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Financial Annual Report 2019

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Financial Annual Report 2019 FINANCIAL ANNUAL REPORT 2019 PROFILE, MISSION, VALUES 1 STRATEGY 3 LETTER TO THE SHAREHOLDERS 6 SOCIETAL COMMITMENT 8 2019, HOW IT UNFOLDED, … 12 ADMINISTRATION 20 INFORMATION TO SHAREHOLDERS AND INVESTORS 22 REPORT OF ACTIVITIES AND PROJECTS 26 SUMMARY CORPORATE GOVERNANCE STATEMENT 58 2019 AUDITED FINANCIAL STATEMENTS 70 GENERAL INFORMATION 124 ATENOR has chosen French as its official language. Consequently, only the French text is authentic. The versions in Dutch and English are translations of the French version. Dit jaarverslag is ook verkrijgbaar in het Nederlands. Ce rapport est également disponible en français. ATENOR SA See additional information Avenue Reine Astrid, 92 www.atenor.eu 1310 La Hulpe Belgium Follow us on LinkedIn Tel. : +32-2-387 22 99 Fax : +32-2-387 23 16 Follow us on Facebook E-mail : [email protected] Website : www.atenor.eu Follow us on Twitter Enterprise number : 0403 209 303 t VAT : BE 0403 209 303 LEI number : 549300ZIL1V7DF3YH40 ™ Follow us on Instagram KEY CONSOLIDATED FIGURES On 31.12.2019 KEY FIGURES ATENOR (IN MILLIONS OF €) EVOLUTION OF ATENOR SHARE EVOLUTION OF ATENOR SHARE COMPARED WITH THE BELGIAN ALL SHARES COMPARED WITH THE EPRA EUROPE IFRS 2015 2016 2017 2018 2019 (taking into account the reinvestment of dividends) (taking into account the reinvestment of dividends) Net results (group share) 19.96 20.37 22.18 35.18 37.78 400 400 Current cash Flow(1) 23.03 19.72 25.51 32.99 38.49 350 350 Capital and reserves 126.80 139.39 149.64 170.30 187.05 300 300 Market capitalization 264.66 256.27 264.63 287.18 406.56 250 250 (1) Net profits + depreciation, provisions and reductions in value. The 2019 consolidated financial statements were drawn up in accordance with the IFRS standards as adopted in the European Union. 200 200 150 150 100 100 50 50 FIGURES PER SHARE (IN €) 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ATENOR BELGIAN ALL SHARES ATENOR EPRA EUROPE Capital and reserves 22.52 24.75 26.57 30.24 33.22 Current cash flow 4.09 3.50 4.53 5.86 6.84 Net consolidated results (group share) 3.59* 3.73 4.07 6.25 6.71 NET CONSOLIDATED RESULTS CURRENT CASH FLOW Dividend (in millions €) (in millions €) Gross dividend 2.00 2.04 2.08 2.20 2.31 50 50 Net ordinary dividend 1.46 1.428 1.456 1.54 1.617 40 Number of shares 5,631,076 5,631,076 5,631,076 5,631,076 5,631,076 40 * Weighted average based on the capital increases (optional dividend) 30 30 20 20 STOCK MARKET RATIOS 10 10 2015 2016 2017 2018 2019 0 0 List price/book value 2.09 1.84 1.77 1.69 2.17 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 List price on 31 December (€) 47.00 45.51 47.00 51.00 72.20 Gross return for 1 year 22.50% 1.09% 7.76% 12.94% 45.88% Gross return 4.26% 4.48% 4.34% 4.31% 3.20% CONSOLIDATED CAPITAL AND RESERVES NET RESULTS AND GROSS DIVIDEND PER SHARE Net ordinary dividend/list price 3.11% 3.14% 3.10% 3.02% 2.24% (in millions €) (in €) 200 10 150 8 GLOSSARY : 6 100 Gross return for 1 year : (last closing price + adjusted dividends paid during the last 12 months - last list price of the previous period) / last list price of the previous period. 4 Return : dividend for the last full financial year / last list price. 50 2 Capitalisation : number of shares x last list price of the financial year concerned. 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Net results Gross dividend I www.atenor.eu I 1 PROFILE ATENOR is a real estate development company quoted on the continuous market of Euronext Brussels. A city stakeholder, ATENOR invests in large-scale property projects which meet strict criteria in terms of urban planning, economic efficiency and respect for the environment. ATENOR has made its mission to conduct its business as real estate developer in harmony with the city’s evolution. Very early, ATENOR positioned itself as an urban stakeholder, aware of the new challenges the city has to face (absorb the urban population growth and respond to socio-economic, energy transition and environmental challenges). Through its urban planning, architectural and societal approach, ATENOR proposes answers to the demands of private, social and work life for the cities of today. UNIVERSITY BUSINESS CENTER Warsaw, Poland MISSION & VALUES By investing in ATENOR, shareholders expect a return. Our mission therefore is to create value through a strategy that is clear and widespread. Over the years, we have defined and specified our activity, that of a real estate developer, and explained the way in which we perform it. For shareholders who have chosen to invest in the real estate development sector, we offer a