Quarterly Report • Sep 2, 2015
Quarterly Report
Open in ViewerOpens in native device viewer
The first half of 2015 closed with a consolidated net profit (group share) of 5.19 million Euro compared to a result of 3 million Euro for the first half of 2014.
This result has been generated principally by pre-sold projects, both office and residential. The lease revenue of the Vaci Greens (Budapest) and HBC (Bucharest) buildings has also made a contribution. The revenue of this semester has thus been diverse once again, in terms of both geography and sector. The first semester of 2014 was marked by the sale of the last office building B1 of the UP-site project to the Inasti.
| Results | 30.06.2015 | 30.06.2014 |
|---|---|---|
| Net consolidated result (group share) | 5,193.09 | 3,000.00 |
| Profit per share (in Euro) | 0.92 | 0.55 |
| Number of shares | 5,631,076 | 5,457,264 |
| of which own shares | 167,907 | 157,142 |
| Balance sheet | 30.06.2015 | 31.12.2014 |
| Total assets | 473,996 | 449,198 |
| Cash position at the end of the period | 38,510 | 67,240 |
| Net indebtedness (-) | -268,042 | -199,572 |
| Total of consolidated equity | 111,937 | 112,904 |
The turnover as at 30 June 2015 amounted to 49.43 million Euro. It mainly consists of (a) revenue resulting from the third portion (€ 18.98 M) of the Trebel project, (b) revenues coming from the sale of the apartments of the Port Du Bon Dieu (Namur) and Les Brasseries de Neudorf (Luxembourg) projects (€ 9.3 M and € 8.39 M respectively), and (c) the turnover for the transfer of the units of the UP-site project (€ 5.93 M). The lease revenue of the Vaci Greens (Budapest) and HBC (Bucharest) buildings complement this turnover (€ 3.35 M).
The operating result amounts to 12.44 million Euro, influenced on the one hand by the contribution of the Trebel project (€ 6.92 M), as booked in accordance with its degree of progress (from 44% to 68.5%) and on the other hand by the sale of the apartments of the Port Du Bon Dieu (Namur) and Les Brasseries de Neudorf (Luxembourg) projects in accordance with their degree of progress , € 1.39 M and € 2.66 M respectively).
The apartmentsales in the UP-site project and the first apartmentsales of the Au Fil des Grands Prés project in Mons have also made a positive contribution to the operating result and to the lease revenue net of charges of the Vaci Greens (Budapest) and HBC (Bucharest) buildings (€ 1.07 M and € 0.81 M). Finally, administrative costs amounting to 2.2 million Euro.
The net financial result amounts to -2.36 million Euro, compared with -2.73 million Euro for the first half of 2014. The fall in net financial charges over the first half year is mainly due to an improvement in the financing conditions (average financing rate 3.20% as against 4.71% in the first half of 2014, mainly due to the reimbursement of the bond 2010-2015).
The Taxes amounted to € 4.79 M on 30 June 2015 and are mainly composed, on the one hand by a use of deferred tax assets linked to the Trebel project (€ 2.12 M), and on the other hand to a recognition of deferred tax liabilities relating mainly to the Port Du Bon Dieu (Namur) and Les Brasseries de Neudorf projects (€ 0.47 M and € 0.90 M).
The net result of the first half of the financial year amounts to 5.19 million Euro.
The consolidated shareholders' equity amounts to 111.94 million Euro, which represents 23.6% of the balance sheet total.
As at 30 June 2015, the group has a net financial indebtedness of 268.04 million Euro (including cash amounting to € 38.51 M), compared with a net financial indebtedness of 199.57 million Euro (including cash amounting to € 67.24 M) as at 31 December 2014.
The increase in net debt of the Group (+€ 68.47 M) is mainly due to the continuation of the work on all portfolio projects.
The "buildings held for sale" classified under "Stock" represent the real estate projects in portfolio and in the course of development. This item amounts to 296.90 million Euro, a net increase of 25.82 million Euro in comparison with 31 December 2014. This change is mainly due to (a) the continuation of the Vaci Greens (Budapest), Hermes Business Campus (Bucharest) and The ONE projects in Brussels, this representing in total +30.28 million Euro and (b) the apartment sales of the UP-site, Port du Bon Dieu and Les Brasseries de Neudorf projects, which have decreased the stock by 7.99 million Euro. The balance of the net variation of this item (+€ 3.53 M) is distributed over the other projects in development.
