Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
AEDIFICA
Public limited liability company
Public regulated real estate company under Belgian law
Office: Rue Belliard 40 (box 11), 1040 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the 'Company')
Interim financial report
Results twelve-month period 30 June 2020
- EPRA Earnings* increased to €100.1 million as of 30 June 2020 (+39% compared to 30 June 2019), or €4.00/share as of 30 June 2020 (+7% compared to 30 June 2019)
- Rental income increased to €163.4 million as of 30 June 2020 (+38% compared to 30 June 2019) due to the growth of the portfolio
- Aedifica and Hoivatilat are joining forces in the Nordics: through a public tender offer Aedifica acquires Hoivatilat Oyj, a Finnish healthcare real estate investor with a build-and-hold strategy, and enters the Finnish and Swedish market
- Real estate portfolio* of €3.4 billion as of 30 June 2020, an increase of more than €1,045 million compared to 30 June 2019 (+45%)
- 454 healthcare sites for almost 32,000 residents in six countries:
- €1,046 million in Belgium (78 sites)
- €610 million in the United Kingdom (96 sites)
- €590 million in Germany (71 sites)
- €516 million in Finland (153 sites)
- €426 million in the Netherlands (54 sites)
- €4 million in Sweden (2 sites)
- Pipeline of €590 million in acquisitions, construction and renovation projects
- Weighted average unexpired lease term of 20 years and occupancy rate of 100%
- 50.1% debt-to-assets ratio as of 30 June 2020
- Successful first placement of a €40 million bond under the Sustainable Finance Framework
- Payment of an interim dividend for the first 12 months of the (extended) financial year (€3.00 gross per share, an increase of 7% compared to the dividend for financial year 2018/2019)
- Outlook for the extended financial year ending 31 December 2020: proposed gross dividend (after deduction of the above-mentioned interim dividend) of 1.60 € per share
- Alternative Performance Measure (APM) in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015. For many years, Aedifica has used Alternative Performance Measures according to the guidelines issued by the ESMA in its communication. Some of these APM are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of its results and performance. The APM used in this interim financial report are identified with an asterisk (*). The performance measures which are defined by IFRS standards or by Law are not considered as APM, nor are those which are not based on the consolidated income statement or the balance sheet. The APM are defined, annotated and connected with the most relevant line, total or subtotal of the financial statements, in Note 15 of the Condensed Consolidated Financial Statements below.
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- Interim Management Report
1. Summary of the activities since 1 July 2019
As a company very close to the care sector, Aedifica feels deeply involved with the residents of our care properties and the teams who are taking care of them. Aedifica wants to thank the care personnel for their exceptional work during the COVID-19 pandemic. The Group has already taken certain actions to support the care teams and residents of our buildings and will continue to see what it can do to help.
Despite the pandemic, Aedifica is once again delivering strong results and the Group has further strengthened its position as a European market reference in listed healthcare real estate. The Aedifica share was included in the BEL 20, the leading share index of Euronext Brussels, and the Group's international expansion continued unabated due to the numerous acquisitions and completions of recent months.
COVID-19
After the outbreak of the COVID-19 pandemic, Aedifica took various measures to ensure the continuity of its activities and at the same time protect the health and well-being of all its stakeholders. Working from home became the norm for the Aedifica team, while the operational teams remain in close contact with the tenants.
The pandemic had no material impact on the Group's results as of 30 June. Aedifica's residential care properties remain fully operational despite - and partly thanks to - the strict protective measures. The impact of COVID-19 on the occupancy rate is constantly monitored, but rental payments remain stable, and there are currently no indications that the possible 'excess mortality' would jeopardise the operators' rental payment capacity. In addition, national, regional and local authorities in several countries have approved aid programmes to cover potential additional costs of care operators resulting from the COVID-19 measures. In Aedifica's Finnish children day-care centres, occupancy rates fell sharply during the lockdown. The start of the new school year in mid-August has had a positive impact on the occupancy rate, which has increased to its usual level (children day-care centres represent only 7% of the annual contractual rents).
The investment market remains active, as the fundamental characteristics of healthcare real estate (ageing, consolidation, public financing) remain intact and may even be reinforced by the current crisis. Aedifica is analysing a number of new investment opportunities, and although the pace of investment was slowed by the pandemic, the Group has announced and implemented a series of new investments since July. In addition, Aedifica's development projects in all six countries in which the Group is active are being continued at full capacity.
EUROPEAN EXPANSION
Less than a year after entering the UK market in February 2019, Aedifica again demonstrated its international ambitions by acquiring Hoivatilat (see section 3.1 below), a Finnish healthcare real estate investor operating in Finland and Sweden. Taking into account Aedifica's track record of international growth and Hoivatilat's successful build-and-hold strategy, this milestone transaction provides an excellent basis for the Group's future growth in Northern Europe and the further anchoring of Aedifica as a European market reference in listed healthcare real estate.
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Aedifica's international ambitions were not only evident in the acquisition in Northern Europe. During the first twelve months of the current financial year (which was extended until 31 December 2020), the Group announced or carried out approx. €527 million of investments in 55 healthcare sites in Germany, the Netherlands, the United Kingdom and Finland. In addition, in all six countries where Aedifica operates, a total of 22 projects from the investment pipeline were completed, amounting to approx. €116 million.
All investments carried out in recent months have increased Aedifica's real estate portfolio to 454 sites with a capacity for almost 32,000 residents. The fair value of marketable investment properties1 increased by approx. €924 million (+41%) to €3,193 million (compared to €2,270 million at the beginning of the financial year). In addition, as of 30 June 2020, the Group has a total investment budget in development projects of approx. €590 million (see section 1.2 of the property report below). Taking into account the fair value of the investment properties, the development projects to be carried out over a period of three years and the investments realised and announced since 1 July 2020, Aedifica's total portfolio is expected to reach the €3.9 billion mark.
MARKET RECOGNITION
The fact that Aedifica's growth strategy continues to enjoy the confidence of the market is apparent from the €207 million capital increase via accelerated bookbuilding (ABB) that was completed at the end of April 2020 and which drew a great deal of interest from international institutional investors.
The appreciation of the market is also reflected in the premium with which the Group's share is listed: 52.9% compared to the net asset value per share excluding changes in fair value of the hedging instruments* or a premium of 57.8% compared to the net asset value per share.
In addition, the market's confidence in the Group's international growth trajectory in recent years was also confirmed by the inclusion of the Aedifica share in the BEL 20, the leading share index of Euronext Brussels. The inclusion not only ensures greater visibility, but also increases the liquidity of the share on the stock exchange.
SOLID RESULTS
Aedifica focuses not only on investments and growth but also on managing its existing real estate assets. The result of this effort is reflected in excellent rental incomes (+38%). The EPRA Earnings* increased by 39%, reaching €100.1 million (30 June 2019: €72.1 million), i.e. €4.00 per share (30 June 2019: €3.74 per share), an increase of 7% taking into account a larger number of shares. Aedifica's total profit amounts to €105 million (compared to €123 million as at 30 June 2019).
FUTURE GROWTH
Over the past period, Aedifica has proven that it can achieve its growth ambitions even in a volatile macroeconomic environment, and the Group intends to continue along this path during the remaining months of the financial year. Various new investment opportunities are being analysed. Even without taking into account new investments, the Group's future growth is assured by the extensive pipeline of investment projects. Through the combination of new investments and existing agreements on the acquisition, renovation, expansion, redevelopment and construction of numerous sites, Aedifica can build up a portfolio of high-quality buildings that offer attractive net returns and further strengthen its position as a European market reference in listed healthcare real estate.
1 Including assets classified as held for sale* and a right of use of €38 million related to plots of land held by Hoivatilat in 'leasehold' in accordance with IFRS 16.
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2. Introduction
Aedifica is a Belgian listed company that offers sustainable real estate solutions to professional operators that provide care to people with care needs throughout Europe. To realise that mission, Aedifica has specialised in investments in quality European healthcare real estate, with a particular focus on the care needs of the elderly.
Aedifica has established itself in recent years as a leader in the European listed real estate sector and has the ambition to further expand this position in the coming years.
By investing in quality buildings that generate recurring and indexed rental income and offer potential for capital gains, Aedifica aims to offer its shareholders a reliable and sustainable real estate investment with an attractive yield.
Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019). Since March 2020, Aedifica is part of the BEL 20, the leading share index of Euronext Brussels.
This Interim Management Report is an update of the Management Report issued on 30 June 2019 as part of the 2018/2019 Annual Financial Report. Only the significant changes that have taken place since publication of the 2018/2019 Annual Financial Report are presented here.
3. Important events
3.1. Investments and completions since 1 July 2019
- Aedifica and Hoivatilat are joining forces in Northern Europe2
In November 2019, Aedifica (through its Finnish subsidiary Aureit Holding Oy) launched a voluntary public tender offer on all shares of Hoivatilat Oyj, a Finnish healthcare real estate investor operating in Finland and Sweden. At the end of January 2020, Aedifica completed its tender offer on Hoivatilat, bringing the Group into the Northern European market and adding a fifth and sixth country to its portfolio. Following the squeeze-out procedure for the remaining Hoivatilat shares, Aedifica acquired 100% of the shares on 15 May 2020. The Hoivatilat share was delisted from Nasdaq Helsinki. Aedifica financed this transaction through existing and new bank financing (see section 3.4 below).
Hoivatilat is an attractive partner to enter the Northern European healthcare real estate market with a high-quality,purpose-built portfolio, a substantial pipeline of development projects and a very experienced management team. The company has a build-and-hold strategy and thus develops itself the care buildings that are rented out. This transaction offers an excellent opportunity for Hoivatilat to continue its growth strategy, both in Finland and in the other countries of Northern Europe.
On 30 June 2020, Hoivatilat's completed portfolio includes 153 care properties (care homes, specialist residential care centres and children day-care centres) in Finland, amounting to approx. €516 million, and 2 specialist residential care centres in Sweden of approx. €4 million. In addition, there is a pipeline of 33 development projects in Finland and Sweden amounting to approx. €163 million.
2 See press releases of 4 November 2019, 27 November 2019, 5 December 2019 and 30 January 2020 for more information.
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- Investments in Germany, the Netherlands, the United Kingdom and Finland
During the first twelve months of the 2019/2020 financial year, Aedifica carried out or announced investments in 55 healthcare sites for a total amount of approx. €527 million.
Name | Type | Location | Date | Investment | Pipeline | Gross rental | Completion | Lease | Operator | |
(€ million) 1 | (€ million) 2 | yield | ||||||||
(approx. %) | ||||||||||
Germany | 125 | 150 | ||||||||
Zur alten Linde | Acquisition 5 | Rabenau | 9/07/2019 | 18 | - | 6% | - | 30 yrs - NN | EMVIA Living | |
Seniorenwohnpark Hartha | Tharandt | |||||||||
Haus Steinbachhof | Acquisition 5 | Chemnitz | 9/07/2019 | 23 | - | 6% | - | 19 yrs - NN | Casa Reha 6 | |
Seniorenhaus Wiederitzsch | Leipzig | 24 yrs - NN | Convivo | |||||||
Seniorenhaus Lessingstrasse | Acquisition | Wurzen | 21/08/2019 | - | 7 | 5.5% | Q3 2021 | 25 yrs - NN | Seniorhenhaus | |
Lessingstrasse | ||||||||||
Wohnstif am Weinberg | Acquisition & | Kassel | 29/10/2019 | - | 20 | 5.5% | In the next | 30 yrs - NN | Cosiq | |
renovation | 3 years | |||||||||
Haus Wellengrund | Acquisition & | Stemwede | 1/11/2019 | 3 | 8 | 6% | Q3 2020 | 30 yrs - NN | Argentum | |
redevelopment | ||||||||||
BAVARIA Senioren- und | Acquisition & | Sulzbach- | 6/11/2019 | - | 6 | 6% | In the next | 30 yrs - NN | Auriscare | |
Pflegeheim | renovation | Rosenberg | 4 years | |||||||
Sonnenhaus Ramsloh | Acquisition & | Ramsloh | 17/12/2019 | 19 | 16 | 5% | Q3 2021 | 30 yrs - NN | Sonnenhaus | |
Johanniter-Haus | construction | Lüdenscheid | (Quartier am | Saterland | ||||||
Lüdenscheid | (Quartier am | Bremervörde | Rathausmarkt) | Die Johanniter | ||||||
Quartier am Rathausmarkt | Rathausmarkt) | Specht Gruppe | ||||||||
Seniorenquartier Bremen | Acquisition & | Bremen | 17/12/2019 | 5 | 58 | >5% | Q3 2021 | 30 yrs - NNN | EMVIA Living | |
Seniorenquartier Weyhe | development 3 | Weyhe | ||||||||
Seniorenquartier Langwedel | Langwedel | |||||||||
Seniorenquartier Sehnde | Sehnde | |||||||||
Vitanas portfolio | Acquisition & | Berlin, Plön, | 18/12/2019 | 57 | 35 | >5% | 2024 | WAULT 23 yrs - | Vitanas | |
(7 sites) | renovation | Wankendorf, | NN | |||||||
Ueckemünde | ||||||||||
Netherlands | 69 | 32 | ||||||||
Rumah Saya | Acquisition | Appeldoorn | 9/07/2019 | 10 | - | 6% | - | 15 yrs - NNN | Stichting | |
Nusantara Zorg | ||||||||||
Residentie La Tour | Acquisition & | Roermond | 9/07/2019 | 4 | 8 | 6% | 2020 | 20 yrs - NNN | Ontzorgd | |
Villa Casimir | redevelopment | Wonen Groep | ||||||||
Senior Living 6 | ||||||||||
Vinea Domini | Acquisition & | Witmarsum | 7/08/2019 | 1 | 3 | 6% | 2020 | 25 yrs - NNN | Senior Living 6 | |
redevelopment | ||||||||||
Woonconcept portfolio | Acquisition | Hoogeveen | 28/08/2019 | 44 | - | 6.5% | - | WAULT 26 yrs - | NNCZ | |
(5 sites) | NN | |||||||||
Natatorium | Extension | Velp | 28/11/2019 | 2 | 3 | 6.5% | Q4 2021 | 20 yrs - NNN | Senior Living 6 | |
Villa Nuova | Development | Vorden | 29/11/2019 | 2 | 5 | 5.5% | Q1 2021 | 20 yrs - NNN | Senior Living 6 | |
Hilversum SVE | Acquisition & | Hilversum | 3/03/2020 | 4 | 8 | 6% | In the next 3 | 20 yrs - NNN | Stichting | |
development | years | Hilverzorg | ||||||||
Martha Flora Dordrecht | Acquisition & | Dordrecht | 6/04/2020 | 2 | 5 | 5.5% | Q2 2021 | 25 yrs - NNN | Martha Flora | |
development | ||||||||||
United Kingdom 4 | 100 | 12 | ||||||||
9 care homes | Extension of 9 | United | 18/09/2019 | - | 12 | 7% | 2020 | NNN leases | Burlington | |
sites | Kingdom | Care | ||||||||
MMCG | ||||||||||
Hazel End Care home | Acquisition | Bishop's | 19/12/2019 | 15 | - | 6% | - | 35 yrs - NNN | Halcyon Care | |
Stortford | Homes | |||||||||
The Grange | Acquisition | Southall | 13/01/2020 | 71 | - | 6% | - | 30 yrs - NNN | Bondcare | |
Deepdene | Dorking | Maria Mallaband | ||||||||
Princess Lodge | Swindon | Maria Mallaband | ||||||||
The Hawthorns | Southampton | Bondcare | ||||||||
Minster Grange | York | Maria Mallaband | ||||||||
Marham House | Acquisition | Bury St | 6/03/2020 | 14 | - | 6% | - | 35 yrs - NNN | Halcyon Care | |
Edmunds | Homes | |||||||||
Finland | - | 39 | ||||||||
4 projects | Development | Finland | Q2 2020 | - | 39 | 6.5% | In the next 2 | NN leases | Multiple tenants | |
years | ||||||||||
Total | 294 | 233 | ||||||||
- The amounts in this column include the contractual value of the plots of land and the existing buildings. These investments generate rental income (sites under construction also generate limited rental income (except in Finland and Sweden), in particular for the plots of land that have already been acquired).
- The amounts in this column are the budgets for development projects that Aedifica will finance or acquisitions of which the conditions precedent will be fulfilled in the course of the coming months. The development projects are listed in the pipeline of projects and renovations (see section 1.2 of the property report on page 37).
- Specht Gruppe phase III.
- Amounts in £ were converted into € based on the exchange rate of the transaction date.
- These acquisitions have already been announced during the 2018/2019 financial year.
- Korian group.
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- Completions in each of Aedifica's six markets
Over the course of the first twelve months, 18 development projects in the pipeline were delivered upon completion of the works. In addition, 4 acquisitions were completed following the fulfilment of suspensive conditions. The total budget of all projects and acquisitions in the pipeline completed since 1 July 2019 amounts to approx. €116 million. The sites are listed in the table below.
Name | Type | Location | Date | Investment | Pipeline | Gross | Completion | Lease | Operator |
(€ million) 1 | (€ million) 2 | rental | |||||||
yield | |||||||||
(approx. %) | |||||||||
Belgium | 3 | - | |||||||
't Hoge III | Extension | Kortrijk | 28/11/2019 | 2 | - | 6% | - | 27 yrs - NNN | Senior Living Group 4 |
Plantijn III | Renovation | Kapellen | 17/12/2019 | 1 | - | 6% | - | 27 yrs - NNN | Armonea 5 |
Germany | 64 | 16 | |||||||
Seniorenquartier Schwerin | Development | Schwerin | 15/08/2019 | 11 | - | 5.5% | - | 30 yrs - NN | EMVIA Living |
Seniorenzentrum Weimar | Acquisition | Weimar | 1/10/2019 | 16 | - | 6% | - | 25 yrs - NN | Azurit Rohr |
BAVARIA Senioren- und | Acquisition & | Sulzbach- | 1/01/2020 | 5 | 1 | 6% | In the next | 30 yrs - NN | Auriscare |
Pflegeheim | renovation | Rosenberg | 4 years | ||||||
Seniorenquartier Kaltenkirchen | Development | Kaltenkirchen | 16/01/2020 | 15 | - | 5.5% | - | 30 yrs - NN | EMVIA Living |
Wohnstif am Weinberg | Acquisition & | Kassel | 18/01/2020 | 10 | 10 | 5.5% | In the next | 30 yrs - NN | Cosiq |
renovation | 3 years | ||||||||
Am Parnassturm 3 | Acquisition & | Plön | 14/02/2020 | 7 | 5 | >5% | 2024 | WAULT 23 yrs | Vitanas |
Am Marktplatz 3 | renovation | Wankendorf | - NN | ||||||
Netherlands | 24 | - | |||||||
Sorghuys Tilburg | Development | Berkel- | 20/02/2020 | 3 | - | 6% | - | 25 yrs - NNN | Senior Living 4 |
Enschot | |||||||||
Het Gouden Hart Harderwijk | Development | Harderwijk | 31/03/2020 | 7 | - | 5.5% | - | 25 yrs - NNN | Het Gouden Hart 4 |
De Statenhof | Extension & | Leiden | 1/06/2020 | 2 | - | 5.5% | - | WAULT 23 yrs | Senior Living 4 |
renovation | - NNN | ||||||||
Villa Berkum | Development | Zwolle | 30/06/2020 | 5 | - | 6% | - | 25 yrs - NNN | Senior Living 4 |
De Merenhoef 6 | Renovation | Maarssen | 30/06/2020 | 7 | - | 7% | - | WAULT 13 yrs | Stichting Leger des |
- NN | Heils Welzijns- en | ||||||||
Gezondheidszorg | |||||||||
United Kingdom 7 | 4 | - | |||||||
Cowdray Club | Renovation | Aberdeen | 23/08/2019 | 3 | - | 7% | - | 25 yrs - NNN | Renaissance |
MMCG projects | Renovation of | United | 31/12/2019 | 1 | - | 7.5% | - | WAULT 23 yrs | Maria Mallaband Care |
9 sites | Kingdom | - NNN | Group | ||||||
Finland | 17 | - | |||||||
Koy Pieksämäen Ruustinnantie | Development | Pieksämäki | 17/01/2020 | 2 | - | 6.5% | - | 20 yrs - NN | Attendo |
Koy Kuopion Portti A2 | Development | Kuopio | 1/02/2020 | 10 | - | 5.5% | - | 20 yrs - NN | Attendo |
Koy Riihimäen Jyrätie | Development | Riihimäki | 3/02/2020 | 2 | - | 6.5% | - | 15 yrs - NN | Mehiläinen |
Koy Lahden keva makarantie | Development | Lahti | 1/03/2020 | 2 | - | 6.5% | - | 19 yrs - NN | KVPS |
Sweden 7 | 4 | - | |||||||
Gråmunkehöga LSS Boende | Development | Uppsala | 31/03/2020 | 2 | - | 6.5% | - | 16 yrs - NN | Team Olivia |
Heby LSS Boende | Development | Heby | 14/04/2020 | 2 | - | 7% | - | 21 yrs - NN | Alternatus |
Total | 116 | 16 | |||||||
- For completed development projects, the amounts in this column only include the works that were carried out (without the contractual value of the plot of land) with the exception of Koy Riihimäen Jyrätie and Gråmunkehöga LSS Boende (their investment values in the table above also include the contractual values of the plots of land). For acquisitions of which the usual conditions have been fulfilled, this amount includes the contractual value of the plots of land and the buildings located thereon.
- The amounts in this column are the budgets for development projects that Aedifica will finance. The development projects are listed in the pipeline of projects and renovations (see section 1.2 of the property report on page 37).
- These sites are part of the Vitanas portfolio, of which the 5 other sites have already been acquired on 18 December 2019.
- Korian group.
- Colisée group.
- The investment amount is the total budget for the renovation, of which the last phase was completed on 30 June 2020 for an amount of €1 million.
- Amounts in £ and SEK were converted into € based on the exchange rate of the transaction date.
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3.2. Investments and completions after 30 June 2020
- Investments in Belgium, Germany, the Netherlands, the United Kingdom and Finland
After 30 June 2020, Aedifica carried out or announced investments in eight healthcare properties in Belgium, Germany, the Netherlands, the United Kingdom and Finland.
Name | Type | Location | Date | Investment | Pipeline | Gross | Completion | Lease | Operator |
(€ million) 1 | (€ million) 2 | rental | |||||||
yield | |||||||||
(approx. %) | |||||||||
Belgium | 39 | - | |||||||
Klein Veldekens | Acquisition | Geel | 9/07/2020 | 39 | - | 4.5% | - | 30 yrs - NNN | Astor |
Germany | - | 9 | |||||||
SARA Seniorenresidenz | Forward | Bitterfeld- | 28/08/2020 | - | 9 | 5.5% | Q1 2021 | WAULT 28 yrs - | SARA |
Haus III | purchase | Wolfen | NNN | ||||||
Netherlands | 3 | 9 | |||||||
Het Gouden Hart | Acquisition & | Lelystad | 17/07/2020 | 3 | 9 | 5.5% | - | 20 yrs - NNN | Senior Living 4 |
Lelystad | development | ||||||||
United Kingdom 3 | 18 | 14 | |||||||
Priesty Fields Care Home | Forward | Congleton | 24/07/2020 | - | 14 | 6% | Q1 2021 | 30 yrs - NNN | Handsale |
purchase | |||||||||
Richmond Manor | Acquisition | Ampthill | 13/08/2020 | 18 | - | 5.5% | - | 25 yrs - NNN | Hamberley |
Care Homes | |||||||||
Finland | 2 | 10 | |||||||
2 projects | Development | Finland | 07/2020 | - | 10 | 6.5% | 2021 | NN leases | Multiple |
tenantss | |||||||||
Jyväskylä Sulkulantie | Acquisition | Jyväskylä | 31/07/2020 | 2 | - | 6.5% | - | 15 yrs - NN | Vetrea |
Total | 62 | 42 | |||||||
- The amounts in this column include the contractual value of the plots of land and the existing buildings. These investments generate rental income (sites under construction also generate limited rental income (except in Finland and Sweden), in particular for the plots of land that have already been acquired).
- The amounts in this column are the budgets for development projects that Aedifica will finance. The development projects are listed in the pipeline of projects and renovations (see section 1.2 of the property report on page 37).
- Amounts in £ were converted into € based on the exchange rate of the transaction date.
- Korian group.
- Completions in Germany, Finland and Sweden
After 30 June 2020, Aedifica completed one development project in Germany, eleven development projects in Finland and one development project in Sweden.
Name | Type | Location | Date | Investment | Gross | Lease | Operator |
(€ million) | rental | ||||||
yield | |||||||
(approx. %) | |||||||
Germany | 10 | ||||||
Seniorenquartier Beverstedt | Development | Beverstedt | 15/07/2020 | 10 | 5.5% | 30 yrs - NN | EMVIA Living |
Finland | 39 | ||||||
Koy Vaasan Uusmetsäntie | Development | Vaasa | 07/2020 | 5 | 9% | 15 yrs - NN | Kunta |
Koy Tuusulan Isokarhunkierto, hoiva | Development | Tuusula | 07/2020 | 6 | 6.5% | 20 yrs - NN | Norlandia |
Koy Tuusulan Isokarhunkierto, | Development | Tuusula | 07/2020 | 2 | 6% | 15 yrs - NN | Norlandia |
päiväkoti | |||||||
Koy Rovaniemen Santamäentie | Development | Rovaniemi | 07/2020 | 4 | 8.5% | 20 yrs - NN | Kunta |
Koy Rovaniemen Gardininkuja | Development | Rovaniemi | 07/2020 | 2 | 8% | 15 yrs - NN | Pilke |
Koy Kontiolahden | Development | Lehmo | 07/2020 | 2 | 7.5% | 15 yrs - NN | Pilke |
Päiväperhosenkatu | |||||||
Koy Lahden Kurenniityntie | Development | Villahde | 07/2020 | 2 | 8.5% | 15 yrs - NN | Peikometsä |
Koy Ulvilan Kulmalantie | Development | Ulvila | 07/2020 | 3 | 6.5% | 15 yrs - NN | Hoivahotellit |
Koy Iisalmen Satamakatu | Development | Lisalmi | 08/2020 | 7 | 6% | 15 yrs - NN | Vetrea |
Kangasalan Hilmanhovi, laajennus | Development | Kangsala | 08/2020 | 1 | 7.5% | 15 yrs - NN | Ikifit |
Koy Järvenpään Yliopettajankatu | Development | Järvenpää | 08/2020 | 5 | 6% | 25 yrs - NN | Kristillinen Koulu |
Sweden 1 | 5 | ||||||
Eskilstuna Mesta | Development | Eskilstuna | 08/2020 | 5 | 7% | 15 yrs - NN | British Mini |
Total | 54 | ||||||
1 Amounts in SEK were converted into € based on the exchange rate of the transaction date.
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3.3. Disposals
During the first twelve months of the financial year, five sites were divested in order to optimise the real estate portfolio.
Name | Locations | Country | Date | Selling |
price | ||||
(€ million) 1 | ||||
De Statenhof Hoogbouw | Leiden | Netherlands | 13/12/2019 | 6.5 |
Koy Uudenkaupungin Merimetsopolku A | Uusikaupunki | Finland | 31/03/2020 | 1 |
HGH Driebergen | Driebergen | Netherlands | 23/04/2020 | 1 |
Prinsenhof | Koersel | Belgium | 29/04/2020 | 8 |
Delves Court | Walsall | United Kingdom | 13/05//2020 | 3 |
Total | 19.5 | |||
1 Amounts in £ were converted into € based on the exchange rate of the transaction date.
3.4. Management of financial resources
During the first twelve months of the current financial year ending 31 December 2020, Aedifica has strengthened its financial resources. The Group did this by, amongst other things, concluding new long- term bank financing with due dates between 2024 and 2026 for a total amount of €190 million. The European Investment Bank also granted an additional investment loan of €20 million to Hoivatilat Oyj that runs until 2035. Moreover, Aedifica has completed a private placement of €40 million with a maturity of 10 years at a fixed interest rate of 1.466% as part of the treasury notes programme. In doing so, Aedifica emphasises the desire to further diversify its sources of financing. The available liquidity after deduction of the short-term treasury notes is €262 million as of 30 June 2020.
After closing date, a second private placement of €12 million with a maturity of 10 years and a fixed interest rate of 1.85% was completed and a new bank financing of €50 million maturing in 2025 was concluded.
The bridge facility concluded to finance the acquisition of the shares in Hoivatilat Oyj (see section 3.1 above) and to refinance the GBP bridge facility3 (which was due to expire during the current financial year) was extended until October 2021. The capital raised from the capital increase of April 2020 (see section 3.4.2 below) was used to repay €203 million of the bridge facility.
Taking these elements into account, the maturity dates of Aedifica's financial debts as of 30 June 2020 are as follows:
Financial debt | Lines | Utilisation | of which |
(in € million) 1 | treasury | ||
notes | |||
31/12/2020 | 240 | 240 | 230 |
31/12/2021 | 435 | 410 | 4 |
31/12/2022 | 121 | 51 | - |
31/12/2023 | 285 | 152 | - |
31/12/2024 | 268 | 225 | - |
31/12/2025 | 506 | 352 | - |
>31/12/2025 | 367 | 295 | 55 |
Total as of 30 June 2020 | 2,223 | 1,726 | 289 |
Weighted average maturity (in years) 2 | 4.6 | 4.7 |
- Amounts in £ were converted into € based on the exchange rate of 30 June 2020 (1.096 £/€).
- Without regard to short-term treasury notes and the bridge facility.
- This bridge facility in pound sterling was concluded to finance the acquisition of the healthcare real estate portfolio in the United Kingdom that was completed at the end of January 2019.
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Without regard to short-term financing (short-term treasury notes and bridge facility), the weighted average maturity of the financial debts as of 30 June 2020 is 4.7 years.
3.4.1. Sustainable Finance Framework
In order to strengthen Aedifica's commitment to achieving the objectives of its ESG action plan4, Aedifia has developed a Sustainable Finance Framework on which a Secondary Party Opinion has been obtained from Vigeo. The proceeds from the financial instruments that will be issued under this framework will be used exclusively for the financing/refinancing of sustainable buildings, projects concerning energy efficiency and projects of a social nature. To be eligible for this type of financing, the buildings or projects must meet the sustainability criteria described in the Sustainable Finance Framework. These criteria are aligned with the United Nations Sustainable Development Goals (SDGs). The Sustainable Finance Framework and Secondary Party Opinion are available on Aedifica's website.
The funds from the above-mentioned private placement of €40 million were used to refinance sustainable buildings.
3.4.2. Capital increase of €207 million
On 22 April 2020, Aedifica successfully launched a capital increase in cash within the authorised capital via a private placement by way of an accelerated bookbuilding with international institutional investors (an 'ABB') in a gross amount of €207 million. On 28 April 2020, the Company issued 2,460,115 new shares at an issue price of €84 per share, i.e. €206,649,660 (including share premium). The new shares were immediately admitted to trading and are entitled to a pro rata temporis dividend for the current financial year from 28 April 2020 to 31 December 2020 (coupon no. 24). Within the framework of this transaction, coupon no. 23, representing the right to the pro rata temporis dividend for the current financial year for the period from 1 July 2019 to 27 April 2020 inclusive, was detached on 23 April 2020 after the closing of the markets.
Following this transaction, the total number of Aedifica shares amounts to 27,061,273 and the share capital amounts to €714,087,021.34.
3.4.3. Contribution in kind of €39 million
On 9 July 2020, the acquisition of the Klein Veldekens care campus in Geel was carried out via the contribution in kind of the buildings and the plot of land in Aedifica NV/SA. The contractual value amounted to approx. €39 million. As consideration for the contribution, 435,596 new Aedifica shares were issued following a capital increase by the Board of Directors within the framework of the authorised capital. The new shares have been listed since 10 July 2020 and are entitled to a pro rata temporis dividend for the current financial year from 28 April 2020 to 31 December 2020 (coupon no. 24).
Following this transaction, the total number of Aedifica shares amounts to 27,496,869 and the share capital amounts to €725,581,434.42.
4 See Aedifica's 2019 Sustainability Report on page 12-13.
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3.5. Other events
- Aedifica strengthens its teams in the Netherlands and Germany with a country manager
In order to sustain its growth in the Dutch and German markets, Aedifica strengthened its teams in both countries with country managers. In this role, Eric Scheijgrond supervises the management of the portfolio and the Group's growth in the Dutch market since 1 September 2019. In Germany, Heinz Beekmann supervises the management of the portfolio and the Group's since the end of March 2020. He also takes charge of the existing German team. Both country managers have extensive experience in the healthcare and real estate sector.
- Aedifica included in the Stoxx Europe 600 Index
Since 23 September 2019, Aedifica is included in the Stoxx Europe 600 Index. Aedifica's inclusion in this index anchors the Group once again as a market reference in listed European healthcare real estate.
- Aedifica starts trading on Euronext Amsterdam
On 7 November 2019, the Aedifica share started trading on Euronext Amsterdam via a secondary listing. Through this secondary listing, Aedifica aims to further increase its visibility in the Netherlands as pure- play investor in European healthcare real estate. The listing will also provide Dutch investors with direct access to the Company's capital, giving Aedifica the opportunity to further expand and diversify its shareholder base. Aedifica has not issued any new shares as part of the secondary listing and will retain its primary listing on Euronext Brussels. Aedifica's shares are collected and administered in the central order book of the Euronext group.
- Korian takes over the operation of 11 Dutch Aedifica sites
In early February 2020, the Korian group announced that it would take over the operation of 11 Aedifica sites in the Netherlands from Het Gouden Hart and Ontzorgd Wonen Groep. It concerns 2 existing sites and 1 project that are operated by Het Gouden Hart5, and 5 existing sites and 3 projects that are operated by Ontzorgd Wonen Groep6. Taking into account this acquisition, Korian's share in the Aedifica portfolio would amount to 14% as of 30 June 2020.
