Earnings Release • Mar 10, 2022
Earnings Release
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Regulated information
La Hulpe, 10 March 2022
Despite the persistence of the health crisis in 2021, ATENOR has experienced a remarkable year with a significant increase in profits that were highly diversified both in geographical and functional terms.
Based on its results, ATENOR is maintaining its attractive dividend policy with regular increases. * Subject to the approval of the General Assembly on 22.04.2022
In 2021, ATENOR invested in 5 projects for a total amount of 270.45 million Euro representing a total surface area to be developed of 215,000 m². Several major sales transactions for a total surface area of 135,000 m² have generated 317.10 million Euro corresponding to the sum of the cash received and the reduction of the bank debt.
In addition, applications for 299,000 m² of building/renovation works (up 59%) were filed, with permits received for 223,000 m² (up 180%).
ATENOR's active presence (local teams) in 10 countries provides a particular type of diversification, which is a source of resilience and opportunities. The portfolio currently contains 1,300,000m², of which 54% of office space and 40% of residential (the equivalent of about 6,000 units under development).
A pioneer and committed player in sustainable urban development, ATENOR applies an ambitious and consistent ESG sustainability policy, not only at corporate level, but also for its projects and financing. For example, ATENOR is carbon neutral certified, the projects it has developed are at least Breeam Excellent and Well Gold. In March 2021, ATENOR issued the first Green Retail Bond on the Brussels stock exchange.
" The improved results confirm ATENOR's economic resilience and the validity of its business model, which is based on the quality of the projects in the portfolio and hard-working teams. ATENOR's firm commitment to consistent sustainability, through its think tank ArchiLab, as well as the growth of the various indicators of the value creation cycle in 2021, underlie, subject to the macro-economic consequences related to the current tragic events in Ukraine, the continued favourable outlook. "
* * *
1 ATENOR has chosen French as its official language. Consequently, only the French version text is authentic. The version in English is translation of the French version.
Following the latest transactions of 2021, the portfolio totals 32 projects in 10 countries for a surface area of approximately 1,300,000 m².
All the acquisitions were made within the framework of our European growth strategy, paying particular attention to placing these projects in an indisputable logic of sustainability and certification.
To facilitate the understanding of our activities and track their evolution, we provide relevant comments on the year's activities in accordance with the main stages of the value creation cycle in our core business.
The figures below represent gross surface area in m², for the year 2021.
Acquisitions: ATENOR continued to implement its international growth plan in 2021.
The amount invested, 270.45 million Euro, corresponds to the cumulative acquisition costs of 5 new projects: Bakerstreet II and Lake11 in Budapest, Rue Victor Hugo in Paris, Cloche d'Or in Luxembourg and Fleet House in London, plus the increase of the stake in CCN to 50%. These investments represent a total gross floor area of 215,000 m² and support the profit outlook.
These acquisitions are also in line with our intention (second phase of the growth plan) to establish ATENOR as a reference player in the 10 markets in which we are active.
Building/renovation permit applications: The rate of permit applications submitted, which is significantly higher than in 2020 (+59%), reflects the high level of activity of the teams despite the pandemic-related difficulties still prevailing in 2021.
The weighted average time per square meter for obtaining permits is around 15 months, a significant improvement on previous years.
Getting building/renovation permits: Obtaining building/renovation permits is an essential step in the value creation cycle for ATENOR as an urban developer and as an expert in adapting the urban fabric to changing demand. As an expected consequence of the international growth in business, ATENOR recorded a strong increase in the authorized surface area in 2021 (+180%) to an additional 223,000 m², thus paving the way for excellent profits to be realized over the following two to three years.
In Brussels, the development permit for the REALEX project will have to be reapplied for, without handicapping – apart from postponing it by 18 months – the agreement reached with the OIB concerning the purchase of the new European Union Conference Centre.
2
Construction: We are adopting a differentiated policy of launching constructions as soon as authorizations are obtained. The excellent performance of the residential market and the recovery in several countries of office take-up after the sharp slowdown in 2020 have led us to launch several construction sites for an additional surface area of 128,500 m². As at 31 December 2021, 25% of the portfolio was under construction, of which more than 35% was already leased or sold in the form of pre-letting or pre-sales contracts.
And even as raw materials are increasingly scarce and expensive, ATENOR is able to handle the situation either contractually by containing its construction costs, or commercially by making up for these increases on the real estate markets.
Locations: Given the marked general slow-down in office space take-up in 2020, we had based our forecasts solely on investment activity. During the third quarter, a revival of take-up was seen in a number of countries. Several of our projects benefited from this, generating an additional margin on pre-sold projects. In any case, the move to home working appears to have peaked, with demand once again rising for new, highly sustainable office spaces that can accommodate a post-COVID/COVID-safe way of working: the New – in some cases Hybrid – Way of Working (NWOW). In most cases, obsolete buildings cannot meet this demand.
Disposals: Wishing to give priority to the rotation of invested capital, ATENOR concluded several major transactions in 2021 for a total of 317.10 million Euro. This amount corresponds to the sum of cash received and the reduction of dedicated bank debt with regard to the Vaci Greens F, HBC, Buzz and Dacia 1 projects alone.
The average gross margin generated by these four disposals is around €785/m² over the entire duration of their development, well above the minimum average gross margin used in the financial model (€ 400/m²).
All these transactions have had a significant combined effect in terms of earnings, cash flow and debt reduction. We are also seeing record residential sales, both in Western and Central Europe. Flat sales amounted to 470 units. However, the flats sold in Hungary and Romania will only contribute to the results when they are delivered, in line with IFRS 15.
An ambitious and consistent sustainability policy based on ESG criteria and implemented from a practical standpoint by ArchiLab, ATENOR's Think Tank.
The 4 axes of ATENOR's sustainability policy are included in the 2021 Sustainability Report:
This sustainability policy was set up within Archilab, ATENOR's think tank, which ensures it is implemented and remains consistent. In particular, it covers ESG criteria, which have become an imperative in the financial world.
As a real estate developer, our environmental contribution is validated by the certifications that exist in the business. Of these, we favor Breeam for offices and energy performance for residential properties. We will ensure that, from 2023, all our projects are "Taxonomy aligned".
Through its urban positioning, ATENOR is fully committed to Sustainable Development Goal 11 and ensures that it has a positive social impact in the cities where it is active.
Finally, in matters of corporate governance, good practices applicable to listed companies are extended to all aspects of the group's management.
ATENOR ended the 2021 financial year with a net consolidated result of 38.07 million Euro, compared to 24.13 million Euro in 2020.
