Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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A. NET RESULT | 31.03.2024 | 31.03.2023 | 31.03.2022 | 31.03.2021 | 31.03.2020 |
---|---|---|---|---|---|
I. Rental income | 86 970 | 83 906 | 76 385 | 69 255 | 60 965 |
II. Writeback of lease payments sold and discounted | 140 | 770 | 2 914 | 1 815 | 2 361 |
III. Rental-related expenses | - 109 | - 112 | - 55 | - 46 | 7 |
Net rental income | 87 001 | 84 564 | 79 244 | 71 025 | 63 332 |
IV. Recovery of property charges | 59 | 21 | 92 | 148 | 235 |
V. Recovery income of charges and taxes normally payable by the tenant on let properties | 24 229 | 25 638 | 26 246 | 26 911 | 24 725 |
VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 140 | - 53 | - 157 | - 395 | 161 |
VII. Charges and taxes normally payable by the tenant on let properties | - 28 834 | - 29 118 | - 28 917 | - 29 078 | - 27 270 |
VIII. Other rental-related income and expenditure | |||||
Property result | 82 315 | 81 053 | 76 508 | 68 610 | 61 182 |
IX. Technical costs | - 1 458 | - 461 | - 714 | - 841 | - 808 |
X. Commercial costs | - 1 458 | - 1 483 | - 926 | - 535 | - 580 |
XI. Taxes and charges on unlet properties | - 1 955 | - 1 867 | - 2 270 | - 2 176 | - 2 074 |
XII. Property management costs | - 8 618 | - 9 218 | - 9 016 | - 7 789 | - 6 703 |
XIII. Other property costs | |||||
Property charges | - 13 489 | - 13 029 | - 12 925 | - 11 340 | - 10 164 |
Property operating result | 68 826 | 68 024 | 63 582 | 57 270 | 51 018 |
XIV. Corporate management costs | - 3 693 | - 3 951 | - 3 864 | - 3 338 | - 2 873 |
XV. Other operating income and expenses | |||||
Operating result before result on the portfolio | 65 133 | 64 074 | 59 718 | 53 932 | 48 145 |
XVI. Gains or losses on disposals of investment properties | 7 253 | - 2 133 | 459 | 545 | 742 |
XVII. Gains or losses on disposals of other non-financial assets | |||||
XVIII. Changes in the fair value of investment properties | - 45 812 | - 11 945 | 47 335 | - 7 158 | 13 699 |
XIX. Other result on the portfolio | - 5 451 | - 3 584 | - 6 700 | - 4 949 | - 3 229 |
Operating result | 21 124 | 46 411 | 100 812 | 42 371 | 59 357 |
XX. Financial income | 3 295 | 2 887 | 2 717 | 2 286 | 1 789 |
XXI. Net interest charges | - 9 233 | - 9 870 | - 7 932 | - 6 443 | - 5 829 |
XXII. Other financial charges | - 323 | - 271 | - 330 | - 202 | - 190 |
XXIII. Changes in the fair value of financial assets and liabilities | 10 609 | - 17 183 | 74 865 | 12 415 | - 10 879 |
Financial result | 4 349 | - 24 437 | 69 319 | 8 056 | - 15 109 |
XXIV. Share in the result of associated companies and joint ventures | - 4 284 | - 1 426 | 863 | - 1 652 | 177 |
Pre-tax result | 21 189 | 20 548 | 170 994 | 48 774 | 44 425 |
XXV. Corporate tax | - 2 315 | - 3 479 | - 3 295 | - 3 236 | - 2 227 |
XXVI. Exit tax | 368 | - 200 | - 160 | ||
Taxes | - 2 315 | - 3 112 | - 3 295 | - 3 436 | - 2 387 |
Net result | 18 873
|
17 437 | 167 699 | 45 338 | 42 037 |
Attributable to: | |||||
Minority interests | 1 398 | - 39 | 695 | 259 | - 136 |
Net result – group share | 17 475 | 17 476 | 167 004 | 45 079 | 42 174 |
B. OTHER ELEMENTS OF COMPREHENSIVE INCOME | 31.03.2024 | 31.03.2023 | 31.03.2022 | 31.03.2021 | 31.03.2020 |
I. Net result | 18 873 | 17 437 | 167 699 | 45 338 | 42 037 |
II. Other elements of comprehensive income | 328 | 184 | - 142 | - 706 | 6 306 |
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 | 0 | 0 | |||
D. Currency translation differences linked to conversion of foreign activities | 328 | 184 | - 142 | 0 | 0 |
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 | - 706 | 6 306 | |
Convertible obligations | 0 | 0 | - 706 | 6 306 | |
Comprehensive income (I+II) | 19 201
|
17 621 | 167 556 | 44 632 | 48 343 |
Attributable to: | |||||
Non-controlling interests | 1 398 | - 39 | 695 | 259 | - 136 |
Shareholders of the parent | 17 803 | 17 660 | 166 862 | 44 373 | 48 480 |
Consolidated balance sheet (x 1,000 EUR)
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ASSETS | 31.03.2024 | 31.03.2023 | 31.03.2022 | 31.03.2021 | 31.03.2020 |
I. Non-current assets | 6.480.495 | 6 512 921 | 6 558 181 | 5 985 532 | 5 093 589 |
A. Goodwill | 0 | 0 | 27337 | 41 627 | 46 827 |
B. Intangible assets | 2.048 | 2 128 | 2 374 | 2 487 | 2 172 |
