Earnings Release • Aug 19, 2021
Earnings Release
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Announcement of Track'24 plan for growth
From the sole director for the period from 01/01/2021 to 30/06/2021
REGULATED INFORMATION EMBARGO UNTIL 19/08/2021 – 6:00 PM
❑ Montea presents Track'24: its ambitions to be achieved in the years 2021 to 2024:
❑ Montea is setting the bar high with the announcement of this plan for growth but is more than ever ready to live up to its ambitions. With many new projects in the pipeline, a large land reserve of approx. 2,000,000 m² and professional teams in the four countries where it is active, Montea is ready to respond to the strong market demand. These factors will constitute the foundation for the achievement of Track'24.
❑ Montea is off to a strong start on its newly announced plan for growth, having generated EPRA earnings of € 31.4 million in the first half of 2021, an increase of € 4.1 million compared with the same period in 2020 (€ 27.3 million), taking into account a one-off payment received in 2021, whereby Montea waives a preemptive right to a possible sale of a plot of land with buildings in Tilburg. If the one-off payment is not taken into account, the EPRA earnings grew by € 2.1 million compared with the same period in 2020. The EPRA earnings per share for the first half of 2021 amounts to € 1.96, an increase of 14% compared to 2020.Without the one-off compensation, the EPRA result per share grew by 7% compared with the same period in 2020.
❑ An additional portfolio volume of € 142.3 million (including latent capital gains on completed projects and increase in fair value of the existing portfolio) was generated in the first half of 2021. As a result, the fair value of the real estate portfolio including developments and solar panels increased by 10% (€ 1,364.5 million at the end of 2020 compared with € 1,506.8 million at the end of the first half of 2021).
❑ The occupancy rate is 99.7% on 30 June 2021 and has increased with 0.3% compared with the end of 2020. The average remaining term of the leases until their first expiry is 7.5 years (exclusive of solar panels).
❑ With a debt ratio of 36.9% on 30 June 2021 (compared to 38.0% at the end of 2020), Montea's consolidated balance sheet shows strong solvency. The issuance of € 235 million Green Bonds in the first quarter - with start dates in Q2 2021 and Q1 2022 - has also strengthened Montea's liquidity position significantly.
❑ Montea reaffirms, in line with Track'24, to get its real estate portfolio to grow to € 1.6 billion - including the recent upgrades of the existing portfolio - by the end of 2021. This represents an increase of 17% compared with 2020.
❑ Montea is adjusting its result-related objectives for 2021 upwards:
❑ Montea has also raised its ambitions in terms of sustainability. It launched its first ESG report1 in the first half of 2021. The main objective is to continue to use its expertise in logistics real estate to achieve sustainable long-term investments with added value for clients, shareholders, employees and other stakeholders. Montea has further developed its sustainability vision for the future, linked to the 4Ps approach (People, Planet, Profit and Policy), through a Strategic Plan 2030/2050.
❑ In the first half of 2021, Montea developed and implemented a Green Finance Framework with the intention of issuing green financing instruments. These financing instruments include, among other things, the issuance of bond loans and credit agreements with banks in order to (re)finance sustainable projects with a clear benefit to the environment and society.
❑ An important step was taken in early 2021 within the Green Finance Framework: Montea successfully completed its first US Private Placement2 by issuing € 235 million in Green Bonds. The bonds are split into four tranches:
❑ Montea's ambition is to make its own operations COշ-neutral by means of compensation by the end of the year by reducing COշ emissions (e.g. by stimulating the use of public transport and electric cars), improving energy efficiency (e.g. energy monitoring) and using renewable energy sources (e.g. solar panels and heat pump applications). A partnership with CO2logic was established to guide and certify the process. Montea joins the Science Based Targets initiative to underscore its ambition and commitment in the fight against climate change.
1 See press release of 16/04/2021 or go to www.montea.com for more information. 2 See press release of 13/04/2021 or go to www.montea.com for more information.
| BE | FR | N L | DE | 30/06/2021 | 31/12/2020 | 30/06/2020 | ||
|---|---|---|---|---|---|---|---|---|
| 6 months | 12 months | 6 months | ||||||
| Real estate portfolio | ||||||||
| Real estate portfolio - Buildings (1) | ||||||||
| Number of sites | 35 | 17 | 23 | 0 | 75 | 74 | 71 | |
| Surface of the real estate portfolio | ||||||||
| Logistics and semi-industrial warehouses | sqm | 668.565 | 183.607 | 342.074 | 0 | 1.194.247 | 1.162.118 | 1.115.558 |
| Offices Land - rent |
sqm | 67.096 6.512 |
17.183 0 |
31.598 180.345 |
0 0 |
115.877 186.858 |
114.096 186.858 |
104.637 163.010 |
| Total surface - real estate portfolio (sqm) | sqm sqm |
742.173 | 200.790 | 554.018 | 0 | 1.496.981 | 1.463.071 | 1.383.206 |
| Development potential (sqm) - rent | sqm | 32.562 | 0 | 840.216 | 0 | 872.778 | 872.778 | 753.542 |
| Development potential (sqm) - portfolio | sqm | 152.207 | 121.433 | 100.120 | 0 | 373.760 | 404.331 | 344.231 |
| Development potential (sqm) - in due diligence Development potential (sqm) - in option |
sqm | 0 196.958 |
0 150.539 |
0 0 |
0 227.859 |
0 575.356 |
70.000 79.137 |
70.000 199.137 |
| Total surface - development potential (sqm) | sqm sqm |
381.727 | 271.972 | 940.336 | 227.859 | 1.821.894 | 1.426.246 | 1.366.910 |
| Value of the real estate portfolio | ||||||||
| Fair value (2) Investment value (3) |
K€ K€ |
672.536 689.457 |
196.710 210.577 |
552.877 602.349 |
0 0 |
1.422.123 1.502.383 |
1.280.108 1.351.828 |
1.147.166 1.203.252 |
| Occupancy Rate (4) | % | 99,4% | 99,5% | 100,0% | 0,0% | 99,7% | 99,4% | 99,3% |
| Real estate portfolio - Solar panels | ||||||||
| Fair value | K€ | 24.731 | 0 | 8.952 | 0 | 33.683 | 29.755 | 26.237 |
| Real estate portfolio - Projects under construction Fair value (2) |
K€ | 12.297 | 3.786 | 34.873 | 0 | 50.956 | 54.590 | 42.195 |
| Consolidated results | ||||||||
| Results | ||||||||
| Net rental result | K€ | 38.118 | 69.597 | 34.177 | ||||
| Property result | K€ | 44.204 | 74.374 | 36.575 | ||||
| Operating result before the porfolio result | K€ | 40.031 | 67.635 | 32.778 | ||||
| Operating margin (5)* | % | 90,6% | 90,9% | 89,6% | ||||
| Financial result (excl. Variations in fair value of the financial | ||||||||
| instruments) (6)* | K€ | -5.920 | -10.950 | -5.125 | ||||
| EPRA result (7)* | K € | 31.425 | 55.778 | 27.267 | ||||
| Weighted average number of shares EPRA result per share (8)* |
€ | 16.044.884 1,96 |
15.916.319 3,50 |
15.807.764 1,72 |
||||
| Result on disposals of investment properties | K€ | 1.110 | 0 | 0 | ||||
| Changes in fair value of investment properties Deferred taxes on the result on the portfolio |
K€ K€ |
105.257 -15.780 |
107.308 0 |
28.406 0 |
||||
| Result on the portfolio (9) | K€ | 90.587 | 107.308 | 28.406 | ||||
| Variations in fair value of the financial instruments (10) | K€ | 6.447 | -8.077 | -7.713 | ||||
| Net result (IFRS) | K € | 128.458 | 155.009 | 47.960 | ||||
| Net result per share | € | 8,01 | 9,74 | 3,03 | ||||
| Consolidated balance sheet | ||||||||
| IFRS NAV (excl. minority participations) (11) | K€ | 916.451 | 815.311 | 708.197 | ||||
| EPRA NRV (12)* | K€ | 1.031.681 | 911.747 | 788.636 | ||||
| EPRA NTA (13)* | K€ | 956.105 | 845.722 | 738.352 | ||||
| EPRA NDV (14)* | K€ | 917.327 | 817.356 | 711.074 | ||||
| Debts and liabilities for calculation of debt ratio | K€ | 570.953 | 531.279 | 495.860 | ||||
| Balance sheet total | K€ | 1.547.115 | 1.398.921 | 1.253.328 | ||||
| Debt ratio (15) | % | 36,9% | 38,0% | 39,6% | ||||
| IFRS NAV per share | € | 56,52 | 50,88 | 44,20 | ||||
| EPRA NRV per share (16)* | € | 63,62 | 56,90 | 49,22 | ||||
| EPRA NTA per share (17)* | € | 58,96 | 52,78 | 46,08 | ||||
| EPRA NDV per share (18)* | € | 56,57 | 51,01 | 44,38 | ||||
| Share price (19) Premium |
€ % |
99,20 | 93,10 | 89,20 | ||||
| 75,5% | 83,0% | 101,8% |
| Definition | Purpose | 30/06/2021 | 30/06/2020 | ||
|---|---|---|---|---|---|
| A) | EPRA earnings | Recurring earnings from the core | A key measure of a company's | In € x 1000: | |
| operational activities. | underlying operating results from its | 31.425 | 27.267 | ||
| property rental business and an indicator of the extent to which current |
In € / aandeel: | ||||
| dividend payments are supported by | |||||
| earnings. | 1,96 | 1,72 | |||
| B) | EPRA Net | The EPRA NAV set of metrics make | The objective of the EPRA NRV measure | In € x 1000: | |
| Reinstatement Value | adjustments to the NAV per the IFRS | is to highlight the value of net assets on | 1.031.681 | 788.636 | |
| financial statements to provide stakeholders with the most relevant |
a long-term basis. Assets and liabilities that are not expected to crystallize in |
||||
| information on the fair value of the | normal circumstances such as the fair | In € / aandeel: | |||
| assets and liabilities of a real estate | value movements on financial | ||||
| investment company, under different | derivatives and deferred taxes on | ||||
| scenarios. The Net Reinstatement Value assumes that entities never sell |
property valuation surpluses are therefore excluded. Since the aim of the |
||||
| assets and aims to represent the value | metric is to also reflect what would be | ||||
| required to rebuild the entity. | needed to recreate the company through | 63,62 | 49,22 | ||
| the investment markets based on its | |||||
| current capital and financing structure, related costs such as real estate |
|||||
| transfer taxes should be included. | |||||
| The Net Tangible Assets assumes that | The underlying assumption behind the | ||||
| C) | EPRA Net Tangible | entities buy and sell assets, thereby | EPRA Net Tangible Assets calculation | In € x 1000: | |
| Assets | crystallising certain levels of | assumes entities buy and sell assets, | 956.105 | 738.352 | |
| unavoidable deferred tax. | thereby crystallizing certain levels of | In € / aandeel: | |||
| deferred tax liability. | 58,96 | 46,08 | |||
| D) | EPRA Net | Represents the shareholders' value | The EPRA NDV provides the reader with | In € x 1000: | |
| DisposalValue | under a disposal scenario, where deferred tax, financial instruments and |
a scenario where deferred tax, financial instruments, and certain other |
917.327 | 711.074 | |
| certain other adjustments are | adjustments are calculated as to the | In € / aandeel: | |||
| calculated to the full extent of their | full extent of their liability, including tax | ||||
| liability, net of any resulting tax. | exposure not reflected in the Balance | ||||
| Sheet, net of any resulting tax. This measure should not be viewed as a |
56,57 | 44,38 | |||
| "liquidation NAV" because, in many | |||||
| cases, fair values do not represent | |||||
| liquidation values. | |||||
| E) | EPRA cost ratio | Administrative and operational charges (including vacancy charges), divided by |
10,3% | 9,4% | |
| (incl. vacancy charges) | rental income. | ||||
| F) | EPRA cost ratio | Administrative and operational charges | |||
| (excl. vacancy charges) | (excluding vacancy charges), divided by rental income. |
9,6% | 9,0% | ||
| Definition | Purpose | 30/06/2021 | 31/12/2020 | ||
| G ) EPRA VACANCY RATE Estimated rental value (ERV) of vacant | A pure, financial measurement of | ||||
| space, divided by the ERV of the entire | vacancy (in %). | 0,5% | 1,0% | ||
| portfolio. | |||||
| H) | EPRA Net Initial Yield Annualized rental income based on the steady rent collected on the balance |
A comparable benchmark for portfolio valuations in Europe |
|||
| sheet date, minus the non-recoverable | |||||
| property operating costs, divided by the | 5,2% | 5,5% | |||
| market value of the property, plus the | |||||
| (estimated) acquisition costs. | |||||
| I) | EPRA "Topped-up" | This benchmark integrates an | A comparable measure around Europe | ||
| Net Initial Yield | adjustment of the EPRA NIY before the | for portfolio valuations. | |||
| expiry of rent-free periods (or other non due rental incentives such as |
5,2% | 5,5% | |||
| discounted and tiered rent). |
On 30 June 2021 the occupancy rate amounted to 99.7%, up by 0.4% from the same period in the previous year. The increase is due to the rental of a vacant unit in Le Mesnil-Amelot (FR) to Espace Phone SARL and Antavia SAS. Of the 9% leases which are due to expire in 2021, 58% have already been extended.
