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Qrf
Earnings Release • Feb 20, 2025
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Earnings Release
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Realizations in 2024 open the door to
opportunities in 2025
a
Annual results 2024 | February 20, 2025 | 6.00 p.m. Regulated information
Qrf PRESS RELEASE | ANNUAL RESULTS 2024 1
EUR 15.84 per share
EPRA NTA per share is EUR 15.84 (+4.94% vs. December 31, 2023), IFRS NAV per share is EUR 15.85 (+3.91% vs. December 31, 2023).
12.41 MEUR
Net result of MEUR 12.41 (-12.39% vs. in 2023). The decrease is due to divestments in 2024 (Boncelles and the Dutch properties) and 2023 (Dendermonde, Namur and Liège). 'Likefor-like' rent increased by 1.67% compared to 2023.
MEUR 7.23
EPRA-earnings for 2024 fell only 5.81% to MEUR 7.23 (vs. MEUR 7.68 in 2023). EPRA earnings per share decreased by 6.95% to EUR 0.93 (vs. EUR 1.00 at the end of 2023).
43.60%
Debt ratio of 43.60% at the end of 2024 (compared to 52.19% at the end of 2023). Nominal debt was reduced by 35.00 MEUR in 2024.
100%
Occupancy rate (excluding redevelopment) of 100% (vs. 99.24% in 2023).
MEUR 219,75
Fair value of the property portfolio is MEUR 206.98 at the end of 2024 (MEUR 218.36 at December 31, 2023). The Fair Value decreases due to the divestment of the Dutch properties (-20.25 MEUR), partly offset by positive revaluations of the portfolio based on the independent appraisers (+4.15 MEUR) and the further increase in the Fair Value of project Veldstraat as a result of the investments (+4.72 MEUR). In addition, Qrf holds a financial participation amounting to 12.77 MEUR in the Ardeno sub-area in the redeveloped Century Center in Antwerp.
Redevelopment Veldstraat 88, Ghent
The rent for the retail part (completed Q4 2023) reached 514 KEUR at the end of 2024.
The development process for the office part is well advanced, with final completions expected in early 2025. The office area (3,049 m²) is fully let prior to completion and the total contractual rent is 534 KEUR.
Outlook
Qrf confirms the increased gross dividend forecast of EUR 0.84 per share for fiscal year 2024, an increase of 5% over the previous fiscal years (EUR 0.80 per share).
1 Summary
The significant decrease in the debt ratio from 52.19% at the end of 2023 to 43.60% at the end of 2024 (a decrease of 16.46% or 859 bps) and the proportionally smaller decrease in the EPRA result by only 5.8% to EUR 0.93 per share for 2024, demonstrates that the achievements of the past year have strengthened the Company and that the risk profile has decreased significantly more than profitability. The significant capital gain on the sale of the participation in the Pelican joint venture company, the sale with a capital gain of an out-of-town site in Boncelles and the sale of the Dutch portfolio, combined with the use of these funds to repay debt and strong operating results have contributed to this.
Inner-city leasing of retail locations remains resistant, translating into an increase in 'like-for-like' net rental income in 2024 of 1.67% compared to 2023. Net rental income in 2024 is MEUR 12.41 with an occupancy rate of 100% at the end of 2024.
We continue to pay attention to isolated cases of limited tenant solvency within the property portfolio. These tenants and relevant locations are being monitored very closely, with alternative tenants showing concrete interest in these locations at a similar rent level.
At the end of Q1 2025, the redeveloped site Veldstraat 88 in Ghent will be fully occupied (the retail area already contributed 437 KEUR to the net rental income in 2024). The entire office space, which is 100% leased to 6 individual office tenants1 , will therefore contribute (on an annual basis) 534 KEUR of additional rental income2 from 2025 onwards.
In addition, the Company is in the process of upgrading some key locations, in particular a redevelopment of the site at Korenmarkt and at Lange Munt in Ghent. Investment in both sites is expected to amount to 7 MEUR (through 2025 and 2026) and result in additional rental income of over 500 KEUR upon completion, bringing the expected return to 7.1%.
