Warehouses Estates Belgium S A : Rapport Financier Annuel 2022 (31/12) EN

FINANCIAL ANNUAL REPORT | 2022

IDENTIFICATION

Name	Warehouses Estates Belgium (WEB for short)
Legal form	Société Anonyme (public limited company) (SA for short)
Status	Public Regulated Property Company (SIRP of SIR for short)
Registered office	29 avenue Jean Mermoz, B-6041 Gosselies (Belgium)
Phone	[phone]
Fax	[phone]
Email	[e-mail]
Website	www.w-e-b.be
Company number	BE0426.715.074
LEI	549300JTAJHL7MXIM284
Date of incorpotration1	04 January 1985 under the name "Temec"
Date of admission to Euronext	01 October 1998
Date of approval as SIR	13 January 2015
Duration	Unlimited
Share capital	10.000.000 €
Number fo shares	3.166.337
ISIN code	BE0003734481
Listing	Euronext Brussels
Effective managers	Mr Laurent WAGNER, CEO
	Ms Caroline WAGNER, CAO
	Mr Antoine TAGLIAVINI, CFO
	Mr Laurent VENSENSIUS, CTO
Sole Administrator	W.E.B. Property Services SA (en abrégé WEPS SA)
Closing date	31 December
Property expert	CBRE represented by Mr Kevin VAN DE VELDE2
Auditor	PwC reprensented by Mr Damien WALGRAVE3
Types of properties	Commercial, logistics buildings and offices
Faire value	€300,778,9184

Déclaration

Mr Claude DESSEILLE, Chairman of the Board of Directors, Ms Caroline WAGNER and Mr Laurent WAGNER, as Executive Directors and Effective Managers, Ms Valérie WAGNER as Executive Director, Messrs Daniel WEEKERS, Jean-Jacques CLOQUET and Jacques PETERS, as Independent Directors, as well as Messrs Antoine TAGLIAVINI (CFO) and Laurent VENSENSIUS (CTO), as Effective Managers of Warehouses Estates Belgium SA (hereinafter "WEB SA") having its registered office at Avenue Jean Mermoz 29, 6041 Charleroi (Gosselies), Belgium, declare that, to the best of their knowledge:

• the financial statements, drawn up in accordance with applicable accounting standards, give a tue and faire view of the Company's assets, financial situation and results;
• the management report contains a true and fair presenation of the development of the business, the result and the situatin of the Company.

Any additional information can be obtained on resquest by telephone at 071/259.259 or by e-mail at [e-mail].

The financial report is also available in French. Only the French version of the document is authentic; the English version is un unofficial translation.

• The latest version of the Coordinated Articles of Association is available on the Company's website: www.w-e-b.be.
  2 The mandate of the Property Expert was renewed in January 2021 for a period of 3 years.
  3 The mandate of the Auditor was renewed during the 2020 General Meeting of Shareholder's for a period of 3 years. 4 assets held for sale included, based on the value determined by the Property Expert

SUMMARY

Profile	4
Letter to shareholders	6
Key figures 2022	8
Financial calendar	11
Historical	12	03
Management report	14
Risk factors	40
Real estate report	54
EPRA	86
Financial report	96

WAREHOUSES ESTATES BELGIUM SA

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→ Site 23 - Gosselies - Route Nationale V - « Centre commercial Espace Nord » - 5,025 m2 built - Commerces

Profile

WEB SA is a Public Regulated Property Company incorporated under Belgian law ("Société Immobilière Réglementée Publique - SIRP"), and is subject to the legal requirements in this area, in particular the Law of 22 October 2017 amending the Law of 12 May 2014, and the Royal Decree of 23 April 2018 amending the Royal Decree of 13 July 2014 relating thereto.

WAREHOUSES ESTATES BELGIUM SA

PROFILE

WEB SA has been listed on Euronext Brussels since 01 October 1998. In accordance with its investment strategy, WEB SA invests in property in Belgium.

WEB SA's business activities consist of making its properties available to users. Most of these are operating leases, with WEB SA retaining the risks and benefits associated with the ownership of investment properties. The rents received are recognised as rental income on a straight-line basis over the duration of the rental contract. WEB SA has also entered into four

(4) long lease contracts.

Through its activities, WEB SA aims to enhance and increase its property assets, with
particular focus on commercial, office and logistics properties. WEB SA is currently one of the
investment and property management specialists in these categories.	05
WEB SA has a portfolio of 110 properties (excluding projects under development) representing

a total surface area of 304,577 m² (excluding land). The fair value of this property portfolio amounts to €300,778,918 as at 31 December 2022.

Since its initial public listing 24 years ago, WEB SA has offered its shareholders a remarkable return, despite the sometimes difficult socio-economic situations. It intends to continue its development by favouring the composition of a stable portfolio, creating value and long-term growth and generating income in line with its dividend policy. WEB SA will continue to adopt a cautious and selective position in the choice of its investments so that they are always carried out under conditions particularly favourable for its shareholders, while taking into account the potential associated risks.

As at 31 December 2022 the market capitalisation of the Company was €116,204,568.

WAREHOUSES ESTATES BELGIUM SA