Rental income |
|
453 |
537 |
591 |
652 |
656 |
731 |
836 |
929 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-137 |
-182 |
-200 |
-170 |
-167 |
-181 |
-209 |
-219 |
|
Net operating income |
|
316 |
355 |
391 |
482 |
489 |
549 |
627 |
711 |
|
NOI margin (%) |
|
69,8 |
66,1 |
66,2 |
73,9 |
74,5 |
75,2 |
75 |
76,5 |
|
Value change realized |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Value change unrealized |
|
353 |
326 |
232 |
98 |
1236 |
88 |
-411 |
363 |
|
Administration costs |
|
-51 |
-51 |
-87 |
-87 |
-77 |
-79 |
-77 |
-78 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
618 |
630 |
536 |
493 |
1649 |
559 |
139 |
995 |
|
Net financial items |
|
-104 |
-131 |
-175 |
-141 |
-144 |
-180 |
-252 |
-282 |
|
Value change derivatives |
|
9 |
-2 |
17 |
-10 |
6 |
251 |
0 |
0 |
|
Pretax profit |
|
523 |
497 |
378 |
342 |
1511 |
630 |
-113 |
713 |
|
Deferred profit tax |
|
-123 |
-68 |
-99 |
-86 |
-312 |
-131 |
26 |
-144 |
|
Current tax |
|
-4 |
-1 |
2 |
-1 |
-2 |
-1 |
-2 |
-3 |
|
Net profit |
|
396 |
428 |
281 |
255 |
1197 |
497 |
-90 |
566 |
|
Minority interest |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
396 |
428 |
268 |
202 |
1145 |
440 |
-161 |
496 |
|
Other income statement related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Cash earnings |
|
157 |
172 |
118 |
200 |
215 |
231 |
225 |
277 |
|
Tax rate (%) |
|
-24,3 |
-13,9 |
-25,7 |
-25,4 |
-20,8 |
-21 |
-20,6 |
-20,6 |
|
Net investments |
|
-518 |
-1574 |
-426 |
-288 |
-922 |
-981 |
-743 |
-731 |
|
Acquisitions |
|
-436 |
-1626 |
-156 |
-150 |
-668 |
-572 |
-200 |
-200 |
|
Other investments |
|
-1 |
-1 |
-3 |
0 |
2 |
-1 |
0 |
0 |
|
Divestments |
|
150 |
349 |
0 |
62 |
0 |
195 |
0 |
0 |
|
EPS |
|
14,34 |
15,27 |
9,52 |
7,14 |
40,34 |
15,47 |
-5,65 |
17,43 |
|
CEPS |
|
5,68 |
6,14 |
4,19 |
7,07 |
7,57 |
8,14 |
7,9 |
9,74 |
|
CEPS adj. |
|
5,68 |
6,14 |
4,19 |
7,07 |
7,57 |
8,14 |
7,9 |
9,74 |
|
Dividend per share Adj |
|
2,24 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Payout ratio of CEPS (%) |
|
39,4 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Rental growth (%) |
|
3 |
18,5 |
10,1 |
10,3 |
0,6 |
11,4 |
14,4 |
11,2 |
|
NOI growth (%) |
|
5,7 |
12,3 |
10,1 |
23,3 |
1,5 |
12,3 |
14,2 |
13,3 |
|
CEPS growth (%) |
|
16,3 |
8 |
-31,7 |
68,8 |
7,1 |
7,5 |
-2,9 |
23,2 |
|
CEPS adj. growth (%) |
|
16,3 |
8 |
-31,7 |
68,8 |
7,1 |
7,5 |
-2,9 |
23,2 |
|
Balance Sheet |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Properties |
|
6494 |
8476 |
9147 |
9533 |
11693 |
12792 |
13124 |
14218 |
|
Deferred tax asset |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Receivables |
|
75 |
83 |
67 |
95 |
146 |
78 |
88 |
98 |
|
Cash and liquid assets |
|
38 |
163 |
138 |
361 |
160 |
339 |
11 |
136 |
|
Other assets |
|
91 |
96 |
323 |