The Company is also looking at opportunities in the market that create shareholder value directly or over time.
Finally, the Company will ask shareholders to renew authorized capital to allow for future capital increases, contributions in kind or optional dividends.
1 Includes one unit used by the Company
2 Own use by the Company excluded
2 Commercial results
2.1 FOCUS ON LONG-TERM PARTNERSHIP WITH TENANTS
The Net rental income for the year 2024 is MEUR 12.41, down 12.39% or MEUR 1.75 compared to 2023. This decrease is mainly due to the disinvestments (-1.66 MEUR) throughout 2023 and 2024 of the properties in the Netherlands, Boncelles, Namur, Liège & Dendermonde. Further causes related to the decrease in the Net rental income are temporary vacancy (-0.16 MEUR), provisions for doubtful debtors (-0.15 MEUR) and the negative impact of renegotiated contracts (-0.59 MEUR). These were offset by filled vacancies (+0.54 MEUR) and indexations of current leases (+0.27 MEUR).
The continued focus on renewing existing leases was also a priority for the Company in 2024. The result is an increase in the 2024 like-for-like rent with the 2023 rent of 1.67% or 0.24 MEUR.
The occupancy rate ended 2024 at 100% (excluding projects under redevelopment), and is in line with the reported occupancy rate at the end of 2023 (99.24%).
2.2 CONSISTENT AND CRITICAL ASSET ROTATION
Qrf has a diversified, commercial real estate portfolio in Belgium. Total real estate-related assets amount to MEUR 219.75.
| Inner-city retail property | 143,182,592 € | 65.16% |
|---|---|---|
| State Archives, Bruges | 22,010,000 € | 10.02% |
| Peripheral retail property | 21,630,000 € | 9.84% |
| Redevelopment Veldstraat, Ghent | 20,159,191 € | 9.17% |
| Participation Century Center | 12,773,211 € | 5.81% |
| TOTAL | 219,754,994 € | 100% |
Throughout 2024, Qrf made several significant sales:
First, the Company sold its shares in the joint venture company Pelican (Century Center, Antwerp). With this sale, the Company realized a capital gain of MEUR 4.71 compared to the Fair Value as of December 31, 2023 and an annualized return (IRR) of 15.13% since the creation of the project company.
Furthermore, the Company sold the entire Dutch real estate portfolio in order to reduce the debt ratio and focus on its more profitable core market.
Finally, the sale was completed of the out-of-town retail cluster in Boncelles, already held as Assets held for sale as of December 31, 2023.
2.3 GREENING OF THE REAL ESTATE PORTFOLIO
In 2024, Qrf continued the already initiated greening of its real estate portfolio.
Since 2023, 352 KEUR have been invested in the installation of solar panels. A total of 3 of the 6 identified sites have already been equipped with solar panels, accounting for a total of 1,214 solar panels.
The total production capacity of the panels already installed is 472 MWh/year, which is comparable to supplying power to 135 private households on an annual basis. The Company therefore has a sustainable relationship with 9 commercial tenants, including all office tenants in the Veldstraat project in Ghent, on the use of the generated power.
The Company believes that this optimally reconciles the objectives of sustainability with the commercial objectives of Qrf and its tenants, as well as the long-term relationship between the two.
The solar panels on the building Korenmarkt 1, Ghent:
The solar panels on the building Veldstraat 88, Ghent:
3 Financing
The Company significantly reduced financial debt in 2024, partly as a result of the sales of the Dutch properties, the retail cluster in Boncelles and joint venture company Pelican. Compared to December 31, 2023, nominal debt was reduced by MEUR 35.00, resulting in financial debts of MEUR 88.25 at December 31, 2024 (compared to MEUR 123.25 at December 31, 2023).
