Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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A. NET RESULT | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 |
---|---|---|---|---|---|
I. Rental income | 346 550 | 317 761 | 292 349 | 251 521 | 232 601 |
II. Writeback of lease payments sold and discounted | 1 365 | 6 124 | 7 262 | 9 444 | 8 784 |
III. Rental-related expenses | - 328 | - 1 367 | - 3 | - 2 030 | 623 |
Net rental income | 347 587 | 322 518 | 299 607 | 258 935 | 242 008 |
IV. Recovery of property charges | 605 | 750 | 411 | 573 | 251 |
V. Recovery income of charges and taxes normally payable by the tenant on let properties | 47 973 | 41 781 | 40 788 | 33 667 | 44 537 |
VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 2 110 | - 1 016 | - 1 987 | - 330 | - 1 252 |
VII. Charges and taxes normally payable by the tenant on let properties | - 55 096 | - 46 499 | - 44 934 | - 36 888 | - 50 929 |
VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
Property result | 338 958 | 317 534 | 293 885 | 255 956 | 234 615 |
IX. Technical costs | - 4 555 | - 6 128 | - 6 628 | - 6 051 | - 5 939 |
X. Commercial costs | - 6 531 | - 4 360 | - 2 967 | - 2 344 | - 1 808 |
XI. Taxes and charges on unlet properties | - 2 762 | - 3 966 | - 3 188 | - 2 765 | - 3 579 |
XII. Property management costs | - 33 185 | - 32 209 | - 27 849 | - 23 579 | - 20 622 |
XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
Property charges | - 47 033 | - 46 663 | - 40 632 | - 34 740 | - 31 948 |
Property operating result | 291 925 | 270 871 | 253 253 | 221 217 | 202 667 |
XIV. Corporate management costs | - 14 222 | - 13 804 | - 11 935 | - 10 105 | - 8 838 |
XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
Operating result before result on the portfolio | 277 703 | 257 067 | 241 318 | 211 112 | 193 829 |
XVI. Gains or losses on disposals of investment properties | - 4 052 | 4 493 | 7 768 | 4 583 | 12 394 |
XVII. Gains or losses on disposals of other non-financial assets | 0 | 0 | 0 | 0 | 0 |
XVIII. Changes in the fair value of investment properties | - 181 653 | 77 460 | 34 506 | - 13 696 | 79 069 |
XIX. Other result on the portfolio | - 25 500 | - 39 466 | - 34 715 | - 33 815 | - 28 751 |
Operating result | 66 498 | 299 554 | 248 877 | 168 184 | 256 541 |
XX. Financial income | 13 327 | 11 503 | 11 692 | 8 186 | 9 021 |
XXI. Net interest charges | - 39 550 | - 33 349 | - 27 343 | - 24 541 | - 24 128 |
XXII. Other financial charges | - 1 258 | - 1 395 | - 1 005 | - 744 | - 634 |
XXIII. Changes in the fair value of financial assets and liabilities | - 79 480 | 216 452 | 40 968 | - 22 756 | - 23 765 |
Financial result | - 106 961 | 193 211 | 24 312 | - 39 855 | - 39 505 |
XXIV. Share in the result of associated companies and joint ventures | - 7 525 | 1 289 | 2 305 | - 2 473 | - 797 |
Pre-tax result | - 47 988 | 494 054 | 275 493 | 125 856 | 216 239 |
XXV. Corporate tax | - 7 040 | - 11 368 | - 10 546 | - 7 907 | - 5 572 |
XXVI. Exit tax | 857 | - 118 | - 1 945 | - 2 315 | - 378 |
Taxes | - 6 183 | - 11 486 | - 12 491 | - 10 223 | - 5 950 |
