 | 5.107 | 11.333 |
| Rental-related expenses | -278 | 125 | -2 | 31 | -30 |
| Net rental income | 107 879 | 110.444 | 105.396 | 104.699 | 108.688 |
| Recovery of property charges | -23 | 1.657 | 44 | -2 | 180 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 31 973 | 33.495 | 30.493 | 31.652 | 23.597 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -762 | -1.388 | -883 | -428 | -662 |
| Charges and taxes normally payable by the tenant on let properties | -37 864 | -36.878 | -33.089 | -34.723 | -25.436 |
| Property result | 101 203 | 107.330 | 101.961 | 101.198 | 106.367 |
| Technical costs | -1 542 | -2.857 | -3.494 | -1.518 | -2.644 |
| Commercial costs | -994 | -806 | -465 | -399 | -462 |
| Taxes and charges on unlet properties | -3 614 | -4.092 | -2.892 | -2.300 | -2.126 |
| Property management costs | -9 447 | -9.577 | -10.409 | -6.921 | -7.230 |
| Property charges | -15 597 | -17.332 | -17.260 | -11.138 | -12.462 |
| Property operating result | 85 606 | 89.998 | 84.701 | 90.060 | 93.905 |
| Corporate management costs | -4 048 | -4.104 | -4.868 | -3.787 | -3.589 |
| Operating result before result on the portfolio | 81 558 | 85.894 | 79.833 | 86.273 | 90.316 |
| Gains or losses on disposals of investment properties | 27 731 | 423 | 1.412 | 1.956 | -22.236 |
| Changes in fair value of investment properties | 4 901 | -7.870 | 11.718 | -8.740 | -572 |
| Other result on the portfolio | -2 045 | -3.385 | -764 | -134 | 335 |
| Operating result | 112 145 | 75.062 | 92.199 | 79.355 | 67.843 |
| Financial income | 6 146 | 2.704 | 2.553 | 2.909 | 2.844 |
| Net interest charges | -15 212 | -14.977 | -16.861 | -21.488 | -30.315 |
| Other financial charges | -332 | -407 | -632 | 57 | -218 |
| Changes in fair value of financial assets and liabilities | -928 | 7.216 | -37.482 | 1.418 | -100.892 |
| Financial result | -10 326 | -5.464 | -52.422 | -17.104 | -128.581 |
| Share in the result of associated companies and joint ventures | 394 | 236 | 548 | 230 | 827 |
| Pre-tax result | 102 213 | 69.834 | 40.326 | 62.481 | -59.911 |
| Corporate tax | -1 966 | -1.904 | -2.842 | -2.628 | -162 |
| Exit tax | 269 | -76 | -92 | -76 | 802 |
| Taxes | -1 697 | -1.980 | -2.934 | -2.704 | 640 |
| Net result | 100 516 | 67.854 | 37.392 | 59.777 | -59.271 |
| Minority interests | -2 929 | -2.685 | -2.787 | -2.711 | -2.204 |
| Net result - Group share | 97 587 | 65.169 | 34.605 | 57.066 | -61.475 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 | 30.06.2014 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | 2.206 | ||||
| Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 3.203 | -7.059 | |||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | -578 | 5.640 | 3.122 | 8.002 | 56.357 |
| Share in the other elements of the global result of associated companies and joint ventures | 41 | 40 | 2 | 33 | -182 |
| Other elements of the global result | -537 | 5.680 | 3.124 | 11.238 | 51.322 |
| Minority interests | 0 | 0 | 0 | 11 | |
| Other elements of the global result - Group share | -537 | 5.680 | 3.124 | 11.238 | 51.333 |
| C. GLOBAL RESULT | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 | 30.06.2014 |
| Global result | 99 979 | 73.534 | 40.516 | 71.015 | -7.949 |
| Minority interests | -2 929 | 2.685 | -2.787 | -2.711 | -2.193 |
| Global result - Group share | 97 050 | 70.849 | 37.729 | 68.304 | -10.142 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| 30.06.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 | |
