WAREHOUSES ESTATES BELGIUM S.A. IDENTIFICATION | DECLARATION |
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 | +32 71 259 259 |
info@w-e-b.be | |
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 décember |
Property expert | CBRE represented by Mr Monsieur Kevin VAN DE VELDE2 |
Auditor | PwC reprensented by Mr Dider MATRICHE3 |
Types of properties | Commercial, logistics buildings and offices |
Faire value | €317,233,7274 |
Mr Daniel WEEKERS, 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, Ms Cléonice MASTROSTEFANO and Messrs 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 true and faire view of the Company's assets, financial situation and results;
- the management report contains a true and fair presentation of the development of the business, the result and the situation of the Company.
Any additional information can be obtained on request by telephone at 071/259.259 or by e-mail at info@w-e-b.be.
The latest version of WEB SA's coordinated Articles of Association can be consulted on the Company's website: ww.w-e-b.be - Investors - Publications - Articles of Association.
The financial report is also available in English. Only the French version of the
document is authentic; since the English version is a free translation.
- The latest version of the Coordinated Articles of Association is available on the Company's website: www.w-e-b.be.
- With effect from 01/01/2024, the mandate of the Property Expert having been renewed for a period of 3 years, the CBRE representative is Mr Pieter PAEPEN.
3 The Auditor's mandate was renewed at the 2023 Annual General Meeting for a period of 3 years. 4 assets held for sale included, based on the value determined by the Property Expert
SUMMARY
Financial calendar | 11 | 03 |
Historical | 12 | |
Management report | 14 | |
Risk factors | 42 | |
Real estate report | 58 | |
EPRA | 90 | |
Financial report | 102 |
WAREHOUSES ESTATES BELGIUM SA
Profile
WEB SA is a Public Regulated Property Company incorporated under Belgian law ("Société Immobilière Réglementée
04 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.
- Site 33 - Gosselies - Avenue Jean Mermoz 29 - 20,589 m2 built - Logistics and Offices
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 | 05 |
one of the investment and property management specialists in these categories. | |
WEB SA has a portfolio of 110 properties (excluding projects under development) |
representing a total surface area of 313,092 m² (excluding land). The fair value of this property portfolio amounts to €317,233,727 as at 31 December 2023.
Since its initial public listing 25 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 2023 the market capitalisation of the Company was €115,254,667.
WAREHOUSES ESTATES BELGIUM SA
PROFILE
06
Letter to shareholders
Dear Shareholders,
WEB SA ended the 2023 financial year with a significant increase in its operating margin, despite a difficult macroeconomic environment still marked by geopolitical tensions.
This context of uncertainty has had a major impact on interest rates and inflation, which have risen sharply. WEB SA keeps a close eye on these issues in order to anticipate the economic impact and how it will affect the real estate sector.
The global economy remains dependent on the situation in Ukraine, relations with Russia and the neighbouring countries, not to mention the Israeli-Palestinian conflict.
Despite this difficult environment, we are pleased to publish our financial statements for the year ended 31 December 2023, which show a reassuring and encouraging increase in our annual operating results. The financial result, however, was negatively impacted by interest rates.
The Company emphasises the resilience of its real estate portfolio, with a stable occupancy rate of 96.54% and a fair value that has risen by 5.47% over 1 year to €317,233,727. This increase is the result of the acquisition of the Espace 98 shopping centre, the sale of the Anderlues building, the improvement work carried out and changes in capitalisation rates in the real estate sector.
WAREHOUSES ESTATES BELGIUM SA
PROFILE
Our financial year 2023 closes on a high note with Adjusted Earnings1 of €11,950,111 compared with €11,502,971 in 2022 (+3.89%), rising from €3.63/share in 2022 to €3.77/share in 2023.
This progress has been made possible by the dynamic, attentive and proactive management of the real estate portfolio, costs and interest rates.
We would like to highlight the following changes:
- Net rental result: €22,918,982, i.e. + 9.5% compared to €20,922,901 in 2022;
- Property result: €22,426,842, i.e. + 9.8% compared to €20,432,950 in 2022;
- Operating result of buildings: €17,836,882, i.e. + 11.70% compared to €15,971,045 in 2022;
- Operating result before portfolio result: €16,522,159, i.e. + 13.9% compared to €14,508,519 in 2022.
