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Anticipation and expansion Annual Financial Report 2016 ANNUAL FINANCIAL REPORT 2016 Profile Home Invest Belgium Market leader in residential property 1 700 nice places investments to live Who we are? Since its creation in June 1999, Home Invest Belgium has been a listed Belgian real estate company specialising in residential property, in the broad sense, from studios for students to second homes, traditional apartments and new forms of housing. With a portfolio in Belgium and The Netherlands valued at more than € 400 million, it provides quality properties to its tenants who benefit from a professional management. Home Invest Belgium also develops its own projects to ensure the growth of its portfolio and, in parallel, regularly divests part of it. Home Invest Belgium is listed on Euronext Brussels [HOMI] and enjoys the Belgian tax status of a Regulated Real Estate Company (RREC) and its activities are controlled by the Financial Services and Markets Authority (FSMA). 6.25% Increase of the dividend in 2016 PROFIL 3 174 000 sq.m. Our strategic properties in operation priorities: 10.7% The growth NETHERLANDS of our portfolio 9.9% FLANDERS 61.6 % The quality of service BRUSSELS 17.8 % to our tenants WALLONIA The value creation for our shareholders Our team covers the entire property life cycle: Summary Development and Acquisitions renovation Risk factors ............................................4 of buildings Panorama ............................................. 18 Management report .............................32 Real estate report ................................56 Stock market activity ............................82 Corporate governance statement ........92 Financial statements ...........................114 Administrative, Permanent document ........................ 150 Sales commercial and technical RREC and its tax regime ................... 161 management Glossary ............................................. 164 Shareholders’ agenda ........................ 167 4 ANNUAL FINANCIAL REPORT 2016 Risk Factors RISK FACTORS 5 Managed by a proactive team As a real estate investor, Home Invest Belgium operates in a constantly chang- ing environment, which presents certain risks. The realisation of these risks could have an adverse effect on the company, its business, prospects, financial situa- 96% tion or results. OCCUPANCY RATE OF THE PROPERTIES IN Home Invest Belgium takes this into account as part of the OPERATION overall management of the company, its investment and divestment decisions, funding and the optimal re-use of its funds. These risks are therefore subject to regular monitoring. The Management, the Risk Manager and the Board have adopted prudent policies to better protect the Regulated Real Estate Company and its shareholders from their possible occurrence. The main risks are identified below, as well as the various fac- tors and measures to mitigate their potential negative impact. The list of risks in this report is not exhaustive and is based on information known in 31 March 2017. There may be other risks unknown and/or unlikely today, % whose influence could be detrimental to the business, pros- 48.5 pects and financial situation of Home Invest Belgium. DEBT RATIO ON 31.12.2016 Risk factors Market risks ............................................ 7 Risks associated with the property portfolio ................................. 7 Risks relating to tenants and leases ........10 Risks linked to regulation and policy factors .........................................11 Financial risks ........................................13 Risks related to the internal organisation ............................................17 6 ANNUAL FINANCIAL REPORT 2016 THE LINK The Link is a new way of thinking about student accommodation. These high quality student rooms are designed with connectivity in mind: ensuring that university life is the complete, well-rounded and inspiring experience which will take students from youth to adulthood. RISK FACTORS 7 1. MARKET RISKS RISK MITIGATION Given the particularities of residential property and the 1.1 Risk of Inflation type of properties in which Home Invest Belgium has invested, theconcentration risk has been spread over a DESCRIPTION OF THE RISK large number of tenants - almost 1 700. Only one large A change in inflation is related to a change in real interest property complex is leased to a single tenant. This, the rates. There is risk that financial charges increase more largest tenant, accounts for 9.7% of total rents. The next rapidly than the indexation of income, which would result largest tenant represents 1.8% of rents (see Real Estate in a decline in the company’s net result. Report page 60). RISK MITIGATION This concentration risk is also mitigated by the recent