Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 |
|---|---|---|---|---|---|
| Rental income | 216 966 | 186 372 | 171 702 | 157 388 | 154 462 |
| Writeback of lease payments sold and discounted | 5 446 | 7 083 | 6 588 | 6 775 | 9 355 |
| Rental-related expenses | - 3 | - 1 966 | 632 | - 755 | 125 |
| Net rental income | 222 409 | 191 488 | 178 922 | 163 408 | 163 942 |
| Recovery of property charges | 407 | 264 | 227 | - 23 | 1 719 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 41 189 | 30 341 | 38 375 | 37 015 | 38 680 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 723 | - 22 | - 972 | -1 303 | - 2 790 |
| Charges and taxes normally payable by the tenant on let properties | - 44 596 | - 33 319 | - 45 362 | -42 847 | - 42 211 |
| Property result | 218 686 | 188 752 | 171 191 | 156 250 | 159 340 |
| Technical costs | - 3 546 | - 2 128 | - 4 420 | -3 495 | - 5 132 |
| Commercial costs | - 2 146 | - 1 867 | - 1 223 | -1 302 | - 1 255 |
| Taxes and charges on unlet properties | - 2 784 | - 2 546 | - 3 199 | -4 076 | - 4 658 |
| Property management costs | - 20 732 | - 17 446 | - 15 324 | -13 156 | - 13 640 |
| Property charges | - 29 208 | - 23 986 | - 24 165 | -22 029 | - 24 686 |
| Property operating result | 189 478 | 164 766 | 147 025 | 134 221 | 134 655 |
| Corporate management costs | - 8 885 | - 7 477 | - 6 567 | -5 638 | - 5 846 |
| Operating result before result on the portfolio | 180 593 | 157 289 | 140 458 | 128 583 | 128 809 |
| Gains or losses on disposals of investment properties and other non-financial assets | 2 243 | 3 462 | 2 327 | 28 166 | 714 |
| Changes in fair value of investment properties | 1 418 | 191 | 69 757 | 10 287 | - 10 019 |
| Other result on the portfolio | - 18 010 | - 26 785 | - 11 331 | -6 206 | - 3 238 |
| Operating result | 166 243 | 134 157 | 201 210 | 160 828 | 116 266 |
| Financial income | 9 042 | 6 230 | 7 320 | 7 460 | 4 131 |
| Net interest charges | - 18 907 | - 18 015 | - 18 270 | -22 658 | - 22 552 |
| Other financial charges | - 757 | - 550 | - 427 | - 433 | - 457 |
| Changes in fair value of financial assets and liabilities | 22 793 | - 21 450 | - 47 083 | 5 910 | 4 146 |
| Financial result | 12 171 | - 33 785 | - 58 459 | -9 721 | - 14 732 |
| Share in the result of associates and joint ventures | - 53 | 291 | - 69 | 735 | 873 |
| Pre-tax result | 178 362 | 100 662 | 142 682 | 151 842 | 102 407 |
| Corporate tax | - 7 322 | - 3 555 | - 4 339 | -2 945 | - 2 324 |
| Exit tax | - 259 | - 706 | - 416 | 46 | - 169 |
| Taxes | - 7 581 | - 4 261 | - 4 755 | -2 899 | - 2 493 |
| Net result | 170 780 | 96 401 | 137 927 | 148 943 | 99 914 |
| Minority interests | - 2 209 | 2 562 | - 4 348 | -4 185 | - 4 031 |
| Net result – group share | 168 571 | 98 963 | 133 579 | 144 758 | 95 883 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | |||||
| Changes 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 | |||
| Share in the other elements of the global result of associates and joint ventures | 62 | 57 | |||
| Convertible bonds | 1 873 | 2 725 | - 8 421 | ||
| Other elements of the global result | 1 873 | 2 725 | - 8 421 | - 516 | 8 518 |
| Minority interests | |||||
| Other elements of the global result – group share | 1 873 | 2 725 | - 8 421 | - 516 | 8 518 |
| C. GLOBAL RESULT | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 |
| Global result | 172 654 | 99 126 | 129 506 | 148 427 | 108 432 |
| Minority interests | - 2 209 | 2 562 | - 4 348 | -4 184 | - 4 031 |
| Global result – group share | 170 445 | 101 688 | 125 158 | 144 243 | 104 401 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| 30.09.2021 | 31.12.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | |
