CARE PROPERTY INVEST NV/SA Half-yearly
Financial
Report 2023
REGULATED INFORMATION
Publication on 6 September 2023, after trading hours at 6 p.m.
HALF-YEARLY FINANCIAL REPORT
for the period from 1 January 2023 to 30 June 2023
AUDITED
The Dutch version as well as the English version of this half-yearly financial report
are legally binding. Within the framework of their contractual relationship with the Company, investors can therefore always appeal to the translated versions. Care Property invest, represented by its responsible persons, is responsible for the translation and conformity of the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.
FINANCIAL HIGHLIGHTS
Key figure | 30 June 2023 | 31 Dec. 2022 | 30 June 2022 | Evolution | |
Fair value real estate portfolio | €1,225.1 m | €1,131.3 m | +8% | ||
Market capitalisation | €456.4 m | €437.2 m | +4% | ||
Occupancy rate | 100% | 100% | 100% | = | |
Debt ratio | 46.64% | 52.37% | -11% | ||
Cost of borrowed funds | 2.62% | 2.14% | +22% | ||
Rental income | €32.3 m | €25.5 m | +27% | ||
OPERATIONAL KPIS
- Adjusted EPRA earnings amount to €18.7 million (+ 9% compared to 30 June 2022), or €0.50 per share
- Collection rate of rent due until 30 June 2023: 98%
- Indexation/ LfL growth: 10.63%
- Occupancy rate: 100%
SOLID SOLVENCY AND LIQUIDITY
- Debt ratio under control: 46.64% (EPRA LTV: 43.80%)
- Limited liabilities from committed developments: €29 million (of which €21 million cash-out remains in 2023)
- Stable valuation portfolio: -1.5% variation in FV between 31 December 2022 and 30 June 2023
- Available capacity on credit lines as at 30 June 2023: €138 million
RISK-AVERSE PROFILE
- 26% of rental income from local authorities with guarantee from Flemish government
- Active in solid markets: Belgium (71.5%), The Netherlands (15.5%), Spain (6.6%) and Ireland (6.4%)
- Hedge ratio financial liabilities: 91%
- Average maturity of financial liabilities (incl. CP): 5.72 years.
CONFIRMATION OF GUIDANCE FOR 2023
- EPS: €1.00 - €1.03
- DPS: €1.00 (dividend yield based on the share price as at 30 June 2023: 8.10%)
Care Property Invest nv / Table of contents | Table of contents / Care Property Invest nv |
Table of contents
I. Interim Report of the Board of Directors | 10 | IV. Real Estate Report | 54 |
1. Important events | 10 | 1. Status of the property market in which the Company operates | 54 |
2. Synthesis of the consolidated balance sheet and the global result statement | 14 | 2. Analysis of the full consolidated property portfolio | 60 |
3. Outlook | 24 | 3. Report of the real estate expert | 66 |
4. Conflicts of interest | 28 | V. Condensed financial statements | 74 |
5. Corporate governance | 29 | ||
6. Research and Development | 30 | 1. Consolidated global result statement | 74 |
7. Capital increases within the context of authorised capital | 30 | 2. Consolidated balance sheet | 75 |
8. Publication of the 2022 Sustainability Report | 31 | 3. Cash-flow table | 76 |
9. Persons responsible (Royal Decree 14 November 2007) | 31 | 4. Statement of changes in consolidated equity | 78 |
II. Care Property Invest on the stock market | 34 | 5. Notes to the consolidated financial statements | 80 |
6. Events after the closing date | 88 | ||
1. Stock price and volume | 34 | 7. Transactions with affiliated parties | 88 |
2. Dividend policy | 36 | 8. Information on subsidiaries | 89 |
3. Bonds and short-term debt securities | 37 | 9. Auditor's report | 90 |
4. Shareholding structure | 38 | 10. Alternative Performance Measures | 91 |
5. Financial calendar | 39 | ||
III. EPRA | 42 | ||
1. EPRA (European Public Real Estate Association) - Membership | 42 |
4 | 5 |
I.
