Financial results
Consolidated global result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.03.2018 | 31.03.2017 | 31.03.2016 | 31.03.2015 | 31.03.2014 | 31.03.2013 | 31.03.2012 |
|---|---|---|---|---|---|---|---|
| Rental income | 52 834 | 52 256 | 49.263 | 49.605 | 48.420 | 48.579 | 58.023 |
| Writeback of lease payments sold and discounted | 2 696 | 3 118 | 2.816 | 2.554 | 6.907 | 6.319 | 5.748 |
| Rental-related expenses | -147 | 0 | -7 | -15 | -9 | -5 | -9 |
| Net rental income | 55 383 | 55 374 | 52.072 | 52.144 | 55.318 | 54.893 | 63.762 |
| Recovery of property charges | -23 | 1 642 | 13 | -2 | 276 | 80 | 224 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 31 135 | 28 937 | 14.477 | 20.679 | 12.659 | 10.140 | 9.390 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -425 | -614 | -251 | -244 | -445 | -349 | -1.374 |
| Charges and taxes normally payable by the tenant on let properties | -37 054 | -32 197 | -16.992 | -22.526 | -13.362 | -10.770 | -9.814 |
| Property result | 49 016 | 53 142 | 49.319 | 50.051 | 54.446 | 53.994 | 62.188 |
| Technical costs | -947 | -1 498 | -1.182 | -655 | -802 | -751 | -1.985 |
| Commercial costs | -529 | -411 | -252 | -181 | -226 | -392 | -338 |
| Taxes and charges on unlet properties | -3 140 | -3 183 | -2.245 | -1.875 | -1.245 | -956 | -846 |
| Property management costs | -5 312 | -5 369 | -5.227 | -3.699 | -3.879 | -4.058 | -3.845 |
| Property charges | -9 928 | -10 461 | -8.906 | -6.410 | -6.152 | -6.157 | -7.014 |
| Property operating result | 39 088 | 42 681 | 40.413 | 43.641 | 48.294 | 47.837 | 55.174 |
| Corporate management costs | -2 277 | -2 301 | -3.185 | -1.974 | -1.868 | -1.732 | -1.993 |
| Operating result before result on the portfolio | 36 811 | 40 380 | 37.228 | 41.667 | 46.426 | 46.105 | 53.181 |
| Gains or losses on disposals of investment properties | 27 522 | 382 | 194 | 1.159 | 384 | 573 | 0 |
| Changes in fair value of investment properties | 4 072 | 544 | 7.581 | -6.975 | -6.576 | -6.299 | 641 |
| Other result on the portfolio | -1 115 | 64 | -466 | -448 | 22 | -695 | -1.297 |
| Operating result | 67 290 | 41 370 | 44.537 | 35.403 | 40.256 | 39.684 | 52.525 |
| Financial income | 4 820 | 1 323 | 1.286 | 1.557 | 1.395 | 1.316 | 1.426 |
| Net interest charges | -7 697 | -7 462 | -8.851 | -10.565 | -16.427 | -17.245 | -15.323 |
| Other financial charges | -181 | -280 | -233 | 23 | 4 | -24 | -96 |
| Changes in fair value of financial assets and liabilities | 4 333 | 6 185 | -33.532 | -29.580 | -24.399 | 12 | -850 |
| Financial result | 1 275 | -234 | -41.330 | -38.565 | -39.427 | -15.941 | -14.843 |
| Share in the result of associated companies and joint ventures | 119 | 137 | 429 | 118 | 342 | 192 | 0 |
| Pre-tax result | 68 684 | 41 273 | 3.636 | -3.044 | 1.171 | 23.935 | 37.682 |
| Corporate tax | -1 552 | -2 704 | -1.746 | -967 | 30 | -183 | -716 |
| Exit tax | -1 | -37 | -86 | -102 | 761 | 38 | -264 |
