Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 |
|---|---|---|---|---|---|
| Rental income | 232 601 | 212 170 | 204 043 | 203 051 | 202 612 |
| Writeback of lease payments sold and discounted | 8 784 | 8 815 | 12 473 | 11 265 | 10 214 |
| Rental-related expenses | 623 | - 897 | - 181 | - 121 | - 709 |
| Net rental income | 242 008 | 220 088 | 216 335 | 214 195 | 212 117 |
| Recovery of property charges | 251 | - 6 | 1 725 | 50 | 329 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 44 537 | 41 653 | 43 753 | 42 368 | 41 588 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 1 252 | - 2 462 | - 4 572 | - 1 602 | - 1 434 |
| Charges and taxes normally payable by the tenant on let properties | - 50 929 | - 47 545 | - 47 298 | - 44 352 | - 45 066 |
| Property result | 234 615 | 211 729 | 209 943 | 210 659 | 207 534 |
| Technical costs | - 5 939 | - 6 421 | - 5 396 | - 5 901 | - 5 643 |
| Commercial costs | - 1 808 | - 1 791 | - 1 583 | - 1 508 | - 950 |
| Taxes and charges on unlet properties | - 3 579 | - 4 489 | - 5 128 | - 4 469 | - 3 451 |
| Property management costs | - 20 622 | - 17 573 | - 18 052 | - 18 659 | - 15 343 |
| Property charges | - 31 948 | - 30 275 | - 30 159 | - 30 537 | - 25 387 |
| Property operating result | 202 667 | 181 455 | 179 784 | 180 122 | 182 147 |
| Corporate management costs | - 8 838 | - 7 351 | - 7 737 | - 8 043 | - 7 806 |
| Operating result before result on the portfolio | 193 829 | 173 923 | 172 047 | 172 079 | 174 341 |
| Gains or losses on disposals of investment properties | 12 394 | 28 436 | 1 443 | 2 691 | 22 425 |
| Changes in fair value of investment properties | 79 069 | - 6 259 | 10 261 | 11 626 | - 8 620 |
| Other result on the portfolio | - 28 751 | - 18 150 | - 15 822 | - 13 902 | - 8 558 |
| Operating result | 256 541 | 177 951 | 167 929 | 172 494 | 179 588 |
| Financial income | 9 021 | 8 958 | 5 594 | 5 207 | 5 735 |
| Net interest charges | - 24 128 | - 30 307 | - 29 926 | - 32 309 | - 42 310 |
| Other financial charges | - 634 | - 498 | - 626 | - 848 | - 660 |
| Changes in fair value of financial assets and liabilities | - 23 765 | - 3 013 | 1 678 | - 38 286 | - 30 403 |
| Financial result | - 39 505 | - 24 860 | - 23 280 | - 66 236 | - 67 638 |
| Share in the result of associated companies and joint ventures | - 797 | 841 | 1 205 | 701 | 460 |
| Pre-tax result | 216 239 | 153 932 | 145 854 | 106 959 | 112 410 |
| Corporate tax | - 5 572 | - 2 806 | - 3 864 | - 5 906 | - 4 209 |
| Exit tax | - 378 | 327 | - 69 | 1 182 | 248 |
| Taxes | - 5 950 | - 2 480 | - 3 933 | - 4 724 | - 3 961 |
| Net result | 210 289 | 151 452 | 141 921 | 102 235 | 108 449 |
| Minority interests | - 5 674 | - 5 839 | - 4 559 | - 4 842 | - 4 482 |
| Net result - Group share | 204 615 | 145 613 | 137 362 | 97 393 | 103 967 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 |
| 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 | 578 | 3 620 | |||
| 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 | |
| Share in the other elements of the global result of associated companies and joint ventures | 63 | 78 | 51 | 24 | |
| Convertible bonds | - 9 930 | 300 | |||
| Other elements of the global result | - 9 930 | - 215 | 11 937 | 5 965 | 33 209 |
| Minority interests | |||||
| Other elements of the global result - Group share | - 9 930 | - 215 | 11 937 | 5 965 | 33 209 |
| C. GLOBAL RESULT | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 |
| Global result | 200 359 | 151 237 | 153 858 | 108 200 | 141 658 |