The limited vacancy is in Le Mesnil-Amelot (FR) previously let to Autoclick.
A total volume worth ca. € 19 million has been acquired in the first half of 2021. All acquisitions were acquired at an investment value lower or in line with the value determined by the independent real estate expert. Montea generated a net initial year of 6.5%, exclusive of land reserve, on these investments. Inclusive of the land reserve, the net initial yield amounted to 6.3%.
Montea and the Port of Brussels signed a land concession agreement for a fixed term of 30 years (extendable by periods of 10 years) for a site of ca. 35,000 m². This site is located on the Vilvoordselaan and is immediately adjacent to the TTB terminal (Trimodal Terminal Brussels) of Brussels. This means that, in addition to the access road to the centre of Brussels, the site boasts exceptional multimodal possibilities for rail and canal traffic.
Montea and DSV signed a purchase agreement for a distribution centre of ca. 20,000 m², located on the aforementioned concession land in the
Port of Brussels. This transaction has an investment value of ca. € 7 million and was accompanied by JLL. In terms of sustainable value growth, Montea will also take further steps to make the site sustainable by means of charging stations, LED lighting, solar panels, etc...
The former DSV site has as of 01/05/2021 been leased to Van Moer Logistics (www.vanmoer.com) for a fixed term of ten years. Van Moer Logistics was urgently looking for additional capacity for its waterbound goods flows to Brussels. The acquisition of the TTB by Van Moer Logistics some time ago was also part of this plan. Van Moer Logistics will also reactivate the adjacent tracks and thus make the hub fully trimodal.
3 See press release of 12/04/2021 or go to www.montea.com for more information.
On 26 May 2021, Montea purchased a distribution centre of ca. 6,750 m² in Ridderkerk from VDH Forwarding & Warehousing B.V.. VDH arranges transport from A to B, but also the journey from A to Z: from forwarding work to delivery at the final destination.
Further steps will be taken to modernize the site sustainably by installing charging stations, LED
lighting and solar panels. Once the work is completed, the premises will once again comply fully with current sustainability standards.
The lease with VDH Forwarding & Warehousing B.V. has a term of 10 years, with an initial termination option after 7 years.
Montea acquired in 2019 a site of ca. 71,000 m² in a prime location at the A1 exit in Senlis, on the Lille-Paris axis. In the first half of 2021, Montea took an option on 11 associated sites, representing a total area of ca. 99,000 m², which will increase the total area of the business park to approximately 17 ha.
At the end of the second quarter, Montea exercised 3 of the 11 options (approx. 19,000 m² for a total investment value of ca. € 0.5 million). Montea expects to be able to start developing the business park by early 2024 at the latest.
4 See press release of 03/06/2021 or go to www.montea.com for more information.
The distribution centre on the circular and climate-neutral business park Blue Gate in Antwerp, developed for DHL Express, was delivered in the first quarter of 2021:
The second parking plot at Schiphol was delivered in the second quarter of 2021:
In addition, Montea has identified projects for a total investment budget of ca. € 162 million6 that will contribute to the achievement of the newly announced Track'24 plan for growth. These are mainly projects under development as well as sites that Montea has under control and for which, given the unique location and the current rental market, a customer is expected to be found in the short term and, therefore, for construction work to get started thereafter.
In the first quarter of 2021, the first phase (50% of the land purchased in 2020) of the development of a distribution centre in Waddinxveen in the Netherlands had already got under way. This development has been fully pre-let to HBM Machines B.V. for a fixed period of 10 years. The construction works of the second phase will commence at a minimum of 50% pre-letting.
5 See press release of 19/12/2019 or go to www.montea.com for more information.
6 Of which € 35.7 million was already invested on 30/06/2021
Montea also managed to start the construction of a 9,700 m² recycling and distribution centre for Re-match in the second quarter of 2021. The recycling and distribution centre will be built on an approximately 48-hectare site in Tiel, which Montea purchased in September 2018. Upon completion of this development for Re-match, there are still 45 hectares of earmarked land on the site available for development which in the meantime remains leased to Recycling Kombinatie REKO B.V. (for storage and processing of residual waste) and Struyk Verwo Infra B.V.
In the second quarter of 2021, Montea also managed to sign an eight-year lease with Bas Service Oriented for the development of a new distribution centre of ca. 26,500 m² on the Vosdonk industrial estate in Etten-Leur. Montea already signed the purchase agreement for this 37,520 m² brownfield in 2019. In the meantime, this site has been completely rehabilitated and the environmental permit has been irrevocably granted.
7 See press release of 21/12/2020 or go to www.montea.com for more information
8 See press release of 26/04/2021 or go to www.montea.com for more information
9 See press release of 03/06/2021 or go to www.montea.com for more information
In addition, work got under way in the second quarter of 2021 on the extension and construction of the car park on the industrial in Willebroek. This extension is firmly leased to Dachser Belgium NV and has an investment value of ca. € 2.5 million.
Montea then expects inter alia the acquisition, completion and start of the following projects in the second half of 2021:
10 Montea decided to review the previously planned redevelopments in Aalst and Vorst as part of its sustainability strategy. In Aalst, the decision was taken to reinstate the building as it meets today's structural requirements. A first phase has already been carried out by renovating the roof and adapting the insulation so that it complies with contemporary standards. Also in Vorst, where initially the two buildings, rented to Unilever, were to be redeveloped, the strategy was changed. It was decided to upgrade the current building, where until recently Lipton tea was produced, to a future-proof location, while the second building will be demolished to make way for a new state-of-the-art warehouse..
The recent investments in PV installations have brought the total capacity of solar panels to approximately 40 MWp at the end of June 2021, good for a generation of approximately 36,000 MWh, comparable to the energy consumption of approximately 10,400 families or an equivalent COշ reduction of approximately 600 hectares of forest. For the time being, Montea has installed PV installations on the roofs of its Belgian and Dutch portfolio. The first PV installations in the second half of 2021 will be carried out on the roofs of the French portfolio.
One new PV plant, representing a total investment cost of about € 0.2 million, was put into operation on the roofs of the Belgian portfolio in the first half of 2021. With this new installation, the PV plants in Belgium generate ca. 23,000 MWh, which is the equivalent of the annual energy consumption of ca. 6,600 households.
Two new PV plants were installed in the Netherlands, representing a total investment cost of € 3.9 million. This will bring generation in the Netherlands to a level of ca. 13,000 MWh, which is needed to cover the annual consumption of approximately 3,800 households.
Montea has effectively equipped some 82% of all the roofs of its warehouses in Belgium with PV installations. The aim is to increase this percentage to 95%, the maximum technical capacity of the current portfolio. An investment budget of ca. € 2.7 million is provided for this purpose.
In the meantime, 56% of the portfolio of warehouses in the Netherlands has already been fitted with solar panels. This percentage will be increased to 75% by the end of 2021. An investment budget of ca. € 9 million is provided for this purpose.
In addition to Belgium and the Netherlands, PV installations will also be provided in France from 2021. An investment budget of ca. € 4 million is provided for this purpose.
Montea proceeded with the sale of a 13,500 m² building in St-Laurent-Blangy in Q2 2021 as part of the dynamic management of its real estate portfolio. The transaction was carried out for an amount of ca. € 7.8 million. The sale amount was € 1.2 million more than the fair value of the site as determined by the independent real estate expert at 31/03/2021.
Montea proudly presented its first ESG report in the first half of the year, the main objective being to continue to use its expertise in logistics real estate in order to realize sustainable long-term solutions with added value for customers, shareholders, employees and other stakeholders. Sustainable entrepreneurship has always been in Montea's DNA. The track record of the past few years is the purest evidence of our pursuit of sustainable value growth rather than short-term profit. Montea has now taken essential steps to convert the Montea DNA into a clear vision and sustainability strategy for the medium and long term (2030 and 2050 respectively). Montea carried out a baseline measurement to determine concrete actions and objectives. In addition, a Group Energy & Sustainability Manager was appointed to steer all concrete actions in the right direction and help Montea achieve all ambitious objectives.
Montea aspires to make its own operations carbonneutral by the end of 2021. Montea will purchase electricity only from local renewable sources as of the second quarter of 2021. Together with its own production of green power, Montea is thus taking a major step towards making its operations COշneutral. In the same vein, it was decided to make the car fleet greener. Montea is skipping the step of plug-in hybrids and is going straight for all-electric mobility.
Montea also aspires to make its portfolio of buildings Paris Proof by 2050. A "Client Engagement Programme" has been set up to that end, whereby Montea helps its clients to reduce their greenhouse gas emissions and lower their energy costs. After an initial analysis and benchmarking of the current energy consumption, efforts will be made to ensure that each asset meets the targets. To lend its weight to this endeavour, Montea has signed the Paris Proof Commitment of the Dutch Green Building Council (DGBC) Foundation.
11 See press release of 16/04/2021 or go to www.montea.com for more information
To increase the sustainability of its portfolio further, Montea is continuing its tried and tested recipe: focus on sustainable and versatile logistics real estate at strategic locations; multimodal sites; multifunctional buildings and maximum use of space (brownfield redevelopment).
To achieve this goal, Montea can count on a fantastic team of employees, the Monteaneers. As an organization, Montea has an eye for the health and well-being of its own employees through in particular:
Furthermore, Montea wants to share its extensive expertise with as many partners as possible and therefore organizes interesting seminars and inspiration days regularly at its own initiative and sometimes in cooperation with partners. Montea is also a regular guest speaker at seminars organized specifically for the real estate sector.
