COFINIMMO APM (Alternative Performance Measures) calculation details used by Cofinimmo as at 30.09.2023
Rental income, net of rental-related expenses
Definition: Rents, less rent-free periods, concessions granted to tenants and rental-related expenses, plus compensation for early termination of the lease.
Purpose: To measure rental income, net of rent-free periods, concessions, termination indemnities and other rental-related expenses.
(x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Rents (gross rental revenues) | 262,122 | 241,177 |
Cost of rent-free periods | -4,777 | -4,813 |
Concessions granted to tenants | -942 | -585 |
Early lease termination indemnities | 757 | -128 |
Rental income (Royal Decree of 13.07.2014 form) | 257,160 | 235,650 |
Rental-related expenses | -208 | -18 |
Rental income, net of rental-related expenses (analytical form) | 256,952 | 235,632 |
Rental-related expenses and taxes on rented properties not recovered
Definition: Difference between rental-related expenses and taxes borne by the owner, and the recuperation of rental-related expenses and taxes borne by the tenant on rented properties.
Purpose: To measure the rental-related expenses and taxes on rented properties which are not charged to tenants.
Taxes on refurbishment not recovered
Definition: Taxes borne by the owner on buildings under renovation and therefore not chargeable to tenants.
Purpose: To measure the taxes relating to properties under renovation.
Analytical form (x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Rental-related expenses and taxes on rented properties not | -4,663 | -3,395 |
recovered | ||
Taxes on refurbishment not recovered | -941 | -626 |
Total | -5,604 | -4,020 |
Royal Decree of 13.07.2014 form (x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Recovery income of charges and taxes normally payable by the | 41,128 | 38,655 |
tenant on let properties | ||
Charges and taxes normally payable by the tenant on let properties | -46,731 | -42,675 |
Total | -5,604 | -4,020 |
1
Redecoration costs, net of tenant compensation for damages
Definition: Redecoration costs borne by the owner at the end of the lease, net of compensation for damage received.
Purpose: To measure the costs of redecorating the rental spaces following the departure of tenants, net of compensation for damage received from these tenants.
(x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Recovery of property charges | 315 | 547 |
Costs payable by the tenant and borne by the owner for rental | -484 | -686 |
damage and redecoration at end of lease | ||
Redecoration costs, net of tenant compensation for damages | -169 | -139 |
(analytical form) |
Net result from core activities - group share
Definition: Net result - group share excluding result on financial instruments - group share and result on portfolio - group share.
Purpose: To measure the result of the strategic operational activities, excluding (i) the change in the fair value of financial instruments, (ii) the cost of restructuring financial instruments, and (iii) realised and unrealised gains and losses on the portfolio, or to measure the result directly impacted by the company's property and financial management, excluding the impact related to the volatility of property and financial markets.
Calculation details as at 30.09.2023: see income statement - analytical form in the body of the press release.
Restructuring costs of financial instruments
Definition: Impact of the recycling under the income statement of hedging instruments for which the relationship with the hedged risk was terminated, as well as the result relating to the sale of hedging instruments.
Purpose: To measure the impact on the result for the period of the restructuring of financial instruments.
(x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Impact of the recycling under the income statement of hedging | 0 | 0 |
instruments for which the relationship with the hedged risk was | ||
terminated | ||
Others | 0 | 0 |
Restructuring costs of financial instruments | 0 | 0 |
2
Result on financial instruments - group share
Definition: Change in the fair value of financial instruments, plus the restructuring costs of financial instruments and the share in the result on financial instruments of associates and joint ventures, and less minority interests related to the items listed above.
Purpose: To measure unrealised gains and losses related to financial instruments, as well as the costs related to their restructuring.
Calculation details as at 30.09.2023: see income statement - analytical form in the body of the press release.
Result on the portfolio - group share
Definition: Gains or losses on disposals of investment properties and other non-financial assets, plus/less the change in the fair value of investment properties, plus the share in the result on the portfolio of associates and joint ventures, and other items related to the portfolio and less minority interests related to the items listed above.
Purpose: To measure realised and unrealised gains and losses related to the portfolio, based on the last valuation by independent real estate valuers.
Calculation details as at 30.09.2023: see income statement - analytical form in the body of the press release.
Result per share
Definition: Results (net results from core activities - group share, result on financial instruments - group share, result on portfolio - group share) divided by the average number of outstanding shares.
Purpose: To measure the results per share and enable a comparison with the dividend paid per share.
30.09.2023 | 30.09.2022 | |
Net result from core activities - group share (x 1,000 EUR) | 177,132 | 168,767 |
Average number of outstanding shares | 33,249,448 | 31,900,399 |
Net result from core activities - group share - per share | 5.33 | 5.29 |
30.09.2023 | 30.09.2022 | |
Result on financial instruments - group share (x 1,000 EUR) | -8,857 | 211,412 |
Average number of outstanding shares | 33,249,448 | 31,900,399 |
Result on financial instruments - group share - per share | -0.27 | 6.63 |
30.09.2023 | 30.09.2022 | |
Result on portfolio - group share (x 1,000 EUR) | -129,744 | 92,739 |
Average number of outstanding shares | 33,249,448 | 31,900,399 |
Result on portfolio - group share - per share | -3.90 | 2.91 |
3
Revalued net assets per share in fair value
Definition: Book value of the share after deduction of transaction costs (primarily transfer taxes) from the value of investment properties. Amount of shareholders' equity attributable to shareholders of the parent company, divided by the number of outstanding shares.
