Rental income |
|
1381 |
1451 |
1687 |
1802 |
1856 |
2037 |
2270 |
2425 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-445 |
-469 |
-514 |
-517 |
-555 |
-594 |
-657 |
-697 |
|
Net operating income |
|
936 |
982 |
1173 |
1285 |
1301 |
1443 |
1613 |
1728 |
|
NOI margin (%) |
|
67,8 |
67,7 |
69,5 |
71,3 |
70,1 |
70,8 |
71 |
71,3 |
|
Value change realized |
|
34 |
1 |
423 |
1 |
1 |
0 |
0 |
0 |
|
Value change unrealized |
|
935 |
1199 |
2588 |
1074 |
3028 |
611 |
820 |
781 |
|
Administration costs |
|
-29 |
-32 |
-35 |
-38 |
-42 |
-46 |
-49 |
-52 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
1892 |
2201 |
4173 |
2343 |
4289 |
2008 |
2384 |
2458 |
|
Net financial items |
|
-225 |
-235 |
-310 |
-317 |
-287 |
-314 |
-387 |
-469 |
|
Value change derivatives |
|
61 |
144 |
-33 |
-17 |
238 |
-60 |
0 |
0 |
|
Pretax profit |
|
1728 |
2111 |
3831 |
2010 |
4239 |
1633 |
1997 |
1989 |
|
Deferred profit tax |
|
-185 |
-195 |
-590 |
-285 |
-764 |
-227 |
-284 |
-279 |
|
Current tax |
|
-92 |
-110 |
-94 |
-93 |
-108 |
-117 |
-128 |
-131 |
|
Net profit |
|
1451 |
1806 |
3147 |
1632 |
3368 |
1289 |
1586 |
1579 |
|
Minority interest |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
1413 |
1749 |
3109 |
1566 |
3272 |
1216 |
1512 |
1506 |
|
Other income statement related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Cash earnings |
|
553 |
547 |
696 |
771 |
768 |
892 |
976 |
1003 |
|
Tax rate (%) |
|
-16 |
-14,4 |
-17,9 |
-18,8 |
-20,6 |
-21,1 |
-20,6 |
-20,6 |
|
Net investments |
|
-2065 |
-666 |
-2785 |
-1937 |
-1185 |
-1733 |
-1600 |
-1500 |
|
Acquisitions |
|
0 |
1 |
0 |
0 |
0 |
-800 |
-800 |
-800 |
|
Other investments |
|
48 |
331 |
-31 |
-27 |
-248 |
43 |
0 |
0 |
|
Divestments |
|
300 |
138 |
501 |
1 |
325 |
1 |
0 |
0 |
|
EPS |
|
7,81 |
9,67 |
17,19 |
8,57 |
17,89 |
6,65 |
8,27 |
8,23 |
|
CEPS |
|
3,06 |
3,02 |
3,85 |
4,22 |
4,2 |
4,88 |
5,34 |
5,49 |
|
CEPS adj. |
|
3,06 |
3,02 |
3,85 |
4,22 |
4,2 |
4,88 |
5,34 |
5,49 |
|
Dividend per share Adj |
|
0 |
1,6 |
1,9 |
2 |
2,1 |
2,2 |
2,3 |
2,44 |
|
Payout ratio of CEPS (%) |
|
0 |
52,9 |
49,4 |
47,4 |
50 |
45,1 |
43,1 |
44,5 |
|
Rental growth (%) |
|
8,7 |
5 |
16,3 |
6,8 |
3 |
9,7 |
11,5 |
6,8 |
|
NOI growth (%) |
|
9,7 |
4,9 |
19,5 |
9,6 |
1,2 |
10,9 |
11,8 |
7,1 |
|
CEPS growth (%) |
|
18,6 |
-1,1 |
27,3 |
9,6 |
-0,5 |
16,1 |
9,5 |
2,8 |
|
CEPS adj. growth (%) |
|
18,6 |
-1,1 |
27,3 |
9,6 |
-0,5 |
16,1 |
9,5 |
2,8 |
|
Balance Sheet |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Properties |
|
20047 |
22264 |
27877 |
31168 |
35323 |
37710 |
40130 |
42411 |
|
Deferred tax asset |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Receivables |
|
503 |
105 |
129 |
101 |
240 |
239 |
263 |
278 |
|
Cash and liquid assets |
|