| Taxes | -1 553 | -2 741 | -1.832 | -1.069 | 791 | -145 | -980 |
| Net result | 67 131 | 38 532 | 1.804 | -4.113 | 1.962 | 23.790 | 36.702 |
| Minority interests | -1 345 | -1 332 | -1.386 | -1.159 | -1.209 | -1.310 | -1.445 |
| Net result - Group share | 65 786 | 37 200 | 418 | -5.272 | 753 | 22.480 | 35.257 |
| Net result from core activities - Group share | 31 252 | 30 309 | 26.719 | 30.677 | 30.563 | 28.929 | 37.448 |
| Result on financial instruments - Group share | 4 178 | 5 978 | -33.632 | -29.639 | -24.350 | 12 | -850 |
| Result on the portfolio - Group share | 30 356 | 913 | 7.331 | -6.310 | -5.460 | -6.461 | -1.343 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.03.2018 | 31.03.2017 | 31.03.2016 | 31.03.2015 | 31.03.2014 | 31.03.2013 | 31.03.2012 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | -97 | -266 | -706 | ||||
| Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 20 | 21 | -8 | 1.349 | -4.098 | 13.308 | -14.100 |
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | -578 | 2 820 | 1.726 | 6.426 | 79 | ||
| Other elements of the global result | -558 | 2 841 | 1.718 | 7.775 | -4.116 | 13.042 | -14.806 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 104 |
| Other elements of the global result - Group share | -558 | 2 841 | 1.718 | 7.775 | -4.116 | 13.042 | -14.702 |
| C. GLOBAL RESULT | 31.03.2018 | 31.03.2017 | 31.03.2016 | 31.03.2015 | 31.03.2014 | 31.03.2013 | 31.03.2012 |
| Global result | 66 574 | 41 373 | 3.522 | 3.662 | -2.154 | 36.832 | 21.896 |
| Minority interests | -1 345 | -1 332 | -1.386 | -1.159 | -1.209 | -1.310 | -1.341 |
| Global result - Group share | 65 229 | 40 041 | 2.136 | 2.503 | -3.363 | 35.522 | 20.555 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.03.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 | 31.12.2013 | 31.12.2012 | |
| Non-current assets | 3 602 687 | 3 689 016 | 3.547.181 | 3.325.414 | 3.410.050 | 3.565.180 | 3.533.691 |
| Goodwill | 85 156 | 85 156 | 99.256 | 111.256 | 118.356 | 129.356 | 150.356 |
| Intangible assets | 895 | 826 | 751 | 565 | 659 | 753 | 605 |
| Investment properties | 3 419 606 | 3 506 981 | 3.363.636 | 3.131.483 | 3.195.773 | 3.338.709 | 3.297.900 |
| Other tangible assets | 946 | 926 | 635 | 364 | 411 | 677 | 856 |
| Non-current financial assets | 1 768 | 871 | 758 | 20 | 10.933 | 20.941 | 24.672 |
| Finance lease receivables | 85 128 | 85 148 | 75.718 | 75.652 | 78.018 | 67.449 | 53.397 |
| Trade receivables and other non-current assets | 1 373 | 1 370 | 29 | 41 | 38 | 40 | 97 |
| Participations in associated companies and joint ventures | 385 | 448 | 6.398 | 6.033 | 5.862 | 7.255 | 5.808 |
| Current assets | 7 430 | 7 290 | 114.101 | 87.066 | 88.962 | 105.263 | 108.797 |
| Assets held for sale | 95 286 | 93 566 | 2.695 | 2.870 | 3.410 | 8.300 | 10.670 |
| Current financial assets | 800 | 800 | 0 | 14 | 498 | 2.782 | 6.501 |