In addition, Montea encourages its employees to make an active contribution to socially relevant initiatives apart from their work. A number of Montea employees took part in the Wings for Life World Run, a running competition held in May where 100% of the money raised goes to spinal cord research. In August, two Montea teams will participate in the 24h Trail Run of Kampenhoeve Ster VZW, a donkey and horse centre for asinotherapy. In turn, Montea supports several local charitable organizations. Since Montea is firmly convinced that its employees, together with their families, are the cornerstones of the company, Montea also regularly organizes events for the entire family.
Montea is committed to a culture in which equality, diversity and non-discrimination take centre stage. Employee diversity ensures good dynamics and balanced decision-making and has already contributed greatly to Montea's growth.
Sufficient diversity is also sought on the Board of Directors, where diversity refers to the gender of the directors, but also to other criteria such as skills, experience and knowledge, which will contribute to balanced decision-making.
In addition, a number of policies were updated in the second quarter of 2021 as a result of the charted ESG strategy.
A detailed description of the vision, strategic focus, objectives and achievements is available in the ESG report (ESG report\_ENG ).
To lend force to its sustainability ambitions, Montea has set up a Green Finance Framework. With this framework, Montea intends to issue green financing instruments. These financing instruments include issuing bond loans and credit agreements with banks in order to (re)finance sustainable projects with a clear benefit to the environment and society. Sustainalytics (Second Party Opinion Provider) confirmed that this financing programme is in line with the Green Bond Principles and Green Loan Principles. The Framework covers the following issues:
The Green Finance Framework is posted on https://montea.com/investor-relations/
An important step was taken in the Green Finance Framework in early 2021: Montea successfully completed its first US Private Placement by issuing € 235 million in Green Bonds. The bonds are divided into four tranches:
The bonds were placed through an US private placement with six internationally renowned investors. The issue was extremely well received: the target amount was exceeded several times over, thereby confirming the market's confidence in Montea's solid credit profile. The finance structure is strengthened by the diversification and unique maturities: the average maturity of the debts was extended considerably at an average coupon well below the current cost of debt.
The bonds were issued through the new Green Finance Framework. The proceeds will be used exclusively to (re)finance qualifying sustainable assets such as certified buildings, renewable energy, energy-efficiency programmes, etc., in accordance with the criteria set out in the Framework.
To support its further growth, Montea offered its shareholders again an optional dividend. A total of 52% of coupons No. 23 (representing the dividend for financial year 2020) were surrendered against new shares. 191,762 new shares were issued for a total issue amount of € 16,326,616.68 (€ 3,908,109.56 in capital and € 12,418,507.12 in issue premium) under the authorized capital. The newly created shares were admitted to trading on Euronext Brussels and Euronext Paris as of 14 June 2021. The Montea share capital represents 16,215,456 shares.
12 See press release of 09/06/2021 or go to www.montea.com for more information.
13 See press release of 14/04/2021 or go to www.montea.com for more information
14 See press release of 09/06/2021 or go to www.montea.com for more information.
In September 2013, Montea submitted a request for the application of the 'Fiscale Beleggingsinstelling' (FBI) [tax investment institutions] regime as referred to in Article 28 of the Corporate Tax Act of 1969 for the realization of its real estate investments in the Netherlands. Up to now, the Company's Dutch subsidiary, Montea Nederland NV and its subsidiaries, still do not have a final decision from the Dutch tax authorities in which the FBI status was approved.
In 2016, with reference to certain case law of the Dutch Supreme court, the Dutch tax authorities developed a new view in their policy concerning what the shareholder test will entail. As a shareholder of its FBI (foreign investment institution) subsidiary Montea Nederland BV, the Company would have to show that it can itself be considered as an FBI. Only then can the Company be considered as a qualified shareholder under the FBI regime in the view of the Dutch tax authorities.
In this context, consultations are held between the Dutch tax authorities, the Dutch Ministry of Finance and the Company to see how this can be put into practice in concrete terms. In January 2020, the ministry officially announced that this interpretation cannot be given concrete form for the time being, particularly because it depends on the outcome of ongoing lawsuits between the Dutch tax authorities and foreign investment funds regarding the refund of dividend tax, which the ministry does not wish to anticipate. Pursuant to the judgment of the European Court of Justice of 30 January 2020 (in the Köln-Aktienfonds Deka case), a foreign party that wishes to avail itself of the Dutch FBI regime must meet similar requirements. This must be interpreted in relation to the (underlying) purpose of the FBI requirements in question.
Montea maintains ongoing constructive contacts with the Dutch tax authorities and the Dutch ministry on the concrete application of the judgments already published and on the comparability of Montea with Dutch institutions with FBI status. Such contacts are geared to obtaining FBI status for Montea Nederland NV and its subsidiaries.
Apart from this, the Dutch government is looking into whether an adjustment of the FBI regime in general and for real estate funds in particular is necessary, possible and feasible in the long run. Possible changes to the policy are not expected before 2022.
Despite the fact that Montea does not yet have the approval of the Dutch tax administration for FBI status, it has kept its accounts until the end of 2020 as if it already had the FBI status. After all, the Ministry has already indicated in the past that it will act within the framework of the general principles of good administration regarding the obtaining of a level playing field ('equal cases will be treated equally'). This is intended to ensure that Montea will not be treated worse by the Dutch tax authorities than other sufficiently comparable Belgian REITs with existing agreements concerning the FBI status.
Montea Nederland NV15 has taken the position in its corporate tax returns for 2015 to 2019 that it qualifies for FBI status as a result of which its corporate tax is nihil. The Dutch tax inspector has however imposed a (provisional) assessment for 2015 to 2019 taking into account the regular corporate tax rate. In view of the applicable tax rate (basically 8%), Montea has opted to pay these provisional assessments (i.e. a total amount of € 8.2 million for these 5 years).
15 And its Dutch subsidiaries.
For 2015 and 2016, Montea has received final corporate tax assessments (the response time for the Dutch tax authorities would expire for these years, for that matter). For 2015, said assessment was € 0.1 million higher than the submitted tax return. Montea has filed an objection to the final assessments for 2015 and 2016.
Montea has also entered the same total amount (€ 8.2 million) as a receivable in its accounts. If the FBI status is granted, this full amount will be reimbursed. If the FBI status is refused, however, the assessments were rightly paid and the receivable must be written off, which could have a material negative impact on Montea's profitability. Montea Nederland NV16 has complied with the obligation to pay out a dividend under the FBI regime every year and has consequently paid out € 1.6 million in dividend tax owed for the period 2015 to 2019. Requests for automatic reduction have been filed for the dividend tax payments in 2016, 2017 and 2018. An objection has been lodged against the dividend tax payments in 2019 and 2020. The dividend tax may possibly be recovered if the FBI status should be refused after all. The total impact with regard to years 2015 to 2019 would therefore amount to € 6.7 million or € 0.42 per share (12% with the EPRA earnings for 2020).
Unless events occur that show that a different course of action should be taken, Montea intends to apply the same methods for 2020. An amount of approximately € 3.5 million will be paid by way of the provisional corporate income tax assessment for 2020. The figures for 2020 include a debt of € 3.5 million and a receivable of € 3.5 million. An amount of approximately € 0.7 million will be paid in respect of the dividend tax due once the distribution obligation has been fulfilled. The impact of not obtaining FBI status for 2020 would therefore be € 2.8 million or € 0.17 per share, i.e. the amount of the expected provisional assessment for 2020 less the amount of dividend tax.
Despite the fact that Montea has not yet obtained approval from the Dutch tax authorities concerning FBI status, it has kept its accounts up to 2020 as if had already obtained said status. The basis for this can be found in the 'level playing field' principle with other sufficiently comparable Belgian REITs that already have agreements concerning the FBI status.
In line with new developments (withdrawal of tax ruling handed down as of 1 January 2021 in the event of sufficiently comparable Belgian REITs), Montea has, for the sake of prudence, taken into account in its 2021 forecasts the possibility that the FBI status could be refused for the period starting on 1 January 2021. A provision of € 3.5 million was consequently included in the outlook of 2021 via the income statement (the difference between the fiscally transparent FBI status and the regular taxed sphere).
Supported by European law, Montea's efforts remain focused nonetheless on being able to apply the FBI status in the Netherlands as of 2021. The 2021 tax return will therefore be filed as an FBI since Montea continues to believe that it fulfils all the conditions to qualify for FBI status.
16 And its Dutch subsidiaries
| CONSOLIDATED RESULTS NET RENTAL RESULT 38.118 34.177 PROPERTY RESULT 44.204 36.575 % compared to net rental result 116,0% 107,0% TOTAL PROPERTY CHARGES -1.419 -1.115 OPERATING PROPERTY RESULT 42.785 35.460 General corporate expenses -2.926 -2.646 Other operating income and expenses 172 -36 OPERATING RESULT BEFORE THE PORTFOLIO RESULT 40.031 32.778 % compared to net rental result 105,0% 89,6% FINANCIAL RESULT excl. Variations in fair value of the hedging instruments -5.920 -5.125 EPRA RESULT FOR TAXES 34.111 27.653 -2.686 -387 Taxes EPRA Earnings 31.425 27.267 per share 1,96 1,72 Result on disposals of investment properties 1.110 0 Result on disposals of other non-financial assets 0 0 Changes in fair value of investment properties 105.257 28.406 Deferred taxes on the result on the portfolio -15.780 0 Other portfolio result 0 0 PORTFOLIO RESULT 90.587 28.406 Changes in fair value of financial assets and liabilities 6.447 -7.713 RESULT IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 6.447 -7.713 NET RESULT 128.458 47.960 per share 8,01 3,03 30/06/2021 31/12/2020 30/06/2020 KEY RATIO'S Key ratio's (€) EPRA result per share (1) 1,96 3,50 Result on the portfolio per share (1) 5,65 6,74 Variations in the fair value of financial instruments per share (1) 0,40 -0,51 Net result (IFRS) per share (1) 8,01 9,74 EPRA result per share (2) 1,94 3,48 Proposed distribution Payment percentage (compared with EPRA result) (3) 81% Gross dividend per share 2,83 Net dividend per share 1,98 Weighted average number of shares 16.044.884 15.916.319 16.023.694 |
ABBREVIATED CONSOLIDATED PROFIT & LOSS ACCOUNT (K EUR) Analytical |
30/06/2021 6 months |
30/06/2020 6 months |
|
|---|---|---|---|---|
| 1,72 1,80 -0,49 3,03 1,70 15.807.764 |
||||
| Number of shares outstanding at period end | 16.215.456 | 16.023.694 |
(1) Calculation based on the weighted average number of shares.
(2) Calculation based on the number of shares in circulation on the balance sheet date.
(3) The pay-out ratio is calculated in absolute figures based on the consolidated EPRA result. The effective payment of the dividend is based on the statutory result available for distribution of Montea NV.
The EPRA earnings increased by € 4.1 million from € 27.3 million in the first 6 months in 2020 to € 31.4 million for the same period in 2021. The EPRA earnings per share amounted to € 1.96 for the first 6 months of 2021, an increase of 14% compared with the same period last year (€ 1.72), taking into account the 2% increase in the weighted average number of shares.
The increase in the EPRA earnings is due mainly to the strong growth of the real estate portfolio in 2020 and 2021, with operating and financial costs being closely monitored and managed as such. In addition, Montea received a one-off payment in the first quarter of 2021 under an agreement where Montea waived a pre-emptive right on a possible sale of a plot of land with buildings in Tilburg.
The average financing cost18 calculated on average financial debt is 1.9% for the first 6 months of 2021 compared with 2.1% for the same period in 2020.