The Company has 129 MEUR of credit lines at December 31, 2024 with seven different financial institutions, with staggered maturity dates over the period 2025 to 2030, of which the undrawn portion amounted to 40.75 MEUR. The financial debts at December 31, 2024 consisted of MEUR 82.25 drawn credit lines and MEUR 6.00 commercial paper.
Thanks to the existing credit lines and taking into account the nominal debt level at December 31, 2024 (MEUR 88.25), the Company is not forced to renew expiring credits in the next 18 months.
Thanks to an active hedging strategy, financial debts as of December 31, 2024 consist of 96.32% fixedrate or variable-rate debt contracted that is fixed by hedging and 3.68% variable-rate debt contracted.
If financial debt were to remain constant at MEUR 88.25, the expected average coverage ratio falls from 96% in 2024 to 24% in 2029.
Overview of debt and coverage ratio at constant debt
4 Financial results
4.1 CONSOLIDATED KEY FIGURES 2024
Fiscal year 2024 covers the period from January 1, 2024 to December 31, 2024.
| CONSOLIDATED KEY FIGURES | |||
|---|---|---|---|
| REAL ESTATE PORTFOLIO | 31/12/2024 | 31/12/2023 | |
| Fair Value of investment properties including assets held for sale1 2 | (KEUR) | 206,985 | 224,406 |
| Total gross surface area | (m²) | 70,395 | 77,436 |
| Contractual Rents on an annual basis3 | (KEUR) | 12,736 | 14,092 |
| Estimated rental value of vacant premises | (KEUR) | 0 | 104 |
| Gross rental yield4 | (KEUR) | 6.54% | 6.43% |
| Occupancy rate5 | 100% | 99.24% | |
| BALANCE SHEET | 31/12/2024 | 31/12/2023 | |
| Shareholders' Equity (excluding minority interests) | (KEUR) | 123,587 | 118,899 |
| Debt ratio (RREC Law)6 | 43.60% | 52.19% | |
| PROFIT AND LOSS STATEMENT | 31/12/2024 | 31/12/2023 | |
| Net rental income | (KEUR) | 12,410 | 14,164 |
| Operating result before portfolio result | (KEUR) | 9,805 | 11,529 |
| Operating margin7 | 79.01% | 81.40% | |
| Portfolio result (including share of joint ventures) | (KEUR) | 5,335 | -4,656 |
| Financial result | (KEUR) | -4,138 | -7,833 |
| Taxes | (KEUR) | -74 | -1,495 |
| Net result (Group share) | (KEUR) | 10,928 | -2,455 |
| Adjustment for portfolio result (including share of joint ventures) | (KEUR) | -4,864 | 4,656 |
| Adjustment for changes in Fair Value of financial assets and liabilities (ineffective part of interest rate hedges) |
(KEUR) | 1,166 | 4,066 |
| Adjustment for result on realisation of shares in real estate companies | (KEUR) | 0 | 0 |
| Adjustment for deferred taxes in respect of EPRA adjustments | (KEUR) | 0 | 1,409 |
| EPRA result8 | (KEUR) | 7,230 | 7,676 |
1 Fair Value of the investment properties is the investment value as determined by an independent real estate expert, from which the transaction costs have been deducted. The Fair Value corresponds to the book value under IFRS.
2 Including the right of use on a long-term lease in Ghent, Korenmarkt as defined under IFRS16.
3 Contractual Rents on an annual basis = The indexed base rents as contractually stipulated in the rental agreements before deduction of gratuities or other benefits granted to the tenants.
4 Gross rental yield = (Annualised contractual rents) / Fair Value of investment properties).
5 Occupancy rate = (Annualised Contractual Rents excluding development properties) / (Annualised Contractual Rents plus the Estimated Rental Value of vacant space, excluding development properties).
6 Calculated according to the R.D. of July 13, 2014 in implementation of the Law of 12 May 2014 on Regulated Real Estate Companies.
