Financial results
Consolidated global result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 |
|---|---|---|---|---|---|
| Rental income | 212 170 | 204 043 | 203 051 | 202 612 | 195 918 |
| Writeback of lease payments sold and discounted | 8 815 | 12 473 | 11 265 | 10 214 | 15 931 |
| Rental-related expenses | - 897 | - 181 | - 121 | - 709 | - 91 |
| Net rental income | 220 088 | 216 335 | 214 195 | 212 117 | 211 758 |
| Recovery of property charges | - 6 | 1 725 | 50 | 329 | 612 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 41 653 | 43 753 | 42 368 | 41 588 | 44 756 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 2 462 | - 4 572 | - 1 602 | - 1 434 | - 1 540 |
| Charges and taxes normally payable by the tenant on let properties | - 47 545 | - 47 298 | - 44 352 | - 45 066 | - 47 512 |
| Property result | 211 729 | 209 943 | 210 659 | 207 534 | 208 074 |
| Technical costs | - 6 421 | - 5 396 | - 5 901 | - 5 643 | - 3 802 |
| Commercial costs | - 1 791 | - 1 583 | - 1 508 | - 950 | - 1 137 |
| Taxes and charges on unlet properties | - 4 489 | - 5 128 | - 4 469 | - 3 451 | - 3 922 |
| Property management costs | - 17 573 | - 18 052 | - 18 659 | - 15 343 | - 14 295 |
| Property charges | - 30 275 | - 30 159 | - 30 537 | - 25 387 | - 23 156 |
| Property operating result | 181 455 | 179 784 | 180 122 | 182 147 | 184 918 |
| Corporate management costs | - 7 351 | - 7 737 | - 8 043 | - 7 806 | - 7 176 |
| Operating result before result on the portfolio | 173 923 | 172 047 | 172 079 | 174 341 | 177 742 |
| Gains or losses on disposals of investment properties | 28 436 | 1 443 | 2 691 | 22 425 | - 22 441 |
| Changes in fair value of investment properties | - 6 259 | 10 261 | 11 626 | - 8 620 | - 5 455 |
| Other result on the portfolio | - 18 150 | - 15 822 | - 13 902 | - 8 558 | - 11 304 |
| Operating result | 177 951 | 167 929 | 172 494 | 179 588 | 138 542 |
| Financial income | 8 958 | 5 594 | 5 207 | 5 735 | 5 577 |
| Net interest charges | - 30 307 | - 29 926 | - 32 309 | - 42 310 | - 54 700 |
| Other financial charges | - 498 | - 626 | - 848 | - 660 | - 2 309 |
| Changes in fair value of financial assets and liabilities | - 3 013 | 1 678 | - 38 286 | - 30 403 | - 136 143 |
| Financial result | - 24 860 | - 23 280 | - 66 236 | - 67 638 | - 187 575 |
| Share in the result of associated companies and joint ventures | 841 | 1 205 | 701 | 460 | 1 307 |
| Pre-tax result | 153 932 | 145 854 | 106 959 | 112 410 | - 47 726 |
| Corporate tax | - 2 806 | - 3 864 | - 5 906 | - 4 209 | - 2 493 |
| Exit tax | 327 | - 69 | 1 182 | 248 | 926 |
| Taxes | - 2 480 | - 3 933 | - 4 724 | - 3 961 | - 1 567 |
| Net result | 151 452 | 141 921 | 102 235 | 108 449 | - 49 293 |
| Minority interests | - 5 839 | - 4 559 | - 4 842 | - 4 482 | - 3 378 |
| Net result - Group share | 145 613 | 137 362 | 97 393 | 103 967 | - 52 671 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | 1 777 | ||||
| Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 578 | 3 620 | - 4 500 | ||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | - 578 | 11 281 | 5 914 | 29 565 | 56 515 |
| Share in the other elements of the global result of associated companies and joint ventures | 63 | 78 | 51 | 24 | - 216 |
| Convertible bonds | 300 | ||||
| Other elements of the global result | - 215 | 11 937 | 5 965 | 33 209 | 53 576 |
| Minority interests | 18 | ||||
| Other elements of the global result - Group share | - 215 | 11 937 | 5 965 | 33 209 | 53 594 |
| C. GLOBAL RESULT | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 |
