Quarterly Report • Sep 8, 2017
Quarterly Report
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Woluwe-Saint-Lambert.
— Decrease of financing costs to 2.23%; — Debt ratio under control at 50.03%.
1 As compared to 31 December 2016. 2 As compared to the results at 30 June 2016.
91.15%
Occupancy rate
| The 1st semester at a glance 2 |
|---|
| The real estate portfolio 3 |
| Interim management report 4 |
| Share and shareholders9 |
| Abridged consolidated financial |
| statements 11 |
| Statutory auditor's report 25 |
| Statement of the persons responsible 25 |
| Shareholder agenda 26 |
The first semester of 2017 was characterised by excellent results: the RREC (Regulated Real Estate Company) continued developing its portfolio and saw the net result from core activities grow rapidly thanks to the full contribution of past acquisitions and projects completed in 2016.
During this period, the teams have also been working on a major project: moving into our new offices by early July, along with a gradual phasing-out of paper and a move towards a mass digitisation of our processes.
The summer break will have been a short one: an Extraordinary General Meeting has been scheduled for 13th of September (the required quorum was not met at the meeting of 23rd of August). The meeting will be invited to decide on the acquistion of a new building as part of a contribution in kind resulting from the partial demerger of the company VOP.
In addition, in late August, Home Invest Belgium acquired the shares of the company Investers SA which owns 27 apartments, 4 businesses and 2 office spaces in three buildings in Brussels.
Please find the details of our achievements in the following pages.
At 30th of June 2017, Home Invest Belgium holds a portfolio of buildings spread across 45 sites, 2 ongoing development projects and 3 development projects under review whose total fair value is estimated at €430.3 million.
In the balance sheet, the fair value of the investment properties in operation and the development projects amounts to €430.3 million against €408.8 million in late 2016, i.e. an increase of 5.2%.
Home Invest Belgium entrusted the valuation of its portfolio to two real estate experts: in a report dated 30th of June 2017, the real estate expert Winssinger & Associés in charge of valuing the entirety of the portfolio except for the Port Zélande site, stated that the investment value of the operated properties (including those intended for sale) amounts to €397,675,000, resulting in a fair value within the meaning of the IFRS standards of €360,518,000.
The expert BNP Paribas Real Estate tasked with valuing the Port Zélande site, stated an investment value of €49,695,000, i.e. a fair value of €48,720,588.
The fair value of the investment properties in operation is €408.6 million as compared to €381.3 million 6 months earlier. This growth can be explained by the completion of the development project The Inside and the acquisition of apartments and holiday homes in the Port Zélande holiday village. On a constant portfolio basis, the fair value of the portfolio has increased slightly (+1%), in line with changes observed in the market.
The investment properties located in the Brussels-Capital Region currently represent 62.2% of the portfolio, those in the Walloon Region represent 16.6%, those in the Flemish Region represent 9.3% and those in the Netherlands represent 11.9%.
The breakdown of this portfolio, calculated on the basis of the fair value of the buildings, is as follows:
The residential portion of the investment properties in operation therefore amounts to 86.7%.
In January 2017, Home Invest Belgium SA acquired a building of approximately 5,800 m² and 69 parking spaces, located at 89/103 rue Jourdan, 1060 Brussels (Saint-Gilles), in the immediate vicinity of the Louise neighbourhood.
Home Invest Belgium purchased the building from AXA Belgium.
The current office building will be converted into a residential building. The company appointed Studio Farris firm to conduct the conversion studies and filed an application for planning permission in early July 2017. Once completed, the building, which should contain around 55 apartments, will be included in the cluster which the SIR already owns in the neighbourhood (comprising three buildings: Bosquet-Jourdan, Jourdan 85 and Jourdan-Monnaies). The total investment (acquisition, studies and works) will amount to approximately €17 million and the expected initial yield will be ±5.25% once the building is fully operated. The provisional acceptance of works is scheduled for mid-2020.
In April, Home Invest Belgium acquired 7 holiday homes and 40 apartments in the Center Parcs Port Zélande complex located in Ouddorp (province of Zeeland). In late 2016, the had already acquired 241 holiday homes on the same site. It thus consolidates its position as the largest owner of holiday homes in the complex. The newly-acquired apartments and cottages enjoy a unique location in the complex, on the waterfront and facing the marina. The operating conditions are identical to those obtained as part of the previous transaction:
— The operation of the cottages and apartments is entrusted to Center Parcs, a subsidiary of the French group Pierre & Vacances. The cottages and apartments are leased for a period of 15 years by Center Parcs on the basis of a "triple net" lease and will be renovated shortly. The initial rent for the new cottages and apartments amounts to €430,000 excluding VAT and will be indexed annually.
Projet Jourdan 95, Saint-Gilles
Port Zélande, Netherlands
— The holiday homes have long leases granted by the State of the Netherlands1 which will expire in 2086. At the end of that period, the long lease will be renewed for a period of 99 years unless the State of the Netherlands does not wish to extend the lease for reasons of public interest, at which time it shall be required to compensate the long leaseholder for the existing buildings.
During the course of the semester, significant progress was made in the development projects carried out for the RREC.
(formerly called "MTC1"), Avenue Marcel Thiry 204 in 1200 Woluwe-Saint-Lambert – 95 apartments
The works having been complete, the building was delivered on 1 June 2017. The first tenants have been occupying the building since 1 July. The commercialisation of the building got off to a roaring start as, at the date of the finalisation of this report, 50% of the apartments had already been rented. www.theinside.be
The progress of the works means that the building should be completed in the course of the 4th quarter of 2017. Finishing works are underway on all floors.
The reconstruction of the site is underway and the construction of the superstructure has begun. The works are scheduled for completion in December 2018.
The acquisition of the site of the Brunfaut project in Molenbeek is still subject to the condition precedent of
Reine Astrid, Kraainem The Inside, Woluwe-Saint-Lambert
Célidée, Molenbeek-Saint-Jean
obtaining a building permit free of any appeal. A building permit has been granted on 31st of July which enables construction to start on 93 apartments.
Avenue Marcel Thiry in 1200 Woluwe-Saint-Lambert Building on its rental success for the two neighbouring buildings The Horizon and The Inside, the RREC has filed an application for planning permission on the parcel of land adjacent to the latter building. The planning application relates to a building comprising 47 apartments.
The average occupancy rate for the first semester of this fiscal year is 91.15%, an increase compared to the first quarter (90.0%). As a reminder, the rate now includes all of the buildings in the portfolio whether they are available for rental, under renovation, being sold or in the phase of first commercialisation after completion of the works.
The occupancy rate of the buildings being operated under the "classic1 " model is stable at the very high level of 95.8%, which is evidence that the residential rental market remains strong in the locations in which the RREC is active.