7 Operating margin = (Operating result before result on portfolio) / (Net rental result)
8 The EPRA result is the Net result (group share) excluding the portfolio result and the changes in the Fair Value of the noneffective interest rate hedges. This term is used in accordance with the EPRA Best Practices Recommendations.
CONSOLIDATED KEY FIGURES
| KEY FIGURES PER SHARE | 31/12/2024 | 31/12/2023 | |
|---|---|---|---|
| Number of shares outstanding at end of the financial year | 7,798,886 | 7,798,886 | |
| Weighted average number of shares9 | 7,798,886 | 7,704,136 | |
| Net result per share | (EUR) | 1.40 | -0.32 |
| EPRA result per share | (EUR) | 0.93 | 1.00 |
| Closing price of the share at the end of the financial year | (EUR) | 10.35 | 10.10 |
| IFRS NAV per share10 | (EUR) | 15.85 | 15.25 |
| Premium/discount versus IFRS NAV11 (end of the financial year) | -34.7% | -33.8% | |
| EPRA NTA per share12 | (EUR) | 15.84 | 15.09 |
| Premium/discount with regard to EPRA NAV13 (end of the financial year) | -34.6% | -33.1% |
4.2 RESULTS
The Net rental income for the year 2024 is MEUR 12.41, down 12.39% or MEUR 1.75 compared to 2023. This decrease is mainly due to the divestments (-1.66 MEUR) through 2023 and 2024 of the properties in the Netherlands, Boncelles, Namur, Liège & Dendermonde. Further causes related to the decrease in the net rental income are temporary vacancy (-0.16 MEUR), provisions for doubtful debtors (-0.15 MEUR) and the negative impact of renegotiated contracts (-0.59 MEUR). These were offset by filled vacancies (+0.54 MEUR) and indexations of current leases (+0.27 MEUR).
In line with the evolution in the net rental income, the property result fell by 12.13% to MEUR 12.39 (MEUR 14.10 in 2023). The operating result before the portfolio result is MEUR 9.81, down 14.95% from 2023 (MEUR 11.53).
The portfolio result (including the share of joint ventures) in 2024 is MEUR 5.34 (vs. MEUR -4.66 in 2023) and is the result of the sale of the shares in the joint venture company Pelican (Century Center, Antwerp) (MEUR +4.71), of the positive variations in the Fair Value of investment properties based on the estimates of the Property Expert (MEUR +1.01), of the negative result on sales of investment properties (MEUR -0.75) and of the variations in the share of joint venture companies (MEUR +0.36). The positive variations in the Fair Value of investment properties are mainly due to updates in the expected rental value by the Property Expert. The negative variation regarding the result on sales of investment properties results from the sale of the Dutch portfolio.
The financial result amounts to MEUR -4.14 in 2024 (compared to MEUR -7.83 in 2023). The variation in the Fair Value of the authorized hedging instruments amounts to -1.17 MEUR (compared to -4.07 MEUR in 2023). The net interest charges is MEUR 2.86 (vs. MEUR 3.67 in 2023). The average interest charge is 2.88% in 2024 and is in line with last year (2.78% in 2023).
The decrease in taxes (MEUR -0.07 in 2024 compared to MEUR -1.50 in 2023) is mainly the result of the reversal of deferred tax assets at the end of 2023 in view of the sale of the Dutch portfolio at the beginning of 2024.
9 Shares are counted pro rata temporis from the moment of issue. The moment of issue may differ from the moment of profit sharing.
10 IFRS NAV per share = Net Asset Value or Net Asset Value per share according to IFRS.
11 Premium/discount to IFRS NAV=[(Closing share price at end of period)/(IFRS NAV per share at end of period)-1].
12 EPRA NTA per share = Net Tangible Assets or Net Asset Value per share according to EPRA Best Practices Recommendations.
13 Premium/discount to EPRA NAV = [(Final period share price) / (EPRA NAV per share at end of period)-1].
The Net result (Group share) increased from MEUR -2.46 in 2023 to MEUR 10.93 in 2024, or from MEUR -0.32 per share in 2023 to EUR 1.40 per share in 2024.
