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ATENOR
Earnings Release • Sep 5, 2024
3908_ir_2024-09-05_e8d89416-c794-434b-a725-ac01c0ca1322.pdf
Earnings Release
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05.09.2024
PRESS RELEASE
HALF-YEAR FINANCIAL REPORT 2024(1)
Regulated information
La Hulpe, 5 September 2024
Atenor (BSE: ATEB) today announced the financial results for the first half of the fiscal year 2024.
Below is a brief overview.
Half-year operating result (including the net result from equity-accounted investments): operating profit of €22.8 million vs an operating loss of €38.4 million as of 30.06.2023.
Half-year net result (group share): Profit of €0.2 million vs a loss of €53.8 million as of 30.06.2023.
Activities report: (Value creation cycle): major events
- Sale of the WellBe project
- Completion of the sale of the Realex Conference Center to the European Commission
- Obtained permits: 40,500 sq.m.
- Office leases: 4,300 sq.m.
- Apartment sales: 147 apartments
Balance sheet: Objective to reduce the consolidated net debt
- First positive impacts on net consolidated indebtedness due to project sales and improvement of the solvency ratio from 20.0% on 30.06.2023; 29.9% on 31.12.2023 to 31.2% on 30.06.2024;
- Continuation of the policy of replacing corporate and market financing (Bonds and CP) with bank financing for projects;
- Extension of « green » funding: Green retail bonds and bank financing; 50% (as of 30.06.2024) vs 32% (as of 30.06.2023) of the amount of indebtedness.
Portfolio:
- 33 projects totaling approximately 1,237,465 sq.m.
- 99% of the development portfolio aligned with the taxonomy
Atenor's CEO Stephan Sonneville SA comments:
« We are on track to substantially reduce the Group's consolidated net debt in 2024. Some of the 7 transactions planned for 2024 (as mentioned in the commentary) have already been completed by June 30th . In addition to a €112 million reduction in consolidated net financial debt, these transactions led to a significantly positive operating result for the first half of the year, albeit burdened by high financial and tax charges. The investment market in office and residential sectors in Europe remains relatively inactive, prompting us to exercise utmost caution, notably in terms of real estate valuation in the market. However, the quality of the projects in the portfolio enables us to secure the necessary financing for construction and useful refinancing to replace market financing with bank financing. »
For further information,
Please visit our website at www.atenor.eu and/or reach out to Caroline Vanderstraeten for Twigami SRL, CFO or Stephanie Geeraerts pour Thibrox BV, Corporate Communication & Investor Relations Manager [email protected]
About Atenor
Atenor is a leading real estate developer at the forefront of sustainability and urbanity. Recognised for its commitment to urban resilience, Atenor takes an innovative approach in its mixed-use developments including; offices, residential, and retail spaces, supported by its Research and Development department, Archilab. With an international presence and a diversified project portfolio, Atenor aims to generate returns for its investors through a value creation cycle starting from obsolete buildings. Listed on Euronext Brussels, Atenor stands as a key player in the real estate development sector.
To learn more about Atenor and its projects please visit us at www.atenor.eu or contact us at [email protected].
Disclaimer
This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided "as is" without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Atenor does not guarantee its accuracy or completeness. Atenor will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. All proprietary rights and interest in or connected with this publication shall vest in Atenor.
This press release speaks only as of this date. Atenor refers to Atenor SA and its affiliates.
In order to facilitate the understanding of our activities and track their evolution, we provide relevant comments on the first half-year's activities in accordance with the main stages of the value creation cycle in our core business.
A. General overview of activities
The figures in the graph below are as of 30 June 2024. They are stated in gross above-ground surfaces (sq.m.).
Acquisition: Atenor remains attentive to the evolution of the markets where it is active, in order to be proactive when the time comes.
Planning permit applications: The 2024 permit applications will be submitted in the second half of the year.
Building permit deliveries: Atenor has received the planning permit for the deep renovation of Lakeside II (formerly UBC II) in Warsaw, for the construction of Au Fil des Grands Prés (Mons - new residential phase) and Perspectiv' (mixed project) in Luxembourg.
Launch of construction: The construction works for Twist (Luxembourg) have been completed and the works for Wellbe (Lisbon) are ongoing. Preparatory and decontamination/demolition works have been undertaken on Victor Hugo (Paris) and Campo Grande (Lisbon).
Atenor continues its policy of case-by-case analysis of the relevance of launching other constructions.
Leasing: Leases have been signed for a total area of approximately 4,300 sq.m. mainly in Belgium, Hungary and Romania.
Sales: The sale of the German project Am Wehrhahn (Düsseldorf) was finalized in January. In February, Atenor concluded the sale in future state of completion of the WellBe project (Lisbon) to the bank Caixa Geral de Depósitos. In June, Atenor finalized, through its subsidiaries Leaselex and Freelex, the sale in future state of completion of the Realex Conference Center (Brussels) to the European Commission. The land transfer was finalized on June 21 for an initial amount of €88 million. The following installments will be paid monthly as the construction progresses over 42 months.
The positive impact of these sales for Atenor is a reduction of its indebtness of approximately €130 million and a positive gross result of €36.5 million.
The investment activity in the office sector remains extremely low, while rents are rising due to inflation and the lack of high-performing buildings. In light of this, we observed in the first half of 2024 a trend among occupants to postpone their decision to relocate to more efficient buildings. However, administrations and large companies subject to ESG reporting are being pushed to relocate. We believe this trend will become more pronounced in the coming months.
B. Prospects for FY 2024:
As previously announced, the operational results (EBIT) will be largely positive, driven by the completion of 7 announced projects, although impacted by high financial and tax charges. These projects include Wellbe (sale in future state of completion), Realex Conference Center (sale in future state of completion), delivery of the offices of the Au Fil des Grands Prés project, continuation of the construction of City Dox – Lot 5, sale of Twist, delivery of the apartments of UP-site Bucharest and Lake 11 Home&Park. All other things being equal, these 7 projects will contribute, in 2024, to a minimum of €150 million in the expected overall reduction of consolidated net debt.
We anticipate a significant improvement in the solvency ratio as of 31 December 2024, based on the projected transactions. The priority remains the reduction of debt.
C. Interim Management Report
The first half of 2024 closed with a consolidated net result (group share) of €0.2 million compared to €- 53.81 million in the first half of 2023.
As of 30 June 2024, revenues from the pre-sales of the Realex, WellBe, City Dox, Twist (residential), and Au Fil des Grands Prés (offices) projects generated an operating result (including the net result of equity-accounted investments) of €22.8 million, which was absorbed by high financial charges and taxes, resulting in a net result (group share) of €0.2 million.
| Results | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| Net consolidated result (group share) | 0.226 | -53.806 | -107.13 |
| Profit per share (in Euros) | 0.01 | -7.99 | -2.45 |
| Number of shares | 43,739,703 | 7,425,010 | 43,739,703 |
| of which own shares | 313,427 | 313,434 | 313,434 |
| Balance sheet | 30.06.2024 | 30.06.2023 | 31.12.2023 |
| Total assets | 1,299.7 | 1,282.4 | 1,328.7 |
| Cash position at end-of- period | 55.4 | 23,9 | 47.5 |
| Net indebtedness (-) | -756.7 | -895,6 | -807.0 |
| Total of consolidated equity | 342.7 | 233.3 | 344.3 |
| Solvency ratio | 31.2% | 20.0% | 29.9% |
Table of key consolidated figures (in million of €) - Limited review of the auditor
Revenue from ordinary activities and consolidated results
The revenue from ordinary activities as at 30 June 2024 amounted to €146.86 million compared to €31.04 million as of 30 June 2023. This includes primarily of (a) revenue from the signing of the sale in future state of completion of the Realex project for an amount of €83.89 million, (b) revenue generated from the sale of apartments in the residential projects (City Dox and Twist) for a total of €26.29 million, (c) the sale of the Am Wehrhahn project for €18.13 million, (d) revenue from the sale in future state of completion of the Au Fil des Grands Prés project (offices; €6.55 M), (e) project management fees billed to partner companies (€6.68 million), and (f) rental income from the buildings @Expo, Twist, Nysdam, Arena Business Campus A, University Business Center II, Fort 7, and Bakerstreet I totaling €5.05 million.
Other operating income (€5.37 million) mainly includes re-invoicing of the fit-out works in the Lakeside project, the sold Roseville project (€3.36 million), and other rental charges (€1.65 million).
The operating result reached €22.8 million compared to a loss of €38.4 million as of 30 June 2023. It consists of €13.5 million in operating result and €9.31 million in net result from equity-accounted investments.
✓ The operating result stands at €13.5 million compared to -€34.3 million in the first half of 2023. It is mainly influenced by the result of sales and sales in future state of completion (Realex, Au Fil des Grands Prés, AM Wehrhahn) for €19.3 million, apartments from various residential projects for €4.78 million, as well as net rental income from the buildings @Expo, Twist, Nysdam, Arena Business Campus A and Bakerstreet I (total of €2.75 million). The operating expense mainly comes from various corporate expenses (€-7.80 million). The
operating result also includes an adjustment of the stock value based on market conditions for the Lakeside project (€-4.5 M).
