Rental income |
|
431 |
464 |
787 |
892 |
1091 |
1185 |
1265 |
1339 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-104 |
-101 |
-205 |
-220 |
-262 |
-271 |
-286 |
-300 |
|
Net operating income |
|
327 |
364 |
582 |
672 |
829 |
914 |
980 |
1039 |
|
NOI margin (%) |
|
75,9 |
78,3 |
74 |
75,3 |
76 |
77,2 |
77,4 |
77,6 |
|
Value change realized |
|
-7 |
102 |
10 |
86 |
5 |
71 |
0 |
0 |
|
Value change unrealized |
|
393 |
198 |
138 |
291 |
340 |
592 |
0 |
0 |
|
Administration costs |
|
-29 |
-29 |
-33 |
-31 |
-31 |
-33 |
-35 |
-37 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
685 |
648 |
691 |
1027 |
1141 |
1537 |
940 |
997 |
|
Net financial items |
|
-94 |
-87 |
-227 |
-209 |
-236 |
-234 |
-234 |
-227 |
|
Value change derivatives |
|
-151 |
31 |
-78 |
-59 |
35 |
-80 |
0 |
0 |
|
Pretax profit |
|
440 |
591 |
387 |
759 |
940 |
1224 |
705 |
770 |
|
Deferred profit tax |
|
-94 |
-15 |
-43 |
-109 |
-109 |
-238 |
-117 |
-128 |
|
Current tax |
|
-2 |
-4 |
-6 |
-15 |
-8 |
-6 |
-28 |
-31 |
|
Net profit |
|
344 |
573 |
338 |
635 |
823 |
979 |
560 |
611 |
|
Minority interest |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
344 |
573 |
338 |
635 |
823 |
979 |
560 |
611 |
|
Other income statement related information |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Cash earnings |
|
203 |
256 |
311 |
425 |
553 |
634 |
677 |
739 |
|
Tax rate (%) |
|
-21,8 |
-3,2 |
-12,5 |
-16,3 |
-12,4 |
-20 |
-20,6 |
-20,6 |
|
Net investments |
|
643 |
-1270 |
5857 |
1967 |
1245 |
822 |
1167 |
1121 |
|
Acquisitions |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
Other investments |
|
N/A |
N/A |
N/A |
0 |
0 |
0 |
0 |
0 |
|
Divestments |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
EPS |
|
13,42 |
22,33 |
10,2 |
16,96 |
22 |
26,17 |
14,97 |
16,34 |
|
CEPS |
|
7,92 |
10 |
9,36 |
11,37 |
14,77 |
16,94 |
18,1 |
19,76 |
|
CEPS adj. |
|
7,92 |
10 |
9,36 |
11,37 |
14,77 |
16,94 |
18,1 |
19,76 |
|
Dividend per share Adj |
|
3 |
3 |
3,5 |
4,5 |
5,75 |
6,25 |
6,75 |
7,25 |
|
Payout ratio of CEPS (%) |
|
37,9 |
30 |
37,4 |
39,6 |
38,9 |
36,9 |
37,3 |
36,7 |
|
Rental growth (%) |
|
36,9 |
7,6 |
69,5 |
13,4 |
22,3 |
8,6 |
6,8 |
5,8 |
|
NOI growth (%) |
|
47,9 |
11,2 |
59,9 |
15,5 |
23,4 |
10,3 |
7,2 |
6 |
|
CEPS growth (%) |
|
36,2 |
26,3 |
-6,4 |
21,5 |
29,9 |
14,7 |
6,9 |
9,2 |
|
CEPS adj. growth (%) |
|
36,2 |
26,3 |
-6,4 |
21,5 |
29,9 |
14,7 |
6,9 |
9,2 |
|
Balance Sheet |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Properties |
|
5751 |
4782 |
10786 |
13131 |
14721 |
16206 |
17373 |
18495 |
|
Deferred tax asset |
|
64 |
58 |
136 |
136 |
97 |
92 |
87 |
82 |
|
Receivables |
|
89 |
623 |
573 |
138 |
154 |
168 |
179 |
189 |
|
Cash and liquid assets |
|
199 |
202 |
146 |
95 |
281 |
281 |
281 |
281 |
|
Other assets |
|
32 |
1284 |
704 |