After adjusting for the portfolio result (including the share of joint ventures) of MEUR 5.34 and for the variations in the Fair Value of financial assets and liabilities (MEUR -1.17), Qrf records a decrease in the EPRA earnings of 5.81% to MEUR 7.23 in 2024 (compared to MEUR 7.68 in 2023). This decrease is mainly due to significant reduction of the debt ratio through divestments.
EPRA earnings per share are EUR 0.93 in 2024 (compared to EUR 1.00 in 2023).
The Board of Directors of the Sole Director proposes a gross dividend of EUR 0.84 per share (MEUR 6.55) to the General Shareholders' Meeting. This reflects a distribution rate of the EPRA result of 90.61%.
4.3 BALANCE SHEET
At December 31, 2024, the Fair Value of the investment properties is MEUR 206.98, compared to MEUR 218.36 at December 31, 2023, a decrease of MEUR 11.38 or 5.21%:
» the impact of the estimation by the Property Expert on the Fair Value of the investment properties was +4.15 MEUR;
» the Fair Value of the Veldstraat redevelopment project, Ghent increased by +4.72 MEUR, mainly due to the investments in 2024, compared to December 31, 2023;
» through 2024, the real estate portfolio was reduced with the sales of the properties in the Netherlands (-20.25 MEUR);
making the Fair Value of the portfolio 206.98 MEUR at December 31, 2024.
Overall, the portfolio is valued by the Property Expert at a gross rental yield of 6.54%. The portfolio includes 25 properties as of December 31, 2024.
In addition, Qrf holds a financial participation amounting to 12.77 MEUR in the Ardeno sub-area in the redeveloped Century Center in Antwerp.
Group Equity increased by 3.94% from MEUR 118.90 at December 31, 2023 to MEUR 123.59 at December 31, 2024.
EPRA NTA per share increased by 4.97% from EUR 15.09 at December 31, 2023 to EUR 15.84 at December 31, 2024. IFRS NAV per share increased by 3.91% from EUR 15.25 to EUR 15.85 over the same period.
The Debt ratio decreased significantly to 43.60% at December 31, 2024 (from 52.19% at December 31, 2023).
4.4 FUNDING STRUCTURE
As of December 31, 2024, Qrf has MEUR 88.25 of financial debt14 consisting of:
» bilateral credit lines drawn for an amount of 82.25 MEUR. The bilateral credit lines drawn were concluded with 7 different financial institutions with well-spaced maturities between 2025 and 2030. The weighted average remaining maturity of these drawn credit lines is 2.0 years;
» Commercial Paper (treasury bills) in the amount of MEUR 6.00. The full amount of outstanding short-term treasury bills is covered by available long-term credit lines (back-up lines).
Qrf has 129 MEUR of credit lines at December 31, 2024, of which 1 credit line of 10 MEUR serves exclusively to cover the issued Commercial Paper. The undrawn portion of the available credit lines amounts to 40.75 MEUR at December 31, 2024.
During 2024, 3 lines of credit expired for a total amount of 30 MEUR, with the Company deciding not to renew them as a result of significantly reduced financial debts. The Company continues to continuously monitor credit needs and can draw on its strong relationships with financial institutions should new credit lines be required.
The Average Borrowing Cost is 2.88% in 2024 and is in line with last year (2.78% in 2023).
At December 31, 2024, the composition of financial debt is as follows:
14 Excluding the right to use part of the premises in the Korenmarkt, Ghent as provided in IFRS 16.
At December 31, 2024, 96.3% of the financial debt (total of credit lines drawn and commercial paper outstanding) consists of fixed-rate debt, including through the use of Interest Rate Swaps as a hedging instrument.