The Board of Directors will propose a gross dividend of € 2.54 per share to the General Assembly, an increase of 5% compared to the previous year.
| Results | 31.12.2021 | 31.12.2020 |
|---|---|---|
| Net consolidated result (group share) | 38,069 | 24,129 |
| Profit per share (in Euro)1 | 5.66 | 4.00 |
| Number of shares | 7,038,845 | 7,038,845 |
| of which own shares | 313,427 | 313,427 |
| Balance sheet | 31.12.2021 | 31.12.2020 |
| Total assets | 1,229,814 | 1,058,442 |
| Cash position at the end of the period | 92,116 | 67,887 |
| Net indebtedness (-) | -742,427 | -589,539 |
| Total of consolidated equity | 301,043 | 261,212 |
| Table of key consolidated figures (in thousands of €) - Audited accounts | ||
|---|---|---|
| -------------------------------------------------------------------------- | -- | -- |
1 Taking into account the weighted average number of shares held during the year (see page 7, Earnings per share). The result per share amounts to € 5.41 if we consider the total number of shares of 7,038,845.
Revenue from ordinary activities amounted to 174,12 million Euro on 31 December 2021.
They mainly consist of (a) revenues from the sale of the buildings Vaci Greens E and F in Budapest (€ 94.77M), (b) revenues from the sale of apartments in residential projects (City Dox and La Sucrerie) for a total of 44.85 million Euro, (c) the revenue earned from the sales in future state of completion of the Buzz (Leudelange), Twit and Au Fil des Grands Prés projects (offices) for a total of € 22.75M), as well as (d) lease revenues on the University Business Center II (Warsaw), Nysdam (La Hulpe) and Vaci Greens F (before sale), Arena Business Campus (Budapest), Cloche d'Or (Renault in Luxembourg) buildings totalling 6.05 million Euro.
The other operating revenue (€ 23.21 M) mainly includes the remaining fit out works for the European Commission in the building The One (€ 4.02M), the usufruct royalty (partly retroceded to Immo Beaulieu SA) of the Beaulieu building (€ 6.76M) as well as the reinvoicing of service charges and miscellaneous costs of the leased buildings (€ 4.46M). The disposals of the stakes in Victoriei (Dacia building) and NGY (Hermes Business Campus building) in Bucharest (€ 4.50M) as well as the 3.39 million Euro in proceeds from the tax consolidation round out "other operating revenue".
The operating result amounted to 64.16 million Euro, compared with 40.18 million Euro in 2020. This is mainly influenced by the sale of the Vaci Greens E and F buildings (€ 41.74 M), by the sale of the various apartments in residential projects as mentioned above (total of € 6.74 M), the results of the progress of the pre-sold Buzz, Twist and Au Fil des Grands Prés buildings (€ 8.59 M), the net result of the usufruct receivables on the Beaulieu building (€ 3.58 M) as well as the rental revenue, net of charges, from mainly the UBC II, Nysdam and Arena Business Campus buildings (total of € 3.51 M).
The net financial result was -11.90 million Euro, compared with -9.89 million Euro in 2020. The increase of net financial charges(€ 4,13 M compared to 2020) is mainly due to the increase of the Group's average net debt (€ +151 M compared to 2020). These financial expenses are favourably influenced by the rise in activations (IAS 23 ; € +2.12 M compared to 2020) relating to the developments in progress.
Income taxes: The amount for this item amounts to 11.88 million Euro (compared with 5.15 million Euro in 2020). This item includes both statutory tax and the deferred tax assets and liabilities linked to the progress of the sale of the aforementioned projects and mainly related to the Vaci Greens, City Dox, Buzz and Au Fil des Grands Prés projects (total of 11.22 million Euro).
Taking the preceding factors into account, the group net result of the financial year was 38.07 million Euro compared with 24.13 million Euro in 2020.
Consolidated shareholder equity was 301.04 million Euro compared with 261.21 million at 31 December 2020, an increase of 24.45% of the total balance up by 171 million euros compared to 31 December 2020.
At 31 December 2021, net consolidated financial indebtedness was 742.43 million Euro, compared with a net consolidated indebtedness of 589.54 million Euro as at 31 December 2020. Three transactions marked the financial year: (a) the issue, in March 2021, of a Green Bond for a total of 100 million Euro, (b) the partial financing of the acquisition of the Cloche d'Or project (68 million Euro) and (c) the sale of the Romanian subsidiary NGY (HBC project), whereby its financing was removed from the consolidation scope (79.50 million Euro).
Consolidated indebtedness consists, on the one hand, of a long-term debt of 478.76 million Euro and, on the other hand, of a short-term debt of 355.96 million Euro. Available cash was 92.12 million Euro compared with 67.89 million Euro at end 2020.
The "buildings held for sale" classified under "Inventories (Stock)" represent the real estate projects in the portfolio and in the course of development. This item amounted 932.99 million Euro, an increase of 157.28 million Euro in comparison with 31 December 2020 (€ 775.71 M).
This net variation results primarily
ATENOR has actively pursued its financial policy aimed at diversifying its sources of financing, in particular through an initial bond issue meeting the ambitious criteria of a transition to sustainable financing conditions (Green Retail Bond issue in the amount of 100 million Euro on 19 March 2021). ATENOR is calling on capital markets and institutional investors as well as on the banking market. Staggering maturities reduces refinancing risks when market conditions are unfavorable. The flexibility of project financing both before permits are obtained and during the construction and marketing phases aims to optimize financing costs by allowing the use of project revenues. In 2021, the weighted average interest rate of ATENOR's consolidated debt was 2.40%, compared to 2.30% in 2020.
ATENOR has a short, medium and long-term CP/MTN (commercial paper) line of 200 million Euro, fully used by 31.12.2021. ATENOR intends to continue to use it while favoring long terms (from two years) instead of terms of less than twelve months.
The use of the EMTN line (150 million Euro) was 73.60 million Euro at 31 December 2021. ATENOR will also continue to use it within the context of its Green Finance Framework (GFF) and continue with the greening of its debt. It is willing to review the proposals (reverse inquiries) of qualified investors for maturities corresponding to the European development of its project portfolio.
Treasury shares acquired in the first half of the financial year were immediately sold for partial payment of the directors' fees in the form of company shares.
On 31 December 2021, ATENOR LONG TERM GROWTH SA held 150,000 ATENOR shares.
The number of ATENOR shares held on that same date by the subsidiary Atenor Group Investments was 163,427 (unchanged situation from December 2020).