Most of the RREC's efforts to renew its portfolio are currently focused on its portfolio in Liège. Two of the four buildings owned in the city are undergoing thorough works aimed at making them compliant with market standards.
In addition, the empty apartments in the Remparden building in Oudenaarde are also undergoing thorough renovations and will soon be available to rent.
Jardin de la Cambre, Ixelles
Bosquet Jourdan, Saint-Gilles Trône, Brussels
Home Invest Belgium's portfolio of investment properties in operation is considerably "younger" than the market average given that fewer than 19% of the investment properties have been thoroughly renovated in the past 20 years.
In addition to the Mélèzes (Woluwe-Saint-Lambert) and Birch house (Etterbeek) buildings already in the process of being sold, two new buildings are currently involved in a divestment programme. The buildings are Bosquet-Jourdan in Saint-Gilles which contained 27 apartments (including 11 which have been sold or for which a sales agreement has been signed) and Jardins de la Cambre in Ixelles for which commercialisation has recently begun.
The Horizon, Woluwe-Saint-Lambert
On 28th of June, Home Invest Belgium absorbed its subsidiary Home Invest Development whose teams were more specifically tasked with monitoring the portfolio development and renovation projects.
In order to ensure the monitoring of the specific risks linked to such projects, the Board of Directors set up a Projects Committee taking over the responsibilities previously attributed to the Board of Directors of Home Invest Development. The members of the Projects Committee are Mr. Johan Van Overstraeten, Mr. Alain Verheulpen and Ms. Sophie Lambrighs.
| Name | Board of Directors | Investment Committee |
Audit Committee | Appointment and Remuneration Committee |
Committee Projects |
|---|---|---|---|---|---|
| Liévin Van Overstraeten | Chairman, Director | - | Member | Chairman | - |
| Eric Spiessens | Vice-chairman, Independant Director |
- | Chairman | Member | - |
| Sophie Lambrighs | Managing Director | Member | - | - | Member |
| Wim Aurousseau | Director | - | Member | - | - |
| Koen Dejonckheere | Independant Director | - | - | - | - |
| Laurence de Hemptinne | Independant Director | Member | - | Member | - |
| Johan Van Overstraeten | Director | Chairman | - | - | Chairman |
| Alain Verheulpen | - | Member | - | - | Member |
Mr. Toon Haverals1 , Chief Development Officer, announced his decision to leave Home Invest Belgium on 15 September 2017. The company's management will be carried out by the four effective leaders, namely Ms. Sophie Lambrighs, CEO and Messrs. Jean-Luc Colson2 , CFO, Filip Van Wijnendaele3 , COO and Nicolas Vincent, CIO.
In January 2017, Home Invest Belgium acquired the Jourdan 95 building from company shareholder Axa Belgium.
Home Invest Belgium also convened an Extraordinary General Meeting on 13th of September which will decide on the contribution, resulting from the partial demerger, of the public limited liability company (société anonyme) V.O.P., which is also a shareholder of Home Invest Belgium.
1 Permanent representative of SPRL HIRES Consult
2 Permanent representative of SPRL Ylkatt
3 Permanent representative of SPRL FVW Consult New offices of Home Invest Belgium
On 31st of August, Home Invest Belgium acquired the shares of the company Investers SA which owns 27 apartments, 4 businesses and 2 office spaces in three buildings in Brussels. More details are available in the press release published on that date.
The company's income mainly comes from the leasing of its buildings and the regular selective divestment of a portion (± 4%) of its portfolio.
The rental market is supported by demographic growth in large Belgian cities, although it suffers the inconvenience of low inflation. The acquisition market is supported by very low interest rates which boost households' borrowing capacity.
Throughout the first semester of 2017, the company continued seeking out new acquisitions, its development activities, portfolio management activities and arbitrage activities.
The Board of Directors confirmed its confidence in the continued growth of the company's results. For the current fiscal year, the Board believes that the dividend for 2017 should be at least equal to that of the previous fiscal year, unless there should be a sudden and substantial deterioration of the residential real estate sale/rental market (which the Board does not expect at the date of this report) or other unforeseen events.
In accordance with its dividend distribution policy, Home Invest Belgium will announce the amount of the interim dividend on the date of publication of its results at the 3rd quarter of 2017 (26st of October).
This half-yearly financial report contains forward-looking information based on the company's plans, estimates and projections, as well as on the reasonable expectations related to external events and factors. Due to its nature, this forward-looking information involves risks and uncertainties which may result in deviations in the actual results, financial condition, performance and achievements. Given these uncertainties, the statements relating to the company's future may not be guaranteed.
The Board of Directors considers that the main risk factors listed in pages 5 to 17 of the 2016 annual financial report remain relevant for this half-yearly report.
During the semester under review, the closing price of Home Invest Belgium shares varied between a low point of €94.59 and a high point of €97.75. The shares increased by 0.3%, taking into account the closing price at the last trading day of the semester, i.e. 30 June 2017 (€95.02) compared to that at 30 December 2016 (€94.74).
Overall, the first six months of fiscal year 2017 were characterised by a stable share price throughout the entire period, with an average of €96.
The premium between the share price at 30 June 2017 (€95.02) and the net asset value at the same date (€67.21) amounted to 41.4%. Recalculated in relation to the adjusted net value to exclude hedging instruments (€69.60), the premium amounts to 36.5%. The premium reflects shareholder confidence in the significant performance of an investment in Home Invest Belgium shares as well as the overall reduction in returns observed on the financial markets.
New offices of Home Invest Belgium
❚ Home Invest Belgium ❚ BEL 20 ❚ EPRA Belgium
On the basis, inter alia, of transparency statements made by the shareholders exceeding the statutory threshold of 3% of the company's capital, the company's shareholding structure is as follows at 30th of June 2017:
| Shareholders | Number of shares | In % of the capital |
|---|---|---|
| Van Overstraeten Group | 737,553 | 23.33% |
| AXA Belgium SA | 537,830 | 17.02% |
| Mr Antoon Van Overstraeten | 121,916 | 3.86% |
| Van Overtveldt – Henry de Frahan spouses | 102,792 | 3.25% |
| Other shareholders | 1,660,718 | 52.54% |
| Overall total | 3,160,809 | 100.00% |
Subject to the adoption of resolutions put to the vote in the Extraordinary General Meeting convened on 13th of
September, the shareholding following this operation shall be as follows1 :
| Shareholders after EGM 13/09/2017 | Number of shares | In % of the capital |
|---|---|---|
| Van Overstraeten Group | 876,602 | 26.56% |
| AXA Belgium SA | 537,830 | 16.30% |
| Mr Antoon Van Overstraeten | 121,916 | 3.69% |
| Van Overtveldt – Henry de Frahan spouses | 102,792 | 3.12% |
| Other shareholders | 1,660,718 | 50.33% |
| Overall total | 3,299,858 | 100.00% |
Finally, the company wishes to report that the 12,912 shares held by Home Invest Development are now held directly by Home Invest Belgium following the merger by acquisition mentioned above.