- Aedifica included in the BEL 20
Since 23 March 2020, Aedifica is included in the BEL 20, the leading share index of Euronext Brussels. The BEL 20 index comprises the Belgian companies listed on Euronext Brussels recording the largest free-float market capitalisation, of which the share is sufficiently liquid and of which at least 15% of the staff is employed in Belgium. The inclusion in the BEL 20 is a reward for the international growth achieved by Aedifica in recent years and confirms the market's confidence in the Group.
- Existing sites: HGH Kampen and HGH Leersum; project: HGH Harderwijk.
- Existing sites: De Statenhof, Kening State, Residentie Boldershof, Zorghuis Smakt and Zorgresidence Mariëndaal; projects: Sorghuys Tilburg, Villa Casimir and Vinea Domini.
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- Transfer of UK care home businesses with Four Seasons to new tenants
The Aedifica UK portfolio holds 8 care homes that were operated by operating entities within the Four Seasons Group. As mentioned before in the media, Four Seasons Group has failed to pay rent as a consequence of continued liquidity issues. In order to protect the value, the trading, the employees' jobs and the residents' continuity of care at these care homes, Aedifica decided to transfer the 8 care home businesses to other, established care home providers that already operate homes in the Aedifica UK portfolio. Burlington Care took over 3 homes, Bondcare 3 homes, Renaissance 1 home and Harbour Healthcare 1 home. The last business transfer was completed in July 2020, which means that Four Seasons no longer presents a risk to the Group at the date of publication.
- Transfer of 6 Touhula children day-care centre businesses in Finland to new tenants
Finnish children day-care centre operator Touhula announced in a press release on 14 May that it was initiating debt restructuring proceedings. Touhula operates over 180 children day-care centres in Finland (approx. 10,000 children, approx. 2,500 employees), of which 40 sites in the Hoivatilat portfolio. The operator accounts for approx. 3% of the annual contractual rents of the Aedifica group. Touhula's management recently stated that the main shareholders and financiers have provided liquidity support for the company and that 43 children day-care centres have been closed, including 6 buildings in the Aedifica portfolio7. New, high-quality tenants were found for these 6 day-care centres. The transfer of the day-care centre businesses will be completed in the coming weeks.
- Aedifica launches its new website
Thanks to the ambitious way in which the Group has grown in recent years, interest in Aedifica's success story continues to grow year after year. In order to tell this story to an increasingly international audience in a clear manner, Aedifica launched a new websiteon 31 August.
For the new website, however, Aedifica has gone beyond designing a fresh new look. The goal was to design a platform where all information is organised in a more intuitive way, allowing the Group to communicate its story in a visual and transparent manner and to put a spotlight on activities that have not enjoyed a great deal of attention in the past.
For example, on the new website shareholders will now be kept informed of all of Aedifica's initiatives concerning corporate sustainability and social responsibility. The latest news about our activities in the six countries in which the Group operates will be published in the news section. In addition, the key figures of the real estate portfolio in these six countries can be easily consulted via an interactive map.
7 This concerns Hämeenlinnan Vanha Alikartanontie in Hämeenlinna, Jyväskylän Mannisenmäentie in Jyväskylä, Raahen Palokunnanhovi in Raahe, Raahen Vihastenkarinkatu in Raahe, Uudenkaupungin Merimetsopolku B in Uusikaupunki and Laihian Jarrumiehentie in Laihia.
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4. Portfolio as of 30 June 2020
During the first twelve months of the current financial year, Aedifica increased its portfolio of marketable investment properties8 by approx. €1,045 million, from a fair value of €2,321 million to €3,366 million. This value of €3,366 million includes the marketable investment properties9 (€3,193 million) and the development projects (€173 million).The 41% increase in marketable investment properties comes mainly from net acquisitions during the first twelve months of the financial year (see section 3.1 above), completion of development projects (see section 3.1 above) and changes in the fair value of marketable investment properties recognised in income (+24.4 million, or +1.1% over the first twelve months). The fair value of marketable investment properties, as assessed by independent valuation experts, is broken down as follows:
- Belgium: +€21.0 million (+0.9%);
- Germany: +€11.8 million (+0.5%);
- Netherlands: +€4.0 million (+0.2%);
- United Kingdom: -€2.3 million (-0.1%);
- Finland: -€10.1 million (-0.4%);
- Sweden: -
The decrease in fair value of the Finnish portfolio is due to a cautious attitude of the real estate expert for the valuation of the children day-care centres that had to cope with lower occupancy rates during the lockdown (see section I.1. on Covid-19).
As of 30 June 2020, Aedifica's portfolio has 454 marketable investment properties (including assets classified as held for sale*), with a total capacity for almost 32,000 residents and a total surface area of approx. 1,570,000 m2.
>0% | |
Belgium | 15% |
Germany | 33% |
Netherlands | |
United Kingdom | 19% |
Finland
Sweden
14%19%
4% | |
Elderly care homes | |
7% | |
Senior housing | |
15% | |
Mixed-use healthcare | |
buildings | |
6% | Children day-care |
67% | |
centres | |
Other |
Geographical breakdown | Breakdown by facility type |
(in terms of fair value) | (in terms of fair value) |
The overall occupancy rate10 of the total portfolio reached 100% as of 30 June 2020.
The weighted average unexpired lease term (WAULT) for all buildings in the Company's portfolio is 20 years.
- Including assets classified as held for sale*.
- Including assets classified as held for sale* and a right of use of €38 million related to plots of land held by Hoivatilat in 'leasehold' in accordance with IFRS 16.
- Rate calculated according to the EPRA methodology.
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5. Gross yield by country
The table below presents the portfolio's gross yield by country, compared to the fair value of the marketable investment properties. As the portfolio's gross yield was communicated by segment of activity until last year, a table is included below in which the gross yield is presented in accordance with the previous method, so that the gross yields can be compared in a historical way.
In general, the gross yield amounts to 5.8%.
30/06/2020
(x1.000€) | Belgium | Germany | Netherlands | United | Finlande | Sweden | Marketable | Development | Right of use | Investment |
Kingdom | °°°° | investment | projects | of plots of | properties | |||||
°°°° | properties | land | °°° | |||||||
°°° | ||||||||||
Fair value | 1,046,090 | 590,449 | 426,420 | 610,408 | 477,410 | 4,440 | 3,155,217 | 172,565 | 38,151 | 3,365,933 |
Annual | 56,820 | 34,330 | 24,552 | 41,400 | 26,885 | 257 | 184,243 | - | - | - |
contractual | ||||||||||
rents | ||||||||||
Gross yield | 5.4% | 5.8% | 5.8% | 6.8% | 5.6% | 5.8% | 5.8% | - | - | - |
(%) °° |
30/06/2020
(x €1,000) | Healthcare real estate | Apartment buildings | Hotels | Marketable | Development | Right of use | Investment | |
investment | projects | of plots of | properties | |||||
properties | land | °°° | ||||||
°°° | ||||||||
Fair value | 3,155,217 | - | - | 3,155,217 | 172,565 | 38,151 | 3,365,933 | |
Annual | 184,243 | - | ° | - | 184,243 | - | - | - |
contractual | ||||||||
rents | ||||||||
Gross yield | 5.8% | - | - | 5.8% | - | - | - | |
(%) °° |
30/06/2019
(x €1,000) | Healthcare real estate | Apartment buildings | Hotels | Marketable | Development | Right of use | Investment | |
investment | projects | of plots of | properties | |||||
properties | land | °°° | ||||||
°°° | ||||||||
Fair value | 2,269,744 | - | - | 2,269,744 | 51,205 | - | 2,320,949 | |
Annual | 133,739 | - | ° | - | 133,739 | - | - | - |
contractual | ||||||||
rents | ||||||||
Gross yield | 5.9% | - | - | 5.9% | - | - | - | |
(%) °° |
° The amounts related to the furnished apartments correspond to the annualised rental income excl. VAT.
- Based on the fair value (re-assessed every three months). For healthcare real estate, the gross yield and the net yield are generally equal ('triple net' contracts), with the operating charges, the maintenance costs and the rents on empty spaces related to the operations generally being supported by the operator in Belgium, the United Kingdom and (often) the Netherlands. In Germany (and the Netherlands, in some cases), the net yield is generally lower than the gross yield, with certain charges remaining at the responsibility of the owner, such as the repair and maintenance of the roof, structure and facades of the building ('double net' contacts).
°°° Including assets classified as held for sale*.
°°°° Amounts in £ and SEK were converted into € based on the exchange rate of 30 June 2020 (1.096 £/€ and 10.4948 SEK/€).
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6. Analysis of the consolidated accounts
The Condensed Consolidated Financial Statements, prepared in accordance with IAS 34, are presented on page 53 of this interim financial report. In the following sections of the Interim Management Report, the financial statements are presented and analysed in an analytical form, aligned with the Aedifica's internal reporting.
6.1. Consolidated results11
Consolidated income statement - analytical format | 30/06/2020 | 30/06/2019 | |
(x €1,000) | |||
Rental income | 163,413 | 118,413 | |
Rental-related charges | -2,698 | -41 | |
Net rental income | 160,715 | 118,372 | |
Operating charges* | -28,295 | -21,230 | |
Operating result before result on portfolio | 132,420 | 97,142 | |
EBIT margin* (%) | 82% | 82% | |
Financial result excl. changes in fair value* | -24,122 | -20,168 | |
Corporate tax | -9,097 | -4,498 | |
Share in the profit or loss of associates and joint ventures accounted for using the equity | 1,148 | 282 | |
method in respect of EPRA Earnings* | |||
Non-controlling interests in respect of EPRA Earnings* | -244 | -613 | |
EPRA Earnings* (owners of the parent) | 100,105 | 72,145 | |
Denominator (IAS 33) | 25,031,317 | 19,274,471 | |
EPRA Earnings* (owners of the parent) per share (€/share) | 4.00 | 3.74 | |
EPRA Earnings* | 100,105 | 72,145 | |
Changes in fair value of financial assets and liabilities | -2,243 | -7,304 | |
Changes in fair value of investment properties | 15,423 | 63,317 | |
Gains and losses on disposals of investment properties | 1,160 | 7,321 | |
Negative goodwill / goodwill impairment | 0 | 0 | |
Deferred taxes in respect of EPRA adjustments | -11,135 | -6,216 | |
Share in the profit or loss of associates and joint ventures accounted for using the equity | 1,348 | 853 | |
method in respect of EPRA adjustments | |||
Non-controlling interests in respect of EPRA adjustments | 204 | -6,618 | |
Roundings | 0 | -1 | |
Profit (owners of the parent) | 104,862 | 123,497 | |
Denominator (IAS 33) | 25,031,317 | 19,274,471 | |
Earnings per share (owners of the parent - IAS 33 - €/share) | 4.19 | 6.41 |
The consolidated turnover (consolidated rental income) for the first twelve months of the 2019/2020 financial year amounts to €163.4 million, an increase of 38% as compared to the same period of the previous financial year.
11 The consolidated income statement covers the 12-month period from 1 July 2019 to 30 June 2020. Acquisitions are accounted for on the date of the effective transfer of control. Therefore, these operations present different impacts on the income statement, depending on whether they took place at the beginning, during, or at the end of the period.
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Aedifica's consolidated rental income by country is presented in the following table:
Consolidated | Q1 | Q2 | Q3 | Q4 | 30/06/2020 | 30/06/2019 | Var. (%) on | Var. (%) |
rental income | a like-for- | |||||||
(x €1,000) | like basis* | |||||||
Belgium | 14,194 | 14,260 | 14,310 | 14,235 | 56,999 | 66,207 | +1.5% | -13.9% |
Germany | 6,497 | 7,052 | 8,567 | 8,913 | 31,029 | 21,320 | +1.7% | +45.5% |
Netherlands | 5,227 | 5,683 | 5,770 | 5,964 | 22,644 | 15,798 | +2.1% | +43.3% |
United Kingdom | 9,204 | 9,853 | 10,672 | 10,457 | 40,186 | 15,087 | +1.2% ° | +166.4% |
Finland | - | - | 5,893 | 6,615 | 12,508 | - | - | - |
Sweden | - | - | - | 47 | 47 | - | - | - |
Total | 35,122 | 36,848 | 45,212 | 46,231 | 163,413 | 118,413 | +1.6% | +38.0% |
- When calculating the variation on a like-for-like basis* in the United Kingdom, the buildings previously operated by the Four Seasons group were not taken into account.
The increase in consolidated rental income demonstrates the relevance of Aedifica's investment strategy and can be explained by the large number of sites that Aedifica has added to its portfolio over the past year, through the completion of new acquisitions and the delivery of development projects from the pipeline.
The decrease of rental income in Belgium is explained by the divestment of the non-strategic parts of the portfolio (apartment buildings and hotels), which was completed at the end of the previous financial year. As all these non-strategic buildings are located in Belgium, their divestment only has an impact on Belgian rental income. On a like-for-like basis*, however, Belgian rental income has increased (+1.5%).
After deduction of the rental-relatedcharges (€2.7 million), in particular a depreciation for doubtful debts for Four Seasons for the period from 1 October 2019 until the transfer of the buildings to the new tenants in April 2020, the net rental income amounts to €160.7 million, an increase of 36% compared to the same period of the previous financial year.
The property result amounts to €160.7 million (30 June 2019: €117.6 million). This result, less other
direct costs, leads to a property operating result of €155.3 million (30 June 2019: €111.9 million). This
implies an operating margin* of 96.6% (30 June 2019: 94.6%).
After deducting overheads of €22.6 million (30 June 2019: €14,7 million) and taking into account other operating income and charges, the operating result before result on the portfolio has increased by 36% to reach €132.4 million (30 June 2019: €97.1 million). This implies an EBIT margin* of 82% (30 June 2019: 82%).
The share of each segment in the operating result before result on the portfolio (segment result according to IFRS 8) is detailed in Note 3 of the Condensed Consolidated Financial Statements.
Taking into account the cash flows generated by hedging instruments, Aedifica's net interest charges amount to €20.8 million (30 June 2019: €17.2 million). The average effective interest rate* including commitment fees is 1.6%, lower than during the same period of the previous financial year (1.7%). Taking into account other income and charges of a financial nature, and excluding the net impact of the revaluation of hedging instruments to their fair value (non-cash movements accounted for in accordance with IAS 39 are not included in the EPRA Earnings* as explained below), the financial result excl. changes in fair value* represents a net charge of €24.1 million (30 June 2019: €20.2 million).
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Corporate taxes are composed of current taxes, deferred taxes and exit tax. In conformity with the special tax system of RRECs, the taxes due (30 June 2020: €9.1 million; 30 June 2019: €4.5 million) consist primarily of tax on the result of consolidated subsidiaries, tax on profits generated abroad by Aedifica and Belgian tax on Aedifica's non-deductible expenditures. In the Dutch subsidiary (Aedifica Nederland BV), for the sake of caution it was decided to opt for a common law tax burden in the result, notwithstanding the fact that the subsidiary still has a claim to the application of the fiscally transparent regime of a 'Fiscale Beleggingsinstelling ('Tax Investment Institution'). Deferred taxes are described below.
The share in the result of associates and joint ventures includes the result of the participation in Immobe NV, which has been consolidated since 31 March 2019 using the equity method.
EPRA Earnings* (see Note 15.7.1) reached €100.1 million for the first twelve months of the current financial year (30 June 2019: €72.1 million), or €4.00 per share, based on the weighted average number of shares outstanding (30 June 2019: €3.74 per share).
The income statement also includes elements with no monetary impact (that is to say, non-cash) that vary as a function of external market parameters. These consist amongst others of changes in the fair value of investment properties (accounted for in accordance with IAS 40), changes in the fair value of financial assets and liabilities (accounted for in accordance with IAS 39), other results on portfolio, exit tax and deferred taxes (arising from IAS 40):
- Over the first twelve months of the financial year, changes in the fair value of marketable
investment properties12 taken into income amounted to +1.1%, or +€24.4 million (30 June 2019: +3.4% or +€76.4 million). A change in fair value of -€9.0 million was recorded on development projects (30 June 2019: -€13.1 million). The combined change in fair value for marketable investment properties and development projects represents an increase of €15.4 million for the period (30 June 2019: €63.3 million).
- In order to limit the interest rate risk stemming from the financing of its investments, Aedifica has put in place long-term hedges13 which allow for the conversion of variable-rate debt to fixed- rate debt, or to capped-rate debt. On 30 June 2020, 68% of the drawings in euros on these variable-rate credit facilities were covered by hedging instruments (swaps and caps). In addition, forward contracts were signed during the financial year to hedge the exchange rate risk of the portfolio in the United Kingdom. These financial instruments are detailed in Note 7 of the attached Condensed Consolidated Financial Statements. Moreover, the financial instruments also reflect put options granted to certain minority shareholders which are the subject of appraisal at fair value. Changes in the fair value of financial assets and liabilities taken into the income statement as of 30 June 2020 represent a charge of €2.3 million (30 June 2019: charge of €7.3 million).
- Capital gains on disposals (€1.2 million; 30 June 2019: €7.3 million) are also taken into account here.
- That change corresponds to the sum of the positive and negative variations of the fair value of the buildings as of 30 June 2019 or the time of entry of new buildings in the portfolio, and the fair value estimated by the valuation experts as of 30 June 2020.
- Long term hedges permit a reduction in the interest rate risk on investment financing that generates revenues over the long term, such as long leases. The weighted average unexpired lease term of the leases is 20 years.
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- Deferred taxes (charge of €11.1 million as of 30 June 2020 as compared to the charge of €5.6 million on 30 June 2019) arose from the recognition at fair value of buildings located abroad, in conformity with IAS 40. These deferred taxes (with no monetary impact, that is to say, non-cash) are excluded from the EPRA Earnings*.
- Exit tax (charge of €0.1 million as of 30 June 2020, compared to a charge of €0.6 million as of 30 June 2019) corresponds to the variation between the estimated exit tax at the moment of acquisition of companies and the estimated exit tax at their anticipated merger dates.
Taking into account the non-monetary elements described above, the profit (owners of the parent) amounts to €104.9 million (30 June 2019: €124 million). The basic earnings per share (as defined by IAS 33) is €4.19 (30 June 2019: €6.41).
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6.2. Consolidated balance sheet
Consolidated balance sheet | 30/06/2020 | 30/06/2019 |
(x €1,000) | ||
Investment properties including assets classified as held for sale* | 3,365,933 | 2,320,949 |
Other assets included in debt-to-assets ratio | 242,703 | 65,061 |
Other assets | 275 | 117 |
Total assets | 3,608,911 | 2,386,127 |
Equity | ||
Equity excl. changes in fair value of hedging instruments* | 1,722,623 | 1,480,082 |
Effect of the changes in fair value of hedging instruments | -54,101 | -50,533 |
Non-controlling interests | 2,561 | 103 |
Equity | 1,671,083 | 1,429,652 |
Liabilities included in debt-to-assets ratio | 1,807,867 | 888,158 |
Other liabilities | 129,961 | 68,317 |
Total equity and liabilities | 3,608,911 | 2,386,127 |
Debt-to-assets ratio (%) | 50.1% | 37.2% |
As of 30 June 2020, investment properties including assets classified as held for sale* represent 93% (30 June 2019: 97%) of the assets recognised on Aedifica's balance sheet, valued in accordance with IAS 4014 at €3,366 million (30 June 2019: €2,321 million). This heading includes:
- Marketable investment properties including assets classified as | held | for sale* |
(30 June 2020: €3,155 million; 30 June 2019: €2,270 million), increase | in the | amount of |
€885 million. The net growth in the fair value of marketable investment properties* is attributed primarily to €812 million from investment operations, to -€18 million from divestment operations, to €76 million from the completion of development projects, to -€9 million from exchange rate differences and to €24 million from the change in the fair value of marketable investment properties.
- Development projects (30 June 2020: €173 million; 30 June 2019: €51 million), consist primarily of investment properties under construction or renovation. They are part of a multi- annual investment budget (see section 1.2 of the property report).
- The right of use related to plots of land held in 'leasehold' by Hoivatilat in accordance with
IFRS 16 (30 June 2020: €38 million).
The item 'Other assets included in debt-to-assets ratio' includes, amongst other things, goodwill amounting to €160 million arising from the acquisition of Hoivatilat, which is the positive difference between the price paid for the shares of Hoivatilat Oyj and the accounting value of the acquired net assets, and holdings in associated companies and joint ventures. This includes the remaining stake of 25% in Immobe NV, which amounts to €35.1 million as of 30 June 2020 (30 June 2019: €33.9 million).
The other assets included in the debt-to-assets ratio represent 7% of the total balance sheet (30 June 2019: 3%).
14 The investment properties are represented at their fair value as determined by the valuation experts (Cushman & Wakefield Belgium NV/SA, Deloitte Consulting & Advisory CVBA/SCRL, CBRE GmbH, Jones Lang LaSalle SE, Cushman & Wakefield VOF, Savills Consultancy BV, Cushman & Wakefield Debenham Tie Leung Ltd, JLL Finland Oy and JLL Valuation AB).
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Since Aedifica's incorporation, its capital has increased as a result of various real estate activities (contributions, mergers, etc.) and the capital increases in cash in October 2010, December 2012, June 2015, March 2017, May 2019 and April 2020. As of 30 June 202015, the Company's capital amounts to €714 million (30 June 2019: €649 million). Equity (also called net assets), which represents Aedifica's intrinsic net value and takes into account the fair value of its investment portfolio, amounts to:
- €1,723 million excluding the effect of the changes in fair value of hedging instruments* (30 June 2019: €1,480 million, including the €54 million dividend distributed in October 2019);
- or €1,669 million taking into account the effect of the changes in fair value of hedging instruments (30 June 2019: €1,430 million, including the €54 million dividend distributed in October 2019).
As of 30 June 2020, liabilities included in the debt-to-assetsratio (as defined in the Royal Decree of 13 July 2014 on RRECs) reached €1,808 million (30 June 2019: €888 million). Of this amount, €1,724 million (30 June 2019: €859 million) is effectively drawn on the Company's credit lines. Aedifica's consolidated debt-to-assetsratio amounts to 50.1% (30 June 2019: 37.2%).
Since the consolidated debt-to-assets ratio exceeds 50 %, the Company updated its financial plan and specified an implementation schedule, which describes the measures taken to prevent the consolidated debt-to-assets ratio from exceeding the threshold of 65 % of total consolidated assets, in accordance with Article 24 of the Royal Decree of 13 July 2014 on Regulated Real Estate Companies. Aedifica's statutory auditor drafted a special report on the financial plan confirming that he inspected the details of the plan, most notably its design and the consistency of its economic assumptions, and that the plan's figures are consistent with the Company's accounting. The financial plan and the statutory auditor's special report are transmitted to the FSMA for information purposes.
As the maximum debt-to-assets ratio permitted for Belgian RRECs is set at 65% of total assets amounts, Aedifica currently still has a consolidated debt capacity of €538 million in constant assets (i.e., excluding growth in the real estate portfolio) and €1,536 million in variable assets (i.e., taking into account growth in the real estate portfolio). Conversely, if all other parameters remain the same, the current balance sheet structure can absorb a 25% reduction in the fair value of the properties before reaching the maximum debt-to-assets ratio. Given Aedifica's existing bank commitments, which further limit the maximum debt-to-assets ratio to 60%, the available headroom amounts to €357 million in constant assets, €893 million in variable assets, and -18% in the fair value of investment properties. In this context, Aedifica believes that the current debt-to-assets ratio is at an adequate level and provides sufficient margin to absorb possible decreases in the fair value of the investment properties.
The financial plan runs for a period of at least 3 years and is based on a detailed annual budget exercise. The financial plan is updated and submitted to the Board of Directors on a quarterly basis or in the event of significant changes in the portfolio. The plan takes into account external factors (including interest rate, inflation, exchange rate) and internal factors such as rent adjustments, the pipeline of investment projects and potential new investments that are currently not yet known. No assumptions are made regarding the change in the fair value of the real estate portfolio. The plan allows the debt-to-assets ratio to be calculated and monitored.
Taking into account the ongoing projects and renovations as of 30 June 2020 (see section 1.2 of the property report below), new potential investments in the amount of €125 million (of which €62 million
15 IFRS requires that the costs incurred to raise capital are recognised as a decrease in the capital reserves.
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was already carried out on the date of publication) and the payment of an interim dividend of €3.00 per share, the debt-to-assets ratio will increase by approximately 3.5 percentage points in the remaining months of the extended financial year. Over a period of more than 3 years, the threshold of 60% is not exceeded, let alone that of 65%, taking into account the Company's current commitments and the current vision of future market conditions.
Other liabilities of €130 million (30 June 2019: €68 million) represent primarily the fair value of hedging
instruments (30 June 2020: €53 million; 30 June 2019: €48 million) and the deferred taxes (30 June
2020: €69 million; 30 June 2019: €12 million).
6.3. Net asset value per share
The table below details the change in the net asset value per share.
Excluding the non-monetary effects (that is to say, non-cash) of the changes in fair value of hedging instruments16 and after accounting for the distribution of the 2018/2019 dividend in October 201917, the net asset value per share based on the fair value of investment properties is €63.66 as of 30 June 2020 (30 June 2019: €57.96 per share).
Net asset value per share (in €) | 30/06/2020 | 30/06/2019 | |
Net asset value after deduction of dividend 2018/2019, excl. changes in fair value of hedging | 63.66 | 57.96 | |
instruments* | |||
Effect of the changes in fair value of hedging instruments | -2.00 | -2.05 | |
Net asset value after deduction of dividend 2018/2019 | 61.66 | 55.90 | |
Number of share outstanding (excl. treasury shares) | 27,061,273 | 24,601,158 | |
Number of shares | 30/06/2020 | 30/06/2019 | |
Number of shares outstanding° | 27,061,273 | 24,601,158 | |
Total number of shares | 27,061,273 | 24,601,158 | |
Total number of shares on the stock market°°° | 27,061,273 | 24,601,158 | |
Weighted average number of shares outstanding (denominator according to IAS 33) | 25,031,317 | 19,274,471 | |
Number of dividend rights°° | 27,061,273 | 19,365,386 | |
° After deduction of the treasury shares.
-
Based on the rights to the dividend for the shares issued during the year.
°°° 2,460,115 new shares were listed on the stock market on 28 April 2020.
- The effect of the changes in fair value of hedging instruments or -€2.00 per share as of 30 June 2020 is the impact in the equity of the fair value of the hedging instruments, which is negative in the amount of €54 million, mainly booked in the liabilities on the balance sheet.
- Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €60.16 per share as of 30 June 2019 (as published in the 2018/2019 Annual Financial Report) thus included the dividend distributed in October
2019, and should now be adjusted by €2.20 per share in order to compare with the value as of 30 June 2020. This amount corresponds to the amount of the total dividend (approx. €54 million) divided by the total number of shares outstanding as of 30 June 2019 (24,601,158).
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7. Outlook
The Board of Directors continues to pay close attention to the COVID-19 pandemic and the shifting economic, financial and political context and the associated impact on the Group's activities.
In the current economic climate, Aedifica's key strengths include the following:
- Aedifica's strategic focus on healthcare real estate, of which the fundamental characteristics (ageing, market consolidation and public financing) remain intact, and its development in Europe allow the Group to adapt to market opportunities and the evolution of economic conditions. The geographical spread of the portfolio over six countries (Belgium, Germany, the Netherlands, the United Kingdom, Finland and Sweden) leads to a better risk diversification.
- Thanks to its investments in healthcare real estate, Aedifica benefits from indexed long-term rental incomes, which generate attractive net yields. The weighted average unexpired lease term on the total of its leases of 20 years provides Aedifica with a very good view of the majority of its future income streams over the long term.
- The confirmed credit lines ensure the financing of the real estate portfolio (including ongoing development projects) and the further growth of the portfolio. Drawings on these credit facilities are largely covered by hedging instruments. In addition, Aedifica has in the past repeatedly demonstrated that it has excellent access to the capital markets in order to support its growth.
- The combined pipeline of Aedifica and Hoivatilat amounts to more than €590 million, assuring the Group's future growth.
Taking into account the results as of 30 June 2020, the investments already carried out and the extension of the current financial year18 (which started on 1 July 2019) through 31 December 2020, Aedifica's Board of Directors has decided to adjust the outlook for the current financial year. Based on the projected real estate portfolio, and without unforeseen developments, rental income as of 31 Decemeber 2020 is estimated at €257 million. This results in €156 million in EPRA Earnings*. Due to the higher number of shares resulting from the capital increases of April and July 2020, the EPRA Earnings* per share are estimated at €6.05 per share. Due to the COVID-19 pandemic, more than usual caution regarding prospects remains necessary.
As a result of the extension of the current financial year, the (final) dividend for the extended financial year will be paid in May 2021 after the annual accounts have been approved by the Annual General Meeting. In anticipation of the final dividend, Aedifica's Board of Directors has decided to pay out an interim dividend to shareholders for the period from 1 July 2019 to 30 June 2020 inclusive, with payment made as from 7 October 2020. The gross interim dividend amounts to €3.00 per share (an increase of 7% compared to the dividend for financial year 2018/2019). A gross dividend of €1.60 per share is proposed for the period from 1 July 2020 to 31 December 2020 inclusive.
19 The data in this chapter are not compulsory according to the RREC regulation and are not subject to verification by public authorities. The data as of 30 June 2020 in this chapter have not been reviewed by the statutory auditor.
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8. Principal risks and uncertainties
The Board of Directors considers that the key risk factors and uncertainties summarised in pages 2 to 13 of the 2018/2019 Annual Financial Report are relevant for the remaining months of the 2019/2020 financial year.
9. Related party transactions
Related party transactions (as defined under IAS 24 and by the Belgian Companies Code) are discussed in Note 13 of the attached Condensed Consolidated Financial Statements. These transactions relate exclusively to the remuneration of the members of the Board of Directors.
Moreover, certain types of transactions are covered by Article 37 of the Act of 12 May 2014 on RREC (with the exception of cases explicitly covered by Article 38 of the same Act). Over the course of the first twelve months of the 2019/2020 financial year, no transactions covered by this Article and outside of normal business transactions were executed between Aedifica and its regular service providers.
10. Corporate governance
10.1. Appointment of new Directors
The Extraordinary General Meeting of 8 June 2020 approved, with immediate effect and for a period of three years (until the end of the Annual General Meeting of 2023) the appointment of five new directors:
- Mr. Pertti Huuskonen, as non-executive independent director;
- Mr. Sven Bogaerts, as executive director;
- Ms. Ingrid Daerden, as executive director;
- Ms. Laurence Gacoin, as executive director; and
- Mr. Charles-Antoine van Aelst, as executive director.
10.2. Renewal of terms of office
The Annual General Meeting of 22 October 2019 renewed with immediate effect and for a period of three years (until the end of the Annual General Meeting of 2022) the office of Mr. Jean Franken as non- executive independent Director.
The Extraordinary General Meeting of 8 June 2020 also renewed, with immediate effect and for a period of three years (until the end of the Annual General Meeting of 2023) the office of:
- Ms. Marleen Willekens, as non-executive independent director; and
- Mr. Luc Plasman, as non-executive independent director.
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10.3. Amendment of the financial year
The Extraordinary General Meeting of 8 June 2020 approved the proposal to extend the current financial year (that started on 1 July 2019) until 31 December 2020 and to have each subsequent financial year start on 1 January and end on 31 December.
The Annual General Meeting will from now on take place on the second Tuesday of May. Consequently, the Annual General Meeting for the current 2019/2020 financial year will be held on Tuesday 11 May 2021.
10.4. Change of governance structure
Further to the implementation of the new Belgian Code of Companies and Associations in its Articles of Association (by decision of the extraordinary general meeting of 8 June 2020), Aedifica abolished its Management Committee (as a corporate body in the meaning of article 524bis of the (former) Belgian Company Code) and opted for a one-tier governance structure.
Under this governance model, the Company has only one governance body, the board of directors, which administers the Company. Nevertheless, to ensure the operational management of the Company, the board of directors established an Executive Committee to which it delegated certain specific powers (including the daily management over the Company). The Executive Committee is composed of the Executive Directors of the Company (the former members of the Management Committee) and currently consists of five members: Stefaan Gielens (CEO), Ingrid Daerden (CFO), Laurence Gacoin (COO), Sven Bogaerts (CLO/CMA&O) and Charles-Antoine van Aelst (CIO).
10.5. Change in the management
On 27 August 2020, Aedifica announced in a press release that Ms. Laurence Gacoin will end her mandates as COO and Director of Aedifica on 31 October 2020. Ms. Gacoin started her career at Aedifica in January 2015 as Chief Operating Officer and will leave the Aedifica group to pursue a new professional opportunity in another sector. The Board of Directors thanks Ms. Gacoin for her contribution to the international growth trajectory that the Aedifica group has achieved in recent years.
The Board of Directors and Management Committee have taken the necessary transitional measures to accommodate Ms. Gacoin's departure. The Group has an experienced and dedicated Operations team, ensuring the continued smooth operations of the Group in the coming months.
Brussels, 31 August 2020.
The Board of Directors.
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II. EPRA19
The EPRA ('European Public Real Estate Association') is the voice of Europe's publicly traded real estate sector and the most widely used global benchmark for listed real estate. The Aedifica share has been included in the 'FTSE EPRA/NAREIT Developed Europe Index' since March 2013.
As of 30 June 2020, Aedifica is included in the European EPRA index with a weighting of approx. 1.2% and in the Belgian EPRA index with a weighting of approx. 19.6%.
Aedifica supports this approach to reporting standardisation, which has been designed to improve the quality and comparability of information. The Company supplies its investors with most of the information recommended by EPRA. Some of the EPRA indicators are considered to be alternative performance measures (APM). They are described in Note 15 of this interim financial report's Condensed Consolidated Financial Statements.