747 |
732 |
1149 |
1227 |
1298 |
|
Current liabilities |
|
0 |
0 |
465 |
446 |
411 |
490 |
490 |
490 |
|
Total assets |
|
6136 |
6948 |
12345 |
14247 |
15985 |
17896 |
19147 |
20345 |
|
Shareholders equity |
|
1985 |
2478 |
3904 |
4597 |
5309 |
6357 |
7125 |
7891 |
|
Minority |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Deferred tax |
|
414 |
396 |
1126 |
1204 |
1272 |
1278 |
1306 |
1337 |
|
Interest bearing debt |
|
3738 |
4074 |
6850 |
8001 |
8994 |
9770 |
10225 |
10627 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
0 |
0 |
465 |
446 |
411 |
490 |
490 |
490 |
|
Total liabilities and equity |
|
6136 |
6948 |
12345 |
14247 |
15985 |
17896 |
19147 |
20345 |
|
Other balance sheet related information |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Net IB debt |
|
3258 |
3205 |
6312 |
7473 |
8236 |
8617 |
9012 |
9360 |
|
Rental area m2 (000) |
|
755 |
817 |
1491 |
1662 |
1793 |
1793 |
1793 |
1793 |
|
Rent per m2 |
|
571 |
568 |
528 |
537 |
608 |
661 |
706 |
747 |
|
Equity ratio (%) |
|
32,3 |
35,7 |
31,6 |
32,3 |
33,2 |
35,5 |
37,2 |
38,8 |
|
Loan to value (%) |
|
56,7 |
67 |
58,5 |
56,9 |
55,9 |
53,2 |
51,9 |
50,6 |
|
Net loan to value (%) |
|
68,5 |
89,4 |
64,9 |
61,7 |
63 |
62 |
60,5 |
59 |
|
ICR real estate |
|
3 |
4 |
2 |
3 |
3 |
4 |
4 |
4 |
|
Interest rate on debt (%) |
|
3 |
3 |
5 |
3 |
3 |
3 |
3 |
2 |
|
Occupancy rate (%) |
|
91,8 |
96 |
90,7 |
93,7 |
95,9 |
95,9 |
95,9 |
95,9 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
77,4 |
96,63 |
117,68 |
122,86 |
141,89 |
169,91 |
190,45 |
210,91 |
|
EPRA NAV per share |
|
96,6 |
115 |
135,8 |
149,85 |
169,53 |
201,42 |
229,02 |
256,36 |
|
Valuation |
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Shares outstanding adj. |
|
26 |
26 |
33 |
37 |
37 |
37 |
37 |
37 |
|
Share price |
|
103,96 |
122,66 |
125,65 |
139,1 |
180,64 |
400,5 |
400,5 |
400,5 |
|
Market cap. (m) |
|
2666 |
3145 |
4169 |
5204 |
6759 |
14984 |
14984 |
14984 |
|
P/E |
|
7,9 |
5,2 |
12,6 |
9,2 |
10 |
15,3 |
26,8 |
24,5 |
|
Net IB debt / share |
|
127 |
125 |
190 |
200 |
220 |
230 |
241 |
250 |
|
P/CEPS |
|
13,4 |
11,6 |
13,7 |
13,7 |
14,9 |
23,6 |
22,1 |
20,3 |
|
P/CEPS adj. |
|
13,4 |
11,6 |
13,7 |
13,7 |
14,9 |
23,6 |
22,1 |
20,3 |
|
EV/EBIT |
|
8,7 |
9,5 |
15,3 |
12,9 |
14,5 |
15,4 |
25,5 |
24,4 |
|
Implicit yield (%) |
|
5,1 |
6,7 |
5,3 |
4,9 |
5,1 |
3,7 |
3,9 |
4,1 |
|
Yield on BV (%) |
|
5,7 |
7,6 |
5,4 |
5,1 |
5,6 |
5,6 |
5,6 |
5,6 |
|
Dividend yield (%) |
|
2,8 |
2,6 |
2,7 |
2,9 |
2,6 |
1,6 |
1,7 |
1,8 |
|
P/NAV |
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
P/EPRA NAV |
|
1,09 |
1,01 |
0,95 |
1,04 |
1,3 |
1,99 |
1,75 |
1,56 |
|
P/BVPS |
|
1,37 |
1,2 |
1,09 |
1,27 |
1,55 |
2,36 |
2,1 |
1,9 |
|
EV/NOI |
|
18,25 |
16,97 |
18,18 |
19,78 |
19,89 |
25,81 |
24,49 |
23,43 |
|