✓ The result (share) from equity-accounted investments (€9.31 M) is mainly related to the sale in future state of completion of the WellBe project, offset by current charges, local taxes (property taxes), and non-capitalized financial expenses of other projects from equity-accounted investments.
The net financial result stands at -€14.78 million compared to -€13.32 million in the first half of 2023. The increase in net financial charges is due to the rise in interest rates offset by the decrease in the Group's average net debt (€- 50.4 million compared to the first half of 2023) and the increase in capitalizations (IAS 23; €+2.55 million compared to the first half of 2023) related to ongoing developments.
During the first half of the year, Atenor implemented a collar to hedge €75 million of corporate lines for a duration of 3 years. The floor and cap are set at 2.2% and 2.95%, respectively.
Taxes amount to -€6.9 million as of 30 June 2024, mainly composed of current taxes and deferred tax liabilities, primarily related to the Realex, Twist and City Dox projects.
The Group's net result for the first half of the year is €0.23 million compared to a loss of €53.81 million as of 30 June 2023.
Consolidated balance sheet
Consolidated shareholders' equity amounts to €342.73 million, down €1.58 million from 31 December 2023. The solvency ratio stands at 31.2% as of 30 June 2024.
The Group's net consolidated indebtedness stands at €756.66 million (excluding available cash) as at 30 June 2024 compared to the net consolidated indebtedness of €807.04 million as at 31 December 2023.
Trade and other payables rose from €86.89 million at 31 December 2023 to €99.28 million at 30 June 2024. This change is explained, on the one hand, by the decrease in trade payables (€-3 M) and, on the other hand, by the increase in advance payments received on the sale of apartments in the Twist, City Dox, UP-site Bucharest and Lake 11 Home&Park projects (€+5.8 M) and a variation in advance accounts of equity-accounted companies (€+8 M).
The "Buildings intended for sale" classified under "Inventories (Stock)" represent the real estate projects in the portfolio and under development. This item amounts to €969.32 million, down by €23.95 million net from 31 December 2023. This variation results primarily from (a) the continuation of the works and studies of the, Bakerstreet, Lake 11 Home&Park (Budapest), UP-site (Bucharest), Lakeside (Warsaw), Am Wherharhn (Düsseldorf), Twist (Luxembourg), City Dox, Realex (Brussels), Au Fil des Grands Prés (Mons), NBS10 (London) amounting to +€84.03 million (out of a total of +€88.37 M), (b) the forward sale of the Realex Conference Center and Au Fil des Grands Prés, the sales of apartments in the City Dox and Twist projects, and the sale of office buildings in the Am Wehrhahn project, amounting to -€109.82 million (out of a total of -€110.77 M), and (c) an adjustment of the stock value based on market conditions indicating a potentially lower value than the historically recognized book value for the Lakeside project (€-4.5 M).
Currency exchange differences related to projects in Central Europe impact the stock downwards by €- 3.49 million.
Financing policy
As already announced, Atenor continues its strategy of gradually replacing:
-
- financing on financial markets (CP and EMTN) with bank financing
-
- corporate financing by project financing Several project bank refinancings have been implemented since 31.12.2023: NOR.Bruxsels (Brussels) - Consortium of Belgian banks; Bakerstreet (Budapest) - K&H Bank; Lakeside (Warsaw) - BNP and Santander Banks; Lake 11 Home&Park (Budapest) - MBH Bank; @Expo (Bucharest) - OTP Bank.
The weighted average interest rate of Atenor's consolidated debt stands at 5.15% for the first half of 2024 (vs 4.39% for the year 2023).
Principal risks and uncertainties
Since 2022, the strong international political and macroeconomic tensions have had a ripple effect, resulting in a significantslowdown on the office and residential real estate sector. At this stage, we believe that the general decline in value remains temporary, under the pressure of political tensions and current market conditions. The downward trend in interest rates and the emergence of ESG criteria support, apart from occasional impairments, the profitability potential of the portfolio. We remain attentive to the evolution of this macroeconomic situation and its potential implications for Atenor.
In general and permanent way, the Board of Directors is attentive to the analysis and management of the various risks and uncertainties with which Atenor and its subsidiaries are confronted.
As at 30 June 2024, Atenor is not facing any significant litigation.
Dividend
The General Assembly of April 26, 2024, did not propose a dividend
Events subsequent to the closing date
On 18 July, Atenor was notified by the Ministry of Finance of the Grand Duchy of Luxembourg of the exercise of the purchase option it holds on the Twist building leased to Statec, effective on 31 August 2024. The sale is expected to be completed before 31 December 2024.
A letter of intent has been signed with an investor for the sale of the Lakeside building in Warsaw, leased at over 95%; this LOI foresees the sale to be closed before 31 December 2024.
A sales agreement was concluded on 12 August with a local operator for the sale of the remaining residential project Les Grands Prés in Mons. The deed of sale is expected to be executed before 31 December 2024.
No other major events are to be noted since 30 June 2024.
Financial calendar
Intermediate declaration for third quarter 2024 13 November 2024 Publication of the annual results for 2024 March 2025 Annual General Meeting 2024 25 April 2025
Contact and Information
For more detailed information, please contact Caroline Vanderstraeten for Twigami SRL, CFO or Stephanie Geeraerts pour Thibrox BV, Investor Relations Manager.
+32-2-387.22.99 - +32-2-387.23.16 - e-mail: [email protected] - www.atenor.eu
Consolidated statement of comprehensive income
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 30.06.2024 | 30.06.2023 | |
| Operating revenue | 3 | 146.861 | 31.038 |
| Turnover | 141.629 | 27.730 | |
| Property rental income | 5.232 | 3.308 | |
| Other operating income | 5.369 | 11.149 | |
| Gain (loss) on disposals of financial assets | 6.190 | ||
| Other operating income | 5.368 | 4.988 | |
| Gain (loss) on disposals of non-financial assets | 1 | -29 | |
| Operating expenses (-) | -138.734 | -76.480 | |
| Raw materials and consumables used (-) | -71.841 | -76.544 | |
| Changes in inventories of finished goods and work in progress | -22.475 | 74.884 | |
| Employee expenses (-) | -3.120 | -2.714 | |
| Depreciation and amortization (-) | 8 | -592 | -486 |
| Impairments (-) | 1 1 | -4.548 | -39.283 |
| Other operating expenses (-) | -36.158 | -32.337 | |
| Result from operating activities - EBIT | 13.496 | -34.293 | |
| Financial expenses (-) | -17.504 | -15.838 | |
| Financial income | 2.724 | 2.514 | |
| Share of profit (loss) from investments consolidated by the equity method | 1 0 | 9.312 | -4.093 |
| Profit (Loss) before tax | 8.028 | -51.710 | |
| Income tax expense (income) (-) | 5 | -6.902 | -2.327 |
| Profit (loss) after tax | 1.126 | -54.037 | |
| Post-tax profit (loss) of discontinued operations | 0 | 0 | |
| Profit (loss) of the period | 1.126 | -54.037 | |
| Non controlling interests | 900 | -231 | |
| Group profit (loss) | 226 | -53.806 | |
| Earnings per share | |||
| 30.06.2024 | 30.06.2023 | ||
| Total number of issued shares | 43.739.703 | 7.425.010 | |
| of which own shares | 313.427 | 313.434 | |
| Weighted average number of shares (excluding own shares) | 43.425.967 | 6.733.201 | |
| Basic earnings per share | 0,01 | -7,99 | |
| Diluted earnings per share | 0,01 | -7,99 | |
| Other elements of the overall profit and losses | |||
| 30.06.2024 226 |
30.06.2023 -53.806 |
||
| Group share result Items not to be reclassified to profit or loss in subsequent periods : |
|||
| Employee benefits | |||
| Items to be reclassified to profit or loss in subsequent periods : | |||
| Translation adjusments | -2.591 | 14.360 | |
| Cash flow hedge | 1 3 | -115 | -155 |
| Overall total results of the group | -2.480 | -39.601 | |
| Overall profits and losses of the period attributable to third parties | 900 | -231 |
(*) refer to the Consolidated Statement of Changes in Equity - page 9
D. Condensed Financial Statements (unaudited - continued)
Consolidated statement of the financial position
|--|
| Notes | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
