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ATENOR
Earnings Release • Feb 28, 2025
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Earnings Release
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PRESS RELEASE Regulated information – Inside information
Annual results 2024
La Hulpe, 28 February 2025 – 9:00 pm CET - Atenor (BSE : ATEB)
Reduction of consolidated net debt in line with forecasts (€ - 153 M)
Remarkable operating profit from development activity (€ 58 M)
Intended strengthening in financial resources
Key performance indicators *
| APM (Alternative Performance Measures) | 31-12-24 | 31-12-23 |
|---|---|---|
| Adjusted turnover | 390.448 | 130.508 |
| Adjusted gross margin on disposals | 70.650 | 14.458 |
| Adjusted operating result before impairment | 58.189 | -4.629 |
| Net financial debt | 664.648 | 817.502 |
| Solvency ratio** | 30,5% | 29,6% |
- Improving the robustness of the balance sheet was a key concern for Atenor in 2024, and this was reflected in a significant reduction in the Group's consolidated net financial debt. This stood at € 664.6 million, down € 152.9 million compared with 2023. The solvency ratio stands at 30.5%.
- Atenor had an excellent year in terms of sales, with adjusted turnover* of € 390.4 million in a market environment that is still proving difficult.
- Operational performance is also up to scratch, with adjusted operating profit* before value adjustments of € 58.2 million.
- The balance sheet total amounts to € 1,145.8 million. Value adjustments of € 36.5 million were recorded (€ 4.9 million of realised value adjustments and € 31.6 million of unrealised value adjustments), which is equivalent to 3.2% of assets, mainly on offices in Central Europe.
- The inventory changed under the impact of ongoing construction (€ 137.9 million were invested in projects), disposals and value adjustments. It amounted to € 822.5 million on 31 December 2024, compared with € 993.3 million at 31 December 2023.
- Net result, affected by high financial charges and tax, amounts to €- 39.4 million, compared to € 107.1 million in 2023.
- (*) The adjusted figures are based on APMs (Alternative Performance Measures), which also include projects in companies consolidated using the equity method. See note 14.
- (**) Solvency ratio calculated according to the formula: (equity/( equity + net financial debt))
PORTFOLIO UNDER DEVELOPMENT: 30 PROJECTS SPREAD OVER A TOTAL OF AROUND 1,130,000 M²
On 31 December 2024, the portfolio totalled 1,130,000 m², broken down by surface area (m²) as 36% office and 56% residential (equivalent to approximately 9,075 housing units under development).
On 31 December 2024, the estimated commercial value of the completed projects (Atenor share) amounted to 4,064 million euros.
ATENOR, UPGRADE THE FUTURE
In terms of sustainability, Atenor obtained an exceptional score of 99.37% in the annual evaluation of the Global Real Estate Sustainable Benchmark (GRESB) 2024. This score positions the company as a leader in ESG performance in the real estate sector. This recognition reflects Atenor's constant commitment to sustainable and responsible development.
DIVIDEND
In 2025, Atenor does not plan to pay any dividends for the 2024 financial year.
STÉPHAN SONNEVILLE1 , CEO COMMENTS:
« After a year of financial difficulties in 2023, we focused our efforts in 2024 on reducing debt in markets with very low investment activity, particularly in offices. And yet, we achieved our consolidated debt reduction targets by generating an adjusted* turnover of € 390 million, with an 18% adjusted* gross margin on disposals! This situation therefore allows us to implement a three-year plan based on the following axes:
- 1. Implementation of the residential portfolio through targeted partnerships. In this regard, we would point out that our portfolio is now predominantly residential;
- 2. Continued development of our office projects in Western Europe;
- 3. Reduced exposure to offices in Central Europe. To precise, these currently generate € 8.5 million in annual rental income pending their sale.
The implementation of this plan will be all the more favoured by the strengthening of the company's financial resources. To this end, the Board of Directors is actively analysing, with its reference shareholders, the question of a capital increase and external financing.»
1 Representing Stéphan Sonneville SA
A. General overview of activities
The 2024 figures in the graph below are cumulative and finalised as at 31 December 2024. They are given in gross m² above ground and only take into account Atenor's share.
On 31 December 2024, Atenor had a portfolio of 30 projects representing approximately 1,130,000 m², of which 99% of the portfolio under development complies with the technical criteria of the European Taxonomy according to the project phase.
Acquisition : Atenor did not make any acquisitions during 2024, but it remains attentive to developments in the markets in which it is active, in order to be proactive when the time is right.
Submission of planning permission applications: In 2024, activity focused on the introduction of various amending permits, aimed at improving the efficiency of the project concerned.
Obtaining planning permission: In 2024, Atenor received planning permission for the major renovation of Lakeside II (formerly UBC II) in Warsaw, and for the construction of Au Fil des Grands Prés (Mons - new residential phase) and Perspectiv' (mixed project) in Luxembourg.
In terms of activities, Atenor has introduced an amended permit for the 10NBS project (London) and has received a planning permit for the renovation of the 8,800 m² of offices in the Highline project, and the construction of 20 new apartments (2,485 m²) in the Soap House project (Brussels). Permit obtained for the Move'Hub project (Brussels), which contributes to the development of the Midi district.
Launch of construction: In 2024, construction work on Twist (Luxembourg) was completed and work on Wellbe (Lisbon) is ongoing. Preparatory and decontamination/demolition work has been undertaken on Victor Hugo (Paris) and Campo Grande (Lisbon).
Construction work on the Cloche d'Or project (Luxembourg) has started.
The Realex project - conference center (Belgium) has seen the first sod being turned, with completion of the work estimated for the first quarter of 2028.
Atenor continues its policy of case-by-case analysis of the relevance of launching other constructions.
Leasing: Lease agreements have been signed for a total area of around 7,000 m². mainly in Belgium, Hungary and Romania .
Sales: The sale of the German project Am Wehrhahn (Düsseldorf) was finalised in January. In February, Atenor concluded the sale in future state of completion of the WellBe project (Lisbon) to the bank Caixa Geral de Depósitos.
In June, Atenor finalised the sale in future state of completion of the Realex Conference Center (Brussels) to the European Commission. The transfer of the land was finalised on June 21 for an initial amount of € 88 million. The following instalments will be paid in monthly instalments as construction progresses over a period of 42 months. The sales of the Twist (Luxembourg), Lakeside (Warsaw) and Au Fil des Grands Prés projects (Mons) were finalised
in the last quarter of 2024. A few other apartments were sold in Romania, Hungary and Belgium.
Atenor continues to demonstrate its ability to evolve in a demanding real estate market, while maintaining a clear and effective strategy for reducing its debt and improving its solvency.
B. Outlook for 2025
The macroeconomic landscape is still highly uncertain, influenced in particular by international tensions.
In this context, the outlook for the real estate investment market remains influenced by this uncertainty. Interest rates have returned to an acceptable level for property development, while office (and residential) rents have risen remarkably.
Atenor will continue to gradually reduce its debt through its activity, structured for clarity on the basis of functions (residential having become the majority) and location (source of risk diversification).
The sustainability of projects and the application of high environmental standards will remain the guideline for our developments focused on renovation and conversion in urban areas, as this market represents a high growth potential in which Atenor has recognised expertise.
During the course of 2025, Atenor intends to continue the measures undertaken in financial terms (balance sheet robustness and reduction of structural costs), in management terms (strengthening of management) and in terms of activities (greater share of residential property and reduction of office exposure in Central Europe) in order to show attractive profitability as soon as a more favourable climate returns, especially in the property sector.
C. Consolidated financial results
Atenor ended the 2024 financial year with a consolidated net loss of € - 39.4 million, compared with a loss of € - 107,1 million in 2023.
| Results | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Net consolidated result (group share) | -39.4 | -107.1 |
| Profit per share (in Euro) | -0.9 | -2.45* |
| Number of shares | 43 739 703 | 43 739 703 |
| Of which own shares | 313 427 | 313 434 |
| Balance sheet | 31.12.2024 | 31.12.2023 |
| Total assets | 1 145,8 | 1 328.7 |
| Cash position at the end of the period | 59.5 | 47.5 |
| Net financial indebtedness (-) | -664.6 | -817.5 |
| Total consolidated equity | 291.4 | 344.3 |
| Solvency ratio | 30.5 % | 29.6 % |
Table of key consolidated figures (in thousands of Euros)
* Taking into account the weighted average number of shares held during the 2023 financial year, earnings per share amounts to € - 10.6 (see page 7, Earnings per share)
Revenue from ordinary activities and consolidated result (IFRS view)
Proceedsfrom disposals as at 31 December 2024 amounted to € 321.3 million compared to € 84.8 million in 2023. They mainly include (a) income related to the signing of the sale agreement for the off-plan sale of the Realex project for an amount of € 96.3 million, (b) the sale of the Twist office project for € 77 million in addition to the income from the sale of apartments for € 5.2 million (c) the sale of the Lakeside project for € 67.5 million, (d) the income generated from the sale of apartments in the City Dox residential project for a total of € 34.9 million, (e) the sale of the Am Wehrhahn project for € 18.1 million, (f) the income from the sale of the off-plan Au Fil des Grands Prés project (offices) for € 11 million.
Other operating income (€ 35,2 M) mainly comprises (a) rental income from the @Expo, Twist, Nysdam, Olympia A, Lakeside I & II, Fort 7 and Bakerstreet I buildings for € 11.7 million and (b) other operating income (€ 23.5 million), consisting mainly of re-invoicing of leasehold improvements on sold or leased projects and other rental expenses, in particular on the Twist, Lakeside, Bakerstreet I, Olympia A, Roseville, Am Wehrhahn, Nysdam and @Expo projects.
Operating profit before value adjustments was € 32.7 million, compared with a loss of € 7.7 million in 2023. It is mainly influenced by the result of sales in future state of completion (Realex, Au Fil des Grands Prés,) and sales of the Twist, Lakeside and Am Wehrhahn projects for € 40.2 million in addition to sales of flats from the various residential projects for € 8.6 million, as well as the net result of rental income of € 6.5 million from the @Expo, Twist, Nysdam, Olympia A and Bakerstreet I projects and deferred income of € - 1.9 million. Operating expenses (net of € - 20.7 million) were mainly attributable to non-activated running costs on projects and the Group's
various corporate fees and services, and to tenant fit-out costs and other rental expenses, some of which were recharged in addition to property taxes.