At the Ordinary General Meeting on 23 April 2024, the Board of Directors will propose paying a gross dividend of €3.35 per share, compared with €3.29 for the previous year. The proposed dividend for 2023 corresponds to a gross yield in relation to the average share price of 9.19%, for a pay-out ratio of 88.76% of Adjusted Earnings.
The Board of Directors and the Executive Board will continue to focus on selective growth and on maintaining the best possible level of rental income from the property portfolio, while maintaining sufficient profitability to generate an annual profit that will enable them to offer Shareholders a substantial dividend per share, in line with the strategy described in the Annual Financial Report.
By becoming a member of the EPRA2 in 2022, the Company has clearly demonstrated its commitment to greater transparency and to improving its financial reporting. To this end, WEB has, for the first time, published a series of EPRA financial performance indicators ("Best practice recommendation" or "BPR") in its 2022 annual financial report.
In its very first year, the Company was recognised by EPRA, receiving an EPRA BPR Gold Award in 2023 for its 2022 Annual Financial Report. It was also one of nine European companies to receive an "EPRA Most Improved Award", underlining the quality of this first publication.
WEB is aware of the urgent need to take action against climate change, as highlighted by the latest IPCC report.3 Real estate and construction play a crucial role in achieving global climate objectives, accounting for more than a third of global greenhouse gas emissions. The main challenge for our Company will be to improve the quality of its buildings through energy renovations, and thereby significantly reduce their operational emissions and energy consumption.
To support this commitment, in 2023 our Company set itself targets, approved by the SBTi,4 to reduce its scopes 1 and 2 greenhouse gas emissions by 42% by 2030. It has also undertaken to measure its scope 3 emissions.
With this in mind, during the past financial year, the Company, with the help of its partner Co2Logic, calculated its scope 1 and 2 emissions (using the GHG protocol method) in order to determine the starting point for reducing its emissions by 2030 (determination of the baseline). Again with the help of Co2Logic, the Company will set about measuring the operational emissions of its investment properties in 2024. This major project, which will require close collaboration with tenants, will give us a clearer picture of the energy efficiency of our buildings and enable us to better target those requiring renovation.
We are convinced that these measures will help to combat climate change and build a more sustainable future for everyone.
We would like to thank all employees for the work done during this year and congratulate | 07 |
them for the positive mind-set that they have nurtured to achieve the targets. |
We would also like to thank all Shareholders, whose trust in the Company has reassured us in our desire to continue the profitable expansion of our portfolio.
Daniel WEEKERS | Laurent WAGNER |
Président du Conseil d'administration | CEO |
1 calculated in accordance with Chapter III of Annex C to the Royal Decree of 13 July 2014
-
The European Public Real Estate Association is an association whose mission is to promote, develop and represent listed European real estate companies.
3 Intergovernmental Panel on Climate Change
4 Science-based Target Initiative
WAREHOUSES ESTATES BELGIUM SA
PROFILE
DISTRIBUTION BY SECTOR1
08
KEY FIGURES 20231
PORTFOLIO DISTRIBUTION BY SECTOR | 31-12-2023 | 31-12-2022 | VARIATION Y/Y |
(% FAIR VALUE) | |||
Retail | 70.75% | 68.81% | +1.94% |
Logistic | 18.12% | 19.02% | -0.90% |
Office | 10.27% | 11.31% | -1.04% |
Land | 0.85% | 0.85% | -% |
-STATUTORY ACCOUNT | 31-12-2023 | 31-12-2022 | VARIATION Y/Y |
Rental income | €22,574 k | €20,454 k | +10.37% |
Net rental result | €22,919 k | €20,923 k | +9.54% |
Property result | €22,427 k | €20,433 k | +9.76% |
Operating result before result on portfolio | €16,522 k | €14,509 k | +13.88% |
Operation result | €16.221 k | €9,653 k | +68.04% |
Net interest expenses | €-4,457 k | €-2,455 k | +81.51% |
Financial result | €-7,552 k | €2,494 k | -402.74% |
Net result | €8,668 k | €12,145 k | -28.63% |
OPERATIONAL PERFORMANCE | 31-12-2023 | 31-12-2022 | Y/Y |
Fair value of portfolio | €317,234 k | €300,779 k | +5.47% |
Shareholders'equity | €167,508 k | €169,257 k | -1.03% |
Intrinsic unit value of a share | €52.90 | €53.46 | -1.03% |
Occupancy rate | 96.54% | 97.06% | -0.52% |
Debt ratio | 47.52% | 45.13% | +2.39% |
1 including assets held for sale, unless otherwise stated
WAREHOUSES ESTATES BELGIUM SA
PROFILE
CHANGE IN FAIR VALUE1 | CHANGE IN SHAREHOLDERS'EQUITY | CHANGE IN DEBT RATIO |
1
2
3
4
5
67
CHANGE IN OCCUPANCY RATE | COMPARATIVE CHANGE IN EQUITY AND FAIR | CAPITALISED EXPENSES7 |
VALUE OF PROPERTY1 | 09 | |
- Shareholders' equity ➔ Fair value
- The fair value is that determined by the Company's independent property expert, assets held for sale included.