|---|---|---|---|---|
| Non current assets | 222.042 | 234.606 | 243.715 | |
| Property, plant and equipment | 8 | 9.682 | 8.822 | 10.199 |
| Investment property | 9 | 21.514 | 21.529 | 21.514 |
| Intangible assets | 164 | 210 | 178 | |
| Investments consolidated by the equity method | 1 0 | 81.699 | 69.949 | 69.050 |
| Deferred tax assets | 2.747 | 1.974 | 2.041 | |
| Other non-current financial assets | 1 2 | 106.233 | 131.425 | 140.733 |
| Derivatives | 3 | |||
| Non-current trade and other receivables | 1 2 | 697 | 0 | |
| Current assets | 1.077.640 | 1.047.780 | 1.084.989 | |
| Inventories | 1 1 | 969.319 | 961.079 | 993.273 |
| Other current financial assets | 1 2 | 237 | 9 4 | |
| Derivatives | 215 | 118 | ||
| Current tax assets | 277 | 722 | 588 | |
| Current trade and other receivables | 39.626 | 50.261 | 30.802 | |
| Current loans payments | 2 4 | 1 0 | 1 1 | |
| Cash and cash equivalents | 1 2 | 55.406 | 23.962 | 47.506 |
| Other current assets | 12.988 | 11.294 | 12.597 | |
| Total assets | 1.299.682 | 1.282.386 | 1.328.704 |
In thousands of EUR
| LIABILITIES AND EQUITY | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
|---|---|---|---|---|
| Total equity | 342.728 | 223.314 | 344.308 | |
| Group shareholders' equity | 340.602 | 221.762 | 343.082 | |
| Issued capital | 317.193 | 141.560 | 317.193 | |
| Reserves | 38.482 | 95.275 | 40.962 | |
| Treasury shares (-) | -15.073 | -15.073 | -15.073 | |
| Non controlling interest | 2.126 | 1.552 | 1.226 | |
| Non-current liabilities | 429.269 | 469.416 | 470.217 | |
| Non-current interest bearing borrowings | 1 3 | 408.966 | 456.120 | 450.808 |
| Non-current provisions | 12.907 | 6.214 | 10.213 | |
| Pension obligation | 565 | 442 | 565 | |
| Deferred tax liabilities | 845 | 914 | 920 | |
| Non-current trade and other payables | 4.773 | 5.218 | 6.006 | |
| Other non-current liabilities | 1.213 | 508 | 1.705 | |
| Current liabilities | 527.685 | 589.656 | 514.179 | |
| Current interest bearing debts | 1 3 | 403.104 | 463.459 | 403.735 |
| Current provisions | 6.969 | 7.529 | 7.941 | |
| Current tax payables | 9.064 | 2.047 | 2.954 | |
| Current trade and other payables | 99.276 | 105.125 | 86.886 | |
| Other current liabilities | 9.272 | 11.496 | 12.663 | |
| Total equity and liabilities | 1.299.682 | 1.282.386 | 1.328.704 |
D. Condensed Financial Statements (unaudited - continued)
Consolidated cash flow statement (indirect method)
| In thousands of EUR | |||||
|---|---|---|---|---|---|
| Notes | 30.06.2024 | 30.06.2023 | 31.12.2023 | ||
| Operating activities | |||||
| Net income (group share) - |
226 | -53.806 | -107.129 | ||
| Result of non controlling interests - |
900 | -231 | -557 | ||
| Result of Equity method Cies - |
10 | -9.312 | 4.093 | 8.432 | |
| Interest charges - |
16.318 | 13.768 | 34.360 | ||
| Interest incomes - |
-2.719 | -2.501 | -5.759 | ||
| Income tax expense - |
5 | 7.682 | 827 | 1.883 | |
| Result for the period | 13.095 | -37.850 | -68.770 | ||
| Depreciations - |
8 | 592 | 486 | 1.035 | |
| Impairment losses - |
4.335 | 39.283 | 56.060 | ||
| Translation adjustments - |
-475 | -1.225 | 1.827 | ||
| Fair value adjustments - |
9 | 213 | 399 | ||
| Provisions (Increases / Reversals) - |
-877 | -1.070 | 1.535 | ||
| Deferred taxes (Increases / Reversals) - |
5 | -780 | 1.500 | 1.438 | |
| (Profit)/Loss on disposal of fixed assets - |
-6.154 | -6.154 | |||
| Adjustments for non cash items | 3.008 | 32.820 | 56.140 | ||
| Variation of inventories - |
16.195 | -79.203 | -130.359 | ||
| Variation of trade and other amounts receivables - |
-8.287 | -1.714 | 16.625 | ||
| Variation of trade payables - |
1.623 | 38.101 | 21.206 | ||
| Variation of amounts payable regarding wage taxes - |
-281 | -194 | 7 3 | ||
| 10.556 | 1.548 | 1.455 | |||
| Variation of other receivables and payables - |
|||||
| Net variation on working capital | 19.806 | -41.462 | -91.000 | ||
| Directors' entitlements - |
-460 | -410 | -410 | ||
| Interests received - |
2.718 | 2.501 | 5.759 | ||
| Income tax (paid) paid - |
-1.543 | -2.279 | -2.439 | ||
| Income tax (paid) received - |
283 | 517 | 657 | ||
| Cash from operating activities (+/-) | 36.907 | -46.163 | -100.063 | ||
| Investment activities | |||||
| Acquisitions of intangible and tangible fixed assets - |
-283 | -346 | -825 | ||
| Acquisitions of financial investments - |
-682 | -462 | -1.805 | ||
| New loans - |
-3.625 | -6.992 | -22.528 | ||
| Subtotal of acquired investments | -4.590 | -7.800 | -25.158 | ||
| Disposals of intangible and tangible fixed assets - |
1 | 2 | 3 | ||
| Disposals of financial investments - |
17.516 | 17.516 | |||
| Reimbursement of loans - |
38.121 | 19.995 | 26.222 | ||
| Subtotal of disinvestments | 38.122 | 37.513 | 43.741 | ||
| Cash from investment activities (+/-) | 33.532 | 29.713 | 18.583 | ||
| Financial activities | |||||
| Capital increases - |
0 | 0 | 175.633 | ||
| Treasury shares - |
-7 | -7 | |||
| New borrowings - |
135.319 | 236.595 | 324.052 | ||
| Repayment of borrowings - |
-177.640 | -196.000 | -350.400 | ||
| Interests paid - |
-20.427 | -15.031 | -34.701 | ||
| Dividends paid to company's shareholders - |
6 | -10.011 | -10.011 | ||
| Cash from financial activities (+/-) | -62.748 | 15.546 | 104.566 | ||
| Net variation ot the period | 7.691 | -904 | 23.086 | ||
| Cash and cash equivalent at the beginning of the year - |
47.506 | 25.168 | 25.168 | ||
| Net variation in cash and cash equivalent - |
7.691 | -904 | 23.086 | ||
| Effect of exchange rate changes - |
209 | -302 | -748 | ||
| Cash and cash equivalent at end of the year - |
1 2 | 55.406 | 23.962 | 47.506 |
D. Condensed Financial Statements (unaudited - continued)
Consolidated statement of change in equity
| In thousands of EUR | Note Issued capital | share is sue premium |
Hedging reserves |
Own shares | Consolidated reserves |
IAS 19R reserves |
Cumulative translation adjusments |
Minority interests |
Total Equity | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 0 2 3 | ||||||||||
| Balance as of 01.01.2023 | 72.039 | 61.582 | 370 | -15.073 | 176.822 | -342 | -24.024 | 2.244 | 273.618 | |
| Profit/loss of the period | - | - | - | - | -107.129 | - | - | -557 | -107.686 | |
| Other elements of the overall results (1) | - | - | -252 | - | - | -116 | 13.583 | - | 13.215 | |
| Total comprehensive income | - | - | -252 | - | -107.129 | -116 | 13.583 | -557 | -94.471 | |
| Capital increase | 7 | 185.525 | 3.987 | - | - | - | - | - | - | 189.512 |
| Costs of capital increase | - | -5.940 | - | - | - | - | - | - | -5.940 | |
| Paid dividends | 6 | - | - | - | - | -17.950 | - | - | - | -17.950 |
| Other | - | - | - | - | 0 | - | - | -461 | -461 | |
| Balance as of 31.12.2023 | 257.564 | 59.629 | 118 | -15.073 | 51.743 | -458 | -10.441 | 1.226 | 344.308 | |
| First semester 2 0 2 3 | ||||||||||
| Balance as of 01.01.2023 | 72.039 | 61.582 | 370 | -15.073 | 176.822 | -342 | -24.024 | 2.244 | 273.618 | |
| Profit/loss of the period | - | - | - | - | -53.806 | - | - | -231 | -54.037 | |
| Other elements of the overall results (1) | - | - | -155 | - | - | 14.360 | - | 14.205 | ||
| Résultat global total | - | - | -155 | - | -53.806 | - | 14.360 | -231 | -39.832 | |
| Capital increase | 3.952 | 3.987 | - | - | - | - | - | - | 7.939 | |
| Paid dividends | 6 | - | - | - | - | -17.950 | - | - | - | -17.950 |
| Other | - | - | - | - | - | - | - | -461 | -461 | |
| Balance as of 30.06.2023 | 75.991 | 65.569 | 215 | -15.073 | 105.066 | -342 | -9.664 | 1.552 | 223.314 | |
| First semester 2 0 2 4 | ||||||||||
| Balance as of 01.01.2024 | 257.564 | 59.629 | 118 | -15.073 | 51.743 | -458 | -10.441 | 1.226 | 344.308 | |
| Profit/loss of the period | - | - | - | - | 226 | - | - | 900 | 1.126 | |
| Other elements of the overall results (1) | - | - | -115 | - | - | - | -2.591 | - | -2.706 | |
| Résultat global total | - | - | -115 | - | 226 | - | -2.591 | 900 | -1.580 | |
| Balance as of 30.06.2024 | 257.564 | 59.629 | 3 | -15.073 | 51.969 | -458 | -13.032 | 2.126 | 342.728 |
(1) The Group owns several Hungarian, Romanian, Polish and UK subsidiaries that opted for the local currency as their operating currency in each of the countries. The negative currency differences recorded in equity for the period are mainly due to the depreciation of the Forint (-€3.95 M) partially offset by the improvement of the Zloty (€0.89 M) against the Euro.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30.06.2024
Note 1. Corporate information
The Group's consolidated half-year financial statements as at 30 June 2024 were adopted by the Board of Directors meeting on 5 September 2024.