Key performance indicators according to the EPRA principles
30/06/2020 | 30/06/2019 | |
EPRA Earnings* (in €/share) | 4.00 | 3.74 |
EPRA Cost Ratio (including direct vacancy costs)* (in %) | 19% | 18% |
EPRA Cost Ratio (excluding direct vacancy costs)* (in %) | 19% | 18% |
30/06/2020 | 30/06/2019 | |
EPRA NAV* (in €/share) | 66.16 | 58.44 |
EPRA NNNAV* (in €/share) | 61.40 | 55.61 |
EPRA Net Initial Yield (NIY) (in %) | 5.4% | 5.5% |
EPRA Topped-up NIY (in %) | 5.6% | 5.5% |
EPRA Vacancy Rate (in %) | 0% | 0% |
The above-mentioned EPRA NAV* and EPRA NNNAV* values as of 30 June 2019 were adjusted downward by €2.20 per share in comparison to the figures published in the 2018/2019 Annual Financial Report, so that they can be compared with the values as of 30 June 2020 (see footnote 17 in section I.6.3 above). This adjustment corresponds to the 2018/2019 gross dividend paid in October 2019 (see Note 15.6).
The calculation of the EPRA NIY and the EPRA Topped-up NIY was revised compared to previous financial years. The ratios now take into account the investment value of the marketable investment properties and no longer the fair value. In comparison, the EPRA NIY and EPRA Topped-up NIY ratios based on the fair value of the marketable investment properties as of 30 June 2020 would amount to 5.7% and 5.8%.
In 2015, 2016, 2017, 2018 and 2019, Aedifica was presented with the 'EPRA BPR Gold Award' for its annual financial report five times in a row. Aedifica also won the 'EPRA sBPR Silver Award' and the 'EPRA sBPR Most Improved' for the 2018 Sustainability Report. As such, Aedifica remains at the top of the European companies assessed by EPRA.
19 The data in this chapter are not compulsory according to the RREC regulation and are not subject to verification by public authorities. The data as of 30 June 2020 in this chapter have not been reviewed by the statutory auditor.
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- Aedifica in the stock market
1. Stock price and volume
Aedifica's shares (AED) have been quoted on Euronext Brussels since October 2006. Since November 2019, Aedifica has also been trading on Euronext Amsterdam via a secondary listing.
Aedifica is registered in the BEL 20 Index with a weighting of approx. 1.9% (30 June 2020). In addition, the Aedifica share is also included in the EPRA, MSCI and Stoxx Europe 600 indices.
The Aedifica share price fluctuated between €66.80 and €136.40 over the first twelve months of the 2019/2020 financial year and closed at €97.30 as of 30 June 2020, an increase of approx. 16% compared to 30 June 2019 (€83.90).
Based on the stock price as at 30 June 2020, Aedifica shares have a premium of:
- 52.9% as compared to the net asset value per share excluding changes in the fair value of hedging instruments*;
- 57.8% as compared to the net asset value per share.
Compared to the net asset value, this premium is a vote of confidence in Aedifica's track record and reflects, amongst other things, Aedifica's pure play focus on healthcare real estate, the Group's future growth, the stable nature of the profits generated in the long term and the attractive dividend.
Between Aedifica's IPO (after deduction of the coupons which represented the preferential subscription rights or the priority allocation rights as part of the above-mentioned capital increases) and 30 June 2020, Aedifica's stock price increased by 167.5%, as compared to an decrease of 20.5% for the BEL 20 index and a decrease of 28% for the EPRA Europe index over the same period.
During the first twelve months of the financial year, the liquidity of the Aedifica share also increased. The average daily volume was approx. €5,277,000 or approximately 51,500 shares, which means that the turnover rate increased to 52.3%. Aedifica continues its efforts to broaden its investor base further by regularly participating in road shows and events for institutional and private investors alike.
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Aedifica share | 30/06/2020 | 30/06/2019 |
Share price at closing (in €) | 97.30 | 83.90 |
Net asset value per share excl. changes in fair value of hedging instruments* (in €) | 63.66 | 57.96 |
Premium (+) / Discount (-) excl. changes in fair value of hedging instruments* | 52.9% | 44.8% |
Net asset value per share (in €) | 61.66 | 55.90 |
Premium (+) / Discount (-) | 57.8% | 50.1% |
Market capitalisation | 2,633,061,863 | 2,064,037,156 |
Free float 1 | 100.00% | 100.00% |
Total number of shares listed | 27,061,273 | 24,601,158 |
Denominator for the calculation of the net asset value per share | 27,061,273 | 24,601,158 |
Average daily volume | 51,512 | 24,982 |
Average daily volume 2 | 52.3% | 32.5% |
Gross dividend per share (in €) 3 | 3.00 | 2.80 |
Gross dividend yield 4 | 3.1% | 3.3% |
- Percentage of the capital of a company held by the market, according to the definition of Euronext. See press release of 12 July 2019 and section 3 below.
- Annualised total volume of exchanged shares divided by the total number of shares listed on the market, according to the definition of Euronext.
- 2019/2020: according to section 7 of the Interim Management Report above.
- Gross dividend per share divided by the closing share price.
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2. Graphic illustrations of Aedifica's stock price
The charts below illustrate Aedifica's share price between the IPO and 30 June 2020. Aedifica's total return20 compared to indices
700 675 650 625 600 575 550 525 500 475 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25
Return | Var. (%) | |
Aedifica | 168 | 361 |
EPRA Belgium | 5,649 | 162 |
EPRA Europe | 4,251 | 24 |
Aedifica total return | Epra Belgium total return | Epra Europe total return |
Aedifica's stock price evolution compared to indices
375
350
325
300
275
250
225
200
175
150
125
100
75
50
25
Spot | Var. (%) | |
Aedifica | 97.30 | 167 |
BEL20 | 3,328.01 | -20 |
EPRA Belgium | 1,643.25 | 16 |
EPRA Europe | 1,921.75 | -28 |
Aedifica | BEL20 | EPRA Belgium | EPRA Europe | |||||
20 Taking into account the value of the subscription rights of the rights issues of 2010 (-€1.89), 2012 (-€1.93), 2015 (-€0.89), 2017
(-€1.60) and 2019 (-€2.76), the IPO price of €41 was adjusted to €31.93.
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3. Shareholding structure
The table below lists Aedifica's shareholders holding more than 5% of the voting rights (as of 30 June 2020, based on the number of shares held by the shareholders concerned on 5 July 2019)21.
SHAREHOLDERS | Voting rights |
(in %) | |
BlackRock, Inc. | 5.00 |
Others < 5% | 95.00 |
Total | 100.00 |
On 30 June 2020, the total number of Aedifica shares amounts to 27,061,273. Since 9 July 2020, the total number of shares amounts to 27,496,869.
4. Financial calendar22
Financial calendar
Payment interim dividend relating to the 2019/2020 financial year23 | As from 7/10/2020 |
Interim statement 30.09.2020 | 13/11/2020 |
Annual press release 31.12.2020 | 24/02/2021 |
2019/2020 Annual Financial Report | March 2021 |
Annual General Meeting 2021 | 11/05/2021 |
Interim statement 31.03.2021 | 12/05/2021 |
Payment final dividend relating to the 2019/2020 financial year | As from 18/05/2021 |
Half year results 30.06.2021 | 11/08/2021 |
- Declarations of transparency (including control strings) are available on Aedifica's website. The Company has not received any additional declarations of transparency since 5 July 2019. According to the definition of Euronext, Aedifica's free float amounts to 100%.
- These dates are subject to change.
- The interim dividend will be distributed over coupons no. 23 (pro rata temporis dividend for the period from 1 July 2019 to 27 April 2020 inclusive; detached on 23 April) and no. 24 (pro rata temporis dividend for the period from 28 April 2020 to 30 June 2020 inclusive; coupon no. 24 will be detached on 5 October 2020).
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IV. Property report
1. Consolidated property portfolio
1.1. Marketable investment properties24
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Marketable investment properties | 1,435,880 | 31,640 | 182,385,441 | 186,056,349 | |
Belgium | 455,569 | 7,838 | 56,665,571 | 57,858,889 | |
Armonea | 123,762 | 2,054 | 15,827,571 | - | |
De Notelaar | 8,651 | 94 | 1,024,801 | - | |
De Stichel | 8,429 | 153 | 916,203 | - | |
Eyckenborch | 8,771 | 141 | 1,167,660 | - | |
Gaerveld | 6,994 | 115 | 839,530 | - | |
Hestia | 12,682 | 222 | 1,446,061 | - | |
Huize Lieve Moenssens | 4,597 | 78 | 582,743 | - | |
Koning Albert I | 7,775 | 110 | 977,078 | - | |
Larenshof | 6,988 | 117 | 1,065,249 | - | |
Les Charmes en Famenne | 3,165 | 96 | 316,858 | - | |
Marie-Louise | 1,959 | 30 | 391,706 | - | |
Overbeke | 6,917 | 113 | 840,716 | - | |
Plantijn | 7,310 | 110 | 1,025,911 | - | |
Pont d'Amour | 8,984 | 150 | 1,044,486 | - | |
Residentie Gaerveld | 1,504 | 20 | 177,780 | - | |
Rietdijk | 2,155 | 60 | 373,077 | - | |
Salve | 6,730 | 117 | 1,134,357 | - | |
Senior Flandria | 7,501 | 108 | 651,406 | - | |
La Pairelle | 6,016 | 118 | 808,468 | - | |
Ter Venne | 6,634 | 102 | 1,043,480 | - | |
Bremdael ASBL | 3,500 | 66 | 350,000 | - | |
Bremdael | 3,500 | 66 | 350,000 | - | |
Buitenhof ASBL | 4,386 | 80 | 579,657 | - | |
Buitenhof | 4,386 | 80 | 579,657 | - | |
Dorian groep | 4,827 | 104 | 569,604 | - | |
De Duinpieper | 4,827 | 104 | 569,604 | - | |
Hof van Schoten SPRL | 8,313 | 101 | 844,027 | - | |
Hof van Schoten | 8,313 | 101 | 844,027 | - | |
Le Carrosse | 1,290 | 36 | 98,884 | - | |
La Boule de Cristal | 1,290 | 36 | 98,884 | - | |
Orpea | 47,985 | 1,159 | 7,127,002 | - | |
Bel-Air | 5,350 | 161 | 761,172 | - | |
Château Chenois | 6,354 | 115 | 929,787 | - | |
Jardins de Provence | 2,280 | 72 | 418,645 | - | |
New Philip | 3,914 | 111 | 509,985 | - | |
Résidencee Augustin | 4,832 | 94 | 566,349 | - | |
Résidence du Golf | 6,424 | 194 | 815,930 | - | |
Résidence Grange des Champs | 3,396 | 75 | 450,390 | - | |
Résidence Parc Palace | 6,719 | 162 | 1,318,536 | - | |
Résidence Service | 8,716 | 175 | 1,356,208 | - | |
Pierre Invest SA | 2,272 | 65 | 466,596 | - | |
Bois de la Pierre | 2,272 | 65 | 466,596 | - | |
Résidence de La Houssière | 4,484 | 94 | 613,258 | - | |
Résidence La Houssière | 4,484 | 94 | 613,258 | - | |
Senior Living Group | 156,981 | 2,690 | 19,086,488 | - | |
Au Bon Vieux Temps | 7,868 | 104 | 871,926 | - | |
Beerzelhof | 5,025 | 61 | 347,537 | - | |
Coham | 6,956 | 120 | 913,027 | - | |
De Edelweis | 6,914 | 122 | 814,981 | - | |
De Witte Bergen | 8,262 | 119 | 1,054,799 | - | |
Ennea | 1,848 | 34 | 211,792 | - | |
Ezeldijk | 7,101 | 105 | 745,114 | - | |
Helianthus | 4,799 | 67 | 497,973 | - | |
Heydeveld | 6,167 | 110 | 676,181 | - | |
Kasteelhof | 3,500 | 81 | 368,093 | - | |
Les Jardins de la Mémoire | 6,852 | 110 | 707,656 | - | |
Oosterzonne | 4,948 | 82 | 751,573 | - | |
Op Haanven | 6,587 | 111 | 712,190 | - |
24 It is not in the interest of the shareholder to publish the values by building. The addresses of the buildings are available in the 2018/2019 Annual Financial Report. Addresses of the acquisitions since 1 July 2019 are available in the related press releases.
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Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Résidence Aux Deux Parcs | 1,618 | 53 | 333,887 | - | |
Residentie Boneput | 2,993 | 78 | 477,350 | - | |
Résidence du Plateau | 8,069 | 143 | 1,349,690 | - | |
Résidence Exclusiv | 4,253 | 104 | 749,938 | - | |
Résidence l'Air du Temps | 7,197 | 137 | 927,334 | - | |
Résidence Les Cheveux d'Argent | 4,996 | 99 | 449,637 | - | |
Residentie Sporenpark | 9,261 | 127 | 1,125,660 | - | |
Seniorenhof | 3,116 | 52 | 328,113 | - | |
De Maretak | 5,684 | 122 | 562,207 | - | |
Melopee | 2,967 | 70 | 519,018 | - | |
Sorgvliet | 4,517 | 83 | 561,279 | - | |
't Hoge | 4,632 | 81 | 709,293 | - | |
Uilenspiegel | 6,863 | 97 | 757,880 | - | |
Villa Vinkenbosch | 9,153 | 114 | 997,029 | - | |
Wielant | 4,834 | 104 | 565,330 | - | |
Time for Quality | 5,824 | 58 | 447,392 | - | |
Klein Veldeken | 5,824 | 58 | 447,392 | - | |
Vulpia | 91,625 | 1,327 | 10,623,119 | - | |
Blaret | 6,274 | 90 | 710,209 | - | |
Demerhof | 9,578 | 107 | 1,123,521 | - | |
Halmolen | 9,200 | 140 | 1,082,609 | - | |
La Ferme Blanche | 4,240 | 90 | 574,693 | - | |
Leopoldspark | 10,888 | 153 | 1,285,414 | - | |
Residentie Den Boomgaard | 10,657 | 120 | 993,625 | - | |
Residentie Kartuizerhof | 4,076 | 100 | 800,839 | - | |
Residentie Poortvelden | 8,413 | 129 | 1,032,521 | - | |
Résidence de la Paix | 3,793 | 107 | 737,197 | - | |
't Spelthof | 10,845 | 128 | 991,565 | - | |
Twee poorten | 5,307 | 60 | 477,929 | - | |
Villa Temporis | 8,354 | 103 | 812,998 | - | |
Other | 320 | 4 | 31,975 | - | |
Villa Bois de la Pierre | 320 | 4 | 31,975 | - | |
Germany | 317,053 | 5,828 | 33,494,263 | 33,808,768 | |
Advita Pflegedienst | 6,422 | 91 | 470,811 | - | |
Advita Haus Zur Alten Berufsschule | 6,422 | 91 | 470,811 | - | |
Alloheim | 18,695 | 378 | 2,326,356 | - | |
AGO Dresden | 5,098 | 116 | 583,234 | - | |
AGO Herkenrath | 4,000 | 80 | 586,606 | - | |
AGO Kreischa | 3,670 | 84 | 416,516 | - | |
Bonn | 5,927 | 98 | 740,000 | - | |
Argentum | 20,396 | 420 | 2,277,261 | - | |
Haus Alba | 2,560 | 64 | 225,000 | - | |
Haus Arche | 531 | 13 | 75,000 | - | |
Haus Concolor | 5,715 | 74 | 510,000 | - | |
Haus Nobilis | 3,186 | 70 | 525,000 | - | |
Seniorenheim am Dom | 4,310 | 126 | 654,261 | - | |
Seniorenheim J.J. Kaendler | 4,094 | 73 | 288,000 | - | |
Auriscare | 4,320 | 94 | 355,449 | - | |
BAVARIA Senioren- und Pflegeheim | 4,320 | 94 | 355,449 | - | |
Azurit Rohr | 29,862 | 465 | 2,366,742 | - | |
Azurit Seniorenresidenz Cordula 1 | 4,970 | 75 | 312,051 | - | |
Azurit Seniorenresidenz Cordula 2 | 1,204 | 39 | 162,267 | - | |
Azurit Seniorenresidenz Sonneberg | 4,876 | 101 | 583,416 | - | |
Hansa Pflege-und Betreuungszentrum Dornum | 11,203 | 106 | 426,000 | - | |
Seniorenzentrum Weimar | 7,609 | 144 | 883,008 | - | |
Casa Reha | 7,618 | 151 | 901,228 | - | |
Haus Steinbachhof | 7,618 | 151 | 901,228 | - | |
Convivo | 11,845 | 202 | 1,368,309 | - | |
Haus am Jungfernstieg | 2,457 | 60 | 363,309 | - | |
Park Residenz | 6,113 | 79 | 640,000 | - | |
Seniorenhaus Wiederitzsch | 3,275 | 63 | 365,000 | - | |
Cosiq GmbH | 17,060 | 264 | 1,677,987 | - | |
Pflegeteam Odenwald | 1,202 | 32 | 222,218 | - | |
Seniorenresidenz an den Kienfichten | 4,332 | 88 | 445,480 | - | |
Wohnstift am Weinberg | 11,526 | 144 | 1,010,288 | - | |
Deutsches Rotes Kreuz Kreisverband Nordfriesland e. V. | 4,088 | 83 | 522,000 | - | |
DRK Käthe-Bernhardt-Haus | 4,088 | 83 | 522,000 | - | |
Die Johanniter | 3,950 | 74 | 509,312 | - | |
Johanniter-Haus Lüdenscheid | (m) | 3,950 | 74 | 509,312 | - |
EMVIA | 35,353 | 731 | 4,139,876 | - | |
Residenz Zehlendorf | (i) | 4,540 | 180 | 900,000 | - |
Seniorenpflegezentrum Zur alten Linde | 4,208 | 82 | 368,000 | - | |
Seniorenquartier Kaltenkirchen | (n) | 6,650 | 123 | 916,800 | - |
Seniorenquartier Lübbecke | (n) | 4,240 | 80 | 576,276 | - |
Seniorenquartier Schwerin | (n) | 5,000 | 87 | 646,800 | - |
Seniorenwohnpark Hartha | 10,715 | 179 | 732,000 | - | |
30/89 |
Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Orpea | 20,507 | 444 | 3,173,267 | - | |
Bonifatius Seniorenzentrum | (e) | 3,967 | 80 | 617,833 | - |
Seniorenresidenz Am Stübchenbach | (f) | 5,874 | 130 | 807,926 | - |
Seniorenresidenz Kierspe | (f) | 3,721 | 79 | 565,907 | - |
Seniorenresidenz Klosterbauerschaft | (d) | 3,497 | 80 | 609,193 | - |
Seniorenresidenz Mathilde | (d) | 3,448 | 75 | 572,408 | - |
Residenz Management | 24,564 | 442 | 3,397,602 | - | |
Bremerhaven I | (l) | 6,077 | 85 | 939,841 | - |
Bremerhaven II | (l) | 2,129 | 42 | 306,396 | - |
Cuxhaven | (l) | 810 | 9 | 106,918 | - |
Die Rose im Kalletal | (d) | 4,027 | 96 | 684,868 | - |
Senioreneinrichtung Haus Elisabeth | (e) | 3,380 | 80 | 585,587 | - |
Senioreneinrichtung Haus Matthäus | (e) | 2,391 | 50 | 365,992 | - |
Sonnenhaus Ramsloh | (m) | 5,750 | 80 | 408,000 | - |
SARA | 7,900 | 126 | 640,000 | - | |
SARA Seniorenresidenz | 7,900 | 126 | 640,000 | - | |
Schloss Bensberg Management GmbH | 8,215 | 87 | 1,009,336 | - | |
Service-Residenz Schloss Bensberg | 8,215 | 87 | 1,009,336 | - | |
Seniorenresidenz Laurentiusplatz GmbH | 5,506 | 79 | 468,693 | - | |
Laurentiusplatz | 5,506 | 79 | 468,693 | - | |
Vitanas | 86,611 | 1,614 | 7,487,795 | - | |
Am Bäkepark | (j) | 3,828 | 90 | 456,000 | - |
Am Kloster | (g) | 5,895 | 136 | 752,007 | - |
Am Marktplatz | 4,880 | 79 | 148,545 | ||
Am Parnassturm | 7,042 | 84 | 296,333 | ||
Am Schäfersee | (k) | 12,658 | 187 | 650,879 | - |
Am Stadtpark | (k) | 7,297 | 135 | 501,192 | - |
Am Tierpark | (j) | 13,549 | 217 | 1,093,050 | - |
Frohnau | (g) | 4,101 | 107 | 590,817 | - |
Patricia | (h) | 7,556 | 174 | 1,050,324 | - |
Rosengarten | (j) | 7,695 | 165 | 550,000 | - |
Rosenpark | (h) | 4,934 | 79 | 470,018 | - |
St. Anna | (h) | 7,176 | 161 | 928,628 | - |
Volkssolidarität | 4,141 | 83 | 402,240 | - | |
Goldene Au | 4,141 | 83 | 402,240 | - | |
Netherlands | 261,957 | 2,170 | 23,683,147 | 27,359,731 | |
Compartijn | 15,606 | 173 | 2,786,760 | - | |
Huize de Compagnie | (a) | 3,471 | 42 | 608,368 | - |
Huize Eresloo | (a) | 2,350 | 28 | 439,730 | - |
Huize Groot Waardijn | (a) | 1,918 | 26 | 433,358 | - |
Huize Hoog Kerckebosch | (a) | 2,934 | 32 | 547,627 | - |
Huize Roosdael | (a) | 2,950 | 26 | 444,000 | - |
Huize Ter Beegden | (a) | 1,983 | 19 | 313,677 | - |
Domus Magnus | 8,072 | 99 | 2,148,306 | - | |
Benvenuta | (a) | 924 | 10 | 226,375 | - |
Holland | (a) | 2,897 | 34 | 873,161 | - |
Molenenk | (a) | 2,811 | 40 | 727,390 | - |
Villa Walgaerde | (a) | 1,440 | 15 | 321,380 | - |
Martha Flora | 12,788 | 140 | 2,428,292 | - | |
Martha Flora Bosch en Duin | (a) | 2,241 | 27 | 466,087 | - |
Martha Flora Den Haag | (a) | 2,259 | 28 | 573,212 | - |
Martha Flora Hilversum | (a) | 4,055 | 31 | 582,671 | - |
Martha Flora Hoorn | (a) | 780 | 12 | 83,907 | - |
Martha Flora Lochem | (a) | 1,012 | 13 | 171,825 | - |
Martha Flora Rotterdam | (a) | 2,441 | 29 | 550,590 | - |
NNCZ | 38,440 | 340 | 2,785,000 | - | |
De Kaap | (a) | 6,254 | 61 | 569,700 | - |
De Vecht | (a) | 8,367 | 79 | 670,625 | - |
Krakeel | (a) | 5,861 | 57 | 492,425 | - |
Wolfsbos | (a) | 11,997 | 93 | 789,025 | - |
WZC Beatrix | (a) | 5,961 | 50 | 263,225 | - |
Omega | 1,587 | 26 | 215,502 | - | |
Meldestraat | (a) | 1,587 | 26 | 215,502 | - |
Ontzorgd Wonen Groep | 14,294 | 96 | 833,967 | - | |
Residentie Sibelius | (a) | 14,294 | 96 | 833,967 | - |
Senior Living | 41,699 | 396 | 4,344,464 | - | |
De Statenhof | (a) | 6,468 | 58 | 558,400 | - |
Kening State | (a) | 10,750 | 70 | 646,667 | - |
HGH Harderwijk | (a) | 4,202 | 45 | 584,402 | - |
HGH Kampen | (a) | 3,610 | 37 | 524,262 | - |
HGH Leersum | (a) | 2,280 | 26 | 426,731 | - |
Residentie Boldershof | (a) | 2,261 | 33 | 330,393 | - |
Sorghuys Tilburg | (a) | 1,289 | 22 | 276,000 | |
Zorghuis Smakt | (a) | 2,111 | 30 | 207,748 | - |
Zorgresidentie Mariëndaal | (a) | 8,728 | 75 | 789,862 | - |
31/89 |
Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Stepping Stones Home & Care | 8,170 | 117 | 1,601,343 | - | |
Saksen Weimar | (a) | 2,291 | 42 | 541,261 | - |
Spes Nostra | (a) | 1,655 | 21 | 261,310 | - |
Villa Berkum | (a) | 1,770 | 24 | 325,440 | - |
Villa Nova | (a) | 2,454 | 30 | 473,332 | - |
Stichting Leger des Heils Welzijns- en Gezondheidszorg | 6,014 | 75 | 425,568 | - | |
De Merenhoef | (a) | 6,014 | 75 | 425,568 | - |
Stichting Nusantara | 4,905 | 70 | 625,000 | - | |
Rumah Saya | (b) | 4,905 | 70 | 625,000 | - |
Stichting Oosterlengte | 4,380 | 32 | 413,569 | - | |
Het Dokhuis | (a) | 4,380 | 32 | 413,569 | - |
Stichting Vitalis Residentiële Woonvormen | 90,981 | 446 | 3,986,705 | - | |
Genderstate | (a) | 8,813 | 44 | 521,138 | - |
Parc Imstenrade | (a) | 57,181 | 263 | 2,110,609 | - |
Petruspark | (a) | 24,987 | 139 | 1,354,959 | - |
Stichting Zorggroep Noorderboog | 13,555 | 140 | 834,110 | - | |
Oeverlanden | (a) | 13,555 | 140 | 834,110 | - |
Wonen bij September | 1,466 | 20 | 254,561 | - | |
September Nijverdal | (a) | 1,466 | 20 | 254,561 | - |
United Kingdom | 266,470 | 6,250 | 41,399,844 | 39,789,184 | |
Barchester | 1,554 | 49 | 339,760 | - | |
Highfields (Notts) | (q) | 1,554 | 49 | 339,760 | - |
Bondcare Group | 54,347 | 1,245 | 6,881,385 | - | |
Alexander Court | (q) | 3,347 | 82 | 485,531 | - |
Ashurst Park | (q) | 2,145 | 47 | 515,120 | - |
Ashwood | (q) | 2,722 | 70 | 306,880 | - |
Beech Court | (q) | 2,135 | 51 | 287,951 | - |
Beechcare | (q) | 2,739 | 65 | 767,200 | - |
Brook House | (q) | 3,155 | 74 | 324,416 | - |
Chatsworth Grange | (q) | 2,558 | 66 | 282,297 | - |
Clarendon | (q) | 2,132 | 51 | 184,209 | - |
Coniston Lodge | (q) | 3,733 | 92 | 403,328 | - |
Derwent Lodge | (q) | 2,612 | 62 | 271,808 | - |
Green Acres | (q) | 2,352 | 62 | 274,000 | - |
Meadowbrook | (q) | 3,334 | 69 | 302,496 | - |
Moorland Gardens | (q) | 3,472 | 79 | 438,400 | - |
Springfield | (q) | 3,153 | 80 | 212,889 | - |
The Fountains | (q) | 2,510 | 62 | 270,465 | - |
The Grange | (s) | 7,693 | 160 | 776,898 | - |
The Hawthorns | (s) | 4,558 | 73 | 777,497 | - |
Burlington | 51,192 | 1,278 | 7,880,127 | - | |
Bessingby Hall | (q) | 2,471 | 65 | 400,794 | - |
Cherry Trees (3) | (q) | 3,178 | 81 | 264,340 | - |
Crystal Court | (q) | 2,879 | 60 | 602,800 | - |
Figham House | (q) | 2,131 | 63 | 561,969 | - |
Foresters Lodge | (q) | 2,241 | 69 | 397,588 | - |
Grosvenor Park | (q) | 2,312 | 61 | 328,800 | - |
Highfield Care Centre | (q) | 3,260 | 88 | 438,400 | - |
Maple Court | (r) | 3,045 | 64 | 531,560 | - |
Maple Lodge | (q) | 1,673 | 55 | 249,438 | - |
Priestley | (q) | 1,520 | 40 | 274,000 | - |
Randolph House (3) | (q) | 2,433 | 60 | 234,969 | - |
Riverside View | (q) | 2,362 | 59 | 328,800 | - |
Southlands | (q) | 1,812 | 48 | 297,597 | - |
The Elms (3) | (q) | 1,280 | 37 | 316,081 | - |
The Elms & Oakwood | (q) | 5,361 | 80 | 455,036 | - |
The Grange | (q) | 2,919 | 73 | 346,829 | - |
The Hawthornes | (q) | 1,512 | 40 | 295,920 | - |
The Lawns | (q) | 2,459 | 62 | 250,724 | - |
The Limes | (q) | 3,414 | 97 | 761,961 | - |
The Sycamores | (q) | 1,627 | 40 | 328,800 | - |
York House | (q) | 1,302 | 36 | 213,720 | - |
Care UK | 32,368 | 740 | 4,057,710 | - | |
Armstrong House | (q) | 2,799 | 71 | 338,529 | - |
Cheviot Court | (q) | 2,978 | 73 | 575,035 | - |
Church View | (q) | 1,653 | 42 | 144,918 | - |
Collingwood Court | (q) | 2,525 | 63 | 521,706 | - |
Elwick Grange | (q) | 2,493 | 60 | 321,139 | - |
Grangewood Care Centre | (q) | 2,317 | 50 | 336,210 | - |
Hadrian House | (q) | 2,487 | 55 | 319,979 | - |
Hadrian Park | (q) | 2,892 | 73 | 262,012 | - |
Ponteland Manor | (q) | 2,160 | 52 | 185,495 | - |
Stanley Park | (q) | 3,240 | 71 | 449,826 | - |
The Terrace | (q) | 2,190 | 40 | 255,056 | - |
Ventress Hall | (q) | 4,635 | 90 | 347,804 | - |
32/89 |
Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Caring Homes | 8,898 | 221 | 1,609,346 | - | |
Brooklyn House | (q) | 1,616 | 38 | 371,384 | - |
Guysfield | (q) | 2,052 | 51 | 435,544 | - |
Hillside House and Mellish House | (q) | 3,629 | 92 | 516,539 | - |
Sanford House | (q) | 1,601 | 40 | 285,877 | - |
Conniston Care | 4,702 | 102 | 549,341 | - | |
Athorpe Lodge & The Glades | (q) | 4,702 | 102 | 549,341 | - |
Four Seasons | 2,226 | 53 | 197,280 | - | |
The Lodge | (q) | 2,226 | 53 | 197,280 | - |
Halcyon Care Homes | 6,645 | 132 | 1,545,360 | - | |
Hazel End | (q) | 3,210 | 66 | 789,120 | - |
Marham House | (q) | 3,435 | 66 | 756,240 | - |
Harbour Healthcare | 17,287 | 440 | 1,898,825 | - | |
Bentley Rosedale Manor | (q) | 2,896 | 78 | 417,482 | - |
Cromwell Court | (q) | 2,896 | 67 | 293,728 | - |