| Global result | 151 237 | 153 858 | 108 200 | 141 658 | 4 283 |
| Minority interests | - 5 839 | - 4 559 | - 4 842 | - 4 482 | - 3 360 |
| Global result - Group share | 145 398 | 149 299 | 103 358 | 137 176 | 923 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 | |
| Non-current assets | 3 881 018 | 3 689 016 | 3 547 181 | 3 325 414 | 3 410 050 |
| Goodwill | 71 556 | 85 156 | 99 256 | 111 256 | 118 356 |
| Intangible assets | 922 | 826 | 751 | 565 | 659 |
| Investment properties | 3694 202 | 3506 981 | 3363 636 | 3131 483 | 3195 773 |
| Other tangible assets | 810 | 926 | 635 | 364 | 411 |
| Non-current financial assets | 9 | 871 | 758 | 20 | 10 933 |
| Finance lease receivables | 101 731 | 85 148 | 75 718 | 75 652 | 78 018 |
| Trade receivables and other non-current assets | 1 379 | 1 370 | 29 | 41 | 38 |
| Deferred taxes | 1 383 | 448 | |||
| Participations in associated companies and joint ventures | 9 026 | 7 290 | 6 398 | 6 033 | 5 862 |
| Current assets | 140 449 | 93 566 | 114 101 | 87 066 | 88 962 |
| Assets held for sale | 33 663 | 800 | 2 695 | 2 870 | 3 410 |
| Current financial assets | 14 | 498 | |||
| Finance lease receivables | 1 915 | 1 826 | 1 795 | 1 656 | 1 618 |
| Trade receivables | 24 091 | 23 698 | 25 642 | 19 801 | 24 781 |
| Tax receivables and other current assets | 24 167 | 19 917 | 20 446 | 17 363 | 17 505 |
| Cash and cash equivalents | 27 177 | 22 532 | 41 271 | 22 040 | 17 117 |
| Accrued charges and deferred income | 29 436 | 24 793 | 22 252 | 23 322 | 24 033 |
| TOTAL ASSETS | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 | 3 499 012 |
| Shareholders' equity | 2 166 364 | 1 986 440 | 1 919 459 | 1 924 615 | 1 608 965 |
| Shareholders' equity attributable to shareholders of parent company | 2 082 130 | 1 903 160 | 1 852 923 | 1 860 099 | 1 541 971 |
| Capital | 1 230 014 | 1 141 904 | 1 124 628 | 1 124 295 | 963 067 |
| Share premium account | 584 901 | 520 655 | 504 544 | 504 240 | 384 013 |
| Reserves | 121 602 | 103 239 | 126 358 | 127 597 | 247 562 |
| Net result of the financial year | 145 613 | 137 362 | 97 393 | 103 967 | - 52 671 |
| Minority interests | 84 234 | 83 280 | 66 536 | 64 516 | 66 994 |
| Liabilities | 1 855 102 | 1 796 142 | 1 741 823 | 1 487 865 | 1 890 047 |
| Non-current liabilities | 1 140 333 | 1 222 857 | 1 074 668 | 926 891 | 1 303 250 |
| Provisions | 22 447 | 25 886 | 16 890 | 17 636 | 17 658 |
| Non-current financial debts | 1 012 290 | 1 112 890 | 970 604 | 809 313 | 1 148 023 |
| Other non-current financial liabilities | 62 600 | 43 729 | 49 971 | 64 656 | 102 041 |
| Deferred taxes | 42 996 | 40 352 | 37 203 | 35 286 | 35 528 |
| Current liabilities | 714 768 | 573 285 | 667 155 | 560 974 | 586 797 |
| Current financial debts | 613 107 | 462 810 | 558 167 | 445 676 | 473 499 |
| Other current financial liabilities | 4 544 | 12 949 | 20 572 | 24 698 | |
| Trade debts and other current debts | 88 292 | 81 362 | 72 280 | 62 865 | 59 850 |
| Accrued charges and deferred income | 13 370 | 24 569 | 23 759 | 31 861 | 28 750 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 | 3 499 012 |
| (in EUR per share) | 31.12.2018 | 31.12.2017 |
| EPRA Earnings | 6.55 | 6.53 |
| EPRA Diluted Earnings | 6.54 | 6.52 |
| (in EUR per share) | 31.12.2018 | 31.12.2017 |
| EPRA Net Asset Value (NAV) | 94.76 | 93.26 |
| EPRA Adjusted Net Asset Value (NNNAV) | 92.48 | 91.24 |
| 31.12.2018 | 31.12.2017 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 4.3 % | 5.5 % |
| EPRA Cost ratio (direct vacancy costs included) | 23.2 % | 23.3 % |