Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 |
|---|---|---|---|---|---|
| Rental income | 186 372 | 171 702 | 157 388 | 154 462 | 151 671 |
| Writeback of lease payments sold and discounted | 7 083 | 6 588 | 6 775 | 9 355 | 8 449 |
| Rental-related expenses | - 1 966 | 632 | - 755 | 125 | - 266 |
| Net rental income | 191 488 | 178 922 | 163 408 | 163 942 | 159 854 |
| Recovery of property charges | 264 | 227 | - 23 | 1 719 | 38 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 30 341 | 38 375 | 37 015 | 38 680 | 34 309 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 22 | - 972 | -1 303 | - 2 790 | - 1 435 |
| Charges and taxes normally payable by the tenant on let properties | - 33 319 | - 45 362 | -42 847 | - 42 211 | - 36 765 |
| Property result | 188 752 | 171 191 | 156 250 | 159 340 | 156 001 |
| Technical costs | - 2 128 | - 4 420 | -3 495 | - 5 132 | - 4 721 |
| Commercial costs | - 1 867 | - 1 223 | -1 302 | - 1 255 | - 863 |
| Taxes and charges on unlet properties | - 2 546 | - 3 199 | -4 076 | - 4 658 | - 3 539 |
| Property management costs | - 17 446 | - 15 324 | -13 156 | - 13 640 | - 14 193 |
| Property charges | - 23 986 | - 24 165 | -22 029 | - 24 686 | - 23 316 |
| Property operating result | 164 766 | 147 025 | 134 221 | 134 655 | 132 685 |
| Corporate management costs | - 7 477 | - 6 567 | -5 638 | - 5 846 | - 6 406 |
| Operating result before result on the portfolio | 157 289 | 140 458 | 128 583 | 128 809 | 126 279 |
| Gains or losses on disposals of investment properties | 3 462 | 2 327 | 28 166 | 714 | 2 018 |
| Changes in fair value of investment properties | 191 | 69 757 | 10 287 | - 10 019 | 29 786 |
| Other result on the portfolio | - 26 785 | - 11 331 | -6 206 | - 3 238 | - 1 447 |
| Operating result | 134 157 | 201 210 | 160 828 | 116 266 | 156 636 |
| Financial income | 6 230 | 7 320 | 7 460 | 4 131 | 3 893 |
| Net interest charges | - 18 015 | - 18 270 | -22 658 | - 22 552 | - 24 736 |
| Other financial charges | - 550 | - 427 | - 433 | - 457 | - 478 |
| Changes in fair value of financial assets and liabilities | - 21 450 | - 47 083 | 5 910 | 4 146 | - 55 211 |
| Financial result | - 33 785 | - 58 459 | -9 721 | - 14 732 | - 76 532 |
| Share in the result of associated companies and joint ventures | 291 | - 69 | 735 | 873 | 584 |
| Pre-tax result | 100 662 | 142 682 | 151 842 | 102 407 | 80 689 |
| Corporate tax | - 3 555 | - 4 339 | -2 945 | - 2 324 | - 3 535 |
| Exit tax | - 706 | - 416 | 46 | - 169 | - 117 |
| Taxes | - 4 261 | - 4 755 | -2 899 | - 2 493 | - 3 652 |
| Net result | 96 401 | 137 927 | 148 943 | 99 914 | 77 037 |
| Minority interests | 2 562 | - 4 348 | -4 185 | - 4 031 | - 4 302 |
| Net result - Group share | 98 963 | 133 579 | 144 758 | 95 883 | 72 735 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 |
| 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 | |||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | - 578 | 8 461 | 4 518 | ||
| Share in the other elements of the global result of associated companies and joint ventures | 62 | 57 | 24 | ||
| Convertible bonds | 2 725 | - 8 421 | |||
| Other elements of the global result | 2 725 | - 8 421 | - 516 | 8 518 | 4 542 |
| Minority interests | |||||
| Other elements of the global result - Group share | 2 725 | - 8 421 | - 516 | 8 518 | 4 542 |
| C. GLOBAL RESULT | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 |
| Global result | 99 126 | 129 506 | 148 427 | 108 432 | 81 579 |
| Minority interests | 2 562 | - 4 348 | -4 184 | - 4 031 | - 4 302 |
| Global result - Group share | 101 688 | 125 158 | 144 243 | 104 401 | 77 277 |
