Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.06.2021 | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 |
|---|---|---|---|---|---|
| Rental income | 141 774 | 122 760 | 111 391 | 103 421 | 104 082 |
| Writeback of lease payments sold and discounted | 3 631 | 4 722 | 4 392 | 4 736 | 6 237 |
| Rental-related expenses | - 1 | - 1 933 | 678 | - 278 | 125 |
| Net rental income | 145 403 | 125 549 | 116 460 | 107 879 | 110 444 |
| Recovery of property charges | 267 | 252 | 59 | - 23 | 1 657 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 31 780 | 28 397 | 31 646 | 31 973 | 33 495 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 525 | 21 | - 1 255 | - 762 | - 1 388 |
| Charges and taxes normally payable by the tenant on let properties | - 34 356 | - 31 378 | - 38 471 | -37 864 | - 36 878 |
| Property result | 142 569 | 122 841 | 108 440 | 101 203 | 107 330 |
| Technical costs | - 2 076 | - 1 411 | - 2 383 | -1 542 | - 2 857 |
| Commercial costs | - 1 214 | - 1 265 | - 713 | - 994 | - 806 |
| Taxes and charges on unlet properties | - 2 728 | - 2 457 | - 2 870 | -3 614 | - 4 092 |
| Property management costs | - 14 473 | - 12 250 | - 10 950 | -9 447 | - 9 577 |
| Property charges | - 20 491 | - 17 383 | - 16 916 | -15 597 | - 17 332 |
| Property operating result | 122 079 | 105 458 | 91 523 | 85 606 | 89 998 |
| Corporate management costs | - 6 203 | - 5 250 | - 4 693 | -4 048 | - 4 104 |
| Operating result before result on the portfolio | 115 876 | 100 208 | 86 830 | 81 558 | 85 894 |
| Gains or losses on disposals of investment properties and other non-financial assets | 1 832 | 3 350 | 3 001 | 27 731 | 423 |
| Changes in fair value of investment properties | - 11 480 | 7 697 | 35 073 | 4 901 | - 7 870 |
| Other result on the portfolio | - 14 175 | - 24 171 | - 8 729 | -2 045 | - 3 385 |
| Operating result | 92 053 | 87 084 | 116 175 | 112 145 | 75 062 |
| Financial income | 6 427 | 4 608 | 5 606 | 6 146 | 2 704 |
| Net interest charges | - 12 643 | - 11 666 | - 12 331 | -15 212 | - 14 977 |
| Other financial charges | - 467 | - 364 | - 281 | - 332 | - 407 |
| Changes in fair value of financial assets and liabilities | 17 936 | - 19 112 | - 32 222 | - 928 | 7 216 |
| Financial result | 11 254 | - 26 534 | - 39 228 | -10 326 | - 5 464 |
| Share in the result of associates and joint ventures | - 1 148 | 270 | - 183 | 394 | 236 |
| Pre-tax result | 102 158 | 60 820 | 76 764 | 102 213 | 69 834 |
| Corporate tax | - 5 195 | - 2 465 | - 2 983 | -1 966 | - 1 904 |
| Exit tax | - 263 | - 916 | - 201 | 269 | - 76 |
| Taxes | - 5 458 | - 3 382 | - 3 184 | -1 697 | - 1 980 |
| Net result | 96 700 | 57 439 | 73 580 | 100 516 | 67 854 |
| Minority interests | - 1 242 | 2 359 | - 2 584 | -2 929 | - 2 685 |
| Net result – group share | 95 458 | 59 798 | 70 997 | 97 587 | 65 169 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.06.2021 | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 |
| 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 | 5 640 | |||
| Share in the other elements of the global result of associates and joint ventures | 41 | 40 | |||
| Convertible bonds | - 1 247 | 3 607 | - 3 346 | ||
| Other elements of the global result | - 1 247 | 3 607 | - 3 346 | - 537 | 5 680 |
| Minority interests | |||||
| Other elements of the global result – group share | - 1 247 | 3 607 | - 3 346 | - 537 | 5 680 |
| C. GLOBAL RESULT | 30.06.2021 | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 |
| Global result | 95 453 | 61 045 | 70 234 | 99 979 | 73 534 |
| Minority interests | - 1 242 | 2 359 | - 2 584 | -2 929 | 2 685 |