The Board of Directors met on 6th of September 2017 to draw up the consolidated half-yearly financial statements as at 30th of June 2017.
The accounting policies and methods of calculation adopted in the interim financial statements, as set out in this half-yearly report, are identical to those used to draw up the annual financial statements as at 31th of December 2016.
This half-yearly report applies IAS 34 which prescribes the minimum content of this interim financial statement as well as the accounting and audit principles to be applied.
Given the activity carried out, the figures presented below are not seasonal or cyclical in nature.
Finally, the percentages mentioned in the below comments are calculated on the basis of unrounded figures from the income statement or the balance sheet and may therefore be different from those calculated on the basis of the rounded figures set out below.
As the company has not applied new standards or amendments to standards in a proactive manner, said standards shall have no impact on the financial statements under review.
The Horizon, Woluwe-Saint-Lambert
The Link, Auderghem
Léopold, Liège
| 30/06/2017 | 30/06/2016 | |
|---|---|---|
| I. Rental Income | 10,959,995 | 9,209,374 |
| III. Rental-related expenses | -64,804 | -66,162 |
| NET RENTAL RESULT | 10,895,191 | 9,143,212 |
| IV. Recovery of property charges | 48,161 | 26,752 |
| V. Recovery of charges and taxes normally payable by the tenant on let properties | 515,016 | 539,195 |
| VII. Charges and taxes normally payable by the tenant on let properties | -2,297,645 | -2,296,362 |
| VIII. Other incomes and expenses related to letting | -30,000 | 0 |
| PROPERTY RESULT | 9,130,724 | 7,412,797 |
| IX. Technical costs | -638,641 | -418,681 |
| X. Commercial costs | -137,330 | -173,261 |
| XI. Taxes and charges on unlet properties | -132,844 | -200,712 |
| XII. Property management costs | -1,694,223 | -1,300,569 |
| XIII. Other property costs | 16,703 | -21,994 |
| PROPERTY COSTS | -2,586,335 | -2,115,217 |
| PROPERTY OPERATING RESULT | 6,544,388 | 5,297,580 |
| XIV. General corporate expenses | -357,108 | -516,531 |
| XV. Other operating incomes and expenses | -70,213 | -70,059 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 6,117,067 | 4,710,990 |
| XVI. Result sale investment properties | -147,104 | 181,944 |
| XVIII. Changes in fair value of investment properties | 2,949,834 | 4,180,848 |
| OPERATING RESULT | 8,919,797 | 9,073,783 |
| XX. Financial income | 35,206 | 27,452 |
| XXI. Net interest charges | -1,764,613 | -1,484,966 |
| XXII. Other financial charges | -25,564 | -28,284 |
| XXIII. Changes in fair value of financial assets and liabilities | 1,429,687 | -3,320,576 |
| FINANCIAL RESULT | -325,284 | -4,806,374 |
| PRE-TAX RESULT | 8,594,513 | 4,267,409 |
| XXIV. Corporation tax | -86,344 | -32,100 |
| XXV. Exit tax | -81,555 | 0 |
| TAXES | -167,899 | -32,100 |
| NET RESULT | 8,426,615 | 4,235,309 |
| NET RESULT ATTRIBUTABLE TO THE PARENT COMPANY | 8,426,615 | 4,235,309 |
| NET RESULT PER SHARE | 2.68 | 1.35 |
| Average number of shares1 | 3,147,897 | 3,147,897 |
| NET RESULT FROM CORE ACTIVITIES | 4,194,197 | 3,193,093 |
| NET RESULT FROM CORE ACTIVITIES PER SHARE | 1.33 | 1.01 |
| DISTRIBUTABLE RESULT | 5,744,914 | 5,555,100 |
| DISTRIBUTABLE RESULT PER SHARE | 1.83 | 1.76 |
| Statement of comprehensive income | 30/06/2017 | 30/06/2016 |
| Statement of comprehensive income | 30/06/2017 | 30/06/2016 |
|---|---|---|
| I. Net result | 8,426,615 | 4,235,309 |
| II. Other items of comprehensive income: | ||
| B. Changes in the efficient part of the fair value of hedging instruments authorised as cash flow as defined in IFRS |
296,838 | -644,664 |
| 1. Effective hedging instruments | 296,838 | -644,664 |
| COMPREHENSIVE INCOME (I + II) | 8,723,453 | 3,590,645 |
1 The number of shares at the end of period was calculated without the 12,912 shares held in auto-control.
The rental income amounted to € 11.0 million against €9.2 million in June 2016 (+19.0%), under the positive influence of the new acquisitions and the completion of buildings undergoing works.
The rental expenses are stable at €0.1 million, under the influence of write-downs on trade receivables in particular which remain limited despite the expansion of the real estate portfolio.
The net rental income thus amounts to €10.9 million against €9.1 million one year earlier, i.e. an increase of 19.2%.
The rental expenses and taxes usually paid by tenants are mainly made up of the property tax borne by the RREC and amount to €2.3 million. A portion of the property tax (€0.5 million) is, however, passed on to certain tenants, in accordance with the applicable legislation (businesses, offices, nursing homes).
Consequently, the real estate income amounts to €9.1 million, a growth of 23.2% compared to the previous year.
The property operating result amounts to €6.5 million, i.e. a 23.5% increase compared to the income of €5.3 million recorded in June 2016. Technical costs and internal management costs have increased following the expansion of the real estate portfolio.
The RREC's overheads include all expenses not directly related to operating the buildings and managing the company. They decreased by 30.9% to €0.4 million. This results in operating income, before portfolio result, in the amount of €6.1 million, compared to the result of €4.7 million record in late June 2016, i.e. an increase of 29.8%.
The operating result is once again positive and amounts to €2.8 million. This result can be explain by a positive change in the fair value of the investment properties, amounting to €2.9 million, and by a slight capital loss compared to the last fair value on the buildings sold, which amount to €-0.1 million in 2017.
This notable result once again demonstrates the good performance of Home Invest Belgium's portfolio and its ability to generate recurring capital gains for its shareholders.
The operating result, after taking into account the portfolio result, amounts to €8.9 million compared to €9.1 million in June 2016.