Devonshire House & Lodge | (q) | 3,167 | 77 | 262,102 | - |
Elburton Heights | (q) | 3,076 | 69 | 272,271 | - |
Hilltop Manor | (q) | 2,809 | 80 | 350,720 | - |
Tree Tops Court | (q) | 2,442 | 69 | 302,523 | - |
Lifeways | 3,880 | 67 | 2,130,968 | - | |
Heath Farm | (q) | 2,832 | 47 | 1,345,489 | - |
Sharmers Fields House | (q) | 1,048 | 20 | 785,479 | - |
Majesticare | 4,669 | 126 | 1,195,560 | - | |
Lashbrook House | (q) | 1,741 | 46 | 499,899 | - |
Oak Lodge | (q) | 1,699 | 45 | 367,479 | - |
The Mount | (q) | 1,229 | 35 | 328,183 | - |
Maria Mallaband | 50,213 | 1,142 | 8,881,975 | - | |
Ashmead | (q) | 4,557 | 110 | 925,065 | - |
Belvoir Vale | (q) | 2,158 | 56 | 767,200 | - |
Blenheim | (q) | 2,288 | 64 | 308,128 | - |
Coplands | (q) | 3,445 | 79 | 647,814 | - |
Deepdene | (s) | 3,009 | 66 | 891,047 | - |
Eltandia Hall | (q) | 3,531 | 83 | 476,179 | - |
Glennie House | (q) | 2,279 | 52 | 134,478 | - |
Heritage | (q) | 2,972 | 72 | 785,882 | - |
Kings Court (MM) | (q) | 2,329 | 60 | 279,719 | - |
Knights Court | (q) | 3,100 | 80 | 381,871 | - |
Minster Grange | (s) | 4,815 | 83 | 1,001,360 | - |
Ottery | (s) | 3,513 | 62 | 750,760 | - |
Princess Lodge | (s) | 4,087 | 85 | 438,400 | - |
River View | (q) | 5,798 | 137 | 859,914 | - |
The Windmill | (q) | 2,332 | 53 | 234,158 | - |
Priory Group | 3,755 | 77 | 602,883 | - | |
Bentley Court | (q) | 3,755 | 77 | 602,883 | - |
Renaissance | 22,414 | 512 | 3,256,010 | - | |
Beech Manor | (q) | 2,507 | 46 | 227,235 | - |
Jesmond | (q) | 2,922 | 65 | 482,684 | - |
Kingsmills | (q) | 2,478 | 60 | 608,280 | - |
Letham Park | (q) | 2,954 | 70 | 397,069 | - |
Meadowlark | (q) | 2,005 | 57 | 180,883 | - |
Persley Castle | (q) | 1,550 | 40 | 241,490 | - |
The Cowdray Club | (q) | 2,581 | 35 | 381,424 | - |
Torry | (q) | 3,028 | 81 | 364,414 | - |
Whitecraigs | (q) | 2,389 | 58 | 372,530 | - |
Select Healthcare | 2,320 | 66 | 373,314 | - | |
Plas Rhosnesni | (q) | 2,320 | 66 | 373,314 | - |
Finland | 133,844 | 9,543 | 26,885,347 | 26,982,507 | |
Attendo | 31,277 | 782 | 6,297,791 | - | |
Koy Espoon Vuoripirtintie (Hoivakoti 2.kerroksessa) | (t) | 1,480 | 35 | 296,573 | - |
Koy Heinolan Lähteentie | (t) | 1,665 | 41 | 319,310 | - |
Koy Kajaanin Erätie | (t) | 1,920 | 52 | 340,093 | - |
Koy Keravan Männiköntie | (t) | 862 | 27 | 239,553 | - |
Koy Kokkolan Ankkurikuja | (t) | 1,241 | 31 | 218,800 | - |
Koy Kouvolan Vinttikaivontie | (t) | 1,788 | 48 | 377,729 | - |
Koy Kuopion Portti A2 | (t) | 2,706 | 65 | 567,442 | - |
Koy Lahden Vallesmanninkatu A | (t) | 1,199 | 30 | 246,426 | - |
Koy Lohjan Ansatie | (t) | 1,593 | 40 | 328,087 | - |
Koy Mikkelin Ylännetie 8 | (t) | 982 | 22 | 179,658 | - |
Koy Nokian Näsiäkatu | (t) | 1,665 | 41 | 329,100 | - |
Koy Nurmijärven Ratakuja | (t) | 856 | 20 | 178,745 | - |
Koy Orimattilan Suppulanpolku | (t) | 1,498 | 40 | 333,352 | - |
Koy Oulun Sarvisuontie | (t) | 1,190 | 27 | 213,015 | - |
Koy Oulun Ukkoherrantie B | (t) | 878 | 20 | 190,942 | - |
Koy Pieksämäen Ruustinnantie | (t) | 792 | 20 | 144,000 | - |
Koy Pihtiputaan Nurmelanpolku 1 | (t) | 963 | 24 | 184,201 | - |
Koy Pihtiputaan Nurmelanpolku 2 | (t) | 460 | 16 | 62,643 | - |
Koy Porvoon Fredrika Runebergin katu | (t) | 973 | 29 | 252,486 | - |
33/89 |
Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Koy Rovaniemen Matkavaarantie | (t) | 977 | 21 | 175,298 | - |
Koy Uudenkaupungin Merimetsopolku C (HKO) | (t) | 655 | 15 | 137,751 | - |
Koy Uudenkaupungin Puusepänkatu | (t) | 1,209 | 30 | 245,745 | - |
Koy Vaasan Vanhan Vaasankatu | (t) | 1,195 | 25 | 208,530 | - |
Koy Vihdin Hiidenrannantie | (t) | 1,037 | 23 | 211,668 | - |
Koy Vihdin Vanhan sepän tie | (t) | 1,498 | 40 | 316,643 | - |
CTM | 1,457 | 27 | 267,604 | - | |
Koy Janakkalan Kekanahontie | (t) | 1,457 | 27 | 267,604 | - |
Esperi | 3,112 | 79 | 749,348 | - | |
Koy Iisalmen Kangaslammintie | (t) | 802 | 20 | 171,137 | - |
Koy Kajaanin Menninkäisentie | (t) | 1,178 | 30 | 279,794 | - |
Koy Loviisan Mannerheiminkatu | (t) | 1,133 | 29 | 298,417 | - |
Folkhälsan | 783 | 84 | 146,238 | - | |
Koy Turun Teollisuuskatu | (t) | 783 | 84 | 146,238 | - |
Ikifit | 506 | 14 | 106,121 | - | |
Koy Kangasalan Hilmanhovi | (t) | 506 | 14 | 106,121 | - |
K-P Hoitopalvelu | 911 | 25 | 216,351 | - | |
Koy Kokkolan Vanha Ouluntie | (t) | 911 | 25 | 216,351 | - |
Kunta | 9,781 | 483 | 2,059,895 | - | |
Koy Mäntyharjun Lääkärinkuja | (t) | 1,667 | 41 | 275,147 | - |
Koy Mikkelin Sahalantie | (t) | 1,730 | 150 | 424,800 | - |
Koy Raahen Vihastenkarinkatu (kaupunki) | (t) | 303 | 45 | 50,786 | - |
Koy Siilinjärven Nilsiäntie | (t) | 1,086 | 100 | 196,560 | - |
Koy Siilinjärven Risulantie | (t) | 2,286 | 30 | 535,001 | - |
Koy Siilinjärven Sinisiipi | (t) | 568 | 72 | 97,619 | - |
Koy Ylivieskan Mikontie 1 | (t) | 847 | 15 | 205,473 | - |
Koy Ylivieskan Ratakatu 12 | (t) | 1,294 | 30 | 274,509 | - |
KVPS | 1,616 | 30 | 289,515 | - | |
Koy Jyväskylän Palstatie | (t) | 825 | 15 | 141,363 | - |
Koy Lahden keva makarantie | (t) | 791 | 15 | 148,152 | - |
Mehiläinen | 12,682 | 347 | 2,534,471 | - | |
Koy Äänekosken Likolahdenkatu | (t) | 771 | 15 | 131,400 | - |
Koy Espoon Hirvisuontie | (t) | 823 | 20 | 162,641 | - |
Koy Hämeenlinnan Jukolanraitti | (t) | 1,925 | 40 | 337,349 | - |
Koy Hollolan Sarkatie | (t) | 1,663 | 42 | 356,441 | - |
Koy Jyväskylän Väliharjuntie | (t) | 1,678 | 42 | 348,815 | - |
Koy Mäntsälän Liedontie | (t) | 645 | 66 | 147,300 | - |
Koy Oulun Kehätie | (t) | 1,178 | 30 | 262,928 | - |
Koy Porin Ojantie | (t) | 1,629 | 40 | 333,622 | - |
Koy Riihimäen Jyrätie | (t) | 741 | 16 | 144,000 | - |
Koy Sipoon Aarretie | (t) | 964 | 21 | 177,681 | - |
Koy Vihdin Pengerkuja | (t) | 665 | 15 | 132,294 | - |
Murunen | 430 | 55 | 93,990 | - | |
Koy Ylivieskan Alpuumintie | (t) | 430 | 55 | 93,990 | - |
Musiikkikoulu Rauhala | 1,609 | 195 | 329,013 | - | |
Koy Laukaan Hytösenkuja | (t) | 730 | 87 | 164,199 | - |
Koy Laukaan Saratie | (t) | 879 | 108 | 164,814 | - |
Norlandia | 10,678 | 1,280 | 2,121,882 | - | |
Koy Espoon Oppilaantie | (t) | 1,045 | 120 | 191,592 | - |
Koy Haminan Lepikönranta | (t) | 575 | 80 | 129,792 | - |
Koy Jyväskylän Haperontie | (t) | 700 | 84 | 130,886 | - |
Koy Kouvolan Pappilantie | (t) | 567 | 65 | 110,837 | - |
Koy Kuopion Rantaraitti | (t) | 822 | 96 | 157,181 | - |
Koy Lahden Piisamikatu | (t) | 697 | 84 | 140,487 | - |
Koy Mynämäen Opintie | (t) | 697 | 84 | 140,112 | - |
Koy Ruskon Päällistönmäentie | (t) | 697 | 84 | 145,529 | - |
Koy Ruskon Päällistönmäentie (2.phase) | (t) | 505 | 60 | 100,200 | - |
Koy Sastamalan Tyrväänkyläntie | (t) | 706 | 84 | 124,081 | - |
Koy Siilinjärvi Honkarannantie | (t) | 921 | 120 | 183,600 | - |
Koy Sipoon Aarrepuistonkuja | (t) | 668 | 75 | 141,221 | - |
Koy Sipoon Satotalmantie | (t) | 497 | 60 | 100,868 | - |
Koy Turun Lukkosepänkatu | (t) | 882 | 100 | 183,440 | - |
Koy Uudenkaupungin Merilinnuntie | (t) | 702 | 84 | 142,056 | - |
Onni ja Ilona | 635 | 75 | 138,803 | - | |
Koy Kajaanin Valonkatu | (t) | 635 | 75 | 138,803 | - |
Paltan Palveluasunnot | 1,507 | 78 | 270,636 | - | |
Koy Turun Paltankatu (hoivakoti) | (t) | 951 | 24 | 186,396 | - |
Koy Turun Paltankatu (päiväkoti) | (t) | 556 | 54 | 84,240 | - |
Pikkutassu | 646 | 72 | 132,900 | - | |
Koy Kajaanin Hoikankatu | (t) | 646 | 72 | 132,900 | - |
Pilke | 14,904 | 1,775 | 2,999,204 | - | |
As Oy Lahden Vuorenkilpi | (t) | 703 | 90 | 158,592 | - |
Koy Joutsenon Päiväkoti | (t) | 658 | 76 | 118,980 | - |
Koy Kaarinan Nurminiitynkatu | (t) | 825 | 96 | 164,735 | - |
Koy Kouvolan Kaartokuja | (t) | 566 | 68 | 127,754 | - |
Koy Lahden Vallesmanninkatu B | (t) | 561 | 72 | 124,808 | - |
Koy Mikkelin Väänäsenpolku | (t) | 648 | 72 | 124,511 | - |
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Regulated information
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Under embargo until 07:30 CET
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |
(m²) | units | rents(2) | value (ERV)(2) | ||
Koy Nokian Vikkulankatu | (t) | 993 | 126 | 167,442 | - |
Koy Oulun Soittajanlenkki | (t) | 1,091 | 120 | 213,145 | - |
Koy Oulun Soittajanlenkki, expansion | (t) | 654 | 75 | 131,400 | - |
Koy Pirkkalan Perensaarentie | (t) | 1,313 | 168 | 273,528 | - |
Koy Porin Koekatu | (t) | 915 | 96 | 173,649 | - |
Koy Porin Palokärjentie | (t) | 986 | 108 | 171,732 | - |
Koy Rovaniemen Mäkirannantie | (t) | 530 | 75 | 78,477 | - |
Koy Rovaniemen Ritarinne | (t) | 1,186 | 132 | 270,548 | - |
Koy Sotkamon Kirkkotie | (t) | 547 | 72 | 138,698 | - |
Koy Vantaan Mesikukantie | (t) | 959 | 120 | 184,443 | - |
Koy Vantaan Mesikukantie (2. phase) | (t) | 531 | 64 | 116,480 | - |
Koy Vantaan Tuovintie | (t) | 584 | 73 | 136,544 | - |
Koy Varkauden Savontie | (t) | 657 | 72 | 123,741 | - |
Priimi | 841 | 100 | 148,934 | - | |
Koy Kuopion Amerikanraitti | (t) | 841 | 100 | 148,934 | - |
Rebekan Hoitokoti | 1,222 | 30 | 245,520 | - | |
Koy Iisalmen Vemmelkuja | (t) | 1,222 | 30 | 245,520 | - |
Sentica | 2,642 | 318 | 542,443 | - | |
Koy Maskun Ruskontie | (t) | 622 | 75 | 129,255 | - |
Koy Maskun Ruskontie, expansion | (t) | 579 | 72 | 121,415 | - |
Koy Paimion Mäkiläntie | (t) | 820 | 96 | 156,873 | - |
Koy Raision Tenavakatu | (t) | 622 | 75 | 134,899 | - |
Siriuspäiväkodit | 564 | 72 | 128,058 | - | |
Koy Limingan Kauppakaari | (t) | 564 | 72 | 128,058 | - |
Tähtipäiväkodit | 1,307 | 144 | 261,928 | - | |
Koy Jyväskylän Vävypojanpolku | (t) | 769 | 84 | 154,476 | - |
Koy Keuruun Tehtaantie | (t) | 538 | 60 | 107,452 | |
Touhula | 27,756 | 3,279 | 5,922,898 | - | |
As Oy Kangasalan Freesia | (t) | 252 | 35 | 66,100 | - |
As Oy Oulun Figuuri | (t) | 330 | 41 | 60,501 | - |
Koy Espoon Fallåkerinrinne | (t) | 891 | 75 | 196,887 | - |
Koy Espoon Meriviitantie | (t) | 769 | 96 | 174,132 | - |
Koy Espoon Tikasmäentie | (t) | 912 | 108 | 201,395 | - |
Koy Espoon Vuoripirtintie (Päiväkoti 1. kerroksessa) | (t) | 472 | 54 | 102,912 | - |
Koy Hämeenlinnan Vanha Alikartanontie | (t) | 565 | 72 | 130,174 | - |
Koy Iisalmen Petter Kumpulaisentie | (t) | 644 | 72 | 127,360 | - |
Koy Jyväskylän Ailakinkatu | (t) | 721 | 75 | 135,840 | - |
Koy Jyväskylän Mannisenmäentie | (t) | 916 | 102 | 170,694 | - |
Koy Kalajoen Hannilantie | (t) | 663 | 75 | 121,674 | - |
Koy Kangasalan Mäntyveräjäntie | (t) | 561 | 72 | 133,340 | - |
Koy Kirkkonummen Kotitontunkuja | (t) | 565 | 72 | 134,667 | - |
Koy Kotkan Loitsutie | (t) | 620 | 78 | 116,168 | - |
Koy Kuopion Sipulikatu | (t) | 564 | 72 | 125,251 | - |
Koy Lahden Jahtikatu | (t) | 894 | 72 | 230,371 | - |
Koy Laihian Jarrumiehentie | (t) | 630 | 75 | 131,560 | - |
Koy Mikkelin Ylännetie 10 | (t) | 625 | 72 | 133,313 | - |
Koy Nurmijärven Laidunalue | (t) | 477 | 57 | 94,208 | - |
Koy Oulun Paulareitti (1. building) | (t) | 564 | 72 | 120,962 | - |
Koy Oulun Paulareitti (2. building) | (t) | 564 | 72 | 119,068 | - |
Koy Oulun Rakkakiventie (1. building) | (t) | 567 | 74 | 118,069 | - |
Koy Oulun Rakkakiventie (2. building) | (t) | 567 | 72 | 115,090 | - |
Koy Pirkkalan Lehtimäentie (1. phase expansion) | (t) | 452 | 53 | 104,110 | - |
Koy Pirkkalan Lehtimäentie (1. phase) | (t) | 734 | 90 | 158,878 | - |
Koy Porvoon Peippolankuja | (t) | 564 | 70 | 131,216 | - |
Koy Porvoon Vanha Kuninkaantie | (t) | 670 | 84 | 149,034 | - |
Koy Raahen Palokunnanhovi | (t) | 410 | 60 | 77,734 | - |
Koy Raahen Vihastenkarinkatu (Touhula) | (t) | 497 | 75 | 118,283 | - |
Koy Tampereen Lentävänniemenkatu | (t) | 737 | 93 | 158,046 | - |
Koy Tampereen Lentävänniemenkatu (2. phase) | (t) | 468 | 50 | 93,216 | - |
Koy Tornion Torpin Rinnakkaiskatu | (t) | 635 | 72 | 120,834 | - |
Koy Turun Vähäheikkiläntie | (t) | 911 | 97 | 201,240 | - |
Koy Turun Vähäheikkiläntie (expansion) | (t) | 553 | 60 | 108,667 | - |
Koy Turun Vakiniituntie | (t) | 567 | 60 | 138,615 | - |
Koy Uudenkaupungin Merimetsopolku B (PK) | (t) | 661 | 78 | 121,022 | - |
Koy Vantaan Koetilankatu | (t) | 890 | 108 | 207,304 | - |
Koy Vantaan Punakiventie | (t) | 484 | 58 | 116,386 | - |
Koy Vantaan Vuohirinne | (t) | 896 | 108 | 194,508 | - |
Koy Varkauden Kaura-ahontie | (t) | 640 | 75 | 115,493 | - |
Koy Varkauden Kaura-ahontie (2. talo) | (t) | 620 | 75 | 109,246 | - |
Koy Ylöjärven Mustarastaantie (1. building) | (t) | 734 | 92 | 157,385 | - |
Koy Ylöjärven Mustarastaantie (2. building) | (t) | 600 | 72 | 133,084 | - |
Koy Ylöjärven Työväentalontie | (t) | 707 | 84 | 148,860 | - |
Tuike | 677 | 75 | 135,560 | - | |
Koy Iisalmen Eteläinen Puistoraitti | (t) | 677 | 75 | 135,560 | - |
Vacant | 2,400 | 42 | 0 | - | |
Koy Euran Käräjämäentie | (t) | 2,400 | 42 | 0 | - |
Vantaan Turvakoti | 844 | 14 | 186,552 | - | |
Koy Vantaan Koivukylän Puistotie | (t) | 844 | 14 | 186,552 | - |
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Regulated information
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Under embargo until 07:30 CET
Subsidiary(1) | Total surface | Residential | Contractual | Estimated rental | |||||||
(m²) | units | rents(2) | value (ERV)(2) | ||||||||
Vetrea | 3,061 | 67 | 559,693 | - | |||||||
Koy Kangasalan Rekiäläntie | (t) | 1,240 | 28 | 241,080 | - | ||||||
Koy Lappeenrannan Orioninkatu | (t) | 935 | 22 | 183,073 | - | ||||||
Koy Porvoon Haarapääskyntie | (t) | 886 | 17 | 135,540 | - | ||||||
Sweden | 988 | 12 | 257,270 | 257,270 | |||||||
Alternatus | 494 | 6 | 128,635 | - | |||||||
LSS-boende Heby | (u) | 494 | 6 | 128,635 | - | ||||||
Team Olivia | 494 | 6 | 128,635 | - | |||||||
LSS-boende Gråmunke | (u) | 494 | 6 | 128,635 | - | ||||||
Projects under development (4) | 134,531 | 1,675 | 1,858,050 | 0 | |||||||
Belgium | 8,027 | 100 | 153,965 | 0 | |||||||
Armonea | 8,027 | 100 | 153,965 | - | |||||||
Rembertus | 8,027 | 100 | 153,965 | - | |||||||
Germany | 86,795 | 1,116 | 835,252 | 0 | |||||||
Argentum | 5,292 | 91 | 120,000 | - | |||||||
Haus Wellengrund | 5,292 | 91 | 120,000 | - | |||||||
Aspida | 5,095 | 120 | 82,100 | - | |||||||
Pflegecampus Plauen | 5,095 | 120 | 82,100 | - | |||||||
EMVIA | 68,758 | 825 | 580,424 | - | |||||||
Seniorenquartier Beverstedt | (o) | 5,475 | 80 | 29,214 | - | ||||||
Seniorenquartier Bremen | (p) | 7,057 | 75 | 48,690 | - | ||||||
Seniorenquartier Espelkamp | (o) | 9,458 | 113 | 71,411 | - | ||||||
Seniorenquartier Heiligenhafen | (o) | 7,391 | 104 | 59,130 | - | ||||||
Seniorenquartier Langwedel | (p) | 8,250 | 113 | 72,881 | - | ||||||
Seniorenquartier Sehnde | (p) | 6,012 | 90 | 45,117 | - | ||||||
Seniorenquartier Weyhe | (p) | 7,373 | 109 | 97,380 | - | ||||||
Seniorenquartier Wolfsburg | (o) | 17,742 | 141 | 156,600 | - | ||||||
Residenz Management | 7,650 | 80 | 52,728 | - | |||||||
Quartier am Rathausmarkt | (m) | 7,650 | 80 | 52,728 | - | ||||||
Netherlands | 39,709 | 459 | 868,833 | 0 | |||||||
Martha Flora | 2,405 | 28 | 79,482 | - | |||||||
Martha Flora Dordrecht | (c) | 2,405 | 28 | 79,482 | - | ||||||
Ontzorgd Wonen Groep | 4,250 | 30 | 89,726 | - | |||||||
Residentie La Tour | (b) | 4,250 | 30 | 89,726 | - | ||||||
Senior Living | 3,448 | 47 | 105,439 | - | |||||||
Villa Casimir | (b) | 1,273 | 20 | 33,564 | - | ||||||
Vinea Domini | (b) | 2,175 | 27 | 71,875 | - | ||||||
Stepping Stones Home & Care | 4,123 | 56 | 219,750 | - | |||||||
Natatorium | (b) | 1,923 | 26 | 105,000 | - | ||||||
Villa Nuova | (b) | 2,200 | 30 | 114,750 | - | ||||||
Stichting Oosterlengte | 7,360 | 120 | 110,250 | - | |||||||
LTS Winschoten | (a) | 4,560 | 84 | 72,000 | - | ||||||
Verpleegcentrum Scheemda | (a) | 2,800 | 36 | 38,250 | - | ||||||
Stichting Rendant | 13,142 | 126 | 52,715 | - | |||||||
Nieuw Heerenhage | (a) | 13,142 | 126 | 52,715 | - | ||||||
SVE | 4,981 | 52 | 211,470 | - | |||||||
Hilversum SVE | (b) | 4,981 | 52 | 211,470 | - | ||||||
Total marketable investment properties and projects | 1,570,411 | 33,315 | 184,243,491 | 186,056,349 | |||||||
under development | |||||||||||
- The sites specified in the table are held by one of the following subsidiaries: (a) Aedifica Nederland BV; (b) Aedifica Nederland 2 BV; (c) Aedifica Nederland 3 BV; (d) Aedifica Luxemburg I SCS; (e) Aedifica Luxemburg II SCS; (f) Aedifica Luxemburg III SCS; (g) Aedifica Luxemburg IV SCS; (h) Aedifica Luxemburg V SCS; (i) Aedifica Luxemburg VI SCS; (j) Aedifica Luxemburg VII SCS; (k) Aedifica Luxemburg VIII SCS; (l) Aedifica Residenzen Nord GmbH; (m) Aedifica Residenzen West GmbH; (n) Aedifica Residenzen 1 GmbH; (o) Aedifica Residenzen 2 GmbH; (p) Aedifica Residenzen 3 GmbH; (q) Aedifica UK Ltd; (r) AED Maple Holdings Ltd; (s) Sapphire Ltd; (t) Hoivatilat Oyj; (u) Hoivatilat AB. All other sites are held by Aedifica SA.
- See glossary in the 2018/2019 Annual Financial Report.
- Recognised in the balance sheet as assets classified as held for sale.
- Although still under construction, these sites already generate limited rental incomes. This explains why they were included in this table and why the number of residential units and the estimated rental value are not mentionned.
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Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
1.2. Projects and renovations in progress as of 30 June 2020
Projects and renovations | Operator | Current | Invest. as of | Future | |
(in € million) 1 | budget | 30/06/2020 | invest. | ||
Projects in progress | 477 | 144 | 332 | ||
Completion 2020 | 131 | 97 | 33 | ||
BE | 7 | 4 | 3 | ||
Kasteelhof | Senior Living Group | 3 | 1 | 2 | |
Résidence Aux Deux Parcs | Senior Living Group | 3 | 3 | 1 | |
DE | 21 | 15 | 7 | ||
Pflegecampus Plauen 2 | Aspida | 11 | 8 | 3 | |
Residenz Zehlendorf (phase 2) | EMVIA | 1 | 0 | 0 | |
Seniorenquartier Beverstedt 3 | EMVIA | 10 | 7 | 3 | |
NL | 33 | 26 | 7 | ||
Residentie Boldershof | Senior Living | 1 | 0 | 0 | |
Residentie La Tour 2 | Ontzorgd Wonen Groep | 7 | 5 | 2 | |
Verpleegcentrum Scheemda 2 | Stichting Oosterlengte | 4 | 2 | 2 | |
Villa Casimir 2 | Senior Living | 2 | 2 | 0 | |
Vinea Domini 2 | Senior Living | 3 | 1 | 3 | |
LTS Winschoten (phase 1) 2 | Stichting Oosterlengte | 16 | 16 | 0 | |
FI | 58 | 46 | 12 | ||
Finland - pipeline 'elderly care homes' | Multiple tenants | 18 | 16 | 2 | |
Finland - pipeline 'other' | Multiple tenants | 7 | 6 | 1 | |
Finland - pipeline 'children day-care centres' | Multiple tenants | 25 | 19 | 6 | |
Finland - pipeline 'mixed-use healthcare sites' | Multiple tenants | 8 | 6 | 3 | |
SE | 12 | 7 | 4 | ||
Zweden - pipeline 'other' | Multiple tenants | 12 | 7 | 4 | |
Completion 2021 | 285 | 46 | 239 | ||
BE | 8 | 4 | 4 | ||
De Duinpieper | Dorian groep | 3 | 2 | 0 | |
Sorgvliet | Senior Living Group | 5 | 1 | 4 | |
DE | 142 | 24 | 118 | ||
Am Tierpark | Vitanas | 1 | 0 | 0 | |
Bavaria Senioren- und Pflegeheim | Auriscare | 1 | 0 | 1 | |
Quartier am Rathausmarkt | Residenz Management | 16 | 1 | 15 | |
Seniorenheim Haus Wellengrund 2 | Argentum | 8 | 1 | 6 | |
Seniorenquartier Bremen 3 | EMVIA | 15 | 4 | 11 | |
Seniorenquartier Langwedel 3 | EMVIA | 16 | 1 | 15 | |
Seniorenquartier Sehnde 3 | EMVIA | 12 | 0 | 12 | |
Seniorenquartier Weyhe 3 | EMVIA | 15 | 0 | 15 | |
Am Parnassturm | Vitanas | 3 | 0 | 3 | |
Seniorenquartier Heiligenhafen 3 | EMVIA | 13 | 3 | 9 | |
Seniorenquartier Espelkamp 3 | EMVIA | 15 | 6 | 10 | |
Seniorenquartier Wolfsburg 3 | EMVIA | 28 | 7 | 21 | |
NL | 34 | 6 | 28 | ||
Natatorium | Senior Living | 3 | 0 | 3 | |
Nieuw Heerenhage 2 | |||||
Stichting Rendant | 20 | 4 | 16 | ||
Villa Nuova 2 | Senior Living | 5 | 1 | 3 | |
LTS Winschoten (phase 2) 2 | Stichting Oosterlengte | 1 | 1 | 0 | |
Martha Flora Dordrecht | Martha Flora | 5 | 0 | 5 | |
UK | 11 | 0 | 11 | ||
Burlington projects | Burlington | 4 | 0 | 3 | |
MMCG - extension projects | Maria Mallaband Care Group | 7 | 0 | 7 | |
FI | 90 | 11 | 78 | ||
Finland - pipeline 'elderly care homes' | Multiple tenants | 27 | 2 | 26 | |
Finland - pipeline 'other' | Multiple tenants | 45 | 6 | 39 | |
Finland - pipeline 'children day-care centres' | Multiple tenants | 12 | 1 | 11 | |
Finland - pipeline 'mixed-use healthcare sites' | Multiple tenants | 6 | 3 | 2 |
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Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
Projects and renovations | Operator | Current | Invest. as of | Future |
(in € million) 1 | budget | 30/06/2020 | invest. | |
Completion 2022 | 43 | 1 | 42 | |
BE | 6 | 0 | 5 | |
Residentie 't Spelthof | Vulpia | 6 | 0 | 5 |
DE | 25 | 1 | 24 | |
Am Stadtpark | Vitanas | 5 | 0 | 5 |
Rosengarten | Vitanas | 8 | 0 | 8 |
Wohnstift am Weinberg | Cosiq | 10 | 0 | 10 |
Am Marktplatz | Vitanas | 2 | 0 | 2 |
NL | 9 | 0 | 9 | |
Hilversum SVE | Hilverzorg | 9 | 0 | 9 |
FI | 4 | 0 | 4 | |
Finland - pipeline 'other' | Multiple tenants | 4 | 0 | 4 |
Completion 2023 | 19 | 0 | 18 | |
DE | 10 | 0 | 9 | |
Am Schäfersee | Vitanas | 10 | 0 | 9 |
NL | 9 | 0 | 9 | |
Residentie Sibelius | Ontzorgd Wonen Groep | 9 | 0 | 9 |
Projects/forward purchases subject to outstanding conditions | 104 | 0 | 104 | |
Completion 2020 | 12 | 0 | 12 | |
BE | 12 | 0 | 12 | |
Rembertus | Armonea | 12 | 0 | 12 |
Completion 2021 | 2 | 0 | 2 | |
BE | 2 | 0 | 2 | |
Uilenspiegel | Senior Living Group | 2 | 0 | 2 |
Completion 2022 | 56 | 0 | 56 | |
DE | 56 | 0 | 56 | |
Specht Gruppe (2022) 3 | EMVIA | 56 | 0 | 56 |
Completion 2023 | 34 | 0 | 34 | |
DE | 23 | 0 | 23 | |
Specht Gruppe (2023) 3 | EMVIA | 23 | 0 | 23 |
UK | 11 | 0 | 11 | |
Guysfield | Caring Homes | 11 | 0 | 11 |
Acquisitions subject to outstanding conditions | 7 | 0 | 7 | |
Completion 2021 | 7 | 0 | 7 | |
DE | 7 | 0 | 7 | |
Seniorenhaus Lessingstrasse | Seniorenhaus Lessingstrasse | 7 | 0 | 7 |
Land reserve | 2 | 2 | 0 | |
BE | 2 | 2 | 0 | |
Plot of land Bois de la Pierre | - | 2 | 2 | 0 |
TOTAL PIPELINE | 590 | 146 | 444 | |
Changes in fair value | - | 10 | - | |
Roundings | - | -1 | - | |
On balance sheet | 155 |
- Amounts in £ were converted into € and SEK based on the exchange rate of 30 June 2020 (1.096 £/€ and 10.4948 SEK/€).
- Although still under construction, the sites already generate limited rental incomes, in particular for the plots of land that have already been acquired. Their values are therefore no longer mentioned in the table above. This explains why the estimated investment values differ from those mentioned earlier.
- Part of the cooperation agreement with Specht Gruppe.
A further €42 million must be added to the total investment budget following the acquisition of a development project in the Netherlands, two development projects in Finland and the forward purchase of two care homes in Germany and the United Kingdom after 30 June 2020 (see section 3.2 of the Interim Management Report). Of the total investment budget, €54 million has already been achieved since 30 June 2020 through the completion of a development project in Germany, eleven development projects in Finland and a development project in Sweden (see section 3.2 of the Interim Management Report).
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Interim financial report
Regulated information
2 September 2020 - before opening of markets
Under embargo until 07:30 CET
2. Portfolio analysis as of 30 June 2020
2.1. Key figures
>0% | ||
Belgium | 15% | |
Germany | 33% | |
Netherlands | ||
United Kingdom | 19% | |
Finland | ||
Sweden | ||
14% | 19% | |
Geographical breakdown
(in terms of fair value)
5% | 5% |
0-10 years | 21% |
10-20 years | |
>20 years | |
Project |
69%
4% | |
Elderly care homes | |
7% | |
Senior housing | |
15% | |
Mixed-use healthcare | |
buildings | |
6% | Children day-care |
67% | |
centres | |
Other |
Breakdown by facility type
(in terms of fair value)
0%
25% | <15 years |
≥15 years | |
Vacant |
75%
Age of buildings | Unexpired lease term |
(in terms of fair value) | (in terms of fair value) |
The weighted average unexpired lease term (WAULT) for all buildings in the Company's portfolio is 20 years.
The overall occupancy rate of the total portfolio reached 100%.