Purpose: To measure the value of the share based on the fair value of investment properties and enable a comparison with its share price.
30.09.2023 | 31.12.2022 | |
Shareholders' equity attributable to shareholders of the parent | 3,553,391 | 3,637,413 |
company (x 1,000 EUR) | ||
Number of outstanding shares | 33,957,159 | 32,846,154 |
Revalued net assets per share at fair value (in EUR/share) | 104.64 | 110.74 |
Revalued net assets per share in investment value
Definition: Book value of the share before deduction of transaction costs (primarily transfer taxes) from the value of investment properties. Amount of shareholders' equity attributable to shareholders of the parent company, to which are added the transfer taxes booked under shareholders' equity on the closing date and those booked under the income statement during the period, divided by the number of outstanding shares.
Purpose: To measure the value of the share based on the investment value of investment properties and enable a comparison with its share price.
(x 1,000 EUR) | 30.09.2023 | 31.12.2022 |
Shareholders' equity attributable to shareholders of the parent | 3,553,391 | 3,637,413 |
company | ||
To exclude: | ||
Transfer taxes booked under shareholders' equity | -238,720 | -201,015 |
Transfer taxes booked under the income statement | -11,863 | -42,318 |
Total | 3,803,974 | 3,880,746 |
Number of outstanding shares | 33,957,159 | 32,846,154 |
Revalued net assets per share at investment value (in EUR/share) | 112.02 | 118.15 |
4
Change in gross rental revenues on a like-for-like basis
Definition: Change from one year to the next, expressed as a percentage, of the gross rental revenues, excluding variations related to changes in scope (major renovations, acquisitions and disposals) occurring during the period.
Purpose: To identify changes in gross rental revenues which do not result from major renovations, acquisitions or disposals.
(x 1,000 EUR)
Gross rental revenues at 30.09.2022
To include:
Variations not related to changes in scope
Gross rental revenues at 30.09.2023
Change in gross rental revenues on a like-for-like basis
241,177
14,038
255,215
5.8%
Operating costs/average value of the portfolio under management
Definition: Direct and indirect operating costs (direct property costs, property management costs and corporate management costs, corrected in the 1st, 2nd and 3rd quarters as per the effect of the application of IFRIC 21, which stipulates that taxes for which the triggering event has already occurred are recognised as at January 1st for the entire year), divided by the average value of the portfolio under management over the period, taking into account the scope inflows and outflows.
Purpose: To measure the level of operating costs compared to the average value of the property portfolio under management.
(x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Direct property costs | 8,638 | 9,226 |
Of which: | ||
- Direct property costs according to income statement | 8,914 | 9,583 |
- IFRIC 21 effect | -276 | -356 |
Corporate management costs | 35,604 | 33,404 |
Of which: | ||
- Corporate management costs according to income statement | 35,917 | 33,988 |
- IFRIC 21 effect | -313 | -584 |
Direct and indirect operating costs | 44,243 | 42,630 |
Annualised direct and indirect operating costs | 58,990 | 56,840 |
Average value of the portfolio under management over the period | 6,252,828 | 6,042,793 |
Operating costs/average value of the portfolio under | 0.94% | 0.94% |
management |
5
Operating margin
Definition: Operating result (before result on the portfolio) divided by the property result, corrected in the 1st, 2nd and 3rd quarters as per the effect of the application of IFRIC 21, which stipulates that taxes for which the triggering event has already occurred are recognised as at January 1st for the entire year.
Purpose: To evaluate the company's ability to generate profit from its sole operating activity without taking into account the financial result, taxes and result on the portfolio.
(x 1,000 EUR) | 30.09.2023 | 30.09.2022 |
Property result | 253,274 | 237,187 |
Of which: | ||
- Direct property costs according to income statement | 252,417 | 236,681 |
- IFRIC 21 effect | 857 | 507 |
Operating result (before result on the portfolio) | 209,031 | 194,557 |
Of which: | ||
- Corporate management costs (before to result on the portfolio) | 207,586 | 193,110 |
according to income statement | ||
- IFRIC 21 effect | 1,446 | 1,447 |
Operating margin | 82.5% | 82.0% |
Average cost of debt
Definition: Average interest rate of debt, obtained by dividing the interest charges recorded by the group for its various loans (on an annual basis) by the weighted average debt of the current period. The numerator corresponds to annualised net interest charges as shown in the income statement. The denominator corresponds to the average debt of the current period calculated by taking into account the daily drawdowns on loans (bank loans, bonds, commercial paper, etc,).
Purpose: To measure the average interest rate of the debt and analyse its evolution over time.
(x 1,000 EUR) | 30.09.2023 | 31.12.2022 |
Interest charges recorded by the group, annualised | 40,433 | 33,349 |
Weighted average debt over of the period | 2,919,697 | 2,762,546 |
Average cost of debt | 1.4% | 1.2% |
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Cofinimmo SA published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 08:27:52 UTC.