These shares aim to serve the share option plans (2017 to 2021) allocated to ATENOR staff and some of its service providers.
The Board of Directors will propose, to the General Meeting of 22 April 2022, the payment (for the financial year 2021) of a gross dividend of 2.54 Euro per share (up 5% compared to 2020), i.e. a net dividend after withholding tax (30%) of 1.778 Euro per share.
We have actively worked on our project portfolio over the past two years. The result is that projects have effectively matured in the value-creation cycle, as illustrated by the increase in the amount of land with permits applied for and approved.
Notwithstanding the possibility of new pandemic waves or renewed political tensions, the real estate world is showing sustained demand for sustainable buildings, both commercial (office) and residential. The financial sector is actively seeking investments with high ESG criteria. With its urban, international and sustainable positioning in the real estate development sector, ATENOR is in the right place, at the right time.
This positioning will underpin further growth, subject to the macro-economic consequences of the current tragic events in Ukraine.
At this stage, the conflict is not having a direct impact on our activities. For the sake of clarity, ATENOR has no business relations with Russian or Ukrainian companies or entrepreneurs.
The situation in Ukraine increased the pre-existing tensions existing before the conflict for certain construction materials or labour.
| − | Ordinary General Assembly 2021 | 22 April 2022 |
|---|---|---|
| − | Dividend payment (subject to the approval of the General Assembly) | 28 April 2022 |
| − | Intermediate declaration for first quarter 2022 | 18 May 2022 |
| − | Half-yearly results 2022 | 2 September 2022 |
| − | Intermediate declaration for third quarter 2022 | 17 November 2022 |
| − | General Assembly 2022 | 28 April 2023 |
For more detailed information, please contact Stéphan Sonneville SA, CEO or Mr Sidney D. Bens, CFO. Ph +32 (2) 387.22.99 Fax +32 (2) 387.23.16 e-mail : [email protected] www.atenor.eu
| In thousands of EUR | |||||
|---|---|---|---|---|---|
| Notes | 2021 | 2020 | |||
| Operating revenue | 174.118 | 131.989 | |||
| Turnover | 168.068 | 115.230 | |||
| Property rental income | 6.050 | 16.759 | |||
| Other operating income | 23.214 | 48.540 | |||
| Gain (loss) on disposals of financial assets | 4.505 | 19.283 | |||
| Other operating income | 18.703 | 29.261 | |||
| Gain (loss) on disposals of non-financial assets | 6 | -4 | |||
| Operating expenses (-) | -133.169 | -140.353 | |||
| Raw materials and consumables used (-) | -361.163 | -235.837 | |||
| Changes in inventories of finished goods and work in progress | 314.708 | 184.695 | |||
| Employee expenses (-) | -4.776 | -3.021 | |||
| Depreciation and amortization (-) | -788 | -619 | |||
| Impairments (-) | -204 | -246 | |||
| Other operating expenses (-) | -80.946 | -85.325 | |||
| RESULT FROM OPERATING ACTIVITIES - EBIT | 64.163 | 40.176 | |||
| Financial expenses (-) | -13.478 | -11.438 | |||
| Financial income | 1.576 | 1.554 | |||
| Share of profit (loss) from investments consolidated by the equity method | -2.480 | -1.180 | |||
| PROFIT (LOSS) BEFORE TAX | 49.781 | 29.112 | |||
| Income tax expense (income) (-) | 7 | -11.880 | -5.148 | ||
| PROFIT (LOSS) AFTER TAX | 37.901 | 23.964 | |||
| Post-tax profit (loss) of discontinued operations | 0 | 0 | |||
| PROFIT (LOSS) OF THE PERIOD | 37.901 | 23.964 | |||
| Non controlling interests | -168 | -165 | |||
| Group profit (loss) | 38.069 | 24.129 | |||
| EARNINGS PER SHARE | EUR | ||||
| 2021 | 2020 | ||||
| Total number of issued shares | 7.038.845 | 7.038.845 | |||
| of which own shares | 313.427 | 313.427 | |||
| Weighted average number of shares (excluding own shares) | 6.724.981 | 6.029.226 | |||
| Basic earnings per share | 5,66 | 4,00 | |||
| Diluted earnings per share Proposal of gross dividend per share |
5,66 2,54 |
4,00 2,42 |
|||
| Other elements of the overall profit and losses | In thousands of EUR | ||||
| 2021 | 2020 | ||||
| Group share result | 38.069 | 24.129 | |||
| Items not to be reclassified to profit or loss in subsequent periods : | |||||
| Employee benefits | -168 | -198 | |||
| Items to be reclassified to profit or loss in subsequent periods : | |||||
| Translation adjusments | 18.705 | -12.132 | |||
| Cash flow hedge | 1 3 |
183 | -16 | ||
| Overall total results of the group | 56.789 | 11.783 | |||
| Overall profits and losses of the period attributable to third parties | -168 | -165 |
| In thousands of EUR | |||||
|---|---|---|---|---|---|
| Notes | 31.12.2021 | 31.12.2020 | |||
| NON-CURRENT ASSETS | 163.092 | 127.368 | |||
| Property, plant and equipment | 4.480 | 3.517 | |||
| Intangible assets | 2 5 |
3 7 |
|||
| Investments consolidated by the equity method | 78.729 | 64.180 | |||
| Deferred tax assets | 3.267 | 5.070 | |||
| Other non-current financial assets | 56.986 | 49.061 | |||
| Non-current trade and other receivables | 19.605 | 5.503 | |||
| CURRENT ASSETS | 1.066.722 | 931.074 | |||
| Inventories | 9 | 932.994 | 775.706 | ||
| Other current financial assets | 4 | 1.523 | 37.751 | ||
| Current tax receivables | 3.755 | 1.751 | |||
| Current trade and other receivables | 24.770 | 79.052 | |||
| Current loans payments | 2 5 |
1 5 |
|||
| Cash and cash equivalents | 4 | 90.881 | 30.713 | ||
| Other current assets | 12.774 | 6.086 | |||
| TOTAL ASSETS | 1.229.814 | 1.058.442 | |||
| LIABILITIES AND EQUITY |
| In thousands of EUR | ||||
|---|---|---|---|---|
| Notes | 31.12.2021 | 31.12.2020 | ||
| TOTAL EQUITY | 301.043 | 261.212 | ||
| Group shareholders' equity | 298.563 | 258.564 | ||