Note 2. Principal accounting methods
1. Basis for preparation
Going concern principle:
The Group has prepared the interim financial statements on the basis of the continuity of real estate development activities, using the value-creation cycle usually described and covering the same territory of 10 countries in which it operates. The completion of the value creation cycle implies the disposal of projects at the end of the cycle, without excluding early disposals depending on opportunities and particular circumstances.
During the first half of the year, Atenor completed several expected transactions, resulting in a reduction of the group's net indebtedness and a positive contribution to the results, including:
- Sale of the Am Wherhahn building in Düsseldorf,
- Sale of the WellBe project in Lisbon in a future state of completion,
- Finalization of the sale to the OIB of the Realex Conference Center (sale in a future state of completion).
During this same period, Atenor honored the repayment of Bonds (obligations and Green EMTN) that matured for an amount of €40 million.
The Group has prepared 18-month cash flow forecasts which demonstrate that it should have sufficient liquidity to carry out its operations, taking into account certain assumptions, including the renewal of certain bank lines and the effective disposal of certain projects that have reached the end of their development.
For both short-term and medium-term cash management, the group also relies on a network of banking relationships maintained with several banks.
Atenor has conducted several sensitivity analyses to consider potential negative cash flow impacts. To date, Atenor believes that all measures taken, particularly those related to the sale of matured projects and the renewal of certain bank lines, should be sufficient to mitigate any potential negative impacts.
Particular attention has been paid to compliance with the covenants previously negotiated with two banks. These covenants were tested based on the financial statements as of 31 December 2023 and 30 June 2024.
Given the aforementioned outlook, the cash flow forecasts lead to compliance with all covenants as of 31 December 2024.
The condensed consolidated financial statements as at 30 June 2024 have been prepared in accordance with the IFRS (International Financial Reporting Standards) IAS 34 Interim Financial Reporting standards as issued by the International Accounting Standards Board (IASB), and as adopted by the European Union.
They do not include all of the information required for the full annual financial statements and should be read in conjunction with the company's consolidated financial statements for the year ending 31 December 2023.
The valuation of the assets was carried out based on market information and assumptions related to the exit schedule of these assets in order to examine the portfolio projects that could potentially be subject to impairments as of 30 June 2024.
The condensed consolidated interim financial information has been reviewed, but not audited, by the statutory auditor.
2. Consolidation principles and significant accounting principles
The evaluation rules adopted for the preparation of the consolidated financial position as at 30 June 2024 were maintained as to the rules followed for the preparation of the annual report as at 31 December 2023. There have been no significant changes in the estimates and judgments included in Note 1 of the 2023 annual report.
Standards and interpretations applicable for annual periods beginning on or after 01.01.2024
- Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
- Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
- Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements
These new standards and interpretations have been implemented and have not had a significant impact on the figures reported by Atenor.
Standards and interpretations published, but not yet applicable for the annual period beginning on 01.01.2024
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025, but not yet endorsed in the EU)
- IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
- IFRS 19 Subsidiaries without Public Accountability – Disclosures (applicable for annual periods beginning on or after 1 January 2027, but not yet endorsed in the EU)
- Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)
The Group is currently assessing the impact of the amendments and will implement them for the annual report at 31 December 2024. Based on an initial review of the texts, we estimate that the future application should not have a significant impact on the consolidated financial statements.
Atenor has not applied any new IFRS provisions that have not come into force in 2024 and has not applied any European exceptions to IFRS.
The new IFRS standards and IFRIC interpretations and the amendments to the old standards and interpretations, which apply for the first time in 2024, have not a significant direct impact on the figures reported by Atenor.
Note 3. Revenue from ordinary activities
| In thousands of EUR | 30.06.2024 | 30.06.2023 | |
|---|---|---|---|
| Turnover | 141.629 | 27.730 | |
| of which sales of good | 134.881 | 25.805 | |
| of which services | 6.748 | 1.925 | |
| Property rental income | 5.232 | 3.308 | |
| Total of operating revenue | 146.861 | 31.038 |
The revenue from ordinary activities as at 30 June 2024 amounted to €146.86 million compared to €31.04 million as of 30 June 2023. This includes primarily of (a) revenue from the signing of the sale in future state of completion of the Realex project for an amount of €83.89 million, (b) revenue generated from the sale of apartments in the residential projects (City Dox and Twist) for a total of €26.29 million, (c) the sale of the Am Wehrhahn project for €18.13 million, (d) revenue from the sale in future state of completion of the Au Fil des Grands Prés project (offices; €6.55 million), (e) project management fees billed to partner companies (€6.68 million), and (f) rental income from the buildings @Expo, Twist, Nysdam, Arena Business Campus A, University Business Center II, Fort 7, and Bakerstreet I totaling €5.05 million.
Note 4. Segment reporting
Segment information is prepared, both for internal reporting and external disclosure, on a single sector of activity, i.e. real estate development projects (office and residential properties, the retail activity being accessory to the first two mentioned). This activity is presented, managed, and monitored on a project-by-project basis. The Management Committee and Board of Directors are responsible for monitoring the various projects and assessing their performance.
However, based on the location of the projects, two geographical segments are henceforth identifiable: on the one hand there is Western Europe, covering Belgium, the Grand Duchy of Luxembourg, the Netherlands, France, Germany, Portugal, and the United Kingdom, and, on the other hand, there is Central Europe, covering Poland, Hungary, and Romania.
| In thousands of EUR | 30.06.2024 | 30.06.2023 | 31.12.2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Western Europe |
Central Europe |
Total | Western Europe |
Central Europe |
Total | Europe Occidentale |
Europe Centrale |
Total | |
| Operating revenue | 143.725 | 3.136 | 146.861 | 28.738 | 2.300 | 31.038 | 51.249 | 38.225 | 89.474 |
| Turnover | 141.567 | 6 2 | 141.629 | 27.654 | 7 6 | 27.730 | 49.144 | 33.524 | 82.668 |
| Property rental income | 2.158 | 3.074 | 5.232 | 1.084 | 2.224 | 3.308 | 2.105 | 4.701 | 6.806 |
| Other operating income | 581 | 4.788 | 5.369 | 6.814 | 4.335 | 11.149 | 7.656 | 9.417 | 17.073 |
| Gain (loss) on disposals of financial assets | 0 | 0 | 0 | 6.190 | 6.190 | 6.190 | 6.190 | ||
| Other operating income | 580 | 4.788 | 5.368 | 626 | 4.362 | 4.988 | 1.469 | 9.443 | 10.912 |
| Gain (loss) on disposals of non-financial assets | 1 | 0 | 1 | -2 | -27 | -29 | -3 | -26 | -29 |
| Operating expenses (-) | -125.418 | -13.316 | -138.734 | -45.785 | -30.695 | -76.480 | -91.649 | -79.026 | -170.675 |
| Raw materials and consumables used (-) | -32.862 | -38.979 | -71.841 | -30.413 | -46.131 | -76.544 | -70.588 | -91.109 | -161.697 |
| Changes in inventories of finished goods and work in | |||||||||
| progress | -65.276 | 42.801 | -22.475 | 26.156 | 48.728 | 74.884 | 57.813 | 67.800 | 125.613 |
| Employee expenses (-) | -2.465 | -655 | -3.120 | -2.321 | -393 | -2.714 | -4.668 | -936 | -5.604 |
| Depreciation and amortization (-) | -361 | -231 | -592 | -381 | -105 | -486 | -757 | -278 | -1.035 |
| Impairments (-) | -273 | -4.275 | -4.548 | -12.372 | -26.911 | -39.283 | -26.224 | -30.234 | -56.458 |
| Other operating expenses (-) | -24.181 | -11.977 | -36.158 | -26.454 | -5.883 | -32.337 | -47.225 | -24.269 | -71.494 |
| Result from operating activities - EBIT | 18.888 | -5.392 | 13.496 | -10.233 | -24.060 | -34.293 | -32.744 | -31.384 | -64.128 |
| Financial expenses (-) | -17.525 | 2 1 | -17.504 | -17.536 | 1.698 | -15.838 | -39.606 | 1.986 | -37.620 |
| Financial income | 2.613 | 111 | 2.724 | 2.316 | 198 | 2.514 | 5.401 | 414 | 5.815 |
| Share of profit (loss) from investments consolidated | |||||||||