The total value of hedges at closing date was positive for an amount of KEUR 57, down from the position at 31 December 2023 (MEUR 1.23), due among other things to the expiration of hedging instruments in 2024 amounting to MEUR 20.00 and a reduction in the interest rate forecast at December 31, 2024. The Executive Management of Qrf points out that through an active hedging strategy it wishes to maximally protect the Company against a possible interest rate fluctuation. One new forward hedging contract was concluded in 2024 for a total amount of 10 MEUR for this purpose.
5 Outlook
Qrf will propose to the General Meeting a gross dividend of EUR 0.84 per share and maintain its medium-term dividend policy of at least EUR 0.84 per share by 2025.
6 Financial calender
| Datum | |
|---|---|
| Publication of quarterly update Q1 | 24/04/2025 |
| General meeting of shareholders | 20/05/2025 |
| Dividend (ex date) | 23/05/2025 |
| Dividend (record date) | 26/05/2025 |
| Dividend (payment date) | 27/05/2025 |
| Publication of half-yearly results and half-yearly report | 28/08/2025 |
| Publication of Q3 quarterly update | 23/10/2025 |
All publications are scheduled after-hours.
Annex 1: Financial overview
I. STATEMENT OF CONSOLIDATED RESULTS
A. CONSOLIDATED INCOME STATEMENT
| FIGURES IN THOUSANDS OF EUR | 31/12/2024 | 31/12/2023 | |
|---|---|---|---|
| (+) | I. Rental income | 12,490 | 13,962 |
| (+) | II. Writeback of leased payments sold and discounted | 0 | 0 |
| (+/-) III. Rental charges | -80 | 202 | |
| NET RENTAL INCOME | 12.410 | 14,164 | |
| (+) | IV. Recovery of property charges | 0 | 0 |
| (+) | V. Recovery of rental charges and taxes normally payable by tenants on let properties |
1,342 | 1,104 |
| (-) | VI. Costs payable by the tenants and borne by the owner on the rental damage and refurbishment at end of lease |
0 | 0 |
| (-) | VII. Rental charges and taxes normally payable by tenants on let properties | -1,359 | -1,165 |
| (+/-) VIII. Other rental related income and charges | 0 | 0 | |
| PROPERTY RESULT | 12,393 | 14,103 | |
| (-) | IX. Technical costs | -184 | -193 |
| (-) | X. Commercial costs | -85 | -60 |
| (-) | XI. Charges and taxes of unlet properties | -21 | -78 |
| (-) | XII. Property management costs | -290 | -251 |
| (-) | XIII. Other property charges | 0 | 0 |
| PROPERTY CHARGES | -579 | -582 | |
| PROPERTY OPERATING RESULT | 11,814 | 13,521 | |
| (-) | XIV. General company expenses | -2,009 | -1,992 |
| (+/-) XV. Other operating income and charges | 0 | 0 | |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 9,805 | 11,529 | |
| (+/-) XVI. Result on disposals of investment properties | -747 | 216 | |
| (+/-) XVII. Result on disposals of other non-financial assets | 0 | 0 | |
| (+/-) XVIII. Changes in Fair Value of investment properties | 1,011 | -9,553 | |
| (+/-) XIX. Other portfolio result | 4,710 | 0 | |
| PORTFOLIO RESULT | 4,973 | -9,337 |
| OPERATING RESULT | 14,778 | 2,191 |
|---|---|---|
| (+) XX. Financial income |
78 | 0 |
| (-) XXI. Net interest charges |
-2,860 | -3,667 |
| (-) XXII. Other financial charges |
-191 | -101 |
| (+/-) XXIII. Changes in Fair Value of financial assets and liabilities | -1,166 | -4,066 |
| FINANCIAL RESULT | -4,138 | -7,833 |
| (+) XXIV. Share in the profit or loss of associates and joint ventures |
362 | 4,681 |
| PROFIT BEFORE TAXES | 11,001 | -961 |
| (+/-) XXV. Corporate tax | -74 | -1,495 |
| (+/-) XXVI. Exit tax | 0 | 0 |
| TAXES | -74 | -1,495 |
| NET PROFIT | 10,928 | -2,455 |
| Attributable to: | ||
| Shareholders of the group | 10,928 | -2,455 |
| Minority interests | 0 | 0 |
| Components of net result - Shareholders of the group: | ||
| NET RESULT (GROUP SHARE) | 10,928 | -2,455 |
| Result on the portfolio (including share in joint ventures) | -4,973 | 9,337 |
| Results in the share of associates and joint ventures | 109 | -4,681 |
| Changes in the Fair Value of financial assets and liabilities | 1,166 | 4,066 |
| Result on the realisation of shares in real estate companies | 0 | 0 |
| Deferred taxes relating to EPRA changes | 0 | 1,409 |
| EPRA EARNINGS* | 7,230 | 7,676 |
*The EPRA earnings consist of the Net result (group share) exclusive of the portfolio, the changes in the Fair Value of the non-effective interest hedges, and deferred taxes relating to EPRA changes.