Other operating income (€ 35.2 million) mainly includes (a) rental income from the @Expo, Twist, Nysdam, Olympia A, Lakeside I & II, Fort 7 and Bakerstreet I for € 11.7 million and (b) other operating income (€ 23.5 million), which mainly consists of reinvoicing rental fittings for sold or leased projects as well as other rental charges, particularly on the Twist, Lakeside, Bakerstreet I, Olympia A, Roseville, Am Wehrhahn, Nysdam and @Expo projects.
The operating result before value adjustment amounts to € 32.7 million compared to € - 7.7 million in 2023. It is mainly influenced by the result of sales in a future state of completion (Realex, Au Fil des Grands Prés) and sales of the Twist, Lakeside and Am Wehrhahn for € 40.2 million in addition to the sales of apartments in various residential projects for € 8.6 million, as well as the net result of rental income of € 6.5 million from the @Expo, Twist, Nysdam, Olympia A and Bakerstreet I projects and deferred income of € - 1.9 million. The operating charge (net of € - 20.7 million) comes mainly from non-capitalised current expenses on projects and the group's various corporate fees and services, and rental fitting-out costs and other rental expenses, partly reinvoiced in addition to property taxes.
The operating result amounts to € - 3.7 million, impacted by unrealised value adjustments amounting to € 31.6 million and realised value adjustments amounting to € 4.9 million. The value adjustments are mainly realised on offices in Central Europe.
The result before interest and tax (EBIT) amounts to € 8.9 million compared with € - 66.7 million in 2023. This is mainly due to (a) the result (share) from equity-accounted investments (€ 7.5 million) related to the sale of the WellBe project in a future state of completion, offset in particular by current expenses, local taxes (property withholding taxes) and non-capitalised financial expenses from other equity-accounted projects and (b) financial income of € 5.2 million.
Financial expenses amount to € - 37.3 million, compared with € - 37.6 million in 2023.
They are stable compared with 2023 despite the reduction of € 152.9 million in net debt due to high interest rates, particularly during the first months of 2024.
In 2024, Atenor set up a collar to cover € 75 million of corporate lines for a period of 3 years. The floor and cap are set at 2.2% and 2.95% respectively.
Taxes amount to € - 10.7 million (compared with € -3.3 million in 2023). This item mainly consists of effective taxes and deferred tax liabilities, primarily relating to the Realex, Twist and City Dox projects.
Taking the above into account, the net result group share for the financial year therefore amounts to € - 39.4 million compared to € - 107.1 million in 2023.
Consolidated balance sheet
Consolidated equity amounted to € 291.4 million, down € 52.9 million compared to 31 December 2023. The decrease is explained by (a) the loss for the period under review (€ - 39.4 million), (b) the negative translation differences for the year recognised in equity resulting mainly from the depreciation of the Hungarian forint (€ - 10.6 million) and the Polish zloty (€ -2.2 million), and (c) interest rate hedges (€ - 2.4 million), (d) offset by the improvement of the pound sterling (€ + 1.3 million).
The group's consolidated net financial debt stood at € 664.6 millions as at 31 December 2024, compared with a consolidated net debt of € 817.5 million as at 31 December 2023.
The consolidated debt breaks down into long-term debt of € 381.3 million and short-term debt of € 342.8 million. The cash amounts to € 59.5 million, compared to € 47.5 million at the end of 2023.
Suppliers and other current creditors increase from € 55.8 million on 31 December 2023 to € 69.9 million on 31 December 2024. This change is due in particular to the VAT payable following the sale of an asset in December (€ 14.9 million) and to a change in accounts payable to companies consolidated using the equity method (€ 7.1 million).
The 'Buildings held for sale' classified under 'Inventories' represent the real estate projects in the portfolio and under development. This item amounts to € 822.5 million, a net decrease of € 170.8 million compared to 31 December 2023 (€ 993.3 million).
This variation is mainly the result of (a) the continuation of work and studies on the Bakerstreet, Lake 11 Home&Park (Budapest), UP-site (Bucharest), Lakeside (Warsaw), Twist (Luxembourg), City Dox, Realex (Brussels), Au Fil des Grands Prés (Mons) and NBS10 (London) projects, i.e. an amount of +€ 128.8 million (out of a total of
+€137.9 million), (b) the sale of the Realex Conference Centre and the offices of the Au Fil des Grands Prés project, the sale of apartments in the City Dox, Twist and Au Fil des Grands Prés projects and the sale of office buildings in the Twist, Lakeside and Am Wehrhahn projects, i.e. a total of € -269.8 million (out of a total of € - 274.4 million) (c) an adjustment of the value of the stock according to market conditions indicating a value potentially lower than the historically recognised book value (€- 36.5 million, of which € 4.9 million realised and € 31.6 million unrealised). The value adjustments are mainly made on offices in Central Europe. The conversion differences related to projects in Central Europe have a downward impact on the stock of € - 8.3 million.
Financing policy
As already announced, Atenor is pursuing its strategy of gradually replacing financing on the financial markets (bonds, CP and EMTN) with project financing, going from € 597.5 million of market financing and corporate debts as at 31 December 2023 to € 473.9 million (€ - 123.5 M) as at 31 December 2024. Project financing (€ 235.5 M) remains stable in view of repayments made and new financing put in place.
The weighted average interest rate on Atenor's consolidated debt stood at 5.1% (compared with 4.4% in 2023).
Main risks and uncertainties
In general and ongoing manner, the Board of Directors is attentive to the analysis and management of the various risks and uncertainties to which Atenor and its subsidiaries are exposed.
As at 31 December 2024, Atenor is confronted with the general risk of international geopolitical developments and their implications for the activity of the real estate investment sector.
In this context, the Board of Directors is studying the possibility of strengthening the company's financial resources in the very short term.
The downward trend in interest rates and the emergence of ESG criteria reinforce the portfolio's potential profitability, excluding one-off impairments. However, we remain attentive to developments in this macroeconomic situation and the possible implications for Atenor.
As at 31 December 2024, Atenor is not involved in any significant litigation.
Treasury shares
The treasury shares acquired during the first half of the 2024 financial year were immediately sold for the partial payment of directors' fees in the form of company shares. On 31 December 2024, Atenor SA no longer held any of its own shares. On the same date, Atenor Group Investments held 163,427 Atenor-shares and the number of shares held by the subsidiary Atenor Long Term Growth SA was 150,000 (unchanged from December 2023). These shares are intended to serve the stock option plans (2019 to 2022) allocated to Atenor employees and certain service providers.
Financial calendar
General Meeting 2024 25 April 2025 Interim statement for the first quarter of 2025 20 May 2025 Haly-yearly results 2025 4 September 2025 Interim statement for the third quarter of 2025 19 November 2025 General Meeting 2025 24 April 2026
Contact and information
For further information, please contact Caroline Vanderstraeten (for Twigami SRL), Chief Financial Officer – [email protected].
D. Summary Financial Statements
Consolidated statement of comprehensive income
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 2024 | 2023* | |
| Gross margin on disposals | 3 | 46.924 | 14.013 |
| Turnover (sales of assets) | 321.295 | 78.606 | |
| Gain (loss) on disposal of investments (sale of SPVs) | 0 | -29 | |
| Gain (loss) on loss of control of investments consolidated by the equity method | 0 | 6.190 | |
| Cost of sales (-) | -274.371 | -70.754 | |
| Other operating income and expenses | 3 | -14.223 | -21.682 |
| Rental income from buildings | 11.742 | 6.806 | |
| Other operating income | 23.562 | 14.973 | |
| Other operating expenses (-) | -49.527 | -43.461 | |
| Operating result before impairment | 32.701 | -7.669 | |
| Value adjustments on inventories (-) | 11 | -36.475 | -56.458 |
| Operating result | -3.774 | -64.127 | |
| Share of net result of investments consolidated by the equity method | 10 | 7.511 | -8.432 |
| Financial income | 5.222 | 5.815 | |
| Result before interest and taxes - EBIT | 8.959 | -66.744 | |
| Financial expenses (-) | 14.181 | -60.929 | |
| Result before taxes | -28.412 | -104.364 | |
| Income tax expense (-) | 5 | -10.723 | -3.321 |
| Result after taxes | -39.135 | -107.685 | |
| Result attributable to non-controlling interests | 260 | -557 | |
| Group share result | -39.395 | -107.129 | |
| EARNINGS PER SHARE | EUR | ||
| 2024 | 2023 | ||
| Total number of issued shares | 43.739.703 | 43.739.703 | |
| of which treasury shares | 313.427 | 313.434 | |
| Weighted average number of shares (excluding treasury shares) | 43.426.122 | 10.107.697 | |
| Basic earnings per share | -0,9 | -10,6 | |
| Diluted earnings per share | -0,9 | -10,6 | |
| OTHER ELEMENTS OF THE OVERALL PROFIT AND LOSSES | In thousands of EUR | ||
| 2024 | 2023 | ||
| Result after tax | -39.135 | -107.685 | |
| Items not to be reclassified to profit or loss in subsequent periods : | |||
| Employee benefits | 128 | -116 | |
| Items to be reclassified to profit or loss in subsequent periods : | |||
| Translation adjusments(**) | -11.544 | 13.583 | |
| Cash flow hedge | 13 | -2.394 | -252 |
| Total other comprehensive income | -13.810 | 13.215 | |
| Total comprehensive income for the period | -52.945 | -94.470 | |
| Comprehensive income group share | -53.205 | -93.914 | |
| Comprehensive income attributable to third parties | 260 | -557 |
D. Summary Financial Statements (continued)
Consolidated balance sheet
ASSETS
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 31.12.2024 | 31.12.2023* | |
| NON-CURRENT ASSETS | 224.116 | 235.403 | |
| Property, plant and equipment | 8 | 9.788 | 10.199 |
| Investment properties | 9 | 21.530 | 21.514 |
| Intangible assets | 136 | 178 | |
| Investments consolidated by the equity method | 10 | 77.357 | 69.050 |
| Deferred tax assets | 2.801 | 2.041 | |
| Other non-current financial assets | 12 | 107.278 | 132.421 |
| Non-current trade and other receivables | 12 | 5.226 | 0 |