In the course of the first half of the year, Atenor continued the development of the projects in the portfolio and recorded some major favourable events.
Further to the last new acquisitions, the portfolio currently includes 14 projects under development for a total on the order of 675,000 m².
The projects experienced the following developments:
The structural works have finished and the mounting of the façades and technical features is in progress. The provisional acceptance has been postponed from 1 April to 22 June 2016 due to the fit-out works proposed to and accepted by the European Parliament.
We remind you that the result is recorded as construction proceeds, account taken of the sale agreement with the European Parliament.
The Planning permission was granted in November 2014 for a mixed project including 97 homes, 2 shops and 29,000 m² of offices. The building works assigned to the partnership Valens-De Waele started in August, with delivery scheduled for summer 2018.
We remind you that an appeal to the Council of State was brought against the planning permit by well known associations.
The Government off the Brussels-Capital Region approved the draft master plan (Schéma Directeur) at the first reading on 30 April 2015, confirming the outline for the development of the area focused on mobility, density, functional diversity (offices, housing, shops and facilities) and the quality of public spaces.
We are in consultation with the competent authorities as to the implementation of this plan, in order to be able to introduce another permit application for the execution of the Victor project in 2018-2020. In the meantime, the clean-up works on the site will start in September.
In the context of the permit application deposited last December, the consultation committee issued a favourable opinion, thereby supporting the redevelopment of this mixed project to convert old buildings into a complex of 152 homes and 1,500 m² of office space. The environmental permit has been issued and the planning permit is expected shortly, after which the works can start.
The building permit whose application was filed in March 2014 and amended in May 2015 was granted on 10 August 2015 for the first phase of the project involving the construction of housing, areas for integrated services for businesses and a nursing home and assisted living facility (39.500 m²).
The building work should start before the end of 2015 and we are in negotiation for a long-term lease of the retirement home.
Also, studies are in progress for the second phase of the project, of a basically residential nature on the edge of the canal. For this second phase, Atenor has been chosen by Citydev in the context of a call for projects concerning 17,000 m² of homes to be built.
Furthermore, the clean-up works that fall to the former tenant continued during 2015 and shall be finished in late September.
We remind you that at the end of 2014 Atenor acquired a property of nearly 2 hectares, currently consisting of 8 office buildings (16,653 m²) and 338 outside parking spaces. The complex will be redeveloped to make way for a residential and services project nestled in a beautiful park.
Contacts are ongoing with local and regional authorities to ensure a smooth integration of this project into its urban environment, the aim being to file an initial permit application before the end of 2015.
Furthermore, seeking to enhance the project, Atenor purchased the company SEVAL, holder of the neighbouring plot (1,074 m²) in order to integrate this plot in its development.
The provisional acceptances of the first two blocks took place in June and August respectively, in line with the initial schedule. The building work on the complex will end with the delivery of the third block and the surrounding areas during the last quarter of 2015.
The pace of sales is in line with our expectations. Currently, nearly 75% of the units of the first two blocks have been sold and 33% of the units of the last block. This trend confirms the interest of the market for this unique project in Namur.
We remind you that Atenor acquired the land of Lot 2 in November 2014 from the SPGE for resale to CBC bank with a termination clause if ATENOR fails to obtain a single permit for the construction of an office building of 7,600 m² meeting CBC's needs.
Contacts are continuing with CBC to realize the construction of their building on obtaining the permit, expected at the end of the year.
The marketing by a consortium specializing in the sale and management of investment property and concerning the first 4 blocks of housing (134 total) continued successfully in the first half of 2015. Indeed, the first block, on which building work started last February, is entirely pre-sold and the second has purchase options on nearly 50% of the units. This pace of sale (agreed with the consortium) will complete the sale of the remaining homes by the end of 2017, with delivery of the fourth block scheduled for the following year.
The revisioning planning tool (PCA), encompassing the other parcels of the project and linking the commercial gallery to the new station is being examined; its definitive adoption is scheduled in October.
The construction of the first phase (two blocks – 39 units and 1 crèche; 4,385 m²) began in February 2015 and its marketing on today's date boasts a presale rate of 55%. The delivery of this first phase is scheduled for July 2016. Based on this success, Atenor is planning to launch a second phase (one block – 37 homes; 3,660 m²) in September.