17 The operating margin is obtained by dividing the operating result before the result on the property portfolio by the property result. 18 This financial cost is a prorated average and is calculated on the basis of the total financial cost for the period compared to the average financial debt over the past 12 months, without taking into account the valuation of the hedging instruments which does not constitute an actual financing cost of the company.
Despite the fact that Montea does not yet have approval from the Dutch tax administration regarding FBI [financial investment institution] status, it conducted its accounting through 2020 as if it had already obtained such status. The basis for this can be found in the 'level playing field' principle with other sufficiently comparable Belgian REITs existing agreements regarding the FBI status.
Based on new facts (withdrawal of the tax ruling granted as of 1 January 2021 for sufficiently comparable Belgian REITs) Montea has, for the sake of caution, taken into consideration in the income statement, the possibility that the FBI status could be refused for the period as of 1 January 2021. In this sense, a provision of € 1.9 million was maintained in the income statement of the second quarter of 2021, the difference between the fiscally transparent status of FBI and the regular taxed sphere. Supported by European law, however, Montea's efforts remain focused on being able to apply the FBI status in the Netherlands as of 2021. The 2021 tax return will therefore be filed as FBI since Montea continues to believe that it meets all the conditions for claiming FBI status.
The EPRA earnings for the first 6 months of 2021 amounted to € 31.4 million, an increase of € 4.1 million compared with the same period last year. The EPRA earnings per share increased by 14% to € 1.96 for H1 2021.
❑ Result on the real estate portfolio19*
The result on the real estate portfolio for the first 6 months of 2021 amounted to € 90.6 million (compared with € 28.4 million for the same period last year). The increase is explained mainly by a rise in the fair value of the existing real estate portfolio, linked to the market development, including latent capital gains on completed projects (€ 105.3 million) as well as the capital gain on the sale of the Saint-Laurent-Blangy site in France (€ 1.1 million). The increase is partly offset (- € 15.8 million) by a provision for deferred taxes on the Dutch portfolio result of H1 2021, which was accounted for as a matter of prudence (failure to obtain FBI status, see Taxes section).
The result on the real estate portfolio is a non-cash item and has no impact whatsoever on the EPRA earnings.
❑ Change in the fair value of financial instruments
The positive change in the fair value of financial instruments amounted to € 6.4 million at the end of Q2 2021 (compared with a negative change of - € 7.7 million in the same period 2020). The positive impact arises from the change in the fair value of closed interest rate hedges at the end of June 2021 as a result of slightly increased long-term interest rates in 2021.
The changes in the fair value of financial instruments are a non-cash item and do not have any impact whatsoever on the EPRA earnings.
❑ Net result (IFRS)
The net result consists of the EPRA earnings, the result on the portfolio, the changes in fair value of financial instruments partly offset by a provision for deferred tax on the Dutch portfolio result that was accounted for on the basis of a prudence principle (failure to obtain FBI status, see section "Taxes").
19 *The result on the real estate portfolio pertains to the negative and/or positive changes in the fair value of the real estate portfolio, plus any losses or gains resulting from the realization of property.
The net result in the first half of 2021 (€ 128.5 million) increased with € 80.5 million compared with the same period last year, mainly due to the recognized result on the real estate portfolio in 2021 compared with 2020.
The net result (IFRS) per share20 amounted to € 8,01 (€ 3,03 at the end of Q2 2020).
Half-yearly financial report - 25 / 58 EMBARGO until 19/08/2021 – 6:00 PM
20 Calculated on the basis of the weighted average number of shares.
| CONSOLIDATED BALANCE SHEET (EUR) |
30/06/2021 Conso |
31/12/2020 Conso |
30/06/2020 Conso |
|
|---|---|---|---|---|
| I. | NON-CURRENT ASSETS | 1.509.099.404 | 1.360.538.550 | 1.217.746.768 |
| II. | CURRENT ASSETS | 38.015.428 | 38.382.025 | 35.581.352 |
| TOTAL ASSETS | 1.547.114.832 | 1.398.920.575 | 1.253.328.121 | |
| SHAREHOLDERS' EQUITY | 916.451.301 | 815.310.611 | 708.196.762 | |
| I. | Shareholders' equity attributable to shareholders of the parent company | 916.451.301 | 815.310.611 | 708.196.762 |
| II. | Minority interests | 0 | 0 | 0 |
| LIABILITIES | 630.663.531 | 583.609.964 | 545.131.359 | |
| I. | Non-current liabilities | 542.036.674 | 477.806.518 | 437.472.501 |
| II. | Current liabilities | 88.626.857 | 105.803.445 | 107.658.859 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1.547.114.832 | 1.398.920.575 | 1.253.328.121 |
❑ The total assets (€ 1,547.1 million) as at 30/06/21 consist mainly of investment properties (92% of the total), solar panels (2% of the total), and developments (3% of the total). The remaining amount of the assets (3% of the total) consisted of the other tangible and financial fixed assets, including assets intended for own use and current assets including cash investments, trade and tax receivables.
The fair value of Montea's total real estate portfolio pursuant to IAS 40 amounted to € 1,506.8 million on 30 June 202121 , consisting of the valuation of the real estate portfolio-buildings, including the buildings held for sale (€ 1,422.1 million), the fair value of the ongoing developments (€ 51.0 million) and the fair value of the solar panels (€ 33.7 million).
| Total 30/06/2021 |
Belgium | France | The Netherlands | Germany | Total 31/12/2020 |
Total 30/06/2020 |
|
|---|---|---|---|---|---|---|---|
| Real estate portfolio - Buildings (0) | |||||||
| Number of sites | 75 | 35 | 17 | 23 | 0 | 74 | 71 |
| Warehouse space (sqm) | 1.194.247 | 668.565 | 183.607 | 342.074 | 0 | 1.162.118 | 1.115.558 |
| Office space (sqm) | 115.877 | 67.096 | 17.183 | 31.598 | 0 | 114.096 | 104.637 |
| Land space - rent (sqm) (1) | 186.858 | 6.512 | 0 | 180.345 | 0 | 186.858 | 163.010 |
| Total space (sqm) - real estate portfolio | 1.496.981 | 742.173 | 200.790 | 554.018 | 0 | 1.463.071 | 1.383.206 |
| Real estate portfolio - land reserve | |||||||
| Development potential (sqm) - leased | 872.778 | 32.562 | 0 | 840.216 | 0 | 872.778 | 753.542 |
| Development potential (sqm) - portfolio | 373.760 | 152.207 | 121.433 | 100.120 | 0 | 404.331 | 344.231 |
| Development potential (sqm) - in due diligence | 0 | 0 | 0 | 0 | 0 | 70.000 | 70.000 |
| Development potential (sqm) - in option | 575.356 | 196.958 | 150.539 | 0 | 227.859 | 79.137 | 199.137 |
| Total surface - development potential (sqm) (1) | 1.821.894 | 381.727 | 271.972 | 940.336 | 227.859 | 1.426.246 | 1.366.910 |
| Fair value (K EUR) | 1.422.123 | 672.536 | 196.710 | 552.877 | 0 | 1.280.108 | 1.147.166 |
| Investment value (K EUR) | 1.502.383 | 689.457 | 210.577 | 602.349 | 0 | 1.351.828 | 1.203.252 |
| Annual contractual rents (K EUR) | 75.598 | 36.203 | 10.836 | 28.558 | 0 | 72.867 | 70.112 |
| Gross yield (%) | 5,32% | 5,38% | 5,51% | 5,17% | 0,00% | 5,69% | 6,11% |
| Current yield on 100% occupancy (%) | 5,40% | 5,52% | 5,56% | 5,21% | 0,00% | 5,75% | 6,18% |
| Un-let property (sqm) (2) | 5.161 | 4.135 | 1.026 | 0 | 0 | 8.149 | 9.170 |
| Rental value of un-let property (K EUR) (2) | 368 | 275 | 93 | 0 | 0 | 734 | 836 |
| Occupancy rate | 99,7% | 99,4% | 99,5% | 100,0% | 0,0% | 99,4% | 99,3% |
| Real estate portfolio - Solar panels (3) | |||||||
| Fair value (K EUR) | 33.683 | 24.731 | 0 | 8.952 | 0 | 29.755 | 26.237 |
| Real estate portfolio - Developments | |||||||
| Fair value (K EUR) | 50.956 | 12.297 | 3.786 | 34.873 | 0 | 54.590 | 42.195 |
(0) Including buildings held for sale
(1) Surface area of leased land included for 20% of the total floor space; as the rental value of a land is ca. 20% of the floor space; the rental value of a plot of land is approximately 20% of the rental value of a logistics building.
(2) Excluding the estimated rental value of projects under construction and/or renovation.
(3) The fair value of the investment in solar panels is included under heading "D" of the fixed assets in the balance sheet.
21 As determined by the independent real estate experts, JLL and Stadim.
The occupancy rate amounted to 99.7% as at 30/06/2021, an increase of 0.3% compared with the end of March 2021. The increase is due to leasing of a vacant unit in Le Mesnil-Amelot (FR) to Espace Phone SARL and Antavia SAS.
22 The accrued charges comprise largely the rent invoiced in advance for the subsequent quarter.
The weighted average maturity of financial debts (credit lines, bonds and leasing obligations) amounts to 6.4 years as at 30 June 2021, an increase of more than 2 years following the contracted US private placement in Q2 2021.
The weighted average term of interest rate hedging is 5.9 years as at the end of June 2021. The hedge ratio, which measures the percentage of financial debt at a fixed or a floating interest rate, subsequently hedged by a hedging instrument, amounted to 91%.
The Interest Coverage Ratio was equal to 6.8 in the first half of 2021 compared with 6.4 for the same period last year.
The average cost of debt financing is 1.9% for the first 6 months of 2021 (2.1% for the same period last year).
❑ The debt ratio23 of Montea amounted to 36.9% at the end of Q2 2021 (compared with 38.0% at the end of 2020).
Montea complies with all covenants (in terms of debt ratio) that it has concluded with its financial institutions, under the terms of which Montea's debt ratio may not exceed 60%.
23 Calculated in accordance with the Royal Decree of 13 July 2014 on regulated real estate investment companies.
Half-yearly financial report - 29 / 58 EMBARGO until 19/08/2021 – 6:00 PM
These interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. The accounting methods have been consistently applied to the financial years presented.
Unless stated otherwise, Montea has not availed itself of these standards. These standards, amended by the IASB, and interpretations issued by the IFRIC have no significant impact on the presentation, the explanatory notes or the results of the company:
A number of new standards, amendments to standards and interpretations are not yet applicable in 2021, but may be applied earlier. Unless indicated otherwise, Montea has not availed itself of these standards, as amended by the IASB, and interpretations issued by the IFRIC do not have a material impact on the presentation, the explanatory notes or the results of the company:
The closing price on 30/06/2021 (€ 99.20) is 11.2% higher than the closing price one year ago (€ 89.20) and 6.6% higher than at the end of 2020 (€ 93.10).
| STOCK MARKET PERFORMANCE | 30/06/2021 | 31/12/2020 | 30/06/2020 |
|---|---|---|---|
| Share price (€) | |||
| At closing | 99,20 | 93,10 | 89,20 |
| Highest | 105,40 | 107,80 | 100,40 |
| Lowest | 86,60 | 53,00 | 53,00 |
| Average | 94,98 | 90,69 | 84,88 |
| Net asset value per share (€) | |||
| IFRS NAV | 56,52 | 50,88 | 44,20 |
| EPRA NRV | 63,62 | 56,90 | 49,22 |
| EPRA NTA | 58,96 | 52,78 | 46,08 |
| EPRA NDV | 56,57 | 51,01 | 44,38 |
| Premium (%) | 75,5% | 83,0% | 101,8% |
| Dividend return (%) | 3,0% | ||
| Dividend (€) | |||
| Gross | 2,83 | ||
| Net | 1,98 | ||
| Volume (number of securities) | |||
| Average daily volume | 16.000 | 12.889 | 16.025 |
| Volume of the period | 2.015.954 | 3.312.481 | 2.019.182 |
| Number of shares | 16.215.456 | 16.023.694 | 16.023.694 |
| Market capitalisation (K €) | |||
| Market capitalisation at closing | 1.608.573 | 1.491.806 | 1.429.314 |
| Ratios (%) | 12% | 21% | 13% |
| Velocity |
There are no significant events after the balance sheet date.