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Regulated information
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Under embargo until 07:30 CET
2.2. Breakdown of senior housing contractual rents by group controlling the legal entities in contractual relation with Aedifica
Country Group controlling the legal | Tenants | Number | 30/06/2020 | 30/06/2019 | ||
entities in contractual | of sites | |||||
relation with Aedifica | ||||||
Belgium | 78 | 31% | 42% | |||
Senior Living Group 1 | 28 | 10% | 14% | |||
Ennea Rustoord VZW/ASBL | 1 | 0% | 0% | |||
FDL Group GCV/SCS | 1 | 1% | 1% | |||
Foyer De Lork VZW/ASBL | 6 | 2% | 3% | |||
Helianthus VZW/ASBL | 1 | 0% | 0% | |||
Heydeveld Woon- en Zorgcentrum VZW/ASBL | 1 | 0% | 0% | |||
Home Residence du Plateau BVBA/SPRL | 1 | 1% | 1% | |||
Les Jardins de la Mémoire VZW/ASBL | 1 | 0% | 1% | |||
Prodinvest BVBA/SPRL | 1 | 0% | 0% | |||
Résidence Au Bon Vieux Temps NV/SA | 1 | 0% | 1% | |||
Résidence Les Cheveux d'Argent NV/SA | 1 | 0% | 0% | |||
Residentie Kasteelhof GCV/SCS | 1 | 0% | 0% | |||
Residentie Sporenpark BVBA/SPRL | 1 | 1% | 1% | |||
Rustoord 't Hoge VZW/ASBL | 1 | 0% | 0% | |||
Senior Living Group NV/SA | 8 | 3% | 4% | |||
Seniorie de Maretak NV/SA | 1 | 0% | 0% | |||
Wielant -Futuro GCV/SCS | 1 | 0% | 0% | |||
Armonea 2 | 20 | 9% | 12% | |||
Armonea NV/SA | 8 | 4% | 5% | |||
Citadelle Mosane BVBA/SPRL | 1 | 1% | 1% | |||
Eyckenborgh VZW/ASBL | 2 | 1% | 2% | |||
Gravenkasteel VZW/ASBL | 1 | 0% | 0% | |||
Happy Old People BVBA/SPRL | 1 | 0% | 0% | |||
Huize Lieve Moenssens VZW/ASBL | 5 | 2% | 3% | |||
LDC De Wimilingen VZW/ASBL | 1 | 0% | 0% | |||
Restel Flats BVBA/SPRL | 1 | 0% | 1% | |||
Vulpia | 12 | 6% | 8% | |||
Oase VZW/ASBL | 3 | 2% | 2% | |||
Vulpia Brussel VZW/ASBL | 1 | 0% | 1% | |||
Vulpia Vlaanderen VZW/ASBL | 7 | 4% | 5% | |||
Vulpia Wallonie VZW/ASBL | 1 | 0% | 0% | |||
Orpea | 9 | 4% | 5% | |||
Château Chenois Gestion BVBA/SPRL | 3 | 1% | 2% | |||
New Philip NV/SA | 3 | 1% | 1% | |||
Parc Palace NV/SA | 1 | 1% | 1% | |||
Progestimmob NV/SA | 1 | 1% | 1% | |||
Résidence du Golf NV/SA | 1 | 0% | 1% | |||
Other | 7 | 2% | 3% | |||
Bremdael VZW/ASBL | 1 | 0% | 0% | |||
Buitenhof VZW/ASBL | 1 | 0% | 0% | |||
Hof van Schoten BVBA/SPRL | 1 | 0% | 1% | |||
Le Château de Tintagel BVBA/SPRL | 1 | 0% | 0% | |||
Résidence Bois de la Pierre NV/SA | 1 | 0% | 0% | |||
Résidence de la Houssière NV/SA | 1 | 0% | 0% | |||
WZC Prinsenhof VZW/ASBL | 0 | 0% | 0% | |||
Other | 1 | 0% | 0% | |||
Time for Quality | 1 | 0% | 0% | |||
Service Flat Residenties VZW/ASBL | 1 | 0% | 0% | |||
Dorian Groep | 1 | 0% | 0% | |||
Fripomat BVBA/SPRL | 1 | 0% | 0% |
1 Korian Group.
2 Colisée Group.
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Country | Group controlling the legal Tenants | Number | 30/06/2020 | 30/06/2019 | |
entities in contractual | of sites | ||||
relation with Aedifica | |||||
Germany | 71 | 19% | 17% | ||
Vitanas | 12 | 4% | 3% | ||
Vitanas GmbH & Co. KGaA | 12 | 4% | 3% | ||
EMVIA | 14 | 3% | 1% | ||
Aventium Seniorenpflege GmbH | 1 | 0% | 0% | ||
Aventium Senioren-Wohnpark Hartha GmbH, GbR | 1 | 0% | 0% | ||
EMVIA | 11 | 1% | 1% | ||
Residenz Zehlendorf Kranken- und Pflegeheim GmbH | 1 | 0% | 0% | ||
Residenz Management | 8 | 2% | 2% | ||
Ambulanter Pflegedienst Weser GmbH | 3 | 1% | 1% | ||
Katholische Hospitalgesellschaft Südwestfalen GmbH | 2 | 1% | 1% | ||
Olpe | |||||
Medeor Senioren-Residenz GmbH | 1 | 0% | 1% | ||
Sonnenhaus Saterland (Ms. Henkel) | 1 | 0% | 0% | ||
Specht & Tegler | 1 | 0% | 0% | ||
Orpea | 5 | 2% | 2% | ||
Bonifatius Seniorendienste GmbH | 1 | 0% | 0% | ||
Senioren Wohnpark Weser GmbH | 3 | 1% | 1% | ||
Seniorenresidenz Kierspe GmbH | 1 | 0% | 0% | ||
Azurit Rohr | 5 | 1% | 1% | ||
Azurit Rohr GmbH | 5 | 1% | 1% | ||
Alloheim | 4 | 1% | 2% | ||
AGO Dresden Betriebsgesellschaft für | 1 | 0% | 0% | ||
Sozialeinrichtungen mbH | |||||
AGO Herkenrath Betriebsgesellschaft für | 1 | 0% | 0% | ||
Sozialeinrichtungen mbH | |||||
AGO Weisseritz Betriebsgesellschaft für | 1 | 0% | 0% | ||
Sozialeinrichtungen mbH | |||||
Senator Senioren- und Pflegeeinrichtungen gGmbH | 1 | 0% | 1% | ||
Argentum | 7 | 1% | 2% | ||
Argentum Holding GmbH | 1 | 0% | 0% | ||
Deutsche Pflege und Wohnstift GmbH | 1 | 0% | 0% | ||
Seniorenheim J.J. Kaendler GmbH | 1 | 0% | 0% | ||
Tannenhof Fachpflegeheime GmbH | 4 | 1% | 1% | ||
Andere | 2 | 1% | 1% | ||
Schloss Bensberg Management GmbH | 1 | 1% | 1% | ||
Seniorenresidenz Laurentiusplatz GmbH | 1 | 0% | 0% | ||
Convivo | 3 | 1% | 1% | ||
Parkresidenz Pflege & Betreuung GmbH | 1 | 0% | 0% | ||
Seniorencentrum Haus am Jungfernstieg GmbH | 1 | 0% | 0% | ||
Seniorenresidenz Wiederitzsch GmbH | 1 | 0% | 0% | ||
Cosiq | 3 | 1% | 0% | ||
Cosiq GmbH | 1 | 0% | 0% | ||
Pflegeteam Odenwald GmbH | 1 | 0% | 0% | ||
Wohnstift am Weinberg gGmbH | 1 | 1% | 0% | ||
Casa Reha 1 | 1 | 0% | 0% | ||
Casa Reha Altenpflegeheim GmbH | 1 | 0% | 0% | ||
SARA | 1 | 0% | 0% | ||
SARA Seniorenresidenzen GmbH | 1 | 0% | 0% | ||
Johanniter | 1 | 0% | 0% | ||
Johanniter gGmbH | 1 | 0% | 0% | ||
Advita | 1 | 0% | 0% | ||
Zusammen Zuhause GmbH | 1 | 0% | 0% | ||
DRK Kreisverband Nordfriesland e. V. | 1 | 0% | 0% | ||
DRK Pflegedienste Nordfriesland gGmbH | 1 | 0% | 0% | ||
Volkssolidarität | 1 | 0% | 0% | ||
Volkssolidarität Südthüringen e. V. | 1 | 0% | 0% | ||
Auriscare | 1 | 0% | 0% | ||
Auriscare GmbH | 1 | 0% | 0% | ||
Aspida | 1 | 0% | 0% | ||
Aspida GmbH | 1 | 0% | 0% |
1 Korian Group.
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Country | Group controlling the legal Tenants | Number | 30/06/2020 | 30/06/2019 | |||
entities in contractual | of sites | ||||||
relation with Aedifica | |||||||
Netherlands | 54 | 13% | 14% | ||||
Vitalis | 3 | 2% | 3% | ||||
Stichting Vitalis Residentiële Woonvormen | 3 | 2% | 3% | ||||
Senior Living 1 | 11 | 2% | 3% | ||||
HGH Wonen I BV | 0 | 0% | 0% | ||||
Senior Living BV | 11 | 2% | 3% | ||||
NNCZ | 5 | 2% | 0% | ||||
Noord Nederlandse Coöperatie van Zorgorganisaties | 5 | 2% | 0% | ||||
Compartijn 2 | 6 | 2% | 2% | ||||
Compartijn Exploitatie BV | 6 | 2% | 2% | ||||
Martha Flora | 7 | 1% | 2% | ||||
Bronovo Martha Flora BV | 1 | 0% | 0% | ||||
Martha Flora BV | 2 | 0% | 0% | ||||
Martha Flora Bosch en Duin BV | 1 | 0% | 0% | ||||
Martha Flora Hilversum BV | 1 | 0% | 0% | ||||
Martha Flora Lochem BV | 1 | 0% | 0% | ||||
Martha Flora Dordrecht BV | 1 | 0% | 0% | ||||
Domus Magnus | 4 | 1% | 2% | ||||
DM Benvenuta BV | 1 | 0% | 0% | ||||
DM Molenenk BV | 1 | 0% | 1% | ||||
DM Walgaerde BV | 1 | 0% | 0% | ||||
Panta Rhei V BV | 1 | 0% | 1% | ||||
Stepping Stones Home & Care 1 | |||||||
6 | 1% | 1% | |||||
Poort van Sachsen Weimar BV | 1 | 0% | 0% | ||||
Stepping Stones Leusden BV | 1 | 0% | 0% | ||||
Stepping Stones Zwolle BV | 1 | 0% | 0% | ||||
Villa Spes Nostra BV | 1 | 0% | 0% | ||||
Stepping Stones Home & Care Holding BV | 2 | 0% | 0% | ||||
Ontzorgd Wonen Groep | 2 | 1% | 1% | ||||
European Care Residence Hotels and Resorts BV | 1 | 0% | 1% | ||||
Herstelzorg Nederland BV | 1 | 0% | 0% | ||||
Andere | 1 | 0% | 1% | ||||
Stichting Zorggroep Noorderboog | 1 | 0% | 1% | ||||
Stichting Nusantara | 1 | 0% | 0% | ||||
Stichting Nusantara | 1 | 0% | 0% | ||||
Stichting Oosterlengte | 3 | 0% | 0% | ||||
Multiple tenants | 2 | 0% | 0% | ||||
Stichting Oosterlengte | 1 | 0% | 0% | ||||
Stichting Leger des Heils Welzijns- en Gezondheidszorg | 1 | 0% | 0% | ||||
Stichting Leger des Heils Welzijns- en Gezondheidszorg | 1 | 0% | 0% | ||||
Wonen bij September 2 | |||||||
1 | 0% | 0% | |||||
September Nijverdal BV | 1 | 0% | 0% | ||||
SVE | 1 | 0% | 0% | ||||
SVE | 1 | 0% | 0% | ||||
Omega | 1 | 0% | 0% | ||||
Omega | 1 | 0% | 0% | ||||
Stichting Rendant | 1 | 0% | 0% | ||||
Stichting Rendant | 1 | 0% | 0% |
- Korian Group.
- Orpea Group.
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Country | Group controlling the legal | Tenants | Number | 30/06/2020 | 30/06/2019 |
entities in contractual | of sites | ||||
relation with Aedifica | |||||
United Kingdom | 96 | 22% | 27% | ||
Maria Mallaband Care Group | 15 | 5% | 5% | ||
Belvoir Vale Care Homes Ltd | 1 | 0% | 1% | ||
Countrywide Care | 1 | 0% | 0% | ||
MMCG (2) Ltd | 9 | 3% | 3% | ||
MMCG (3) Ltd | 1 | 0% | 1% |
Maria Mallaband | 3 | 1% | 0% |
Bondcare Group | 17 | 4% | 4% |
Bondcare (London) Ltd | 12 | 2% | 3% |
Ultima Care Centres (No 1) Ltd | 3 | 1% | 1% |
Bondcare Group | 2 | 1% | 0% |
Burlington | 21 | 4% | 6% |
Burlington Care (Yorkshire) Ltd | 7 | 1% | 2% | |||
Burlington Care Ltd | 14 | 3% | 4% | |||
Care UK | 12 | 2% | 3% | |||
Care UK Community Partnership Ltd | 12 | 2% | 3% | |||
Renaissance | 9 | 2% | 2% | |||
Renaissance Care (No 1) Ltd | 9 | 2% | 2% | |||
Andere | 4 | 2% | 2% | |||
Amore Elderly Care (Wednesfield) Ltd | 1 | 0% | 0% | |||
Athorpe Health Care Ltd | 1 | 0% | 0% | |||
Autism Care (UK) Ltd | 1 | 1% | 1% | |||
Burgess Care Ltd | 1 | 0% | 1% | |||
Halcyon Care Homes | 2 | 1% | 0% | |||
Halcyon Care Homes Ltd | 2 | 1% | 0% | |||
Harbour Healthcare | 6 | 1% | 1% | |||
Harbour Healthcare 2 Ltd | 4 | 1% | 1% | |||
Harbour Healthcare Warrington Ltd | 1 | 0% | 0% | |||
Harbour Healthcare Stoke Ltd | 1 | 0% | 0% | |||
Caring Homes | 4 | 1% | 1% | |||
Brooklyn House Ltd | 1 | 0% | 0% | |||
Guysfield House Ltd | 1 | 0% | 0% | |||
Sanford House Ltd | 1 | 0% | 0% | |||
Stour Sudbury Ltd | 1 | 0% | 0% | |||
Majesticare | 3 | 1% | 1% | |||
Majesticare (Lashbook) Ltd | 1 | 0% | 0% | |||
Majesticare (Oak Lodge) Ltd | 1 | 0% | 0% | |||
Majesticare (The Mount) Ltd | 1 | 0% | 0% | |||
Barchester | 1 | 0% | 0% | |||
Highfields Care Home Limited | 1 | 0% | 0% | |||
Select Healthcare | 1 | 0% | 0% | |||
DRB Healthcare Ltd | 1 | 0% | 0% | |||
Four Seasons | 1 | 0% | 0% | |||
Tamaris Management Services Ltd | 1 | 0% | 0% | |||
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Country | Group controlling the legal | Tenants | Number | 30/06/2020 | 30/06/2019 | |||
entities in contractual | of sites | |||||||
relation with Aedifica | ||||||||
Finland | 153 | 15% | 0% | |||||
Attendo | 25 | 3% | 0% | |||||
Attendo Oy | 18 | 3% | 0% | |||||
Mikeva Oy | 4 | 0% | 0% | |||||
Hoivakodit 247 Oy | 1 | 0% | 0% | |||||
Attendo Marian Kartano Oy | 1 | 0% | 0% | |||||
Attendo Mi-Hoiva Oy | 1 | 0% | 0% | |||||
Touhula | 44 | 3% | 0% | |||||
Vekara Päiväkodit Oy | 13 | 1% | 0% | |||||
Coronaria Päivähoito Oy | 9 | 1% | 0% | |||||
Aarresaari Oy | 3 | 0% | 0% | |||||
Touhula Varhaiskasvatus Oy | 17 | 1% | 0% | |||||
Ipanala Oy | 2 | 0% | 0% | |||||
Pilke | 19 | 2% | 0% | |||||
Pilke Päiväkodit Oy | 14 | 1% | 0% | |||||
Päväkoti Kotola Oy | 1 | 0% | 0% | |||||
Päiväkoti Nappula Oy | 1 | 0% | 0% | |||||
Päiväkoti Kotola Oy | 3 | 0% | 0% | |||||
Mehiläinen | 11 | 1% | 0% | |||||
Mainio Vire Oy | 4 | 1% | 0% | |||||
Pihlajakoti Oy | 1 | 0% | 0% | |||||
Mediverkko Hoivapalvelut Oy | 1 | 0% | 0% | |||||
Familar | 1 | 0% | 0% | |||||
Hämeen Tukikoti Oy | 1 | 0% | 0% | |||||
Mehiläinen Oy | 1 | 0% | 0% | |||||
Mehiläinen Hoivapalvelut Oy | 1 | 0% | 0% | |||||
Pihlajalinna Erityisasumispalvelut Oy | 1 | 0% | 0% | |||||
Norlandia | 15 | 1% | 0% | |||||
Norlandia Päiväkodit Oy | 12 | 1% | 0% | |||||
Päiväkoti Jyväs-Tenavat Oy | 1 | 0% | 0% | |||||
Norlandia Päiväkodit | 2 | 0% | 0% | |||||
Kunta | 8 | 1% | 0% | |||||
Siilinjärven kunta | 3 | 0% | 0% | |||||
Mäntyharjun kunta | 1 | 0% | 0% | |||||
Ylivieskan kaupunki | 2 | 0% | 0% | |||||
Raahen kaupunki | 1 | 0% | 0% | |||||
Mikkelin kaupunki | 1 | 0% | 0% | |||||
Esperi | 3 | 0% | 0% | |||||
Rantakartano | 1 | 0% | 0% | |||||
Syvälammen Palvelukoti Oy | 1 | 0% | 0% | |||||
Hoitokoti Hopeinen Kuu Oy | 1 | 0% | 0% | |||||
Vetrea | 3 | 0% | 0% | |||||
Vetrea Terveys Oy | 2 | 0% | 0% | |||||
Hoivakymppi Oy | 1 | 0% | 0% | |||||
Sentica | 4 | 0% | 0% | |||||
Apula Oy | 1 | 0% | 0% | |||||
Verkanappulat Oy | 3 | 0% | 0% | |||||
KVPS | 2 | 0% | 0% | |||||
Kehitysvammaisten Palvelusäätiö sr | 2 | 0% | 0% | |||||
Paltan Palveluasunnot | 2 | 0% | 0% | |||||
Paltan Palveluasunnot Oy | 1 | 0% | 0% | |||||
Paltan Päiväkoti Oy | 1 | 0% | 0% | |||||
Musiikkikoulu Rauhala | 2 | 0% | 0% | |||||
Musiikkikoulu Rauhala Oy | 2 | 0% | 0% | |||||
CTM | 1 | 0% | 0% | |||||
CTM Oy sosiaali- ja terveyspalvelut | 1 | 0% | 0% | |||||
Rebekan Hoitokoti | 1 | 0% | 0% | |||||
Rebekan Hoitokoti Oy | 1 | 0% | 0% | |||||
Tähtipäiväkodit | 2 | 0% | 0% | |||||
Tähtipäiväkodit Oy | 2 | 0% | 0% | |||||
Vacant (ex-LehtoCare) | 1 | 0% | 0% | |||||
Vacant (ex-LehtoCare) | 1 | 0% | 0% | |||||
K-P Hoitopalvelu | 1 | 0% | 0% | |||||
Keski-Pohjanmaan Hoitopalvelu Oy | 1 | 0% | 0% |
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Country | Group controlling the legal | Tenants | Number | 30/06/2020 | 30/06/2019 | |
entities in contractual | of sites | |||||
relation with Aedifica | ||||||
Vantaan Turvakoti | 1 | 0% | 0% | |||
Vantaan Turvakoti Ry | 1 | 0% | 0% | |||
Folkhälsan | 1 | 0% | 0% | |||
Folkhälsan Syd Ab | 1 | 0% | 0% | |||
Priimi | 1 | 0% | 0% | |||
Musiikkipäiväkoti Priimi Oy | 1 | 0% | 0% | |||
Onni ja Ilona | 1 | 0% | 0% | |||
Onni ja Ilona Ky | 1 | 0% | 0% | |||
Tuike | 1 | 0% | 0% | |||
Päiväkoti Tuike Ky | 1 | 0% | 0% | |||
Pikkutassu | 1 | 0% | 0% | |||
Päiväkoti Pikkutassu Ky | 1 | 0% | 0% | |||
Siriuspäiväkodit | 1 | 0% | 0% | |||
Siriuspäiväkodit Ay | 1 | 0% | 0% | |||
Ikifit | 1 | 0% | 0% | |||
Villa Sten Oy | 1 | 0% | 0% | |||
Murunen | 1 | 0% | 0% | |||
Tiina Ollikainen ja Piia Lund | 1 | 0% | 0% | |||
Sweden | 2 | 0% | 0% | |||
Team Olivia | 1 | 0% | 0% | |||
Center för vård och omsorg i Uppsala AB | 1 | 0% | 0% | |||
Alternatus | 1 | 0% | 0% | |||
Alternatus i Sverige AB | 1 | 0% | 0% | |||
TOTAL | 454 | 100% | 100% | |||
Two groups operate healthcare real estate owned by Aedifica in multiple countries in which the Aedifica group operates: Korian and Orpea. The weight of these two groups in Aedifica's healthcare real estate portfolio is broken down by country in the table below.
Group controlling the legal entities in contractual | Country | Number | 30/06/2020 | 30/06/2019 | |
relation with Aedifica | of sites | ||||
Korian | 46 | 14% | 18% | ||
Belgium | 28 | 10% | 14% | ||
Germany | 1 | 0% | 0% | ||
Netherlands | 17 | 3% | 4% | ||
Orpea | 21 | 7% | 10% | ||
Belgium | 9 | 4% | 5% | ||
Germany | 5 | 2% | 2% | ||
Netherlands | 7 | 2% | 2% | ||
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3. The healthcare real estate market25
3.1. European trends
In the European Union (including the United Kingdom), the population of persons older than 80 years of age has increased by approx. 25% over the past decade to approx. 25 million people (2018). This segment of the population is growing faster than other age groups. The older population in the European Union is expected to more than double between 2018 and 2050, with an increase of approx. 130%. In the coming decades, this demographic trend will further stimulate demand for healthcare real estate.
European residential care centres are operated by different types of operators: public, non-profit and private operators. Their share in the various countries differs, depending on the local social security system. At the European level, private care operators manage approx. 28% of the total number of beds in residential care centres. Care providers in the consolidating private segment develop their activities on both domestic and foreign markets, while governments have only limited resources to meet the growing demand for care and are therefore more often focused on financing care and care dependency than on providing care as a public operator. As a result, both private and public operators rely on private investors to fund healthcare real estate infrastructure that meets the needs of the ageing population.
At the European level, the investment volume in residential care centres has increased sharply in recent years: from approx. €2 billion in 2015 to a record level of approx. €7.3 billion in 2019. The European investment volume was mainly driven by Germany, the United Kingdom, Sweden and the Netherlands. In each of these four countries, more than €1 billion was invested in healthcare real estate in 2019. It is mainly international investors who are responsible for this increase in investment volume. This trend is expected to continue in the near future as the European consolidation of private healthcare providers is well under way and creating new opportunities for real estate investors.
3.2. Belgium
In 2015, 5.4% of the Belgian population was over the age of 80, and by 2040, this segment of the population is expected to increase to 7.5%. Over the past few years, the number of beds has steadily grown to approx. 150,000 units spread across the country. Based on the demographic forecasts and the increase in life expectancy, it appears that the current increase in supply will not meet demand over time. Approx. 30% of the beds in Belgium are managed by the public sector, while the non-profit sector operates approx. 37% and the private sector operates the remaining 33% of the beds. However, there are regional differences: in Flanders, approx. 50% of the beds are managed by the non-profit sector, while the private sector in Wallonia operates approx. 50% of the beds and in Brussels even over 60%. The three largest private players in Belgium currently manage approx. 25,000 beds (approx. 17% of the total number of beds). In 2019, the investment volume in Belgian residential care centres reached a new record of approx. €490 million. In 2019, the prime net yield (based on triple net long leases) decreased further to 4.5%, the lowest level to date.
25 Source: Cushman & Wakefield and Aedifica.
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3.3. Germany
In Germany, the number of people over the age of 80 will double by 2050 compared to 2018, to approx. 12% of the total population. At the end of 2018, there were approx. 952,000 beds available in almost 15,000 residential care centres in Germany, of which 94% are destined for senior citizens and 6% for persons with disabilities, mental health problems or a terminal illness. These residential care centres are operated by non-profit operators (approx. 53%), private operators (approx. 42%) and public operators (approx. 5%). The German healthcare real estate market remains highly fragmented, with the ten largest private operators holding a market share of only approx. 13%. Forecasts predict that about 330,000 extra beds will be needed by 2035. Thus, the ageing population offers significant prospects for growth and consolidation. In some cases, demand already exceeds supply. However, the possibilities for creating new capacity in residential care centres are limited, due in part to the high costs of construction sites (in larger cities) and construction works (due to increasing ecological requirements). Due to the lack of construction sites, there is once again more investment in existing sites and renovations. Another problem facing operators is a shortage of healthcare workers. More than €1.6 billion was invested in healthcare real estate in 2019, mainly by international investors. Due to the great interest in healthcare real estate, the prime net yield fell to 4.3% in 2019.
3.4. Netherlands
4.7% of the population in the Netherlands is currently over 80 years of age. This age group is expected to almost double to 8.5% of the total population by 2040. As a result of this demographic evolution, approx. 35,000 extra beds in residential care centres are expected to be needed by 2030, on top of the necessary redevelopment of the existing outdated care infrastructure. Of the current capacity of approx. 116,000 beds, approx. 92% are operated by non-profit operators. Private operators account for the remaining 8% and mainly operate small-scale sites with an average capacity of approx. 24 residents. Although the market share of the private sector is still small compared to the non-profit sector, the private sector has grown considerably in recent years. In the Netherlands too, a consolidation of the healthcare market is expected: the five largest private players are currently actively expanding their portfolio. Investments in the Dutch healthcare real estate market reached a record level in 2019 with a total volume of approx. €1.2 billion. The prime net yield is approx. 5% and is expected to decrease further in the future due to the great interest in healthcare real estate.
3.5. United Kingdom
An increasingly ageing population with higher care needs is expected to increase demand for healthcare real estate significantly in the United Kingdom in the near future and offers favourable prospects for occupancy rates. Currently, 5.1% of the UK population is over the age of 80; this age group is expected to double to 10% of the total population by 2050. The United Kingdom has a total of approx. 470,000 beds in residential care centres. With approx. 5,500 care home operators, many of which are independent private players operating small and outdated buildings, the UK's senior care market is still very fragmented. The five largest care home operators have a market share of 15% of the total bed capacity, while the top 10 account for approx. 21%. The senior care market in the UK is financed by a mix of public funds (Local Authorities and the National Health Service) and private funds (self-payers). The share of residents who finance their stay with private funds has risen sharply in recent years (approx. 45% of the market). Persons who meet certain conditions as regards care needs can obtain social care services from Local Authorities (approx. 46%) after an evaluation of their financial situation. The National Health Service finances seniors with primary care needs (approx. 9%). In 2019, investment
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volume in the UK healthcare real estate market reached a new record with approx. £1.5 billion. Net yields remain diversified: prime real estate drops to less than 4%, while mid-market real estate has a yield of around 7%.
3.6. Finland
In Finland, approx. 5.6% of the total population was over 80 years old in 2019. This age group is projected to almost double to about 10.9% of the population by 2040. Finland has a total of approx. 55,000 beds in residential care centres. Private healthcare operators have a market share of around 50%. In the 2014-2018 period, the number of residents in private care homes grew by approx. 5% per year. In Finland, municipalities are responsible for providing care to their residents. A municipality has two basic options to manage the provision of care: either to provide care itself as a public operator, or to organise care through outsourcing to private or non-profit care operators. In Finland, care services are funded by municipalities through national and local taxes. The investment volume in Finnish healthcare real estate amounted to more than €400 million in 2019. The demand for healthcare real estate remains high, while supply is limited. Over the last years, the prime net yield has decreased to approx. 4.75%.
3.7. Sweden
Approx. 5.2% of the total population in Sweden is over 80 years of age. That number will rise to 9.2% by 2060. Sweden has a total of approx. 100,000 beds in residential care centres. Estimates indicate that at least 40,000 new beds will be needed by 2030. In Sweden, municipalities are responsible for providing care to their residents. Municipalities have various options for providing adequate care, but the focus seems to shift to giving freedom of choice so that people can choose their own care provider. Private care operators are seen as a central part of that freedom of choice. Their market share has risen sharply in recent years and currently amounts to approx. 28%. In Sweden, care services are generally financed with public funds. Due to a major acquisition, the investment volume in the Swedish healthcare real estate market increased to a record level of more than €1 billion in 2019. The prime net yield amounts to approx. 3.75%.
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4. Valuation experts' report26
Gentlemen,
We are pleased to send you our estimate of the fair value of investment properties held by the Aedifica group as of 30 June 2020.
Aedifica assigned to each of the nine valuation experts the task of determining the fair value (from which the investment value is derived27) of one part of its portfolio of investment properties. Assessments are established taking into account the remarks and definitions contained in the reports and following the guidelines of the International Valuation Standards issued by the 'IVSC'.
We have acted individually as valuation experts and have a relevant and recognised qualification, as well as an ongoing experience for the location and the type of buildings assessed. The valuation expert's opinion of fair value was primarily derived using comparable recent market transactions on arm's length terms.
Properties are considered in the context of current leases and of all rights and obligations that these commitments entail. We have evaluated each entity individually. Assessments do not take into account a potential value that can be generated by offering the whole portfolio on the market. Assessments do not take into account selling costs applicable to a specific transaction, such as brokerage fees or advertising. Assessments are based on the inspection of real estate properties and information provided by Aedifica (i.e. rental status and surface area, sketches or plans, rental charges and property taxes related to the property, and compliance and pollution matters). The information provided was assumed to be accurate and complete. Assessments are made under the assumption that no non-communicated piece of information is likely to affect the value of the property.
Based on the nine assessments, the consolidated fair value of the portfolio amounted to €3,310,260,85328 as of 30 June 2020, including €3,155,217,542 for marketable investment properties29. Contractual rents amounted to €184,243,491 which corresponds to an initial rental yield of 5.84% compared to the fair value of marketable investment properties. The current occupancy rate amounts to 99.83%. Assuming that the marketable investment properties are 100% rented and that the current vacancy is let at market rent, contractual rent would amount to €184,567,491, i.e. an initial yield of 5.85% compared to the fair value of the marketable investment properties.
The abovementioned amounts include the fair values and contractual rents of the UK based assets in pound sterling and converted into euro as well as the assets and development projects located in Sweden in Swedish Krona converted into euro taking the exchange rates as per 30 June 2020 (1.0960€/£ and 10.4948SEK/€; rates of the last business day of the quarter) into account.
- The expert report was reproduced with the agreement of Cushman & Wakefield Belgium NV/SA, Deloitte Consulting & Advisory CVBA/SCRL, CBRE GmbH, Jones Lang LaSalle SE, Cushman & Wakefield VOF, Savills Consultancy BV, Cushman & Wakefield Debenham Tie Leung Limited, Jones Lang LaSalle Finland Oy and JLL Valuation AB. The sum of all elements of the portfolio individually assessed by the above-mentioned valuation experts constitutes Aedifica's whole consolidated portfolio.
- 'Investment value' is defined by Aedifica as the value assessed by a valuation expert, of which transfer costs are not deducted
(also known as 'gross capital value'). - The above-mentioned portfolio is broken down in two lines on the balance sheet (lines 'I.C. Investment properties' and 'II.A. Assets classified as held for sale').
- 'Marketable investment properties' are defined by Aedifica as investment properties, including assets classified as held for sale and excluding development projects. Marketable investment properties are hence completed properties that are let or lettable.
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As of 30 June 2020:
- the consolidated fair value of the assets located in Belgium amounted to €1,055,293,146; including €1,046,117,540 for marketable investment properties. Contractual rents amounted to €56,819,536 which corresponds to an initial yield of 5.43% to the fair value of the marketable investment properties.
- the consolidated fair value of the assets located in Germany amounted to €631,014,306; including €590,420,936 for marketable investment properties. Contractual rents amounted to €34,329,514 which corresponds to an initial yield of 5.81% to the fair value of the marketable investment properties.
- the consolidated fair value of the assets located in The Netherlands amounted to €453,580,000; including €426,420,000 for marketable investment properties. Contractual rents amounted to €24,551,980 which corresponds to an initial yield of 5.76% to the fair value of the marketable investment properties.
- the consolidated fair value of the assets located in The United Kingdom amounted to £557,363,000; including £556,942,310 for marketable investment properties. Contractual rents amounted to £37,773,580 which corresponds to an initial yield of 6.78% to the fair value of the marketable investment properties.
- the consolidated fair value of the assets located in Finland amounted to €545,820,586; including €477,410,000 for marketable investment properties. Contractual rents amounted to €26,885,347 which corresponds to an initial yield of 5.63% to the fair value of the marketable investment properties.
- the consolidated fair value of the assets located in Sweden amounted to SEK143,600,000; including SEK46,600,000 for marketable investment properties. Contractual rents amounted to SEK2,700,000 which corresponds to an initial yield of 5.79% to the fair value of the marketable investment properties.
In the context of a reporting in compliance with the International Financial Reporting Standards, our evaluations reflect the fair value. The fair value is defined by IAS 40 and IFRS 13 as 'the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date'. The IVSC considers that the definition of fair value under IAS 40 and IFRS 13 is generally consistent with market value.
Cushman & Wakefield Belgium SA opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Cushman & Wakefield Belgium SA is estimated at €539,539,000 and the investment value (before deduction of the transfer costs31) is estimated at €553,420,500.
Christophe Ackermans (BVBA/SPRL)
17 July 2020
- The valuation expert values only a part of Aedifica's portfolio and does not take responsibility for the valuation of the portfolio as a whole. The valuation expert therefore signs only for the accuracy of the figures of the assets he or she values. No further liability for any other valuation expert will be accepted.
- In this context, the transfer costs require adaptation to the market conditions. Based on the analysis of a large number of transactions in Belgium, the Belgian experts acting at the request of publicly traded real estate companies, reunited in a working group, came to the following conclusion: given the various ways to transfer property in Belgium, the weighted average of the transfer costs was estimated at 2.5% for investment properties with a value in excess of €2.5 million. The investment value corresponds therefore to the fair value plus 2.5% of transfer costs. The fair value is also calculated by dividing the investment value by 1.025. Properties in Belgium below the threshold of €2.5 million remain subject to usual transfer costs (10.0% or 12.5% depending on their location). Their fair value corresponds thus to the value excluding transfer costs. In this specific case, for residential units, the fair value reflects the potential capital gain per apartment, if sold.
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Deloitte Consulting & Advisory SCRL opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Deloitte Consulting & Advisory SCRL is estimated at €515,754,146 and the investment value (before deduction of the transfer costs31) is estimated at €528,648,000.
Frédéric Sohet and Patricia Lannoije
17 July 2020
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by CBRE GmbH is estimated at €397,840,000 and the investment value (before deduction of the transfer costs32) is estimated at €426,141,396.
Danilo Tietz and Karina Melskens
17 July 2020
Jones Lang LaSalle SE opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Jones Lang LaSalle SE is estimated at €233,174,306 and the investment value (before deduction of the transfer costs32) is estimated at €251,160,000.
Peter Tölzel
17 July 2020
Cushman & Wakefield VOF opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Cushman & Wakefield VOF is estimated at €383,970,000 and the investment value (before deduction of the transfer costs33) is estimated at €401,080,000.
Jacques Boeve and Niek Drent
17 July 2020
Savills Consultancy BV opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Savills Consultancy BV is estimated at €69,610,000 and the investment value (before deduction of the transfer costs33) is estimated at €73,650,000.