Construction works started in October 2014 have continued despite certain difficulties without any major influence on the final delivery date, scheduled for the fourth quarter of 2016.
On this date, all of the apartments have been sold or reserved, which reflects the commercial success of this project.
We remind you that this building currently in demolition and reconstruction and having obtained an "Excellent" BREEAM certification, was sold in a future state of completion to a group of institutional investors in October 2014. Delivery is scheduled for the 1st half of 2016.
As announced last March, Atenor signed a lease for 22,000 m² with Genpact for a fixed duration of 10 years. This company will, in 2016, occupy the third HBC building, on which building work started last May. In July, HBC signed another lease contract for Building 2, bringing its pre-lease rate up to 55%. We remind you that the first building of 18.000 m², delivered in March 2014, is fully leased.
The outlook for the office leasing market remains favourable in this country with economic growth. Although it isn't possible to specify the timing at this stage, Atenor plans to resell these buildings.
The second building of 20,000 m² was delivered successfully in June 2015, enabling the General Electric (GE) group to extend its surfaces as of 1 July, for all floor areas and for a 10-year period. Parallel to this, the construction of a third building of 27,000 m² is continuing and should be completed by the end of 2015. The latter is in negotiation for lease contracts.
Furthermore, in June Atenor acquired a neighbouring plot with a total surface area of 8,364 m², which will enhance the campus' development and increase it by 40,000 m².
We remind you that the first building (16,000 m²) is fully leased to several reputable companies including the General Electric group, which occupies two thirds of the building.
Although it is not possible at this stage to specify the timing, steps are being taken to sell one or several blocks.
INASTI moved in to the last office block of UP-site (10,000 m²) in June 2015 to occupy the entire 30,000 m² of office space.
The sale of the last apartments of the UP-site project is continuing at a rate that reflects the Brussels market's trends. On today's date, more than 300 apartments have already been sold in this complex, which is spearheading the renewal of an entire district. The development of the docks has been executed on Atenor's initiative and at its cost, testifying to our corporate social responsibility.
We remind you that the sale of the South City Hotel company holding the hotel, operated under the PARK INN brand, was finished on 31 March 2015, without affecting the 2015 results.
The ongoing judicial procedure regarding liquidity companies ("société de liquidités"), in which in particular Atenor and several of its management are involved, continued.
As Atenor has stated since the beginning of these judicial procedures and has repeatedly stated in its annual reports, Atenor and its management feel that they have not committed any fraud or infraction and are confident that their good faith will be acknowledged in court.
A second hearing before the Brussels correctional court will be held on 9 September for the "Erasmonde - AmericanEnergy" case, in which 13 companies and persons, including Atenor Group and its Managing Director, will be heard.
Within the context of the "E. Migeotte / Société Générale (France)" case, after a nonsuit pronounced in February 2012 by the Chamber of the Council of Turnhout, the Chamber of indictments of Antwerp made a referral decision in March 2013. The appeal submitted by a third party was rejected. The case appeared before the Correctional Court of Turnhout on December 3rd and 4th, 2014. At the end of a thorough analysis of the elements of the case, the Tribunal ruled on January 14, 2015. It acknowledged the good faith of Atenor Group and its directors as well as the absence of any offence on their part and acquitted them.
The public prosecutor however appealed against this judgment, meaning that this case could not be definitively closed.
With regard to the "D-Facto - Cabepo" case a preliminary hearing before the Correctional Court of Brussels was held on May 15, 2015. A dozen physical or legal persons, including Atenor Group, its Managing Director and its Chief Financial Officer, will be heard in this matter, which has been ongoing for several years. In general, Atenor Group, which has cooperated fully in the investigations carried out by the judicial and tax authorities, confirms that it has not committed any fraud, either in regard to tax or to company law, and is confident of having its good faith recognised in all the cases.
During the first half of 2015, Atenor Group s.a. acquired 22,330 own shares. 17,850 shares were then transferred to the beneficiaries of the share option plan (SOP's 2008 and 2011) bringing the number in its possession on 30 June 2015 up to 4,480.
The Atenor Group Investments subsidiary, which owned 157,142 Atenor shares, opted for further shares during the payment of the dividend for fiscal year 2014, bringing the total number of Atenor shares in its possession to 163,427.
The positive development of the projects in the portfolio on the commercial and urban plans should support the results in the second half of the year.