Given the expansion of the portfolio exclusively financed by indebtedness, Home Invest Belgium has recorded a financial burden increasing from €1.5 million in June 2016 to €1.8 million at 30 June 2017. We have also recorded a positive fair value of our hedging instruments in the amount of €1.4 million (after a negative change in 2016), which is a purely latent sum excluded from the distributable income.
After payment of financial costs and income tax, Home Invest Belgium's net income amounts to €8.4 million. The net income from core activities reflects the company's operational profitability, excluding purely latent factors, and amounts to €4.2 million, a 31.3% increase compared to June 2016 (€3.2 million). The distributable income increased by 3.4%, from €5.6 million in June 2016 to €5.7 million in June 2017.
| ASSETS | 30/06/2017 | 31/12/2016 |
|---|---|---|
| I. Non-current assets | 431,641,006 | 409,872,451 |
| B. Intangible assets | 476,183 | 278,118 |
| C. Investment properties | 430,289,246 | 408,833,729 |
| D. Other tangible assets | 227,145 | 102,316 |
| E. Non-current financial assets | 75,882 | 75,649 |
| F. Finance lease receivables | 572,550 | 582,639 |
| II. Current assets | 9,866,549 | 9,429,070 |
| A. Assets held for sale | 921,051 | 1,457,192 |
| C. Finance lease receivables | 103,464 | 135,243 |
| D. Trade receivables | 3,154,496 | 3,169,636 |
| E. Tax receivables and other current assets | 1,470,494 | 842,449 |
| F. Cash and cash equivalents | 3,684,650 | 3,437,814 |
| G. Deferred charges and accrued income | 532,394 | 386,735 |
| TOTAL ASSETS | 441,507,555 | 419,301,520 |
| SHAREHOLDERS' EQUITY | ||
|---|---|---|
| A. Capital | 75,999,055 | 75,999,055 |
| B. Share premium account | 24,903,199 | 24,903,199 |
| C. Reserves | 103,022,968 | 98,202,791 |
| D. Net result of the financial year | 8,426,615 | 6,097,288 |
| SHAREHOLDERS' EQUITY | 212,351,837 | 205,202,333 |
| LIABILITIES | ||
| I. Non-current liabilities | 217,278,984 | 201,485,901 |
| B. Non-current financial debts | 209,725,492 | 192,205,885 |
| a. Financial debts | 170,000,000 | 152,500,000 |
| c. Others | 39,725,492 | 39,705,885 |
| C. Other non-current financial liabilities | 7,553,491 | 9,280,017 |
| II. Current liabilities | 11,876,734 | 12,613,287 |
| B. Current financial debts | 673,371 | 712,226 |
| c. Others | 673,371 | 712,226 |
| D. Trade debts and other current debts | 10,378,405 | 10,385,458 |
| b. Others | 10,378,405 | 10,385,458 |
| E. Other current liabilities | 110,202 | 90,680 |
| F. Accrued charges and deferred income | 714,756 | 1,424,923 |
| LIABILITIES | 229,155,718 | 214,099,188 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 441,507,555 | 419,301,520 |
| Number of shares at end of period1 | 3,147,897 | 3,147,897 |
| Net value | 212,351,837 | 205,202,333 |
| Net value per share | 67.46 | 65.19 |
| Adjusted net value per share2 | 69.86 | 68.14 |
Indebtedness 220,887,470 203,394,248 Debt ratio 50.03% 48.51%
The number of shares at the end of the period is calculated excluding the 12,912 shares held under auto-control.
The adjusted net value per share is the net value adjusted to exclude.
The investment properties increased to €430.3 million against €408.8 million in 2016 (+5.2%), as a result of the aforementioned expansion of the portfolio and notwithstanding sales made.
Equity increased by 3.5%, from €205.2 million (€65.19 per share) in 2016 to €212.4 million (€67.46 per share) in June 2017.
The financing of new assets having been carried out exclusive through debt, indebtedness increased from €205.2 million to €212.4 million in June 2017. The debt ratio therefore amounts to 50.03% (compared to 48.51% in 2016).
At 30th of June 2017, Home Invest Belgium had taken out €170 million in bank loans out of a total of €183 million in available credit lines. The weighted average duration of this bank financing combined with the bond issue of 2014 in the amount of €40 million amounts to 4 years and 9 months (compared to 5 years and 3 months as at 31 December 2016).
The average financing rate over the first semester of the year once again improved and amounts to 2.23% (compared to 2.53% in 2016 and 3.40% in 2015).
The company's debt ratio amounts to 50.03%, leaving the RREC with a debt-carrying capacity of €49 million to reach 55% of indebtedness and €188 million to reach the legal maximum allowable of 65%.
Should the debt ratio of the public RREC and of its subsidiaries exceed 50% of the consolidated assets, after deduction of the authorised financial hedging instruments, the public RREC will draw up a financial plan with a schedule in which it shall describe the measures that will be taken to ensure that the consolidated debt does not exceed 65% of the consolidated assets. The statutory auditor must draw up a report on the financial plan. In the report, the statutory auditor certifies having verified the accuracy of the methods used to draw up the plan, in particular as regards its economic basis. He confirms that the figures in the plan match the public RREC's accounting figures. The financial plan and the statutory auditor's special report are then sent to the FSMA for information purposes. The guidelines of the financial plan are detailed in the annual and half-yearly financial reports. The annual and half-yearly financial reports explain, with supporting facts and figures, (a) how the financial plan was drawn up during the period under review and (b) how it will be drawn up in the future by the public RREC.
Charles Woeste, Jette ArchView, Brussels
On the basis of the figures as at 30 June 2017, the RREC's consolidated debt ratio is 50.03%. For more information on the abridged form of the consolidated balance sheet as at 30 June 2017, please see above.
Historically, since its creation in 1999, Home Invest Belgium's debt ratio has always been relatively low, around 30%. The company increased its portfolio partially through successive capital contributions and partially through acquisitions financed by the debt. In addition, the company has applied a policy of active divestment of a portion of its portfolio, up to around 4% of its value, since 2010. The money thus collected serves to finance new acquisitions.
In 2012, the company decided to round out its activities by adding the development of projects for its own account. This decision served to accelerate the growth of Home Invest Belgium's portfolio. Given that acquisition of the sites to be developed and the works carried out were mainly financed by indebtedness, the debt ratio gradually increased since 2012 (except in 2014, the year in which exceptional sales of non-residential assets occurred).
The debt ratio exceeded the 50% threshold for the first time on 30 June 2017.
The debt ratio is currently at 50.03%. Based on the current debt ratio, the investment potential amounts to approximately €188 million, not exceeding the maximum rate of 65%.
Home Invest Belgium entered into credit agreements with credit institutions, some of which offer a debt limit of 55%. According to the agreements, the same calculation method results in an investment potential of close to €49 million.