| CURRENT ASSETS | 921.661 | 1.084.989 | |
| Inventories | 11 | 822.508 | 993.273 |
| Other current financial assets | 12 | 94 | |
| Derivatives instruments | 118 | ||
| Current tax assets | 401 | 588 | |
| Current trade and other receivables | 27.544 | 27.357 | |
| Current prepayments | 16 | 11 | |
| Contract assets | 2.997 | 3.445 | |
| Cash and cash equivalents | 12 | 59.485 | 47.506 |
| Other current assets | 8.710 | 12.597 | |
| TOTAL ASSETS | 1.145.777 | 1.320.392 |
LIABILITIES AND EQUITY
| In thousands of EUR | ||||
|---|---|---|---|---|
| Notes | 31.12.2024 | 31.12.2023* | ||
| TOTAL EQUITY | 291.363 | 344.308 | ||
| Group shareholders' equity | 289.877 | 343.082 | ||
| Issued capital | 7 | 317.193 | 317.193 | |
| Reserves | 12.348 | 51.743 | ||
| Reserves related to hedging financial instruments | -2.276 | 118 | ||
| Defined benefit and defined contribution pension plans | -330 | -458 | ||
| Translation differences | -21.985 | -10.441 | ||
| Treasury shares (-) | -15.073 | -15.073 | ||
| Non controlling interests | 1.486 | 1.226 | ||
| Non-current liabilities | 388.507 | 456.696 | ||
| Interest-bearing non-current liabilites | 13 | 381.382 | 450.808 | |
| Non-current provisions | 898 | 0 | ||
| Pension obligations | 413 | 565 | ||
| Derivative instruments | 13 | 2.178 | 0 | |
| Deferred tax liabilities | 1.094 | 920 | ||
| Non-current trade and other payables | 1.331 | 2.698 | ||
| Other non-current liabilities | 1.211 | 1.705 | ||
| Current liabilities | 465.907 | 519.388 | ||
| Interest-bearing current liabilites | 13 | 342.751 | 414.201 | |
| Current provisions | 1.558 | 670 | ||
| Tax liabilities payable | 12.495 | 2.954 | ||
| Current accounts payable and other creditors | 69.878 | 55.784 | ||
| Contract liabilities | 36.508 | 43.582 | ||
| Other current liabilities | 2.619 | 2.197 | ||
| TOTAL EQUITY AND LIABILITIES | 1.145.777 | 1.320.392 |
D. Summary Financial Statements (continued)
Consolidated cash flow statement (indirect method)
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 31.12.2023 | 31.12.2022 | |
| Operating activities | |||
| - Net result (group share) | -39.395 | -107.129 | |
| - Result of non controlling interests | 260 | -557 | |
| - Result of Equity method Cies | 10 | -7.511 | 8.432 |
| - Interest charges | 34.363 | 34.360 | |
| - Interest incomes | -5.215 | -5.759 | |
| - Income tax expense | 5 | 11.309 | 1.883 |
| - Directors' entitlements | -460 | -410 | |
| Result for the year | -6.189 | -69.180 | |
| - Depreciation | 8 | 1.210 | 1.035 |
| - Amortisation and impairment | 36.549 | 56.060 | |
| - Translation adjustments | -1.154 | 1.827 | |
| - Fair value adjustments | 9 | 645 | 399 |
| - Provisions | 1.685 | 1.535 | |
| - Deferred taxes | 5 | -586 | 1.438 |
| - (Profit)/Loss on disposal of fixed assets | 2 | -6.154 | |
| Adjustments for non cash items | 38.351 | 56.140 | |
| - Variation of inventories | 125.973 | -130.359 | |
| - Variation of trade and other amounts receivables | -9.205 | 16.625 | |
| - Variation of trade payables | -13.471 | 21.206 | |
| -231 | 73 | ||
| - Variation of amounts payable regarding wage taxes | |||
| - Variation of other receivables and payables | 24.237 | 1.455 | |
| Net variation on working capital | 127.303 | -91.000 | |
| - Interests received | 5.215 | 5.759 | |
| - Income tax paid | -1.820 | -2.439 | |
| - Income tax received | 239 | 657 | |
| Cash from operating activities (+/-) | 163.099 | -100.063 | |
| Investment activities | |||
| - Acquisitions of intangible and tangible fixed assets | -911 | -825 | |
| - Acquisitions of financial investments | -682 | -1.805 | |
| - New loans | -12.663 | -22.528 | |
| Subtotal of acquired investments | -14.256 | -25.158 | |
| - Disposals of intangible and tangible fixed assets | 2 | 3 | |
| - Disposals of financial investments | 17.516 | ||
| - Reimbursement of loans | 37.690 | 26.222 | |
| Subtotal of disinvestments | 37.692 | 43.741 | |
| Cash from investment activities (+/-) | 23.436 | 18.583 | |
| Financial activities | |||
| - Increases in capital | 7 | 175.633 | |
| - Treasury shares | -7 | ||
| - New borrowings | 140.742 | 324.052 | |
| - Repayment of borrowings | -279.061 | -350.400 | |
| - Interests paid | -36.078 | -34.701 | |
| - Dividends paid to company's shareholders | 6 | -10.011 | |
| Cash from financial activities (+/-) | -174.397 | 104.566 | |
| Net cash variation | 12.138 | 23.086 | |
| - Cash and cash equivalent at the beginning of the year | 47.506 | 25.168 | |
| - Net variation in cash and cash equivalent | 11.678 | 23.086 | |
| - Non-monetary variations | 301 | -748 | |
| - Cash and cash equivalent at end of the year | 12 | 59.485 | 47.506 |
D. Summary Financial Statements (continued)
Consolidated statement of changes in equity
In thousands of EUR
| Notes | Issued capital | Share issue premium |
Result carried forward |
Reserves related to financial hedging instruments |
Pension plans with defined benefits and contributions |
Translation differences |
Treasury shares | Minority interests |
Total Equity | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | ||||||||||
| Balance as of 01.01.2023 | 72.039 | 61.582 | 176.822 | 370 | -342 | -24.024 | -15.073 | 2.244 | 273.618 | |
| Profit/loss of the period | - | - | -107.129 | - | - | - | - | -557 | -107.686 | |
| Other elements of the overall results (1) | - | - | - | -252 | -116 | 13.583 | - | - | 13.215 | |
| Total comprehensive income | - | - | -107.129 | -252 | -116 | 13.583 | - | -557 | -94.471 | |
| Capital increase | 7 | 185.525 | 3.987 | - | - | - | - | - | - | 189.512 |
| Costs of capital increase | - | -5.940 | - | - | - | - | - | - | -5.940 | |
| Dividends | 6 | - | - | -17.950 | - | - | - | - | - | -17.950 |
| Others | - | - | - | - | - | - | - | -461 | -4610 | |
| Balance as of 31.12.2023 | 257.564 | 59.629 | 51.743 | 118 | -458 | -10.441 | -15.073 | 1.226 | 344.308 | |
| 2024 | ||||||||||
| Balance as of 01.01.2024 | 257.564 | 59.629 | 51.743 | 118 | -458 | -10.441 | -15.073 | 1.226 | 344.308 | |
| Profit/loss of the period | - | - | -39.395 | - | - | - | 0 | -39.395 | ||
| Other elements of the overall results (1) | - | - | - | -2.394 | 128 | (11.544) | - | - | -13.810 | |
| Total comprehensive income | - | -39.395 | -2.394 | 128 | -11.544 | - | 0 | -53.205 | ||
| Others | - | - | - | - | - | - | - | 260 | 260 | |
| Balance as of 31.12.2024 | 257.564 | 59.629 | 12.348 | -2.276 | -330 | -21.985 | -15.073 | 1.486 | 291.363 |
(1) The Group owns several Hungarian, Romanian, Polish and UK companies. The Group has decided that, given the ambivalence of the main indicators usually used, the use of the local currency of the various countries as the functional currency is the most faithful representation of the economic effects of the transactions of the entities, in accordance with the requirements of IAS 21 § 12.
The negative currency differences for the year recorded in equity are mainly due to the depreciation of the Forint (€ - 10.6 M) and the Zloty (€ - 2,2 M) partly offset by the improvement in the pound sterling (€ + 1,3 M) against the Euro.
SELECTED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31.12.2024
Note 1. Corporate information
The Group's consolidated financial statements as at 31 December 2024, including the annual report comprising all the financial statements and notes thereto, were approved by the Board of Directors on 27 February 2025.
Note 2. Significant accounting policies
1. Basis of preparation
Going concern accounting principle:
The Group has prepared the financial statements on the basis of the continuity of property development activities according to the usually described value creation cycle and on an identical territory of 10 countries in which it is active. The completion of the value creation cycle implies the disposal of projects at the end of the cycle, without excluding early disposals depending on opportunities and particular circumstances.
During 2024, Atenor carried out several transactions and took various measures resulting in a reduction of the group's net debt and a positive contribution to the results, in particular:
- The continuation of the policy of gradually replacing corporate and market financing (bonds and CP) with bank financing of projects
- The realisation of the Realex Conference Centre at the European Commission (sale in future state of completion),
- The continuation of the construction of the pre-sold projects Au fil des grands Prés-offices, City Dox 5, UP-site Bucharest, Lake11 Budapest with a view to their delivery and payment by the buyers.
- The sale of the Twist project in Luxembourg, Am Wehrhahn in Düsseldorf, Lakeside in Warsaw and the sale of the Au Fil des Grands Prés site in Mons for the construction of 359 apartments,
- The sale of the WellBe project in Lisbon on a turnkey basis.
During the same period, Atenor reduced its consolidated net debt by € 152.9 million, including the repayment of matured Bonds (bonds and Green EMTN) for an amount of € 83.1 million.
The macroeconomic landscape in 2025 still presents a certain degree of uncertainty, influenced in particular by international tensions, both geopolitical and economic. The latter could lead to disorder and disruption in economic and social activity, particularly in the property sector.
In this context, Atenor has carried out several sensitivity analyses taking into account the assumptions and uncertainties mentioned above in order to consider eventualities with a negative impact on cash flow. Some sensitivity analyses involve an increase in the company's own resources, the possibility of which has been studied.
Based on these analyses, the group has prepared 18-month cash flow forecasts which show that it should have sufficient liquidity to carry out its operations, taking into account certain assumptions, including the renewal of certain bank lines, the effective sale of certain projects that have reached the end of their development and possibly an increase in equity.
To date, Atenor believes that all the measures taken and studied should be sufficient to mitigate any negative impacts.
For both short-term and medium-term cash management, the group also relies on a network of banking relationships with several banks.
The consolidated accounts as at 31 December 2024 have been drawn up in accordance with IFRS as adopted in the European Union.
Atenor has not applied in advance any new IFRS provisions that were not yet in force in 2024 and has not applied any European exceptions to IFRS.
The new IFRS standards and IFRIC interpretations and the amendments to the old standards and interpretations, applying for the first time in 2024, have not had a significant direct impact on the figures reported by Atenor.
