Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
|---|---|---|---|---|---|
| Rental income | 122 760 | 111 391 | 103 421 | 104 082 | 99 765 |
| Writeback of lease payments sold and discounted | 4 722 | 4 392 | 4 736 | 6 237 | 5 633 |
| Rental-related expenses | - 1 933 | 678 | - 278 | 125 | - 2 |
| Net rental income | 125 549 | 116 460 | 107 879 | 110 444 | 105 396 |
| Recovery of property charges | 252 | 59 | - 23 | 1 657 | 44 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 28 397 | 31 646 | 31 973 | 33 495 | 30 493 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | 21 | - 1 255 | - 762 | - 1 388 | - 883 |
| Charges and taxes normally payable by the tenant on let properties | - 31 378 | - 38 471 | -37 864 | - 36 878 | - 33 089 |
| Property result | 122 841 | 108 440 | 101 203 | 107 330 | 101 961 |
| Technical costs | - 1 411 | - 2 383 | -1 542 | - 2 857 | - 3 494 |
| Commercial costs | - 1 265 | - 713 | - 994 | - 806 | - 465 |
| Taxes and charges on unlet properties | - 2 457 | - 2 870 | -3 614 | - 4 092 | - 2 892 |
| Property management costs | - 12 250 | - 10 950 | -9 447 | - 9 577 | - 10 409 |
| Property charges | - 17 383 | - 16 916 | -15 597 | - 17 332 | - 17 260 |
| Property operating result | 105 458 | 91 523 | 85 606 | 89 998 | 84 701 |
| Corporate management costs | - 5 250 | - 4 693 | -4 048 | - 4 104 | - 4 868 |
| Operating result before result on the portfolio | 100 208 | 86 830 | 81 558 | 85 894 | 79 833 |
| Gains or losses on disposals of investment properties | 3 350 | 3 001 | 27 731 | 423 | 1 412 |
| Changes in fair value of investment properties | 7 697 | 35 073 | 4 901 | - 7 870 | 11 718 |
| Other result on the portfolio | - 24 171 | - 8 729 | -2 045 | - 3 385 | - 764 |
| Operating result | 87 084 | 116 175 | 112 145 | 75 062 | 92 199 |
| Financial income | 4 608 | 5 606 | 6 146 | 2 704 | 2 553 |
| Net interest charges | - 11 666 | - 12 331 | -15 212 | - 14 977 | - 16 861 |
| Other financial charges | - 364 | - 281 | - 332 | - 407 | - 632 |
| Changes in fair value of financial assets and liabilities | - 19 112 | - 32 222 | - 928 | 7 216 | - 37 482 |
| Financial result | - 26 534 | - 39 228 | -10 326 | - 5 464 | - 52 422 |
| Share in the result of associated companies and joint ventures | 270 | - 183 | 394 | 236 | 548 |
| Pre-tax result | 60 820 | 76 764 | 102 213 | 69 834 | 40 326 |
| Corporate tax | - 2 465 | - 2 983 | -1 966 | - 1 904 | - 2 842 |
| Exit tax | - 916 | - 201 | 269 | - 76 | - 92 |
| Taxes | - 3 382 | - 3 184 | -1 697 | - 1 980 | - 2 934 |
| Net result | 57 439 | 73 580 | 100 516 | 67 854 | 37 392 |
| Minority interests | 2 359 | - 2 584 | -2 929 | - 2 685 | - 2 787 |
| Net result - Group share | 59 798 | 70 997 | 97 587 | 65 169 | 34 605 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
| 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 | |||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | - 578 | 5 640 | 3 122 | ||
| Share in the other elements of the global result of associated companies and joint ventures | 41 | 40 | 2 | ||
| Convertible bonds | 3 607 | - 3 346 | |||
| Other elements of the global result | 3 607 | - 3 346 | - 537 | 5 680 | 3 124 |
| Minority interests | |||||
| Other elements of the global result - Group share | 3 607 | - 3 346 | - 537 | 5 680 | 3 124 |
| C. GLOBAL RESULT | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
| Global result | 61 045 | 70 234 | 99 979 | 73 534 | 40 516 |
| Minority interests | 2 359 | - 2 584 | -2 929 | 2 685 | - 2 787 |