| Issued capital | 133.621 | 133.621 | ||
| Reserves | 180.015 | 140.016 | ||
| Treasury shares (-) | -15.073 | -15.073 | ||
| Non controlling interests | 2.480 | 2.648 | ||
| Non-current liabilities | 510.036 | 482.617 | ||
| Non-current interest bearing borrowings | 5 | 478.580 | 433.001 | |
| Non-current provisions | 9.526 | 10.903 | ||
| Pension obligation | 1.094 | 902 | ||
| Derivatives | 1 3 |
184 | 367 | |
| Deferred tax liabilities | 594 | 702 | ||
| Current trade and other payables | 18.791 | 33.959 | ||
| Other non-current liabilities | 1.267 | 2.783 | ||
| Current liabilities | 418.735 | 314.613 | ||
| Current interest bearing debts | 5 | 355.963 | 224.425 | |
| Current provisions | 4.512 | 338 | ||
| Current tax payables | 6.995 | 3.499 | ||
| Current trade and other payables | 42.563 | 74.097 | ||
| Other current liabilities | 8.702 | 12.254 | ||
| TOTAL EQUITY AND LIABILITIES | 1.229.814 | 1.058.442 |
| Notes | In thousands of EUR | |||
|---|---|---|---|---|
| 31.12.2021 | 31.12.2020 | |||
| Operating activities | ||||
| - Group share result | 38.069 | 24.129 | ||
| - Result of non controlling interests | -168 | -165 | ||
| - Result of Equity method Cies | 2.480 | 1.180 | ||
| - Interest charges | 11.617 | 9.794 | ||
| - Interest incomes | -1.569 | -302 | ||
| - Income tax expense | 7 | 10.013 | 8.219 | |
| - Result for the year | 60.442 | 42.855 | ||
| - Depreciation | 788 | 619 | ||
| - Amortisation and impairment | 204 | 246 | ||
| - Translation adjustments | -299 | 5.264 | ||
| - Provisions | -551 | 5.245 | ||
| - Deferred taxes | 7 | 1.867 | -3.071 | |
| - (Profit)/Loss on disposal of fixed assets | -4.511 | -19.279 | ||
| - SOP / IAS 19 | 0 | -1.177 | ||
| - Adjustments for non cash items | -2.502 | -12.153 | ||
| - Variation of inventories | -320.830 | -184.954 | ||
| - Variation of trade and other amounts receivables | 80.562 | 20.082 | ||
| - Variation of trade payables | 8.199 | 8.287 | ||
| - Variation of amounts payable regarding wage taxes | 384 | -71 | ||
| - Variation of other receivables and payables | -34.913 | 28.518 | ||
| - Net variation on working capital | -266.598 | -128.138 | ||
| - Interests received | 1.569 | 302 | ||
| - Income tax paid | -8.524 | -7.911 | ||
| - Income tax received | 230 | 0 | ||
| Cash from operating activities (+/-) | -215.383 | -105.045 | ||
| Investment activities | ||||
| - Acquisitions of intangible and tangible fixed assets | -656 | -759 | ||
| - Acquisitions of financial investments | -46.898 | -5.684 | ||
| - New loans | -8.005 | -36.566 | ||
| - Subtotal of acquired investments | -55.559 | -43.009 | ||
| - Disposals of intangible and tangible fixed assets | 6 | 5 | ||
| - Disposals of financial investments | 71.752 | 0 | ||
| - Reimbursement of loans | 85 | 0 | ||
| - Subtotal of disinvestments | 71.843 | 5 | ||
| Cash from investment activities (+/-) | 16.284 | -43.004 | ||
| Financial activities | ||||
| - Increase in capital | 76.006 | |||
| - New borrowings | 309.743 | 216.483 | ||
| - Repayment of borrowings | -54.900 | -98.144 | ||
| - Interests paid | -8.904 | -9.191 | ||
| - Dividends paid to company's shareholders | 6 | -16.272 | -12.284 | |
| - Directors' entitlements | -410 | -256 | ||
| Cash from financial activities (+/-) | 229.257 | 172.614 | ||
| Net cash variation | 30.158 | 24.565 | ||
| 67.887 | 45.447 | |||
| - Cash and cash equivalent at the beginning of the year - Net variation in cash and cash equivalent |
30.158 | 24.565 | ||
| -5.929 | -2.125 | |||
| - Effect of exchange rate changes | 92.116 | 67.887 | ||
| - Cash and cash equivalent at end of the year | 4 |
| Notes | Issued capital | Share issue premium |
Hedging reserves | Own shares | Consolidated reserves |
IAS 19R reserves |
Cumulative translation adjusments |
Minority interests |
Total Equity | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | ||||||||||
| Balance as of 01.01.2020 | 57.631 | -351 | -15.073 | 162.795 | -643 | -20.108 | 2.797 | 187.048 | ||
| Profit/loss of the period Other elements of the overall results (1) |
- - |
- -16 |
- - |
24.129 - |
- -198 |
- -12.132 |
-165 - |
23.964 -12.346 |
||
| Total comprehensive income | - | -16 | - | 24.129 | -198 | -12.132 | -165 | 11.618 | ||
| Capital increase Paid dividends |
6 | 14.408 - |
61.582 | - - |
- - |
- -12.284 |
- - |
- - |
- - |
75.990 -12.284 |
| Own shares Share based payment / Valuation Others |
- - - |
- - - |
- - - |
- -1.176 - |
- - - |
- - - |
- - 16 |
- -1.176 1 6 |
||
| Balance as of 31.12.2020 | 72.039 | 61.582 | -367 | -15.073 | 173.464 | -841 | -32.240 | 2.648 | 261.212 | |
| 2021 | ||||||||||
| Balance as of 01.01.2021 | 72.039 | 61.582 | -367 | -15.073 | 173.464 | -841 | -32.240 | 2.648 | 261.212 | |
| Profit/loss of the period Other elements of the overall results (1) |
- - |
- 183 |
- - |
38.069 - |
- -168 |
- 18.705 |
-168 - |
37.901 18.720 |
||
| Résultat global total | - | 183 | - | 38.069 | -168 | 18.705 | -168 | 56.621 | ||
| Capital increase Paid dividends Own shares Share based payment / Valuation Others |
6 1 1 |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- -16.272 - - (518) |
- - - - - |
- - - - - |
- - - - - |
- -16.272 - - -518 |
| Balance as of 31.12.2021 | 72.039 | 61.582 | -184 | -15.073 | 194.743 | -1.009 | -13.535 | 2.480 | 301.043 |
(1) The Group detains Hungarian, Romanian and Polish subsidiaries that opted for the local currency as their operating currency in each of the countries. The positive conversion differences recorded for the period in equity are explained by the exit from the scope of 2 Romanian entities and the disposal of the Hungarian Vaci Greens F project (+21.25 million Euro) offset by the devaluation of the HUF and RON during the year (-2.54 million Euro).