The above amounts do not take into account potential variations in the value of the real estate assets. Such potential variations may have a significant impact on the debt ratio. Based on the current equity, only a negative variation of close to €100 million in the fair value of the real estate investments would cause the maximum authorised indebtdeness of 65% to be exceeded. That would represent a drop of close to 23% in the value of the existing portfolio.
Since its creation, Home Invest Belgium has never experienced a negative variation in the fair value of its real estate assets, even during the financial crisis of late 2008 and 2009. This can be explained by the defensive and safehaven nature of Belgian residential real estate which is at the heart of the company's investment strategy.
Given the current situation and the value of the portfolio determined by the independent expert, Home Invest Belgium does not forecast any substantial negative variations in the fair value of the property. This belief is strengthened by the results of the policy of constant arbitration which show that the valuation values are perfectly in line with the market. Therefore, Home Invest Belgium believes that the current debt ratio of 50.03% is sufficient to absorb any potential negative variations in the value of the existing assets.
The company expects to reach a debt ratio of ± 51.5% at 31 December 2017.
This change in the debt ratio depends on:
The ratio of ± 51.6% at 31 December 2017 still leaves the company with an investment potential of €36 million before hitting the threshold of the 55% debt ratio.
The above calculations do not take into account any potential changes in the value of the real estate portfolio.
Home Invest Belgium believes that its debt ratio will not exceed 65%. Consequently, no additional measure is required in light of the inherent characteristics of the real estate assets and in the expected changes in the equity. Home Invest Belgium maintains its intention to finance itself with a debt ratio below 55%. A debt ratio of 55% is perfectly justified given the nature of Home Invest Belgium's investments. Should events require the RREC's strategy to be modified, it would be done without delay; the shareholders would be informed of it in the annual and half-yearly financial reports.
| 30/06/2017 | 30/06/2016 | |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,437,814 | 2,487,426 |
| 1. Cash flow from operating activities | 2,823,592 | 8,969,099 |
| Result for the financial year | 8,426,615 | 7,555,885 |
| Result for the financial year before interest and taxes | 8,919,797 | 9,073,783 |
| Interest received | 35,206 | 27,452 |
| Interest paid | -1,790,177 | -1,513,249 |
| Change in fair value of financial assets and liabilities | 1,429,687 | 0 |
| Taxes | -167,899 | -32,100 |
| Adjustment of profit for non-current transactions | -4,140,118 | -4,324,282 |
| Depreciation and write-downs | 92,300 | 38,510 |
| - Depreciation and write-downs on non-current assets | 92,300 | 38,510 |
| Other non-monetary elements | -4,379,521 | -4,180,848 |
| - Changes in fair value of investment properties (+/-) | -2,949,834 | -4,180,848 |
| - Other non-current transactions | -1,429,687 | 0 |
| Gain on realization of assets | 147,104 | -181,944 |
| - Capital gains realized on the sale of non-current assets | 147,104 | -181,944 |
| Change in working capital needs | -1,462,905 | 5,737,496 |
| Movements in asset items: | -726,784 | 4,752,771 |
| - Current financial assets | 31,779 | 38,936 |
| - Trade receivables | 15,140 | 4,766,498 |
| - Tax receivables and other short-term assets | -628,045 | 113,817 |
| - Deferred charges and accrued income | -145,659 | -166,480 |
| Movements of liabilities items: | -736,121 | 984,726 |
| - Trade and other current debts | -45,908 | 2,185,372 |
| - Other current liabilities | 19,954 | -527,760 |
| - Accrued charges and deferred income | -710,166 | -672,886 |
| 2. Cash flow from investment activities | -18,521,983 | -14,610,641 |
| Investment properties - capitalized investments | -694,088 | -1,133,278 |
| Investment properties - new acquisitions | -6,631,772 | -5,954,469 |
| Divestments | 5,043,089 | 6,240,147 |
| Development projects | -15,833,875 | -12,511,490 |
| Other intangible assets | -199,417.51 | -71,735 |
| Other tangible assets | -215,775.69 | -10,997 |
| Other non-current financial assets | 9,855 | 1,079 |
| Acquisitions of subsidiaries | 0 | -1,169,897 |
| 3. Cash flow from financing activities | 15,945,228 | 5,729,600 |
| Changes in financial liabilities and debts | ||
| Increase (+) / Decrease (-) in financial debts | 17,519,608 | 6,519,608 |
| Dividend of the previous financial year | -1,574,380 | -790,008 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3,684,650 | 2,575,484 |
| Capital | Capital increase expenses |
Share premium |
Legal reserve |
Reserve from the balance of changes in fair value of investment properties |
Reserve from estimated transfer costs and rights |
|
|---|---|---|---|---|---|---|
| BALANCE at 31/12/2015 | 76,949,295 | -950,240 | 24,903,199 | 98,778 | 105,544,309 | -27,453,339 |
| Transfer | , | , | , | , | , | |
| Changes resulting from the sale of a building |
, | , | , | , | -7,765,138 | 743,048 |
| Dividend distribution | , | , | , | , | , | , |
| Interim dividend distributed in previous period |
, | , | , | , | , | , |
| Result for the period | , | , | , | , | , | , |
| Changes in fair value of hedges | , | , | , | , | , | , |
| Reclassification of hedges | , | , | , | , | , | , |
| Changes in fair value of buildings | 10,105,545 | -4,113,677 | ||||
| BALANCE at 30/06/2016 | 76,949,295 | -950,240 | 24,903,199 | 98,778 | 107,884,716 | -30,823,968 |
| BALANCE at 31/12/2016 | 76,949,295 | -950,240 | 24,903,199 | 98,778 | 108,428,393 | -29,495,716 |
| Transfer | ||||||
| Changes resulting from the sale of a building |
-2,328,291 | 640,542 | ||||
| Dividend distribution | , | , | , | , | ||
| Interim dividend distributed in previous period |
, | , | , | , | ||
| Result for the period | , | , | , | , | ||
| Changes in fair value of hedges | , | , | , | , | ||
| Changes in fair value of buildings | , | , | , | , | 17,402,429 | -6,107,108 |
| BALANCE at 30/06/2017 | 76,949,295 | -950,240 | 24,903,199 | 98,778 | 123,502,532 | -34,962,281 |
| Reserve of the balance of changes in fair value of authorized hedging instruments to which hedge accounting as defined in IFRS is applicable |
Reserve of the balance of changes in fair value of authorized hedging instruments to which hedge accounting as defined in IFRS is not applicable |
Reserve for treasury shares |
Other reserves |
Result carried forward from previous period |
Net result for period |
Total |
|---|---|---|---|---|---|---|
| Transfer -3,271,610 3,271,610 0 Changes resulting from 7,022,090 0 the sale of a building Dividend distribution -12,591,588 -12,591,588 Interim dividend distributed 11,804,614 11,804,614 in previous period Result for the period 4,235,309 4,235,309 Changes in fair value -644,664 -644,664 of hedges Reclassification of hedges -5,944,578 5,944,578 0 Changes in fair value -5,991,869 0 of buildings BALANCE at 30/06/2016 -1,651,352 -5,944,578 -757,323 1,259,467 27,791,999 4,235,309 202,995,303 BALANCE at 31/12/2016 -1,310,093 -5,944,578 -757,323 1,259,467 25,920,070 6,101,079 205,202,333 Transfer -6,768,191 6,768,191 0 Changes resulting from 1,687,749 0 the sale of a building Dividend distribution -13,378,562 -13,378,562 Interim dividend distributed 11,804,614 11,804,614 in previous period Result for the period 8,426,615 8,426,615 Changes in fair value 296,838 -2,025,345 2,025,345 296,838 of hedges Changes in fair value -11,295,322 0 of buildings BALANCE at 30/06/2017 -1,013,255 -7,969,924 -757,323 1,259,467 22,864,973 8,426,615 212,351,837 |
BALANCE at 31/12/2015 | -1,006,688 | 0 | -757,323 | 1,259,467 | 18,096,940 | 3,507,233 | 200,191,632 |
|---|---|---|---|---|---|---|---|---|
Home Invest Belgium opted to focus its investment strategy on residential real estate in the broadest sense of the term (apartment buildings, houses, studio apartments for students, second residences, etc.). Its investment strategy is therefore largely determined by the geographical location of the relevant buildings. Consequently, the segmentation used below is based on said geographical location.