| by the equity method | 9.312 | 9.312 | -4.093 | -4.093 | -8.432 | -8.432 | |||
| Profit (loss) before tax | 13.288 | -5.260 | 8.028 | -29.546 | -22.164 | -51.710 | -75.381 | -28.984 | -104.365 |
| Income tax expense (income) (-) | -6.899 | -3 | -6.902 | -2.290 | -37 | -2.327 | -3.104 | -217 | -3.321 |
| Profit (loss) after tax | 6.389 | -5.263 | 1.126 | -31.836 | -22.201 | -54.037 | -78.485 | -29.201 | -107.686 |
| Post-tax profit (loss) of discontinued operations | 0 | 0 | 0 | ||||||
| Profit (loss) of the period | 6.389 | -5.263 | 1.126 | -31.836 | -22.201 | -54.037 | -78.485 | -29.201 | -107.686 |
| Intercompany elimination | 8.947 | -8.947 | 0 | 6.945 | -6.945 | 0 | 15.715 | -15.715 | 0 |
| Consolidated result Overall profits and losses of the period attributable |
15.336 | -14.210 | 1.126 | -24.891 | -29.146 | -54.037 | -62.770 | -44.916 | -107.686 |
| to third parties | 900 | 900 | -231 | -231 | -557 | -557 | |||
| Group share result | 14.436 | -14.210 | 226 | -24.660 | -29.146 | -53.806 | -62.213 | -44.916 | -107.129 |
| 30.06.2024 | 30.06.2023 | 31.12.2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Western | Central | Western | Central | Western | Central | ||||
| In thousands of EUR | Europe | Europe | Total | Europe | Europe | Total | Europe | Europe | Total |
| ASSETS | |||||||||
| Non current assets | 219.895 | 2.147 | 222.042 | 234.096 | 510 | 234.606 | 241.347 | 2.368 | 243.715 |
| Property, plant and equipment | 7.800 | 1.882 | 9.682 | 8.472 | 350 | 8.822 | 8.113 | 2.086 | 10.199 |
| Investment properties | 21.514 | 0 | 21.514 | 21.529 | 21.529 | 21.514 | 21.514 | ||
| Intangible assets | 6 3 | 101 | 164 | 100 | 110 | 210 | 8 2 | 9 6 | 178 |
| Investments consolidated | |||||||||
| by the equity method | 81.699 | 0 | 81.699 | 69.949 | 69.949 | 69.050 | 69.050 | ||
| Deferred tax assets | 2.747 | 0 | 2.747 | 1.974 | 1.974 | 2.041 | 2.041 | ||
| Other non-current financial assets | 106.072 | 161 | 106.233 | 131.375 | 5 0 | 131.425 | 140.547 | 186 | 140.733 |
| Derivatives | 3 | 3 | |||||||
| Non-current trade and other receivables | 0 | 0 | 0 | 697 | 697 | 0 | |||
| Current assets | 571.848 | 505.792 | 1.077.640 | 628.099 | 419.681 | 1.047.780 | 635.103 | 449.886 | 1.084.989 |
| Inventories | 526.754 | 442.565 | 969.319 | 570.056 | 391.023 | 961.079 | 588.967 | 404.306 | 993.273 |
| Other current financial assets | 0 | 0 | 0 | 237 | 237 | 9 4 | 9 4 | ||
| Derivatives | 0 | 0 | 215 | 215 | 118 | 118 | |||
| Current tax receivables | 253 | 2 4 | 277 | 546 | 176 | 722 | 544 | 4 4 | 588 |
| Current trade and other receivables | 31.505 | 8.121 | 39.626 | 40.223 | 10.038 | 50.261 | 24.402 | 6.400 | 30.802 |
| Current loans payments | 2 4 | 2 4 | 1 0 | 1 0 | 1 1 | 1 1 | |||
| Cash and cash equivalents | 8.425 | 46.981 | 55.406 | 10.740 | 13.222 | 23.962 | 14.189 | 33.317 | 47.506 |
| Other current assets | 4.887 | 8.101 | 12.988 | 6.287 | 5.007 | 11.294 | 6.896 | 5.701 | 12.597 |
| TOTAL ASSETS | 791.743 | 507.939 | 1.299.682 | 862.195 | 420.191 | 1.282.386 | 876.450 | 452.254 | 1.328.704 |
| LIABILITIES AND EQUITY | |||||||||
| Total equity | 413.792 | -71.064 | 342.728 | 260.521 | -37.207 | 223.314 | 397.910 | -53.602 | 344.308 |
| Group shareholders' equity | 411.666 | -71.064 | 340.602 | 258.969 | -37.207 | 221.762 | 396.684 | -53.602 | 343.082 |
| Issued capital | 317.193 | 0 | 317.193 | 141.560 | 141.560 | 317.193 | 317.193 | ||
| Reserves | 109.546 | -71.064 | 38.482 | 132.482 | -37.207 | 95.275 | 94.564 | -53.602 | 40.962 |
| Treasury shares (-) | -15.073 | 0 | -15.073 | -15.073 | -15.073 | -15.073 | -15.073 | ||
| Non controlling interest | 2.126 | 2.126 | 1.552 | 1.552 | 1.226 | 1.226 | |||
| Non-current liabilities | 312.692 | 116.577 | 429.269 | 446.380 | 23.036 | 469.416 | 458.181 | 12.036 | 470.217 |
| Non-current interest bearing borrowings | 295.666 | 113.300 | 408.966 | 433.585 | 22.535 | 456.120 | 442.542 | 8.266 | 450.808 |
| Non-current provisions | 10.836 | 2.071 | 12.907 | 6.214 | 6.214 | 8.142 | 2.071 | 10.213 | |
| Pension obligation | 565 | 565 | 442 | 442 | 565 | 565 | |||
| Derivatives | 0 | 0 | 0 | ||||||
| Deferred tax liabilities | 845 | 845 | 914 | 914 | 920 | 920 | |||
| Non-current trade and other payables | 4.773 | 4.773 | 5.218 | 5.218 | 6.006 | 6.006 | |||
| Other non-current liabilities | 7 | 1.206 | 1.213 | 7 | 501 | 508 | 6 | 1.699 | 1.705 |
| Current liabilities | 65.259 | 462.426 | 527.685 | 155.294 | 434.362 | 589.656 | 20.359 | 493.820 | 514.179 |
| Current interest bearing debts | 376.679 | 26.425 | 403.104 | 446.370 | 17.089 | 463.459 | 363.599 | 40.136 | 403.735 |
| Current provisions | 4.290 | 2.679 | 6.969 | 4.678 | 2.851 | 7.529 | 4.227 | 3.714 | 7.941 |
| Deferred tax liabilities | 9.051 | 1 3 | 9.064 | 2.024 | 2 3 | 2.047 | 2.814 | 140 | 2.954 |
| Current trade and other payables | 57.231 | 42.045 | 99.276 | 59.201 | 45.924 | 105.125 | 47.294 | 39.592 | 86.886 |
| Other current liabilities | 7.587 | 1.685 | 9.272 | 10.632 | 864 | 11.496 | 10.452 | 2.211 | 12.663 |
| Intercompany elimination / not allocated | -389.579 | 389.579 | -367.611 | 367.611 | -408.027 | 408.027 | |||
| TOTAL EQUITIES AND LIABILITIES | 791.743 | 507.939 | 1.299.682 | 862.195 | 420.191 | 1.282.386 | 876.450 | 452.254 | 1.328.704 |
Note 5. Income taxes and deferred taxes
| Income tax expense / Income - current | |||
|---|---|---|---|
| Current period tax expense | -7.736 | -822 | -1.759 |
| Adjustments to tax expense/income of prior periods | 5 4 | -5 | -124 |
| Total current tax expense, net | -7.682 | -827 | -1.883 |
| Income tax expense / Income - Deferred | |||
| Related to the current period | 776 | 3 1 | 6 7 |
| Related to tax losses | 4 | -1.531 | -1.505 |
| Total deferred tax expense | 780 | -1.500 | -1.438 |
| Total current and deferred tax expense | -6.902 | -2.327 | -3.321 |
Note 6. Paid dividends
| 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|
| - | -10.011 | -10.011 |
Note 7. Capital
| TAXES - In thousands of EUR | 30.06.2024 | 30.06.2023 | 31.12.2023 | ||
|---|---|---|---|---|---|
| Income tax expense / Income - current | |||||
| -7.736 | -822 | -1.759 | |||
| Current period tax expense Adjustments to tax expense/income of prior periods |
5 4 | -5 | -124 | ||
| Total current tax expense, net | -7.682 | -827 | -1.883 | ||
| Income tax expense / Income - Deferred | |||||
| Related to the current period | 776 | 3 1 | 6 7 | ||
| Related to tax losses | 4 | -1.531 | -1.505 | ||
| Total deferred tax expense | 780 | -1.500 | -1.438 | ||
| Total current and deferred tax expense | -6.902 | -2.327 | -3.321 | ||
| For the six-month period ending 30 June 2024, the tax expense amounts to €6.9 million and is mainly composed of current and deferred tax liabilities relating to the Realex, Twist and City Dox projects. As a reminder, as of 30 June 2023, taxes amounted to €2.33 million. They were mainly composed of current and deferred tax liabilities relating to the City Dox and Twist projects. |
|||||
| Note 6. Paid dividends | |||||
| In thousands of EUR | 30.06.2024 | 30.06.2023 | 31.12.2023 | ||
| Final dividend for 2023: € - Final dividend for 2022: € 2.67 |
Dividends on ordinary shares declared and paid during the period: | - | -10.011 | -10.011 | |
| As a reminder, no dividend was distributed for the fiscal year 2023. Atenor offers no interim dividends. |
|||||
| Note 7. Capital The shareholder structure is as follows: |
|||||
| Structure of shareholders on 30.06.2024 |
Number of shares | Holdings % | Of which shares forming part of | the joined shareholding | Holding |
| 6.821.806 | 15,6 | 4.373.970 | |||
| 13.159.717 | 30,1 | 13.159.717 | |||
| 4.767.744 | 10,9 | 2.383.872 | |||
| 1.621.624 | 3,7 | 1.181.624 | |||
| 2.000.000 | 4,6 | 0 | |||
| 2.000.000 30.370.891 |
4,6 69,4 |
0 21.099.183 |
|||
| 0 | 0,0 | ||||
| 313.427 | 0,7 | ||||
| 13.055.385 | 29,8 | ||||
| Luxempart SA (1) 3D NV (1) Foratenor SA (1) Stéphan Sonneville SA(1)(2) & consorts Midelco NV Vandewiele Group NV Subtotal Own shares Treasury shares Public Total (1) Signatories of the shareholders' Agreement (2) Managing Director, companies controlled by Mr. Stéphan Sonneville In compliance with article 74 of the law of 1 April 2007, these shareholders have communicated to the company that they held as a joined holding, at the date of entry into effect of the aforementioned law, more than 30% of the securities with voting rights. The movements on own shares are as follows: |
43.739.703 | 100,0 | |||
| Movements in own shares | Amount (in thousands of €) |
Number of shares | |||
| On 31.12.2023 (average price € 48.09 per share) | 15.073 | 313.434 | |||
| Movements during the period | |||||
| 120 | 18.929 | ||||
| - acquisitions - sales |
-120 | -18.936 |
| Movements in own shares | Amount (in thousands of €) |
Number of shares |
|---|---|---|
| On 31.12.2023 (average price € 48.09 per share) | 15.073 | 313.434 |
| Movements during the period | ||
| - acquisitions | 120 | 18.929 |
| - sales | -120 | -18.936 |
| On 30.06.2024 (average price € 48.09 per share) | 15.073 | 313.427 |
As of 30 june 2024, Atenor SA no longer holds any own shares.