There were no transactions between affiliated parties in the first half of 2021, with the exception of those carried out under market conditions and as customary when carrying out Montea's activities.
The board of directors of Montea's sole director and the management are fully aware of the importance of developing and maintaining sound management and consequently preserving a quality portfolio. Montea applies clear and strict standards for (i) optimising and improving the existing buildings, (ii) the commercial management, (iii) the technical management of the buildings, and (iv) any investments in the existing buildings. The purpose of these criteria is to limit vacancies as well as to have the value of the property assets increase sustainably to the maximum.
The main risks and uncertainties with which the company may be confronted, the possible impact thereof, and the strategy to limit such impact are described in the Annual Financial Report 2020.
24 For more information about the strategy implemented by Montea, please see the Annual Report of 2020. Where necessary, Montea's policy will be adjusted based on the risk factors described.
Pursuant to Article 13, paragraph 2 of the Royal Decree of 14 November 2007, Montea's sole director, Montea Management NV, represented by its permanent representative, Jo De Wolf, declares that, to the best of its knowledge:
| (in EUR X 1 000) | 30/06/2021 | 30/06/2020 |
|---|---|---|
| Net result (IFRS) | 128.458 | 47.960 |
| Changes for calculation of the EPRA earnings | ||
| To exclude: | ||
| Variations in fair value of the investment properties and properties for sale | -105.257 | -28.406 |
| Result on sale of investment properties | -1.110 | - |
| Variations in fair value of the financial assets and liabilities | -6.447 | 7.713 |
| Deferred taxes related to EPRA changes | 15.780 | - |
| EPRA earnings | 31.425 | 27.267 |
| Weighted average number of shares | 16.044.884 | 15.807.764 |
| EPRA earnings per share (€/share) | 1,96 | 1,72 |
25 The auditor has performed a review (ISRE 2410) of the EPRA standards included in this section
In October 2019, EPRA published its new Best Practice Recommendations which set out the financial indicators listed real estate companies should disclose so as to provide more transparency across the European listed sector. For example, the EPRA NAV and EPRA NNNAV were consequently replaced by three new Net Asset Value indicators: Net Reinstatement Value (NRV), Net Tangible Assets (NTA) and Net Disposal Value (NDV).
The EPRA NAV indicators are obtained by correcting the IFRS NAV in such a way that stakeholders get the most relevant information about the fair value of assets and liabilities. The three different EPRA NAV indicators are calculated on the basis of the following scenarios:
Net Reinstatement Value: based on the assumption that entities never sell assets and aims to reflect the value needed to rebuild the entity. The purpose of this indicator is to reflect what would be required to reconstitute the company through the investment markets based on the current capital and financing structure, including Real Estate Transfer Taxes.
EPRA NRV per share refers to the EPRA NRV based on the number of shares in circulation as at the balance sheet date. See www.epra.com.
| (in EUR X 1 000) | 30/06/2021 30/06/2020 | |
|---|---|---|
| IFRS Equity attributable to shareholders | 916.451 | 708.197 |
| NAV per share (€/share) | 56,52 | 44,20 |
| I) Hybrid instruments | ||
| Diluted NAV at fair value | 916.451 | 708.197 |
| Exclude: | ||
| V. Deferred tax in relation to fair value gains of investment property | 15.780 | - |
| VI. Fair value of financial instruments | 24.554 | 30.637 |
| Include: | ||
| XI. Real estate transfer tax | 74.895 | 49.802 |
| NRV | 1.031.681 | 788.636 |
| Fully diluted number of shares | 16.215.456 | 16.023.694 |
| NRV per share (€/share) | 63,62 | 49,22 |
Net Tangible Assets: assumes that entities buy and sell assets, thereby realising certain levels of deferred taxation. This pertains to the NAV adjusted to include property and other investments at fair value and to exclude certain items that are not expected to be firmly established in a business model with long-term investment properties.
EPRA NTA per share refers to the EPRA NTA based on the number of shares in circulation as at the balance sheet date. See www.epra.com.
| (in EUR X 1 000) | 30/06/2021 30/06/2020 | |
|---|---|---|
| IFRS Equity attributable to shareholders | 916.451 | 708.197 |
| NAV per share (€/share) | 56,52 | 44,20 |
| I) Hybrid instruments | ||
| Diluted NAV at fair value | 916.451 | 708.197 |
| Exclude: | ||
| V. Deferred tax in relation to fair value gains of investment property | 15.780 | - |
| VI. Fair value of financial instruments | 24.554 | 30.637 |
| VIII.b) Intangibles as per the IFRS balance sheet | -681 | -481 |
| NTA | 956.105 | 738.352 |
| Fully diluted number of shares | 16.215.456 | 16.023.694 |
| NTA per share (€/share) | 58,96 | 46,08 |
Net Disposal Value: provides the reader with a scenario of the sale of the company's assets leading to the realization of deferred taxes, financial instruments and certain other adjustments. This NAV should not be considered a liquidation NAV as in many cases the fair value is not equal to the liquidation value. The EPRA NDV per share refers to the EPRA NDV based on the number of shares in circulation as at the
balance sheet date. See www.epra.com.
| (in EUR X 1 000) | 30/06/2021 30/06/2020 | |
|---|---|---|
| IFRS Equity attributable to shareholders | 916.451 | 708.197 |
| NAV per share (€/share) | 56,52 | 44,20 |
| I) Hybrid instruments | ||
| Diluted NAV at fair value | 916.451 | 708.197 |
| Include: | ||
| IX. Fair value of fixed interest rate debt | 875 | 2.878 |
| NDV | 917.327 | 711.074 |
| Fully diluted number of shares | 16.215.456 | 16.023.694 |
| NDV per share (€/share) | 56,57 | 44,38 |
| (in EUR X 1 000) | (A) Estimated rental value (ERV) for vacancy |
(B) Estimated rental value portfolio (ERV) |
(A/B) EPRA Vacancy rate |
(A) Estimated rental value (ERV) for vacancy |
(B) Estimated rental value portfolio (ERV) |
(A/B) EPRA Vacancy rate |
|---|---|---|---|---|---|---|
| 30/06/2021 | 30/06/2021 | (in %) 30/06/2021 |
31/12/2020 | 31/12/2020 | (in %) 31/12/2020 |
|
| Belgium France The Netherlands |
275 93 - |
35.573 10.962 26.993 |
0,8% 0,9% 0,0% |
177 557 - |
33.760 11.494 26.132 |
0,5% 4,8% 0,0% |
| Total | 368 | 73.528 | 0,5% | 734 | 71.386 | 1,0% |
3 . E P R A
Definition: The EPRA NIY is an annualised rental income based on the cash rents passing at the balance sheet date, minus non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchase costs.
Purpose: Introduce a comparable benchmark for portfolio valuations. See also www.epra.com.
| EPRA NIY | 30/06/2021 | 31/12/2020 |
|---|---|---|
| ( in EUR x 1000) | ||
| Investment property – wholly owned | 1.436.716 | 1.301.836 |
| Investment property – share of JVs/Funds | 0 | 0 |
| Assets for sale | 0 | 0 |
| Minus developments | -50.956 | -54.590 |
| Completed property portfolio | 1.385.760 | 1.247.246 |
| Allowance for estimated purchasers' costs | 78.508 | 70.154 |
| Gross up completed property portfolio valuation B |
1.464.269 | 1.317.400 |
| Annualised cash passing rental income | 80.232 | 76.049 |
| Property outgoings (incl. ground rents) | -3.994 | -3.718 |
| A Annualised net rents |
76.238 | 72.331 |
| Rent free periods or other lease incentives | 0 | 29 |
| C Topped-up net annualised rent |
76.238 | 72.360 |
| A/B EPRA NIY |
5,2% | 5,5% |
| C/B EPRA "topped-up" NIY |
5,2% | 5,5% |
3 . E P R A
| EPRA Cost Ratio | |||
|---|---|---|---|
| ( in EUR x 1000) | 30/06/2021 | 30/06/2020 | |
| (i) Administrative/operating expense line per IFRS income statement | 4.397 | 3.582 | |
| (iii) Management fees less actual/estimated profit element | -198 | -198 | |
| EPRA Costs (including direct vacancy costs) | A | 4.199 | 3.384 |
| (ix) Direct vacancy costs | -249 | -134 | |
| EPRA Costs (excluding direct vacancy costs) | B | 3.950 | 3.250 |
| (x) Gross Rental Income less ground rents – per IFRS | 40.967 | 36.045 | |
| Gross Rental Income | C | 40.967 | 36.045 |
| EPRA Cost Ratio (including direct vacancy costs) | A/C | 10,3% | 9,4% |
| EPRA Cost Ratio (excluding direct vacancy costs) | B/C | 9,6% | 9,0% |
| Definition: | This concerns the positive and/or negative changes in the fair value of the real estate portfolio plus any capital gains or losses resulting from the realization of real estate. |
|---|---|
| Purpose: | This APM indicates the positive and/or negative changes in the fair value of the property |
portfolio plus any capital gains or losses from the construction of properties.
Calculation:
| RESULT ON PORTFOLIO | 30/06/2021 | 30/06/2020 |
|---|---|---|
| (in EUR X 1 000) | ||
| Result on sale of property investments | 1.110 | - |
| Variations in the fair value of property investments | 105.257 | 28.406 |
| Deferred taxes on the result on the portfolio | -15.780 | - |
| RESULT ON PORTFOLIO | 90.587 | 28.406 |
| FINANCIAL RESULT excl. variations in fair value of financial instruments (in EUR X 1 000) |
30/06/2021 | 30/06/2020 |
|---|---|---|
| Financial result To exclude: |
527 | -12.837 |
| Variations in fair value of financial assets & liabilities | -6.447 | 7.713 |
| FINANCIAL RESULT excl. variation in fair value of financial instruments | -5.920 | -5.125 |
26 Exclusive of EPRA indicators, some which are considered as an APM and are calculated under Chapter 2: EPRA Performance measures.
Definition: This is the operating result before the result of the real estate portfolio, divided by the property result.
Purpose: This APM measures the operational profitability of the company as a percentage of the property result.
Calculation:
| OPERATING MARGIN | 30/06/2021 | 30/06/2020 |
|---|---|---|
| (in EUR X 1 000) | ||
| Property result | 44.204 | 36.575 |
| Operating result (before the result on the portfolio) | 40.031 | 32.778 |
| OPERATING MARGIN | 90,6% | 89,6% |
Definition: Average financial cost over the entire year calculated on the basis of the total financial result with regard to the average of the initial balance and end balance of the financial debt burden without taking into account the valuation of the hedging instruments and interest charges of leasing debts in respect of IFRS 16.