2. Significant consolidation and accounting principles
The valuation rules adopted for the preparation of the consolidated financial statements as at 31 December 2024 are unchanged from the rules followed for the preparation of the annual report as at 31 December 2023, with the exception of the following elements:
- The presentation of the income statement has been modified, based on the principles of the future IFRS 18 standard, without applying it in its entirety (applicable from 1 January 2027), in order to offer better readability and comparability of information. The comparative figures for 2023 have therefore been restated to take account of this new presentation. This change has no impact on the income statement, other than its presentation, and has no impact on shareholders' equity or the balance sheet (see note 14).
- In accordance with IAS 28, negative amounts of equity -accounted investments (when the Group's share in the net assets of the joint ventures exceeds the amount of the investments) are deducted from the other elements constituting the net investment, in particular the loans made to these entities. The negative amounts as at 31 December 2023 (€ 8.3 million) were recognised in long-term provisions. The comparative figures for 2023 have therefore been restated to take account of this reclassification. This reclassification has no impact on either the income statement or the Group's equity and only impacts the presentation and the balance sheet (see note 15).
- In accordance with IFRS 15, the commercial commitments made by the Group to the buyer (rental guarantee, yield guarantee, rental fitting) have been reclassified from the provisions section, where they were previously recognised as negative (€ 9.3 million as at 31 December 2023), to the section 'liabilities for future repayment'. This reclassification has no impact on the Group's income statement or equity and only affects the presentation of the balance sheet (see note 15).
- Short-term deposits previously recorded under 'Other short-term financial assets' have been reclassified in the comparative figures under 'Cash and cash equivalents'. This reclassification has no impact on the income statement or the Group's equity, and only affects the presentation of the balance sheet (see note 15)
- Contract assets that were previously recognised under 'Trade and other receivables' have been reclassified under 'Contract assets' and contract liabilities that where previously recognised under 'Other liabilities' have been reclassified under 'Contract liabilities'. These reclassifications have been made in the 2023 comparative figures. These reclassifications have no impact on the income statement or on the Group's equity and only affect the presentation of the balance sheet (see note 15).
Regarding the outlook and estimates of future impacts, we refer to the comment on page 4.
Standards and interpretations that will become mandatory in the European Union in 2024
- Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Non-current Liabilities with Covenants
- Amendments to IFRS 16 Leases: Lease Liabilities in a Sale and Leaseback Arrangement
- Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Financing Arrangements
The new IFRS standards and IFRIC interpretations and the amendments to the old standards and interpretations, applying for the first time in 2024, have not had a significant direct impact on the figures reported by the Company.
Standards and interpretations issued but not yet applicable for the annual period beginning on or after 01.01.2024
- Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Convertibility (applicable for annual periods beginning on or after 1 January 2025)
- IFRS 18 Presentation and disclosure in financial statements (applicable for annual periods beginning on or after 1 January 2027 but not yet adopted at European level)
- IFRS 19 Subsidiaries not subject to public disclosure requirements: Disclosures (applicable for annual periods beginning on or after 1 January 2027 but not yet adopted at European level)
- Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)
- Annual Improvements Volume 11 (applicable for annual periods beginning on or after 1 January 2026, but not yet endorsed in the EU)
- Amendments to IFRS 9 and IFRS 7 Contracts referring to electricity dependent on nature (applicable for annual periods beginning on or after 1 January 2026, but not yet adopted at European level).
Atenor has not adopted these new or amended standards and interpretations in advance.
The 'Pillar 2' Directive (minimum taxation component of the OECD international tax reform) transposed into Belgian law in the Finance Act for 2024 does not apply to Atenor, as the group does not reach the minimum threshold of € 750 million in consolidated turnover.
Note 3. Gross margin on disposals and other operating results
| 2024 | 2023 | |
|---|---|---|
| Gross margin on disposals | 46.924 | 14.013 |
| of which turnover (sales of assets) | 321.295 | 78.606 |
| of which gain (loss) on disposal of investments (sale of SPVs) of which gain (loss) on loss of control of investments consolidated |
-29 | |
| by the equity method | 6.190 | |
| of which cost of sales (-) | -274.371 | -70.754 |
The gross margin on disposals as at 31 December 2024 amounts to € 46.9 million, compared to € 14 million as at 31 December 2023. It mainly results from (a) the income related to the signing of the sale agreement for the Realex project in future state of completion for an amount of € 96.3 million, (b) the sale of the Twist office project for an amount of € 77 million in addition to the income related to the sale of the apartments for an amount of € 5.2 million (c) the sale of the Lakeside project for an amount of € 67.5 million, (d) the income generated from the sale of the apartments in the City Dox residential project for a total of € 34.9 million, (e) the sale of the Am Wehrhahn project for € 18.1 million, (f) the income from the sale of the off-plan project Au Fil des Grands Prés (offices) for € 11 million.
| In thousands of EUR | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Other operating income and expenses | ||||
| Rental income from buildings | 11.742 | 6.806 | ||
| Other operating income | 23.562 | 14.973 | ||
| Other operating expenses (-) | -49.527 | -43.461 | ||
| of which miscellaneous goods and services | -24.091 | -15.576 | ||
| of which personnel costs | -6.017 | -5.604 | ||
| of which other expenses | -23.136 | -22.204 | ||
| of which foreign exchange gains/losses | 3.717 | -77 | ||
| Total | -14.223 | -21.682 |
Rental income from the @Expo, Twist, Nysdam, Olympia A, Lakeside I & II, Fort 7 and Bakerstreet I buildings totalled € 11.7 million, while other operating income mainly includes (a) reinvoicing of rental fittings for sold or leased projects as well as reinvoicing of other rental charges, particularly on the Twist, Lakeside, Bakerstreet I, Olympia A, Roseville, Am Wehrhahn, Nysdam and @Expo for a total amount of € 15.5 million and (b) a recovery of urban planning costs of € 2.4 million. The balance of other operating income (€ 5.6 million) is made up of reinvoicing on all the other projects in the portfolio and various operating income.
Other operating expenses increased compared to 2023 (€ +6.1 million) in line with the increase in rental income and reinvoicing of developments and rental charges.
Note 4. Information by sector
The segment reporting is based, both for internal reporting and external communication, on a single business segment (mono-sector), namely the development of projects in the field of property development (office and residential buildings, with retail activity being incidental to the first two). This activity is presented, managed and controlled on a project-by-project basis. The various projects are monitored and their performance evaluated by various weekly Project Committees, the Management Committee and the Board of Directors.
Consequently, the presentation of segment information is not applicable. In note 14, we present the information established and monitored by the Management that is provided to the Board of Directors for monitoring financial performance, included under the heading APM (Alternative Performance Measures).
Atenor's activity report also provides further information on the results and acquisitions and disposals that took place during the period under review.
Note 5. Income tax and deferred taxes
| In thousands of EUR | ||||
|---|---|---|---|---|
| I. Income tax expense / Income - current and deferred | 2024 | 2023 | ||
| Income tax expense / Income - current | ||||
| Current period tax expense | -11.350 | -1.759 | ||
| Adjustments to tax expense/income of prior periods | 41 | -124 | ||
| Total current tax expense, net | -11.309 | -1.883 | ||
| Income tax expense / Income - Deferred | ||||
| Related to the current period | 571 | 67 | ||
| Related to tax losses | 15 | -1.505 | ||
| Total deferred tax expense | 586 | -1.438 | ||
| Total current and deferred tax expense | -10.723 | -3.321 |
For the financial year ending 31 December 2024, the tax expense amounts to € - 10.7 million and is mainly composed of effective and deferred tax liabilities relating to the Realex, Twist and City Dox projects.
Note 6. Dividends paid
As a reminder, no dividends were distributed in 2024 for the 2023 financial year.
Note 7. Capital
As at 31 December 2024, the company's shareholding structure was as follows:
| Of which shares | |||
|---|---|---|---|
| forming part of the | |||
| Number of shares | Holdings in % | joined shareholding | Holdings in % |
| 6.821.806 | 15,60 | 4.373.970 | 10,00 |
| 13.159.717 | 30,09 | 13.159.717 | 30,09 |
| 4.767.744 | 10,90 | 2.383.872 | 5,45 |
| 1.621.624 | 3,71 | 1.181.624 | 2,70 |
| 2.000.000 | 4,57 | ||
| 2.000.000 | 4,57 | ||
| 30.370.891 | 69,44 | 21.099.183 | 48,24 |
| 313.427 | 0,72 | ||
| 13.055.385 | 29,85 | ||
| 43.739.703 | 100,00 | ||
(1) Signatories of the Shareholders' Agreement
(2) Managing Director, company controlled by Mr. Stéphan Sonneville
In compliance with article 74 of the law of 1 April 2007, these shareholders have communicated to the company that they held as a joined holding, at the date of entry into effect of the aforementioned law, more than 30% of the securities with voting rights.
Note 8. Tangible fixed assets
The item 'Tangible fixed assets' totalled € 9.8 million as at 31 December 2024, compared with € 10.2 million as at 31 December 2023. This item includes the group's furniture and rolling stock, the fixtures and fittings in the leased buildings and the rights of use of the leased buildings (IFRS 16).
There were no significant investments in 2024.
Depreciation as at 31 December 2024 amounts to € 1.2 million (compared to € 1.0 million as at 31 December 2023). No impairment loss has been recognised.
Note 9. Investment property
This item includes the Nysdam building located in La Hulpe. This building, currently 91% leased, including 16% to Atenor SA (the group's head office), generates net rental income of € 1.1 million as at 31 December 2024. The building is currently under management and may be redeveloped or sold at a later date.
In accordance with IAS 40, it is valued at its net fair value (€ 21.5 million), based on an expert report as at 31 December 2023 which did not reveal a significant difference in value compared to 2022 (loss of € 0.4 million in 2023). There is no
significant change to report during 2024. The valuation assumptions have been updated based on the rental status as at 31 December 2024 with no material change in value.
