Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.12.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 |
|---|---|---|---|---|---|
| Rental income | 251 521 | 232 601 | 212 170 | 204 043 | 203 051 |
| Writeback of lease payments sold and discounted | 9 444 | 8 784 | 8 815 | 12 473 | 11 265 |
| Rental-related expenses | - 2 030 | 623 | - 897 | - 181 | - 121 |
| Net rental income | 258 935 | 242 008 | 220 088 | 216 335 | 214 195 |
| Recovery of property charges | 573 | 251 | - 6 | 1 725 | 50 |
| Recovery income of charges and taxes normally payable by the tenant on let properties | 33 667 | 44 537 | 41 653 | 43 753 | 42 368 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | - 330 | - 1 252 | - 2 462 | - 4 572 | - 1 602 |
| Charges and taxes normally payable by the tenant on let properties | - 36 888 | - 50 929 | - 47 545 | - 47 298 | - 44 352 |
| Property result | 255 956 | 234 615 | 211 729 | 209 943 | 210 659 |
| Technical costs | - 6 051 | - 5 939 | - 6 421 | - 5 396 | - 5 901 |
| Commercial costs | - 2 344 | - 1 808 | - 1 791 | - 1 583 | - 1 508 |
| Taxes and charges on unlet properties | - 2 765 | - 3 579 | - 4 489 | - 5 128 | - 4 469 |
| Property management costs | - 23 579 | - 20 622 | - 17 573 | - 18 052 | - 18 659 |
| Property charges | - 34 740 | - 31 948 | - 30 275 | - 30 159 | - 30 537 |
| Property operating result | 221 217 | 202 667 | 181 455 | 179 784 | 180 122 |
| Corporate management costs | - 10 105 | - 8 838 | - 7 351 | - 7 737 | - 8 043 |
| Operating result before result on the portfolio | 211 112 | 193 829 | 173 923 | 172 047 | 172 079 |
| Gains or losses on disposals of investment properties | 4 583 | 12 394 | 28 436 | 1 443 | 2 691 |
| Changes in fair value of investment properties | - 13 696 | 79 069 | - 6 259 | 10 261 | 11 626 |
| Other result on the portfolio | - 33 815 | - 28 751 | - 18 150 | - 15 822 | - 13 902 |
| Operating result | 168 184 | 256 541 | 177 951 | 167 929 | 172 494 |
| Financial income | 8 186 | 9 021 | 8 958 | 5 594 | 5 207 |
| Net interest charges | - 24 541 | - 24 128 | - 30 307 | - 29 926 | - 32 309 |
| Other financial charges | - 744 | - 634 | - 498 | - 626 | - 848 |
| Changes in fair value of financial assets and liabilities | - 22 756 | - 23 765 | - 3 013 | 1 678 | - 38 286 |
| Financial result | - 39 855 | - 39 505 | - 24 860 | - 23 280 | - 66 236 |
| Share in the result of associated companies and joint ventures | - 2 473 | - 797 | 841 | 1 205 | 701 |
| Pre-tax result | 125 856 | 216 239 | 153 932 | 145 854 | 106 959 |
| Corporate tax | - 7 907 | - 5 572 | - 2 806 | - 3 864 | - 5 906 |
| Exit tax | - 2 315 | - 378 | 327 | - 69 | 1 182 |
| Taxes | - 10 223 | - 5 950 | - 2 480 | - 3 933 | - 4 724 |
| Net result | 115 633 | 210 289 | 151 452 | 141 921 | 102 235 |
| Minority interests | 3 588 | - 5 674 | - 5 839 | - 4 559 | - 4 842 |
| Net result - Group share | 119 222 | 204 615 | 145 613 | 137 362 | 97 393 |
| B. OTHER ELEMENTS OF THE GLOBAL RESULT RECYCABLE IN THE INCOME STATEMENT | 31.12.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 |
| 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 | 578 | ||||
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | 0 | 0 | - 578 | 11 281 | 5 914 |
| Share in the other elements of the global result of associated companies and joint ventures | 0 | 0 | 63 | 78 | 51 |
| Convertible bonds | 7 721 | - 9 930 | 300 | 0 | 0 |
| Other elements of the global result | 7 721 | - 9 930 | - 215 | 11 937 | 5 965 |
| Minority interests | 0 | 0 | 0 | 0 | |
| Other elements of the global result - Group share | 7 721 | - 9 930 | - 215 | 11 937 | 5 965 |
| C. GLOBAL RESULT | 31.12.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 |
| Global result | 123 354 | 200 359 | 151 237 | 153 858 | 108 200 |