| 30/06/2017 | Consoli dated total |
Brussels Capital Region |
Flemish Region |
Walloon Region |
The Netherlands |
Unattri buted |
|---|---|---|---|---|---|---|
| I. Rental Income | 10,959,995 | 6,059,629 | 996,739 | 2,649,457 | 1,254,171 | |
| OPERATING RESULT BEFORE PORTFOLIO RESULT |
6,117,067 | 5,306,593 | 918,896 | 2,449,648 | 1,161,884 | -3,719,954 |
| XVI. Result sale investment properties | -147,104 | -167,928 | 137,735 | -116,911 | ||
| XVIII. Changes in fair value of investment properties |
2,949,834 | 2,460,010 | -167,825 | -568,221 | 1,225,871 | |
| FINANCIAL RESULT | -325,284 | 22,184 | -347,468 |
| 30/06/2016 | Consolidated total |
Brussels Capital Region |
Flemish Region |
Walloon Region |
Unattri buted |
|---|---|---|---|---|---|
| I. Rental Income | 9,209,374 | 5,624,245 | 1,089,501 | 2,495,627 | |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 4,710,990 | 5,205,569 | 1,007,624 | 2,221,241 | -3,723,444 |
| XVI. Result sale investment properties | 181,944 | 79,311 | 128,762 | -3,583 | -22,545 |
| XVIII. Changes in fair value of investment properties | 4,180,848 | 4,153,198 | 181,284, | -153,633, | |
| FINANCIAL RESULT | -4,806,374 | 25,525 | -4,831,898 |
| 30/06/2017 | Total Consolidated |
Brussels Capital Region |
Flemish Region |
Walloon Region |
The Netherlands |
|---|---|---|---|---|---|
| Fair value | 408,317,650 | 253,931,980 | 38,014,501 | 67,650,580 | 48,720,588 |
| Rental surface | 186,383 | 104,111 | 16,727 | 45,012 | 20,533 |
| Number of units | 2,085 | 1,125 | 258 | 414 | 288 |
| Occupancy rate | 91.2% | 89.3% | 86.1% | 93.7% | 100.0% |
| 30/06/2016 | Total Consolidated |
Brussels Capital Region |
Flemish Region |
Walloon Region |
|---|---|---|---|---|
| Fair value | 344,120,654 | 233,160,396 | 43,706,231 | 67,254,027 |
| Rental surface | 160,263 | 95,772 | 19,479 | 45,012 |
| Number of units | 1,754 | 1,065 | 278 | 414 |
| Occupancy rate | 93.2% | 90.8% | 88.8% | 94.8% |
| 30/06/2017 | 30/06/2016 | ||
|---|---|---|---|
| C. Investment properties, balance at the beginning of the financial year | 408,833,729 | 346,100,301 | |
| a. Investment properties | |||
| Balance at the beginning of the financial year | 381,316,652 | 313,635,127 | |
| Completion of buildings under construction | 21,695,358 | 24,352,346 | |
| Acquisition of buildings | 6,631,772 | 5,954,469 | |
| Capitalized subsequent expenses | 1,230,229 | 1,133,278 | |
| Gains (losses) from fair value adjustments | 2,949,834 | 4,180,848 | |
| Disposals (-) | -5,190,193 | -5,135,415 | |
| Balance at the end of the financial year | 408,633,653 | 344,120,654 | |
| b. Development projects | |||
| Balance at the beginning of the financial year | 27,517,077 | 32,465,174 | |
| Investments – development projects | 9,759,188 | 10,018,704 | |
| Other withdrawals | 6,074,687 | 4,326,934 | |
| Completion of development projects | -21,695,358 | -24,352,346 | |
| Balance at the end of the financial year | 21,655,593 | 22,458,466 | |
| c. Properties for own use | |||
| d. Others | |||
| C. Investment properties, closing balance at the end of the financial year | 430,289,246 | 366,579,119 | |
The scope of consolidation at 30th of June 2017 has been changed compared to that at 31th of December 2016, following the merger by absorption of its subsidiary Home Invest Development. It now includes the public limited liability company SA Home Invest Belgium (0420.767.885), the private limited liability company SPRL Charlent 53 Freehold (0536.280.237) and the private limited liability company SPRL HBLC (0541.863.576).
The General Meeting of 2nd of May 2017 approved the appropriate of the result proposed by the Board of Directors. A gross dividend of €4.25 per share was thus distributed. Given the interim dividend paid in December 2016 in the gross amount of €3.75 (coupon No. 21), the balance of the dividend for financial year 2016 in the gross amount of €0.50 (coupon No. 22) was paid on 12th of May 2017. Since 1st of January 2017, the dividend distributed by the RREC is subject to a deduction at source of 30%.
At 30th of June 2017, Home Invest Belgium did not have any contingent assets or liabilities.