Subject to exceptional events unforeseen at this time, Atenor expects to achieve 2015 results at least equal to those of 2014.
After the General Shareholders' Meeting of 24 April 2015, the Board of Directors proposed an optional dividend. 79.69% of shareholders opted in, thereby expressing their confidence in the group's strategy.
Intermediate declaration for third quarter 2015 19 November 2015 Publication of the annual results for 2015 10 March 2016 Annual General Meeting 2015 22 April 2016
For more detailed information, we ask that you contact Stéphan Sonneville sa, CEO or Sidney D. Bens, CFO. Tel +32 (2) 387.22.99 Fax +32 (2) 387.23.16 e-mail: [email protected] www.atenor.be
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 30.06.2015 | 30.06.2014 | |
| Operating revenue | 49.435 | 65.753 | |
| Turnover | 46.082 | 64.472 | |
| Property rental income | 3.353 | 1.281 | |
| Other operating income | 3.666 | 4.375 | |
| Gain (loss) on disposals of financial assets | 599 | 0 | |
| Other operating income | 3.060 | 4.360 | |
| Gain (loss) on disposals of non-financial assets | 7 | 1 5 |
|
| Operating expenses (-) | -40.657 | -57.025 | |
| Raw materials and consumables used (-) | -46.887 | -27.433 | |
| Changes in inventories of finished goods and work in progress | 24.787 | -14.001 | |
| Employee expenses (-) | -1.077 | -887 | |
| Depreciation and amortization (-) | -265 | -184 | |
| Impairments (-) | 1.045 | -120 | |
| Other operating expenses (-) | -18.260 | -14.400 | |
| RESULT FROM OPERATING ACTIVITIES - EBIT | 12.444 | 13.103 | |
| Financial expenses (-) | -2.686 | -2.977 | |
| Financial income | 323 | 248 | |
| Share of profit (loss) from investments consolidated by the equity method | -94 | -139 | |
| PROFIT (LOSS) BEFORE TAX | 9.987 | 10.235 | |
| Income tax expense (income) (-) | 7 | -4.794 | -7.235 |
| PROFIT (LOSS) AFTER TAX | 5.193 | 3.000 | |
| Post-tax profit (loss) of discontinued operations | 0 | 0 | |
| PROFIT (LOSS) OF THE PERIOD | 5.193 | 3.000 | |
| Investments of non-controlling interests | 0 | 0 | |
| Group profit (loss) | 5.193 | 3.000 | |
| EARNINGS PER SHARE | EUR | ||
| 30.06.2015 | 30.06.2014 | ||
| Number of shares | 5.631.076 | 5.457.264 | |
| Earnings per share | 0,94 | 0,57 | |
| (calculated considering the capital increase linked to the optional dividend) | |||
| Other elements of the overall profit and losses | In thousands of EUR | ||
| 30.06.2015 | 30.06.2014 | ||
| Group share result | 5.193 | 3.000 | |
| Items to be reclassified to profit or loss in subsequent periods : | |||
| Translation adjusments | -866 | -968 |
Cash flow hedge 0 0
Overall total results of the group 4.327 2.032
Overall profits and losses of the period attributable to third parties 0 0
ASSETS
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 30.06.2015 | 31.12.2014 | |
| NON-CURRENT ASSETS | 107.955 | 88.093 | |
| Property, plant and equipment | 9 | 932 | 1.098 |
| Investment property | 0 | 0 | |
| Intangible assets | 3.351 | 3.386 | |
| of which goodwill | 3.323 | 3.373 | |
| Investments in related parties | 0 | 0 | |
| Investments consolidated by the equity method | 15.317 | 15.388 | |
| Deferred tax assets | 2.691 | 5.459 | |
| Other non-current financial assets | 16.380 | 14.807 | |
| Derivatives | 0 | 0 | |
| Non-current trade and other receivables | 69.284 | 47.955 | |
| Other non-current assets | 0 | 0 | |
| CURRENT ASSETS | 366.041 | 361.105 | |
| Assets held for sale | 0 | 0 | |
| Inventories | 1 0 |
296.903 | 271.081 |
| Other current financial assets | 4 | 33.208 | 61.102 |
| Derivatives | 0 | 0 | |