Martijn Onderstal and Jorn Damhuis
17 July 2020
- Assets located in Germany are not concerned by the comments in footnote 31 above. In the assessment of their investment value, the usual German transfer costs and professional fees are taken into account.
- Assets located in the Netherlands are not concerned by the comments in footnote 31 above. In the assessment of their investment value, the usual Dutch transfer costs and professional fees are taken into account.
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Cushman & Wakefield Debenham Tie Leung Ltd opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Cushman & Wakefield Debenham Tie Leung Limited is estimated at £557,363,000 (equivalent to €610,869,848 based on the exchange rate of 1.0960€/£ as per 30/06/2020; rate of the last business day of the quarter) and the investment value (before deduction of the transfer costs34) is estimated at £594,258,945 (equivalent to €651,307,804 based on the exchange rate of 1.0960€/£ as per 30/06/2020; rate of the last business day of the quarter).
Tom Robinson en Martin Robb 17 July 2020
Jones Lang LaSalle Finland Oy opinion30:
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by Jones Lang LaSalle Finland Oy is estimated at €545,820,586 and the investment value (before deduction of the transfer costs35) is estimated at €559,466,101.
Tero Lehtonen and Mikko Kuusela
17 July 2020
As of 30 June 2020, the fair value of the part of Aedifica's portfolio valued by JLL Valuation AB is estimated at SEK143,600,000 (equivalent to €13,682,967 based on the exchange rate of 10.4948 SEK/€ as per 30/06/2020; rate of the last business day of the quarter) and the investment value (before deduction of the transfer costs36) is estimated at SEK145,786,802 (equivalent to €13,891,337 based on the exchange rate of 10.4948 SEK/€ as per 30/06/2020; rate of the last business day of the quarter).
Patrik Lofvenberg
17 July 2020
- Assets located in the United Kingdom are not concerned by the comments in footnote 31 above. In the assessment of their investment value, the usual UK transfer costs are taken into account. The investment value corresponds to the gross value before deduction of SDLT (Stamp Duty Land Tax) and professional fees.
- Assets located in Finland are not concerned by the comments in footnote 31 above. In the assessment of their investment value, the usual Finnish transfer costs and professional fees are taken into account.
- Assets located in Sweden are not concerned by the comments in footnote 31 above. In the assessment of their investment value, the usual Swedish transfer costs and professional fees are taken into account.
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- Condensed consolidated financial statements
1. Consolidated income statement
(x €1,000) | Notes | 30/06/2020 | 30/06/2019 | |
I. | Rental income | 163,413 | 118,413 | |
II. | Writeback of lease payments sold and discounted | 0 | 0 | |
III. | Rental-related charges | -2,698 | -41 | |
Net rental income | 160,715 | 118,372 | ||
IV. | Recovery of property charges | 0 | 59 | |
V. | Recovery of rental charges and taxes normally paid by tenants on let | 2,915 | 2,751 | |
properties | ||||
VI. | Costs payable by the tenant and borne by the landlord on rental damage | 0 | 0 | |
and repair at end of lease | ||||
VII. | Rental charges and taxes normally paid by tenants on let properties | -2,915 | -2,751 | |
VIII. | Other rental-related income and charges | 17 | -820 | |
Property result | 160,732 | 117,611 | ||
IX. | Technical costs | -263 | -1,077 | |
X. | Commercial costs | -200 | -317 | |
XI. | Charges and taxes on unlet properties | 0 | -58 | |
XII. | Property management costs | -3,868 | -2,763 | |
XIII. | Other property charges | -1,098 | -1,470 | |
Property charges | -5,429 | -5,685 | ||
Property operating result | 155,303 | 111,926 | ||
XIV. | Overheads | -22,553 | -14,692 | |
XV. | Other operating income and charges | -330 | -92 | |
Operating result before result on portfolio | 132,420 | 97,142 | ||
XVI. | Gains and losses on disposals of investment properties | 1,160 | 7,321 | |
XVII. | Gains and losses on disposals of other non-financial assets | 0 | 0 | |
XVIII. | Changes in fair value of investment properties | 15,423 | 63,317 | |
XIX. | Other result on portfolio | 0 | 0 | |
Operating result | 149,003 | 167,780 | ||
XX. | Financial income | 49 | 154 | |
XXI. | Net interest charges | -20,832 | -17,193 | |
XXII. | Other financial charges | -3,340 | -3,129 | |
XXIII. | Changes in fair value of financial assets and liabilities | 7 | -2,243 | -7,304 |
Net finance costs | -26,366 | -27,472 | ||
XXIV. | Share in the profit or loss of associates and joint ventures accounted for | 2,496 | 1,134 | |
using the equity method | ||||
Profit before tax (loss) | 125,133 | 141,442 | ||
XXV. | Corporate tax | -20,179 | -10,136 | |
XXVI. | Exit tax | -52 | -578 | |
Tax expense | -20.231 | -10,714 | ||
Profit (loss) | 104,902 | 130,728 | ||
Attributable to: | ||||
Non-controlling interests | 40 | 7,231 | ||
Owners of the parent | 104,862 | 123,497 | ||
Basic earnings per share (€) | 8 | 4.19 | 6.41 | |
Diluted earnings per share (€) | 8 | 4.19 | 6.41 | |
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2. Consolidated statement of comprehensive income
(x €1,000) | 30/06/2020 | 30/06/2019 | ||
I. | Profit (loss) | 104,902 | 130,728 | |
II. | Other comprehensive income recyclable under the income statement | |||
A. | Impact on fair value of estimated transaction costs resulting from hypothetical disposal of | 0 | 0 | |
investment properties | ||||
B. | Changes in the effective part of the fair value of authorised cash flow hedge instruments | -2,976 | -9,620 | |
as defined under IFRS | ||||
D. | Currency translation differences linked to conversion of foreign activities | -13,274 | -4,093 | |
H. | Other comprehensive income, net of taxes | 1,644 | -3,466 | |
Comprehensive income | 90,296 | 113,549 | ||
Attributable to: | ||||
Non-controlling interests | 40 | 7,231 | ||
Owners of the parent | 90,256 | 106,318 | ||
3. Consolidated balance sheet
ASSETS | Notes | 30/06/2020 | 30/06/2019 | |
(x €1,000) | ||||
I. | Non-current assets | |||
A. | Goodwill | 16 | 160,039 | 0 |
B. | Intangible assets | 995 | 407 | |
C. | Investment properties | 4 | 3,358,637 | 2,315,709 |
D. | Other tangible assets | 3,094 | 1,326 | |
E. | Non-current financial assets | 735 | 307 | |
F. | Finance lease receivables | 0 | 0 | |
G. | Trade receivables and other non-current assets | 0 | 0 | |
H. | Deferred tax assets | 1,249 | 0 | |
I. | Equity-accounted investments | 35,143 | 33,931 | |
Total non-current assets | 3,559,892 | 2,351,680 | ||
II. | Current assets | |||
A. | Assets classified as held for sale | 4 | 7,296 | 5,240 |
B. | Current financial assets | 0 | 0 | |
C. | Finance lease receivables | 0 | 0 | |
D. | Trade receivables | 13,322 | 11,216 | |
E. | Tax receivables and other current assets | 3,252 | 1,257 | |
F. | Cash and cash equivalents | 22,246 | 15,405 | |
G. | Deferred charges and accrued income | 2,903 | 1,329 | |
Total current assets | 49,019 | 34,447 | ||
TOTAL ASSETS | 3,608,911 | 2,386,127 | ||
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EQUITY AND LIABILITIES | Notes | 30/06/2020 | 30/06/2019 | |
(x €1,000) | ||||
EQUITY | ||||
I. | Issued capital and reserves attributable to owners of the parent | |||
A. | Capital | 5 | 685,569 | 624,713 |
B. | Share premium account | 706,800 | 565,068 | |
C. | Reserves | 171,291 | 116,271 | |
a. Legal reserve | 0 | 0 | ||
b. Reserve for the balance of changes in fair value of investment properties | 288,527 | 171,274 | ||
c. Reserve for estimated transaction costs resulting from hypothetical disposal | -85,918 | -40,977 | ||
of investment properties | ||||
d. Reserve for the balance of changes in fair value of authorised hedging | -26,139 | -24,960 | ||
instruments qualifying for hedge accounting as defined under IFRS | ||||
e. Reserve for the balance of changes in fair value of authorised hedging | -25,901 | -18,991 | ||
instruments not qualifying for hedge accounting as defined under IFRS | ||||
f. Reserve of exchange differences relating to foreign curency monetary items | 8,203 | -4,573 | ||
g. Foreign currency translation reserves | -30,143 | -4,093 | ||
h. Reserve for treasury shares | 0 | 0 | ||
k. Reserve for deferred taxes on investment properties located abroad | -9,463 | -3,824 | ||
m. Other reserves | 2,677 | 796 | ||
n. Result brought forward from previous years | 49,448 | 41,619 | ||
D. | Profit (loss) of the year | 104,862 | 123,497 | |
Equity attributable to owners of the parent | 1,668,522 | 1,429,549 | ||
II. | Non-controlling interests | 2,561 | 103 | |
TOTAL EQUITY | 1,671,083 | 1,429,652 | ||
LIABILITIES | ||||
I. | Non-current liabilities | |||
A. | Provisions | 0 | 0 | |
B. | Non-current financial debts | 6 | 1,153,756 | 584,193 |
a. Borrowings | 1,098,805 | 569,226 | ||
c. Other | 54,951 | 14,967 | ||
C. | Other non-current financial liabilities | 96,084 | 52,774 | |
a. Authorised hedges | 7 | 52,556 | 48,170 | |
b. Other | 43,528 | 4,604 | ||
D. | Trade debts and other non-current debts | 0 | 0 | |
E. | Other non-current liabilities | 0 | 0 | |
F. | Deferred tax liabilities | 69,128 | 11,848 | |
Non-current liabilities | 1,318,968 | 648,815 | ||
II. | Current liabilities | |||
A. | Provisions | 0 | 0 | |
B. | Current financial debts | 6 | 570,253 | 272,317 |
a. Borrowings | 335,853 | 172,317 | ||
c. Other | 234,400 | 100,000 | ||
C. | Other current financial liabilities | 7 | 1,547 | 0 |
D. | Trade debts and other current debts | 38,783 | 27,044 | |
a. Exit tax | 315 | 3,106 | ||
b. Other | 38,468 | 23,938 | ||
E. | Other current liabilities | 0 | 0 | |
F. | Accrued charges and deferred income | 8,277 | 8,299 | |
Total current liabilities | 618,860 | 307,660 | ||
TOTAL LIABILITIES | 1,937,828 | 956,475 | ||
TOTAL EQUITY AND LIABILITIES | 3,608,911 | 2,386,127 | ||
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4. Consolidated cash flow statement
(x €1,000) | 30/06/2020 | 30/06/2019 |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Profit (loss) | 104,862 | 123,497 |
Non-controlling interests | 40 | 7,231 |
Tax expense | 20,231 | 10,134 |
Amortisation and depreciation | 1,235 | 651 |
Write-downs | 2,682 | 10 |
Change in fair value of investment properties (+/-) | -15,423 | -63,317 |
Gains and losses on disposals of investment properties | -1,160 | -7,322 |
Net finance costs | 24,647 | 27,472 |
Changes in fair of the derivatives° | 1,598 | 0 |
Goodwill impairment | 0 | 0 |
Change in fair value of investments in entities consolidated through equity method | -1,213 | -1,134 |
Changes in trade receivables (+/-) | -4,381 | -4,297 |
Changes in tax receivables and other current assets (+/-) | 898 | -1,073 |
Changes in deferred charges and accrued income (+/-) | 176 | -717 |
Changes in trade payables and other current debts (excl. exit tax) (+/-) | 6,660 | -7,095 |
Changes in accrued charges and deferred income (+/-) | -3,235 | 5,612 |
Changes in net assets resulting from foreign exchange differences linked to the conversion of foreign operations (+/-)°° | -17,066 | 0 |
Cash generated from operations | 120,551 | 89,652 |
Taxes paid | -8,595 | -894 |
Net cash from operating activities | 111,956 | 88,758 |
CASH FLOW RESULTING FROM INVESTING ACTIVITIES | ||
Goodwill | -160,039 | 0 |
Purchase of intangible assets | -479 | -62 |
Purchase of real estate companies and marketable investment properties | -487,698 | -654,405 |
Purchase of tangible assets | -952 | 549 |
Purchase of development projects | -220,190 | -109,508 |
Disposals of investment properties | 19,346 | 65,297 |
Net changes in non-current receivables | -202 | -247 |
Net investments in other assets | 0 | 96,325 |
Net cash from investing activities | -850,214 | -602,051 |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Capital increase, net of costs°°° | 202,588 | 408,702 |
Disposals of treasury shares | 0 | 0 |
Dividend for previous fiscal year | -54,572 | -28,119 |
Net changes in borrowings | 609,747 | 106,555 |
Net changes in other non-current financial liabilities | 10,664 | 99,493 |
Net financial items received (+) / paid (-) | -23,328 | -18,474 |
Repayment of financial debts of acquired or merged companies°°°° | 0 | -21,579 |
Repayment of working capital of acquired or merged companies°°°° | 0 | -28,469 |
Net cash from financing activities | 745,099 | 518,109 |
TOTAL CASH FLOW FOR THE PERIOD | ||
Total cash flow for the period | 6,841 | 4,816 |
RECONCILIATION WITH BALANCE SHEET | ||
Cash and cash equivalents at beginning of period | 15,405 | 10,589 |
Total cash flow for the period | 6,841 | 4,816 |
Cash and cash equivalents at end of period | 22,246 | 15,405 |
- In comparative figures, the changes in fair value of the derivatives are presented on the line 'Net finance costs'. °° In comparative figures, the changes in foreign exchange differences are presented on other cash flows
°°° Some types of capital increases (contributions in kind, partial demergers) do not result in any cash flow.
°°°° On 30 June 2020, repayments of financial debts and of working capital of acquired or merged companies are included in the cash flow resulting from investing activities under the line 'Purchase of real estate companies and marketable investment properties'.
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5. Consolidated statement of changes in equity
(x €1,000) | 1/07/2018 | Capital | Capital | Acquisitions | Consolidated | Appropriation | Other | 30/06/2019 |
increase | increase | / disposals | comprehensive | of the result | transfers | |||
in cash | in kind | of treasury | income | and | ||||
shares | roundings | |||||||
Capital | 465,126 | 153,002 | 6,585 | 0 | 0 | 0 | 0 | 624,713 |
Share premium account | 297,569 | 255,796 | 11,702 | 0 | 0 | 0 | 1 | 565,068 |
Reserves | 107,097 | 0 | 0 | 0 | -17,179 | 26,354 | -1 | 116,271 |
a. Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
b. Reserve for the | 153,582 | 0 | 0 | 0 | 0 | 22,255 | -4,563 | 171,274 |
balance of changes in | ||||||||
fair value of investment | ||||||||
properties | ||||||||
c. Reserve for estimated | -37,953 | 0 | 0 | 0 | 0 | -6,792 | 3,768 | -40,977 |
transaction costs | ||||||||
resulting from | ||||||||
hypothetical disposal of | ||||||||
investment properties | ||||||||
d. Reserve for the | -16,436 | 0 | 0 | 0 | -8,513 | -11 | 0 | -24,960 |
balance of changes in | ||||||||
fair value of authorised | ||||||||
hedging instruments | ||||||||
qualifying for hedge | ||||||||
accounting as defined | ||||||||
under IFRS | ||||||||
e. Reserve for the | -17,659 | 0 | 0 | 0 | 0 | -1,332 | 0 | -18,991 |
balance of changes in | ||||||||
fair value of authorised | ||||||||
hedging instruments not | ||||||||
qualifying for hedge | ||||||||
accounting as defined | ||||||||
under IFRS | ||||||||
f. Reserve of exchange | 0 | 0 | 0 | 0 | -4,573 | 0 | 0 | -4,573 |
differences relating to | ||||||||
foreign curency | ||||||||
monetary items | ||||||||
g. Foreign currency | 0 | 0 | 0 | 0 | -4,093 | 0 | 0 | -4,093 |
translation reserves | ||||||||
h. Reserve for treasury | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
shares | ||||||||
k. Reserve for deferred | -1,311 | 0 | 0 | 0 | 0 | -2,513 | 0 | -3,824 |
taxes on investment | ||||||||
properties located | ||||||||
abroad | ||||||||
m. Other reserves | -1,957 | 0 | 0 | 0 | 0 | 1,957 | 796 | 796 |
n. Result brought | 28,831 | 0 | 0 | 0 | 0 | 12,790 | -2 | 41,619 |
forward from previous | ||||||||
years | ||||||||
Profit (loss) | 71,855 | 0 | 0 | 0 | 123,497 | -71,855 | 0 | 123,497 |
Equity attributable to | 941,647 | 408,798 | 18,287 | 0 | 106,318 | -45,501 | 0 | 1,429,549 |
owners of the parent | ||||||||
Non-controlling interests | 0 | 0 | 0 | 0 | 103 | 0 | 0 | 103 |
TOTAL EQUITY | 941,647 | 408,798 | 18,287 | 0 | 106,421 | -45,501 | 0 | 1,429,652 |
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(x €1,000) | 1/07/2019 | Capital | Capital | Acquisitions | Consolidated | Appropriation | Other | 30/06/2020 |
increase | increase | / disposals | comprehensive | of the result | transfers | |||
in cash | in kind | of treasury | income | and | ||||
shares | roundings | |||||||
Capital | 624,713 | 60,855 | 0 | 0 | 0 | 0 | 1 | 685,569 |
Share premium account | 565,068 | 141,733 | 0 | 0 | 0 | 0 | -1 | 706,800 |
Reserves | 116,271 | 0 | 0 | 352 | -14,606 | 69,273 | 0 | 171,291 |
a. Legal reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
b. Reserve for the balance | 171,274 | 0 | 0 | 0 | 0 | 117,253 | 0 | 288,527 |
of changes in fair value of | ||||||||
investment properties | ||||||||
c. Reserve for estimated | -40,977 | 0 | 0 | 0 | 0 | -44,941 | 0 | -85,918 |
transaction costs resulting | ||||||||
from hypothetical disposal | ||||||||
of investment properties | ||||||||
d. Reserve for the balance | -24,960 | 0 | 0 | 0 | -1,174 | -4 | 0 | -26,139 |
of changes in fair value of | ||||||||
authorised hedging | ||||||||
instruments qualifying for | ||||||||
hedge accounting as | ||||||||
defined under IFRS | ||||||||
e. Reserve for the balance | -18,991 | 0 | 0 | 0 | 0 | -6,910 | 0 | -25,901 |
of changes in fair value of | ||||||||
authorised hedging | ||||||||
instruments not qualifying | ||||||||
for hedge accounting as | ||||||||
defined under IFRS | ||||||||
f. Reserve of exchange | -4,573 | 0 | 0 | 0 | 12,776 | 0 | 0 | 8,203 |
differences relating to | ||||||||
foreign curency monetary | ||||||||
items | ||||||||
g. Foreign currency | -4,093 | 0 | 0 | 0 | -26,051 | 0 | 1 | -30,143 |
translation reserves | ||||||||
h. Reserve for treasury | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
shares | ||||||||
k. Reserve for deferred | -3,824 | 0 | 0 | 0 | 0 | -5,638 | -1 | -9,463 |
taxes on investment | ||||||||
properties located abroad | ||||||||
m. Other reserves | 796 | 0 | 0 | 0 | 0 | 1,880 | 0 | 2,676 |
n. Result brought forward | 41,619 | 0 | 0 | 352 | -158 | 7,634 | 0 | 49,448 |
from previous years | ||||||||
Profit (loss) | 123,497 | 0 | 0 | 0 | 104,862 | -123,497 | 0 | 104,862 |
Equity attributable to | 1,429,549 | 202,588 | 0 | 352 | 90,256 | -54,223 | 0 | 1,668,522 |
owners of the parent | ||||||||
Non-controlling interests | 103 | 0 | 0 | 0 | 40 | 0 | 2,418 | 2,561 |
TOTAL EQUITY | 1,429,652 | 202,588 | 0 | 352 | 90,296 | -54,223 | 2,418 | 1,671,083 |
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6. Notes
Note 1: General information
Aedifica NV/SA (referred to in the Condensed Consolidated Financial Statements as 'the Company' or 'the Parent') is a limited liability company that has opted for a Public Regulated Real Estate Company (RREC) status under Belgian law. The address of its head office is: Rue Belliard 40, B-1040 Brussels (telephone: +32 (0)2 626 07 70).
The Aedifica Group (referred to in the Condensed Consolidated Financial Statements as 'the Group') is composed of the parent-company and its subsidiaries.
Aedifica is listed on Euronext Brussels (since 2006) and Euronext Amsterdam (since 2019).
The Condensed Consolidated Financial Statements as of 30 June 2020 were approved by the Board of Directors on 31 August 2020.
Note 2: Accounting policies
The Condensed Consolidated Financial Statements cover the period from 1 July to 30 June 2020. They have been prepared in accordance with the International Financial Reporting Standards ('IFRS') and, in particular, the IAS 34 standard on Interim Financial Reporting. These standards comprise the associated standards and interpretations as published by the International Accounting Standards Board ('IASB') and the International Financial Reporting Interpretations Committee ('IFRIC'), to the extent to which they are applicable to the Group's activities and are effective for the financial years starting on or after 30 June 2019. The Condensed Consolidated Financial Statements have also been prepared in accordance with the Royal Decree of 13 July 2014 on Regulated Real Estate Companies. Condensed Consolidated Financial Statements are drawn up in euros and presented in thousands of euros.
The specific principles for financial reporting are summarised in Note 2.2 of the 2018/2019 Consolidated Financial Statements. These methods were applied consistently to all previous financial years.
The new and amended standards and interpretations listed below are compulsory for the Group since
1 July 2019, but had no significant impact on the current Condensed Consolidated Financial Statements:
- 'Annual Improvements to IFRS Standards 2015-2017 Cycle' issued in December 2017;
- amendment to IAS 19 'Plan Amendment, Curtailment or Settlement';
- amendment to IAS 28 'Investments in Associates and Joint Ventures';
- new interpretation for IFRIC 23 'Uncertainty over Income Tax Treatments';
- amendment to IFRS 9 'Prepayment Features with Negative Compensation';
-
new standard for IFRS 16 'Leases':
IFRS 16 provides a comprehensive model for lessors and lessees alike to identify lease agreements and their accounting processing in the annual accounts. When it entered into force, this standard replaced IAS 17 'Leases' and the accompanying interpretations. IFRS 16 introduces important changes regarding the accounting processing of lease agreements for the lessee, whereby the distinction between operational and financial leases ceases to exist and assets and liabilities are recognised for all lease agreements (save exceptions for short-term leases or assets having a low value). In contrast to the lessee's processing of the lease
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agreements, IFRS 16 retains almost all the provisions of IAS 17 'Leases' relating to the lessor's processing of the lease agreements. This means that lessors must continue to classify the lease agreements as operational or financial lease agreements.
A user right and accompanying obligation must be recognised in the statutory and consolidated annual accounts in the cases where Aedifica is the lessee in lease contracts classified as operational leases under IAS 17 and these contracts do not fall under the exceptions as laid down in IFRS 16 (e.g. car rental, real estate used by the Group, etc.). The total amount capitalised as a result of the application of IFRS 16 corresponds to the net fair value of the plots of land, company cars and buildings used by the Group as offices.
The impact on the consolidated balance sheet as of 30 June 2020 amounts to €38.2 million for the plots of land (resulting from the acquisition of Hoivatilat Oyj on 10 January 2020) and €2.0 million for the company cars and buildings used by the Group as offices. The land is shown at its market value under the line 'Investment properties' of the consolidated balance sheet. Their market value is determined based on the residual value of the lease debt. Company cars and buildings used by the Group as offices are included in the consolidated balance sheet under the line 'Other tangible assets'. The initial present net value is amortised on a straight-line basis over the term of the contracts. A debt corresponding to the net current value has been entered in the accounts for this. This debt will be amortised according to the 'effective interest method'.
Certain new standards, amendments and interpretations of existing standards have been published and will be compulsory for financial years starting on or after 1 January 2021. These amendments, which the Group did not apply early, are as follows (situation as at 6 July 2020):
- new standard for IFRS 14 'Regulatory Deferral Accounts' (for which no application date can be determined because the EU has decided not to start the approval process of this provisional standard, pending the publication of a final standard);
- new standard for IFRS 17 'Insurance Contracts' (applicable from 1 January 2023, subject to EU approval);
- 'Amendments to References to the Conceptual Framework in IFRS Standards' published in March 2019 (applicable from 1 January 2021);
- 'Annual Improvements to IFRS Standards 2018-2020' (applicable from 1 January 2022, subject to EU approval);
- amendment to IFRS 3 'Business Combinations' (applicable from 1 January 2021);
- new amendment to IFRS 3 'Business Combinations' (applicable from 1 January 2022, subject to EU approval);
- amendment to IFRS 4 'Insurance contracts: deferral of IFRS 9' (applicable from 1 January 2022, subject to EU approval);
- amendments to IFRS 7 and 9 and IAS 39 'Interest Rate Benchmark Reform' (applicable from
1 January 2021);
- amendment to IFRS 16 'Leases: COVID-19-related rent concessions' (applicable as of 1 January 2021, subject to EU approval);
- amendment to IAS 1 'Presentation of financial statements: classification of liabilities as current or non-current' (applicable from 1 January 2022, subject to EU approval);
- amendments to IAS 1 and IAS 8, 'Definition of 'Material'' (applicable from 1 January 2021);
- amendment to IAS 16 'Property, plant and equipment' (applicable from 1 January 2022, subject to EU approval);
- amendment to IAS 37 'Provisions, contingent liabilities and contingent assets' (applicable from 1 January 2022, subject to EU approval).
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Note 3: operating segments
Pursuant to the divestments that were carried out in the course of the 2018/2019 financial year and Aedifica's focus on healthcare real estate, it was decided to adjust the segmented information of the operational result and to classify it geographically as from the financial year that started on 1 July 2019. This segmentation reflects the geographic markets in which Aedifica operates and is consistent with the Group's organisation.
(x €1,000) | 30/06/2020 | ||||||||||
Belgium | Germany | Netherlands | United | Finland | Sweden | Non- | Inter- | TOTAL | |||
Kingdom | allocated | segment | |||||||||
items° | |||||||||||
SEGMENT RESULT | |||||||||||
I. | Rental income | 56,999 | 31,029 | 22,644 | 40,186 | 12,508 | 47 | 0 | 0 | 163,413 | |
II. | Writeback of lease | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
payments sold and | |||||||||||
discounted | |||||||||||
III. | Rental-related | -43 | -5 | 0 | -2,239 | -411 | 0 | 0 | 0 | -2,698 | |
charges | |||||||||||
Net rental income | 56,955 | 31,024 | 22,644 | 37,948 | 12,097 | 46 | 0 | 0 | 160,715 | ||
IV. | Recovery of property | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
charges | |||||||||||
V. | Recovery of rental | -22 | 1,720 | 471 | 385 | 361 | 0 | 0 | 0 | 2,915 | |
charges and taxes | |||||||||||
normally paid by | |||||||||||
tenants on let | |||||||||||
properties | |||||||||||
VI. | Costs payable by the | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
tenant and borne by | |||||||||||
the landlord on rental | |||||||||||
damage and repair at | |||||||||||
end of lease | |||||||||||
VII. | Rental charges and | 22 | -1,720 | -471 | -385 | -361 | 0 | 0 | 0 | -2,915 | |
taxes normally paid | |||||||||||
by tenants on let | |||||||||||
properties | |||||||||||
VIII. | Other rental-related | -5 | -141 | 179 | 0 | -6 | -10 | 0 | 0 | 17 | |
income and charges | |||||||||||
Property result | 56,950 | 30,883 | 22,823 | 37,948 | 12,091 | 36 | 0 | 0 | 160,732 | ||
IX. | Technical costs | -32 | -85 | -76 | 20 | -90 | 0 | 0 | 0 | -263 | |
X. | Commercial costs | 0 | -44 | 0 | -3 | -104 | -49 | 0 | 0 | -200 | |
XI. | Charges and taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
on unlet properties | |||||||||||
XII. | Property | 0 | -834 | -312 | -2,722 | 0 | 0 | 0 | 0 | -3,868 | |
management costs | |||||||||||
XIII. | Other property | 2 | -162 | -286 | 0 | -654 | 0 | 0 | 0 | -1,100 | |
charges | |||||||||||
Property charges | -30 | -1,125 | -674 | -2,705 | -848 | -49 | 0 | 0 | -5,431 | ||
Property operating result | 56,919 | 29,758 | 22,149 | 35,243 | 11,243 | -13 | 0 | 0 | 155,301 | ||
XIV. | Overheads | - | - | - | - | - | - | -22,552 | 0 | -22,552 | |
XV. | Other operating | - | - | - | - | - | - | -329 | 0 | -329 | |
income and charges | |||||||||||
OPERATING RESULT BEFORE | 56,919 | 29,758 | 22,149 | 35,243 | 11,243 | -13 | -22,881 | 0 | 132,420 | ||
RESULT ON PORTFOLIO | |||||||||||
SEGMENT ASSETS | |||||||||||
Marketable investment properties | 1,046,090 | 590,449 | 426,420 | 603,113 | 477,410 | 4,440 | - | - | 3,147,921 | ||
Development projects | 9,176 | 40,593 | 27,160 | 461 | 85,933 | 9,243 | - | - | 172,565 | ||
Right of use of plots of land | - | - | - | - | 38,151 | - | - | - | 38,151 | ||
Investment properties | 3,358,637 | ||||||||||
Assets classified as held for sale | - | - | - | 7,296 | - | - | - | - | 7,296 | ||
Other assets | 35,143 | - | - | - | 160,039 | - | 47,796 | - | 242,978 | ||
Total assets | 3,608,911 | ||||||||||
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(x €1,000) | 30/06/2020 | ||||||
Healthcare | Apartment | Hotels | Non- | Inter- | TOTAL | ||
real estate | buildings | allocated | segment | ||||
items° | |||||||
SEGMENT RESULT | |||||||
I. | Rental income | 163,413 | 0 | 0 | 0 | 0 | 163,413 |
II. | Writeback of lease payments sold and discounted | 0 | 0 | 0 | 0 | 0 | 0 |
III. | Rental-related charges | -2,698 | 0 | 0 | 0 | 0 | -2,698 |
Net rental income | 160,715 | 0 | 0 | 0 | 0 | 160,715 | |
IV. | Recovery of property charges | 0 | 0 | 0 | 0 | 0 | 0 |
V. | Recovery of rental charges and taxes normally paid by | 2,915 | 0 | 0 | 0 | 0 | 2,915 |
tenants on let properties | |||||||
VI. | Costs payable by the tenant and borne by the landlord | 0 | 0 | 0 | 0 | 0 | 0 |
on rental damage and repair at end of lease | |||||||
VII. | Rental charges and taxes normally paid by tenants on | -2,915 | 0 | 0 | 0 | 0 | -2,915 |
let properties | |||||||
VIII. | Other rental-related income and charges | 17 | 0 | 0 | 0 | 0 | 17 |
Property result | 160,732 | 0 | 0 | 0 | 0 | 160,732 | |
IX. | Technical costs | -263 | 0 | 0 | 0 | 0 | -263 |
X. | Commercial costs | -200 | 0 | 0 | 0 | 0 | -200 |
XI. | Charges and taxes on unlet properties | 0 | 0 | 0 | 0 | 0 | 0 |
XII. | Property management costs | -3,868 | 0 | 0 | 0 | 0 | -3,868 |
XIII. | Other property charges | -1,100 | 0 | 0 | 0 | 0 | -1,100 |
Property charges | -5,431 | 0 | 0 | 0 | 0 | -5,431 | |
Property operating result | 155,301 | 0 | 0 | 0 | 0 | 155,301 | |
XIV. | Overheads | 0 | 0 | 0 | -22,552 | 0 | -22,552 |
XV. | Other operating income and charges | 0 | 0 | 0 | -329 | 0 | -329 |
OPERATING RESULT BEFORE RESULT ON PORTFOLIO | 155,301 | 0 | 0 | -22,881 | 0 | 132,420 | |
SEGMENT ASSETS | |||||||
Marketable investment properties | 3,147,921 | - | - | - | - | 3,147,921 | |
Development projects | 172,565 | - | - | - | - | 172,565 | |
Right of use of plots of land | 38,151 | - | - | - | - | 38,151 | |
Investment properties | 3,358,637 | ||||||
Assets classified as held for sale | 7,296 | - | - | - | - | 7,296 | |
Other assets | 160,039 | 35,143 | - | 47,796 | - | 242,978 | |
Total assets | 3,608,911 | ||||||
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(x €1,000) | 30/06/2019 | |||||||
Healthcare | Apartment | Hotels | Non- | Inter- | TOTAL | |||
real estate | buildings | allocated | segment | |||||
items° | ||||||||
SEGMENT RESULT | ||||||||
I. | Rental income | 106,545 | 7,822 | 4,058 | 0 | -12 | 118,413 | |
II. | Writeback of lease payments sold and discounted | 0 | 0 | 0 | 0 | 0 | 0 | |
III. | Rental-related charges | -25 | 14 | -30 | 0 | 0 | -41 | |
Net rental income | 106,520 | 7,836 | 4,028 | 0 | -12 | 118,372 | ||
IV. | Recovery of property charges | 0 | 59 | 0 | 0 | 0 | 59 | |
V. | Recovery of rental charges and taxes normally paid by | 1,883 | 868 | 0 | 0 | 0 | 2,751 | |
tenants on let properties | ||||||||
VI. | Costs payable by the tenant and borne by the landlord | 0 | 0 | 0 | 0 | 0 | 0 | |
on rental damage and repair at end of lease | ||||||||
VII. | Rental charges and taxes normally paid by tenants on | -1,883 | -868 | 0 | 0 | 0 | -2,751 | |
let properties | ||||||||
VIII. | Other rental-related income and charges | -155 | -682 | 17 | 0 | 0 | -820 | |
Property result | 106,365 | 7,213 | 4,045 | 0 | -12 | 117,611 | ||
IX. | Technical costs | -374 | -685 | -18 | 0 | 0 | -1,077 | |
X. | Commercial costs | -31 | -286 | 0 | 0 | 0 | -317 | |
XI. | Charges and taxes on unlet properties | 0 | -54 | -4 | 0 | 0 | -58 | |
XII. | Property management costs | -2,284 | -479 | 0 | 0 | 0 | -2,763 | |
XIII. | Other property charges | -400 | -1,067 | -3 | 0 | 0 | -1,470 | |
Property charges | -3,089 | -2,571 | -25 | 0 | 0 | -5,685 | ||
Property operating result | 103,276 | 4,642 | 4,020 | 0 | -12 | 111,926 | ||
XIV. | Overheads | -180 | -3 | -1 | -14,520 | 12 | -14,692 | |
XV. | Other operating income and charges | -47 | 54 | -9 | -90 | 0 | -92 | |
OPERATING RESULT BEFORE RESULT ON PORTFOLIO | 103,049 | 4,693 | 4,010 | -14,610 | 0 | 97,142 | ||
SEGMENT ASSETS | ||||||||
Marketable investment properties | 2,264,504 | 0 | 0 | - | - | 2,264,504 | ||
Development projects | 51,205 | - | - | 0 | - | 51,205 | ||
Right of use of plots of land | - | - | - | - | - | - | ||
Investment properties | 2,315,709 | |||||||
Assets classified as held for sale | 5,240 | 0 | 0 | - | - | 5,240 | ||
Other assets | - | 33,931 | - | 31,247 | - | 65,178 | ||
Total assets | 2,386,127 | |||||||
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Note 4: Investment properties
(x €1,000) | Marketable investment | Development | TOTAL |
properties | projects | ||
CARRYING AMOUNT AS OF 1/07/2018 | 1,701,280 | 35,183 | 1,736,463 |
Acquisitions | 698,727 | 13,424 | 712,151 |
Disposals | -291,407 | 0 | -291,407 |
Capitalised interest charges | 0 | 1,083 | 1,083 |
Capitalised employee benefits | 0 | 92 | 92 |
Other capitalised expenses | 6,413 | 101,191 | 107,604 |
Transfers due to completion | 86,441 | -86,441 | 0 |
Changes in fair value | 76,382 | -13,065 | 63,317 |
Other expenses booked in the income statement | 0 | 0 | 0 |
Transfers to equity | -12,162 | -262 | -12,424 |
Assets classified as held for sale | -1,170 | 0 | -1,170 |
CARRYING AMOUNT AS OF 30/06/2019 | 2,264,504 | 51,205 | 2,315,709 |
CARRYING AMOUNT AS OF 1/07/2019 | 2,264,504 | 51,205 | 2,315,709 |
Acquisitions | 798,437 | 70,421 | 868,858 |
Disposals | -18,185 | 0 | -18,185 |
Capitalised interest charges | 0 | 1,345 | 1,345 |
Capitalised employee benefits | 0 | 171 | 171 |
Other capitalised expenses | 14,123 | 134,130 | 148,254 |
Transfers due to completion | 75,755 | -75,755 | 0 |
Changes in fair value | 24,375 | -8,951 | 15,423 |
Other expenses booked in the income statement | 0 | 0 | 0 |
Transfers to equity | -9,030 | 0 | -9,030 |
Assets classified as held for sale | -2,056 | 0 | -2,056 |
CARRYING AMOUNT AS OF 30/06/2020 | 3,147,922 | 172,565 | 3,320,487 |
In addition to the marketable investment properties recognised on the balance sheet under the line 'I.C. Investment properties'37 amongst non-current assets, the balance sheet also includes real estate under the line 'II.A. Assets classified as held for sale' amongst current assets, amounting to €7,296 k. This line concerns real estate in the United Kingdom that will be sold (Cherry Trees in Barnsley, Randolph House in Scunthorpe and The Elms in Sutton).