The figures listed in the below table only relate to payables to financial institutions:
| 30/06/2017 | 30/06/2016 | |
|---|---|---|
| Current financial liabilities at up to 1 year | 0 | 0 |
| Non-current financial liabilities at 1 to 5 years | 92,000,000 | 74,500,000 |
| Non-current financial liabilities at more than 5 years | 117,725,492 | 117,705,885 |
| TOTAL | 209,725,492 | 192,205,885 |
The table below lists the credit lines opened with each bank and average maturity. No contracted line becomes due in 2017. At 30th of June 2017, Home Invest Belgium had €13,000,000 available on its bank loans. All of the credit lines are contracted at a variable rate.
| Financial debts | Amount of credit line | Amount drawn | Average duration |
|---|---|---|---|
| Bank debts | 183,000,000 | 170,000,000 | 4 years and 4 months |
| Belfius | 61,500,000 | 61,500,000 | 5 years and 5 months |
| BNP Paribas Fortis | 46,500,000 | 33,500,000 | 4 years |
| ING | 35,000,000 | 35,000,000 | 4 years and 6 months |
| KBC Bank | 30,000,000 | 30,000,000 | 3 years and 5 months |
| Degroof | 10,000,000 | 10,000,000 | 10 months |
| Bond issue | 40,000,000 | 40,000,000 | 8 years |
| Issue of 2014, 18 June | 40,000,000 | 40,000,000 | 8 years |
| TOTAL | 223,000,000 | 210,000,000 | 4 years and 9 months |
The interest rate hedging products are exclusively of the IRS type (Interest Rate Swap) which are fixed-rate floating rate swaps. At 30th of June 2017, the total nominal amount of the IRS hedges amounted to €143 million as stated in the below table.
| Hedge instruments 30/06/2017 |
Type | Amount | Interest rate |
Deadline | Qualification | Fair value 30/06/2017 |
Fair value 30/06/2016 |
|---|---|---|---|---|---|---|---|
| Belfius | IRS | 10,000,000 | 1.065% | 11/10/2021 | Transaction | -464,783 | -590,461 |
| Belfius | IRS | 10,000,000 | 1.175% | 11/04/2022 | Transaction | -539,927 | -683,032 |
| Belfius | IRS | 15,000,000 | 1.895% | 10/11/2025 | Transaction | -1,692,958 | -2,070,855 |
| Belfius | IRS | 21,500,000 | 0.060% | 30/11/2021 | Transaction | 10,498 | -156,410 |
| BNP Paribas Fortis | IRS | 25,000,000 | 0.980% | 23/08/2021 | Couverture | -1,013,255 | -1,310,093 |
| BNP Paribas Fortis | IRS | 21,500,000 | 0.400% | 30/11/2021 | Transaction | -94,444 | -154,268 |
| ING | IRS | 10,000,000 | 1.600% | 14/04/2026 | Transaction | -887,276 | -1,124,342 |
| ING | IRS | 15,000,000 | 0.350% | 1/06/2022 | Transaction | 44,885 | 1,237 |
| KBC | IRS | 15,000,000 | 0.087% | 5/05/2021 | Transaction | -51,564 | -148,405 |
| Indekking van het type IRS | 143,000,000 | 5 ans et 1 mois | -4,688,824 | -6,236,629 |
| Forward hedge instruments |
Type | Amount | Interest rate |
Start | Deadline | Quali fication |
Fair value 30/06/2017 |
Fair value 30/06/2016 |
|---|---|---|---|---|---|---|---|---|
| ING | IRS | 20,000,000 | 2.340% | 14/06/2018 | 14/12/2025 | Transaction | -1,780,924 | -647,647 |
| ING | IRS | 20,000,000 | 1.896% | 14/12/2021 | 14/12/2025 | Transaction | -569,402 | -804,375 |
| ING | IRS | 15,000,000 | 2.340% | 14/11/2021 | 14/05/2024 | Transaction | -514,341 | -587,920 |
| 55,000,000 | -2,864,667 | -3,043,388 |
The non-current financial liabilities relate to the IRS whose negative fair value is €7,553,491 at the closing of the semester. The hedging accounting within the meaning of IAS 39 is only applied for one IRS opened with BNP for a nominal amount of €25,000,000 coming due on 23 August 2021 and covers a loan also taken out with BNP in the amount of €25,000,000. All other hedging instruments are not considered as hedging accounting within the meaning of IAS 39.
In accordance with IAS39, at 30 June 2017, the negative fair value of the financial instruments is recorded in the liabilities under section I.C. "Other non-current financial liabilities", in the total amount of -€7,553,491. The consideration is carried in accordance with the following table:
| Fair value of financial instruments as at 30/06/2017 |
In shareholders' equity under the heading "d. Reserve from the balance of changes in fair value of authorised hedges to which hedge accounting according to IFRS is applied (+/-)" |
In the statement of global income |
In the income statement under heading XXIII "Changes in fair value of financial assets and liabilities (+/-)" |
In shareholders' equity under the heading "n. Income brought forward from previous years (+/-)" |
|---|---|---|---|---|
| Effective instruments in previous year 1 |
-1,310,093 | |||
| Ineffective instruments (change in 2017) |
296,838 | |||
| Ineffective hedges in previous year 1 |
-7,969,924 | |||
| Change in Fait Value of effective instruments |
1,429,687 | |||
| TOTAL | -1,310,093 | 296,838 | -7,969,924 | 1,429,687 |
| OVERALL TOTAL | -7,553,491 |
The credit facilities are recorded under the Non-current and current financial liabilities category. The financial liabilities are recorded at their amortized cost which corresponds to the fair value.
IFRS 13 applies to IFRS that require or permit fair value measurements or the disclosure of information on the fair value and therefore IAS 39. IFRS 13 provides for a hierarchy of fair values at 3 levels of data (levels 1, 2 and 3).
As regards financial instruments, all fair values are level 2. Given that it has no other level than level 2, Home Invest Belgium has not implemented a policy for monitoring transfers between hierarchical levels.
The valuation is carried out by the banks on the basis of the current value of the estimated future cash flows.
Although most of the derivative instruments used are considered trading instruments (transaction) within the meaning of the IFRS standards, they are exclusively intended for hedging an interest rate variation risk and not for speculative purposes.
New offices of Home Invest Belgium New offices of Home Invest Belgium
1 The changes in fair value in previous financial years recognised in the income statement have since been assigned to Earnings brought forward from previous years.
Home Invest Belgium has not applied the following new standards, interpretations and amendments which have been published but are yet to enter into force:
IFRS 9 – Financial instruments (entry into force on 1 January 2018)
The IFRS 9 standard was finalised and published by the IASB in July 2014 and adopted by the EU in November 2016. IFRS 9 contains the provisions relating to the classification and valuation of financial assets and liabilities, the depreciation of financial assets and general hedging accounting. IFRS 9 will replace most of standard IAS 39 – Financial instruments: Accounting and measurement.