In view of the marginal impact that this would have on the monitoring work to be carried out, the group has not reclassified the part occupied by Atenor SA under tangible fixed assets, contrary to the provisions of IAS 40 par. 9(c). The marginal impact mentioned above should be assessed in the light of the possibility offered by IAS 16 to measure a building according to the revaluation model whereby the change in fair value is recorded in other comprehensive income.
| In thousands of EUR | 2024 | 2023 |
|---|---|---|
| At the end of the preceding period | 21.514 | 21.482 |
| Gains / (Losses) arising from changes in the fair value | -645 | -399 |
| Investments | 661 | 431 |
| At the end of the period | 21.530 | 21.514 |
Note 10. Investments consolidated via the equity method
| Participations | In thousands of EUR | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| Victor Estates | 250 | 550 | |||
| Victor Properties | -21 | 3 | |||
| Victor Bara | 4.009 | 4.142 | |||
| Victor Spaak | 7.193 | 7.424 | |||
| Immoange | 342 | 525 | |||
| CCN Development and its subsidiaries | 42.440 | 49.896 | |||
| Cloche d'Or Development | 1.904 | 1.139 | |||
| Ten Brinke Mybond Verheeskade | 3.863 | 4.036 | |||
| Square 48 | 1.989 | 1.335 | |||
| Tage Une Fois | 15.388 | ||||
| Total | 77.357 | 69.050 |
| Investments | In thousands of EUR | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| At the end of the preceding period | 69.050 | 83.380 | ||
| Share in result | 7.511 | -8.432 | ||
| Acquisitions, price adjustments and restructuring | 221 | |||
| Disposals | -11.108 | |||
| Capital increases | 680 | 1.340 | ||
| Reclassification to other items | 116 | 3.648 | ||
| At the end of the period | 77.357 | 69.050 |
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Sums due to related | Sums due to the | Sums due to related | Sums due to the | ||
| In thousands of EUR | parties | group from related | parties | group from related | |
| - Immoange (share of the group: 50%) | - | 3.594 | - | 2.885 | |
| - Victor Estates (share of the group: 50%) | - | 5.943 | - | 5.644 | |
| - Victor Properties (share of the group: 50%) | - | 353 | - | 326 | |
| - Victor Bara (share of the group: 50%) | - | 2.547 | - | 2.415 | |
| - Victor Spaak (share of the group: 50%) | - | 4.509 | - | 4.278 | |
| - CCN Development and its subsidiaries | |||||
| (share of the group: 50%) | - | 3.567 | - | 16.689 | |
| - Cloche d'Or Development (share of the group: 50%) | - | 37.138 | - | 30.977 | |
| - Ten Brinke Mybond Verheeskade (share of the group: 5 | - | 8.439 | - | 8.149 | |
| - Laakhaven Verheeskade II (share of the group: 50%) | - | 15.739 | - | 15.435 | |
| - Lankelz Foncier (share of the group: 50%) | - | 18.973 | - | 18.693 | |
| - Square 42 (share of the group: 50%) | - | 5.692 | - | 5.291 | |
| - Tage Une Fois (share of the group: 51%) | -7.105 | - | 20.758 | ||
| At the end of the period | 106.494 | 131.540 |
As at 31 December 2024, Atenor is in partnership in the Move'Hub (Immoange, and Victor Estates, Properties, Bara, Spaak), Nör.Bruxsel in Brussels (CCN Development and its subsidiaries), Cloche d'Or, Perspectiv, Square 42 and Kyklos in Luxembourg (Cloche d'Or Development, Lankelz Foncier, Square 42, Square 48), Verheeskade I and II in the Netherlands (TBMB and Laakhaven Verheeskade II) and WellBe in Portugal (Tage Une Fois).
As at 31 December 2024, the amounts owed by the companies linked to the group amounted to € 106.5 million, a decrease of € 25.0 million compared with 31 December 2023 (€ 131.5 million). This decrease is mainly due to (a) the sale of the WellBe project, which enabled the repayment of the debt of the company Tage Une Fois (€ - 21.1 million), (b) the repayment of part of the CCN Développement debt (€ - 16.5 million) and (c) the new loans granted (€ 12.6 million).
There have been no other significant changes in related parties. Updated information on other related parties will be included in a note in the annual report. An amount of € 8.3 million has been reclassified in the comparative figures for 2023 under provisions for amounts owed by group companies (see note 15).
Note 11. Inventories
| In thousands of EUR | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Buildings intended for sale, beginning balance | 993.273 | 962.407 | |
| Capitalized expenses | 137.865 | 194.343 | |
| Disposals of the year | -274.371 | -70.755 | |
| Exits from the consolidation scope | -57.477 | ||
| Reclassifications from/to the "Inventories" | -111 | ||
| Borrowing costs (IAS 23) | 10.533 | 6.771 | |
| Foreign currency exchange increase (decrease) | -8.317 | 13.917 | |
| Write-offs (recorded) | -36.557 | -55.869 | |
| Write-offs (written back) | 82 | 47 | |
| Movements during the year | -170.765 | 30.866 | |
| Buildings intended for sale, ending balance | 822.508 | 993.273 | |
| Accounting value of inventories mortgaged (limited to granded loans) | 261.904 | 256.538 |
'Buildings held for sale' classified under "Inventories" represent real estate projects in the portfolio and under development. This item amounts to € 822.5 million, a net decrease of € 170.8 million compared to 31 December 2023 (€ 993.3 million).
This net change is mainly the result of:
- the continuation of work and studies on the Bakerstreet, Lake 11 Home&Park (Budapest), UP-site (Bucharest), Lakeside (Warsaw), Twist (Luxembourg), City Dox, Realex (Brussels), Au Fil des Grands Prés (Mons) and NBS10 (London) projects, i.e. an amount of +€128.8 million (out of a total of +€137.9 million),
- the sale of the Realex Conference Centre and the offices of the Au Fil des Grands Prés project, the sale of apartments in the City Dox, Twist and Au Fil des Grands Prés projects and the sale of office buildings in the Twist, Lakeside and Am Wehrhahn, i.e. a total of - € 269.8 million (out of a total of € - 274.4 million),
- an adjustment of the value of the stock according to market conditions indicating a value potentially lower than the historically recognised book value (-€ 36.6 million).
Translation differences related to projects in Central Europe have had a downward impact on the inventory of € 8.3 million.
| In thousands of EUR | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Land and buildings | 350.073 | 435.588 | ||
| Projects in progress | 176.272 | 289.694 | ||
| Completed projects | 296.163 | 267.991 | ||
| Buildings intended for sale, ending balance | 822.508 | 993.273 |
The main variations in the stage of development of the projects are explained, on the one hand, by the sale of the Realex project Conference Centre, the sale of the Twist, Lakeside, Am Wehrhahn and City Dox projects and, on the other hand, by the launch of the construction of Realex (Conference Centre and offices), the delivery of the Bakerstreet project and the reductions in value on stock.
Note 12. Current and non-current financial assets
| 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| EUR Milliers | Autres actifs financiers |
Instruments dérivés |
Clients et autres débiteurs |
Trésorerie et équivalents de trésorerie |
Autres actifs financiers |
Instruments dérivés |
Clients et autres débiteurs |
Trésorerie et équivalents de trésorerie |
| MOUVEMENTS DES ACTIFS FINANCIERS | ||||||||
| Actifs financiers non courants | ||||||||
| Solde d'ouverture | 132.421 | 0 | 97.248 | 10.176 | ||||
| Acquisitions | 12.663 | 5.531 | 22.528 | |||||
| Remboursements (-) | -37.690 | -26.222 | ||||||
| Sorties du périmètre | 47.177 | |||||||
| Transferts (vers) d'autres rubriques | -117 | -8.312 | -10.475 | |||||
| Augmentation (diminution) du montant actualisé résultant de | ||||||||
| l'écoulement du temps et de la variation du taux d'actualisation | -354 | 299 | ||||||
| Augmentation (diminution) résultant des changements de taux | ||||||||
| de change | 1 | 49 | 2 | |||||
| Solde de clôture | 107.278 | 5.226 | 132.421 | 0 | ||||
| Juste valeur | 107.278 | 5.226 | 132.421 | 0 | ||||
| Valorisation | niveau 3 | niveau 3 | niveau 3 | niveau 3 | ||||
| Actifs financiers courants | ||||||||
| Solde d'ouverture | 94 | 118 | 27.956 | 47.506 | 263 | 37.725 | 25.167 | |
| Variations nettes | -49 | 150 | 11.678 | -18.623 | 23.087 | |||
| Cessions (-) | ||||||||
| Sorties du périmètre | -1.884 | -1.551 | ||||||
| Transferts (vers) d'autres rubriques | 370 | 10.579 | ||||||
| (Reprise des) pertes de valeur (-) | -45 | -29 | -169 | -68 | ||||
| Augmentation (diminution) résultant des changements de taux | ||||||||
| de change | -116 | 301 | 227 | 803 | ||||
| Autre augmentation (diminution) | -118 | -252 | ||||||
| Solde de clôture | 27.961 | 59.485 | 94 | 118 | 27.956 | 47.506 | ||
| Juste valeur | 27.961 | 59.485 | 94 | 118 | 27.956 | 47.506 |
The "Other non-current financial assets" mainly concern the advances granted to the companies consolidated using the equity method (€ 106,5 million). The net change for the financial year is explained is mainly due to the movements in the advances granted (€ 12.6 million) and repaid (€ - 37.5 million) by (a) Tage Une Fois following the sale of its building, (b) CCN Development following the obtaining of a bank loan and (c) the transfer of the exercise of the negative amounts of the equity-accounted holdings. (See note 10).
'Non-current trade and other receivables' include the balance of the receivable to be collected from the purchaser of the Lakeside project (maturity 30/06/2026). This non-interest-bearing receivable has been discounted, generating a loss of € - 0.4 million.
'Current trade and other receivables' remain stable compared to the previous financial year. This item includes the group's trade receivables (€ 11.2 million), tax and VAT receivables (€ 6.7 million) and miscellaneous receivables (€ 10.0 million).
The exchange rate, default, credit and liquidity risks will be detailed in note 16 of the 2024 annual financial report.
Sensitivity analysis
Given the nature of the financial assets and their short maturities, there is no need to carry out a sensitivity analysis, as the impact of rate variations is negligible.
Cash and Cash equivalents
| In thousands of EUR | ||||
|---|---|---|---|---|
| 31.12.2024 | 31.12.2023 | |||
| Cash and cahs equivalents | ||||
| Short-term deposits | 884 | 1.830 | ||
| Bank balances | 58.599 | 45.675 | ||
| Cash at hand | 2 | 1 | ||
| Cash and cahs equivalents | 59.485 | 47.506 |
The heading 'Short-term deposits' includes the blocked account (totalling € 0.9 million) in favour of KBC bank as part of the € 18.9 million loan for the Beaulieu project. The short-term deposits of € 1.8 million as at 31 December 2023, previously recognised under 'Other short-term financial assets', were reclassified in 2024 in the comparative figures to the heading 'Cash and cash 'equivalents'. See note 15.