| Global result – group share | 94 211 | 63 405 | 67 651 | 97 050 | 70 849 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.06.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | |
| Non-current assets | 5 694 568 | 5 093 589 | 4 397 253 | 3 881 018 | 3 689 016 |
| Goodwill | 46 827 | 46 827 | 56 947 | 71 556 | 85 156 |
| Intangible assets | 2 685 | 2 172 | 935 | 922 | 826 |
| Investment properties | 5 412 279 | 4 865 581 | 4 218 523 | 3 694 202 | 3 506 981 |
| Other tangible assets | 1 784 | 1 434 | 1 278 | 810 | 926 |
| Non-current financial assets | 10 292 | 2 883 | 2 121 | 9 | 871 |
| Finance lease receivables | 148 964 | 104 889 | 105 651 | 101 731 | 85 148 |
| Trade receivables and other non-current assets | 1 685 | 386 | 1 016 | 1 379 | 1 370 |
| Deferred taxes | 1 602 | 1 390 | 1 162 | 1 383 | 448 |
| Participations in associates and joint ventures | 68 451 | 68 026 | 9 621 | 9 026 | 7 290 |
| Current assets | 263 875 | 160 026 | 160 986 | 140 449 | 93 566 |
| Assets held for sale | 93 335 | 3 320 | 28 764 | 33 663 | 800 |
| Current financial assets | 2 | ||||
| Finance lease receivables | 3 605 | 2 367 | 2 258 | 1 915 | 1 826 |
| Trade receivables | 36 219 | 26 023 | 23 443 | 24 091 | 23 698 |
| Tax receivables and other current assets | 41 175 | 46 605 | 37 639 | 24 167 | 19 917 |
| Cash and cash equivalents | 45 935 | 48 642 | 31 569 | 27 177 | 22 532 |
| Accrued charges and deferred income | 43 606 | 33 069 | 37 311 | 29 436 | 24 793 |
| TOTAL ASSETS | 5 958 444 | 5 253 614 | 4 558 239 | 4 021 466 | 3 782 582 |
| Shareholders’ equity | 2 919 839 | 2 649 362 | 2 533 960 | 2 166 364 | 1 986 440 |
| Shareholders’ equity attributable to shareholders of parent company | 2 846 930 | 2 574 775 | 2 451 335 | 2 082 130 | 1 903 160 |
| Capital | 1 609 674 | 1 450 210 | 1 385 227 | 1 230 014 | 1 141 904 |
| Share premium account | 990 674 | 804 557 | 727 330 | 584 901 | 520 655 |
| Reserves | 151 126 | 200 786 | 134 163 | 121 602 | 103 239 |
| Net result of the financial year | 95 458 | 119 222 | 204 615 | 145 613 | 137 362 |
| Minority interests | 72 909 | 74 587 | 82 625 | 84 234 | 83 280 |
| Liabilities | 3 038 604 | 2 604 252 | 2 024 279 | 1 855 102 | 1 796 142 |
| Non-current liabilities | 1 645 551 | 1 417 964 | 1 025 918 | 1 140 333 | 1 222 857 |
| Provisions | 24 810 | 25 359 | 24 176 | 22 447 | 25 886 |
| Non-current financial debts | 1 491 099 | 1 246 850 | 873 546 | 1 012 290 | 1 112 890 |
| Other non-current financial liabilities | 83 560 | 100 690 | 84 227 | 62 600 | 43 729 |
| Deferred taxes | 46 082 | 45 064 | 43 969 | 42 996 | 40 352 |
| Current liabilities | 1 393 053 | 1 186 289 | 998 361 | 714 768 | 573 285 |
| Current financial debts | 1 220 543 | 1 036 612 | 870 993 | 613 107 | 462 810 |
| Other current financial liabilities | 3 592 | 206 | 96 | 4 544 | |
| Trade debts and other current debts | 148 780 | 126 637 | 112 435 | 88 292 | 81 362 |
| Accrued charges and deferred income | 20 138 | 22 834 | 14 837 | 13 370 | 24 569 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 5 958 444 | 5 253 614 | 4 558 239 | 4 021 466 | 3 782 582 |
| (in EUR per share) | 30.06.2021 | 30.06.2020 |
| EPRA Earnings | 3.62 | 3.40 |
| EPRA Diluted Earnings | 3.62 | 3.40 |
| (in EUR per share) | 30.06.2021 | 31.12.2020 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 108.24 | 110.11 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 99.88 | 101.74 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 95.46 | 96.01 |
| 30.06.2021 | 31.12.2020 | |
| EPRA Net Initial Yield (NIY) | 5.3 % | 5.5 % |
| EPRA 'topped-up' NIY | 5.3 % | 5.5 % |
| EPRA Vacancy rate | 2.1 % | 2.6 % |
| EPRA Cost ratio (direct vacancy costs included) | 20.6 % | 20.7 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 18.2 % | 18.4 % |