Home Invest Belgium has taken the following measures to geographic diversification of the company. Operating ex- cover this type of risk: clusively in Belgium until 2016, Home Invest Belgium has — lease agreements provide for an indexation of the base strengthened its geographical diversification with its first rent (in function of the health index) and in accordance acquisition in the Netherlands - 241 holiday homes in a ho- with the applicable legislation; liday complex in Ouddorp in the province of Zeeland (NL). — the risk of an increase in real interest rates is mitigated by the introduction of a strict hedging policy of these rates, which is based, firstly on fixed-rate financing and, second- ly, on the conclusion of hedging contracts to exchange the variable rate into a fixed rate (Interest Rate Swap agreement or IRS) (Annex 24 to the Financial Statements). 1.2 Deflation risk DESCRIPTION OF THE RISK If the general economic situation becomes deflationary, or in the event of a temporary freezing – full or partial – of the 9.7% rents imposed by the government, the increase in rental SHARE OF THE MOST income growth could be curbed. Deflation can lead to lower IMPORTANT TENANT IN interest rates, which would lead to a limited reduction in THE OVERALL RENT financial costs, due to recourse to the above-mentioned interest rate hedging instruments. The current legislation on residential leases does not cater for a rent floor in the event of deflation. RISK MITIGATION The company closely monitors (through the real estate as- sociation UPSI) the intentions of the various competent 2. RISKS ASSOCIATED WITH authorities regarding the freezing of rents or setting ceilings. THE PROPERTY PORTFOLIO It also includes in its business plan very prudent assump- tions in terms of inflation and the evolution of rents. Finally, 2.1 Inappropriate choice of it implements an active maintenance and renovation policy investments or developments to ensure that rents for newly-concluded leases are at least for own account equal to the last rent collected. DESCRIPTION OF THE RISK 1.3 Concentration risk An error in the choice of investments or developments for own account could result in a mismatch with market de- DESCRIPTION OF RISK mand, with potentially the following negative effects: (i) an In the event of a sudden default or departure of a major increase in rental vacancies, (ii) a decrease in the sale price tenant, the turnover and the net result of the company of the property and, therefore, (iii) a decrease in company could fall significantly. revenues. 8 ANNUAL FINANCIAL REPORT 2016 RISK MITIGATION 2.3 Risk of obsolescence in property This risk is mitigated by the following factors: portfolio — strategic analysis of the property, accompanied by technical, legal, tax and accounting due diligence (audit) DESCRIPTION OF RISK before each acquisition; The obsolescence of the property portfolio can result in: — for development projects, careful monitoring of demand (i) reduced commercial attractiveness in the rental and/ on the rental market and the possible adaptation of pro- or acquisition market, (ii) a negative impact on occupancy jects being developed so that it best meets the needs levels, (iii) an increase in maintenance and renovation of the market; costs of the property portfolio (Iv) a negative change in — internal and external valuation (independent expert) of the fair value of the properties and, consequently, (v) a each property to be acquired or developed; negative impact on the net result, net assets and debt — and asset diversification: ratio of the company. • a property complex may not exceed 20% of the port- folio (RREC legislation ); RISK MITIGATION • limits set by the Board of Directors for development Home Invest Belgium mitigates this risk through: activity for own account; — a policy of regular maintenance, including the constant o maximum 12.5% per project; renovation of the property portfolio and investment in o maximum 25% for all projects. development projects for own account, which enables it to ensure the quality of the buildings with the long-term in mind; — a systematic policy of replacing obsolete equipment; — and the resale of less attractive buildings1. 2.4 Negative change in the fair value of the building DESCRIPTION OF RISK The company is exposed to changes in the fair value of its portfolio resulting from independent quarterly appraisals. The potential negative effects of a negative change in the fair value of the buildings have a negative impact on the company’s net result, net assets and debt ratio. For example, a drop of 1% in the fair value of the invest- ment properties in operation would lead to a reduction of ArchView, Etterbeek € 3.8 million in the net result of the statutory accounts on 31
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