Consolidated balance sheet (x 1,000 EUR)
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| 30.09.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | |
| Non-current assets | 4 711 067 | 4 397 253 | 3 881 018 | 3 689 016 | 3 547 181 |
| Goodwill | 46 827 | 56 947 | 71 556 | 85 156 | 99 256 |
| Intangible assets | 1 126 | 935 | 922 | 826 | 751 |
| Investment properties (including assets held for sale) | 4 552 007 | 4 218 523 | 3 694 202 | 3 506 981 | 3 363 636 |
| Other tangible assets | 2 003 | 1 278 | 810 | 926 | 635 |
| Non-current financial assets | 89 | 2 121 | 9 | 871 | 758 |
| Finance lease receivables | 105 215 | 105 651 | 101 731 | 85 148 | 75 718 |
| Trade receivables and other non-current assets | 1 280 | 1 016 | 1 379 | 1 370 | 29 |
| Deferred taxes | 1 008 | 1 162 | 1 383 | 448 | |
| Participations in associated companies and joint ventures | 1 514 | 9 621 | 9 026 | 7 290 | 6 398 |
| Current assets | 141 898 | 160 986 | 140 449 | 93 566 | 114 101 |
| Assets held for sale | 6 673 | 28 764 | 33 663 | 800 | 2 695 |
| Current financial assets | 1 | 2 | |||
| Finance lease receivables | 2 348 | 2 258 | 1 915 | 1 826 | 1 795 |
| Trade receivables | 27 226 | 23 443 | 24 091 | 23 698 | 25 642 |
| Tax receivables and other current assets | 37 543 | 37 639 | 24 167 | 19 917 | 20 446 |
| Cash and cash equivalents | 32 810 | 31 569 | 27 177 | 22 532 | 41 271 |
| Accrued charges and deferred income | 35 297 | 37 311 | 29 436 | 24 793 | 22 252 |
| TOTAL ASSETS | 4 852 965 | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 |
| Shareholders’ equity | 2 625 637 | 2 533 960 | 2 166 364 | 1 986 440 | 1 919 459 |
| Shareholders’ equity attributable to shareholders of parent company | 2 548 878 | 2 451 335 | 2 082 130 | 1 903 160 | 1 852 923 |
| Capital | 1 450 210 | 1 385 227 | 1 230 014 | 1 141 904 | 1 124 628 |
| Share premium account | 804 557 | 727 330 | 584 901 | 520 655 | 504 544 |
| Reserves | 195 148 | 134 163 | 121 602 | 103 239 | 126 358 |
| Net result of the financial year | 98 963 | 204 615 | 145 613 | 137 362 | 97 393 |
| Minority interests | 76 758 | 82 625 | 84 234 | 83 280 | 66 536 |
| Liabilities | 2 227 329 | 2 024 279 | 1 855 102 | 1 796 142 | 1 741 823 |
| Non-current liabilities | 1 044 067 | 1 025 918 | 1 140 333 | 1 222 857 | 1 074 668 |
| Provisions | 23 611 | 24 176 | 22 447 | 25 886 | 16 890 |
| Non-current financial debts | 877 167 | 873 546 | 1 012 290 | 1 112 890 | 970 604 |
| Other non-current financial liabilities | 97 323 | 84 227 | 62 600 | 43 729 | 49 971 |
| Deferred taxes | 45 966 | 43 969 | 42 996 | 40 352 | 37 203 |
| Current liabilities | 1 183 262 | 998 361 | 714 768 | 573 285 | 667 155 |
| Current financial debts | 1 036 501 | 870 993 | 613 107 | 462 810 | 558 167 |
| Other current financial liabilities | 1 443 | 96 | 4 544 | 12 949 | |
| Trade debts and other current debts | 126 277 | 112 435 | 88 292 | 81 362 | 72 280 |
| Accrued charges and deferred income | 19 042 | 14 837 | 13 370 | 24 569 | 23 759 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 4 852 965 | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 |
| (in EUR per share) | 30.06.2020 | 30.06.2019 |
| EPRA Earnings | 3.40 | 3.23 |
| EPRA Diluted Earnings | 3.40 | 3.23 |
| (in EUR per share) | 30.06.2020 | 31.12.2019 |
| EPRA Net Asset Value (NAV) | 99.81 | 100.69 |
| EPRA Adjusted Net Asset Value (NNNAV) | 96.06 | 97.56 |
| 30.06.2020 | 31.12.2019 | |
| EPRA Net Initial Yield (NIY) | 5.7 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.6 % |
| EPRA Vacancy rate | 2.6 % | 3.0 % |
| EPRA Cost ratio (direct vacancy costs included) | 17.1 % | 18.0 % |