The consolidated financial statements of the Group as at 31 December 2021 including the annual report including all financial statements and attached notes were adopted by the Board of Directors on 8 March 2022.
The consolidated financial statements as at 31 December 2021 were drawn up in accordance with the IFRS standards as adopted in the European Union.
The consolidated financial statements as at 31 December 2021 were drawn up in accordance with the IFRS standards as adopted in the European Union.
The Covid-19 pandemic has not had any influence on the evaluation rules.
As regards to the prospects and estimates of future impacts, please refer to the comments in the management report (above).
These amendments and new interpretations have no significant impact on the presentation, disclosure requirements or the consolidated financial performance and / or situation of ATENOR
ATENOR did not apply early adoption of these new or amended standards and interpretations.
The life cycle of the real estate projects of ATENOR can be summarised in three major phases: the land purchase phase, the project development and construction phase, and the marketing and sales phase. The length and process of these phases are neither similar nor comparable from one project to another.
Follow-up and compliance with the planning of each of these projects are assured by the implementation of a regular communication system. Internal control is provided by:
As soon as a project reaches the construction phase, a monthly progress meeting is held with:
the external specialists to ensure that the agreed deadlines are complied with and
the General Contractor in charge of construction.
This communication system allows Atenor to determine, monitor and resolve all potential operational risks well upfront.
| In thousands of EUR | |||||
|---|---|---|---|---|---|
| 31.12.2021 | 31.12.2020 | ||||
| Short-term deposits | 1.235 | 37.174 | |||
| Bank balances | 90.880 | 30.711 | |||
| Cash at hand | 1 | 2 | |||
| Cash and cahs equivalents | 92.116 | 67.887 |
Read pages 5 and 9 – comments relating to the main items of the consolidated balance sheet
| In thousands of EUR | Current | Non-current | ||||
|---|---|---|---|---|---|---|
| 2021 | Up to 1 year | 1-5 years | More than 5 years |
Total | Fair value (*) | Valuation |
| Derivatives | - | 184 | 184 | 184 | level 2 | |
| Financial liabilities | ||||||
| Finance lease debts (IFRS 16) | 377 | 1.148 | 9 3 |
1.618 | 1.611 | level 3 |
| Credit institutions | 137.586 | 112.192 | 249.778 | 229.863 | level 3 | |
| Bond isssue | 20.000 | 214.786 | 75.000 | 309.786 | 314.815 | levels 1 & 3 |
| Other loans | 198.000 | 70.361 | 5.000 | 273.361 | 274.007 | levels 1 & 3 |
| Total financial liabilities according to their maturity | 355.963 | 398.487 | 80.093 | 834.543 | 820.296 | |
| Other financial liabilities | ||||||
| Trade payables | 26.459 | 26.459 | 26.459 | level 3 | ||
| Other payables | 14.609 | 18.791 | 33.400 | 33.400 | level 3 | |
| Other financial liabilities | 1.267 | 1.267 | 1.267 | level 3 | ||
| Total amount of other liabilities according to their maturity | 41.068 | 20.058 | 61.126 | 61.126 | ||
| Current | Non-current | |||||
| 2020 | Up to 1 year | 1-5 years | More than 5 years |
Total | Fair value | Valuation |
| Derivatives | - | 367 | - | 367 | 367 | level 2 |
| Financial liabilities | ||||||
| Finance lease debts (IFRS 16) | 193 | 530 | 6 7 |
790 | 788 | |
| Credit institutions | 70.582 | 137.086 | 207.668 | 207.715 | level 3 | |
| Bond isssue | 144.842 | 65.000 | 209.842 | 213.164 | levels 1 & 3 | |
| Other loans | 153.650 | 84.976 | 500 | 239.126 - |
240.096 | levels 1 & 3 |
| Total financial liabilities according to their maturity | 224.425 | 367.434 | 65.567 | 657.426 | 661.763 | |
| Other financial liabilities | ||||||
| Trade payables | 33.501 | 33.501 | 33.501 | level 3 | ||
| Other payables | 28.083 | 33.959 | 62.042 | 62.042 | level 3 | |
| Other financial liabilities | 2.783 | 2.783 | 2.783 | level 3 | ||
| Total amount of other liabilities according to their maturity | 61.585 | 36.742 | 98.327 | 98.327 |
See the comment on page 5 on the consolidated balance and the increase of the indebtedness.
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.
For instruments quoted on an active market, the fair value corresponds to the quotation on the closure date.
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.
At 31 December 2021, the interest rate applied is 2.40%. It corresponds to the weighted average rate for the Group's financing.
| FINANCIAL DEBTS | Current | Non-current | Total |
|---|---|---|---|
| Up to 1 year | More than 1 year |
||
| Movements on financial liabilities | |||
| On 31.12.2020 | 224.425 | 433.001 | 657.426 |
| Movements of the period | |||
| - New loans | 78.250 | 231.166 | 309.416 |
| - Reimbursement of loans | -54.720 | -54.720 | |
| - Lease liabilities (FRS 16) | 6 9 |
1.021 | 1.090 |
| - Exits from the consolidation scope | -1.838 | -76.921 | -78.759 |
| - Variations from foreign currency exchange | 2 | -60 | -58 |
| - Short-term/long-term transfer | 109.706 | -109.706 | 0 |
| - Others | 6 9 |
7 9 |
148 |
| On 31.12.2021 | 355.963 | 478.580 | 834.543 |
Please see the comment on page 5 on the consolidated balance and the increase in indebtedness.
The net increase in financial debt, to the amount of € 177,11 M is mainly explained by:
The indebtedness policy, the financial risks and the interest rate risk will be detailed in note 20 of the 2021 annual financial report.