Net result | - 54 172 | 482 568 | 263 002 | 115 633 | 210 289 |
Attributable to: | |||||
Minority interests | 1 325 | - 370 | 2 666 | - 3 588 | 5 674 |
Net result – group share | - 55 497 | 482 938 | 260 337 | 119 222 | 204 615 |
B. OTHER ELEMENTS OF COMPREHENSIVE INCOME | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 |
I. Net result | - 54 172 | 482 568 | 263 002 | 115 633 | 210 289 |
II. Other elements of comprehensive income | 425 | - 1 130 | 2 298 | 7 721 | - 9 930 |
A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 0 | 0 | 0 | 0 |
B. Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS |
0 | 0 | 0 | 0 | 0 |
C. Changes in the fair value of financial assets held for sale | |||||
D. Currency translation differences linked to conversion of foreign activities | 425 | - 1 130 | 424 | ||
E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | 0 |
F. Income tax relating to 'Other elements of comprenhensive income' | 0 | 0 | 0 | 0 | 0 |
G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | 0 |
H. Other elements of 'comprehensive income', net of tax | 0 | 0 | 1 873 | 7 721 | - 9 930 |
Convertible obligations | 0 | 0 | 1 873 | 7 721 | - 9 930 |
Comprehensive income (I+II) | - 53 746 | 481 438 | 265 300 | 123 354 | 200 359 |
Attributable to: | |||||
Non-controlling interests | 1 325 | - 370 | 2 666 | - 3 588 | 5 674 |
Shareholders of the parent | - 55 071 | 481 808 | 262 634 | 126 943 | 194 685 |
Consolidated balance sheet (x 1,000 EUR)
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ASSETS | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 |
I. Non-current assets | 6 512 921 | 6 558 181 | 5 985 532 | 5 093 589 | 4 397 253 |
A. Goodwill | 0 | 27337 | 41 627 | 46 827 | 56 947 |
B. Intangible assets | 2 128 | 2 374 | 2 487 | 2 172 | 935 |
C. Investment properties | 6 187 930 | 6 082 541 | 5 669 990 | 4 865 581 | 4 218 523 |
D. Other tangible assets | 2 111 | 2 357 | 2 019 | 1 434 | 1 278 |
E. Non-current financial assets | 121 649 | 198 814 | 36 145 | 2 883 | 2 121 |
F. Finance lease receivables | 158 936 | 161 534 | 147 999 | 104 889 | 105 651 |
G. Trade receivables and other non-current assets | 6 719 | 1 827 | 1 687 | 386 | 1 016 |
H. Deferred taxes | 9 822 | 5 593 | 3 918 | 1 390 | 1 162 |
I. Participations in associates and joint ventures | 23 626 | 75 805 | 79 661 | 68 026 | 9 621 |
II. Current assets | 178 500 | 245 385 | 191 421 | 160 026 | 160 986 |
A. Assets held for sale | 43 111 | 117 270 | 39 846 | 3 320 | 28 764 |
B. Current financial assets | 642 | 642 | 2 | ||
C. Finance lease receivables | 4 419 | 4 139 | 3 667 | 2 367 | 2 258 |
D. Trade receivables | 44 810 | 39 483 | 34 835 | 26 023 | 23 443 |
E. Tax receivables and other current assets | 46 170 | 42 940 | 50 568 | 46 605 | 37 639 |
F. Cash and cash equivalents | 19 958 | 19 611 | 19 857 | 48 642 | 31 569 |
G. Accrued charges and deferred income | 19 390 | 21 299 | 42 648 | 33 069 | 37 311 |
TOTAL ASSETS | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 | 4 558 239 |