| Current tax receivables | 2.791 | 3.792 | |
| Current trade and other receivables | 25.032 | 16.808 | |
| Current loans payments | 9 0 |
164 | |
| Cash and cash equivalents | 4 | 5.302 | 6.137 |
| Other current assets | 2.715 | 2.021 | |
| TOTAL ASSETS | 473.996 | 449.198 |
30.06.2015 31.12.2014
| TOTAL EQUITY | 111.937 | 112.904 | |
|---|---|---|---|
| Group shareholders' equity | 111.937 | 112.904 | |
| Issued capital | 57.631 | 51.113 | |
| Reserves | 61.102 | 68.136 | |
| Treasury shares (-) | -6.796 | -6.345 | |
| Minority interest | 0 | 0 | |
| Non-current liabilities | 196.623 | 151.232 | |
| Non-current interest bearing borrowings | 5 | 179.409 | 135.971 |
| Non-current provisions | 1.691 | 1.827 | |
| Pension obligation | 238 | 238 | |
| Derivatives | 0 | 0 | |
| Deferred tax liabilities | 10.724 | 9.254 | |
| Current trade and other payables | 3.569 | 3.650 | |
| Other non-current liabilities | 992 | 292 | |
| Current liabilities | 165.436 | 185.062 | |
| Current interest bearing debts | 5 | 127.143 | 130.829 |
| Current provisions | 1.052 | 1.052 | |
| Pension obligation | 0 | 0 | |
| Derivatives | 1 0 |
2 2 |
|
| Current tax payables | 2.999 | 2.590 | |
| Current trade and other payables | 27.436 | 43.169 | |
| Other current liabilities | 6.796 | 7.400 | |
| TOTAL EQUITY AND LIABILITIES | 473.996 | 449.198 |
| Notes | In thousands of EUR | |||
|---|---|---|---|---|
| 30.06.2015 | 30.06.2014 | 31.12.2014 | ||
| Operating activities | ||||
| - Net result | 5.193 | 3.000 | 15.333 | |
| - Result of Equity method Cies | 94 | 139 | 257 | |
| - Net finance cost | 2.048 | 2.490 | 6.171 | |
| - Income tax expense | 7 | 556 | 1.570 | 3.804 |
| - Result for the year | 7.891 | 7.199 | 25.565 | |
| - Depreciation | 264 | 205 | 457 | |
| - Amortisation and impairment | -1.045 | 120 | 1.518 | |
| - Translation adjustments | -285 | 40 | -10 | |
| - Provisions | -136 | 13 | 435 | |
| - Deferred taxes | 7 | 4.239 | 5.664 | 4.072 |
| - (Profit)/Loss on disposal of fixed assets | -556 | -15 | -5.534 | |
| - SOP / IAS 19 | 81 | 41 | 8 8 |
|
| - Adjustments for non cash items | 2.562 | 6.068 | 1.026 | |
| - Inventories | -27.657 | 10.750 | -14.615 | |
| - Trade and other amounts receivables | -30.091 | -27.223 | -19.978 | |
| - Trade and other amounts payables | -14.778 | 2.337 | 14.984 | |
| - Net variation on working capital | -72.526 | -14.136 | -19.609 | |
| - Interests received | 159 | 245 | 498 | |
| - Income tax (paid) received | 3.442 | -1.610 | -1.306 | |
| Cash from operating activities (+/-) | -58.472 | -2.234 | 6.174 | |
| Investment activities | ||||
| - Acquisitions of intangible and tangible fixed assets | -165 | -1.044 | -1.205 | |
| - Acquisitions of financial investments | 0 | -10.875 | -10.947 | |
| - New loans | -4.674 | -372 | -3.492 | |
| - Subtotal of acquired investments | -4.839 | -12.291 | -15.644 | |
| - Disposals of intangible and tangible fixed assets | 23 | 851 | 15 | |
| - Disposals of financial investments | 0 | 0 | 1.400 | |
| - Reimbursement of loans | 3.118 | 6 | 7 | |
| - Subtotal of disinvestments | 3.141 | 857 | 1.422 | |
| Cash from investment activities (+/-) | -1.698 | -11.434 | -14.222 | |
| Financial activities | ||||
| - Increase in capital | 0 | 0 | 0 | |
| - Decrease in capital | 0 | 0 | 0 | |
| - Treasury shares | -1.066 | 29 | 255 | |
| - Proceeds from borrowings | 127.697 | 12.412 | 56.549 | |
| - Repayment of borrowings | -87.147 | -6.158 | -6.583 | |
| - Interests paid | -3.581 | -2.963 | -9.531 | |
| - Dividends paid to company's shareholders | 6 | -4.387 | -4.024 | -3.960 |
| - Directors' entitlements | -324 | -225 | -225 | |