The Atenor Group Investments and Atenor Long Term Growth (ALTG) subsidiaries still hold 163,427 and 150,000 Atenor shares, respectively (situation unchanged from 31 December 2023).
These shares aim to enhance the ALTG (2021 and 2022) stock option plans allocated to Atenor staff and some of its service providers.
The shares acquired during the first half-year were acquired and immediately sold as partial payment of remuneration in the form of company shares.
Note 8. Property, plant, and equipment
"Tangible assets" totalled €9.68 million as at 30 June 2024, versus €10.20 million as at 31 December 2023. This includes the group's furniture and rolling stock, fixtures and improvements made to rented properties and the rights to use the rented properties (IFRS 16).
There were no significant Investment during the first semester 2024.
Depreciation for the 6-month period ending 30 June 2024 amount to €0.59 million (6-month period ending 30 June 2023: €0.49 million). No impairment loss was recognised.
Note 9. Investment properties
This item includes the Nysdam building in La Hulpe. This building is 91% leased and generated net rental income of €0.68 million as at 30 June 2024. The building is currently under management and may subsequently be redeveloped or sold.
In 2022, it was transferred from inventory and, in application of IAS 40, valued at its net fair value of €21.48 million, based on an expert's report as at 30 June 2022. An expert report dated 31 December 2023 did not reveal any significant difference in value.
There are no significant changes to report in the first half of 2024. The valuation assumptions remain valid. Based on data from the valuation technique, the fair value of the investment property was classified as Level 3 fair value.
| In thousands of EUR | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| At the end of the preceding period | 21.514 | 21.482 | 21.482 |
| Gains / (losses) arising from changes in the fair value | -213 | -399 | |
| Investments | 213 | 4 7 | 431 |
| Transfer from "Inventories" (at cost) | |||
| At the end of the period | 21.514 | 21.529 | 21.514 |
There was no transfer from Level 3 to Level 2 during the 6-month period ending 30 June 2024.
Note 10. Investments consolidated by the equity method
| In thousands of EUR | |||
|---|---|---|---|
| Participations | 30.06.2024 | 30.06.2023 | 31.12.2023 |
| Victor Estates | 396 | 703 | 550 |
| Victor Properties | -9 | 16 | 3 |
| Victor Bara | 4.074 | 4.210 | 4.142 |
| Victor Spaak | 7.306 | 7.542 | 7.424 |
| Immoange | 388 | 613 | 525 |
| CCN Housing B1 | 1.663 | 1.930 | 1.822 |
| CCN Housing B2 | 517 | 686 | 606 |
| CCN Office A1 | 8.712 | 9.052 | 8.884 |
| CCN Office C-D | 37.828 | 39.361 | 38.584 |
| Cloche d'Or Development | 1.567 | 1.593 | 1.139 |
| Ten Brinke Mybond Verheeskade | 3.938 | 4.130 | 4.036 |
| Lankelz Foncier | |||
| Square 42 | 107 | ||
| Square 48 | 2.007 | 6 | 1.335 |
| Tage Une Fois | 13.312 | ||
| Total | 81.699 | 69.949 | 69.050 |
| In thousands of EUR | |||
| Movements of participations | 30.06.2024 | 30.06.2023 | 31.12.2023 |
| At the end of the preceding period | 69.050 | 83.380 | 83.380 |
| Share in result | 9.312 | -4.093 | -8.432 |
| Acquisitions, price adjustments and restructuring | 111 | 221 | |
| Disposals | -11.108 | -11.108 | |
| Capital increase | 680 | 1.340 | |
| Reclassification to other items At the end of the period |
2.657 81.699 |
1.659 69.949 |
3.648 69.050 |
| Sums due to | Sums due to | ||
| related | the group | ||
| In thousands of EUR - 30.06.2024 | parties | from related | |
| Immoange (group share: 50%) | - | 3.476 | |
| Victor Estate (group share: 50%) | - | 5.799 | |
| Victor Properties (group share: 50%) | - | 340 | |
| Victor Bara (group share: 50%) | - | 2.486 | |
| Victor Spaak (group share: 50%) | - | 4.400 | |
| CCN Development (group share: 50%) | - | 3.060 | |
| Cloche d'Or Development (group share: 50%) | - | 31.453 | |
| Ten Brinke Mybond Verheeskade (group share: 50%) | - | 8.293 | |
| Laakhaven Verheeskade II (group share: 50%) | - | 15.799 | |
| Lankelz Foncier (group share: 50%) | - | 24.515 | |
| Square 42 (group share: 50%) | - | 5.786 | |
| Square 48 (group share: 50%) | - | - | |
| Tage Une Fois (group share: 51%) At the end of the period |
-8.050 -8.050 |
- 105.407 |
|
| Estates, Properties, Bara, Spaak). | |||
| participations in Tage Une Fois and Square 42. |
| In thousands of EUR | |||
|---|---|---|---|
| Movements of participations | 30.06.2024 | 30.06.2023 | 31.12.2023 |
| At the end of the preceding period | 69.050 | 83.380 | 83.380 |
| Share in result | 9.312 | -4.093 | -8.432 |
| Acquisitions, price adjustments and restructuring | 111 | 221 | |
| Disposals | -11.108 | -11.108 | |
| Capital increase | 680 | 1.340 | |
| Reclassification to other items | 2.657 | 1.659 | 3.648 |
| At the end of the period | 81.699 | 69.949 | 69.050 |
| Sums due to | Sums due to | |
|---|---|---|
| related | the group | |
| In thousands of EUR - 30.06.2024 | parties | from related |
| Immoange (group share: 50%) | - | 3.476 |
| Victor Estate (group share: 50%) | - | 5.799 |
| Victor Properties (group share: 50%) | - | 340 |
| Victor Bara (group share: 50%) | - | 2.486 |
| Victor Spaak (group share: 50%) | - | 4.400 |
| CCN Development (group share: 50%) | - | 3.060 |
| Cloche d'Or Development (group share: 50%) | - | 31.453 |
| Ten Brinke Mybond Verheeskade (group share: 50%) | - | 8.293 |
| Laakhaven Verheeskade II (group share: 50%) | - | 15.799 |
| Lankelz Foncier (group share: 50%) | - | 24.515 |
| Square 42 (group share: 50%) | - | 5.786 |
| Square 48 (group share: 50%) | - | - |
| Tage Une Fois (group share: 51%) | -8.050 | - |
| At the end of the period | -8.050 | 105.407 |
At 30 June 2024, Atenor is in partnership on the Nör.Bruxsel project in Brussels (CCN Development and its subsidiaries), Cloche d'Or, Perspectiv and Kyklos in Luxembourg (Cloche d'Or Development, Lankelz Foncier, Square 48), Verheeskade I and II (TBMB and Laakhaven Verheeskade II) and Move'Hub (Immoange, and Victor Estates, Properties, Bara, Spaak).
In 2023, Atenor also entered into a 50/50 partnership with Besix Red for the Wellbe project in Portugal and Cores Development/Ravago for the Square 42 project in Luxembourg, resulting in the equity accounting of the On 9 February 2024, the company Tage Une Fois sold the WellBe project to the largest bank in Portugal, Caixa Geral de Depósitos. This transaction, whose result is recognized on a percentage-of-completion basis (64% as of 30 June 2024), results in a net contribution of fees and taxes amounting to €13.62 million, recorded under the "share in the result" section.