N° 1 – 2021 - 2025
Issue price: 101.875%
Nominal minimum subscription amount: €1,000
| Nominal value (in EUR) | ||
|---|---|---|
| Bonds | ||
| Retail bond - tranche 1 at 2.875% | 05.04.2018 to 05.04.2022 | 20.000.000 |
| Retail bond - tranche 2 at 3.50% | 05.04.2018 to 05.04.2024 | 30.000.000 |
| Retail bond - tranche 1 at 3% | 08.05.2019 to 08.05.2023 | 20.000.000 |
| 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 bond - tranche 1 at 3.00% | 19.03.2021 to 19.03.2025 | 25.000.000 |
| Green bond - tranche 2 at 3.50% | 19.03.2021 to 19.03.2027 | 75.000.000 |
| Total Bond issues | 310.000.000 | |
| Via Credit institutions | ||
| Atenor Group Participations | 9.000.000 | |
| Atenor Long Term Growth | 6.940.000 | |
| Atenor | Corporate | 30.714.286 |
| Projets | Nysdam (via Hexaten) | 13.000.000 |
| City Dox (via Immmobilière de la Petite | ||
| Île) | 18.000.000 | |
| Realex (via Leaselex) | 50.000.000 | |
| Realex (via Immo Silex) | 10.000.000 | |
| Beaulieu (via Atenor) | 18.900.000 | |
| Twist (via Atenor Luxembourg) | 6.665.700 | |
| Renault (via Cloche d'Or development) | 68.000.000 | |
| Lakeside (via Haverhill) | 18.700.000 | |
| Total financial debts via credit institutions | 249.919.986 | |
| Other loans | ||
| CP | 2022 | 151.250.000 |
| MTN | 2022 | 28.750.000 |
| 2023 | 14.500.000 | |
| 2025 | 5.000.000 | |
| 2026 | 500.000 | |
| EMTN | 2022 | 18.000.000 |
| 2023 | 30.000.000 | |
| 2024 | 8.100.000 | |
| 2025 | 10.000.000 | |
| 2026 | 2.500.000 | |
| Green EMTN - tranche 1 - 3,40% | 2027 | 1.100.000 |
| Green EMTN - tranche 2 - 3,40% | 2027 | 3.900.000 |
| Total other payables | 273.600.000 | |
| Leases liabilities (IFRS 16) | ||
| Atenor Luxembourg | 846.389 | |
| Atenor France | 385.020 | |
| Atenor Deutschland | 174.705 | |
| Atenor Hungary | 212.164 | |
| Total leases liabilities | 1.618.278 | |
| TOTAL FINANCIAL DEBTS | 835.138.264 |
| In thousands of EUR | ||
|---|---|---|
| 2021 | 2020 | |
| Dividends on ordinary shares declared and paid during the period: | 16.272 | 12.284 |
| In thousands of EUR | |||
|---|---|---|---|
| I. Income tax expense / Income - current and deferred | 2021 | 2020 | |
| Income tax expense / Income - current | |||
| Current period tax expense | -10.839 | -7.716 | |
| Adjustments to tax expense/income of prior periods | 826 | -503 | |
| Total current tax expense, net | -10.013 | -8.219 | |
| Income tax expense / Income - Deferred | |||
| Related to the current period | -223 | 3.534 | |
| Related to tax losses | -1.644 | -463 | |
| Total deferred tax expense | -1.867 | 3.071 | |
| Total current and deferred tax expense | -11.880 | -5.148 |
Please read the comment on page 4
| In thousands of EUR | 31.12.2021 | 31.12.2020 | ||||
|---|---|---|---|---|---|---|
| Western Europe |
Central Europe |
Total | Western Europe |
Central Europe |
Total | |
| Operating revenue | 74.675 | 99.443 | 174.118 | 68.922 | 63.067 | 131.989 |
| Turnover | 72.917 | 95.151 | 168.068 | 67.556 | 47.674 | 115.230 |
| Property rental income | 1.758 | 4.292 | 6.050 | 1.366 | 15.393 | 16.759 |
| Other operating income | 20.090 | 3.124 | 23.214 | 42.104 | 6.436 | 48.540 |
| Gain (loss) on disposals of financial assets | 4.505 | 4.505 | 19.283 | 19.283 | ||
| Other operating income | 15.579 | 3.124 | 18.703 | 22.825 | 6.436 | 29.261 |
| Gain (loss) on disposals of non-financial assets | 6 | 6 | -4 | -4 | ||
| Operating expenses (-) | -74.932 | -58.237 | -133.169 | -91.280 | -49.073 | -140.353 |
| Raw materials and consumables used (-) | -269.662 | -91.501 | -361.163 | -138.167 | -97.670 | -235.837 |
| Changes in inventories of finished goods and work in | ||||||
| progress | 260.788 | 53.920 | 314.708 | 98.318 | 86.377 | 184.695 |
| Employee expenses (-) | -3.912 | -864 | -4.776 | -2.351 | -670 | -3.021 |
| Depreciation and amortization (-) | -573 | -215 | -788 | -420 | -199 | -619 |
| Impairments (-) | -256 | 5 2 |
-204 | -125 | -121 | -246 |
| Other operating expenses (-) | -61.317 | -19.629 | -80.946 | -48.535 | -36.790 | -85.325 |
| RESULT FROM OPERATING ACTIVITIES - EBIT | 19.833 | 44.330 | 64.163 | 19.746 | 20.430 | 40.176 |
| Financial expenses (-) | -15.673 | 2.195 | -13.478 | -11.352 | -86 | -11.438 |
| Financial income | 1.576 | 1.576 | 1.553 | 1 | 1.554 | |
| Share of profit (loss) from investments consolidated by | ||||||
| the equity method | -2.480 | -2.480 | -1.180 | -1.180 | ||
| PROFIT (LOSS) BEFORE TAX | 3.256 | 46.525 | 49.781 | 8.767 | 20.345 | 29.112 |
| Income tax expense (income) (-) | -8.014 | -3.866 | -11.880 | -3.633 | -1.515 | -5.148 |
| PROFIT (LOSS) AFTER TAX | -4.758 | 42.659 | 37.901 | 5.134 | 18.830 | 23.964 |
| Post-tax profit (loss) of discontinued operations | ||||||
| PROFIT (LOSS) OF THE PERIOD | -4.758 | 42.659 | 37.901 | 5.134 | 18.830 | 23.964 |
| Intercompany elimination | 2.837 | -2.837 | 0 | 2.557 | -2.557 | 0 |
| CONSOLIDATED RESULT | -1.921 | 39.822 | 37.901 | 7.691 | 16.273 | 23.964 |
| Overall profits and losses of the period attributable | ||||||
| to third parties | -168 | -168 | -165 | -165 | ||
| Group share result | -1.753 | 39.822 | 38.069 | 7.856 | 16.273 | 24.129 |
Segment information is prepared, both for internal reporting and external disclosure, on a single sector of activity, i.e. realestate development projects (office and residential buildings, the retail activity being accessory to the first two mentioned). This activity is presented, managed and monitored on a project-by-project basis. The various project committees, the Executive Committee and the Board of Directors are responsible for monitoring the various projects and assessing their performances.
