Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 |
|---|---|---|---|---|---|
| Rental income | 111 391 | 103 421 | 104 082 | 99 765 | 99 561 |
| Writeback of lease payments sold and discounted | 4 392 | 4 736 | 6 237 | 5 633 | 5 107 |
| Rental-related expenses | 678 | - 278 | 125 | - 2 | 31 |
| Net rental income | 116 460 | 107 879 | 110 444 | 105 396 | 104 699 |
| Recovery of property charges | 59 | - 23 | 1 657 | 44 | - 2 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 31 646 | 31 973 | 33 495 | 30 493 | 31 652 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 1 255 | - 762 | - 1 388 | - 883 | - 428 |
| Charges and taxes normally payable by the tenant on let properties | - 38 471 | -37 864 | - 36 878 | - 33 089 | - 34 723 |
| Property result | 108 440 | 101 203 | 107 330 | 101 961 | 101 198 |
| Technical costs | - 2 383 | -1 542 | - 2 857 | - 3 494 | - 1 518 |
| Commercial costs | - 713 | - 994 | - 806 | - 465 | - 399 |
| Taxes and charges on unlet properties | - 2 870 | -3 614 | - 4 092 | - 2 892 | - 2 300 |
| Property management costs | - 10 950 | -9 447 | - 9 577 | - 10 409 | - 6 921 |
| Property charges | - 16 916 | -15 597 | - 17 332 | - 17 260 | - 11 138 |
| Property operating result | 91 523 | 85 606 | 89 998 | 84 701 | 90 060 |
| Corporate management costs | - 4 693 | -4 048 | - 4 104 | - 4 868 | - 3 787 |
| Operating result before result on the portfolio | 86 830 | 81 558 | 85 894 | 79 833 | 86 273 |
| Gains or losses on disposals of investment properties | 3 001 | 27 731 | 423 | 1 412 | 1 956 |
| Changes in fair value of investment properties | 35 073 | 4 901 | - 7 870 | 11 718 | - 8 740 |
| Other result on the portfolio | - 8 729 | -2 045 | - 3 385 | - 764 | - 134 |
| Operating result | 116 175 | 112 145 | 75 062 | 92 199 | 79 355 |
| Financial income | 5 606 | 6 146 | 2 704 | 2 553 | 2 909 |
| Net interest charges | - 12 331 | -15 212 | - 14 977 | - 16 861 | - 21 488 |
| Other financial charges | - 281 | - 332 | - 407 | - 632 | 57 |
| Changes in fair value of financial assets and liabilities | - 32 222 | - 928 | 7 216 | - 37 482 | 1 418 |
| Financial result | - 39 228 | -10 326 | - 5 464 | - 52 422 | - 17 104 |
| Share in the result of associated companies and joint ventures | - 183 | 394 | 236 | 548 | 230 |
| Pre-tax result | 76 764 | 102 213 | 69 834 | 40 326 | 62 481 |
| Corporate tax | - 2 983 | -1 966 | - 1 904 | - 2 842 | - 2 628 |
| Exit tax | - 201 | 269 | - 76 | - 92 | - 76 |
| Taxes | - 3 184 | -1 697 | - 1 980 | - 2 934 | - 2 704 |
| Net result | 73 580 | 100 516 | 67 854 | 37 392 | 59 777 |
| Minority interests | - 2 584 | -2 929 | - 2 685 | - 2 787 | - 2 711 |
| Net result - Group share | 70 997 | 97 587 | 65 169 | 34 605 | 57 066 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 |
| 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 | 3 203 | ||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | - 578 | 5 640 | 3 122 | 8 002 | |
| Share in the other elements of the global result of associated companies and joint ventures | 41 | 40 | 2 | 33 | |
| Convertible bonds | - 3 346 | ||||
| Other elements of the global result | - 3 346 | - 537 | 5 680 | 3 124 | 11 238 |
| Minority interests | |||||
| Other elements of the global result - Group share | - 3 346 | - 537 | 5 680 | 3 124 | 11 238 |
| C. GLOBAL RESULT | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 |
| Global result | 70 234 | 99 979 | 73 534 | 40 516 | 71 015 |
| Minority interests | - 2 584 | -2 929 | 2 685 | - 2 787 | - 2 711 |