Purpose: The company finances itself partially through debt financing. This APM measures the cost of this source of financing and the possible impact on the results.
| AVERAGE COST OF DEBT | 30/06/2021 | 30/06/2020 |
|---|---|---|
| (in EUR X 1 000) | ||
| Financial result To exclude: |
527 | -12.837 |
| Other financial income and charges | 38 | -92 |
| Variations in fair value of financial assets and liabilities | -6.447 | 7.713 |
| Interest charges related to leasing liabilities (IFRS 16) | 1.059 | 1.053 |
| Capitalised Interests | -408 | -784 |
| TOTAL FINANCIAL CHARGES (A) | -5.231 | -4.948 |
| AVERAGE FINANCIAL DEBTS (B) | 540.353 | 478.383 |
| AVERAGE COST OF DEBT (A/B) (*) | 1,9% | 2,1% |
4 . A P M ' s
Definition: The interest coverage ratio is calculated by the sum of the operating result before the result on the portfolio, together with the financial income, divided by the net interest costs.
Purpose: This APM indicates how many times the company earns its interest charges.
| INTEREST COVERAGE RATIO | 30/06/2021 | 30/06/2020 |
|---|---|---|
| (en EUR X 1 000) | ||
| Operational result, before result on portfolio | 40.031 | 32.778 |
| Financial income (+) | 6 | 92 |
| TOTAL (A) | 40.036 | 32.870 |
| Net financial charges (-) | 5.882 | 5.176 |
| TOTAL (B) | 5.882 | 5.176 |
| INTEREST COVERAGE RATIO (A/B) | 6,8 | 6,4 |
Montea presents Track'24: its ambitions to be achieved in the years 2021 to 2024. Over a period of four years, Montea aims to attain growth of over € 800 million (or + 60% compared with 2020), which will increase the real estate portfolio to € 2.2 billion by the end of 2024.
The focus will be on sustainable and versatile logistics real estate:
Based on Montea's strong financial basis, its low debt ratio and its high occupancy rate at its sites, Montea's aims for 2024 are:
Montea is setting the bar high with the announcement of this plan for growth but is more than ever ready to live up to its ambitions. With many new projects in the pipeline, a large land reserve of approx. 2,000,000 m² and professional teams in the four countries where it is active, Montea is ready to respond to the strong market demand. These factors will constitute the foundation for the achievement of Track'24.
Montea aspires to reduce the COշ emissions from its own operations by 50% by the end of 2024 – in line with the 2030 target, i.e. full COշ neutrality without compensation.
Montea aspires to reduce the COշ emissions from its buildings by 20% by the end of 2024 – in line with the 2050 target, i.e. to bring the emissions in line with the targets of the Paris climate conference (Paris Proof).
Montea is making a strong start to its newly announced plan for growth and is raising its results-related targets:
Montea reaffirms, in line with Track'24, to get its real estate portfolio to grow to € 1.6 billion - including the recent upgrades of the existing portfolio - by the end of 2021. This represents an increase of 17% compared with Q4 2020.
In 2021, Montea is also sticking to its strategy of subjecting its portfolio to continuous arbitrage. This strategy results in exceptional property-related performance indicators such as occupancy rate (99.7% on 30/06/2021), average remaining term of leases until first termination option (7.5 years on 30/06/2021) and average age of buildings (8.6 years on 30/06/2021). Thanks to its focus on the type of client and their activity (such as the health care sector, recycling sector, etc.) as well as on strategic locations with high added value (such as airports, water locations, etc.), Montea has succeeded in expanding its real estate portfolio in optimal fashion. Montea therefore expects to be able to maintain the occupancy rate at least above 97%.
Montea's ambition is to make its own operations COշ-neutral by means of compensation by the end of the year by reducing COշ emissions (e.g. by stimulating the use of public transport and electric cars), improving energy efficiency (e.g. energy monitoring) and using renewable energy sources (e.g. solar panels and heat pump applications). A partnership with CO2logic was established to guide and certify the process. Montea joins the Science Based Targets initiative to underscore its ambition and commitment in the fight against climate change.
Montea has achieved its objective of developing and implementing a Green Finance Framework by 2021. Montea has established this Green Finance Framework to issue green finance instruments, which can include bonds, loans, private placements and all other green finance instruments so as to finance and/or refinance sustainable projects with a clear environmental and social benefit.
An important step was taken within the Green Finance Framework at the beginning of 2021: Montea successfully completed its first US Private Placement 27 by issuing € 235 million in Green Bonds.
27 See press release of 13/04/2021 or go to www.montea.com for more information.
This press release contains, inter alia, forecasts, opinions and estimates made by Montea with regard to the future performance of Montea and of the market in which Montea operates ('outlook').
Although prepared with the utmost care, such an outlook is based on Montea's estimates and forecasts and is by nature subject to unknown risks, uncertain elements and other factors. These could lead to results, financial conditions, performance and final achievements that differ from those expressed or implied in these forward-looking statements. Some events are difficult to predict and may depend on factors beyond Montea's control. In view of such uncertainties, Montea cannot give any guarantees on these forecasts.
Statements in this press release that pertain to past activities, achievements, performance or trends should not be considered as a statement or guarantee that they will continue in the future.
Furthermore, the outlook is only valid as of the date of this press release.
Unless it is legally required to do so, Montea in no way undertakes to update or change these forecasts, even if there are changes in the expectations, events, conditions, assumptions or circumstances on which such forecasts are based. Nor does Montea, its statutory sole directors, the directors of Montea Management NV, members of Montea's management or advisors guarantee that the assumptions on which the outlook is based are free from error, and none of them can state, guarantee or predict that the results expected by such outlook will actually be achieved.
29/10/2021 Interim statement – results as at 30/09/2021 (before opening of trading)
This information is also available on our website www.montea.com.
ABOUT MONTEA "SPACE FOR GROWTH"
Montea NV is a public regulated real estate company (SIRP – SIIC) under Belgian law, specializing in logistical property in Belgium, France and the Netherlands. The company is a leading player on this market. Montea literally offers its customers space for growth by providing versatile, innovative property solutions. This enables Montea to create value for its shareholders. As at 30/06/2021, Montea's real estate portfolio represented total floor space of 1,496,981 m², spread over 75 locations. Montea NV has been listed on NYSE Euronext Brussels (MON) and Paris (MONTP) since 2006.
PRESS CONTACT FOR MORE INFORMATION
Jo De Wolf | +32 53 82 62 62 | [email protected] www.montea.com
| CONSOLIDATED PROFIT & LOSS ACCOUNT (EUR x 1.000) |
31/12/2020 | 30/06/2020 | ||
|---|---|---|---|---|
| 6 months | 12 months | 6 months | ||
| I . | Rental income | 37.708 | 70.061 | 34.177 |
| II. | Write-back of lease payments sold and discounted | 0 | 0 | 0 |
| III. | Rental-related expenses | 409 | -465 | 0 |
| NET RENTAL RESULT | 38.118 | 69.597 | 34.177 | |
| IV. | Recovery of property charges | 0 | 0 | 0 |
| V. | Recovery of charges and taxes normally payable by tenants on let properties | 3.559 | 7.466 | 2.753 |
| VI. | Costs payable by tenants and borne by the landlord for rental damage and refurbishment | 0 | 0 | 0 |
| at end of lease | ||||
| VII. | Charges and taxes normally payable by tenants on let properties | -3.910 | -7.762 | -2.869 |
| VIII. | Other rental-related income and expenses | 6.438 | 5.074 | 2.514 |
| PROPERTY RESULT | 44.204 | 74.374 | 36.575 | |
| IX. | Technical costs | -1 | -17 | -12 |
| X. | Commercial costs | -171 | -95 | -22 |
| XI. | Charges and taxes of un-let properties | -249 | -156 | -134 |
| XII. | Property management costs | -983 | -1.913 | -919 |
| XIII. | Other property charges | -16 | -48 | -28 |
| PROPERTY CHARGES | -1.419 | -2.229 | -1.115 | |
| PROPERTY OPERATING RESULT | 42.785 | 72.145 | 35.460 | |
| XIV. | General corporate expenses | -2.926 | -4.378 | -2.646 |
| XV. | Other operating income and expenses | 172 | -133 | -36 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 40.031 | 67.635 | 32.778 | |
| XVI. | Result on disposal of investment properties | 1.110 | 0 | 0 |
| XVII. | Result on disposal of other non-financial assets | 0 | 0 | 0 |
| XVIII. Changes in fair value of investment properties | 105.257 | 107.308 | 28.406 | |
| XIX. | Deferred taxes on the result on the portfolio | -15.780 | 0 | |
| XX. | Other portfolio result | 0 | 0 | 0 |
| OPERATING RESULT | 130.617 | 174.943 | 61.184 | |
| XXI. | Financial income | 6 | 94 | 92 |
| XXII. | Net interest charges | -5.882 | -10.938 | -5.176 |
| XXIII. Other financial charges | -44 | -107 | -41 | |
| XXIV. Change in fair value of financial assets & liabilities | 6.447 | -8.077 | -7.713 | |
| FINANCIAL RESULT | 527 | -19.027 | -12.837 | |
| XXV. | Share in the result of associates and joint ventures | 0 | 0 | 0 |
| PRE-TAX RESULT | 131.145 | 155.915 | 48.346 | |
| XXVI. Corporation tax | -2.686 | -906 | -387 | |
| XXVII. Exit tax | 0 | 0 | 0 | |
| TAXES | -2.686 | -906 | -387 | |
| NET RESULT | 128.458 | B I J L A G E N 155.009 |
47.960 | |
| Attributable to: | ||||
| Shareholders of the parent company | 128.458 | 155.009 | 47.960 | |
| Minority interests | 0 | 0 | 0 | |
| Number of shares in circulation at the end of the period | 16.215.456 | 16.023.694 | 16.023.694 | |
| Weighted average of number of shares of the period | 16.044.884 | 15.916.319 | 15.807.764 | |