| Cash from financial activities (+/-) | 31.192 | -929 | 36.505 | |
| Net cash variation | -28.978 | -14.597 | 28.457 | |
| - Cash and cash equivalent at the beginning of the year | 67.240 | 38.909 | 38.909 | |
| - Net variation in cash and cash equivalent | -28.978 | -14.597 | 28.457 | |
| - Non cash variations (Cur. conversion, chge in scope, etc) | 248 | 71 | -126 | |
| - Cash and cash equivalent at end of the year | 4 | 38.510 | 24.383 | 67.240 |
In thousands of EUR
| Issued capital | Hedging reserves | Own shares | Accumulated results |
Profit/loss of the period |
IAS 19R reserves | Cumulative translation adjusments |
Minority interests |
Total Equity | |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of 01.01.2014 | 44.644 | - | (6.375) | 78.537 | - | (141) | (11.879) | 104.786 | |
| Profit/loss of the period Other elements of the overall results |
- - |
- - |
- - |
- - |
15.333 - |
- (185) |
- (3.288) |
- - |
15.333 (3.473) |
| Total comprehensive income | - | - | - | - | 15.333 | (185) | (3.288) | - | 11.860 |
| Capital increase | 6.469 | - | - | - | - | - | - | - | 6.469 |
| Paid dividends | - | - | - | (10.204) | - | - | - | - | (10.204) |
| Own shares | - | - | 30 | - | - | - | - | - | 30 |
| Share based payment | - | - | - | (37) | - | - | - | - | (37) |
| Others | - | - | - | - | - | - | - | - | - |
| Balance as of 31.12.2014 | 51.113 | - | (6.345) | 68.296 | 15.333 | (326) | (15.167) | - | 112.904 |
| First semester 2014 | |||||||||
| Balance as of 01.01.2014 | 44.644 | - | (6.375) | 78.537 | (141) | (11.879) | - | 104.786 | |
| Profit/loss of the period | - | - | - | - | 3.000 | - | - | 3.000 | |
| Other elements of the overall results | - | - | - | - | - | (968) | - | (968) | |
| Total comprehensive income | - | - | - | - | 3.000 | (968) | - | 2.032 | |
| Capital increase | 6.469 | - | - | - | - | - | - | - | 6.469 |
| Paid dividends | - | - | - | (10.204) | - | - | - | - | (10.204) |
| Own shares | - | - | 30 | - | - | - | - | - | 30 |
| Share based payment | - | - | - | (85) | - | - | - | - | (85) |
| Others | - | - | - | - | - | - | - | - | - |
| Balance as of 30.06.2014 | 51.113 | - | (6.345) | 68.248 | 3.000 | (141) | (12.847) | - | 103.028 |
| First semester 2015 | |||||||||
| Balance as of 01.01.2015 | 51.113 | - | (6.345) | 83.629 | - | (326) | (15.167) | - | 112.904 |
| Profit/loss of the period | - | - | - | - | 5.193 | - | - | - | 5.193 |
| Other elements of the overall results | - | - | - | - | - - |
(866) | - | (866) | |
| Total comprehensive income | - | - | - | - | 5.193 | (866) | - | 4.327 | |
| Capital increase | 6.518 | - | - | - | - | - | - | - | 6.518 |
| Paid dividends | - | - | - | (10.591) | - | - | - | - | (10.591) |
| Own shares | - | - | (451) | - | - | - | - | - | (451) |
| Share based payment | - | - | - | (770) | - | - | - | - | (770) |
| Others | - | - | - | - | - | - | - | - | - |
| Balance as of 30.06.2015 | 57.631 | - | (6.796) | 72.268 | 5.193 | (326) | (16.033) | - | 111.937 |
The half-year consolidated financial statements of the Group of 30 June 2015 were adopted by the Board of Directors at 31 August 2015.
The consolidated accounts of 30 June 2015 were prepared in conformity with the IAS 34 standard relating to intermediate financial information.
The intermediate financial accounts must be read alongside the annual report of 31 December 2014.
The evaluation rules adopted for the preparation of the consolidated financial situation of 30 June 2015 were not modified compared to the rules followed for the preparation of the annual report of 31 December 2014.