| Minority interests | - 5 674 | - 5 839 | - 4 559 | - 4 842 | - 4 482 |
| Global result - Group share | 194 685 | 145 398 | 149 299 | 103 358 | 137 176 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | |
| Non-current assets | 4 397 253 | 3 881 018 | 3 689 016 | 3 547 181 | 3 325 414 |
| Goodwill | 56 947 | 71 556 | 85 156 | 99 256 | 111 256 |
| Intangible assets | 935 | 922 | 826 | 751 | 565 |
| Investment properties (including assets held for sale) | 4218 523 | 3694 202 | 3506 981 | 3363 636 | 3131 483 |
| Other tangible assets | 1 278 | 810 | 926 | 635 | 364 |
| Non-current financial assets | 2 121 | 9 | 871 | 758 | 20 |
| Finance lease receivables | 105 651 | 101 731 | 85 148 | 75 718 | 75 652 |
| Trade receivables and other non-current assets | 1 016 | 1 379 | 1 370 | 29 | 41 |
| Deferred taxes | 1 162 | 1 383 | 448 | ||
| Participations in associated companies and joint ventures | 9 621 | 9 026 | 7 290 | 6 398 | 6 033 |
| Current assets | 160 986 | 140 449 | 93 566 | 114 101 | 87 066 |
| Assets held for sale | 28 764 | 33 663 | 800 | 2 695 | 2 870 |
| Current financial assets | 2 | 14 | |||
| Finance lease receivables | 2 258 | 1 915 | 1 826 | 1 795 | 1 656 |
| Trade receivables | 23 443 | 24 091 | 23 698 | 25 642 | 19 801 |
| Tax receivables and other current assets | 37 639 | 24 167 | 19 917 | 20 446 | 17 363 |
| Cash and cash equivalents | 31 569 | 27 177 | 22 532 | 41 271 | 22 040 |
| Accrued charges and deferred income | 37 311 | 29 436 | 24 793 | 22 252 | 23 322 |
| TOTAL ASSETS | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| Shareholders’ equity | 2 533 960 | 2 166 364 | 1 986 440 | 1 919 459 | 1 924 615 |
| Shareholders’ equity attributable to shareholders of parent company | 2 451 335 | 2 082 130 | 1 903 160 | 1 852 923 | 1 860 099 |
| Capital | 1 385 227 | 1 230 014 | 1 141 904 | 1 124 628 | 1 124 295 |
| Share premium account | 727 330 | 584 901 | 520 655 | 504 544 | 504 240 |
| Reserves | 134 163 | 121 602 | 103 239 | 126 358 | 127 597 |
| Net result of the financial year | 204 615 | 145 613 | 137 362 | 97 393 | 103 967 |
| Minority interests | 82 625 | 84 234 | 83 280 | 66 536 | 64 516 |
| Liabilities | 2 024 279 | 1 855 102 | 1 796 142 | 1 741 823 | 1 487 865 |
| Non-current liabilities | 1 025 918 | 1 140 333 | 1 222 857 | 1 074 668 | 926 891 |
| Provisions | 24 176 | 22 447 | 25 886 | 16 890 | 17 636 |
| Non-current financial debts | 873 546 | 1 012 290 | 1 112 890 | 970 604 | 809 313 |
| Other non-current financial liabilities | 84 227 | 62 600 | 43 729 | 49 971 | 64 656 |
| Deferred taxes | 43 969 | 42 996 | 40 352 | 37 203 | 35 286 |
| Current liabilities | 998 361 | 714 768 | 573 285 | 667 155 | 560 974 |
| Current financial debts | 870 993 | 613 107 | 462 810 | 558 167 | 445 676 |
| Other current financial liabilities | 96 | 4 544 | 12 949 | 20 572 | |
| Trade debts and other current debts | 112 435 | 88 292 | 81 362 | 72 280 | 62 865 |
| Accrued charges and deferred income | 14 837 | 13 370 | 24 569 | 23 759 | 31 861 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| (in EUR per share) | 31.12.2019 | 31.12.2018 |
| EPRA Earnings | 6.81 | 6.55 |
| EPRA Diluted Earnings | 6.80 | 6.54 |
| (in EUR per share) | 31.12.2019 | 31.12.2018 |
| EPRA Net Asset Value (NAV) | 100.69 | 94.76 |
| EPRA Adjusted Net Asset Value (NNNAV) | 97.56 | 92.48 |
| 31.12.2019 | 31.12.2018 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.6 % | 5.7 % |
| EPRA Vacancy rate | 3.0 % | 4.3 % |
| EPRA Cost ratio (direct vacancy costs included) | 22.2 % | 23.2 % |