Financial results
Consolidated global result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
Download the consolidated global result figures
| A. NET RESULT | 30.09.2018 | 30.09.2017 | 30.09.2016 | 30.09.2015 | 30.09.2014 |
|---|---|---|---|---|---|
| Rental income | 157 388 | 154.462 | 151.671 | 150.509 | 146.624 |
| Writeback of lease payments sold and discounted | 6 775 | 9.355 | 8.449 | 7.660 | 13.632 |
| Rental-related expenses | -755 | 125 | -266 | -116 | -56 |
| Net rental income | 163 408 | 163.942 | 159.854 | 158.053 | 160.200 |
| Recovery of property charges | -23 | 1.719 | 38 | -88 | 821 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 37 015 | 38.680 | 34.309 | 38.650 | 34.024 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -1 303 | -2.790 | -1.435 | -816 | -1.041 |
| Charges and taxes normally payable by the tenant on let properties | -42 847 | -42.211 | -36.765 | -42.188 | -36.248 |
| Property result | 156 250 | 159.340 | 156.001 | 153.611 | 157.756 |
| Technical costs | -3 495 | -5.132 | -4.721 | -2.324 | -3.471 |
| Commercial costs | -1 302 | -1.255 | -863 | -501 | -819 |
| Taxes and charges on unlet properties | -4 076 | -4.658 | -3.539 | -2.876 | -3.195 |
| Property management costs | -13 156 | -13.640 | -14.193 | -10.697 | -10.503 |
| Property charges | -22 029 | -24.686 | -23.316 | -16.398 | -17.988 |
| Property operating result | 134 221 | 134.655 | 132.685 | 137.213 | 139.768 |
| Corporate management costs | -5 638 | -5.846 | -6.406 | -5.675 | -5.392 |
| Operating result before result on the portfolio | 128 583 | 128.809 | 126.279 | 131.538 | 134.376 |
| Gains or losses on disposals of investment properties | 28 166 | 714 | 2.018 | 1.940 | -21.840 |
| Changes in fair value of investment properties | 10 287 | -10.019 | 29.786 | -10.292 | -3.942 |
| Other result on the portfolio | -6 206 | -3.238 | -1.447 | 122 | 736 |
| Operating result | 160 828 | 116.266 | 156.636 | 123.308 | 109.330 |
| Financial income | 7 460 | 4.131 | 3.893 | 4.197 | 4.202 |
| Net interest charges | -22 658 | -22.552 | -24.736 | -32.089 | -42.663 |
| Other financial charges | -433 | -457 | -478 | -147 | -742 |
| Changes in fair value of financial assets and liabilities | 5 910 | 4.146 | -55.211 | -12.129 | -120.134 |
| Financial result | -9 721 | -14.732 | -76.532 | -40.168 | -159.337 |
| Share in the result of associated companies and joint ventures | 735 | 873 | 584 | 347 | 940 |
| Pre-tax result | 151 842 | 102.407 | 80.689 | 83.487 | -49.067 |
| Corporate tax | -2 945 | -2.324 | -3.535 | -3.348 | -934 |
| Exit tax | 46 | -169 | -117 | 20 | 822 |
| Taxes | -2 899 | -2.493 | -3.652 | -3.328 | -112 |
| Net result | 148 943 | 99.914 | 77.037 | 80.159 | -49.179 |
| Minority interests | -4 185 | -4.031 | -4.302 | -3.896 | -3.318 |
| Net result - Group share | 144 758 | 95.883 | 72.735 | 76.263 | -52.497 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 30.09.2018 | 30.09.2017 | 30.09.2016 | 30.09.2015 | 30.09.2014 |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties | 417 | ||||
| Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 4.027 | -6.708 | |||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | -578 | 8.461 | 4.518 | 9.580 | 56.436 |
| Share in the other elements of the global result of associated companies and joint ventures | 62 | 57 | 24 | 23 | -217 |
| Other elements of the global result | -516 | 8.518 | 4.542 | 13.630 | 49.928 |
| Minority interests | 0 | 0 | 0 | 11 | |
| Other elements of the global result - Group share | -516 | 8.518 | 4.542 | 13.630 | 49.939 |
| C. GLOBAL RESULT | 30.09.2018 | 30.09.2017 | 30.09.2016 | 30.09.2015 | 30.09.2014 |
| Global result | 148 427 | 108.432 | 81.579 | 93.789 | 749 |