The consolidated half-year financial statements were prepared in accordance with IFRS standards (International Financial Reporting Standards) as adopted in the European Union.
The life cycle of the real estate projects of Atenor Group 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 contractor.
This communication system allows Atenor to determine, monitor and resolve all potential operational risks well in time.
| In thousands of EUR | |||
|---|---|---|---|
| 30.06.2015 | 30.06.2014 | 31.12.2014 | |
| Other current financial assets | 33.208 | 12.439 | 61.102 |
| Cash and cash equivalents | 5.302 | 11.944 | 6.137 |
| TOTAL CASH AT THE END OF THE PERIOD | 38.510 | 24.383 | 67.239 |
(See page 8)
| Current | Non-current | TOTAL | |
|---|---|---|---|
| Up to 1 year | More than 1 year | ||
| Movements on Financial Liabilities | |||
| On 31.12.2014 | 130.829 | 135.971 | 266.800 |
| Movements of the period | |||
| - New loans | 83.295 | 43.517 | 126.812 |
| - Reimbursement of loans | -87.000 | 0 | -87.000 |
| - Short-term/long-term transfer | 0 | 0 | 0 |
| - Hedging of fair marketvalue | 1 2 |
0 | 1 2 |
| - Others | 7 | -79 | -72 |
| On 30.06.2015 | 127.143 | 179.409 | 306.552 |
Atenor Group has issued two bonds with a nominal value of 75 million Euro (2010-2015) and 60 million Euro (2012- 2017). The first loan of 75 million Euro reached maturity and was reimbursed on 19 January 2015.
In accordance with IFRS 13, the "fair value" of the second security set on 30 June 2015 is 64.04 million Euro (106.74% of the trading price on Euronext Brussels).
We remind you that Atenor Group also set up, in November 2014, the private placement of a 5-year bond of 25 million Euro.
| In thousands of EUR | |||
|---|---|---|---|
| 30.06.2015 | 30.06.2014 | 31.12.2014 | |
| Dividends on ordinary shares declared and paid during the period: | |||
| Final dividend for 2014: 2,00 EUR | |||
| The Atenor shareholders opted by a 79.69% majority (optional | |||
| dividend) for the creation of new shares. The amount of the capital | |||
| increase (21.05.2015) amounted to € 6.52 million | -4.387 | -4.024 | -3.960 |
| Final dividend for 2013: 2,00 EUR | |||
Final dividend for 2013: 2,00 EUR
Atenor Group does not offer any interim dividend.
| In thousands of EUR | |||
|---|---|---|---|
| INCOME TAX EXPENSE / INCOME - CURRENT AND DEFERRED | 30.06.2015 | 30.06.2014 | 31.12.2014 |
| INCOME TAX EXPENSE/INCOME - CURRENT | |||
| Current period tax expense Adjustments to tax expense/income of prior periods |
-563 7 |
-1.596 2 6 |
-3.902 9 8 |
| Total current tax expense, net | -556 | -1.570 | -3.804 |
| INCOME TAX EXPENSE/INCOME - DEFERRED | |||
| Related to the current period Related to tax losses |
-4.699 461 |
-5.767 102 |
-8.404 4.332 |
| Total deferred tax expense | -4.238 | -5.665 | -4.072 |
| TOTAL CURRENT AND DEFERRED TAX EXPENSE | -4.794 | -7.235 | -7.876 |
| (See page 6) |
Atenor Group exercises its main activity of developing real estate promotion projects essentially in the area of office and residential buildings with relatively homogeneous characteristics and similar viability and risk profiles.
The activities of Atenor Group form one single sector (Real Estate), within which the real estate development and promotion projects are not differentiated by nature or by geographical area. The primary segmentation (Real Estate) reflects the organisation of the group's business and the internal reporting supplied by Management to the Board of Directors and to the Audit Committee. There is no secondary segment.
The Atenor Group activity report provides more detailed information on the results and purchases and sales during the period reviewed.
The "tangible fixed assets" item is only affected by the amortization expense and any investments. The fall compared to 31 December 2014 reflects the depreciations of the semester (170 thousand Euro).