2 consolidated fair value
3 consolidated equity
4 consolidated debt ratio
5 consolidated occupancy rate
6 consolidated equity and fair value
7 Improvment of investment properties
WAREHOUSES ESTATES BELGIUM SA
PROFILE
DIVIDEND PAY-OUT POLICY
Listed since 01 October 1998 on Euronext Brussels, WEB SA closed its 25th financial period on 31 December 2023.
Given the results of WEB SA for the 2023 financial year, The Board of Directors will ask the Ordinary General Meeting of 23 April 2024 to distribute a dividend of €3.35 gross per share, payable on 03 May 2024.
The distributed percentage compared to the corrected results would amount to 88.76% as opposed to 90.56% for the previous financial period.
WEB SA intends to continue its profitable development in the future, in order to sustainably consolidate its current policy of dividend distribution and return.
HISTORY OF DIVIDEND DISTRIBUTION
2023 | 2022 | 2021 | 2020 | |||||
€52.90 | ||||||||
Intrinsic share value | €53.46 | €51.46 | €50.14 | |||||
Market share price on the closing date | €36.40 | €36.70 | €42.00 | €42.40 | ||||
10 | Annual average market share price1 | €36.44 | €38.55 | €40.75 | €49.72 | |||
Gross amount per share | €3.35 | €3.29 | €2.84 | €3.15 | ||||
Gross return on the annual average market | 9.19% | 8.54% | 6.97% | 6.34% | ||||
share price2 | ||||||||
Percentage distributed in relation to results | 88.76% | 90.56% | 90.06% | 98.11%3 | ||||
PROPOSAL FOR THE ALLOCATION OF RESULTS4 (in €) | ||||||||
NET RESULT FOR THE FINANCIAL YEAR | 8,668,129 | |||||||
Transfer to/from reserves (-/+) | 1,939,100 | |||||||
Reserve for the balance (positive or negative) of variations in fair value of property (+/-) | -92,405 | |||||||
Reserve for estimated transfer fees and rights arising from hypothetical disposal of investment | 553,551 | |||||||
properties (+/-) | ||||||||
Reserve for the balance of variations in fair value of authorised hedging instruments to which hedge | 3,077,080 | |||||||
accounting as defined in IFRS is not applied (-) | ||||||||
Transfer to/from results carried forward from prior years (-/+) | -1,599,126 | |||||||
Capital remuneration provided for in Article 13, para 1, line 1 (balance) | -10,607,229 | |||||||
GROSS RETURN ON THE ANNUAL AVERAGE MARKET SHARE PRICE
GROSS DIVIDEND
1 This is the daily closing price divided by the number of quotes for the period.
-
The gross return is calculated by dividing the gross amount of the dividend by the annual average market price.
3 Note that the percentage at 31-12-2020 would be 90.24% if the Company had applied the look-through approach.
4 Subject to the approval of the AGM of 23-04-2024, see Proposal for allocation of the result for the year according to the scheme defined in the Royal Decree of 13-07-2014 at the end of the financial report
WAREHOUSES ESTATES BELGIUM SA
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
WEB - Warehouses Estates Belgium SCA published this content on 22 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2024 13:25:19 UTC.