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.
Taken at 31 December 2021, this segmentation highlights the contribution to the consolidated result of the projects in Central Europe.
The ATENOR activity report provides more detailed information about the results and purchases and sales during the period reviewed.
| 31.12.2021 | 31.12.2020 | |||||
|---|---|---|---|---|---|---|
| Western | Central | Total | Western | Central | Total | |
| In thousands of EUR | Europe | Europe | Europe | Europe | ||
| ASSETS | ||||||
| NON-CURRENT ASSETS | 162.664 | 428 | 163.092 | 126.853 | 515 | 127.368 |
| Property, plant and equipment | 4.128 | 352 | 4.480 | 3.009 | 508 | 3.517 |
| Intangible assets | 2 1 |
4 | 2 5 |
3 1 |
6 | 3 7 |
| Investments consolidated by the equity | ||||||
| method | 78.729 | 78.729 | 64.180 | 64.180 | ||
| Deferred tax assets | 3.267 | 3.267 | 5.070 | 5.070 | ||
| Other non-current financial assets | 56.914 | 7 2 |
56.986 | 49.060 | 1 | 49.061 |
| Non-current trade and other receivables | 19.605 | 19.605 | 5.503 | 5.503 | ||
| CURRENT ASSETS | 788.665 | 278.057 | 1.066.722 | 532.704 | 398.370 | 931.074 |
| Inventories | 674.026 | 258.968 | 932.994 | 412.380 | 363.326 | 775.706 |
| Other current financial assets | 1.523 | 1.523 | 37.751 | 37.751 | ||
| Current tax receivables | 3.551 | 204 | 3.755 | 1.691 | 6 0 |
1.751 |
| Current trade and other receivables | 19.088 | 5.682 | 24.770 | 63.967 | 15.085 | 79.052 |
| Current loans payments | 2 5 |
2 5 |
1 5 |
1 5 |
||
| Cash and cash equivalents | 80.759 | 10.122 | 90.881 | 15.533 | 15.180 | 30.713 |
| Other current assets | 9.693 | 3.081 | 12.774 | 1.367 | 4.719 | 6.086 |
| TOTAL ASSETS | 951.329 | 278.485 | 1.229.814 | 659.557 | 398.885 | 1.058.442 |
| LIABILITIES AND EQUITY | ||||||
| TOTAL EQUITY | 309.152 | -8.109 | 301.043 | 252.506 | 8.706 | 261.212 |
| Group shareholders' equity | 306.672 | -8.109 | 298.563 | 249.858 | 8.706 | 258.564 |
| Issued capital | 133.621 | 133.621 | 133.621 | 133.621 |
| Issued capital | 133.621 | 133.621 | 133.621 | 133.621 | ||
|---|---|---|---|---|---|---|
| Reserves | 188.124 | -8.109 | 180.015 | 131.310 | 8.706 | 140.016 |
| Treasury shares (-) | -15.073 | -15.073 | -15.073 | -15.073 | ||
| Non controlling interest | 2.480 | 2.480 | 2.648 | 2.648 | ||
| Non-current liabilities | 476.249 | 33.787 | 510.036 | 374.566 | 108.051 | 482.617 |
| Non-current interest bearing borrowings | 460.962 | 17.618 | 478.580 | 337.318 | 95.683 | 433.001 |
| Non-current provisions | 4.795 | 4.731 | 9.526 | 1.906 | 8.997 | 10.903 |
| Pension obligation | 1.094 | 1.094 | 902 | 902 | ||
| Derivatives | 184 | 184 | 367 | 367 | ||
| Deferred tax liabilities | 594 | 594 | 531 | 171 | 702 | |
| Non-current trade and other payables | 8.775 | 10.016 | 18.791 | 33.909 | 5 0 |
33.959 |
| Other non-current liabilities | 2 9 |
1.238 | 1.267 | 2.783 | 2.783 | |
| Current liabilities | 165.928 | 252.807 | 418.735 | 32.485 | 282.128 | 314.613 |
| Current interest bearing debts | 354.811 | 1.152 | 355.963 | 221.439 | 2.986 | 224.425 |
| Current provisions | 2.135 | 2.377 | 4.512 | 338 | 338 | |
| Deferred tax liabilities | 4.193 | 2.802 | 6.995 | 1.779 | 1.720 | 3.499 |
| Current trade and other payables | 32.467 | 10.096 | 42.563 | 35.001 | 39.096 | 74.097 |
| Other current liabilities | 8.164 | 538 | 8.702 | 8.642 | 3.612 | 12.254 |
| Intercompany elimination / not allocated | -235.842 | 235.842 | -234.714 | 234.714 | ||
| TOTAL EQUITIES AND LIABILITIES | 951.329 | 278.485 | 1.229.814 | 659.557 | 398.885 | 1.058.442 |
| In thousands of EUR | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Buildings intended for sale, beginning balance | 775.706 | 608.025 | ||
| Activated costs | 404.663 | 259.301 | ||
| Disposals of the year | -90.262 | -78.652 | ||
| IFRS 15 transition | ||||
| Exits from the consolidation scope | -159.971 | |||
| Entries in the consolidation scope | ||||
| Reclassifications from/to the "Inventories" | 5 1 |
|||
| Borrowing costs (IAS 23) | 6.429 | 4.306 | ||
| Foreign currency exchange increase (decrease) | -3.604 | -17.199 | ||
| Write-offs (recorded) | -343 | |||
| Write-offs (written back) | 375 | -125 | ||
| Movements during the year | 157.287 | 167.682 | ||
| Buildings intended for sale, ending balance | 932.994 | 775.706 | ||
| Accounting value of inventories mortgaged (limited to granded loans) | 203.123 | 190.240 |
Please see comments on page 5.
This item mainly includes the interior developments made to the leased buildings and the rights of use recognised by application of IFRS 16.
The investments over the year total 1.74 million Euro including 1.09 million Euro in rights of use following the leases signed for the offices of our subsidiaries in Luxembourg and Germany. Depreciation over this period came to 773,000 Euro. No loss of value was booked.
On 4 March 2021, ATENOR issued a stock option plan (SOP 2021) for the subsidiary named Atenor Long Term Growth (ALTG). The options issued on this subsidiary benefit the members of the Executive Committee, personnel and some ATENOR service providers.
This SOP 2021 may be exercised during the three following periods: from 8 March to 29 March 2024, from 10 March to 31 March 2025 and from 10 March to 31 March 2026 after each publication of the annual results.