| Non-current assets | 5 800 003 | 5 093 589 | 4 397 253 | 3 881 018 | 3 689 016 |
| Goodwill | 46 827 | 46 827 | 56 947 | 71 556 | 85 156 |
| Intangible assets | 2 589 | 2 172 | 935 | 922 | 826 |
| Investment properties | 5 506 996 | 4 865 581 | 4 218 523 | 3 694 202 | 3 506 981 |
| Other tangible assets | 1 834 | 1 434 | 1 278 | 810 | 926 |
| Non-current financial assets | 13 698 | 2 883 | 2 121 | 9 | 871 |
| Finance lease receivables | 148 622 | 104 889 | 105 651 | 101 731 | 85 148 |
| Trade receivables and other non-current assets | 1 682 | 386 | 1 016 | 1 379 | 1 370 |
| Deferred taxes | 3 806 | 1 390 | 1 162 | 1 383 | 448 |
| Participations in associates and joint ventures | 73 950 | 68 026 | 9 621 | 9 026 | 7 290 |
| Current assets | 298 255 | 160 026 | 160 986 | 140 449 | 93 566 |
| Assets held for sale | 130 850 | 3 320 | 28 764 | 33 663 | 800 |
| Current financial assets | 2 | ||||
| Finance lease receivables | 3 636 | 2 367 | 2 258 | 1 915 | 1 826 |
| Trade receivables | 33 847 | 26 023 | 23 443 | 24 091 | 23 698 |
| Tax receivables and other current assets | 39 904 | 46 605 | 37 639 | 24 167 | 19 917 |
| Cash and cash equivalents | 48 037 | 48 642 | 31 569 | 27 177 | 22 532 |
| Accrued charges and deferred income | 41 982 | 33 069 | 37 311 | 29 436 | 24 793 |
| TOTAL ASSETS | 6 098 258 | 5 253 614 | 4 558 239 | 4 021 466 | 3 782 582 |
| Shareholders’ equity | 3 216 017 | 2 649 362 | 2 533 960 | 2 166 364 | 1 986 440 |
| Shareholders’ equity attributable to shareholders of parent company | 3 139 385 | 2 574 775 | 2 451 335 | 2 082 130 | 1 903 160 |
| Capital | 1 698 517 | 1 450 210 | 1 385 227 | 1 230 014 | 1 141 904 |
| Share premium account | 1 118 230 | 804 557 | 727 330 | 584 901 | 520 655 |
| Reserves | 154 068 | 200 786 | 134 163 | 121 602 | 103 239 |
| Net result of the financial year | 168 571 | 119 222 | 204 615 | 145 613 | 137 362 |
| Minority interests | 76 632 | 74 587 | 82 625 | 84 234 | 83 280 |
| Liabilities | 2 882 241 | 2 604 252 | 2 024 279 | 1 855 102 | 1 796 142 |
| Non-current liabilities | 1 612 079 | 1 417 964 | 1 025 918 | 1 140 333 | 1 222 857 |
| Provisions | 25 048 | 25 359 | 24 176 | 22 447 | 25 886 |
| Non-current financial debts | 1 460 082 | 1 246 850 | 873 546 | 1 012 290 | 1 112 890 |
| Other non-current financial liabilities | 79 672 | 100 690 | 84 227 | 62 600 | 43 729 |
| Deferred taxes | 47 277 | 45 064 | 43 969 | 42 996 | 40 352 |
| Current liabilities | 1 270 162 | 1 186 289 | 998 361 | 714 768 | 573 285 |
| Current financial debts | 1 096 015 | 1 036 612 | 870 993 | 613 107 | 462 810 |
| Other current financial liabilities | 1 950 | 206 | 96 | 4 544 | |
| Trade debts and other current debts | 145 538 | 126 637 | 112 435 | 88 292 | 81 362 |
| Accrued charges and deferred income | 26 660 | 22 834 | 14 837 | 13 370 | 24 569 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 098 258 | 5 253 614 | 4 558 239 | 4 021 466 | 3 782 582 |
| (in EUR per share) | 30.06.2021 | 30.06.2020 |
| EPRA Earnings | 3.62 | 3.40 |
| EPRA Diluted Earnings | 3.62 | 3.40 |
| (in EUR per share) | 30.06.2021 | 31.12.2020 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 108.24 | 110.11 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 99.88 | 101.74 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 95.46 | 96.01 |
| 30.06.2021 | 31.12.2020 | |
| EPRA Net Initial Yield (NIY) | 5.3 % | 5.5 % |
| EPRA 'topped-up' NIY | 5.3 % | 5.5 % |
| EPRA Vacancy rate | 2.1 % | 2.6 % |
| EPRA Cost ratio (direct vacancy costs included) | 20.6 % | 20.7 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 18.2 % | 18.4 % |