diversification of their risk, a specific approach to the activity, and access to large-scale real estate projects. Our mission aims on the one hand to offer the shareholders regular remuneration of the capital supported by recurrent and increasingly diversified positive results, and on the other hand to ensure the growth of the value of ATENOR’s assets through the consolidation and the expansion of its know-how and the constant renewal of its portfolio with new projects. Through the communication and the application of the essential principles of Corporate Governance, we give our activities the transparency that is required to an easy reading. All our employees act with respect for the criteria of integrity and ethics that are essential to the correct operation of a quoted company, active in real estate development. Since the mission and the values have been clearly defined, the profit generated annually by ATENOR appears as the result of the action of each employee, motivated to contribute his or her best work every day. 2 I Financial annual report 2019 I Strategie I www.atenor.eu I 3 STRATEGY The activity of ATENOR is real estate development. For more than 25 years, ATENOR has accumulated results while continuing to create know-how recognized by the market. RESPONSES TO CHANGES IN URBAN PRIVATE AND WORK LIFE The digital revolution, environmental emergencies and today’s mobility issues entail and require at the same time a profound change in the way we live and work. The scale of urbanization, building designs and functions interact with this evolution, sometimes recognising it, sometimes promoting it. In this context, ATENOR strategy is very specific: as a real estate developer, ATENOR is a leading stakeholder that perceives and anticipates these changes and, through the development of innovative projects, participates in the adaptation of the urban fabric so that it meets the new private and work life demands and aspirations. ATENOR therefore invests in large-scale real estate projects meeting very strict criteria concerning the choice of the site (“prime location”), technical quality, the costs of investment and the lease and sale potential. RESPECT FOR THE ENVIRONMENT AND SUSTAINABLE DEVELOPMENT In response to the growing environmental concern and especially sensitive to sustainable development, ATENOR promotes the application of new technologies and the use of specific materials in its new real estate projects. ATENOR also advocates a comprehensive ecological approach. Its dense and mixed projects in the vicinity of public transport stations present the most favourable possible ecological balance at city level. AN INTERNATIONAL DIVERSIFICATION By asserting that its place of business is the urban environment, ATENOR intends to showcase its know-how in several cities in terms of what they have in common and especially the need to adapt their urban fabric to changes in private and work life. Furthermore, through its presence in the locations where it invests, ATENOR guarantees the integration of the specificities of each city. Currently ATENOR is active mainly in Brussels, Luxembourg, Paris, Lisbon, Düsseldorf, Warsaw, Budapest and Bucharest, to name only the big cities. LARGE SCALE PROJECTS WITH MIXED FUNCTIONS Responding to the numerous changes in the real estate market, ATENOR focusses on the office and residential markets, demonstrating a wide range of skills. At the end of 2019, there were 28 projects in portfolio. They represent an approximate area of 1,200,000 m². In the future ATENOR intends to maintain this diversification of allocations depending on the fundamental developments of the markets. ATENOR is interested in particular in the major urban planning projects currently being implemented by the cities and the regions. To this end, ATENOR will continue its policy of constructive dialogue with the authorities and local administrations and will analyse any opportunity that conforms to those projects, with a view to investment. ATENOR is seen as a reliable economic partner in the necessary adaptation of the urban structures in the light of economic, demographic and sociological developments. THE ONE Brussels, Belgium 4 IFinancial annual report 2019 I Letter to shareholders I www.atenor.eu I 5 From left to right : Stéphan SONNEVILLE SA Chief Executive Officer Frank DONCK Chairman of the Board of Directors 6 I Financial annual report 2019 I Letter to shareholders I www.atenor.eu I 7 LETTER TO SHAREHOLDERS Dear Shareholders, ATENOR results rose for the seventh year in a row in For three years now, we have been growing our activities 2019. This year, 10 of the 28 projects in the portfolio in Europe on an international scale.
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