Note 13. Current and non-current financial liabilities
| In thousands of EUR | Current | Non-current | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | Up to 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years |
Total | Total current and non-current |
Fair value (*) |
| Derivatives | 98 | 1.222 | 956 | 2.178 | 2.276 | 2.276 | |||
| Financial liabilities | |||||||||
| Finance lease debts (IFRS 16) | 766 | 755 | 568 | 378 | 51 | 4.449 | 6.201 | 6.967 | 6.967 |
| Credit institutions | 219.823 | 38.198 | 82.897 | 2.188 | 33.465 | 15.567 | 172.315 | 392.138 | 387.334 |
| Bonds | 65.000 | 65.000 | 75.000 | 55.000 | 195.000 | 260.000 | 241.737 | ||
| Other loans | 49.300 | 3.000 | 5.000 | 8.000 | 57.300 | 56.646 | |||
| Unmatured interest and amortised costs | 7.862 | -95 | -30 | -9 | -134 | 7.728 | 7.728 | ||
| Total financial liabilities according by maturity | 342.751 | 106.858 | 163.435 | 57.557 | 33.516 | 20.016 | 381.382 | 724.133 | 700.412 |
| Other financial liabilities | |||||||||
| Current tax liabilities | 12.495 | 12.495 | 12.495 | ||||||
| Trade payables | 29.647 | 29.647 | 29.647 | ||||||
| VAT liabilities | 18.187 | 18.187 | 18.187 | ||||||
| Social security liabilities of which liabilities to employees | 405 | 405 | 405 | ||||||
| Liabilities for future repayments | 5.243 | 331 | 331 | 5.574 | 5.574 | ||||
| Other liabilities | 16.396 | 1.000 | 1.000 | 17.396 | 17.396 | ||||
| Other financial liabilities | 1.211 | 1.211 | 1.211 | 1.211 | |||||
| Total amount of other liabilities by maturity | 82.373 | 2.542 | 2.542 | 84.915 | 84.915 | ||||
| Current | Non-current | ||||||||
| 2023 | Up to 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years |
Total | Total current and non-current |
Fair value (*) |
| Derivatives | |||||||||
| Financial liabilities | |||||||||
| Finance lease debts (IFRS 16) | 675 | 692 | 678 | 487 | 295 | 4.319 | 6.471 | 7.146 | 7.146 |
| Credit institutions | 273.860 | 96.209 | 11.642 | 45.286 | 302 | 5.626 | 159.065 | 432.925 | 434.006 |
| Bonds | 65.000 | 65.000 | 65.000 | 75.000 | 55.000 | 260.000 | 325.000 | 295.169 | |
| Other loans | 64.200 | 17.500 | 3.000 | 5.000 | 25.500 | 89.700 | 88.393 | ||
| Unmatured interest and amortised costs** | 10.466 | -95 | -95 | -30 | -8 | -228 | 10.238 | 10.238 | |
| Total financial liabilities according by maturity | 414.201 | 179.306 | 80.225 | 125.743 | 55.589 | 9.945 | 450.808 | 865.009 | 834.952 |
| Other financial liabilities | |||||||||
| Current tax liabilities | 2.954 | 2.954 | 2.954 | ||||||
| Trade payables | 42.053 | 42.053 | 42.053 | ||||||
| VAT liabilities | 1.076 | 1.076 | 1.076 | ||||||
| Social security liabilities of which liabilities to employees | 639 | 639 | 639 | ||||||
| Liabilities for future repayments | 7.271 | 1.901 | 1.901 | 9.172 | 9.172 | ||||
| Other liabilities | 4.745 | 797 | 797 | 5.542 | 5.542 | ||||
| Other financial liabilities | 1.705 | 1.705 | 1.705 | 1.705 | |||||
| Total amount of other liabilities according to their maturity | 58.738 | 4.403 | 4.403 | 63.141 | 63.141 |
(*) The fair value of financial instruments is determined as follows:
- If they are due to mature in the short-term, the fair value is presumed to be similar to the amortised cost.
- For non-current fixed or floating rate debts, by discounting future interest and capital repayment flows at the closing rate.
- For listed bonds, based on the closing price
The debt policy, financial risks and interest rate risk will be detailed in note 20 of the 2024 annual financial report.
(**) Accrued interest and amortised costs were previously recognised in other current liabilities. In accordance with IFRS 9, as at 31 December 2024, accrued interest and amortised costs were reclassified from other current liabilities to interest-bearing liabilities in the comparative figures. See note 15.
Financial liabilities
FINANCIAL DEBTS
| FINANCIAL DEBTS | Nominal value (in EUR) | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Bonds | |||
| Retail bond - tranche 2 at 3.50% | 05.04.2018 to 05.04.2024 | 30.000.000 | |
| Retail bond - tranche 2 at 3.50% | 08.05.2019 to 08.05.2025 | 40.000.000 | 40.000.000 |
| Retail bond - tranche 1 at 3.25% | 23.10.2020 to 23.10.2024 | 35.000.000 | |
| Retail bond - tranche 2 at 3.875% | 23.10.2020 to 23.10.2026 | 65.000.000 | 65.000.000 |
| Green bond - tranche 1 at 3.00% | 19.03.2021 to 19.03.2025 | 25.000.000 | 25.000.000 |
| Green bond - tranche 2 at 3.50% | 19.03.2021 to 19.03.2027 | 75.000.000 | 75.000.000 |
| Green bond (EMTN) - at 4.625% | 05.04.2022 to 05.04.2028 | 55.000.000 | 55.000.000 |
| Total Bond issues | 260.000.000 | 325.000.000 | |
| Via Credit institutions | |||
| Atenor Long Term Growth | 5.880.000 | ||
| Atenor | Corporate (BNPPF) | 10.000.000 | |
| Corporate (Belfius) | 156.597.540 | 169.000.000 | |
| Corporate (Caisse d'Epargne Hauts de | |||
| France) | 15.000.000 | ||
| Projects | Le Nysdam (via Hexaten) | 12.025.000 | 12.675.000 |
| City Dox (via Immmobilière de la | |||
| Petite Île) | 9.942.400 | 10.100.000 | |
| Realex (via Leaselex) | 25.000.000 | 60.000.000 | |
| Beaulieu (via Atenor) | 18.900.000 | 18.900.000 | |
| Highline & Soap House (via Highline) | 7.406.613 | 7.406.613 | |
| Twist (via Atenor Luxembourg) | 32.500.000 | ||
| Victor Hugo (via 186 Victor Hugo) | 45.000.000 | 45.000.000 | |
| Lakeside (via Haverhill) | 16.775.000 | ||
| UP-Site (via NOR Residential Solutions) | 24.999.999 | 22.960.198 | |
| @Expo (via NOR Real Estate) | 10.764.170 | ||
| Olympia A (via Hungaria Greens) | 9.089.505 | 6.733.509 | |
| Lake 11 (via Lake Greens) | 35.912.630 | ||
| Bakerstreet I (via Szeremi Greens) | 36.500.013 | ||
| Total financial debts via credit institutions Other loans |
392.137.871 | 432.930.320 | |
| CP | 2024 | 28.000.000 | |
| 2025 | 30.800.000 | ||
| NEU CP | 2025 | 1.000.000 | |
| MTN | 2024 | 1.000.000 | |
| 2025 | 5.000.000 | 5.000.000 | |
| 2026 | 500.000 | 500.000 | |
| EMTN | 2024 | 8.100.000 | |
| 2025 | 10.000.000 | 10.000.000 | |
| 2026 | 2.500.000 | 2.500.000 | |
| 2027 | 5.000.000 | 5.000.000 | |
| Green EMTN | 2024 | 10.000.000 | |
| 2025 | 2.500.000 | 2.500.000 | |
| Private funds | Twist (via Atenor Luxembourg) | 17.100.000 | |
| Total other payables | 57.300.000 | 89.700.000 | |
| Leases liabilities (IFRS 16) | |||
| Atenor | 243.239 | ||
| Atenor Luxembourg | 404.754 | 555.325 | |
| Atenor France | 149.018 | 229.504 | |
| Atenor Deutschland | 64.470 | 102.053 | |
| Atenor Hungary | 1.420.414 | 1.777.044 | |
| Atenor Portugal | 252.723 | ||
| Atenor Romania | 112.374 | 162.363 | |
| Fleethouse | 4.319.717 | 4.319.858 | |
| Total leases liabilities | 6.966.708 | 7.146.148 | |
| Total unmatured interest and amortised costs | 7.861.629 | 10.465.748 | |
| TOTAL FINANCIAL DEBTS | 724.266.209 | 865.242.216 |
Green financing 371.925.826 371.141.811
56,0% 45,4%
| 2024 | Current | Non-current | Total | |
|---|---|---|---|---|
| More than | ||||
| FINANCIAL DEBTS | Up to 1 year | |||
| Movements on financial liabilities | ||||
| On 31.12.2023 | 414.201 | 450.808 | 865.009 | |
| Movements of the period | ||||
| - New loans | 24.624 | 116.018 | 140.642 | |
| - Reimbursement of loans | -271.839 | -6.514 | -278.353 | |
| - Lease liabilities (IFRS 16) - new contracts | 33 | 496 | 529 | |
| - Lease liabilities (IFRS 16) - repayments | -708 | -708 | ||
| - Variations from foreign currency exchange | -34 | -448 | -482 | |
| - Short-term/long-term transfer | 179.072 | -179.072 | 0 | |
| - Change in accrued interest | -2.604 | -2.604 | ||
| - Others | 6 | 94 | 100 | |
| On 31.12.2024 | 342.751 | 381.382 | 724.133 |
See the comment on page 4 on the consolidated balance sheet and the reduction in debt.
During the financial year ending on 31 December 2024, and taking into account the reclassification of accrued interest, financial liabilities decreased from € 865 million to € 724.1 million, a reduction of € 140.9 million.
The new loans for the year include:
- Credits relating to the Lake 11 (€ 42.6 million), Realex (€ 25 million), Bakerstreet (€ 35.8 million) and @Expo (€ 11 million) projects;
- The increase in the outstanding CP to € 3.8 million;
- The Belfius line of € 18 million as at 31 December 2024 (initially € 32.3 million and repaid by € 14.3 million during the year);
- The increase in outstanding loans relating to the UP-site Bucharest and Olympia A projects by € 2 million and € 2.4 million respectively.
The repayments mainly concern :
- The Realex (€ 60 million), Twist (€ 32.5 million and € 17.1 million) and Lakeside (€ 16.7 million) loans following the sale of the projects;
- The decrease in Belfius corporate lines to the tune of € 36.3 million;
- Two bond issues for € 35 million and € 30 million respectively, two EMTNs for a total of € 18.1 million and an MTN for € 1 million;
- The CEHDF overdraft facility of € 15 million;
- The corporate loan of € 10 million from BNPPF.
