Rental income |
|
1381 |
1451 |
1687 |
1802 |
1856 |
2017 |
2286 |
2442 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-445 |
-469 |
-514 |
-517 |
-555 |
-604 |
-688 |
-702 |
|
Net operating income |
|
936 |
982 |
1173 |
1285 |
1301 |
1413 |
1598 |
1740 |
|
NOI margin (%) |
|
67,8 |
67,7 |
69,5 |
71,3 |
70,1 |
70 |
69,9 |
71,2 |
|
Value change realized |
|
34 |
1 |
423 |
1 |
1 |
0 |
0 |
0 |
|
Value change unrealized |
|
935 |
1199 |
2588 |
1074 |
3028 |
113 |
-2723 |
716 |
|
Administration costs |
|
-29 |
-32 |
-35 |
-38 |
-42 |
-47 |
-49 |
-52 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
1892 |
2201 |
4173 |
2343 |
4289 |
1485 |
-1174 |
2404 |
|
Net financial items |
|
-225 |
-235 |
-310 |
-317 |
-286 |
-381 |
-620 |
-638 |
|
Value change derivatives |
|
61 |
144 |
-33 |
-17 |
238 |
-56 |
0 |
0 |
|
Pretax profit |
|
1728 |
2111 |
3831 |
2010 |
4241 |
1048 |
-1794 |
1766 |
|
Deferred profit tax |
|
-185 |
-195 |
-590 |
-285 |
-764 |
-118 |
469 |
-251 |
|
Current tax |
|
-92 |
-110 |
-94 |
-93 |
-108 |
-109 |
-99 |
-113 |
|
Net profit |
|
1451 |
1806 |
3147 |
1632 |
3370 |
811 |
-1424 |
1402 |
|
Minority interest |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
1413 |
1749 |
3109 |
1566 |
3274 |
737 |
-1498 |
1329 |
|
Other income statement related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Cash earnings |
|
553 |
547 |
696 |
771 |
770 |
803 |
757 |
864 |
|
Tax rate (%) |
|
-16 |
-14,4 |
-17,9 |
-18,8 |
-20,5 |
-21,7 |
-20,6 |
-20,6 |
|
Net investments |
|
-2065 |
-685 |
-3285 |
-2125 |
-1198 |
-1094 |
-680 |
-700 |
|
Acquisitions |
|
0 |
-435 |
-2443 |
-1558 |
-498 |
-523 |
0 |
0 |
|
Other investments |
|
48 |
331 |
-31 |
-27 |
-248 |
144 |
0 |
0 |
|
Divestments |
|
300 |
122 |
0 |
0 |
324 |
0 |
0 |
0 |
|
EPS |
|
7,81 |
9,67 |
17,19 |
8,57 |
17,9 |
4,03 |
-8,19 |
7,27 |
|
CEPS |
|
3,06 |
3,02 |
3,85 |
4,22 |
4,21 |
4,39 |
4,14 |
4,72 |
|
CEPS adj. |
|
3,06 |
3,02 |
3,85 |
4,22 |
4,21 |
4,39 |
4,14 |
4,72 |
|
Dividend per share Adj |
|
0 |
1,6 |
1,9 |
2 |
2,2 |
2,2 |
2,3 |
2,4 |
|
Payout ratio of CEPS (%) |
|
0 |
52,9 |
49,4 |
47,4 |
52,3 |
50,1 |
55,6 |
50,8 |
|
Rental growth (%) |
|
8,7 |
5 |
16,3 |
6,8 |
3 |
8,7 |
13,4 |
6,8 |
|
NOI growth (%) |
|
9,7 |
4,9 |
19,5 |
9,6 |
1,2 |
8,6 |
13,1 |
8,9 |
|
CEPS growth (%) |
|
18,6 |
-1,1 |
27,3 |
9,6 |
-0,2 |
4,4 |
-5,8 |
14,1 |
|
CEPS adj. growth (%) |
|
18,6 |
-1,1 |
27,3 |
9,6 |
-0,2 |
4,4 |
-5,8 |
14,1 |
|
Balance Sheet |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Properties |
|
20047 |
22264 |
27877 |
31168 |
35323 |
36674 |
34631 |
36047 |
|
Deferred tax asset |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Receivables |
|
503 |
105 |
129 |
101 |
162 |
159 |
178 |
187 |
|
Cash and liquid assets |
|
216 |
676 |
264 |
147 |
211 |
200 |
196 |
312 |
|
Other assets |
|