339 |
392 |
324 |
334 |
344 |
|
Current liabilities |
|
181 |
233 |
190 |
227 |
262 |
250 |
282 |
313 |
|
Total assets |
|
6623 |
8735 |
9608 |
10233 |
12290 |
13750 |
13765 |
14993 |
|
Shareholders equity |
|
2399 |
2780 |
3054 |
3267 |
4430 |
4867 |
4707 |
5202 |
|
Minority |
|
0 |
0 |
786 |
786 |
786 |
786 |
786 |
786 |
|
Deferred tax |
|
323 |
419 |
519 |
613 |
925 |
1057 |
1031 |
1176 |
|
Interest bearing debt |
|
3720 |
5303 |
5059 |
5340 |
5887 |
6789 |
6959 |
7516 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
181 |
233 |
190 |
227 |
262 |
250 |
282 |
313 |
|
Total liabilities and equity |
|
6623 |
8735 |
9608 |
10233 |
12290 |
13750 |
13765 |
14993 |
|
Other balance sheet related information |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Net IB debt |
|
3674 |
5125 |
4678 |
4738 |
5418 |
5883 |
6379 |
6812 |
|
Rental area m2 (000) |
|
603 |
718 |
731 |
748 |
793 |
817 |
866 |
915 |
|
Rent per m2 |
|
751 |
748 |
808 |
872 |
827 |
895 |
965 |
1016 |
|
Equity ratio (%) |
|
36,2 |
31,8 |
31,8 |
31,9 |
36 |
35,4 |
34,2 |
34,7 |
|
Loan to value (%) |
|
56,6 |
60,5 |
55,4 |
53,8 |
49,7 |
49,1 |
51,6 |
50,7 |
|
Net loan to value (%) |
|
57,9 |
64,5 |
56,8 |
59,8 |
51,7 |
55,7 |
53,1 |
53,8 |
|
ICR real estate |
|
3 |
2 |
2 |
3 |
3 |
3 |
2 |
2 |
|
Interest rate on debt (%) |
|
3 |
3 |
3 |
3 |
3 |
3 |
4 |
4 |
|
Occupancy rate (%) |
|
91 |
89 |
88 |
87 |
89 |
91,8 |
92,7 |
92,7 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
86,86 |
98,51 |
108,11 |
115,15 |
155,83 |
171,21 |
165,56 |
182,99 |
|
EPRA NAV per share |
|
98,08 |
113,22 |
125,88 |
136,55 |
186,79 |
198,02 |
191,47 |
213,97 |
|
Valuation |
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
Shares outstanding adj. |
|
28 |
28 |
28 |
28 |
28 |
28 |
28 |
28 |
|
Share price |
|
68,15 |
84,79 |
126,06 |
130,24 |
215,61 |
197,2 |
197,2 |
197,2 |
|
Market cap. (m) |
|
1882 |
2393 |
3561 |
3695 |
6130 |
5606 |
5606 |
5606 |
|
P/E |
|
4,7 |
6,5 |
17,8 |
21,3 |
7,5 |
12,7 |
-34,9 |
11,3 |
|
Net IB debt / share |
|
133 |
182 |
166 |
167 |
191 |
207 |
224 |
240 |
|
P/CEPS |
|
12 |
16,3 |
40,3 |
21,6 |
40,2 |
24,2 |
24,9 |
20,2 |
|
P/CEPS adj. |
|
12 |
16,3 |
40,3 |
21,6 |
40,2 |
24,2 |
24,9 |
20,2 |
|
EV/EBIT |
|
9 |
12,6 |
19,8 |
20,8 |
9,3 |
22,7 |
94,6 |
13,7 |
|
Implicit yield (%) |
|
5,3 |
4,4 |
4,1 |
4,8 |
3,7 |
4,1 |
4,5 |
4,9 |
|
Yield on BV (%) |
|
4,9 |
4,2 |
4,3 |
5,1 |
4,2 |
4,3 |
4,8 |
5 |
|
Dividend yield (%) |
|
3,3 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/NAV |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/EPRA NAV |
|
0,69 |
0,88 |
1,34 |
1,12 |
1,63 |
1 |
1,03 |
0,92 |
|
P/BVPS |
|
0,78 |
1,02 |
1,56 |
1,32 |
1,95 |
1,15 |
1,19 |
1,08 |
|
EV/NOI |
|
17,57 |
22,39 |
27,19 |
21,25 |
31,19 |
23,06 |
20,99 |
19,13 |
|