Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.03.2019 | 31.03.2018 | 31.03.2017 | 31.03.2016 | 31.03.2015 |
|---|---|---|---|---|---|
| Rental income | 55 193 | 52 834 | 52 256 | 49 263 | 49 605 |
| Writeback of lease payments sold and discounted | 2 196 | 2 696 | 3 118 | 2 816 | 2 554 |
| Rental-related expenses | 705 | - 147 | - 7 | - 15 | |
| Net rental income | 58 094 | 55 383 | 55 374 | 52 072 | 52 144 |
| Recovery of property charges | 18 | - 23 | 1 642 | 13 | - 2 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 24 262 | 31 135 | 28 937 | 14 477 | 20 679 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 917 | - 425 | - 614 | - 251 | - 244 |
| Charges and taxes normally payable by the tenant on let properties | - 30 199 | - 37 054 | - 32 197 | - 16 992 | - 22 526 |
| Property result | 51 259 | 49 016 | 53 142 | 49 319 | 50 051 |
| Technical costs | - 1 200 | - 947 | - 1 498 | - 1 182 | - 655 |
| Commercial costs | - 336 | - 529 | - 411 | - 252 | - 181 |
| Taxes and charges on unlet properties | - 2 410 | - 3 140 | - 3 183 | - 2 245 | - 1 875 |
| Property management costs | - 6 059 | - 5 312 | - 5 369 | - 5 227 | - 3 699 |
| Property charges | - 10 005 | - 9 928 | - 10 461 | - 8 906 | - 6 410 |
| Property operating result | 41 254 | 39 088 | 42 681 | 40 413 | 43 641 |
| Corporate management costs | - 2 597 | - 2 277 | - 2 301 | - 3 185 | - 1 974 |
| Operating result before result on the portfolio | 38 658 | 36 811 | 40 380 | 37 228 | 41 667 |
| Gains or losses on disposals of investment properties | 2 224 | 27 522 | 382 | 194 | 1 159 |
| Changes in fair value of investment properties | 8 149 | 4 072 | 544 | 7 581 | - 6 975 |
| Other result on the portfolio | - 1 393 | - 1 115 | 64 | - 466 | - 448 |
| Operating result | 47 638 | 67 290 | 41 370 | 44 537 | 35 403 |
| Financial income | 1 412 | 4 820 | 1 323 | 1 286 | 1 557 |
| Net interest charges | - 6 429 | - 7 697 | - 7 462 | - 8 851 | - 10 565 |
| Other financial charges | - 138 | - 181 | - 280 | - 233 | 23 |
| Changes in fair value of financial assets and liabilities | - 14 288 | 4 333 | 6 185 | - 33 532 | - 29 580 |
| Financial result | - 19 443 | 1 275 | - 234 | - 41 330 | - 38 565 |
| Share in the result of associated companies and joint ventures | 134 | 119 | 137 | 429 | 118 |
| Pre-tax result | 28 328 | 68 684 | 41 273 | 3 636 | - 3 044 |
| Corporate tax | - 2 049 | - 1 552 | - 2 704 | - 1 746 | - 967 |
| Exit tax | - 103 | - 1 | - 37 | - 86 | - 102 |
| Taxes | - 2 151 | - 1 553 | - 2 741 | - 1 832 | - 1 069 |
| Net result | 26 177 | 67 131 | 38 532 | 1 804 | - 4 113 |
| Minority interests | - 1 385 | - 1 345 | - 1 332 | - 1 386 | - 1 159 |
| Net result - Group share | 24 792 | 65 786 | 37 200 | 418 | - 5 272 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.03.2019 | 31.03.2018 | 31.03.2017 | 31.03.2016 | 31.03.2015 |
| 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 | 1 349 | ||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | - 578 | 2 820 | 1 726 | 6 426 | |
| Share in the other elements of the global result of associated companies and joint ventures | 20 | 21 | - 8 | ||
| Convertible bonds | - 3 734 | ||||
| Other elements of the global result | - 3 734 | - 558 | 2 841 | 1 718 | 7 775 |
| Minority interests | |||||
| Other elements of the global result - Group share | - 3 734 | - 558 | 2 841 | 1 718 | 7 775 |
| C. GLOBAL RESULT | 31.03.2019 | 31.03.2018 | 31.03.2017 | 31.03.2016 | 31.03.2015 |
| Global result | 22 443 | 66 574 | 41 373 | 3 522 | 3 662 |