| Minority interests | 3 588 | - 5 674 | - 5 839 | - 4 559 | - 4 842 |
| Global result - Group share | 126 943 | 194 685 | 145 398 | 149 299 | 103 358 |
Consolidated balance sheet (x 1,000 EUR)
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| 31.12.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 | 31.12.2016 | |
| Non-current assets | 5 093 589 | 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 | 2 172 | 935 | 922 | 826 | 751 |
| Investment properties (including assets held for sale) | 4 865 581 | 4 218 523 | 3 694 202 | 3 506 981 | 3 363 636 |
| Other tangible assets | 1 434 | 1 278 | 810 | 926 | 635 |
| Non-current financial assets | 2 883 | 2 121 | 9 | 871 | 758 |
| Finance lease receivables | 104 889 | 105 651 | 101 731 | 85 148 | 75 718 |
| Trade receivables and other non-current assets | 386 | 1 016 | 1 379 | 1 370 | 29 |
| Deferred taxes | 1 390 | 1 162 | 1 383 | 448 | |
| Participations in associated companies and joint ventures | 68 026 | 9 621 | 9 026 | 7 290 | 6 398 |
| Current assets | 160 026 | 160 986 | 140 449 | 93 566 | 114 101 |
| Assets held for sale | 3 320 | 28 764 | 33 663 | 800 | 2 695 |
| Current financial assets | 0 | 2 | 0 | 0 | 0 |
| Finance lease receivables | 2 367 | 2 258 | 1 915 | 1 826 | 1 795 |
| Trade receivables | 26 023 | 23 443 | 24 091 | 23 698 | 25 642 |
| Tax receivables and other current assets | 46 605 | 37 639 | 24 167 | 19 917 | 20 446 |
| Cash and cash equivalents | 48 642 | 31 569 | 27 177 | 22 532 | 41 271 |
| Accrued charges and deferred income | 33 069 | 37 311 | 29 436 | 24 793 | 22 252 |
| TOTAL ASSETS | 5 253 614 | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 |
| Shareholders’ equity | 2 649 362 | 2 533 960 | 2 166 364 | 1 986 440 | 1 919 459 |
| Shareholders’ equity attributable to shareholders of parent company | 2 574 775 | 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 | 200 786 | 134 163 | 121 602 | 103 239 | 126 358 |
| Net result of the financial year | 119 222 | 204 615 | 145 613 | 137 362 | 97 393 |
| Minority interests | 74 587 | 82 625 | 84 234 | 83 280 | 66 536 |
| Liabilities | 2 604 252 | 2 024 279 | 1 855 102 | 1 796 142 | 1 741 823 |
| Non-current liabilities | 1 417 964 | 1 025 918 | 1 140 333 | 1 222 857 | 1 074 668 |
| Provisions | 25 359 | 24 176 | 22 447 | 25 886 | 16 890 |
| Non-current financial debts | 1 246 850 | 873 546 | 1 012 290 | 1 112 890 | 970 604 |
| Other non-current financial liabilities | 100 690 | 84 227 | 62 600 | 43 729 | 49 971 |
| Deferred taxes | 45 064 | 43 969 | 42 996 | 40 352 | 37 203 |
| Current liabilities | 1 186 289 | 998 361 | 714 768 | 573 285 | 667 155 |
| Current financial debts | 1 036 612 | 870 993 | 613 107 | 462 810 | 558 167 |
| Other current financial liabilities | 206 | 96 | 0 | 4 544 | 12 949 |
| Trade debts and other current debts | 126 637 | 112 435 | 88 292 | 81 362 | 72 280 |
| Accrued charges and deferred income | 22 834 | 14 837 | 13 370 | 24 569 | 23 759 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 5 253 614 | 4 558 239 | 4 021 466 | 3 782 582 | 3 661 282 |
| (in EUR per share) | 31.12.2020 | 31.12.2019 |
| EPRA Earnings | 6.85 | 6.81 |
| EPRA Diluted Earnings | 6.85 | 6.80 |
| (in EUR per share) | 31.12.2020 | 31.12.2019 |
| EPRA Net Asset Value (NAV) | 102.22 | 100.69 |
| EPRA Adjusted Net Asset Value (NNNAV) | 97.74 | 97.56 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 110.11 | 107.67 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 101.74 | 100.13 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 96.01 | 95.36 |
| 31.12.2020 | 31.12.2019 | |
| EPRA Net Initial Yield (NIY) | 5.5 % | 5.6 % |
| EPRA 'topped-up' NIY | 5.5 % | 5.6 % |
| EPRA Vacancy rate | 2.6 % | 3.0 % |
| EPRA Cost ratio (direct vacancy costs included) | 18.4 % | 18.0 % |