Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.09.2022 | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 |
|---|---|---|---|---|---|
| Rental income | 235 650 | 216 966 | 186 372 | 171 702 | 157 388 |
| Writeback of lease payments sold and discounted | 5 208 | 5 446 | 7 083 | 6 588 | 6 775 |
| Rental-related expenses | - 18 | - 3 | - 1 966 | 632 | - 755 |
| Net rental income | 240 841 | 222 409 | 191 488 | 178 922 | 163 408 |
| Recovery of property charges | 547 | 407 | 264 | 227 | - 23 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 38 655 | 41 189 | 30 341 | 38 375 | 37 015 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 686 | - 723 | - 22 | - 972 | -1 303 |
| Charges and taxes normally payable by the tenant on let properties | - 42 675 | - 44 596 | - 33 319 | - 45 362 | -42 847 |
| Property result | 236 681 | 218 686 | 188 752 | 171 191 | 156 250 |
| Technical costs | - 3 192 | - 3 546 | - 2 128 | - 4 420 | -3 495 |
| Commercial costs | - 3 316 | - 2 146 | - 1 867 | - 1 223 | -1 302 |
| Taxes and charges on unlet properties | - 3 075 | - 2 784 | - 2 546 | - 3 199 | -4 076 |
| Property management costs | - 23 792 | - 20 732 | - 17 446 | - 15 324 | -13 156 |
| Property charges | - 33 374 | - 29 208 | - 23 986 | - 24 165 | -22 029 |
| Property operating result | 203 306 | 189 478 | 164 766 | 147 025 | 134 221 |
| Corporate management costs | - 10 197 | - 8 885 | - 7 477 | - 6 567 | -5 638 |
| Operating result before result on the portfolio | 193 110 | 180 593 | 157 289 | 140 458 | 128 583 |
| Gains or losses on disposals of investment properties and other non-financial assets | 2 098 | 2 243 | 3 462 | 2 327 | 28 166 |
| Changes in fair value of investment properties | 115 735 | 1 418 | 191 | 69 757 | 10 287 |
| Other result on the portfolio | - 24 708 | - 18 010 | - 26 785 | - 11 331 | -6 206 |
| Operating result | 286 234 | 166 243 | 134 157 | 201 210 | 160 828 |
| Financial income | 8 371 | 9 042 | 6 230 | 7 320 | 7 460 |
| Net interest charges | - 23 722 | - 18 907 | - 18 015 | - 18 270 | -22 658 |
| Other financial charges | - 1 072 | - 757 | - 550 | - 427 | - 433 |
| Changes in fair value of financial assets and liabilities | 210 801 | 22 793 | - 21 450 | - 47 083 | 5 910 |
| Financial result | 194 378 | 12 171 | - 33 785 | - 58 459 | -9 721 |
| Share in the result of associates and joint ventures | 1 773 | - 53 | 291 | - 69 | 735 |
| Pre-tax result | 482 385 | 178 362 | 100 662 | 142 682 | 151 842 |
| Corporate tax | - 7 641 | - 7 322 | - 3 555 | - 4 339 | -2 945 |
| Exit tax | - 259 | - 706 | - 416 | 46 | |
| Taxes | - 7 641 | - 7 581 | - 4 261 | - 4 755 | -2 899 |
| Net result | 474 744 | 170 780 | 96 401 | 137 927 | 148 943 |
| Minority interests | - 1 825 | - 2 209 | 2 562 | - 4 348 | -4 185 |
| Net result – group share | 472 918 | 168 571 | 98 963 | 133 579 | 144 758 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.09.2022 | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 |
| 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 | 62 | ||||
| Convertible bonds | 1 873 | 2 725 | - 8 421 | ||
| Translation differences | - 1 100 | ||||
| Other elements of the global result | - 1 100 | 1 873 | 2 725 | - 8 421 | - 516 |
| Minority interests | |||||
| Other elements of the global result – group share | - 1 100 | 1 873 | 2 725 | - 8 421 | - 516 |
| C. GLOBAL RESULT | 30.09.2022 | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 |
| Global result | 473 644 | 172 654 | 99 126 | 129 506 | 148 427 |
| Minority interests | - 1 825 | - 2 209 | 2 562 | - 4 348 | -4 184 |