The book value of financial liabilities corresponds to their nominal value, adjusted for costs and commissions for setting up the liabilities and for the adjustment related to the valuation of derivative financial instruments.
Derivative instruments
Atenor uses derivative financial instruments exclusively for hedging purposes. These financial instruments are valued at their fair value with changes in value charged to the income statement, except for financial instruments qualified as 'cash flow hedges' for which the portion of the profit or loss on the hedging instrument that is considered to constitute an effective hedge is recognised directly in equity under 'other comprehensive income'. For fair value hedges, changes in the fair value of derivatives designated and qualifying as fair value hedges are recognised in the income statement, as are changes in the fair value of the hedged asset or liability attributable to the hedged risk.
In 2024, the Group continued to implement interest rate hedging to protect itself against persistent economic uncertainties. These interest rate hedges include a € 75 million collar for Atenor SA and several instruments for specific projects, such as IRS and CAP, to protect against economic uncertainties.
Note 14. New presentation of the income statement and APM
Atenor has adapted the presentation of the consolidated income statement, based on the principles of the future IFRS 18 standard, without applying it in its entirety (applicable from 1 January 2027), in order to make its financial information easier to read and compare. Operating flows are now grouped by type to improve understanding of the income statement. The comparative figures for 2023 have been restated according to this new presentation and are reconciled between the old and new versions below. This change has no impact on the income statement other than its presentation, and no impact on equity or the consolidated balance sheet.
In parallel, Atenor also publishes a list of APMs (Alternative Performance Measures) that are established and monitored by Management and provided to the Board of Directors. These APMs are the result of the desire to present figures as monitored by the Management and the Board of Directors, representing the company's activities regardless of their transactional structuring (asset deal or share deal) and their accounting method (global method or equity method). Income and expenses relating to projects in equity-accounted companies and sales in share deals are broken down by nature (revenue, cost of sales, other operating income and expenses, finance costs, taxes), based on the valuation of the project as part of the transaction. A reconciliation of the figures as included in the IFRS income statement with the APMs is provided below.
| In thousands of EUR | |||
|---|---|---|---|
| Notes | 2024 | 2023* | |
| Gross margin on disposals | 3 | 46.924 | 14.013 |
| Turnover (sales of assets) | 321.295 | 78.606 | |
| Gain (loss) on disposal of investments (sale of SPVs) | 0 | -29 | |
| Gain (loss) on loss of control of investments consolidated by the equity method | 0 | 6.190 | |
| Cost of sales (-) | -274.371 | -70.754 | |
| Other operating income and expenses | 3 | -14.223 | -21.682 |
| Rental income from buildings | 11.742 | 6.806 | |
| Other operating income | 23.562 | 14.973 | |
| Other operating expenses (-) | -49.527 | -43.461 | |
| Operating result before value adjustments | 32.701 | -7.669 | |
| Value adjustments on inventories (-) | 11 | -36.475 | -56.458 |
| Operating result | -3.774 | -64.127 | |
| Share of net result of investments consolidated by the equity method | 10 | 7.511 | -8.432 |
| Financial income | 5.222 | 5.815 | |
| Result before interest and taxes - EBIT | 8.959 | -66.744 | |
| Financial expenses (-) | 14.181 | -60.929 | |
| Result before taxes | -28.412 | -104.364 | |
| Income tax expense (-) | 5 | -10.723 | -3.321 |
| Result after taxes | -39.135 | -107.685 | |
| Result attributable to non-controlling interests | 260 | -557 | |
| Group share result | -39.395 | -107.129 |
Reconciliation of the 2023 income statement in its new form with the income statement for the 2023 financial year as published:
| 2024 Comparative figures 31-12-23 |
2023 published version 31-12-23 |
||
|---|---|---|---|
| Gross margin on disposals | 14.013 | 89.474 | Operating revenue |
| Turnover (sales of assets) | 78.607 | 82.668 | Turnover |
| Gain (loss) on disposal of investments (sale of SPVs) | -29 | 6.806 | Property rental income |
| Gain (loss) on loss of control of investments consolidated by the | |||
| equity method | 6.190 | 17.073 | Other operating income |
| Cost of sales (-) | -70.755 | 6.190 | Gain (loss) on disposals of financial assets |
| 10.912 | Other operating income | ||
| Other operating income and expenses | -21.682 | -29 | Gains on disposals of non-financial assets |
| Rental income from buildings | 6.806 | ||
| Other operating income | 14.973 | -170.675 | Operating expenses (-) |
| Other operating expenses (-) | -43.462 | -161.697 | Raw materials and consumables used (-) |
| 125.613 | Changes in inventories of finished goods and work in progress | ||
| Operating result before value adjustments | -7.670 | -5.604 | Employee expenses (-) |
| -1.035 | Depreciation and amortization (-) | ||
| Value adjustments on inventories (-) | -56.458 | -56.458 | Impairments (-) |
| -71.494 | Other operating expenses (-) | ||
| Operating result | -64.128 | -64.128 | Result from operating activities - EBIT |
| Share of net result of investments consolidated by the equity method | -8.432 | -37.620 | Financial expenses (-) |
| 0 | 5.816 | Financial income | |
| Financial income | 5.816 | -8.432 | Share of profit (loss) from investments consolidated by the equity method |
| Result before interest and taxes - EBIT | -66.744 | -104.365 | Profit (loss) before tax |
| 0 | |||
| Financial expenses (-) | -37.620 | -3.321 | Income tax expense (income) (-) |
| 0 | |||
| Result before taxes | -104.365 | -107.686 | Profit (loss) after tax |
| 0 | 0 | Post-tax profit (loss) of discontinued operations | |
| Income tax expense (-) | -3.321 | ||
| 0 | |||
| Result after taxes | -107.686 | -107.686 | Profit (loss) of the period |
| Non controlling interests | -557 | -557 | Non controlling interests |
| Group share result | -107.129 | -107.129 | Group profit (loss) |
| Sales, other operating income and capital loss on disposal of | Sales, other operating income and gains on disposals of non-financial assets* (in | ||
| investments (sale of SPVs) | 93.551 | 93.551 | millions of euros) |
| Cost of sales and other operating expenses | -114.217 | -114.217 | Operating expenses excluding value adjustments** |
| Amounts that are identical in the new presentation and in the | Amounts that are identical in the new presentation and in the published version of | ||
| published version of the financial statements | the financial statements. | ||
| * | Part of the 2023 revenue corresponds to project management fees billed by companies accounted for by the equity method. In 2024, unlike in 2023, revenue will consist solely of asset sales, and this operating income will | ||
| therefore be reclassified in the comparative figures for 2023 from revenue (services) to other operating income in an amount of €4.1M | |||
| ** Operating expenses for the 2023 financial year have been broken down in the comparative figures for the 2024 income statement between expenses capitalised on projects, constituting inventory, and non-activated | |||
| expenses, which represent structural expenses or project costs that may be rebilled (rental development costs, rental charges, etc.). |
APM - definitions:
Revenue: corresponds to the sum of (i) IFRS revenue, (ii) the project valuation that was used to determine the share price of projects sold in the form of a share deal and (iii) the breakdown of the share of net income of equityaccounted companies into revenue for projects sold in equity-accounted companies.
Gross margin on disposals: corresponds to turnover less the related cost of sales (including projects sold in share deals and projects sold in equity-accounted companies).
Operating profit before value adjustments: difference between operating income and operating expenses (including projects sold in share deals and projects equity-accounted), before any value adjustments.
EBIT: IFRS result before interest and tax.
Net financial debt: long-term and short-term interest-bearing debt less cash and cash equivalents, according to the figures in the IFRS balance sheet.
Solvency ratio: ratio between equity on the one hand and the sum of equity and net financial debt on the other hand according to the figures in the IFRS balance sheet (equity/(equity + net financial debt)).
Reconciliation of the IFRS income statement 2023 and 2024 with the APMs:
| In thousands EUR | ||||||
|---|---|---|---|---|---|---|
| IFRS view | Restatements | Management view | IFRS view | Restatements | Management view | |
| 31-12-24 | 31-12-24 | 31-12-23 | 31-12-23 | |||
| Gross margin on disposals | 46.923 | 70.650 | 14.013 | 14.458 | ||
| Turnover (sales of assets) | 321.295 | 69.154 | 390.448 | 78.607 | 51.902 | 130.508 |
| Gain (loss) on disposal of investments (sale of SPVs) | -29 | -29 | ||||
| Gain (loss) on loss of control of investments consolidated by the equity method | 6.190 | -6.190 | 0 | |||
| Cost of sales (-) | -274.371 | -45.427 | -319.798 | -70.755 | -45.266 | -116.021 |
| Other operating income and expenses | -14.222 | -12.462 | -21.682 | -19.088 | ||
| Rental income from buildings | 11.743 | 11.743 | 6.806 | 6.806 | ||
| Other operating expenses (-) | -25.965 | 1.760 | -24.204 | -28.489 | 2.594 | -25.894 |
| Operating result before impairment | 32.701 | 58.189 | -7.670 | -4.630 | ||
| Value adjustments on inventories | -36.475 | -36.475 | -56.458 | -56.458 | ||
| Operating result | -3.774 | 21.713 | -64.128 | -61.088 | ||
| Share of net result of investments consolidated | ||||||
| by the equity method | 7.511 | -7.511 | 0 | -8.432 | 8.432 | 0 |
| Financial income | 5.222 | 5.222 | 5.816 | 5.816 | ||
| Result before interest and taxes - EBIT | 8.959 | 26.936 | -66.744 | -55.272 | ||
| Financial expenses (-) | -37.371 | -5.524 | -42.895 | -37.620 | -5.503 | -43.124 |
| Result before taxes | -28.412 | -15.959 | -104.365 | -98.396 | ||
| Income tax expense (-) | -10.723 | -12.452 | -23.175 | -3.321 | -5.969 | -9.290 |
| Result after taxes | -39.135 | -39.135 | -107.686 | -107.686 | ||
| Result attributable to non-controlling interests | 260 | 260 | -557 | -557 | ||
| Group share result | -39.394 | -39.394 | -107.129 | -107.129 |
| APM (Alternative Performance Measures) | 31-12-24 | 31-12-23 |
|---|---|---|
| Adjusted turnover | 390.448 | 130.508 |
| Adjusted gross margin on disposals | 70.650 | 14.458 |
| Adjusted operating result before impairment | 58.189 | -4.629 |
| Net financial debt | 664.648 | 817.502 |
| Solvency ratio* | 30,5% | 29,6% |
(*) Solvency ratio calculated according to the formula: (Equity /(Equity + net financial debt))
Note 15. Restatement of comparative figures for the financial position
During the preparation of the 2024 financial statements, a major review of the main accounting methods was carried out. In this context, the treatment of certain transactions was reviewed and adapted. Consequently, the figures for the comparative financial year have also been adjusted to reflect these changes. It is important to note that all of these restatements have no impact on either the income statement or the company's equity, and that they are essentially presentation-related restatements.
