Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
Download the consolidated comprehensive result figures
| A. NET RESULT | 30.06.2022 | 30.06.2021 | 30.06.2020 | 30.06.2019 | 30.06.2018 |
|---|---|---|---|---|---|
| Rental income | 154 996 | 141 774 | 122 760 | 111 391 | 103 421 |
| Writeback of lease payments sold and discounted | 4 293 | 3 631 | 4 722 | 4 392 | 4 736 |
| Rental-related expenses | - 1 | - 1 933 | 678 | - 278 | |
| Net rental income | 159 289 | 145 403 | 125 549 | 116 460 | 107 879 |
| Recovery of property charges | 384 | 267 | 252 | 59 | - 23 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 31 850 | 31 780 | 28 397 | 31 646 | 31 973 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 485 | - 525 | 21 | - 1 255 | - 762 |
| Charges and taxes normally payable by the tenant on let properties | - 35 550 | - 34 356 | - 31 378 | - 38 471 | -37 864 |
| Property result | 155 488 | 142 569 | 122 841 | 108 440 | 101 203 |
| Technical costs | - 1 972 | - 2 076 | - 1 411 | - 2 383 | -1 542 |
| Commercial costs | - 1 952 | - 1 214 | - 1 265 | - 713 | - 994 |
| Taxes and charges on unlet properties | - 2 543 | - 2 728 | - 2 457 | - 2 870 | -3 614 |
| Property management costs | - 16 515 | - 14 473 | - 12 250 | - 10 950 | -9 447 |
| Property charges | - 22 981 | - 20 491 | - 17 383 | - 16 916 | -15 597 |
| Property operating result | 132 507 | 122 079 | 105 458 | 91 523 | 85 606 |
| Corporate management costs | - 7 078 | - 6 203 | - 5 250 | - 4 693 | -4 048 |
| Operating result before result on the portfolio | 125 429 | 115 876 | 100 208 | 86 830 | 81 558 |
| Gains or losses on disposals of investment properties and other non-financial assets | 1 825 | 1 832 | 3 350 | 3 001 | 27 731 |
| Changes in fair value of investment properties | 94 975 | - 11 480 | 7 697 | 35 073 | 4 901 |
| Other result on the portfolio | - 17 848 | - 14 175 | - 24 171 | - 8 729 | -2 045 |
| Operating result | 204 381 | 92 053 | 87 084 | 116 175 | 112 145 |
| Financial income | 5 527 | 6 427 | 4 608 | 5 606 | 6 146 |
| Net interest charges | - 15 468 | - 12 643 | - 11 666 | - 12 331 | -15 212 |
| Other financial charges | - 725 | - 467 | - 364 | - 281 | - 332 |
| Changes in fair value of financial assets and liabilities | 137 379 | 17 936 | - 19 112 | - 32 222 | - 928 |
| Financial result | 126 712 | 11 254 | - 26 534 | - 39 228 | -10 326 |
| Share in the result of associates and joint ventures | 569 | - 1 148 | 270 | - 183 | 394 |
| Pre-tax result | 331 663 | 102 158 | 60 820 | 76 764 | 102 213 |
| Corporate tax | - 5 710 | - 5 195 | - 2 465 | - 2 983 | -1 966 |
| Exit tax | - 263 | - 916 | - 201 | 269 | |
| Taxes | - 5 710 | - 5 458 | - 3 382 | - 3 184 | -1 697 |
| Net result | 325 953 | 96 700 | 57 439 | 73 580 | 100 516 |
| Minority interests | - 1 373 | - 1 242 | 2 359 | - 2 584 | -2 929 |
| Net result – group share | 324 580 | 95 458 | 59 798 | 70 997 | 97 587 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.06.2022 | 30.06.2021 | 30.06.2020 | 30.06.2019 | 30.06.2018 |
| 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 | 41 | ||||
| Convertible bonds | - 1 247 | 3 607 | - 3 346 | ||
| Translation differences | - 440 | ||||
| Other elements of the global result | - 440 | - 1 247 | 3 607 | - 3 346 | - 537 |
| Minority interests | |||||
| Other elements of the global result – group share | - 440 | - 1 247 | 3 607 | - 3 346 | - 537 |
| C. GLOBAL RESULT | 30.06.2022 | 30.06.2021 | 30.06.2020 | 30.06.2019 | 30.06.2018 |
| Global result | 325 514 | 95 453 | 61 045 | 70 234 | 99 979 |
| Minority interests | - 1 373 | - 1 242 | 2 359 | - 2 584 | -2 929 |