573 |
172 |
1444 |
1309 |
1328 |
1396 |
1415 |
1424 |
|
Current liabilities |
|
765 |
638 |
720 |
946 |
744 |
825 |
923 |
969 |
|
Total assets |
|
20983 |
23529 |
29987 |
33148 |
37922 |
39091 |
37063 |
38604 |
|
Shareholders equity |
|
7051 |
8572 |
12089 |
12813 |
15705 |
15707 |
13807 |
14715 |
|
Minority |
|
556 |
543 |
543 |
1244 |
1752 |
1209 |
1209 |
1209 |
|
Deferred tax |
|
1394 |
1589 |
2179 |
2464 |
3227 |
3346 |
2877 |
3128 |
|
Interest bearing debt |
|
11217 |
12187 |
14456 |
15681 |
16493 |
18003 |
18246 |
18582 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
765 |
638 |
720 |
946 |
744 |
825 |
923 |
969 |
|
Total liabilities and equity |
|
20983 |
23529 |
29987 |
33148 |
37922 |
39091 |
37063 |
38604 |
|
Other balance sheet related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Net IB debt |
|
10880 |
11467 |
13116 |
14342 |
14452 |
16230 |
16477 |
16697 |
|
Rental area m2 (000) |
|
1438 |
1443 |
1511 |
1533 |
1519 |
1575 |
1660 |
1665 |
|
Rent per m2 |
|
960 |
1005 |
1116 |
1175 |
1222 |
1281 |
1377 |
1466 |
|
Equity ratio (%) |
|
33,6 |
36,4 |
40,3 |
38,7 |
41,4 |
40,2 |
37,3 |
38,1 |
|
Loan to value (%) |
|
54,3 |
51,5 |
47,1 |
46 |
40,9 |
44,3 |
47,6 |
46,3 |
|
Net loan to value (%) |
|
57 |
57,8 |
52,8 |
50,8 |
47,3 |
49,6 |
53,3 |
52,4 |
|
ICR real estate |
|
4 |
4 |
4 |
4 |
4 |
4 |
2 |
3 |
|
Interest rate on debt (%) |
|
2 |
2 |
2 |
2 |
2 |
3 |
4 |
4 |
|
Occupancy rate (%) |
|
89,1 |
89,8 |
91,8 |
90,6 |
91,1 |
92,9 |
92,9 |
93 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
38,98 |
47,38 |
66,83 |
70,06 |
85,87 |
85,88 |
75,49 |
80,45 |
|
EPRA NAV per share |
|
46,69 |
56,17 |
78,87 |
83,53 |
103,51 |
103,87 |
90,92 |
97,25 |
|
Valuation |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Shares outstanding adj. |
|
181 |
181 |
181 |
183 |
183 |
183 |
183 |
183 |
|
Share price |
|
46,14 |
52,42 |
77,05 |
80,72 |
108,38 |
74,1 |
74,1 |
74,1 |
|
Market cap. (m) |
|
8348 |
9483 |
13938 |
14764 |
19823 |
13553 |
13553 |
13553 |
|
P/E |
|
6,3 |
6,2 |
5,8 |
11,3 |
6,8 |
18,4 |
-9 |
10,2 |
|
Net IB debt / share |
|
60 |
63 |
73 |
78 |
79 |
89 |
90 |
91 |
|
P/CEPS |
|
16 |
20 |
25,8 |
23 |
28,8 |
16,9 |
17,9 |
15,7 |
|
P/CEPS adj. |
|
16 |
20 |
25,8 |
23 |
28,8 |
16,9 |
17,9 |
15,7 |
|
EV/EBIT |
|
10,7 |
10,2 |
7,5 |
14 |
8,9 |
20,6 |
-26,2 |
12,9 |
|
Implicit yield (%) |
|
4,4 |
4,2 |
3,9 |
3,9 |
3,3 |
4,1 |
4,6 |
5 |
|
Yield on BV (%) |
|
4,7 |
4,4 |
4,2 |
4,1 |
3,7 |
3,9 |
4,6 |
4,8 |
|
Dividend yield (%) |
|
0 |
2,7 |
1,9 |
2,1 |
1,8 |
3 |
3,1 |
3,2 |
|
P/NAV |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/EPRA NAV |
|
1,05 |
1,07 |
1,26 |
1,16 |
1,17 |
0,71 |
0,82 |
0,76 |
|
P/BVPS |
|
1,25 |
1,27 |
1,48 |
1,38 |
1,41 |
0,86 |
0,98 |
0,92 |
|
EV/NOI |
|
21,6 |
22,94 |
26,61 |
25,62 |
29,18 |
21,6 |
19,25 |
17,81 |
|