The "buildings held for sale" classified under "Stock" represent the real estate projects in portfolio and in the course of development. This item amounts to 296.90 million Euro, a net increase of 25.82 million Euro in comparison with 31 December 2014. This change is mainly due to (a) the continuation of the works of the Vaci Greens (Budapest), Hermes Business Campus (Bucarest), and The ONE projects in Brussels, this being +30.28 million Euro in total and (b) of the apartment sales of the UP-site, Port du Bon Dieu and Les Brasseries de Neudorf projects which have decreased the stock by 7.99 million Euro. The balance of this item's variation (+3.53 million Euro) is distributed over the other projects in development.
On 23 February 2015, Atenor Group issued a third tranche of the stock option plan (SOP 2015) for the subsidiary named Atenor Group Investments (AGI). The options issued on this subsidiary benefit Atenor Group management, personnel and service providers (see page 108 of the financial annual report 2014).
On 4 March 2015, the Board of Directors, on the recommendation of the Remuneration Committee, distributed 1,059 Atenor Group Participations (AGP) shares in accordance with the remuneration policy described in the "Corporate Governance" section of our 2014 Annual Financial Report (page 46).
The expense recognized for the first half of 2015 amounted to 80,830 Euro.
| In thousands of EUR | |||||
|---|---|---|---|---|---|
| Sums due to related parties | Sums due to the group from related parties |
||||
| - IMMOANGE share of the group: 50% |
- | 8.475 | |||
| - VICTOR PROPERTIES share of the group: 50% |
- | 506 |
As of March 31, 2015, Atenor Group, Espace Midi and B.P.I. sold together the company South City Hotel, of which they held 40, 50 and 10 % respectively.
We remind you that on 30 May 2014, Atenor Group and PI Group jointly acquired (50/50) the company Air Properties. The companies have agreed to a partnership between shareholders for the development of the project located at Cloche d'Or.
Within the framework of the Victor project, a partnership was implemented with CFE in order to be able to develop a major mixed project. This partnership (50/50) has led to the consolidation by the equity method of the companies Immoange, Victor Properties and Victor Estates.
No other important change was made concerning the related parties.
Atenor Group use derivative instruments for coverage purposes (and not trading purposes). No new contract was implemented to cover rate hedges or foreign exchange hedges during the first half of 2015.
The derivative item (in the current and non-current liabilities) concerns the fair market value of the "interest rate swaps" acquired by Atenor Group s.a. within the framework of its long-term financing.
The financial instruments are evaluated at their fair value with variations of value assigned to the profit and loss account, except for financial instruments classified as "Cash flow hedges" for which the part of the profit or the loss on the hedging instrument that is considered as constituting effective cover is entered directly into equity via the consolidated statement of changes in equity.
Insofar as the "Fair value hedge" is concerned, the changes in the fair value of the derivatives designated and categorised as fair value hedges are entered in the profit and loss account, just like the changes in fair value of the asset or liability hedged imputable to the risk hedged.
| Amount | |
|---|---|
| (In thousands of EUR) | Number of own shares |
| 6.345 | 157.142 |
| 1.307 -856 |
28.615 -17.850 |
| 6.796 | 167.907 |
| Number of shares | |
| Number of shares to obtain in order to cover | Number of shares |
|---|---|
| - stock options plan 2007 | 32.000 |
| - stock options plan 2008 | 9.950 |
| - stock options plan 2011 | 1.500 |
| - stock options plan 2012 | 46.000 |
| TOTAL | 89.450 |
The number of options of the SOPs from 2007 to 2012 is part of a stock option plan of a total of 300,000 existing shares.
No important event occurring since 30 June 2015 is to be noted.
Stéphan SONNEVILLE s.a., CEO and President of the Executive Committee and the Members of the Executive Committee, of which, Mr Sidney D. BENS, CFO, acting in the name of and on behalf of Atenor Group SA attest that to the best of their knowledge,
1 Affiliated companies of ATENOR GROUP in the sense of article 11 of the Company Code
We have reviewed the condensed consolidated interim financial information of ATENOR GROUP SA as of June 30, 2015, and for the period of six months ended on that date, including the condensed consolidated statement of comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of cash flows, the condensed consolidated statement of changes in equity, and a selection of explanatory notes.
The board of directors is responsible for the preparation and fair presentation of this condensed 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 condensed consolidated interim financial information based on our 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.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed 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.
Brussels, September 1, 2015
Mazars Réviseurs d'Entreprises SCRL Statutory auditor Represented by Xavier DOYEN Xavier DOYEN
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.