The "Reclassifications (to) other items" line records the reclassification of investments with negative values to non-current provisions. These investments total €10.96 million as of 30 June 2024: Lankelz Foncier (€5.75 M), CCN Development (€4.36 M), Square 42 (€0.61 M) and Laakhaven Verheeskade II (€0.24 M) compared to €8.31 million as of 31 December 2023 (Lankelz Foncier: €4.31 M - CCN Development: €3.36 M - Tage Une Fois: €0.31 M - Square 42: €0.24 M and Laakhaven Verheeskade II: €0.09 M).
No other significant changes have occurred regarding related parties.
Note 11. Inventory
| In thousands of EUR | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| Buildings intended for sale, beginning balance | 993.273 | 962.407 | 962.407 |
| Activated costs | 88.372 | 99.876 | 194.343 |
| Disposals of the year | -110.767 | -24.327 | -70.755 |
| Exits from the consolidation scope | -57.477 | -57.477 | |
| Entries in the consolidation scope | |||
| Transfers from/to the "Inventories" | -188 | -111 | |
| Borrowing costs (IAS 23) | 6.200 | 3.653 | 6.771 |
| Foreign currency exchange increase (decrease) | -3.489 | 16.336 | 13.917 |
| Write-offs (recorded) | -4.500 | -39.212 | -55.869 |
| Write-offs (written back) | 230 | 1 1 | 4 7 |
| Movements during the year | -23.954 | -1.328 | 30.866 |
| Buildings intended for sale, ending balance | 969.319 | 961.079 | 993.273 |
| Accounting value of inventories mortgaged (limited to granded loans) | 290.612 | 253.834 | 256.538 |
The "Buildings intended for sale" classified under "Inventories (Stock)" represent the real estate projects in the portfolio and under development. This item amounts to €969.32 million, down by €23.95 million net from 31 December 2023. This variation results primarily from (a) the continuation of the works and studies of the, Bakerstreet, Lake 11 Home&Park (Budapest), UP-site (Bucharest), Lakeside (Warsaw), Am Wherharhn (Düsseldorf), Twist (Luxembourg), City Dox, Realex (Brussels), Au Fil des Grands Prés (Mons), NBS10 (London) amounting to +€84.03 million (out of a total of+€88.37 M), (b) the forward sale of the Realex Conference Center and Au Fil des Grands Prés, the sales of apartments in the City Dox and Twist projects, and the sale of office buildings in the Am Wehrhahn project, amounting to -€109.82 million (out of a total of -€110.77 M), and (c) an adjustment of the stock value based on market conditions indicating a potentially lower value than the historically recognized book value for the Lakeside project (€-4.5 M).
Note 12. Current and non-current financial assets
| In thousands of EUR | Other financial | Derivatives | Trade and other |
Cash and cash |
|---|---|---|---|---|
| investments | receivables | equivalents | ||
| Movements in financial assets | ||||
| Non-current financial assets | ||||
| Beginning balance | 140.733 | |||
| Acquisitions | 3.625 | |||
| Disposals (-) | -38.121 | |||
| Exits from the scope of consolidation | ||||
| Reclassification (to) from other items Increase (decrease) in the discounted amount |
||||
| arising from the passage of time and of any change in the | ||||
| discount rate | ||||
| Foreign currency exchange increase (decrease) | -4 | |||
| Other increase (decrease) | 3 | |||
| Ending balance | 106.233 | 3 | 0 | 0 |
| Fair value | 106.233 | 3 | 0 | |
| Valuation | level 3 | level 2 | level 3 | |
| Current financial assets | ||||
| Beginning balance | 9 4 | 118 | 30.802 | 47.506 |
| Acquisitions | 8.888 | 7.691 | ||
| Disposals (-) | -49 | |||
| Exits from the consolidation scope | ||||
| Reclassification (to) from other items | ||||
| Impairments (-) | -45 | -19 | ||
| Foreign currency exchange increase (decrease) | -1 | -45 | 209 | |
| Other increase (decrease) | -117 | |||
| Ending balance | 0 | 0 | 39.626 | 55.406 |
| Fair value | 0 | 0 | 39.626 | 55.406 |
| Valuation | levels 1 & 3 | level 2 | level 3 | level 3 |
"Other non-current financial assets" mainly relate to net advances to companies accounted for by the equity method. The net change of +€34.5 million is explained, in particular, by the movements on advances granted (€3.61 M) and repaid (€-38.06 M) by Tage Une Fois following the sale of its building and CCN Development following the obtaining of a bank loan.
"Trade and oher receivables" increased from €30.80 million to €39.63 million, an increase of €8.83 million mainly impacted by the invoicing tranches of the P office of the Au Fil des Grands Prés project and Lot 5 of the City Dox project (€8.54 M).
Foreign exchange, default, credit, and liquidity risks are detailed in Note 16 of the 2023 Annual Financial Report.
Derivatives (liabilities)
Atenor uses financial derivative instruments exclusively for the purposes of hedging. These financial instruments are measured at their fair value with variations in value charged to the P&L account, except for the financial instruments qualified as "Cash flow hedges", for which the part of the profit or the loss on the hedging instrument considered to constitute an effective hedge is booked directly through equity account under the "other items of the overall result" heading. As far as "Fair value hedges" are concerned, changes in the fair value of the derivatives defined and qualified as fair value hedges are booked in the results account as changes to the fair value of the hedged asset or liability, charged to the hedged risk.
During the first half of 2024, Atenor implemented a collar to cover €75 million of corporate lines for a duration of 3 years. The floor and cap are set at 2.2% and 2.95%, respectively.
Fair value hierarchy levels
For each category of financial instrument, Atenor supplies the methods applied to determine their fair value. Level 1: Prices listed on active markets
Beaulieu certificates
Level 2: (Directly or indirectly) observable data other than listed prices
Derivative instruments are, where appropriate, valued by a financial institution on the basis of market parameters.
Level 3: Non-observable market data
The fair value of "Current and non-current financial assets" (including liquid assets) is close to the market value. The fair value of unlisted financial assets available for sale is estimated at their book value, taking into account changes in the activity of the companies concerned and existing shareholder agreements. Their amount is insignificant.
The fair value of "Trade and other receivables" corresponds to their nominal value (deducting any impairment loss) and reflects the sale price of the goods and other assets sold in provisional agreements and notarial deeds.
Sensitivity analysis
Given the nature of these financial assets and their short maturities, there is no need for a sensitivity analysis, as it would only reveal an insignificant impact.
Cash and Cash equivalents
| In thousands of EUR | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| Cash and cash equivalents | |||
| Short-term deposits | 1.385 | 19 | 1.830 |
| Bank balances | 54.020 | 23.941 | 45.675 |
| Cash at hand | 1 | 2 | 1 |
| Total cash and cash equivalents | 55.406 | 23.962 | 47.506 |
The "Short-term deposits" line mainly includes 2 blocked accounts (totaling €1.35 M) in favor of KBC Bank as part of the €18.9 million loan related to the Beaulieu project.
| Note 13. Current and non-current financial liabilities | ||
|---|---|---|
| In thousands of EUR | Current | Non current | ||||
|---|---|---|---|---|---|---|
| More than 5 | Total | Fair value (*) | Valuation | |||
| 30.06.2024 | Up to 1 year | 1-5 years | years | |||
| Derivatives | 0 | level 2 | ||||
| Financial liabilities | ||||||
| Finance lease debts (IFRS 16) | 684 | 1.806 | 4.319 | 6.809 | level 3 | |
| Credit institutions | 207.370 | 158.304 | 39.214 | 404.888 | level 3 | |
| Bond isssue | 100.000 | 194.928 | 294.928 | levels 1 & 3 | ||
| Other loans | 95.050 | 10.395 | 105.445 | levels 1 & 3 | ||
| Total financial liabilities according to their maturity | 403.104 | 365.433 | 43.533 | 812.070 | 0 | |
| Other financial liabilities | 0 | |||||
| Trade payables | 39.053 | 39.053 | 39.053 | level 3 | ||
| Other payables | 57.050 | 4.773 | 61.823 | 61.823 | level 3 | |
| Other financial liabilities | 1.213 | 1.213 | 1.213 | level 3 | ||
| Total amount of other liabilities according to their maturity | 96.103 | 5.986 | 0 | 102.089 | 102.089 | |
| Current | Non current | |||||
| More than 5 | Total | Fair value | Valuation | |||
| 31.12.2023 | Up to 1 year | 1-5 years | years | |||
| Derivatives | level 2 | |||||
| Financial liabilities | ||||||
| Finance lease debts (IFRS 16) | 675 | 2.152 | 4.319 | 7.146 | 7.056 | level 3 |
| Credit institutions | 273.860 | 152.332 | 6.733 | 432.925 | 434.006 | level 3 |
| Bond isssue | 65.000 | 259.903 | 324.903 | 295.169 levels 1 & 3 | ||
| Other loans | 64.200 | 25.369 | 0 | 89.569 | 88.393 levels 1 & 3 | |
| Total financial liabilities according to their maturity | 403.735 | 439.756 | 11.052 | 854.543 | 824.624 | |
| Other financial liabilities | ||||||
| Trade payables | 42.053 | 42.053 | 42.053 | level 3 | ||
| Other payables | 43.118 | 6.006 | 49.124 | 49.124 | level 3 | |
| Other financial liabilities | 1.705 | 1.705 | 1.705 | level 3 |
(*) The fair value of financial instruments is determined as follows:
-
If their maturity is short-term, the fair value is presumed to be similar to the amortised cost.