37 The table in Note 4 does not take into account the right of use related to plots of land held in 'leasehold' by Hoivatilat in accordance with IFRS 16 (€38 million), which is included in line 'I.C. Investment properties'.
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The main acquisitions of investment properties over the first twelve months of the current financial year are listed below:
ACQUISITIONS | Country | Properties | Register of | Acquisition | Acquisition method |
valuation° | corporations | date°° | |||
(in € million) | |||||
Rumah Saya | Netherlands | 11 | - | 09/07/2019 | Acquisition of a building |
Residentie La Tour | Netherlands | 3 | - | 09/07/2019 | Acquisition of a land and project |
via Aedifica Nederland 2 BV | |||||
Villa Casimir | Netherlands | 1 | - | 09/07/2019 | Acquisition of a land and project |
via Aedifica Nederland 2 BV | |||||
Haus Steinbachhof | Germany | 16 | - | 09/07/2019 | Acquisition of a building |
Seniorenhaus Wiederitzch | Germany | 6 | - | 09/07/2019 | Acquisition of a building |
Seniorenwohnpark Hartha | Germany | 12 | - | 09/07/2019 | Acquisition of a building |
Zur alten Linde | Germany | 7 | - | 09/07/2019 | Acquisition of a building |
Vinea Domini | Netherlands | 1 | - | 07/08/2019 | Acquisition of a land and project |
via Aedifica Nederland 2 BV | |||||
Wolfsbos | Netherlands | 13 | - | 28/08/2019 | Acquisition of shares |
De Vecht | Netherlands | 11 | - | 28/08/2019 | Acquisition of a building |
De Kaap | Netherlands | 9 | - | 28/08/2019 | Acquisition of a building |
Krakeel | Netherlands | 8 | - | 28/08/2019 | Acquisition of a building |
WZC Beatrix | Netherlands | 4 | - | 28/08/2019 | Acquisition of a building |
Seniorenzentrum Weimar | Germany | 17 | - | 01/10/2019 | Acquisition of a building |
Haus Wellengrund | Germany | 3 | - | 01/11/2019 | Acquisition of a building |
Natatorium | Netherlands | 2 | - | 28/11/2019 | Acquisition of a building |
Villa Nuova | Netherlands | 2 | - | 29/11/2019 | Acquisition of a building |
Aedifica Residenzen West GmbH | Germany | 18 | HRB206932 | 17/12/2019 | Acquisition of shares |
Aedifica Residenzen 3 GmbH | Germany | 5 | HRB32638 | 17/12/2019 | Acquisition of shares |
German Healthcare Real Estate I | Germany | 37 | B1117448 | 18/12/2019 | Acquisition of shares |
Beta SàRL (AL VII) | |||||
German Healthcare Real Estate II | Germany | 22 | B1117437 | 18/12/2019 | Acquisition of shares |
Gamma SàRL (AL VIII) | |||||
Hazel End Care Home | United Kingdom | 14 | - | 19/12/2019 | Acquisition of a building |
Bavaria Senioren- und Pflegeheim | Germany | 5 | - | 01/01/2020 | Acquisition of a building |
Hoivatilat Oyj | Finland | 469 | 2241238-0 | 10/01/2020 | Acquisition of shares |
Sapphire | United Kingdom | 67 | 09461514 | 13/01/2020 | Acquisition of shares |
Wohnstift am Weinberg | Germany | 10 | - | 18/01/2020 | Acquisition of a building |
Am Parnassturm | Germany | 5 | - | 14/02/2020 | Acquisition of a building |
Am Marktplatz | Germany | 2 | - | 14/02/2020 | Acquisition of a building |
Hilversum SVE | Netherlands | 4 | - | 03/03/2020 | Acquisition of a building |
Marham House | United Kingdom | 13 | - | 06/03/2020 | Acquisition of a building |
Martha Flora Dordrecht | Netherlands | 3 | - | 06/04/2020 | Acquisition of a building |
TOTAL | 798 | ||||
- in order to determine the number of shares issued, the exchange ratio and/or the value of the acquired shares. °° and consolidation date in the financial statements.
The main disposals of investment properties over the first twelve months of the current financial year are listed below:
Disposals | Country | Selling price | Disposal date |
(in € million) | |||
De Statenhof hoogbouw | Netherlands | 6.5 | 13/12/2019 |
Koy Uudenkaupungin Merimetsopolku A | Finland | 1 | 31/03/2020 |
HGH Driebergen | Netherlands | 1 | 23/04/2020 |
Prinsenhof | Belgium | 8 | 29/04/2020 |
Delves Court | United Kingdom | 3 | 13/05/2020 |
TOTAL | 19.5 | ||
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Note 5: Capital
On 28 April 2020, Aedifica completed a capital increase of approx. €207 million (including issue premium) through accelerated bookbuilding with international institutional investors, resulting in the issue of 2,460,115 new Aedifica shares. Details of this capital increase are available in section 3.4.2 of the Interim Management Report. Following the close of the first 12 months of the current financial year, Aedifica completed a capital increase on 9 July 2020 through the contribution in kind of the buildings and plot of land of the Klein Veldekens care campus in Aedifica NV/SA. 435,596 new Aedifica shares were issued for an amount of approx. €39 million (including issue premium). The details of this transaction are available in section 3.4.3 of the Interim Management Report.
During the first twelve months of the current financial year, the capital evolved as follows:
Number of shares | Capital (x €1,000) | |
Situation at the beginning of the previous year | 18,200,829 | 480,280 |
Capital increase of 20 November 2018 | 240,597 | 6,349 |
Capital increase of 7 May 2019 | 6,147,142 | 162,209 |
Capital increase of 20 June 2019 | 12,590 | 332 |
Situation at the end of the previous year | 24,601,158 | 649,170 |
Capital increase of 28 April 2020 | 2,460,115 | 64,917 |
Situation at the end of the year | 27,061,273 | 714,087 |
Capital is presented above before subtracting the costs of raising capital (the capital value presented on the balance sheet, is shown net of these costs, in accordance with IFRS).
The table below lists Aedifica's shareholders holding more than 5% of the voting rights (as of 30 June 2020, based on the number of shares held by the shareholders concerned on 5 July 2019)38. According to the definition of Euronext, Aedifica's free float amounts to 100%.
SHAREHOLDERS | Voting rights |
(in %) | |
BlackRock, Inc. | 5.00 |
Others < 5% | 95.00 |
Total | 100.00 |
The capital increases that occurred prior to 30 June 2019 are disclosed in the 'Standing Documents' section of the 2018/2019 Annual Financial Report. All subscribed shares are fully paid-up, with no par value. The shares are registered or dematerialised shares and grant one vote each. All Aedifica shares are listed on the regulated market of Euronext Brussels and Euronext Amsterdam.
Aedifica SA holds no treasury shares.
The board of directors is authorised to increase the capital in one or more instalments, on the dates and in accordance with the terms and conditions as will be determined by the board of directors, by a maximum amount of:
- 1) 50% of the amount of the capital on the date of the extraordinary general meeting of 8 June 2020, as the case may be, rounded down to the euro cent for capital increases by contribution
38 Declarations of transparency (including control strings) are available on Aedifica's website. The Company has not received any additional declarations of transparency since 5 July 2019.
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in cash whereby the possibility is provided for the exercise of the preferential subscription right or the priority allocation right by the shareholders of the Company,
- 2) 50% of the amount of the capital on the date of the extraordinary general meeting of 8 June 2020, as the case may be, rounded down to the euro cent for capital increases in the framework of the distribution of an optional dividend,
- 3) 10% of the amount of the capital on the date of the extraordinary general meeting of 8 June 2020, rounded down to the euro cent for a. capital increases by contribution in kind, b. capital
increases by contribution in cash without the possibility for the shareholders of the Company to exercise the preferential right or priority allocation right, or c. any other kind of capital increase, provided that the capital within the context of the authorised capital can never be increased by an amount higher than the capital on the date of the extraordinary general meeting that approves the authorisation. This authorisation is granted for a renewable period of five years, calculated from the publication of the minutes of the extraordinary general meeting of 8 June 2020, in the annexes to the Belgian Official Gazette. For each capital increase, the board of directors will determine the price, the issue premium (if
any) and the terms and conditions of issue of the new securities.
The capital increases that are thus decided on by the board of directors may be subscribed to in cash, in kind, or by means of a mixed contribution, or by incorporation of reserves, including profits carried forward and issue premiums as well as all equity components under the Company's statutory IFRS financial statements (drawn up in accordance with the regulations applicable to the regulated real estate companies) which are subject to conversion into capital, with or without the creation of new securities. These capital increases can also be realized through the issue of convertible bonds, subscription rights or bonds repayable in shares or other securities which may give rise to the creation of the same securities.
On 30 June 2020, the balance of the authorised capital amounts to:
- 1) €357,043,510.67 for capital increases by contribution in cash whereby the possibility is provided for the exercise of the preferential subscription right or the priority allocation right by the shareholders of the Company;
- 2) €357,043,510.67 for capital increases in the framework of the distribution of an optional dividend;
- 3) €71,408,702.13 for a. capital increases by contribution in kind, b. capital increases by contribution in cash without the possibility for the shareholders of the Company to exercise the
preferential right or priority allocation right, or c. any other kind of capital increase;
provided that the capital within the context of the authorised capital can never be increased by an amount that exceeds the legal maximum amount of the capital of €714,087,021.34, on the dates and in accordance with the terms and conditions as will be determined by the Board of Directors.
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Note 6: Current and non-current financial debts
(x €1,000) | 30/06/2020 | 30/06/2019 |
Non-current financial debts | 1,153,756 | 584,193 |
Credit institutions | 1,098,805 | 569,226 |
Other | 54,951 | 14,967 |
Current financial debts | 570,253 | 272,317 |
Credit institutions | 335,853 | 172,317 |
Other | 234,400 | 100,000 |
TOTAL | 1,724,009 | 856,510 |
° Including the bridge facility, because the option to extend the loan until October 2021 had not yet been activated on 30 June 2020.
On 30 June 2020, Aedifica had committed credit facilities totalling €1,933 million granted by 21 credit providers, including 18 banks.
- Aedifica can use up to €1,345 million depending on its needs, so long as the debt-to-assets ratio does not exceed 60% and other covenants are met (in line with market practice). Each withdrawal is made in euros for a period of up to 12 months, at a fixed margin set with reference to the Euribor rate prevailing at the time of the withdrawal.
- The bridge facility concluded in October 2019 to finance the acquisition of the shares of Hoivatilat Oyj and to refinance the GBP bridge facility concluded for the acquisition of the healthcare real estate portfolio in the United Kingdom, which was due to expire in October 2020, was extended until October 2021. Following the successful capital increase in April 2020, the tranche in euros (initially €300 million) was partially repaid, the tranche now amounts to €97 million and is entered as current financial debts, as is the tranche in GBP (£150 million) which is recorded for an amount of €164 million.
- Aedifica also has amortising facilities with a fixed interest rate of between 1.1% and 6.0% amounting to €51 million and variable interest rates amounting to €276 million, of which €241 million are credits held directly or indirectly by Hoivatilat Oyj.
Aedifica NV/SA also has a treasury notes programme totalling €300 million, of which €225 million is available for treasury notes with a duration of less than one year and €75 million is available for treasury notes with a duration of more than one year.
- Under this programme, Aedifica completed a private placement of €15 million with a maturity of 10 years at a fixed interest rate of 2.176% in late December 2018. In the course of June 2020, a second private placement of €40 million was completed with a maturity of 7 years at a fixed interest rate of 1.466%. In doing so, Aedifica wishes to further diversify its sources of funding. Both amounts are presented on line 'Other' of the 'Non-current financial debts'.
- As of 30 June 2020, the short-term portion of the treasury notes programme (listed under the heading 'Other' of 'Current financial debts') is almost entirely used for an amount of €211 million.
Hoivatilat Oyj also issues treasury notes in its own name. As of 30 June 2020, the outstanding amount was €23 million (listed under the heading 'Other' of 'Current financial debts').
The entire outstanding amount of the treasury notes programme is fully hedged by the available funds on confirmed long-term credit lines.
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The average effective interest rate* (including credit margin and the effect of the hedging instruments) over the 12-month period amounted to 1.5% after capitalisation of interim interest (1.7% in 2018/2019) or 1.6% before capitalisation of interim interest (1.8% in 2018/2019). Taking into account the duration of the drawings, the carrying amount of the financial debts with variable interest rate approximates their fair value (€1,620 million). The interest rate hedges are discussed in Note 7. The fair value of the financial debts with fixed interest rate (€106 million) is estimated at € 113 million.
As of 30 June 2020, the Group did not mortgage or pledge any Belgian, Dutch or British building to its creditors. In Germany, Finland and Sweden, however, it is common practice for real estate to be mortgaged as part of bank financing. As of 30 June 2020, the ratio between the secured financial debt and the assets was 9%.
The classification between current and non-current financial debts is based on the maturity dates of the credit lines on which the drawings are made instead of based on the maturity dates of the drawings.
Taking these elements into account, the maturity dates of Aedifica's financial debts as of 30 June 2020 are as follows:
Financial debt | Lines | Utilisation | of which |
(in € million) 1 | treasury | ||
notes | |||
31/12/2020 | 240 | 240 | 230 |
31/12/2021 | 435 | 410 | 4 |
31/12/2022 | 121 | 51 | - |
31/12/2023 | 285 | 152 | - |
31/12/2024 | 268 | 225 | - |
31/12/2025 | 506 | 352 | - |
>31/12/2025 | 367 | 295 | 55 |
Total as of 30 June 2020 | 2,223 | 1,726 | 289 |
Weighted average maturity (in years) 2 | 4.6 | 4.7 | |
- Amounts in £ were converted into € based on the exchange rate of 30 June 2020 (1.096 £/€).
- Without regard to short-term treasury notes and the bridge facility.
Without regard to short-term financing (short-term treasury notes and bridge facility), the weighted average maturity of the financial debts as of 30 June 2020 is 4.7 years.
Note 7: Hedging instruments
Aedifica often takes on its financial debts at a variable interest rate and can therefore, where appropriate, benefit from low interest rates. In order to limit the interest rate risk, Aedifica has put in place hedges that allow for the conversion of floating-rate debt to fixed-rate debt, or to capped-rate debt.
Furthermore, the acquisition of the healthcare portfolio in the United Kingdom in February 2019 has exposed the Group to foreign exchange risk. Aedifica hedges the net cash flows resulting from the financial income from intra-group loans and the financial charges of the bridge facility, gradually, on a tranche-by-tranche basis, with pound sterling forward contracts to smooth out exchange rate fluctuations.
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1. Framework
1.1 Management of interest rate risk
All hedges (interest rate swaps or 'IRS' and caps) are related to existing or highly probable risks. Aedifica applies hedge accounting to previously negotiated derivatives that meet the criteria to allow hedge accounting. In accordance with market practices, Aedifica has chosen not to apply hedge accounting to recently negotiated derivatives, even if they meet those strict criteria. Nevertheless, all derivatives provide economic hedging against interest rate risk, regardless of their accounting method. All hedges are provided in the framework of the hedging policy set out in Note 44 of the 2018/2019 Annual Financial Report. The fair value of instruments is calculated by the banks based on the present value of the estimated expected cash flows. This fair value is applied in accordance with IFRS 13 to reflect the company's own credit risk ('debit valuation adjustment' or 'DVA') and the counterparty's credit risk ('credit valuation adjustment' or 'CVA'). The tables below list the Company's hedging instruments.
INSTRUMENT | Notional amount | Beginning | Periodicity | Duration | Hedge | Interest rate | Fair value |
Analysis as of | (x €1,000) | (months) | (years) | accounting | (in %) | (x €1,000) | |
(yes/no) | |||||||
30 June 2020 | |||||||
IRS | 25,000 | 2/08/2019 | 3 | 8 | Yes | 0.33 | -1,257 |
IRS | 75,000 | 2/01/2020 | 3 | 2 | Yes | 0.33 | -917 |
IRS | 50,000 | 1/01/2021 | 3 | 3 | Yes | 0.80 | -1,932 |
IRS | 50,000 | 3/01/2022 | 3 | 2 | Yes | 0.73 | -1,215 |
IRS | 25,000 | 2/05/2019 | 3 | 6 | Yes | 1.10 | -1,983 |
IRS | 50,000 | 1/02/2022 | 3 | 2 | No | 0.34 | -818 |
IRS | 25,000 | 1/07/2019 | 3 | 6 | No | 1.69 | -2,710 |
IRS°° | 3,354 | 30/09/2019 | 3 | 12 | No | 1.55 | -377 |
IRS | 50,000 | 1/01/2021 | 3 | 2 | Yes | 0.64 | -1,154 |
IRS° | 9,365 | 1/04/2011 | 3 | 32 | Yes | 4.89 | -6,494 |
IRS | 25,000 | 3/02/2020 | 3 | 6 | Yes | 0.66 | -2,202 |
IRS | 15,000 | 1/07/2019 | 3 | 10 | No | 2.01 | -3,197 |
IRS | 8,000 | 1/07/2019 | 3 | 10 | No | 2.05 | -1,735 |
IRS | 12,000 | 1/07/2019 | 3 | 10 | No | 1.99 | -2,540 |
IRS | 50,000 | 1/02/2022 | 3 | 3 | No | 0.46 | -1,365 |
IRS° | 22,863 | 31/07/2014 | 3 | 29 | No | 4.39 | -12,184 |
IRS | 25,000 | 3/07/2019 | 3 | 10 | No | 1.04 | -3,151 |
IRS | 50,000 | 1/11/2019 | 3 | 5 | Yes | 0.78 | -2,731 |
IRS | 50,000 | 3/01/2022 | 3 | 1 | Yes | 0.65 | -583 |
IRS | 50,000 | 3/02/2025 | 3 | 4 | No | 0.15 | -646 |
IRS | 50,000 | 1/11/2019 | 3 | 3 | Yes | 0.39 | -1,028 |
IRS | 8,000 | 30/10/2015 | 1 | 0 | Yes | 0.29 | -12 |
IRS | 7,500 | 3/12/2018 | 1 | 4 | Yes | 0.46 | -249 |
IRS | 5,000 | 11/12/2018 | 1 | 4 | Yes | 0.66 | -186 |
IRS | 8,000 | 30/10/2015 | 1 | 0 | Yes | 0.30 | -13 |
IRS | 7,500 | 3/12/2018 | 3 | 4 | Yes | 0.47 | -250 |
IRS | 5,000 | 27/12/2018 | 6 | 4 | Yes | 0.70 | -194 |
IRS | 10,000 | 19/03/2019 | 6 | 5 | Yes | 0.83 | -470 |
IRS | 15,000 | 31/03/2020 | 1 | 6 | Yes | 0.46 | -607 |
IRS | 10,000 | 1/12/2018 | 1 | 4 | Yes | 0.63 | -358 |
CAP | 50,000 | 1/05/2020 | 3 | 2 | No | 0.00 | 14 |
CAP | 50,000 | 1/07/2017 | 3 | 2 | No | 0.50 | 0 |
CAP | 50,000 | 1/01/2019 | 3 | 4 | No | 0.35 | 0 |
CAP | 50,000 | 1/11/2016 | 3 | 2 | No | 0.50 | 2 |
CAP | 50,000 | 1/11/2019 | 3 | 5 | No | 0.50 | 2 |
CAP | 50,000 | 1/11/2017 | 3 | 2 | No | 0.25 | 3 |
CAP | 100,000 | 1/04/2019 | 3 | 2 | No | 0.25 | 0 |
CAP | 100,000 | 1/01/2019 | 3 | 2 | No | 0.00 | 0 |
CAP | 100,000 | 1/01/2019 | 3 | 2 | No | 0.00 | 2 |
CAP | 50,000 | 4/05/2020 | 3 | 1 | No | 0.00 | 0 |
CAP | 100,000 | 4/01/2021 | 3 | 4 | No | 0.25 | 252 |
TOTAL | 1,546,582 | -52,281 |
- Notional amount depreciable over the duration of the swap. Aedifica and the bank may liquidate these contracts in advance every 10 years. °° Notional amount depreciable over the duration of the swap.
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INSTRUMENT | Notional | Beginning | Periodicity | Duration | Hedge | Interest rate | Fair value | ||
Analysis as of | amount | (months) | (years) | accounting | (in %) | (x €1,000) | |||
(x €1,000) | (yes/no) | ||||||||
30 June 2019 | |||||||||
IRS | 25,000 | 2/11/2016 | 3 | 6 | Yes | 1.30 | -1,357 | ||
IRS | 75,000 | 2/01/2020 | 3 | 2 | Yes | 0.33 | -1,207 | ||
IRS | 50,000 | 1/01/2021 | 3 | 3 | Yes | 0.80 | -1,653 | ||
IRS | 50,000 | 3/01/2022 | 3 | 2 | Yes | 0.73 | -961 | ||
IRS | 25,000 | 2/05/2019 | 3 | 6 | Yes | 1.10 | -2,054 | ||
IRS | 50,000 | 1/02/2022 | 3 | 2 | No | 0.34 | -553 | ||
IRS | 25,000 | 1/07/2019 | 3 | 6 | No | 1.69 | -2,937 | ||
IRS | 50,000 | 1/01/2021 | 3 | 2 | Yes | 0.64 | -1,036 | ||
IRS° | 9,582 | 1/04/2011 | 3 | 32 | Yes | 4.89 | -6,044 | ||
IRS | 25,000 | 2/05/2019 | 3 | 6 | Yes | 1.19 | -2,203 | ||
IRS | 15,000 | 1/07/2018 | 3 | 7 | No | 3.28 | -3,237 | ||
IRS | 8,000 | 1/07/2018 | 3 | 7 | No | 3.35 | -1,758 | ||
IRS | 12,000 | 1/07/2018 | 3 | 7 | No | 3.25 | -2,568 | ||
IRS | 50,000 | 1/02/2022 | 3 | 3 | No | 0.46 | -871 | ||
IRS° | 23,846 | 31/07/2014 | 3 | 29 | No | 4.39 | -11,505 | ||
IRS | 25,000 | 3/04/2017 | 3 | 8 | No | 1.99 | -3,069 | ||
IRS | 50,000 | 1/11/2019 | 3 | 5 | Yes | 0.78 | -2,694 | ||
IRS | 50,000 | 3/01/2022 | 3 | 1 | Yes | 0.65 | -486 | ||
IRS | 50,000 | 1/11/2019 | 3 | 3 | Yes | 0.39 | -1,231 | ||
IRS°° | 3,646 | 8/10/2018 | 3 | 13 | No | 3.06 | -745 | ||
CAP | 50,000 | 1/05/2020 | 3 | 2 | No | 0.00 | 38 | ||
CAP | 50,000 | 1/10/2015 | 3 | 4 | No | 0.35 | 0 | ||
CAP | 50,000 | 1/11/2017 | 3 | 2 | No | 0.00 | 1 | ||
CAP | 50,000 | 1/07/2017 | 3 | 4 | No | 0.50 | 1 | ||
CAP | 50,000 | 1/01/2019 | 3 | 2 | No | 0.35 | 2 | ||
CAP | 50,000 | 1/11/2016 | 3 | 5 | No | 0.50 | 7 | ||
CAP | 50,000 | 1/11/2019 | 3 | 2 | No | 0.50 | 7 | ||
CAP | 50,000 | 1/11/2017 | 3 | 4 | No | 0.25 | 14 | ||
CAP | 50,000 | 1/11/2017 | 3 | 2 | No | 0.00 | 1 | ||
CAP | 100,000 | 1/04/2019 | 3 | 2 | No | 0.25 | 7 | ||
CAP | 100,000 | 1/01/2019 | 3 | 2 | No | 0.00 | 9 | ||
CAP | 100,000 | 1/01/2019 | 3 | 2 | No | 0.00 | 22 | ||
CAP | 50,000 | 4/05/2020 | 3 | 1 | No | 0.00 | 8 | ||
TOTAL | 1,472,074 | -48,053 |
- Notional amount depreciable over the duration of the swap. Aedifica and the bank may liquidate these contracts in advance every 10 years. °° Notional amount depreciable over the duration of the swap.
The total notional amount of €1,547 million presented in the table above is broken down as follows:
- operational and active instruments: €447 million;
- operational instruments which became out of the money (caps): €650 million;
- instruments with forward start: €450 million.
The total fair value of the interest rate hedging instruments presented in the table above (-€52,281 k) can be broken down as follows: €275 k on line I.E. of the asset side of the consolidated balance sheet and €52,556 k on line I.C.a. of the liability side of the consolidated balance sheet. Taking into account the carrying amount of the upfront premiums paid for the caps (€1,820 k), the effect of the changes in fair value of interest rate hedging instruments on equity amounts to -€54,101 k.
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1.2. Derivatives for which hedge accounting is applied
(x €1,000) | 30/06/2020 | 30/06/2019 |
Changes in fair of the derivatives | ||
Beginning of the year | -20,922 | -11,290 |
Take-over of Hoivatilat's hedging reserve | -2,108 | 0 |
Changes in the effective portion of the fair value of hedging instruments (accrued interests) | -2,976 | -11,611 |
Transfer to the income statement of interests paid on hedging instruments | 2,331 | 1,979 |
Transfer to the reserve account regarding revoked designation | 0 | 0 |
AT YEAR-END | -23,675 | -20,922 |
The amounts recorded in equity will be transferred to net finance costs in line with the payment of interest on the hedged financial debt, between 1 July 2020 and 31 July 2043.
As of 30 June 2020, the equity value includes the effective part (according to IAS 39) of the change in fair value (-€641 k) of the financial instruments corresponding to the derivatives for which hedge accounting may be applied, and the ineffective portion of the 2018/2019 financial year (loss of €4 k) that was appropriated by decision of the Annual General Meeting held in October 2019. These financial instruments are 'level 2' derivatives (according to IFRS 13p81). The ineffective part (as defined in IAS 39) is -€157 k as of 30 June 2020. The equity value also includes the take-over of Hoivatilat's hedging reserve for an amount of €2.1 million.
1.3. Derivatives for which hedge accounting is not applied
The financial result also includes a charge of €333 k (30 June 2019: a charge of €5,798 k), arising from the change in the fair value of derivatives for which hedge accounting is not applied (in line with IAS 39, as listed in the framework mentioned above) and the non-linear amortisation of the fair value of terminated derivatives as of their date of termination, which amounts to €1,107 k (30 June 2019: €1,107 k). The latter is recognised on line 'II. H. Other comprehensive income, net of taxes' of the Consolidated Statement of Comprehensive Income. These financial instruments are 'level 2' derivatives (as defined in IFRS 13p81). The financial result also includes the amortisation of the premiums paid at the time of the subscription to the caps, which amounts to €1,373 k (30 June 2019: €1,375 k).
1.4. Sensitivity analysis
The fair value of the hedging instruments is determined by the interest rates on the financial markets. These changes partly explain the change in the fair value of the hedging instruments between 1 July 2019 and 30 June 2020. This resulted in a charge of €1,598 thousand, recognised in the income statement, and to an income of €466 thousand, recognised in equity.
A change in the interest rate curve would impact the fair value of instruments for which hedge accounting is applied (in accordance with IAS 39), and recognised in equity (line 'I.C.d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS'). All else being equal, a positive change of 10 bps of the interest rate curve at the balance sheet date would have a positive impact on equity in the amount of €2,309 k (€2,832 k as of 30 June 2019). A negative change of 10 bps would have a negative impact in the same range. The impact of a change in the interest rate on the fair value of the instruments for which hedge accounting is not applied cannot be determined as precisely, since options can be embedded within these instruments. The fair value of these options will change in a non-symmetric and non-linear pattern, and is a function of other parameters (e.g. volatility of interest rates). The sensitivity of the 'mark-to-market'
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value of these instruments to an increase of 10 bps of the interest rate is estimated to have a positive impact of €1,177 k (€1,220 k on 30 June 2019) on the income statement. A decrease of 10 bps in the interest rate would have a negative impact on the income statement in the same range.
2. Management of foreign exchange risk
All hedges (forward purchase contracts of foreign currencies) are related to existing or highly probable risks. The hedging instruments are derivatives for which Aedifica will not systematically apply hedge accounting and which provide economic hedging against foreign exchange risk. All hedges are provided in the framework of the hedging policy set out in Note 44 of the 2018/2019 Annual Financial Report. The fair value of these instruments is calculated by the banks on the basis of the present value of the estimated cash flows. These financial instruments are 'level 2' derivatives (according to IFRS 13p81). As at 30 June 2020, Aedifica had no hedging contracts in place. During the summer, Aedifica partially hedged the net cash flows resulting from the financial income from intra-group loans and the financial charges of the bridge facility with pound sterling forward contracts.
Note 8: Earnings per share
Earnings per share (« EPS » as defined by IAS 33) are calculated as follows:
30/06/2020 | 30/06/2019 | |
Profit (loss) (Owners of the parent) (x €1,000) | 104,862 | 123,497 |
Weighted average number of shares outstanding during the period | 25,031,317 | 19,274,471 |
Basic EPS (in €) | 4.19 | 6.41 |
Diluted EPS (in €) | 4.19 | 6.41 |
The EPRA Earnings* is a performance measure that is not defined by the IFRS standards (see Note 15). Aedifica uses this concept to comply with EPRA recommendations and to monitor operational and financial performance. In Aedifica's case, EPRA Earnings* equals the profit (owners of the parent) after removing exclusively changes in fair value of investment properties (and the movements of deferred taxes related to these), the hedging instruments and the result on the sale of investment properties. It is calculated as follows:
(x €1,000) | 30/06/2020 | 30/06/2019 |
Profit (loss) (Owners of the parent) | 104,862 | 123,497 |
- Changes in fair value of investment properties | -15,423 | -63,317 |
- Gain and losses on disposal of investment properties | -1,160 | -7,321 |
- Deferred taxes in respect of EPRA adjustments | 11,135 | 6,216 |
- Changes in fair value of financial assets and liabilities | 2,243 | 7,304 |
- Negative goodwill / goodwill impairment | 0 | 0 |
- Share in the profit or loss of associates and joint ventures accounted for using the equity method in | -1,348 | -853 |
respect of EPRA corrections | ||
- Non-controlling interests in respect of the above | -204 | 6,618 |
Roundings | 0 | 1 |
EPRA Earnings* | 100,105 | 72,145 |
Weighted average number of shares outstanding during the period | 25,031,317 | 19,274,471 |
EPRA Earnings* per share (in €) | 4.00 | 3.74 |
The calculation in accordance with the model recommended by EPRA is included in Note 15.7.1 of the Condensed Consolidated Financial Statements.