| Global result – group share | 324 141 | 94 211 | 63 405 | 67 651 | 97 050 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| 30.06.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 | |
| Non-current assets | 6 306 664 | 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 | 2 409 | 2 487 | 2 172 | 935 | 922 |
| Investment properties | 5 894 568 | 5 669 990 | 4 865 581 | 4 218 523 | 3 694 202 |
| Other tangible assets | 2 154 | 2 019 | 1 434 | 1 278 | 810 |
| Non-current financial assets | 135 607 | 36 145 | 2 883 | 2 121 | 9 |
| Finance lease receivables | 147 006 | 147 999 | 104 889 | 105 651 | 101 731 |
| Trade receivables and other non-current assets | 1 815 | 1 687 | 386 | 1 016 | 1 379 |
| Deferred taxes | 4 497 | 3 918 | 1 390 | 1 162 | 1 383 |
| Participations in associates and joint ventures | 76 981 | 79 661 | 68 026 | 9 621 | 9 026 |
| Current assets | 260 428 | 191 421 | 160 026 | 160 986 | 140 449 |
| Assets held for sale | 111 455 | 39 846 | 3 320 | 28 764 | 33 663 |
| Current financial assets | 750 | 2 | |||
| Finance lease receivables | 3 782 | 3 667 | 2 367 | 2 258 | 1 915 |
| Trade receivables | 38 383 | 34 835 | 26 023 | 23 443 | 24 091 |
| Tax receivables and other current assets | 32 637 | 50 568 | 46 605 | 37 639 | 24 167 |
| Cash and cash equivalents | 19 937 | 19 857 | 48 642 | 31 569 | 27 177 |
| Accrued charges and deferred income | 53 484 | 42 648 | 33 069 | 37 311 | 29 436 |
| TOTAL ASSETS | 6 567 092 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| Shareholders’ equity | 3 464 319 | 3 287 533 | 2 649 362 | 2 533 960 | 2 166 364 |
| Shareholders’ equity attributable to shareholders of parent company | 3 427 081 | 3 233 274 | 2 574 775 | 2 451 335 | 2 082 130 |
| Capital | 1 728 316 | 1 698 517 | 1 450 210 | 1 385 227 | 1 230 014 |
| Share premium account | 946 861 | 916 019 | 804 557 | 727 330 | 584 901 |
| Reserves | 427 324 | 358 402 | 200 786 | 134 163 | 121 602 |
| Net result of the financial year | 324 580 | 260 337 | 119 222 | 204 615 | 145 613 |
| Minority interests | 37 238 | 54 259 | 74 587 | 82 625 | 84 234 |
| Liabilities | 3 102 773 | 2 889 420 | 2 604 252 | 2 024 279 | 1 855 102 |
| Non-current liabilities | 1 963 187 | 1 616 425 | 1 417 964 | 1 025 918 | 1 140 333 |
| Provisions | 22 143 | 27 220 | 25 359 | 24 176 | 22 447 |
| Non-current financial debts | 1 863 873 | 1 467 877 | 1 246 850 | 873 546 | 1 012 290 |
| Other non-current financial liabilities | 15 253 | 66 305 | 100 690 | 84 227 | 62 600 |
| Deferred taxes | 61 917 | 55 022 | 45 064 | 43 969 | 42 996 |
| Current liabilities | 1 139 587 | 1 272 995 | 1 186 289 | 998 361 | 714 768 |
| Current financial debts | 947 888 | 1 100 189 | 1 036 612 | 870 993 | 613 107 |
| Other current financial liabilities | 968 | 310 | 206 | 96 | |
| Trade debts and other current debts | 163 133 | 148 911 | 126 637 | 112 435 | 88 292 |
| Accrued charges and deferred income | 27 598 | 23 585 | 22 834 | 14 837 | 13 370 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 567 092 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| (in EUR per share) | 30.06.2022 | 30.06.2021 |
| EPRA Earnings | 3.43 | 3.62 |
| EPRA Diluted Earnings | 3.43 | 3.62 |
| (in EUR per share) | 30.06.2022 | 31.12.2021 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 113.72 | 114.82 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 105.01 | 106.35 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 112.42 | 103.49 |
| 30.06.2022 | 31.12.2021 | |
| EPRA Net Initial Yield (NIY) | 5.2 % | 5.2 % |
| EPRA 'topped-up' NIY | 5.2 % | 5.2 % |
| EPRA Vacancy rate | 2.1 % | 1.9 % |
| EPRA Cost ratio (direct vacancy costs included) | 21.5 % | 21.7 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 18.9 % | 19.3 % |