| NET RESULT per share (EUR) | 8,01 | 9,74 | 3,03 |
28 The condensed financial statements have been subject to a limited review by the Auditor.
| CONSOLIDATED BALANCE SHEET (EUR x 1,000) | 30/06/2021 | 31/12/2020 | 30/06/2020 | |
|---|---|---|---|---|
| I. | NON-CURRENT ASSETS | 1.509.099 | 1.360.539 | 1.217.747 |
| A. Goodwill | - | - | - | |
| B. Intangible assets | 681 | 589 | 481 | |
| C. Investment properties | 1.473.404 | 1.328.823 | 1.189.726 | |
| D. Other tangible assets | 34.705 | 30.842 | 27.358 | |
| E. Non-current financial assets | 88 | 64 | 147 | |
| F. Finance lease receivables | - | - | - | |
| G. Trade receivables and other non-current assets | 222 | 221 | 35 | |
| H. Deferred taxes (assets) | - | - | - | |
| I . Participations in associates and joint ventures according to the equity method | - | - | - | |
| II. | CURRENT ASSETS | 38.015 | 38.382 | 35.581 |
| A. Assets held for sale | - 0 | 6.221 | - | |
| B. Current financial assets | - | - | - | |
| C. Finance lease receivables | - | - | - | |
| D. Trade receivables | 13.270 | 13.374 | 12.821 | |
| E. Tax receivables and other current assets | 11.959 | 9.646 | 8.068 | |
| F. Cash and cash equivalents | 7.503 | 5.057 | 10.976 | |
| G. Deferred charges and accrued income | 5.283 | 4.085 | 3.716 | |
| TOTAL ASSETS | 1.547.115 | 1.398.921 | 1.253.328 | |
| TOTAL SHAREHOLDERS' EQUITY | 916.451 | 815.311 | 708.197 | |
| I. | Shareholders' equity attributable to shareholders of the parent company | 916.451 | 815.311 | 708.197 |
| A. Share capital | 323.743 | 319.812 | 319.848 | |
| B. Share premiums | 234.693 | 222.274 | 222.274 | |
| C. Reserves | 229.557 | 118.216 | 118.114 | |
| D. Net result of the financial year | 128.458 | 155.009 | 47.960 | |
| II. | Minority interests | - | - | - |
| LIABILITIES | 630.664 | 583.610 | 545.131 | |
| I. | Non-current liabilities | 542.037 | 477.807 | 437.473 |
| A. Provisions | - | - | - | |
| B. Non-current financial debts | 501.614 | 446.742 | 406.689 | |
| a. Credit institutions | 256.691 | 351.874 | 310.922 | |
| b. Financial leasings | 807 | 833 | 919 | |
| c. Other | 244.116 | 94.035 | 94.848 | |
| C. Other non-current financial liabilities | 24.642 | 31.065 | 30.783 | |
| D. Trade debts and other non-current debts | - | - | - | |
| E. Other non-current liabilities | - | - | - | |
| F. Deferred taxes - liabilities | 15.780 | - | - | |
| II. | Current liabilities | 88.627 | 105.803 | 107.659 |
| A. Provisions | - | - | - | |
| B. Current financial debts | 44.545 | 61.794 | 61.344 | |
| a. Credit institutions | 42.500 | 30.000 | 29.600 | |
| b. Financial leasings | 105 | 98 | 99 | |
| c. Other | 1.940 | 31.696 | 31.645 | |
| C. Other current financial liabilities | - | - | - | |
| D. Trade debts and other current debts | 19.316 | 17.966 | 23.052 | |
| a. Exit taks | 202 | 147 | 278 | |
| b. Other | 19.114 | 17.819 | 22.774 | |
| E. Other current liabilities | 5.477 | 4.778 | 4.775 | |
| F. Accrued charges and deferred income | 19.288 | 21.266 | 18.488 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 1.547.115 | 1.398.921 | 1.253.328 |
29 The condensed financial statements have been subject to a limited review by the Auditor.
| STATEMENT OF CHANGES CHANGES IN SHAREHOLDER EQUITY IN SHAREHOLDERS' EQUITY (EUR x 1.000) |
Share capital | Share premiums | Reserves | Result | Deduction of transfer rights and costs |
Minority interests | Shareholders' equity |
|---|---|---|---|---|---|---|---|
| (EUR x 1.000) Explanation |
29 | 29 | 30 | 31 | 30 | 32 | |
| ON 31/12/2019 | 314.983 | 209.183 | 47.397 | 108.465 | 0 | 0 | 680.029 |
| Elements directly recognized as equity | 4.829 | 13.091 | 2.402 | 0 | 0 | 0 | 20.322 |
| Capital increase | 4.829 | 13.091 | 0 | 0 | 0 | 0 | 17.919 |
| Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investment properties |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Positive change in value of solar panels (IAS 16) | 0 | 0 | 2.402 | 0 | 0 | 0 | 2.402 |
| Own shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Own shares held for employee option plan | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Corrections | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Subtotal | 319.812 | 222.274 | 49.799 | 108.465 | 0 | 0 | 700.351 |
| Dividends | 0 | 0 | -40.049 | 0 | 0 | 0 | -40.049 |
| Result carried forward | 0 | 0 | 108.465 | -108.465 | 0 | 0 | 0 |
| Result for the financial year | 0 | 0 | 0 | 155.009 | 0 | 0 | 155.009 |
| ON 31/12/2020 | 319.812 | 222.274 | 118.215 | 155.009 | 0 | 0 | 815.311 |
| Elements directly recognized as equity | 3.931 | 12.419 | 1.640 | 0 | 0 | 0 | 17.990 |
| Capital increase | 3.815 | 12.419 | 0 | 0 | 0 | 0 | 16.233 |
| Impact on fair value of estimated transfer rights and costs resulting from | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| hypothetical disposal of investment properties | |||||||
| Positive change in value of solar panels (IAS 16) | 0 | 0 | 1.626 | 0 | 0 | 0 | 1.626 |
| Own shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Own shares held for employee option plan | 116 | 0 | 15 | 0 | 0 | 0 | 131 |
| Minority interests Corrections |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
| Subtotal | 323.743 | 234.693 | 119.856 | 155.009 | 0 | 0 | 833.301 |
| Dividends | 0 | 0 | -45.308 | 0 | 0 | 0 | -45.308 |
| Result carried forward | 0 | 0 | 155.009 | -155.009 | 0 | 0 | 0 |
| Result for the financial year | 0 | 0 | 0 | 128.458 | 0 | 0 | 128.458 |
| ON 30/06/2021 | 323.743 | 234.693 | 229.557 | 128.458 | 0 | 0 | 916.451 |
30 The condensed financial statements have been subject to a limited review by the Auditor.
Half-yearly financial report - 48 / 58 EMBARGO until 19/08/2021 – 6:00 PM
A N N E X E S
| ABBREVIATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR x 1.000) |
30/06/2021 | 31/12/2020 | 30/06/2020 |
|---|---|---|---|
| 6 months | 12 months | 6 months | |
| Net result | 128.458 | 155.009 | 47.960 |
| Other items of the comprehensive income | 1.626 | 2.402 | 2.301 |
| Items taken in the result | 0 | 0 | 0 |
| Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investments properties |
0 | 0 | 0 |
| Changes in the effective part of the fair value of authorized cash flow hedges | 0 | 0 | 0 |
| Items not taken in the result Impact of changes in fair value of solar panels |
1.626 1.626 |
2.402 2.402 |
2.301 2.301 |
| Comprehensive income | 130.084 | 157.411 | 50.260 |
| Attributable to: | |||
| Shareholders of the parent company Minority interests |
130.084 € 0 |
157.411 € 0 |
50.260 € 0 |
31 The condensed financial statements have been subject to a limited review by the Auditor.
Half-yearly financial report - 49 / 58 EMBARGO until 19/08/2021 – 6:00 PM
| CONSOLIDATED CASH FLOW STATEMENT (EUR x 1.000) |
30/06/2021 | 31/12/2020 |
|---|---|---|
| 6 months | 12 months | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR (A) | 5.057 | 7.690 |
| Net result | 128.458 | 155.009 |
| Financial cash elements (not deductible of the net profit) to become the operating result | 5.920 | 10.950 |
| Received interests | -6 | -94 |
| Payed interests on finances | 5.926 | 11.045 |
| Received dividends | 0 | 0 |
| Taxes (deducted from the net result) to become the operating result | 2.686 | 906 |
| Non-cash elements to be added to / deducted from the result | -96.711 | -99.395 |
| Depreciations and write-downs | 324 | 743 |
| Depreciations/write-downs (or write-back) on intangible and tangible assets (+/-) | 163 | 278 |