| Minority interests | -4 184 | -4.031 | -4.302 | -3.896 | -3.307 |
| Global result - Group share | 144 243 | 104.401 | 77.277 | 89.893 | -2.558 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| 30.09.2018 | 31.12.2017 | 31.12.2016 | 31.12.2015 | 31.12.2014 | |
| Non-current assets | 3.889.430 | 3 689 016 | 3.547.181 | 3.325.414 | 3.410.050 |
| Goodwill | 85.156 | 85 156 | 99.256 | 111.256 | 118.356 |
| Intangible assets | 919 | 826 | 751 | 565 | 659 |
| Investment properties | 3.690.182 | 3 506 981 | 3.363.636 | 3.131.483 | 3.195.773 |
| Other tangible assets | 880 | 926 | 635 | 364 | 411 |
| Non-current financial assets | 1.043 | 871 | 758 | 20 | 10.933 |
| Finance lease receivables | 101.449 | 85 148 | 75.718 | 75.652 | 78.018 |
| Trade receivables and other non-current assets | 1.337 | 1 370 | 29 | 41 | 38 |
| Deferred taxes | 768 | 448 | 0 | 0 | 0 |
| Participations in associated companies and joint ventures | 7.696 | 7 290 | 6.398 | 6.033 | 5.862 |
| Current assets | 121.182 | 93 566 | 114.101 | 87.066 | 88.962 |
| Assets held for sale | 800 | 800 | 2.695 | 2.870 | 3.410 |
| Current financial assets | 0 | 0 | 0 | 14 | 498 |
| Finance lease receivables | 1.898 | 1 826 | 1.795 | 1.656 | 1.618 |
| Trade receivables | 23.003 | 23 698 | 25.642 | 19.801 | 24.781 |
| Tax receivables and other current assets | 29.308 | 19 917 | 20.446 | 17.363 | 17.505 |
| Cash and cash equivalents | 37.457 | 22 532 | 41.271 | 22.040 | 17.117 |
| Accrued charges and deferred income | 28.716 | 24 793 | 22.252 | 23.322 | 24.033 |
| TOTAL ASSETS | 4.010.612 | 3 782 582 | 3.661.282 | 3.412.480 | 3.499.012 |
| Shareholders' equity | 2.165.079 | 1 986 440 | 1.919.459 | 1.924.615 | 1.608.965 |
| Shareholders' equity attributable to shareholders of parent company | 2.080.599 | 1 903 160 | 1.852.923 | 1.860.099 | 1.541.971 |
| Capital | 1.229.916 | 1 141 904 | 1.124.628 | 1.124.295 | 963.067 |
| Share premium account | 584.837 | 520 655 | 504.544 | 504.240 | 384.013 |
| Reserves | 121.087 | 103 239 | 126.358 | 127.597 | 247.562 |
| Net result of the financial year | 144.759 | 137 362 | 97.393 | 103.967 | -52.671 |
| Minority interests | 84.480 | 83 280 | 66.536 | 64.516 | 66.994 |
| Liabilities | 1.845.533 | 1 796 142 | 1.741.823 | 1.487.865 | 1.890.047 |
| Non-current liabilities | 1.105.353 | 1 222 857 | 1.074.668 | 926.891 | 1.303.250 |
| Provisions | 24.256 | 25 886 | 16.890 | 17.636 | 17.658 |
| Non-current financial debts | 991.400 | 1 112 890 | 970.604 | 809.313 | 1.148.023 |
| Other non-current financial liabilities | 46.570 | 43 729 | 49.971 | 64.656 | 102.041 |
| Deferred taxes | 43.127 | 40 352 | 37.203 | 35.286 | 35.528 |
| Current liabilities | 740.180 | 573 285 | 667.155 | 560.974 | 586.797 |
| Current financial debts | 623.581 | 462 810 | 558.167 | 445.676 | 473.499 |
| Other current financial liabilities | 0 | 4 544 | 12.949 | 20.572 | 24.698 |
| Trade debts and other current debts | 99.856 | 81 362 | 72.280 | 62.865 | 59.850 |
| Accrued charges and deferred income | 16.743 | 24 569 | 23.759 | 31.861 | 28.750 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4.010.612 | 3 782 582 | 3.661.282 | 3.412.480 | 3.499.012 |
| (in EUR per share) | 30.09.2018 | 30.09.2017 |
| EPRA Earnings | 4.89 | 4.91 |
| EPRA Diluted Earnings | 4.89 | 4.90 |
| (in EUR per share) | 30.09.2018 | 31.12.2017 |
| EPRA Net Asset Value (NAV) | 94.47 | 93.26 |
| EPRA Adjusted Net Asset Value (NNNAV) | 92.35 | 91.24 |
| 30.09.2018 | 31.12.2017 | |
| EPRA Net Initial Yield (NIY) | 5.6 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.7 % | 5.7 % |
| EPRA Vacancy rate | 5.2 % | 5.5 % |
| EPRA Cost ratio (direct vacancy costs included) | 22.2 % | 23.3 % |