| Non-current assets | 3.803.982 | 3 689 016 | 3.547.181 | 3.325.414 | 3.410.050 |
| Goodwill | 85.156 | 85 156 | 99.256 | 111.256 | 118.356 |
| Intangible assets | 963 | 826 | 751 | 565 | 659 |
| Investment properties | 3.622.347 | 3 506 981 | 3.363.636 | 3.131.483 | 3.195.773 |
| Other tangible assets | 953 | 926 | 635 | 364 | 411 |
| Non-current financial assets | 463 | 871 | 758 | 20 | 10.933 |
| Finance lease receivables | 84.867 | 85 148 | 75.718 | 75.652 | 78.018 |
| Trade receivables and other non-current assets | 1.374 | 1 370 | 29 | 41 | 38 |
| Deferred taxes | 525 | 448 | 0 | 0 | 0 |
| Participations in associated companies and joint ventures | 7.333 | 7 290 | 6.398 | 6.033 | 5.862 |
| Current assets | 107.828 | 93 566 | 114.101 | 87.066 | 88.962 |
| Assets held for sale | 800 | 800 | 2.695 | 2.870 | 3.410 |
| Current financial assets | 0 | 0 | 0 | 14 | 498 |
| Finance lease receivables | 1.983 | 1 826 | 1.795 | 1.656 | 1.618 |
| Trade receivables | 25.038 | 23 698 | 25.642 | 19.801 | 24.781 |
| Tax receivables and other current assets | 13.548 | 19 917 | 20.446 | 17.363 | 17.505 |
| Cash and cash equivalents | 33.607 | 22 532 | 41.271 | 22.040 | 17.117 |
| Accrued charges and deferred income | 32.852 | 24 793 | 22.252 | 23.322 | 24.033 |
| TOTAL ASSETS | 3.911.810 | 3 782 582 | 3.661.282 | 3.412.480 | 3.499.012 |
| Shareholders' equity | 1.964.525 | 1 986 440 | 1.919.459 | 1.924.615 | 1.608.965 |
| Shareholders' equity attributable to shareholders of parent company | 1.880.619 | 1 903 160 | 1.852.923 | 1.860.099 | 1.541.971 |
| Capital | 1.141.904 | 1 141 904 | 1.124.628 | 1.124.295 | 963.067 |
| Share premium account | 520.644 | 520 655 | 504.544 | 504.240 | 384.013 |
| Reserves | 120.485 | 103 239 | 126.358 | 127.597 | 247.562 |
| Net result of the financial year | 97.587 | 137 362 | 97.393 | 103.967 | -52.671 |
| Minority interests | 83.905 | 83 280 | 66.536 | 64.516 | 66.994 |
| Liabilities | 1.947.285 | 1 796 142 | 1.741.823 | 1.487.865 | 1.890.047 |
| Non-current liabilities | 1.285.572 | 1 222 857 | 1.074.668 | 926.891 | 1.303.250 |
| Provisions | 23.964 | 25 886 | 16.890 | 17.636 | 17.658 |
| Non-current financial debts | 1.172.796 | 1 112 890 | 970.604 | 809.313 | 1.148.023 |
| Other non-current financial liabilities | 47.059 | 43 729 | 49.971 | 64.656 | 102.041 |
| Deferred taxes | 41.753 | 40 352 | 37.203 | 35.286 | 35.528 |
| Current liabilities | 661.713 | 573 285 | 667.155 | 560.974 | 586.797 |
| Current financial debts | 542.818 | 462 810 | 558.167 | 445.676 | 473.499 |
| Other current financial liabilities | 276 | 4 544 | 12.949 | 20.572 | 24.698 |
| Trade debts and other current debts | 100.984 | 81 362 | 72.280 | 62.865 | 59.850 |
| Accrued charges and deferred income | 17.635 | 24 569 | 23.759 | 31.861 | 28.750 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3.911.810 | 3 782 582 | 3.661.282 | 3.412.480 | 3.499.012 |
| (in EUR per share) | 30.06.2018 | 30.06.2017 |
| EPRA Earnings | 3.20 | 3.25 |
| EPRA Diluted Earnings | 3.20 | 3.25 |
| (in EUR per share) | 30.06.2018 | 31.12.2017 |
| EPRA Net Asset Value (NAV) | 92.55 | 93.26 |
| EPRA Adjusted Net Asset Value (NNNAV) | 90.52 | 91.24 |
| 30.06.2018 | 31.12.2017 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 5.3 % | 5.5 % |
| EPRA Cost ratio (direct vacancy costs included) | 22.6 % | 23.3 % |