C. Investment properties | 6.155.759 | 6 187 930 | 6 082 541 | 5 669 990 | 4 865 581 |
D. Other tangible assets | 2.008 | 2 111 | 2 357 | 2 019 | 1 434 |
E. Non-current financial assets | 128.060 | 121 649 | 198 814 | 36 145 | 2 883 |
F. Finance lease receivables | 158.033 | 158 936 | 161 534 | 147 999 | 104 889 |
G. Trade receivables and other non-current assets | 7.117 | 6 719 | 1 827 | 1 687 | 386 |
H. Deferred taxes | 7.995 | 9 822 | 5 593 | 3 918 | 1 390 |
I. Participations in associates and joint ventures | 19.475 | 23 626 | 75 805 | 79 661 | 68 026 |
II. Current assets | 181.978 | 178 500 | 245 385 | 191 421 | 160 026 |
A. Assets held for sale | 31.539 | 43 111 | 117 270 | 39 846 | 3 320 |
B. Current financial assets | 5.099 | 642 | 642 | ||
C. Finance lease receivables | 4.861 | 4 419 | 4 139 | 3 667 | 2 367 |
D. Trade receivables | 49.563 | 44 810 | 39 483 | 34 835 | 26 023 |
E. Tax receivables and other current assets | 32.978 | 46 170 | 42 940 | 50 568 | 46 605 |
F. Cash and cash equivalents | 28.319 | 19 958 | 19 611 | 19 857 | 48 642 |
G. Accrued charges and deferred income | 29.619 | 19 390 | 21 299 | 42 648 | 33 069 |
TOTAL ASSETS | 6.662.473 | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 |
SHAREHOLDERS' EQUITY AND LIABILITIES | 31.03.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
Shareholders’ equity | 3.718.199 | 3 698 985 | 3 666 991 | 3 287 533 | 2 649 362 |
I. Shareholders’ equity attributable to shareholders of the parent company | 3.641.079 | 3 623 262 | 3 637 413 | 3 233 274 | 2 574 775 |
A. Capital | 1.970.211 | 1 970 211 | 1 761 872 | 1 698 517 | 1 450 210 |
B. Share premium account | 896.826 | 896 826 | 936 321 | 916 019 | 804 557 |
C. Reserves | 756.568 | 811 723 | 456 282 | 358 402 | 200 786 |
D. Net result of the financial year | 17.475 | - 55 497 | 482 938 | 260 337 | 119 222 |
II. Non-controlling interests | 77.120 | 75 723 | 29 578 | 54 259 | 74 587 |
Liabilities | 2.944.273 | 2 992 436 | 3 136 575 | 2 889 420 | 2 604 252 |
I. Non-current liabilities | 1.904.059 | 1 891 516 | 2 101 636 | 1 616 425 | 1 417 964 |
A. Provisions | 26.174 | 26 426 | 24 302 | 27 220 | 25 359 |
B. Non-current financial debt | 1.804.656 | 1 791 325 | 2 000 483 | 1 467 877 | 1 246 850 |
a. Credit establishments | 644.198 | 630 977 | 785 744 | 771 827 | 354 979 |
b. Finance lease | 0 | 0 | 0 | 0 | 0 |
c. Other | 1.160.459 | 1 160 348 | 1 214 739 | 696 050 | 891 871 |
C. Other non-current financial liabilities | 17.860 | 20 021 | 15 074 | 66 305 | 100 690 |
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 | 55.368 | 53 744 | 61 776 | 55 022 | 45 064 |
a. Exit tax | 0 | 0 | 0 | 0 | 0 |
b. Other | 55.368 | 53 744 | 61 776 | 55 022 | 45 064 |
II. Current liabilities | 1.040.215 | 1 100 919 | 1 034 939 | 1 272 995 | 1 186 289 |
A. Provisions | 0 | 0 | 0 | 0 | 0 |
B. Current financial debts | 881.438 | 953 187 | 880 054 | 1 100 189 | 1 036 612 |
a. Credit establishments | 54.438 | 111 169 | 32 527 | 126 830 | 5 328 |
b. Finance lease | 0 | 0 | 0 | 0 | 0 |
c. Other | 827.000 | 842 018 | 847 526 | 973 358 | 1 031 283 |
C. Other current financial liabilities | 0 | 0 | 0 | 310 | 206 |
D. Trade debts and other current debts | 127.441 | 128 645 | 132 421 | 148 911 | 126 637 |
a. Exit tax | 0 | 0 | 2 604 | 6 704 | 6 275 |
b. Other | 127.441 | 128 645 | 129 817 | 142 207 | 120 361 |
E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
F. Accrued charges and deferred income | 31.336 | 19 088 | 22 464 | 23 585 | 22 834 |
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.662.473 | 6 691 421 | 6 803 566 | 6 176 953 | 5 253 614 |
(in EUR per share) | 31.03.2024 | 31.03.2023 |
EPRA Earnings | 1.49 | 1.62 |
EPRA Diluted Earnings | 1.49 | 1.62 |
(in EUR per share) | 31.03.2024 | 31.12.2023 |
EPRA Net Reinstatement Value (NRV)* (new indicator) | 107.05 | 106.54 |
EPRA Net Tangible Assets (NTA)* (new indicator) | 98.31 | 98.11 |
EPRA Net Disposal Value (NDV)* (new indicator) | 104.49 | 103.97 |
31.03.2024 | 31.12.2023 | |
EPRA Net Initial Yield (NIY) | 5.5 % | 5.5 % |
EPRA 'topped-up' NIY | 5.5 % | 5.5 % |
EPRA Vacancy rate | 1.7 % | 1.6 % |
EPRA Cost ratio (direct vacancy costs included) | 21.7 % | 21.6 % |
EPRA Cost ratio (direct vacancy costs excluded) | 17.9 % | 18.8 % |
EPRA LTV | 42.4 % | 43.1 % |