| Global result – group share | 471 819 | 170 445 | 101 688 | 125 158 | 144 243 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.09.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 | |
| Non-current assets | 6 503 656 | 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 | 2 360 | 2 487 | 2 172 | 935 | 922 |
| Investment properties | 6 023 888 | 5 669 990 | 4 865 581 | 4 218 523 | 3 694 202 |
| Other tangible assets | 2 446 | 2 019 | 1 434 | 1 278 | 810 |
| Non-current financial assets | 188 742 | 36 145 | 2 883 | 2 121 | 9 |
| Finance lease receivables | 162 199 | 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 | 4 705 | 3 918 | 1 390 | 1 162 | 1 383 |
| Participations in associates and joint ventures | 75 874 | 79 661 | 68 026 | 9 621 | 9 026 |
| Current assets | 280 090 | 191 421 | 160 026 | 160 986 | 140 449 |
| Assets held for sale | 106 952 | 39 846 | 3 320 | 28 764 | 33 663 |
| Current financial assets | 1 722 | 2 | |||
| Finance lease receivables | 4 173 | 3 667 | 2 367 | 2 258 | 1 915 |
| Trade receivables | 36 912 | 34 835 | 26 023 | 23 443 | 24 091 |
| Tax receivables and other current assets | 67 824 | 50 568 | 46 605 | 37 639 | 24 167 |
| Cash and cash equivalents | 24 461 | 19 857 | 48 642 | 31 569 | 27 177 |
| Accrued charges and deferred income | 38 044 | 42 648 | 33 069 | 37 311 | 29 436 |
| TOTAL ASSETS | 6 783 746 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| Shareholders’ equity | 3 614 317 | 3 287 533 | 2 649 362 | 2 533 960 | 2 166 364 |
| Shareholders’ equity attributable to shareholders of parent company | 3 574 789 | 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 | 426 694 | 358 402 | 200 786 | 134 163 | 121 602 |
| Net result of the financial year | 472 918 | 260 337 | 119 222 | 204 615 | 145 613 |
| Minority interests | 39 528 | 54 259 | 74 587 | 82 625 | 84 234 |
| Liabilities | 3 169 429 | 2 889 420 | 2 604 252 | 2 024 279 | 1 855 102 |
| Non-current liabilities | 1 970 205 | 1 616 425 | 1 417 964 | 1 025 918 | 1 140 333 |
| Provisions | 22 576 | 27 220 | 25 359 | 24 176 | 22 447 |
| Non-current financial debts | 1 868 610 | 1 467 877 | 1 246 850 | 873 546 | 1 012 290 |
| Other non-current financial liabilities | 14 573 | 66 305 | 100 690 | 84 227 | 62 600 |
| Deferred taxes | 64 446 | 55 022 | 45 064 | 43 969 | 42 996 |
| Current liabilities | 1 199 224 | 1 272 995 | 1 186 289 | 998 361 | 714 768 |
| Current financial debts | 1 023 036 | 1 100 189 | 1 036 612 | 870 993 | 613 107 |
| Other current financial liabilities | 19 | 310 | 206 | 96 | |
| Trade debts and other current debts | 151 894 | 148 911 | 126 637 | 112 435 | 88 292 |
| Accrued charges and deferred income | 24 275 | 23 585 | 22 834 | 14 837 | 13 370 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 783 746 | 6 176 953 | 5 253 614 | 4 558 239 | 4 021 466 |
| (in EUR per share) | 30.09.2022 | 30.09.2021 |
| EPRA Earnings | 5.29 | 5.56 |
| EPRA Diluted Earnings | 5.29 | 5.56 |
| (in EUR per share) | 30.09.2022 | 31.12.2021 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 115.83 | 114.82 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 106.92 | 106.35 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 117.90 | 103.49 |
| 30.09.2022 | 31.12.2021 | |
| EPRA Net Initial Yield (NIY) | 5.2 % | 5.2 % |
| EPRA 'topped-up' NIY | 5.2 % | 5.2 % |
| EPRA Vacancy rate | 1.8 % | 1.9 % |
| EPRA Cost ratio (direct vacancy costs included) | 21.2 % | 21.7 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 18.7 % | 19.3 % |