SHAREHOLDERS' EQUITY AND LIABILITIES | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 |
Shareholders’ equity | 3 698 985 | 3 666 991 | 3 287 533 | 2 649 362 | 2 533 960 |
I. Shareholders’ equity attributable to shareholders of the parent company | 3 623 262 | 3 637 413 | 3 233 274 | 2 574 775 | 2 451 335 |
A. Capital | 1 970 211 | 1 761 872 | 1 698 517 | 1 450 210 | 1 385 227 |
B. Share premium account | 896 826 | 936 321 | 916 019 | 804 557 | 727 330 |
C. Reserves | 811 723 | 456 282 | 358 402 | 200 786 | 134 163 |
D. Net result of the financial year | - 55 497 | 482 938 | 260 337 | 119 222 | 204 615 |
II. Non-controlling interests | 75 723 | 29 578 | 54 259 | 74 587 | 82 625 |
Liabilities | 2 992 436 | 3 136 575 | 2 889 420 | 2 604 252 | 2 024 279 |
I. Non-current liabilities | 1 891 516 | 2 101 636 | 1 616 425 | 1 417 964 | 1 025 918 |
A. Provisions | 26 426 | 24 302 | 27 220 | 25 359 | 24 176 |
B. Non-current financial debt | 1 791 325 | 2 000 483 | 1 467 877 | 1 246 850 | 873 546 |
a. Credit establishments | 630 977 | 785 744 | 771 827 | 354 979 | 266 639 |
b. Finance lease | 0 | 0 | 0 | 0 | 0 |
c. Other | 1 160 348 | 1 214 739 | 696 050 | 891 871 | 606 906 |
C. Other non-current financial liabilities | 20 021 | 15 074 | 66 305 | 100 690 | 84 227 |
D. Trade debts and other non-current debts | 0 | 0 | 0 | 0 | 0 |
E. Other non-current liabilities | 0 | 0 | 0 | 0 | 0 |
F. Deferred tax liabilities | 53 744 | 61 776 | 55 022 | 45 064 | 43 969 |
a. Exit tax | 0 | 0 | 0 | 0 | 0 |
b. Other | 53 744 | 61 776 | 55 022 | 45 064 | 43 969 |
II. Current liabilities | 1 100 919 | 1 034 939 | 1 272 995 | 1 186 289 | 998 361 |
A. Provisions | 0 | 0 | 0 | 0 | 0 |
B. Current financial debts | 953 187 | 880 054 | 1 100 189 | 1 036 612 | 870 993 |
a. Credit establishments | 111 169 | 32 527 | 126 830 | 5 328 | 45 706 |
b. Finance lease | 0 | 0 | 0 | 0 | 0 |
c. Other | 842 018 | 847 526 | 973 358 | 1 031 283 | 825 287 |
C. Other current financial liabilities | 0 | 0 | 310 | 206 | 96 |
D. Trade debts and other current debts | 128 645 | 132 421 | 148 911 | 126 637 | 112 435 |
a. Exit tax | 0 | 2 604 | 6 704 | 6 275 | |
b. Other | 128 645 | 129 817 | 142 207 | 120 361 | 112 435 |
E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
F. Accrued charges and deferred income | 19 088 | 22 464 | 23 585 | 22 834 | 14 837 |
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 | 4 558 239 |
(in EUR per share) | 31.12.2023 | 31.12.2022 |
EPRA Earnings | 7.07 | 6.95 |
EPRA Diluted Earnings | 7.07 | 6.95 |
(in EUR per share) | 31.12.2023 | 31.12.2022 |
EPRA Net Reinstatement Value (NRV)* (new indicator) | 106.54 | 115.99 |
EPRA Net Tangible Assets (NTA)* (new indicator) | 98.11 | 106.83 |
EPRA Net Disposal Value (NDV)* (new indicator) | 103.97 | 117.88 |
31.12.2023 | 31.12.2022 | |
EPRA Net Initial Yield (NIY) | 5.5 % | 5.3 % |
EPRA 'topped-up' NIY | 5.5 % | 5.3 % |
EPRA Vacancy rate | 1.6 % | 1.4 % |
EPRA Cost ratio (direct vacancy costs included) | 21.6 % | 22.2 % |
EPRA Cost ratio (direct vacancy costs excluded) | 28.8 % | 19.5 % |
EPRA LTV | 43.1 % | 45.7 % |