I. Reclassification of provisions to loans to equity-accounted entities - IAS 28
Background
The book value of the holdings is adjusted to take account of changes in the Group's share in the joint venture's net assets since the acquisition date. When the losses of the joint venture result in the Group's share of the losses of the equity-accounted company exceeding the value of the investment, the carrying amount of this investment is reduced to zero and the recognition of future losses is discontinued, except to the extent that the Group has an obligation or has
made payments on behalf of the investee. In this case, the negative investment in equity-accounted entities is deducted from the other components of the investment in the net investment in the equity-accounted entity (loans to equityaccounted entities).
The interest in an equity-accounted entity includes, for this purpose, the carrying amount of the investment under the equity method and other components of the long-term interest that, in substance, form part of the entity's net investment in the joint venture. If the negative investment in equity-accounted entities exceeds the investor's interest (including other components), a liability is recognised for the net amount. The Group performs this assessment for each project.
Situation as at 31 December 2023
The negative amount of the interests in the joint ventures of € 8.3 million as at 31 December 2023 was recognised in long-term provisions. Given that these holdings have other components to the net investment (loans to entities accounted for using the equity method), in accordance with IAS 28, this amount was reclassified on 31 December 2023, in the comparative figures, as a deduction from the net investment in the joint ventures in question. This reclassification has no impact on the income statement or the group's equity and only affects the presentation and the balance sheet total.
| In thousands of EUR | Opening 01.01.2023 |
Movement 2023 | Closing 31.12.2023 (published) |
Correction recognised in 2024 on 2023 figures |
Closing 31.12.2023 after correction |
Impact on P&L 2023/2024 |
Impact on equity |
|---|---|---|---|---|---|---|---|
| - Other provisions | 5.263 | 3.648 | 8.911 | -8.312 | 598 | - | - |
| - Sums due to the group from related parties |
96.478 | 43.374 | 139.852 | -8.312 | 131.539 | - | - |
II. Reclassification of provisions to liabilities for future reimbursement – IFRS 15
Context
In the context of sales transactions, it is customary for guarantees to be given to buyers (rental guarantee, guarantee of return over a fixed period, realisation of rental improvements). In the past, these commitments were recognised as liabilities under provisions.
Situation as at 31 December 2023
As at 31 December 2023, the commitments made to the buyers of the HBC (2021), Vaci Greens (2021) and Roseville (2023) projects for a total amount of € 9.2 million were recognised as a provision. In accordance with IFRS 15, the commercial commitments made by the group to buyers (rental guarantee, yield guarantee, rental improvements) have been reclassified from the provisions section where they were previously recognised to the current and non-current financial liabilities section on the 'liabilities for future repayment' line (see note 13). This reclassification has no impact on the income statement or the group's equity and only affects the presentation of the balance sheet.
| In thousands of EUR | Opening 01.01.2023 |
Movement 2023 | Closing 31.12.2023 (published) |
Correction recognised in 2024 on 2023 figures |
Closing 31.12.2023 after correction |
Impact on P&L 2023/2024 |
Impact on equity |
|---|---|---|---|---|---|---|---|
| - Provisions for guarantees | 7.756 | 1.416 | 9.172 | -9.172 | - | - | - |
| - Repayment liability | - | - | - | 0 | -9.712 | - | - |
III. Reclassification of interest on financial liabilities from other current liabilities to financial liabilities
Background
Interest calculated on financial liabilities and amortised costs were previously recognised under 'other current liabilities'. In accordance with IFRS 9, this interest to be allocated and amortised costs have been reclassified from 'other current liabilities' to 'interest-bearing current liabilities'.
Situation as at 31 December 2023
As at 31 December 2023, interest to be charged and amortised costs are transferred for an amount of € 10.2 million from 'other current liabilities' to 'interest-bearing current liabilities' in the comparative figures. This reclassification has no impact on the group's income statement or equity. Taking this reclassification into account, the level of financial indebtedness was € 865 million compared to the published figure of € 854.8 million, and the net financial indebtedness was € 817.5 million compared to the published figure of € 807.3 million. The solvency ratio was 29.6%, instead of the published figure of 29.9%.
| Financial debts | 2024 comparative figures 31.12.2023 |
Published figures 31.12.2023 |
|---|---|---|
| Bonds | 325.000.000 | 325.000.000 |
| Credit institutions | 432.930.320 | 432.930.320 |
| Other loans | 89.700.000 | 89.700.000 |
| Leases liabilities (IFRS 16) | 7.146.148 | 7.146.148 |
| Accrued interest | 10.238.155 | 0 |
| TOTAL DETTES FINANCIERES | 865.014.623 | 854.776.468 |
| Net financial debt | 817.508.357 | 807.270.202 |
| Solvency ratio | 29,6% | 29,9% |
IV. Reclassification of short-term deposits as cash and cash equivalents
Background
Short-term deposits previously recognised under 'other current financial assets' have been reclassified in the comparative figures under 'cash and cash equivalents'.
Situation as at 31 December 2023
The short-term deposits of € 1.8 million previously recognised under 'other short-term financial assets' have been reclassified in the comparative figures to the heading 'cash and cash equivalents'. This reclassification has no impact on the income statement or the group's equity and only impacts the presentation of the balance sheet.
| In thousands of EUR | Opening 01.01.2023 |
Movement 2023 | Closing 31.12.2023 (published) |
Correction recognised in 2024 on 2023 figures |
Closing 31.12.2023 after correction |
Impact on P&L 2023/2024 |
Impact on equity |
|---|---|---|---|---|---|---|---|
| - Other current financial assets | 337 | 1.587 | 1.924 | -1.830 | 94 | - | - |
| - Cash and Cash equivalents | 25.093 | 20.583 | 45.676 | 1.830 | 47.506 | - | - |
V. Reclassification of contract assets and liabilities
Background
Contract assets that were previously recognised under 'customers and other debtors' have been reclassified under 'contract assets' and contract liabilities that were previously recognised under 'other liabilities' have been reclassified under 'contract liabilities'.
Situation as at 31 December 2023
As at 31 December 2023, contract assets of € 3.4 million have been reclassified from 'trade and other receivables' to 'contract assets' and contract liabilities of € 43.6 million have been reclassified from 'other liabilities' to 'contract liabilities'. These reclassifications in the comparative figures for 2023 have no impact on either the income statement or the group's equity and only affect the presentation of the balance sheet.
| In thousands of EUR | Opening 01.01.2023 |
Movement 2023 | Closing 31.12.2023 (published) |
Correction recognised in 2024 on 2023 figures |
Closing 31.12.2023 after correction |
Impact on P&L 2023/2024 |
Impact on equity |
|---|---|---|---|---|---|---|---|
| - Trade and other receivables | 39.040 | - 8.238 |
30.802 | -3.445 | 27.357 | - | - |
| - Contract assets | - | - | - | 3.445 | 3.445 | - | - |
| - Other liabilities | 40.159 | 8.965 | 49.124 | -43.582 | 5.542 | - | - |
| - Contract liabilities | - | - | - | 43.582 | 43.582 | - | - |
Note 16. Transactions with related parties
No transactions with related parties with the exception of the remuneration of the Managing Director.
Note 17. Stock option plans for staff and other share-based payments
No new stock option plan has been proposed in 2024 to the members of the Executive Committee, to the staff or to certain service providers of Atenor.
Note 18. Main risks and uncertainties
In general and ongoing manner, the Board of Directors is attentive to the analysis and management of the various risks and uncertainties to which Atenor and its subsidiaries are exposed.
As of 31 December 2024, Atenor is confronted with the general risk of international geopolitical developments and their implications for the activity of the real estate investment sector.
In this context, the Board of Directors is studying the possibility of strengthening the company's financial resources in the very short term.
The downward trend in interest rates and the emergence of ESG criteria reinforce the portfolio's profitability potential, excluding one-off impairments. However, we remain attentive to developments in this macroeconomic situation and the possible implications for Atenor.
As at 31 December 2024, Atenor is not involved in any significant litigation.
Note 19. Events after the closing date
There are no significant events to report since 31 December 2024.
E. Management declaration
Stéphan Sonneville SA, CEO and Chairman of the Executive Committee and the Members of the Executive Committee including Caroline Vanderstraeten, representative of Twigami SRL, CFO, certify, in the name of and on behalf of Atenor SA, that to their knowledge:
- The summarised financial statements as at 31 December 2024 have been prepared in accordance with IFRS and give a true and fair view of the assets, financial situation and results of Atenor and the companies included in its consolidation;2
- The annual financial report contains a fair review of the important events and the main transactions between related parties that occurred during the financial year and their impact on the summarised financial statements, as well as a description of the main risks and uncertainties.
- The accounting principles of continuity are applied.
F. External audit
The auditor has confirmed that his audit procedures relating to the financial information for the financial year ended 31 December 2024, as included in this press release, are being finalised and that, to date, no significant corrections to need to be made to the financial information.
About Atenor :
Atenor, a leading real estate developer listed on Euronext Brussels (ATEB), is dedicated to sustainability and innovation. The company specializes in mixed-use projects that encompass offices, residential spaces, retail, and public facilities, all designed in line with the principles of urban resilience. Atenor's Research and Development department, Archilab, provides expert guidance from the inception of each project. With an international presence and a diversified portfolio, Atenor transforms obsolete buildings and brownfields into vibrant spaces, through a comprehensive value creation cycle. To learn more about Atenor and its projects please visit us at www.atenor.eu
Disclaimer
This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided "as is" without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Atenor does not guarantee its accuracy or completeness. Atenor will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. All proprietary rights and interest in or connected with this publication shall vest in Atenor.
This press release speaks only as of this date. Atenor refers to Atenor SA and its subsidiaries.
Atenor choose French as official language. Consequently, the Dutch and English versions are considered as free translations. © 2025, Atenor SA - All rights reserved.
2 Affiliated companies of Atenor in the sense of article 1.20 of Code on companies and associations