| Global result - Group share | 67 651 | 97 050 | 70 849 | 37 729 | 68 304 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.06.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | |
| Non-current assets | 4 291 538 | 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 | 1 759 | 922 | 826 | 751 | 565 |
| Investment properties | 4100 080 | 3694 202 | 3506 981 | 3363 636 | 3131 483 |
| Other tangible assets | 684 | 810 | 926 | 635 | 364 |
| Non-current financial assets | 9 | 871 | 758 | 20 | |
| Finance lease receivables | 104 803 | 101 731 | 85 148 | 75 718 | 75 652 |
| Trade receivables and other non-current assets | 2 433 | 1 379 | 1 370 | 29 | 41 |
| Deferred taxes | 1 772 | 1 383 | 448 | ||
| Participations in associated companies and joint ventures | 8 450 | 9 026 | 7 290 | 6 398 | 6 033 |
| Current assets | 156 775 | 140 449 | 93 566 | 114 101 | 87 066 |
| Assets held for sale | 39 259 | 33 663 | 800 | 2 695 | 2 870 |
| Current financial assets | 4 | 14 | |||
| Finance lease receivables | 2 067 | 1 915 | 1 826 | 1 795 | 1 656 |
| Trade receivables | 22 862 | 24 091 | 23 698 | 25 642 | 19 801 |
| Tax receivables and other current assets | 17 551 | 24 167 | 19 917 | 20 446 | 17 363 |
| Cash and cash equivalents | 39 738 | 27 177 | 22 532 | 41 271 | 22 040 |
| Accrued charges and deferred income | 35 294 | 29 436 | 24 793 | 22 252 | 23 322 |
| TOTAL ASSETS | 4 448 313 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| Shareholders' equity | 2 408 398 | 2 166 364 | 1 986 440 | 1 919 459 | 1 924 615 |
| Shareholders' equity attributable to shareholders of parent company | 2 326 756 | 2 082 130 | 1 903 160 | 1 852 923 | 1 860 099 |
| Capital | 1 383 162 | 1 230 014 | 1 141 904 | 1 124 628 | 1 124 295 |
| Share premium account | 726 984 | 584 901 | 520 655 | 504 544 | 504 240 |
| Reserves | 145 613 | 121 602 | 103 239 | 126 358 | 127 597 |
| Net result of the financial year | 70 997 | 145 613 | 137 362 | 97 393 | 103 967 |
| Minority interests | 81 643 | 84 234 | 83 280 | 66 536 | 64 516 |
| Liabilities | 2 039 915 | 1 855 102 | 1 796 142 | 1 741 823 | 1 487 865 |
| Non-current liabilities | 1 039 249 | 1 140 333 | 1 222 857 | 1 074 668 | 926 891 |
| Provisions | 21 977 | 22 447 | 25 886 | 16 890 | 17 636 |
| Non-current financial debts | 879 790 | 1 012 290 | 1 112 890 | 970 604 | 809 313 |
| Other non-current financial liabilities | 92 869 | 62 600 | 43 729 | 49 971 | 64 656 |
| Deferred taxes | 44 612 | 42 996 | 40 352 | 37 203 | 35 286 |
| Current liabilities | 1 000 665 | 714 768 | 573 285 | 667 155 | 560 974 |
| Current financial debts | 876 644 | 613 107 | 462 810 | 558 167 | 445 676 |
| Other current financial liabilities | 4 544 | 12 949 | 20 572 | ||
| Trade debts and other current debts | 111 782 | 88 292 | 81 362 | 72 280 | 62 865 |
| Accrued charges and deferred income | 12 240 | 13 370 | 24 569 | 23 759 | 31 861 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4 448 313 | 4 021 466 | 3 782 582 | 3 661 282 | 3 412 480 |
| (in EUR per share) | 30.06.2019 | 30.06.2018 |
| EPRA Earnings | 3.23 | 3.20 |
| EPRA Diluted Earnings | 3.23 | 3.20 |
| (in EUR per share) | 30.06.2019 | 31.12.2018 |
| EPRA Net Asset Value (NAV) | 95.95 | 94.76 |
| EPRA Adjusted Net Asset Value (NNNAV) | 92.45 | 92.48 |
| 30.06.2019 | 31.12.2018 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 3.6 % | 4.3 % |
| EPRA Cost ratio (direct vacancy costs included) | 23.5 % | 23.2 % |