| Write-downs on current assets (+) | -124 | 465 |
| Write-back of write-downs on current assets (-) | 285 | 0 |
| Other non-cash elements | -97.035 | -100.138 |
| Changes in fair value of investment properties (+/-) | -105.257 | -107.308 |
| IFRS 9 impact (+/-) | -6.447 | 8.077 |
| Other elements | 0 | 0 |
| Realized gain on disposal of investment properties | -1.110 | 0 |
| Provisions | -1 | -1 |
| Taxes | 15.780 | -906 |
| NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING | 40.354 | 67.470 |
| CAPITAL REQUIREMENTS (B) | ||
| Change in working capital requirements (C) | -3.336 | 1.791 |
| Movements in asset items | -3.408 | -2.663 |
| Trade receivables | 0 | -186 |
| Other long-term non-current assets | 103 | 31 |
| Other current assets | -2.313 | -460 |
| Deferred charges and accrued income | -1.199 | -2.048 |
| Movements in liability items | 72 | 4.454 |
| Trade debts | -566 | 3.079 |
| Taxes, social charges and salary debts | 1.916 | 673 |
| Other current liabilities | 699 | -30 |
| Accrued charges and deferred income | -1.978 | 732 |
| NET CASH FLOW FROM OPERATING ACTIVITIES (A)+(B)+(C) = (A1) | 42.075 | 76.951 |
| Investment activities | -37.642 | -98.695 |
| Acquisition of intangible assets | -196 | -327 |
| Investment properties and development projects | -34.805 -27 |
-82.611 -29 |
| Other tangible assets | -3.724 | -15.728 |
| Solar panels Disposal of investment properties |
1.110 | 0 |
| Disposal of superficy | 0 | 0 |
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B1) | -37.642 | -98.695 |
| FREE CASH FLOW (A1+B1) | 4.433 | -21.744 |
| Change in financial liabilities and financial debts | 36.439 | 57.479 |
| Change in other liabilities | 0 | 0 |
| Change in shareholders' equity | -27.449 | -19.727 |
| Dividend paid (+ profit-sharing scheme) | 0 | 0 |
| Financial cash elements | -5.920 | -10.950 |
| NET FINANCIAL CASH FLOW (C1) | 3.071 | 26.801 |
| 7.504 | 5.057 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A1+B1+C1) |
32 The condensed financial statements have been subject to a limited review by the Auditor.
| Fair value hierarchy | 30/06/2021 | 30/06/2021 | 30/06/2021 | 30/06/2021 | ||
|---|---|---|---|---|---|---|
| (EUR x 1.000) | Booking value | Level 1 (1) | Level 2 (2) | Level 3 (3) | ||
| I. | NON-CURRENT ASSETS | 1.509.099 | 0 | 991 | 1.508.109 | |
| A. | Goodwill | 0 | 0 | 0 | 0 | |
| B. | Intangible assets | 681 | 0 | 681 | 0 | |
| C. | Investment properties | 1.473.404 | 0 | 0 | 1.473.404 | |
| D. | Other tangible assets | 34.705 | 0 | 0 | 34.705 | |
| E. | Non-current financial assets | 88 | 0 | 88 | 0 | |
| F. | Finance lease receivables | 0 | 0 | 0 | 0 | |
| G. | Trade receivables and other non-current assets | 222 | 0 | 222 | 0 | |
| H. | Deferred taxes (assets) | 0 | 0 | 0 | 0 | |
| I . | Participations in associates and joint ventures according to the | 0 | 0 | 0 | 0 | |
| II. | CURRENT ASSETS | 38.015 | 7.503 | 30.512 | 0 | |
| A. | Assets held for sale | 0 | 0 | 0 | 0 | |
| B. | Current financial assets | 0 | 0 | 0 | 0 | |
| C. | Finance lease receivables | 0 | 0 | 0 | 0 | |
| D. | Trade receivables | 13.270 | 0 | 13.270 | 0 | |
| E. | Tax receivables and other current assets | 11.959 | 0 | 11.959 | 0 | |
| F. | Cash and cash equivalents | 7.503 | 7.503 | 0 | 0 | |
| G. | Deferred charges and accrued income | 5.283 | 0 | 5.283 | 0 | |
| TOTAL ASSETS | 1.547.115 | 7.503 | 31.503 | 1.508.109 | ||
| LIABILITIES | 630.664 | 0 | 631.539 | 0 | ||
| I. | Non-current liabilities | 542.037 | 0 | 542.912 | 0 | |
| A. | Provisions | 0 | 0 | 0 | 0 | |
| B. | Non-current financial debts | 501.614 | 0 | 502.490 | 0 | |
| 1. Bancaire schulden | 256.691 | 0 | 256.691 | 0 | ||
| 2. Obligatieleningen | 244.116 | 0 | 244.991 | 0 | ||
| 3. Diverse langlopende financiële schulden (borgtochten, waarborgen,) | 807 | 0 | 807 | 0 | ||
| C. | Other non-current financial liabilities | 24.642 | 0 | 24.642 | 0 | |
| D. | Trade debts and other non-current debts | 0 | 0 | 0 | 0 | |
| E. | Other non-current liabilities | 0 | 0 | 0 | 0 | |
| F. | Deferred taxes - liabilities | 15.780 | 0 | 15.780 | 0 | |
| II. | Current liabilities | 88.627 | 0 | 88.627 | 0 | |
| A. | Provisions | 0 | 0 | 0 | 0 | |
| B. | Current financial debts | 44.545 | 0 | 44.545 | 0 | |
| 1. Bank debt | 42.500 | 0 | 42.500 | 0 | ||
| 2. Leasing | 105 | 0 | 105 | 0 | ||
| 3. Autres | 1.940 | 0 | 1.940 | 0 | ||
| C. | Other current financial liabilities | 0 | 0 | 0 | 0 | |
| D. | Trade debts and other current debts | 19.316 | 0 | 19.316 | 0 | |
| E. | Other current liabilities | 5.477 | 0 | 5.477 | 0 | |
| F. | Accrued charges and deferred income | 19.288 | 0 | 19.288 | 0 | |
| TOTAL LIABILITIES | 630.664 | 0 | 631.539 | 0 |
33 The condensed financial statements have been subject to a limited review by the Auditor.
A N N E X E S
| (EUR x 1.000) | 30/06/2021 | 30/06/2021 | 30/06/2021 | 30/06/2021 | 30/06/2021 | |
|---|---|---|---|---|---|---|
| BE | FR | NL | Elim. | 6 months | ||
| I . | Rental income | 18.018 | 5.722 | 13.969 | 0 | 37.708 |
| II. | Write-back of lease payments sold and discounted | 0 | 0 | 0 | 0 | 0 |
| III. | Rental-related charges | 132 | 153 | 124 | 0 | 409 |
| NET RENTAL INCOME | 18.150 | 5.875 | 14.093 | 0 | 38.118 | |
| IV. | Recovery of property charges | 0 | 0 | 0 | 0 | 0 |
| V. | Recovery of charges and taxes normally borne by tenants on let properties | 1.939 | 826 | 795 | 0 | 3.559 |
| VI. | Costs payable by tenants and borne by the landlord for rental damage and | 0 | 0 | 0 | 0 | 0 |
| refurbishment at end of lease | ||||||
| VII. | Charges and taxes normally borne by tenants on let properties | -1.992 | -844 | -1.074 | 0 | -3.910 |
| VIII. | Other rental-related income and expenses | 5.595 | 29 | 813 | 0 | 6.438 |
| PROPERTY RESULT | 23.692 | 5.886 | 14.627 | 0 | 44.204 | |
| IX. | Technical costs | 0 | -1 | 0 | 0 | -1 |
| X. | Commercial costs | -39 | -74 | -58 | 0 | -171 |
| XI. | Charges and taxes of un-let properties | -141 | -108 | 0 | 0 | -249 |
| XII. | Property management costs | -644 | -339 | 0 | 0 | -983 |
| XIII. | Other property charges | -15 | -1 | 0 | 0 | -16 |
| PROPERTY CHARGES | -839 | -523 | -58 | 0 | -1.419 | |
| PROPERTY OPERATING RESULT | 22.853 | 5.363 | 14.569 | 0 | 42.785 | |
| XIV. | General costs of the company | -2.634 | -227 | -65 | 0 | -2.926 |
| XV. | Other operating income and expenses | 214 | -40 | -2 | 0 | 172 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 20.433 | 5.096 | 14.502 | 0 | 40.031 | |
| XVI. | Result on disposal of investment properties | 0 | 1.110 | 0 | 0 | 1.110 |
| XVII. | Result on disposal of other non-financial assets | 0 | 0 | 0 | 0 | 0 |
| XVIII. | Changes in fair value of investment properties | 43.569 | 4.123 | 57.565 | 0 | 105.257 |
| Deferred taxes on the result on the portfolio | 0 | 0 | -15.780 | 0 | -15.780 | |
| XIX. | Other portfolio result | 0 | 0 | 0 | 0 | 0 |
| OPERATING RESULT | 64.002 | 10.329 | 56.286 | 0 | 130.617 | |
| XX. | Financial income | 2.560 | 1 | 0 | -2.555 | 6 |
| XXI. | Net interest charges | -5.886 | -758 | -1.793 | 2.555 | -5.882 |
| XXII. | Other financial charges | -35 | -7 | -2 | 0 | -44 |
| XXIII. | Changes in fair value of financial assets and liabilites | 6.447 | 0 | 0 | 0 | 6.447 |
| FINANCIAL RESULT | 3.086 | -764 | -1.795 | 0 | 527 | |
| XXIV. | Share in the result of associates and joint ventures | 0 | 0 | 0 | 0 | 0 |
| PRE-TAX RESULT | 67.088 | 9.565 | 54.491 | 0 | 131.145 | |
| XXV. | Corporate taxes | -110 | -142 | -2.434 | 0 | -2.686 |
| XXVI. | Exit tax | 0 | 0 | 0 | 0 | 0 |
| TAXES | -110 | -142 | -2.434 | 0 | -2.686 | |
| NET RESULT | 66.978 | 9.423 | 52.057 | 0 | 128.458 | |
| EPRA RESULT | 16.962 | 4.190 | 10.273 | 0 | 31.425 | |
| Weighted average number of shares | 16.045 | 16.045 | 16.045 | 0 | 16.045 | |
| NET RESULT PER SHARE | 4,17 | 0,59 | 3,24 | 0,00 | 8,01 | |
| EPRA RESULT PER SHARE | 1,06 | 0,26 | 0,64 | 0,00 | 1,96 |
34 The condensed financial statements have been subject to a limited review by the Auditor.
Half-yearly financial report - 52 / 58 EMBARGO until 19/08/2021 – 6:00 PM
| (EUR x 1.000) | 30/06/2021 | 30/06/2021 | 30/06/2021 | 30/06/2021 | 30/06/2021 | ||
|---|---|---|---|---|---|---|---|
| BE | FR | NL | Elim. | Conso | |||
| I. | NON-CURRENT ASSETS | 926.472 | 201.118 | 561.984 | -180.475 | 1.509.099 | |
| A. | Goodwill | 0 | 0 | 0 | 0 | 0 | |
| B. | Intangible assets | 681 | 0 | 0 | 0 | 681 | |
| C. | Investment properties | 719.959 | 200.495 | 552.950 | 0 | 1.473.404 | |
| D. | Other tangible assets | 25.081 | 590 | 9.034 | 0 | 34.705 | |
| E. | Non-current financial assets | 180.563 | 0 | 0 | -180.475 | 88 | |
| F. | Finance lease receivables | 0 | 0 | 0 | 0 | 0 | |
| G. | Trade receivables and other non-current assets | 188 | 33 | 0 | 0 | 222 | |
| H. | Deffered taxes (assets) | 0 | 0 | 0 | 0 | 0 | |
| I . | Participations in associates and joint ventures according to the equity method |
0 | 0 | 0 | 0 | 0 | |
| II. | CURRENT ASSETS | 281.255 | 5.082 | 17.314 | -265.635 | 38.015 | |
| A. | Assets held for sale | 0 | 0 | 0 | 0 | 0 | |
| B. | Current financial assets | 0 | 0 | 0 | 0 | 0 | |
| C. | Finance lease receivables | 0 | 0 | 0 | 0 | 0 | |
| D. | Trade receivables | 7.211 | 2.668 | 4.491 | -1.100 | 13.270 | |
| E. | Tax receivables and other current assets | 264.690 | 0 | 11.804 | -264.535 | 11.959 | |
| F. | Cash and cash equivalents | 5.337 | 1.209 | 958 | 0 | 7.503 | |
| G. | Deffered charges and accrued income | 4.016 | 1.205 | 62 | 0 | 5.283 | |
| TOTAL ASSETS | 1.207.727 | 206.200 | 579.298 | -446.110 | 1.547.115 | ||
| TOTAL SHAREHOLDERS' EQUITY | 623.256 | 108.008 | 362.146 | -176.958 | 916.451 | ||
| I. | Shareholders' equity attributable to the shareholders of the parent | 623.256 | 108.008 | 362.146 | -176.958 | 916.451 | |
| company | |||||||
| A. | Share capital | 323.743 | 0 | 117.045 | -117.045 | 323.743 | |
| B. | Share premiums | 234.693 | 0 | 0 | 0 | 234.693 | |
| C. | Reserves | -2.158 | 98.585 | 193.044 | -59.914 | 229.557 | |
| D. | Net result of the financial year | 66.978 | 9.423 | 52.057 | 0 | 128.458 | |
| II. | Minority interests | 0 | 0 | 0 | 0 | 0 | |
| LIABILITIES | 584.471 | 98.192 | 217.152 | -269.152 | 630.664 | ||
| I. | Non-current liabilities | 524.756 | 1.464 | 15.816 | 0 | 542.037 | |
| A. | Provisions | 0 | 0 | 0 | 0 | 0 | |
| B. | Non-current financial debts | 500.114 | 1.464 | 36 | 0 | 501.614 | |
| C. | Other non-current financial liabilities | 24.642 | 0 | 0 | 0 | 24.642 | |
| D. | Trade debts and other non-current debts | 0 | 0 | B I J L A G E N 0 |
0 | 0 | |
| E. | Other non-current liabilities | 0 | 0 | 0 | 0 | 0 | |
| F. | Deferred taxes - liabilities | 0 | 0 | 15.780 | 0 | 15.780 | |
| II. | Current liabilities | 59.715 | 96.728 | 201.336 | -269.152 | 88.627 | |
| A. | Provisions | 0 | 0 | 0 | 0 | 0 | |
| B. | Current financial debts | 44.433 | 77 | 35 | 0 | 44.545 | |
| C. | Other current financial liabilities | 0 | 0 | 0 | 0 | 0 | |
| D. | Trade debts and other current debts | 4.378 | 3.166 | 12.980 | -1.207 | 19.316 | |
| E. | Other current liabilities | 771 | 90.371 | 182.498 | -268.163 | 5.477 | |
| F. | Accrued charges and deferred income | 10.133 | 3.113 | 5.823 | 219 | 19.288 | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1.207.727 | 206.200 | 579.298 | -446.110 | 1.547.115 |
35 The condensed financial statements have been subject to a limited review by the Auditor.
A N N E X E S
Half-yearly financial report - 54 / 58 EMBARGO until 19/08/2021 – 6:00 PM
Half-yearly financial report - 55 / 58 EMBARGO until 19/08/2021 – 6:00 PM
Half-yearly financial report - 56 / 58 EMBARGO until 19/08/2021 – 6:00 PM
Half-yearly financial report - 58 / 58 EMBARGO until 19/08/2021 – 6:00 PM
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