It may be recalled that the Board, on 29 August 2018, decided to acquire 150,000 securities via the subsidiary Atenor Long Term Growth SA with a view to putting in place, from 2019 onwards, the aforementioned new share option plan.
| In thousands of EUR | ||||
|---|---|---|---|---|
| Participations | 2021 | 2020 | ||
| VICTOR ESTATES | 926 | 1.007 | ||
| VICTOR PROPERTIES | 4 0 |
4 8 |
||
| VICTOR BARA | 4.312 | 4.351 | ||
| VICTOR SPAAK | 7.718 | 7.783 | ||
| IMMOANGE | 719 | 933 | ||
| MARKIZAAT | 10.183 | 10.104 | ||
| CCN DEVELOPPEMENT | 50.113 | 35.694 | ||
| DE MOLENS | 125 | 2 3 |
||
| TEN BRINKE MYBOND VERHEESKADE | 4.386 | 4.309 | ||
| LAAKHAVEN VERHEESKADE II | 207 | 7 8 |
||
| LANKELZ FONCIER | -150 | |||
| Total | 78.729 | 64.180 |
| In thousands of EUR | |||
|---|---|---|---|
| Investments | 2021 | 2020 | |
| At the end of the preceding period | 64.180 | 59.676 | |
| Share in result | -2.480 | -1.180 | |
| Acquisitions, price adjustments and restructuring | 16.098 | 4.524 | |
| Disposals | |||
| Capital increase | 1.160 | ||
| Loss of value | |||
| Reclassification to other items | 931 | ||
| At the end of the period | 78.729 | 64.180 |
| In thousands of EUR | |||
|---|---|---|---|
| Sums due to related Sums due to the group |
|||
| 2020 key figures from financial statements | parties | from related parties | |
| - IMMOANGE share of the group : 50% |
- | 1.125 | |
| - VICTOR ESTATES share of the group : 50% |
- | 5.259 | |
| - VICTOR PROPERTIES share of the group : 50% |
- | 289 | |
| - VICTOR BARA share of the group : 50% |
- | 2.242 | |
| - VICTOR SPAAK share of the group : 50% |
- | 3.981 | |
| - MARKIZAAT share of the group : 50% |
- | - | |
| - CCN DEVELOPMENT share of the group : 50% |
- | 6.426 | |
| - DE MOLENS share of the group : 50% |
- | 1.219 | |
| - TEN BRINKE MYBOND VERHEESKADE share of the group : 50% |
- | 7.895 | |
| - LAAKHAVEN VERHEESKADE II share of the group : 50% |
- | 14.674 | |
| - LANKELZ FONCIER share of the group : 50% |
- | 13.633 |
Within the framework of the Victor project, the (50/50) joint-venture with BPI has led to the consolidation by the equity method of the companies Immoange, Victor Properties, Victor Estates, Victor Spaak and Victor Bara.
In 2019, ATENOR acquired 50% of the shares of the company Markizaat (ex Dossche Immo), holder of a plot and buildings in Deinze (De Molens project). In May 2020, ATENOR took a 50% share in the establishment of the De Molens company, which will develop the project of the same name.
ATENOR continued its establishment in the Netherlands by participating at 50% in the constitution of the company Laakhaven Verheeskade II in December 2020. These two companies will develop neighbouring projects in the district of Laakhaven (The Hague).
In addition, ATENOR has subscribed up to 50% to the constitution of Lankelz Foncier SARL which has taken over the assets and liabilities of Althea Fund Compartiment IV. This company will develop the Perspectiv' (formerly Lankelz) project in Luxembourg. The negative value of this stake at the end of the financial year (-0.93 million Euro) was transferred to the noncurrent provisions.
It should be recalled that, in 2019, ATENOR entered into a partnership (33%) with AGRE and AXA through CCN Development as part of the CCN Brussels project. In 2021, this stake was increased to 50% (+15.78 million Euro).
No other important change occurred concerning the related parties. Updated information regarding other related parties will be noted in the financial annual report.
ATENOR does not use derivative instruments for trading purposes.
In the context of its € 22 M of finance contracted in February 2019 via its Polish subsidiary, Haverhill Investments, ATENOR simultaneously concluded a rate hedging contract that covers 71% of the loan. The fair value of this financial instrument qualified as "cash flow hedge" (change of 0.18 million Euro) is booked directly in equity. See the table on page 8
| Amount | ||
|---|---|---|
| Movements in own and treasury shares | (in thousands of EUR) Number of own shares | |
| On 01.01.2021 (average price : € 48.09 per share) | 15.073 | 313.427 |
| Movements during the period: | ||
| - acquisitions | 104 | 1.834 |
| - sales | -104 | -1.834 |
| On 31.12.2021 (average price : € 48.09 per share) | 15.073 | 313.427 |
These shares aim to serve the share options plans (2017 to 2021) allocated to ATENOR staff and some of its service providers. The shares acquired during the first half of the year were immediately transferred for partial payment of the directors' fees in the form of company shares.
The real estate sector generally takes a certain amount of time to know the effect of an economic recovery. Even if significant public funds are being mobilized to revive the economy following the exit from the Coronavirus pandemic, the visibility of this way out of the crisis is still uncertain. The current slowdown in the real estate sector could last for several more months. We remain attentive to the possible consequences of this development, however confident in the resilience of the portfolio due to its diversification.
The Board of Directors is attentive to the analysis and management of the various risks and uncertainties which ATENOR and its subsidiaries are confronted with.
On 31 December 2021, ATENOR was not confronted with any litigation.
On 8 March 2022, ATENOR issued a stock option plan (SOP 2022) for the subsidiary named Atenor Long Term Growth (ALTG).
The options issued on this subsidiary benefit the members of the Executive Committee, personnel and some ATENOR service providers.
This SOP 2022 may be exercised during the three following periods: from10 March to 31 March 2025, from 10 March to 31 March 2026 and from 10 March to 31 March 2027.
No other important event occurring since 31 December 2021 is to be noted.
Stéphan SONNEVILLE SA, CEO and President of the Executive Committee and the Members of the Executive Committee, including Mr Sidney D. BENS, CFO, acting in the name of and on behalf of ATENOR SA attest that to the best of their knowledge,
The Statutory Auditor, EY Réviseurs d'Entreprises SRL represented by Mr Carlo-Sébastien D'Addario, confirmed that it does not have any reservations concerning to the accounting information included in this press release and that it corresponds with the financial statements as approved by the Board of Directors.
2 Affiliated companies of ATENOR in the sense of article 1.20 of Code on companies and associations
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