| Finance lease receivables | 1 847 | 1 826 | 1.795 | 1.656 | 1.618 | 1.236 | 2.973 |
| Trade receivables | 23 488 | 23 698 | 25.642 | 19.801 | 24.781 | 25.698 | 22.636 |
| Tax receivables and other current assets | 9 787 | 19 917 | 20.446 | 17.363 | 17.505 | 24.304 | 29.142 |
| Cash and cash equivalents | 23 846 | 22 532 | 41.271 | 22.040 | 17.117 | 15.969 | 3.041 |
| Accrued charges and deferred income | 35 518 | 24 793 | 22.252 | 23.322 | 24.033 | 26.974 | 33.834 |
| TOTAL ASSETS | 3 697 973 | 3 782 582 | 3.661.282 | 3.412.480 | 3.499.012 | 3.670.443 | 3.642.488 |
| Shareholders' equity | 2 052 949 | 1 986 440 | 1.919.459 | 1.924.615 | 1.608.965 | 1.681.462 | 1.542.292 |
| Shareholders' equity attributable to shareholders of parent company | 1 968 307 | 1 903 160 | 1.852.923 | 1.860.099 | 1.541.971 | 1.614.937 | 1.476.029 |
| Capital | 1 141 904 | 1 141 904 | 1.124.628 | 1.124.295 | 963.067 | 942.825 | 857.822 |
| Share premium account | 520 655 | 520 655 | 504.544 | 504.240 | 384.013 | 372.110 | 329.592 |
| Reserves | 239 962 | 103 239 | 126.358 | 127.597 | 247.562 | 241.265 | 190.543 |
| Net result of the financial year | 65 786 | 137 362 | 97.393 | 103.967 | -52.671 | 58.737 | 98.072 |
| Minority interests | 84 642 | 83 280 | 66.536 | 64.516 | 66.994 | 66.525 | 66.263 |
| Liabilities | 1 645 024 | 1 796 142 | 1.741.823 | 1.487.865 | 1.890.047 | 1.988.981 | 2.100.196 |
| Non-current liabilities | 1 000 455 | 1 222 857 | 1.074.668 | 926.891 | 1.303.250 | 1.412.904 | 1.566.005 |
| Provisions | 24 638 | 25 886 | 16.890 | 17.636 | 17.658 | 18.180 | 20.493 |
| Non-current financial debts | 930 161 | 1 112 890 | 970.604 | 809.313 | 1.148.023 | 1.266.665 | 1.388.883 |
| Other non-current financial liabilities | 4 443 | 43 729 | 49.971 | 64.656 | 102.041 | 93.304 | 120.835 |
| Deferred taxes | 41 213 | 40 352 | 37.203 | 35.286 | 35.528 | 34.755 | 35.794 |
| Current liabilities | 644 569 | 573 285 | 667.155 | 560.974 | 586.797 | 576.077 | 534.191 |
| Current financial debts | 498 416 | 462 810 | 558.167 | 445.676 | 473.499 | 455.509 | 351.203 |
| Other current financial liabilities | 40 687 | 4 544 | 12.949 | 20.572 | 24.698 | 21.921 | 81.959 |
| Trade debts and other current debts | 90 094 | 81 362 | 72.280 | 62.865 | 59.850 | 64.680 | 64.560 |
| Accrued charges and deferred income | 15 372 | 24 569 | 23.759 | 31.861 | 28.750 | 33.967 | 36.469 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3 697 973 | 3 782 582 | 3.661.282 | 3.412.480 | 3.499.012 | 3.670.443 | 3.642.488 |
| (in EUR per share) | 31.03.2018 | 31.03.2017 |
| EPRA Earnings | 1.47 | 1.44 |
| EPRA Diluted Earnings | 1.47 | 1.44 |
| (in EUR per share) | 31.03.2018 | 31.12.2017 |
| EPRA Net Asset Value (NAV) | 96.22 | 93.26 |
| EPRA Adjusted Net Asset Value (NNNAV) | 94.33 | 91.24 |
| 31.03.2018 | 31.12.2017 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 5.8 % | 5.5 % |
| EPRA Cost ratio (direct vacancy costs included) | 23.1 % | 23.3 % |