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Note 9: Net asset value per share
Net asset value per share (in €) | 30/06/2020 | 30/06/2019 | |
Net asset value after deduction of dividend 2018/2019, excl. changes in fair value of hedging | 63.66 | 57.96 | |
instruments* | |||
Effect of the changes in fair value of hedging instruments | -2.00 | -2.05 | |
Net asset value after deduction of dividend 2018/2019 | 61.66 | 55.90 | |
Number of share outstanding (excl. treasury shares) | 27,061,273 | 24,601,158 |
Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €60.16 per share as of 30 June 2019 (as published in the 2018/2019 Annual Financial Report) thus included the dividend distributed in October 2019, and should now be adjusted by €2.20 per share in order to compare with the value as of 30 June 2020. This amount corresponds to the amount of the total dividend (€54 million) divided by the total number of shares outstanding as of 30 June 2019 (24,601,158).
Note 10: Contingencies and commitments
A statement of contingencies and commitments as of 30 June 2019 is provided in Note 45 of the Consolidated Financial Statements included in the 2018/2019 Annual Financial Report (see pages 157 - 160). There are no significant changes to be mentioned at the end of the first twelve months of the current financial year, except for the items listed below.
10.1 Redevelopment of two healthcare properties in Roermond (Netherlands)
Aedifica Nederland 2 BV has committed to finance the redevelopment of the healthcare sites Residentie La Tour and Villa Casimir in Roermond for a budget of approx. €9 million. Works are currently in progress. Residentie La Tour will be operated by Ontzorgd Wonen Groep and Villa Casimir by Senior Living BV (part of the Korian group).
10.2 Redevelopment of care residence Vinea Domini in Súdwest-Fryslân(Netherlands)
Aedifica Nederland 2 BV has committed to finance the redevelopment of a care residence in Súdwest- Fryslân for a budget of approx. €3 million. The building will be operated by Senior Living BV (part of the Korian group). Works are currently in progress.
10.3 Acquisition of the rest home Seniorenhaus Lessingstrasse in Wurzen (Germany)
Aedifica NV signed an agreement for the acquisition of a rest home to be built in Wurzen. Works are currently in progress. Due to some specific conditions linked to this transaction, the site will be added to Aedifica's portfolio during the third quarter of 2021. The building will be operated by Seniorenhaus Lessingstrasse GmbH. The acquisition price amounts to approx. €7 million.
10.4 Redevelopment of healthcare site Haus Wellengrund in Stemwede (Germany)
Aedifica NV has committed to finance the redevelopment of a healthcare site in Stemwede for a budget of approx. €8 million. The property will be operated by an entity of Argentum Holding GmbH. Works are currently in progress.
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10.5 Extension of nine rest homes in the United Kingdom
Aedifica NV has committed to finance extension works to nine care homes in the United Kingdom for a budget of approx. €11 million. The care homes are operated by Burlington Care and Maria Mallaband Care Group. Works on Bessingby Hall are currently in progress. Works on the other eight care homes are being prepared.
-
Acquisition and renovation of healthcare site Wohnstift am Weinberg in Kassel (Germany)Aedifica NV has acquired a healthcare site in Kassel for approx. €10 million and has committed to renovate the site for a budget of approx. €10 million. The building will be operated by Cosiq GmbH.
Works are currently in progress. - Acquisition and renovation of rest home BAVARIA Senioren- und Pflegeheim in Sulzbach-
Rosenberg (Germany)
Aedifica NV has acquired a care home in Sulzbach-Rosenberg for approx. €6 million and has committed to renovate the site for a budget of approx. €1 million. The property is operated by Auriscare. Works are currently being prepared.
10.8 Construction of healthcare site Quartier am Rathausmarkt in Bremervörde (Germany)
Aedifica Residenzen West GmbH has committed to finance the construction of a new healthcare site in Bremervörde for a budget of approx. €16 million. The building will be operated by Specht Gruppe. Works are currently in progress.
10.9 Construction of care residence Villa Nuova in Vorden (Netherlands)
Aedifica Nederland 2 BV has committed to finance the construction of a new care residence in Vorden for a budget of approx. €4.5 million. The building will be operated by Senior Living BV (part of the Korian group). Works are currently in progress.
10.10 Construction of four care campuses in Bremen, Weyhe, Langwedel and Sehnde (Germany)
In implementation of the cooperation agreement with Specht Gruppe (point 1.15 of Note 45), Aedifica NV acquired plots of land in Bremen, Weyhe, Langwedel and Sehnde in a third phase through Aedifica Invest NV taking over control of the company Specht Gruppe Drei GmbH (currently Aedifica Residenzen 3 GmbH). On the same date, Aedifica concluded agreements with Residenz Baugesellschaft mbH for the construction of four care campuses on these four plots of land. The works will be financed by Aedifica for a budget of approx. €58 million. The sites will be operated by EMVIA Living. Works are currently in progress.
10.11 Renovation of four rest homes in Berlin and Ueckermünde (Germany)
Through the acquisition of control over two Luxembourg real estate companies, Aedifica NV has acquired five existing rest homes in Germany (Am Stadtpark, Am Schäfersee, Rosengarten and Am Bäkepark in Berlin, and Am Tierpark in Ueckermünde). The five buildings are operated by the Vitanas group. Aedifica has committed to finance the renovation of four rest homes (Am Stadtpark, Am Schäfersee and Rosengarten in Berlin, and Am Tierpark in Ueckermünde) for a budget of approx. €23 million. Works are currently being prepared. No works are planned for Am Bäkepark in Berlin.
10.12 Acquisition and renovation of two care homes in Plön and Wankendorf (Germany)
Aedifica NV has acquired two existing care homes in Germany (Am Parnassturm in Plön and Am Marktplatz in Wankendorf) for a total amount of approx. €7 million and has committed to renovate the buildings. The care homes are operated by the Vitanas group. The renovation budget to be financed by Aedifica for the two buildings amounts to approx. €5 million.
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10.13 Construction of a care residence in Grave (Netherlands)
Aedifica Nederland 2 BV has concluded an agreement (under resolutive conditions) for the construction and acquisition of a care residence in Grave. The budget to be financed by Aedifica Nederland 2 BV amounts to approx. €5 million (including land). The building will be operated by Senior Living BV (part of the Korian group).
10.14 Construction of a care residence in Hilversum (Netherlands)
Aedifica Nederland 2 BV has concluded an agreement (under resolutive conditions) for the construction and acquisition of a care residence in Hilversum. The budget to be financed amounts to approx. €13 million (including plot of land).
10.15 Construction of a care residence in Dordrecht (Netherlands)
Aedifica Nederland 3 BV has committed to finance the construction of a new care residence in Dordrecht for a budget of approx. €5 million. The building will be operated by Martha Flora.
10.16 Development of healthcare real estate in Finland
Aedifica has committed through its subsidiary Hoivatilat Oyj to develop 34 projects for a total investment value of approx. €156 million. The projects include care homes for the elderly, children day-care centres, schools and specialised residential care centres for people with disabilities. 22 projects are already in progress.
10.17 Development of healthcare real estate in Sweden
Aedifica has committed through its subsidiary Hoivatilat AB to develop three children day-care centres for a total investment value of approx. €12 million. The projects are currently in progress.
10.18 Commitments that have already been realised
The commitments presented below, included in Note 45 of the Consolidated Financial Statements within the 2018/2019 Annual Financial Report, have been realised over the first twelve months of the current financial year:
- renovation of the Plantijn rest home in Kapellen (Belgium) was completed (section 1.1 of Note 45);
- extension of the't Hoge rest home in Kortrijk (Belgium) was completed (section 1.4 of Note 45);
- construction of the Seniorenquartier Schwerin care campus in Schwerin (Germany) was completed (section 1.16 of Note 45);
- acquisition of the Seniorenzentrum Weimar rest home in Weimar (Germany) was completed (section 1.19 of Note 45);
- the acquisition of two healthcare sites in Germany (Seniorenwohnpark Hartha in Tharandt and Seniorenpflegezentrum Zur alten Linde in Rabenau) was completed (section 1.27 of Note 45);
- the acquisition of two healthcare sites in Germany (Haus Steinbachhof in Chemnitz and Seniorenhaus Wiederitzsch in Leipzig) was completed (section 1.29 of Note 45);
- the renovation of Cowdray Club rest home in Aberdeen (United Kingdom) was completed (section 1.32 of Note 45);
- the renovation of nine rest homes in the United Kingdom was completed (section 1.33 of Note 45);
-
most of the renovation of the Residenz Zehlendorf care home in Berlin (Germany) was completed. A few remaining points will be completed in the course of the 2020 calendar year.
The renovation works still to be financed amount to approx. €1 million (section 1.6 of Note 45); - the renovation of the Seniorenresidenz Laurentiusplatz care home in Wuppertal-Elberfeld (Germany) was completed (section 1.8 of Note 45);
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- the construction of the Seniorenquartier Kaltenkirchen care campus in Kaltenkirchen (Germany) was completed (section 1.16 of Note 45);
- the renovation of the De Merenhoef care home in Maarssen (Netherlands) was completed (section 1.18 of Note 45);
- the construction of the Sorghuys Tilburg care residence in Berkel-Enschot (Netherlands) was completed (section 1.20 of Note 45);
- the finishing of the De Statenhof healthcare site in Leiden (Netherlands) was completed (section 1.23 of Note 45);
- the construction of the healthcare site Het Gouden Hart Harderwijk in Harderwijk (Netherlands) was completed (section 1.26 of Note 45);
- the construction of the care residence Stepping Stones Zwolle (now Villa Berkum) in Zwolle (Netherlands) was completed (section 1.28 of Note 45).
Note 11: Dividends paid
The General Meeting of 22 October 2019 approved the distribution of the result as proposed by the Board of Directors for the 2018/2019 financial year. As of 30 October 2019, a gross dividend of €2.80 was paid out for shares entitled to a full dividend (coupon no. 21: €2.38; coupon no. 22: €0.42). Shares temporarily not entitled to a full dividend were granted an adjusted dividend (coupon no. 22: €0.42). After deduction of the withholding tax of 15%, the net dividend amounted to €2.023 for coupon no. 21 and €0.357 for coupon no. 22. The total amount disbursed amounted to approx. €54 million.
Note 12: Material events after balance sheet date
- On 9 July 2020, Aedifica completed the acquisition of the Klein Veldekens care campus in Geel (Belgium) through the contribution in kind of the buildings and the plot of land in Aedifica NV.
- On 15 July 2020, construction work on the Seniorenquartier Beverstedt care campus in Beverstedt (Germany) was completed.
- On 17 July 2020, Aedifica completed the acquisition of a plot of land in Lelystad (Netherlands) on which a new healthcare site will be built.
- On 24 July 2020, Aedifica announced the forward purchase of Priesty Fields Care Home in Congleton (United Kingdom).
- On 31 July 2020, Aedifica completed the acquisition of the Jyväskylä Sulkulantie specialised residential care centre in Jyväskylä (Finland).
- On 13 August 2020, Aedifica completed the acquisition of the Richmond Manor care home in Ampthill (United Kingdom).
- In July and August, 11 development projects were completed in Finland (see section 3.2 of the Interim Management Report for further details).
- In August 2020, construction work on the Eskilstuna Mesta kindergarten in Eskilstuna (Sweden) was completed.
- On 28 August 2020, Aedifica announced the forward purchase of the extension of the SARA Seniorenresidenz care campus in Bitterfeld-Wolfen (Germany).
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Note 13: Related party transactions
Related party transactions (as defined under IAS 24 and by the Belgian Companies Code) relate exclusively to the remuneration of the members of the Board of Directors (€4,192 k for the first twelve months of the 2019/2020 financial year; €3,327 k for the 2018/2019 financial year).
(x €1,000) | 30/06/2020 | 30/06/2019 |
Short-term benefits | 3,858 | 3,096 |
Post-employment benefits | 196 | 188 |
Other long-term benefits | 0 | 0 |
Termination benefits | 0 | 0 |
Share-based payments | 138 | 43 |
Total | 4,192 | 3,327 |
Note 14: Consolidation scope
The following entities have been added to the consolidation scope during the first twelve months of the 2019/2020 financial year:
- Aedifica Finance 1 Ltd
- Aedifica Finance 2 Ltd
- Aedifica Luxemburg VII SCS
- Aedifica Luxemburg VIII SCS
- Aedifica Nederland 3 BV
- Aedifica Residenzen West GmbH
- Aedifica Residenzen 3 GmbH
- Aedifica Services BV
- Aedifica UK Ltd
- Aureit Holding Oy
- Hoivatilat Oyj
- Sapphire Ltd
During the 2019/2020 financial year, Aedifica Invest Brugge NV, Quercus Healthcare Property Unit Trust, BNP Paribas Jersey Trust Corporation Ltd and Bremdael Invest Comm VA were eliminated from the consolidation scope. The companies Verlien BVBA, Résidence de la Paix NV and Buitenheide BVBA were merged with Aedifica NV on 19 December 2019, and Hof van Bremdael NV was merged with Aedifica NV on 20 June 2020.
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Note 15: Calculation details of the Alternative Performance Measures (APM)
For many years, Aedifica has used Alternative Performance Measures in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015 in its financial communication. Some of these APM are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company's results and performance. The APM used in this interim financial report are identified with an asterisk (*).
Note 15.1: Investment properties
(x €1,000) | 30/06/2020 | 30/06/2019 |
Marketable investment properties | 3,147,921 | 2,264,504 |
+ Right of use of plots of land | 38,151 | - |
+ Development projects | 172,565 | 51,205 |
Investment properties | 3,358,637 | 2,315,709 |
+ Assets classified as held for sale | 7,296 | 5,240 |
Investment properties including assets classified as held for sale*, or | 3,365,933 | 2,320,949 |
real estate portfolio* | ||
- Development projects | -172,565 | -51,205 |
Marketable investment properties including assets classified as held for sale*, or | 3,193,368 | 2,269,744 |
investment properties portfolio |
Note 15.2: Rental income on a like-for-like basis*
Aedifica uses this concept to illustrate the performance of the investment properties after eliminating the impact of changes in the real estate portfolio.
(x €1,000) | 30/06/2020 | 30/06/2019 |
Rental income | 163,413 | 118,413 |
- Scope changes | -67,508 | -23,093 |
= Rental income on a like-for-like basis* | 95,905 | 95,320 |
Note 15.3: Operating charges*, operating margin* and EBIT margin*
30/06/2020
(x €1,000) | Belgium | Germany | Netherlands | United | Finland | Sweden | Non- | Inter- | TOTAL | ||||||||||
Kingdom | allocated | segment | |||||||||||||||||
items° | |||||||||||||||||||
SEGMENT RESULT | |||||||||||||||||||
Rental income (a) | 56,999 | 31,029 | 22,644 | 40,186 | 12,508 | 47 | 0 | 0 | 163,413 | ||||||||||
Net rental income (b) | 56,955 | 31,024 | 22,644 | 37,948 | 12,097 | 46 | 0 | 0 | 160,715 | ||||||||||
Property result (c) | 56,950 | 30,883 | 22,823 | 37,948 | 12,091 | 36 | 0 | 0 | 160,732 | ||||||||||
Property operating result (d) | 56,919 | 29,758 | 22,149 | 35,243 | 11,243 | -13 | 0 | 0 | 155,301 | ||||||||||
OPERATING RESULT | 56,919 | 29,758 | 22,149 | 35,243 | 11,243 | -13 | -22,881 | 0 | 132,420 | ||||||||||
BEFORE RESULT ON | |||||||||||||||||||
PORTFOLIO (e) | |||||||||||||||||||
Operating margin* (d)/(b) | 97% | ||||||||||||||||||
EBIT margin* (e)/(b) | 82% | ||||||||||||||||||
Operating charges* (e)-(b) | 28,295 | ||||||||||||||||||
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30/06/2020
(x €1,000) | Healthcare | Apartment | Hotels | Non- | Inter- | TOTAL |
real estate | buildings | allocated | segment | |||
items° | ||||||
SEGMENT RESULT | ||||||
Rental income (a) | 163,413 | 0 | 0 | 0 | 0 | 163,413 |
Net rental income (b) | 160,715 | 0 | 0 | 0 | 0 | 160,715 |
Property result (c) | 160,732 | 0 | 0 | 0 | 0 | 160,732 |
Property operating result (d) | 155,301 | 0 | 0 | 0 | 0 | 155,301 |
OPERATING RESULT BEFORE RESULT | 155,301 | 0 | 0 | -22,881 | 0 | 132,420 |
ON PORTFOLIO (e) | ||||||
Operating margin* (d)/(b) | 97% | |||||
EBIT margin* (e)/(b) | 82% | |||||
Operating charges* (e)-(b) | 28,295 | |||||
30/06/2019
(x €1,000) | Healthcare | Apartment | Hotels | Non- | Inter- | TOTAL |
real estate | buildings | allocated | segment | |||
items° | ||||||
SEGMENT RESULT | ||||||
Rental income (a) | 106,545 | 7,822 | 4,058 | 0 | -12 | 118,413 |
Net rental income (b) | 106,520 | 7,836 | 4,028 | 0 | -12 | 118,372 |
Property result (c) | 106,365 | 7,213 | 4,045 | 0 | -12 | 117,611 |
Property operating result (d) | 103,276 | 4,642 | 4,020 | 0 | -12 | 111,926 |
OPERATING RESULT BEFORE RESULT | 103,049 | 4,693 | 4,010 | -14,610 | 0 | 97,142 |
ON PORTFOLIO (e) | ||||||
Operating margin* (d)/(b) | 95% | |||||
EBIT margin* (e)/(b) | 82% | |||||
Operating charges* (e)-(b) | 21,230 | |||||
° Mainly elimination of the internal rent for the administrative offices of the Company.
Note 15.4: Financial result excl. changes in fair value of financial instruments*
(x €1,000) | 30/06/2020 | 30/06/2019 |
XX. Financial income | 49 | 154 |
XXI. Net interest charges | -20,832 | -17,193 |
XXII. Other financial charges | -3,340 | -3,129 |
Financial result excl. changes in fair value of financial instruments* | -24,123 | -20,168 |
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Note 15.5: Interest rate
(x €1,000) | 30/06/2020 | 30/06/2019 |
XXI. Net interest charges | -20,832 | -17,193 |
Capitalised interests | 1,345 | 1,083 |
Annualised net interest charges (a) | -20,490 | -16,957 |
Net interest charges before annualised capitalised interests (b) | -17,717 | -21,813 |
Weighted average financial debts (c) | 1,398,483 | 981,467 |
Average effective interest rate* (a)/(c) | 1.5% | 1.7% |
Average effective interest rate before capitalised interests* (b)/(c) | 1.6% | 1.8% |
On 30 June 2020, the average effective interest rate* (a)/(c) including commitment fees would be 1.6% (30 June 2019: 1.9%).
On 30 June 2020, the average effective interest rate before capitalised interests* (b)/(c) including commitment fees would be 1.7% (30 June 2019: 2.0%).
Note 15.6: Equity
Aedifica uses equity excl. changes in fair value of hedging instruments* to reflect equity before non-cash effects of the revaluation of hedging instruments; however, this performance measure is not defined under IFRS. It represents the line 'equity attributable to owners of the parent' without cumulated non- cash effects of the revaluation of hedging instruments.
(x €1,000) | 30/06/2020 | 30/06/2019 |
Equity attributable to owners of the parent | 1,668,522 | 1,429,549 |
- Effect of the distribution of the dividend 2018/2019 | 0 | -54,223 |
Sub-total excl. effect of the distribution of the dividend 2018/2019 | 1,668,522 | 1,375,326 |
- Effect of the changes in fair value of hedging instruments | 54,101 | 50,533 |
Equity excl. changes in fair value of hedging instruments* | 1,722,623 | 1,425,859 |
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Note 15.7: Key performance indicators according to the EPRA principles
Aedifica supports reporting standardisation, which has been designed to improve the quality and comparability of information. The Company supplies its investors with most of the information recommended by EPRA. The following indicators are considered as APM:
Note 15.7.1: EPRA Earnings*
EPRA Earnings* | 30/06/2020 | 30/06/2019 |
x €1,000 | ||
Earnings (owners of the parent) per IFRS income statement | 104,862 | 123,497 |
Adjustments to calculate EPRA Earnings*, exclude: | ||
(i) Changes in value of investment properties, development properties held for investment | -15,423 | -63,317 |
and other interests | ||
(ii) Profits or losses on disposal of investment properties, development properties held for | -1,160 | -7,251 |
investment and other interests | ||
(iii) Profits or losses on sales of trading properties including impairment charges in respect | 0 | -70 |
of trading properties | ||
(iv) Tax on profits or losses on disposals | 0 | 0 |
(v) Negative goodwill / goodwill impairment | 0 | 0 |
(vi) Changes in fair value of financial instruments and associated close-out costs | 2,243 | 7,304 |
(vii) Acquisition costs on share deals and non-controlling joint venture interests (IFRS 3) | 0 | 0 |
(viii) Deferred tax in respect of EPRA adjustments | 11,135 | 6,216 |
(ix) Adjustments (i) to (viii) above in respect of joint ventures | -1,348 | -853 |
(x) Non-controlling interests in respect of the above | -204 | 6,618 |
Roundings | 0 | 1 |
EPRA Earnings* (owners of the parent) | 100,105 | 72,145 |
Number of shares (Denominator IAS 33) | 25,031,317 | 19,274,471 |
EPRA Earnings* per Share (EPRA EPS* - in €/share) | 4.00 | 3.74 |
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Note 15.7.2: EPRA NAV*
EPRA Net Asset Value* (NAV) | 30/06/2020 | 30/06/2019 |
x €1,000 | ||
NAV per the financial statements (owners of the parent) | 1,668,522 | 1,375,325 |
NAV per the financial statements (in €/share) (owners of the parent) | 61.66 | 55.90 |
Effect of exercise of options, convertibles and other equity interests (diluted basis) | 0 | 0 |
Diluted NAV, after the exercise of options, convertibles and other equity interests | 1,668,522 | 1,375,325 |
Include: | ||
(i.a) Revaluation of investment properties (if IAS 40 cost option is used) | 0 | 0 |
(i.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option | 0 | 0 |
is used) | ||
(i.c) Revaluation of other non-current investments | 0 | 0 |
(ii) Revaluation of tenant leases held as finance leases | 0 | 0 |
(iii) Revaluation of trading properties | 0 | 0 |
Exclude: | ||
(iv) Fair value of financial instruments | 54,101 | 50,533 |
(v.a) Deferred taxes | 67,879 | 11,848 |
(v.b) Goodwill as a result of deferred taxes | 0 | 0 |
Include/exclude: | ||
Adjustments (i) to (v) in respect of joint venture interests | 0 | 0 |
EPRA NAV* (owners of the parent) | 1,790,502 | 1,437,706 |
Number of shares (Denominator IAS 33) | 27,061,273 | 24,601,158 |
EPRA NAV* (in €/share) (owners of the parent) | 66.16 | 58.44 |
The EPRA NAV* values in euro and euro per share as of 30 June 2019 (presented in the table above) were adjusted by €54,223 k (or €2.20 per share) in comparison to the figures published in the 2018/2019 Annual Financial Report, so that they can be compared with the values as of 30 June 2020. This adjustment corresponds to the 2018/2019 gross dividend, which was distributed in October 2019.
Note 15.7.3: EPRA NNNAV*
EPRA Triple Net Asset Value* (NNNAV) | 30/06/2020 | 30/06/2019 |
x €1,000 | ||
EPRA NAV* (owners of the parent) | 1,790,502 | 1,437,706 |
Include: | ||
(i) Fair value of financial instruments | -54,101 | -50,533 |
(ii) Fair value of debt | -6,894 | -7,329 |
(iii) Deferred taxes | -67,879 | -11,848 |
EPRA NNNAV* (owners of the parent) | 1,661,628 | 1,367,996 |
Number of shares (Denominator IAS 33) | 27,061,273 | 24,601,158 |
EPRA NNNAV* (in €/share) (owners of the parent) | 61.40 | 55.61 |
The EPRA NAV* values in euro and euro per share as of 30 June 2019 (presented in the table above) were adjusted by €54,223 k (or €2.20 per share) in comparison to the figures published in the 2018/2019 Annual Financial Report, so that they can be compared with the values as of 30 June 2020. This adjustment corresponds to the 2018/2019 gross dividend, which was distributed in October 2019.
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Note 15.7.4: EPRA Cost Ratios*
EPRA Cost ratios* | 30/06/2020 | 30/06/2019 |
x €1,000 | ||
Administrative/operating expense line per IFRS statement | -30,993 | -21,271 |
Rental-related charges | -2,698 | -41 |
Recovery of property charges | 0 | 59 |
Rental charges and taxes normally paid by tenants on let properties | 17 | -820 |
Technical costs | -263 | -1,077 |
Commercial costs | -200 | -317 |
Charges and taxes on unlet properties | 0 | -58 |
Property management costs | -3,868 | -2,763 |
Other property charges | -1,098 | -1,470 |
Overheads | -22,553 | -14,692 |
Other operating income and charges | -330 | -92 |
EPRA Costs (including direct vacancy costs)* (A) | -30,993 | -21,271 |
Charges and taxes on unlet properties | 0 | 58 |
EPRA Costs (excluding direct vacancy costs)* (B) | -30,993 | -21,213 |
Gross Rental Income (C) | 163,413 | 118,413 |
EPRA Cost Ratio (including direct vacancy costs)* (A/C) | 19% | 18% |
EPRA Cost Ratio (excluding direct vacancy costs)* (B/C) | 19% | 18% |
Overhead and operating expenses capitalised (including share of joint ventures) | 0 | 0 |
Aedifica capitalises some project management costs. |
Note 16: Goodwill
(x €1,000) | 30/06/2020 | 30/06/2019 |
Gross value at the beginning of the year | 335 | 2,191 |
Cumulative impairment losses at the beginning of the year | -335 | -335 |
Carrying amount at the beginning of the year | 0 | 1,856 |
Additions / Transfer | 160,039 | -1,856 |
Impairment losses | 0 | 0 |
CARRYING AMOUNT AT THE END OF THE YEAR | 160,039 | 0 |
of which: gross value | 160,374 | 335 |
cumulative impairment losses | -335 | -335 |
In applying IAS 36 - Impairment of Assets, the Group primarily performed analysis of the carrying amount of goodwill.
The initial goodwill (€335 k) arose from the acquisition of Schloss Bensberg Management GmbH. This goodwill was set at zero during the 2017/2018 financial year. The value test during the 2019/2020 financial year did not lead to a revaluation.
The goodwill addition of the period (€160,039 k) arose from the acquisition of Hoivatilat Oyj. It results from the positive difference between the acquisition cost (the price paid for the shares of Hoivatilat Oyj) and the carrying amount of the acquired net asset, including the deferred tax effect corresponding to the
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theoretical assumption required under IAS/IFRS of an immediate disposal of the assets and liabilities at the closing date. The tax rate applied for Finland is 20%.
Impairment test
On 30 June 2020, the goodwill of Hoivatilat Oyj acquisition was subject to an impairment test by comparing the fair value of investment properties and development projects including deferred tax effect plus the goodwill to the value in use of these investment properties and development projects.
The fair value of investment properties and development projects is established by an independent valuation expert in accordance with the Group's valuation rules as presented in Note 2 of the 2018/2019 Consolidated Financial Statements.
The value in use is established by the Group according to expected future net cash flows based on the rents of underlying investment properties and development projects (as per the tenants' lease agreements), the expenses to maintain and manage the property portfolio and the theoretical renewal costs of the properties. The value in use also considers the future net cash flows of a non-committed development pipeline of €100 million per year during the first 4 years, based on the budgets of the subsidiary's Management. The most sensitive parameters in determining the value in use are the indexation rate and the discount rate.
Assumptions used in the calculation of the value in use of Hoivatilat:
- the cash flow horizon is 45 years with a final value that is determined as a perpetuity of 80% of the last cash flow;
- renewal costs are considered as 20% of the cost value every 15 years;
- the yield on cost that is used to determine the non-committed pipeline rents is based on the assumptions used by valuation experts in the valuation of the existing portfolio;
- the indexation considered on the cash flows stands at 2%;
- the discount rate amounts to 4.25%.
On 30 June 2020, the fair value of investment properties and development projects (net of deferred tax liability carried on balance sheet) plus goodwill amounts to €693,464 k. The value in use calculated on the same date according to the principles set out above amounts to €761,735 k.
Sensitivity analysis | Change in inflation | Change in discount rate | |||||||||
+0.5% | -0.5% | +0.5% | -0.5% | ||||||||
Change of value in use (in %) | 17% | -15% | -16% | 18% | |||||||
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7. Auditors' report (limited review)
Report of the statutory auditor to the shareholders of Aedifica SA on the review of the interim condensed consolidated financial statements as of 30 June 2020 and for the 12-month period then ended.
Introduction
We have reviewed the interim condensed consolidated statement of financial position of Aedifica SA (the 'Company'), and its subsidiaries (collectively referred to as 'the Group') as at 30 June 2020 and the related interim consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the 12-month period then ended, and explanatory notes, collectively, the 'Interim Condensed Consolidated Financial Statements'. These statements show a consolidated statement of financial positiontotal of €3.608.911 thousand and a consolidated profit for the 12-month period then ended of €104.902 thousand. Management is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting ('IAS 34') as adopted for use in the European Union. Our responsibility is to express a conclusion on these Interim Condensed Consolidated Financial Statements based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' applicable to review engagements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying Interim Condensed Consolidated Financial Statements do not give a true and fair view of the financial position of the entity as at 30 June 2020, and of its financial performance and its cash flows for the 12-month period in accordance with IAS 34.
Emphasis of matter - Covid-19
Without qualifying our review opinion, we draw your attention to the disclosures of the Interim Financial Report with regards to the consequences on the result of the Company, of the measures taken relating to the Covid- 19 virus. The continuous evolution around the Covid-19 virus, creates an important uncertainty. The impact of these developments on the Company is disclosed in the Interim Financial Report and more specifically described in the Chapter "Summary of the activities since 1 July 2019" regarding the risks and uncertainties for the Company as a consequence of the measures taken relating to the Covid-19 virus.
Brussels, 1 September 2020
EY Réviseurs d'Entreprises SRL Statutory auditor represented by
Joeri Klaykens (acting on behalf of a BV/SRL)
Partner
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VI. Forward-looking statement
This interim financial report contains forward-looking information involving risks and uncertainties, in particular statements concerning Aedifica's plans, objectives, expectations and intentions. It is brought to the attention of the reader that these statements may involve known or unknown risks and be subject to significant uncertainties related to operational, economic and competitive plans, many of which are outside of Aedifica's control. In the event that some of these risks and uncertainties were to materialise, or should the assumptions prove incorrect, actual results may deviate significantly from those anticipated, expected, projected or estimated. In this context, Aedifica assumes no responsibility for the accuracy of the forward-looking information provided.
VII. Responsible persons statement
Mr. Serge Wibaut, Chairman of Aedifica's Board of Directors, and Mr. Stefaan Gielens, CEO of Aedifica, declare that to the best of their knowledge:
- the Condensed Consolidated Financial Statements, prepared in accordance with applicable accounting standards, give an accurate picture of the assets, financial situation and the results of Aedifica and the businesses included in the consolidation;
- the Interim Management Report contains an accurate account of the important events and key related party transactions that occurred during the first twelve months of the financial year and their impact on the Condensed Consolidated Financial Statements, and a description of the main risks and uncertainties they face for the remaining months of the financial year.
*****
The English version of this press release constitutes a free translation of the Dutch language text and is made for information purposes only. In case of inconsistency with the Dutch version or inaccuracy of the English translation, the Dutch text shall prevail.
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Table of contents
Forward-looking statement........................................................................................................ | |||
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Public Regulated Real Estate Company under Belgian law
Rue Belliard 40 (box 11) - 1040 Brussels
Tel: +32 (0)2 626 07 70
Fax: +32 (0)2 626 07 71
VAT - BE 0877 248 501 - Registry of Legal Entities of Brussels
www.aedifica.eu
This interim financial report is also available in French and Dutch39.
Auditor | Ernst & Young Réviseurs d'Entreprises SCCRL, represented by |
Joeri Klaykens, Partner | |
Valuation experts | Cushman & Wakefield Belgium SA, Deloitte Consulting & Advisory |
SCRL, CBRE GmbH, Jones Lang LaSalle SE, Cushman & Wakefield | |
VOF, Savills Consultancy BV, Cushman & Wakefield Debenham Tie | |
Leung Ltd, JLL Finland Oy and JLL Valuation AB |
For additional information, please contact:
Stefaan Gielens, CEO - info@aedifica.eu
Ingrid Daerden, CFO - info@aedifica.eu
Bob Boeclx, Copywriter Financial Communication - info@aedifica.eu
39 The Dutch version of this document has true value. The English and French versions are translations and were written under
Aedifica's supervision.
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Aedifica SA published this content on 02 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2020 08:39:11 UTC