Interim Report of the
Board of Directors
Berchem (BE) I Park Kemmelberg
HISTORY
1995 - 2023
.1996
Capital increase in cash (IPO - Eurnext Brussels)
7 February 1996
Total amount of capital increase: approx. €59 million.
As of 7 February 1996
10,210 fully paid-up shares.
.2012
Initial investment programme 2,000 serviceflats completed
.2015
Capital increase in cash
22 June 2015
Total amount of capital increase: approx. €36 million.
As of 22 June 2015
13,184,720 fully paid-up shares.
.2015
New address: Horstebaan 3, 2900 Schoten
. 2017
Capital increase in kind
15 March 2017
Total amount of capital increase: approx. €34 million.
As of 15 March 2017
15,028,880 fully paid-up shares.
.2017
Acquisition of first projects in Walloon and Brussels-Capital Regions
.1995
Establishment of Serviceflats Invest nv
Recognition as a Belgian real estate investment fund, on the initiative of the Flemish government with the objective to build and finance 2,000 service flats for PCSW's and social non-profit organisations in the Flemish and Brussels-Capital Region.
As of 30 October 1995
210 fully paid-up shares.
.2000
Innovation award for 'Technology and housing of elderly people'
.2013-2014
Amendments to the articles of association to expand the Company's objective
.2014
Serviceflats Invest nv becomes
Care Property invest nv
Share split 1: 1,000
As of 24 March 2014
10,210,000 fully paid-up shares.
Acquisition of the status of a Public Regulated Real Estate Company (Public RREC).
.2014
Optional dividend
May-June 2014
Total amount of capital increase: approx. €2 million.
As of 20 June 2014
10,359,425 fully paid-up shares.
. 2016
Inclusion in the Bel MID index.
Start of EPRA membership
. 2017
Capital increase in cash
27 October 2017
Total amount of capital increase: approx. €70 million.
As of 27 October 2017
19,322,845 fully paid-up shares.
.2018
Entry onto the Dutch market.
Acquisition of 100th residential care project
. 2019
Capital increase in kind
3 April 2019
Total amount of capital increase: approx. €16 million.
As of 3 April 2019
20,086,876 fully paid-up shares.
. 2020
Capital increase in kind
15 January 2020
Total amount of capital increase: approx. €34 million.
As of 15 January 2020
21,645,122 fully paid-up shares.
.2021
Capital increase in kind
20 January 2021
Total amount of capital increase: approx. €42 million.
As of 20 January 2021
25,806,148 fully paid-up shares.
.2021
Capital increase in kind
17 November 2021
Total amount of capital increase: approx. €26 million.
As of 17 November 2021
26,931,116 fully paid-up shares.
. 2023
Capital increase in cash
24 January 2023
Total amount of capital increase: approx. €108 million.
As of 24 January 2023
36,988,833 fully paid-up shares.
.2019
Optional dividend
May-June 2020
Total amount of capital increase: approx. €7 million.
As of 26 June 2019
20,394,746 fully paid-up shares.
. 2020
Optional dividend
May-June 2020
Total amount of capital increase: approx. €7 million.
As of 19 June 2020
21,918,213 fully paid-up shares.
.2020
Entry onto the Spanish market
.2020
Capital increase in cash (ABB)
June 2020
Total amount of capital increase: approx. €59 million.
As of 25 June 2020
24,110,034 fully paid-up shares.
.2022
Entry onto the Irish market
.2022
Optional dividend
May-June 2022
Total amount capital increase: approx. €4 million.
As of 20 June 2022
27,102,910 fully paid-up shares.
.2022
Capital increase in kind
7 July 2022
Total amount of capital increase: approx. €14 million.
As of 7 July 2022
27,741,625 fully paid-up shares.
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Disclaimer
Care Property Invest NV published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2023 15:49:02 UTC.