216 |
676 |
264 |
147 |
211 |
87 |
168 |
313 |
|
Other assets |
|
573 |
172 |
1444 |
1309 |
1406 |
1405 |
1430 |
1444 |
|
Current liabilities |
|
765 |
638 |
720 |
946 |
744 |
719 |
793 |
836 |
|
Total assets |
|
20983 |
23529 |
29987 |
33148 |
37922 |
40140 |
42666 |
45106 |
|
Shareholders equity |
|
7051 |
8572 |
12089 |
12813 |
15705 |
16434 |
17544 |
18629 |
|
Minority |
|
556 |
543 |
543 |
1244 |
1752 |
1209 |
1209 |
1209 |
|
Deferred tax |
|
1394 |
1589 |
2179 |
2464 |
3227 |
3454 |
3738 |
4016 |
|
Interest bearing debt |
|
11217 |
12187 |
14456 |
15681 |
16493 |
18324 |
19382 |
20414 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
765 |
638 |
720 |
946 |
744 |
719 |
793 |
836 |
|
Total liabilities and equity |
|
20983 |
23529 |
29987 |
33148 |
37922 |
40140 |
42666 |
45106 |
|
Other balance sheet related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Net IB debt |
|
10880 |
11467 |
13116 |
14342 |
14452 |
16525 |
17501 |
18389 |
|
Rental area m2 (000) |
|
1438 |
1443 |
1511 |
1533 |
1519 |
1601 |
1659 |
1687 |
|
Rent per m2 |
|
960 |
1005 |
1116 |
1175 |
1222 |
1272 |
1369 |
1437 |
|
Equity ratio (%) |
|
33,6 |
36,4 |
40,3 |
38,7 |
41,4 |
40,9 |
41,1 |
41,3 |
|
Loan to value (%) |
|
54,3 |
51,5 |
47,1 |
46 |
40,9 |
43,8 |
43,6 |
43,4 |
|
Net loan to value (%) |
|
57 |
57,8 |
52,8 |
50,8 |
47,3 |
48,8 |
48,7 |
48,9 |
|
ICR real estate |
|
4 |
4 |
4 |
4 |
4 |
4 |
4 |
4 |
|
Interest rate on debt (%) |
|
2 |
2 |
2 |
2 |
2 |
2 |
2 |
3 |
|
Occupancy rate (%) |
|
89,1 |
89,8 |
91,8 |
90,6 |
91,1 |
92,1 |
92,1 |
92,2 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
38,98 |
47,38 |
66,83 |
70,06 |
85,87 |
89,85 |
95,92 |
101,85 |
|
EPRA NAV per share |
|
46,69 |
56,17 |
78,87 |
83,53 |
103,51 |
108,74 |
116,36 |
123,81 |
|
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 |
82,8 |
82,8 |
82,8 |
|
Market cap. (m) |
|
8348 |
9483 |
13938 |
14764 |
19823 |
15144 |
15144 |
15144 |
|
P/E |
|
6,3 |
6,2 |
5,8 |
11,3 |
6,8 |
12,5 |
10 |
10,1 |
|
Net IB debt / share |
|
60 |
63 |
73 |
78 |
79 |
90 |
96 |
101 |
|
P/CEPS |
|
16 |
20 |
25,8 |
23 |
28,9 |
17 |
15,5 |
15,1 |
|
P/CEPS adj. |
|
16 |
20 |
25,8 |
23 |
28,9 |
17 |
15,5 |
15,1 |
|
EV/EBIT |
|
10,7 |
10,2 |
7,5 |
14 |
8,9 |
16,2 |
14 |
14 |
|
Implicit yield (%) |
|
4,4 |
4,2 |
3,9 |
3,9 |
3,3 |
4 |
4,3 |
4,4 |
|
Yield on BV (%) |
|
4,7 |
4,4 |
4,2 |
4,1 |
3,7 |
3,8 |
4 |
4,1 |
|
Dividend yield (%) |
|
0 |
2,7 |
1,9 |
2,1 |
1,7 |
2,7 |
2,8 |
2,9 |
|
P/NAV |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/EPRA NAV |
|
1,05 |
1,07 |
1,26 |
1,16 |
1,17 |
0,76 |
0,71 |
0,67 |
|
P/BVPS |
|
1,25 |
1,27 |
1,48 |
1,38 |
1,41 |
0,92 |
0,86 |
0,81 |
|
EV/NOI |
|
21,6 |
22,94 |
26,61 |
25,62 |
29,24 |
22,48 |
20,72 |
19,85 |
|