B. STATEMENT OF COMPREHENSIVE INCOME
| FIGURES IN THOUSANDS OF EUR | 31/12/2024 | 31/12/2023 |
|---|---|---|
| I. NET PROFIT | 10,928 | -2,455 |
| II. OTHER COMPREHENSIVE INCOME RECYCLABLE UNDER THE INCOME STATEMENT | 0 | 0 |
| (+/-) B. Changes in the effective part of Fair Value of authorized cash flow hedging instruments as defined under IFRS |
0 | 0 |
| COMPREHENSIVE INCOME | 10,928 | -2,455 |
| Attributable to: | ||
| Shareholders of the group | 10,928 | -2,455 |
| Minority interests | 0 | 0 |
II. EARNINGS PER SHARE
| FIGURES IN THOUSANDS OF EUR | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Number of ordinary shares in circulation at the end of the financial year | 7,798,886 | 7,798,886 |
| Weighted average number of shares during the financial year | 7,798,886 | 7,704,136 |
| NET EARNINGS PER ORDINARY SHARE - GROUP SHARE (in EUR) | 1.40 | -0.32 |
| DILUTED NET EARNINGS PER SHARE - GROUP SHARE (in EUR) | 1.40 | -0.32 |
III. CONSOLIDATED BALANCE SHEET
| FIGURES IN THOUSANDS OF EUR | 31/12/2024 | 31/12/2023 | |
|---|---|---|---|
| ASSETS | |||
| I. FIXED ASSETS | 221,387 | 243,971 | |
| B | Intangible fixed assets | 13 | 3 |
| C Investment properties | 206,985 | 218,356 | |
| D Other tangible fixed assets | 428 | 18 | |
| E | Non-current financial assets | 1,188 | 2,352 |
| H Deferred taxes - assets | 0 | 0 | |
| I | Investments in associates and joint ventures equity change | 12,773 | 23,242 |
| II. CURRENT ASSETS | 2,519 | 8,722 | |
| A | Assets held for sale | 0 | 6,050 |
| B | Current financial assets | 84 | 391 |
| D Trade receivables | 1,618 | 1,273 | |
| E | Tax receivables and other current assets | 181 | 165 |
| F | Cash and cash equivalents | 442 | 473 |
| G Deferred charges and accrued income | 193 | 369 | |
| TOTAL ASSETS | 223,906 | 252,694 |
| FIGURES IN THOUSANDS OF EUR | 31/12/2024 | 31/12/2023 | |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| EQUITY | 123,587 | 118,899 | |
| I. | Equity attributable to the shareholders of the parent company | 123,587 | 118,899 |
| A | Capital | 7,343 | 7,343 |
| a. Issued capital | 7,799 | 7,799 | |
| b. Costs for capital increase | -456 | -456 | |
| B | Issue premiums | 155,933 | 155,933 |
| C Reserves | -50,616 | -41,921 | |
| D Net result for the financial year | 10,928 | -2,455 | |
| II. Minority interests | 0 | 0 | |
| LIABILITIES | 100,318 | 133,795 | |
| I. | Non-current liabilities | 65,372 | 108,227 |
| B | Non-current financial debts | 64,044 | 107,126 |
| a. Borrowings | 58,964 | 102,188 | |
| b. Financial leasing | 5,080 | 4,937 | |
| C Other non-current financial liabilities | 1,141 | 958 | |
| E | Other non-current liabilities | 187 | 143 |
| F | Deferred taxes - liabilities | 0 | 0 |
| II. Current liabilities | 34,947 | 25,568 | |
| B | Current financial debts | 29,636 | 21,387 |