On the basis of an analysis of Home Invest Belgium SA's situation at 30th of June 2017, the IFRS 9 standard should not have a material impact on the consolidated financial statements. As regards the depreciation of financial assets measured at amortized cost, including trade receivables and finance lease receivables - if applicable, the initial application of the expected credit loss model in accordance with IFRS 9 will lead to the early carrying of credit losses as compared to the incurred credit loss model currently applied in accordance with IAS 39. Given the relatively low amounts of the trade receivables and finance lease receivables combined with the associated low credit risk, Home Invest Belgium SA does not foresee any material impact on the consolidated financial statements.
IFRS 15 – Revenue from ordinary activities from contracts with customers (entry into force on 1 January 2018)
Standard IFRS 15 establishes a single comprehensive model for the recognition of revenue from ordinary activities from contracts with customers. At the time of its entry into force, the new standard will replace standard IAS 18 which covers revenue from sales of property and service provision, standard IAS 11 which relates to construction contracts and related interpretations.
Standard IFRS 15 should not have a material impact on the consolidated financial statements of Home Invest Belgium SA because leases do not fall under the scope of the standard and are the main source of revenue for Home Invest Belgium SA. The principles of standard IFRS 15 are nevertheless applicable to the non-lease components which may be included in leases or in separate agreements, such as maintenance services charged to the tenant. Given that such non-lease components are relatively limited and mainly relate to services accounted for gradually in accordance with both standard IFRS 15 and standard IAS 18, Home Invest Belgium SA does not foresee any material impact in this regard.
IFRS 16 – Leases (entry into force on 1 January 2019)
Standard IFRS 16 provides a comprehensive model for identifying leases and the way they are treated in the lessee's and lessor's financial statements. It will replace standard IAS 17 – Leases as well as the related interpretations once it enters into force. The EU has not yet adopted IFRS 16. IFRS 16 introduces significant changes as regards the lessee's accounting with the removal of the distinction between ordinary lease and finance lease and the accounting of assets and liabilities for all leases (with exceptions limited to short-term leases and rental of low-value assets). Unlike the accounting by the lessee, standard IFRS 16 maintains the substance of the provisions of standard IAS 17 regarding accounting by the lessor and keeps the obligation for the lessor to categorise a lease as either an ordinary lease or a finance lease.
Given that Home Invest Belgium acts almost exclusively as a lessor and has chosen not to re-assess whether a contract is or contains a lease with regard to IAS 17, standard IFRS 16 should not have a material impact on its consolidated financial statements. In the limited cases in which Home Invest Belgium SA is the lessee under contracts categorised as ordinary leases according to IAS 17 and not subject to the exemptions of standard IFRS 16 (e.g. car rentals, buildings used by the Group, etc.), an asset under the right to use and a related liability will be recorded in the consolidated balance sheet.
New offices of Home Invest Belgium
We conducted a review of the interim consolidated balance sheet of Home Invest Belgium at 30 June 2017 and the interim consolidated statements of income, consolidated changes in equity and consolidated cash flows for the six months ending on that date, and notes comprising a summary of significant accounting policies and other explanatory notes. These statements show a consolidated statement of financial position total of €441 507 555 and a consolidated profit for the six-month period of €8 426 615. The Board of Directors is responsible for the preparation and fair presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standards Repository, as approved by the European Union, applicable to the communication of interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.
We conducted our review in accordance with IRSE Standard 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" applicable to review engagements. A review of interim financial information consists of making inquiries, primarily with persons responsible for financial and accounting matters and applying analytical procedures and other review procedures. The scope of a review is substantially less than that of an audit conducted in accordance with ISA standards and consequently does not enable us to obtain assurance that we would become aware of all significant facts that might be identified in an audit. Accordingly, we do not express an audit opinion on this consolidated interim financial information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements does not present fairly, in all material respects, the consolidated financial position of the entity at 30 June 2017, and its financial performance and cash flows for the six month period ending on that date, in accordance with IAS 36, as approved by the European Union.
Grant Thornton, auditors, represented by Dirk Van den Broeck Company auditor and auditor approved by the FSMA for UCI's Statutory Auditor
In accordance with Article 13§2, 3° of the Royal Decree of 14 November 2007, Sophie Lambrighs, Managing Director of the RREC, hereby states that, to her knowledge:
a) the set of condensed financial statements, drawn up in accordance with the applicable accounting standards, provides a true and fair view of the assets, financial condition and results of the RREC and of the companies included in the consolidation;
b) the interim management report contains a true and fair disclosure of the required information, in particular that referred to in § 5 and 6 of Article 13 of the Royal Decree of 14 November 2007.
| 2017 | |
|---|---|
| Half-yearly financial report: results at 30 June 2017 | Thursday 7 September 2017 |
| Extraordinary general meeting | Wednesday 13 September 2017 |
| Interim statement: results at 30 September 2017 | Thursday 26 October 2017 |
| 2018 | |
| Annual press release on financial year 2017 | Thursday 22 February 2018 |
| Annual financial report uploaded to the website | Friday 30 March 2018 |
| Annual general meeting of financial year 2017 | Tuesday 8 May 2018 |
| Interim statement: results at 31 March 2018 | Tuesday 8 May 2018 |
| Payment of dividend of financial year 2017 | Friday 18 May 2018 |
| Half-yearly financial report: results at 30 June 2018 | Thursday 6 September 2018 |
| Interim statement: results at 30 September 2018 | Thursday 25 October 2018 |
Sophie Lambrighs Chief Executive Officer Tel: +32.2.740.14.50 E-mail: [email protected] Home Invest Belgium SA Public RREC Boulevard de la Woluwe 46, bte 11 B – 1200 Brussels RPM : 0420.767.885 | ISIN BE 003760742 www.homeinvestbelgium.be
Since its creation in 1999, Home Invest Belgium has been a Belgian real estate company listed on the stock market and specialised in residential real estate. As the owner of a portfolio of over €430 million, it makes quality residential real estate available to its tenants and provides them with professional management services. Home Invest Belgium also develops its own projects to ensure the growth of its portfolio and also conducts regular arbitration on a fraction of said portfolio. Although exclusively present in Belgium until 2016, it strengthened the geographic diversification of its portfolio by also investing in the Netherlands.
Home Invest Belgium is listed on the Euronext Brussels continuous market (HOMI) and enjoys the Belgian tax status of an SIR (regulated real estate company).
Public RREC under Belgian law Boulevard de la Woluwe 46, bte 11 B -1200 Brussels T +32 2 740 14 50 [email protected] www.homeinvestbelgium.be RPM: 0420.767.885. ISIN BE 003760742
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