-
For non-current fixed-rate debts, by discounting the future interest flows and capital reimbursements at a rate of 5.15%, which corresponds to the Group's weighted average financing rate.
- For listed bonds, on the basis of the closing price.
The policy on indebtedness, financial risks, and interest rate risk are set out in Note 21 of the annual financial report for 2023.
| Financial debt |
|---|
| ---------------- |
| FINANCIAL DEBTS on 30.06.2024 | ||
|---|---|---|
| Nominal value (in EUR) | ||
| Bonds issues | ||
| Retail bond - tranche 2 at 3.50% | 08.05.2019 to 08.05.2025 | 40.000.000 |
| Retail bond - tranche 1 at 3.25% | 23.10.2020 to 23.10.2024 | 35.000.000 |
| Retail bond - tranche 2 at 3.875% | 23.10.2020 to 23.10.2026 | 65.000.000 |
| Green Retail bond - tranche 1 at 3.00% | 19.03.2021 to 19.03.2025 | 25.000.000 |
| Green Retail bond - tranche 2 at 3.50% | 19.03.2021 to 19.03.2027 | 75.000.000 |
| Green Retail bond (EMTN) - at 4.625% | 05.04.2022 to 05.04.2028 | 55.000.000 |
| Total bond issues | 295.000.000 | |
| Via credit institutions | ||
| Atenor | Corporate (Belfius) | 125.800.000 |
| Atenor | Corporate (Caisse d'Epargne Hauts de France) | 15.000.000 |
| Projects | Le Nysdam (via Hexaten) | 12.350.000 |
| City Dox (via Immmobilière de la Petite Île) | 9.942.400 | |
| Beaulieu (via Atenor) | 18.900.000 | |
| Astro 23 (via Highline) | 7.406.613 | |
| Twist (via Atenor Luxembourg) | 32.500.000 | |
| Victor Hugo (via 186 Victo Hugo) | 45.000.000 | |
| Lakeside (via Haverhill) | 28.561.403 | |
| UP-site Bucharest (via NOR Residential Solutions) | 25.021.876 | |
| @Expo Bucharest (via NOR Real Estate) | 11.000.000 | |
| ABC Budapest (via Hungaria Greens) | 6.733.488 | |
| Bakerstreet I (via Szeremi Greens) | 36.499.934 | |
| Lake 11 (via Lake Greens) | 30.172.542 | |
| Total financial debts via credit institutions | 404.888.255 | |
| Other loans | ||
| CP | 2024 | 45.100.000 |
| 2025 | 9.750.000 | |
| MTN | 2025 | 5.000.000 |
| 2026 | 500.000 | |
| EMTN | 2024 | 8.100.000 |
| 2025 | 10.000.000 | |
| 2026 | 2.500.000 | |
| 2027 | 5.000.000 | |
| Green EMTN | 2025 | 2.500.000 |
| 17.100.000 | ||
| Fonds privés | Twist (via Atenor Luxembourg) | 105.550.000 |
| Total other payables | ||
| Leases liabilities (IFRS 16) | ||
| Atenor Luxembourg | 480.040 | |
| Atenor France | 189.261 | |
| Atenor Deutschland | 83.262 | |
| Atenor Hungary | 1.598.729 | |
| Atenor Romania | 137.369 | |
| Fleethouse | 4.319.787 | |
| Total leases liabilities | 6.808.448 | |
| TOTAL FINANCIAL DEBTS * | 812.246.703 |
* The amortization of bond issuance costs amounting to €0.18 million is not included in the above table. This amount reconciles the total financial debts with the financial debt movements table below (i.e. €812,070 M).
| In thousands of EUR | Current | Non-current | |
|---|---|---|---|
| Up to 1 year | More than 1 year | TOTAL | |
| MOVEMENTS ON FINANCIAL LIABILITIES | |||
| On 31.12.2023 | 403.735 | 450.808 | 854.543 |
| Movements of the period | |||
| - New loans | 29.725 | 105.538 | 135.263 |
| - Reimbursement of loans | -153.303 | -24.000 | -177.303 |
| - Lease liabilities (IFRS 16) - new contracts | |||
| - Lease liabilities (IFRS 16) - repayments | -338 | -338 | |
| - Exits from the consolidation scope | |||
| - Variations from foreign currency exchange | -37 | -114 | -151 |
| - Short-term/long-term transfer | 123.316 | -123.316 | |
| - Hedging of fair marketvalue | |||
| - Other | 6 | 5 0 | 5 6 |
| On 30.06.2024 | 403.104 | 408.966 | 812.070 |
For the 6-month period ending 30 June 2024, financial debt decreased from €854.54 million to €812.07 million, a decrease of €42.47 million.
New borrowings in the first half of the year include:
- Loans related to the Bakerstreet (€36.50 M), Lakeside (€28.56 M), Lake 11 (€30.17 M), and @Expo (€11 M) projects;
- An increase in CP outstanding by €26.85 million;
- A increase in outstanding loan for the UP-site Bucharest project by €2.06 million.
Repayments mainly concern;
- The Realex (€60 M) and Lakeside (€16.74 M) loans that matured;
- The reduction of Belfius corporate lines by €49.08 million;
- A bond loan of €30 million, an EMTN of €10 million, and an MTN of €1 million;
- The €10 million corporate loan from BNPPF.
The book value of the financial debts is their nominal value adjusted for the costs and commissions related to the establishment of these loans and the adjustment related to the valuation of derivative financial instruments.
Fair value hierarchy levels
The Group measures the fair value of its financial liabilities using a fair value hierarchy. A financial instrument is classified within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Level 1: Prices listed on active markets
For instruments listed on an active market, such as bond issues and (E)MTNs included in "other borrowings", the fair value corresponds to the listed price on the closing date.
Level 2: (Directly or indirectly) observable data other than listed prices
Derivative instruments are, where appropriate, valued by a financial institution on the basis of market parameters.
Level 3: Non observable market data
Depending on their maturity, "Financial liabilities" are valued on a discounted cash flow basis or at amortised cost based on the effective interest rate, justified by conventions and amounts borrowed.
The fair value of trade and other payables is considered to be equal to the respective carrying amount of these instruments due to their short-term maturity.
During the 6-month period ending 30 June 2024, there were no transfers of financial liabilities from level 1 to level 2, nor vice versa.
Note 14. Transactions with linked parties
No significant changes have occurred regarding related parties.
Note 15. Stock option plans for personnel and other share-based payments
No new stock option plans have been offered during the first half of 2024 to members of the Executive Committee, staff or certain service providers of Atenor.
Note 16. Events subsequent to the closing date
On 18 July, Atenor was notified by the Ministry of Finance of the Grand Duchy of Luxembourg of the exercise of the purchase option it holds on the Twist building leased to Statec, effective on 31 August 2024. The sale is expected to be completed before 31 December 2024.
A letter of intent has been signed with an investor for the sale of the Lakeside building in Warsaw, leased at over 95%; this LOI foresees the sale to be closed before 31 December 2024.
A sales agreement was concluded on 12 August with a local operator for the sale of the remaining residential project Les Grands Prés in Mons. The deed of sale is expected to be executed before 31 December 2024. No other major events are to be noted since 30 June 2024.
E. Management declaration
Stéphan Sonneville SA, CEO and Chairman of the Executive Committee, and the Members of the Executive Committee, including Caroline Vanderstraeten for Twigami SRL, CFO, acting in the name and on behalf of Atenor SA, attest that to the best of their knowledge,
- The condensed financial statements as at 30 June 2024 were prepared in accordance with IFRS standards as adopted by the European Union and provide a true and fair view of Atenor's assets, financial situation, and profits, as well as those of the enterprises included in the consolidation2;
- The half-year financial report contains a true reflection of the major events and the principal transactions between related parties occurring during the first six months of the financial year and their impact on the condensed financial statements, as well as a description of the main risks and uncertainties for the remaining months of the financial year (see page 5 of the present document).;
- Continuity accounting principles are applied.
2 Affiliated companies of Atenor as defined by Article 1.20 of French Code on companies and associations
Statutory auditor's report to the Board of Directors of ATENOR SA on the review of consolidated interim financial information for the six-month period ended 30 June 2024
Introduction
We have reviewed the accompanying interim consolidated statement of financial position of ATENOR SA as of 30 June 2024 and the related interim consolidated statements of comprehensive income, cash flows and changes in equity for the six-month period then ended, as well as the explanatory notes. The Board of Directors is responsible for the preparation and presentation of this consolidated interim financial information in accordance with IAS 34 "Interim Financial Reporting", as adopted by the European Union. Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34 "Interim Financial Reporting", as adopted by the European Union.
Battice, September 5, 2024
BDO Réviseurs d'Entreprises SRL Statutory auditor Represented by Christophe PELZER* Auditor *Acting for a company