| a. Borrowings | 29,250 | 21,000 | |
| b. Financial leasing | 386 | 387 | |
| C Other current financial liabilities | 0 | 0 | |
| D Trade debts and other current debts | 2,991 | 2,064 | |
| a. Exit tax | 0 | 0 | |
| b. Other | 2,991 | 2,064 | |
| E | Other current liabilities | 208 | 65 |
| F | Accrued charges and deferred income | 2,112 | 2,051 |
| TOTAL EQUITY AND LIABILITIES | 223,906 | 252,694 |
IV. CONSOLIDATED CASH FLOW STATEMENT
| FIGURES IN THOUSANDS OF EUR | 31/12/2024 | 31/12/2023 |
|---|---|---|
| CASH AND CASH EQUIVALENTS OPENING BALANCE SHEET | 473 | 1,728 |
| 1. Cashflow from operating activities | 9,966 | 11,186 |
| Net result | 10,928 | -2,455 |
| Non-paid interest and bank charges | -103 | 160 |
| Interest expense paid | 2,835 | 3,648 |
| Adaptation of the result for non-cash flow transactions | -3,885 | 10,066 |
| - Depreciation on capitalized financing charges | 25 | 9 |
| - Depreciation on intangible and other tangible fixed assets | 37 | 27 |
| - Variations in deferred tax assets and liabilities | 0 | 1,409 |
| - Result from the sale of investment properties | 723 | -216 |
| - Reversal of impairment losses on trade receivable | 145 | -202 |
| - Changes in Fair Value of investment properties and project developments | -1,011 | 9,554 |
| - Changes in Fair Value of financial assets and liabilities | 1,146 | 4,066 |
| - Provisions LTI plan | 165 | 101 |
| - Capital gains realized on sale of joint venture participation | -4,741 | 0 |
| - Revaluation gains on financial fixed assets | -374 | -4,681 |
| Changes in working capital requirements: | 191 | -233 |
| Movement of assets: | -329 | 30 |
| - Trade receivables | -490 | 97 |
| - Tax receivables and other current assets | -16 | 41 |
| - Deferred charges and accrued income | 176 | -108 |
| Movement of liabilities: | 521 | -263 |
| - Other current financial liabilities | -146 | -25 |
| - Trade debts and other current debts | 388 | -46 |
| - Other current liabilities (incl. tax debt) | 115 | 3 |
| - Deferred charges and accrued income | 164 | -194 |
| 2. Cash flow resulting from investment activities | 34,077 | 7,003 |
| Purchase of intangible and other tangible fixed assets | -394 | 0 |
| Funding of joint ventures | 533 | 0 |
| Investments in existing properties | -7,223 | -6,205 |
| Income from sale of investment property | 25,577 | 13,208 |
| Income from sale of participation in joint venture | 10,725 | 0 |
| Capital decrease in joint venture participation | 4,860 | 0 |
| 3. Cash flow from financing activities | -44,074 | -19,444 |
| Loan repayment | -89,500 | -83,020 |
| Loan acquisition | 54,500 | 71,250 |
| Costs for capital increase | 0 | -18 |
| Interest payments on loans | -2,835 | -3,648 |
| Dividends paid | -6,240 | -4,008 |
| CASH AND CASH EQUIVALENTS CLOSING BALANCE | 442 | 473 |