| Global result - Group share | 63 405 | 67 651 | 97 050 | 70 849 | 37 729 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.06.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | |
| Non-current assets | 4 613 096 | 4 397 253 | 3 881 018 | 3 689 016 | 3 547 181 |
| Goodwill | 46 827 | 56 947 | 71 556 | 85 156 | 99 256 |
| Intangible assets | 1 156 | 935 | 922 | 826 | 751 |
| Investment properties (including assets held for sale) | 4 453 904 | 4 218 523 | 3 694 202 | 3 506 981 | 3 363 636 |
| Other tangible assets | 1 976 | 1 278 | 810 | 926 | 635 |
| Non-current financial assets | 79 | 2 121 | 9 | 871 | 758 |
| Finance lease receivables | 105 264 | 105 651 | 101 731 | 85 148 | 75 718 |
| Trade receivables and other non-current assets | 1 277 | 1 016 | 1 379 | 1 370 | 29 |
| Deferred taxes | 1 121 | 1 162 | 1 383 | 448 | |
| Participations in associated companies and joint ventures | 1 492 | 9 621 | 9 026 | 7 290 | 6 398 |
| Current assets | 132 794 | 160 986 | 140 449 | 93 566 | 114 101 |
| Assets held for sale | 6 396 | 28 764 | 33 663 | 800 | 2 695 |
| Current financial assets | 4 | 2 | |||
| Finance lease receivables | 2 327 | 2 258 | 1 915 | 1 826 | 1 795 |
| Trade receivables | 25 343 | 23 443 | 24 091 | 23 698 | 25 642 |
| Tax receivables and other current assets | 22 479 | 37 639 | 24 167 | 19 917 | 20 446 |
| Cash and cash equivalents | 36 827 | 31 569 | 27 177 | 22 532 | 41 271 |
| Accrued charges and deferred income | 39 419 | 37 311 | 29 436 | 24 793 | 22 252 |
| TOTAL ASSETS | 4 745 890 | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 |
| Shareholders’ equity | 2 587 706 | 2 533 960 | 2 166 364 | 1 986 440 | 1 919 459 |
| Shareholders’ equity attributable to shareholders of parent company | 2 511 326 | 2 451 335 | 2 082 130 | 1 903 160 | 1 852 923 |
| Capital | 1 450 210 | 1 385 227 | 1 230 014 | 1 141 904 | 1 124 628 |
| Share premium account | 804 557 | 727 330 | 584 901 | 520 655 | 504 544 |
| Reserves | 196 761 | 134 163 | 121 602 | 103 239 | 126 358 |
| Net result of the financial year | 59 798 | 204 615 | 145 613 | 137 362 | 97 393 |
| Minority interests | 76 380 | 82 625 | 84 234 | 83 280 | 66 536 |
| Liabilities | 2 158 184 | 2 024 279 | 1 855 102 | 1 796 142 | 1 741 823 |
| Non-current liabilities | 1 206 377 | 1 025 918 | 1 140 333 | 1 222 857 | 1 074 668 |
| Provisions | 23 622 | 24 176 | 22 447 | 25 886 | 16 890 |
| Non-current financial debts | 1 042 272 | 873 546 | 1 012 290 | 1 112 890 | 970 604 |
| Other non-current financial liabilities | 95 275 | 84 227 | 62 600 | 43 729 | 49 971 |
| Deferred taxes | 45 207 | 43 969 | 42 996 | 40 352 | 37 203 |
| Current liabilities | 951 807 | 998 361 | 714 768 | 573 285 | 667 155 |
| Current financial debts | 811 027 | 870 993 | 613 107 | 462 810 | 558 167 |
| Other current financial liabilities | 2 658 | 96 | 4 544 | 12 949 | |
| Trade debts and other current debts | 121 784 | 112 435 | 88 292 | 81 362 | 72 280 |
| Accrued charges and deferred income | 16 339 | 14 837 | 13 370 | 24 569 | 23 759 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 4 745 890 | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 |
| (in EUR per share) | 30.06.2020 | 30.06.2019 |
| EPRA Earnings | 3.40 | 3.23 |
| EPRA Diluted Earnings | 3.40 | 3.23 |
| (in EUR per share) | 30.06.2020 | 31.12.2019 |
| EPRA Net Asset Value (NAV) | 99.81 | 100.69 |
| EPRA Adjusted Net Asset Value (NNNAV) | 96.06 | 97.56 |
| 30.06.2020 | 31.12.2019 | |
| EPRA Net Initial Yield (NIY) | 5.7 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.6 % |
| EPRA Vacancy rate | 2.6 % | 3.0 % |
| EPRA Cost ratio (direct vacancy costs included) | 17.1 % | 18.0 % |