| Minority interests | - 1 385 | - 1 345 | - 1 332 | - 1 386 | - 1 159 |
| Global result - Group share | 21 058 | 65 229 | 40 041 | 2 136 | 2 503 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.03.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | |
| Non-current assets | 3 878 875 | 3 881 018 | 3 689 016 | 3 547 181 | 3 325 414 |
| Goodwill | 71 556 | 71 556 | 85 156 | 99 256 | 111 256 |
| Intangible assets | 1 834 | 922 | 826 | 751 | 565 |
| Investment properties | 3690 910 | 3694 202 | 3506 981 | 3363 636 | 3131 483 |
| Other tangible assets | 739 | 810 | 926 | 635 | 364 |
| Non-current financial assets | 9 | 871 | 758 | 20 | |
| Finance lease receivables | 101 467 | 101 731 | 85 148 | 75 718 | 75 652 |
| Trade receivables and other non-current assets | 1 413 | 1 379 | 1 370 | 29 | 41 |
| Deferred taxes | 1 796 | 1 383 | 448 | ||
| Participations in associated companies and joint ventures | 9 160 | 9 026 | 7 290 | 6 398 | 6 033 |
| Current assets | 137 710 | 140 449 | 93 566 | 114 101 | 87 066 |
| Assets held for sale | 28 707 | 33 663 | 800 | 2 695 | 2 870 |
| Current financial assets | 19 | 14 | |||
| Finance lease receivables | 2 027 | 1 915 | 1 826 | 1 795 | 1 656 |
| Trade receivables | 20 641 | 24 091 | 23 698 | 25 642 | 19 801 |
| Tax receivables and other current assets | 12 714 | 24 167 | 19 917 | 20 446 | 17 363 |
| Cash and cash equivalents | 35 064 | 27 177 | 22 532 | 41 271 | 22 040 |
| Accrued charges and deferred income | 38 539 | 29 436 | 24 793 | 22 252 | 23 322 |
| TOTAL ASSETS | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 | |
| Shareholders' equity | 2 188 815 | 2 166 364 | 1 986 440 | 1 919 459 | 1 924 615 |
| Shareholders' equity attributable to shareholders of parent company | 2 103 273 | 2 082 130 | 1 903 160 | 1 852 923 | 1 860 099 |
| Capital | 1 230 039 | 1 230 014 | 1 141 904 | 1 124 628 | 1 124 295 |
| Share premium account | 584 919 | 584 901 | 520 655 | 504 544 | 504 240 |
| Reserves | 263 523 | 121 602 | 103 239 | 126 358 | 127 597 |
| Net result of the financial year | 24 792 | 145 613 | 137 362 | 97 393 | 103 967 |
| Minority interests | 85 542 | 84 234 | 83 280 | 66 536 | 64 516 |
| Liabilities | 1 827 769 | 1 855 102 | 1 796 142 | 1 741 823 | 1 487 865 |
| Non-current liabilities | 981 064 | 1 140 333 | 1 222 857 | 1 074 668 | 926 891 |
| Provisions | 22 015 | 22 447 | 25 886 | 16 890 | 17 636 |
| Non-current financial debts | 839 773 | 1 012 290 | 1 112 890 | 970 604 | 809 313 |
| Other non-current financial liabilities | 75 964 | 62 600 | 43 729 | 49 971 | 64 656 |
| Deferred taxes | 43 313 | 42 996 | 40 352 | 37 203 | 35 286 |
| Current liabilities | 846 705 | 714 768 | 573 285 | 667 155 | 560 974 |
| Current financial debts | 744 758 | 613 107 | 462 810 | 558 167 | 445 676 |
| Other current financial liabilities | 4 544 | 12 949 | 20 572 | ||
| Trade debts and other current debts | 87 934 | 88 292 | 81 362 | 72 280 | 62 865 |
| Accrued charges and deferred income | 14 013 | 13 370 | 24 569 | 23 759 | 31 861 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4 016 584 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| (in EUR per share) | 31.03.2019 | 31.03.2018 |
| EPRA Earnings | 1.32 | 1.47 |
| EPRA Diluted Earnings | 1.32 | 1.47 |
| (in EUR per share) | 31.03.2019 | 31.12.2018 |
| EPRA Net Asset Value (NAV) | 96.54 | 94.76 |
| EPRA Adjusted Net Asset Value (NNNAV) | 93.51 | 92.48 |
| 31.03.2019 | 31.12.2018 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 4.1 % | 4.3 % |
| EPRA Cost ratio (direct vacancy costs included) | 23.6 % | 23.2 % |