Annual Financial
Report
The Annual financial report 2022 has been translated into the English language solely for the convenience of international readers. The version compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815 is the document named "Relazione finanziaria annuale al 31.12.2022 (formato ESEF)" published on the company website www.nextresiiq.iton April 20, 2023
CONTENTS | |
1. COMPANY PROFILE | 3 |
COMPANY INFORMATION AND STRUCTURE | 3 |
GROUP STRUCTURE | 3 |
COMPANY OFFICES/POSITIONS | 4 |
SHAREHOLDING STRUCTURE AS AT 31 DECEMBER 2022 | 5 |
2. DIRECTORS' REPORT ON OPERATIONS | 6 |
CONSOLIDATED FINANCIAL HIGHLIGHTS | 6 |
RELEVANT EVENTS DURING THE YEAR | 8 |
EVENTS FOLLOWING THE REPORTING PERIOD | 11 |
STOCK PERFORMANCE | 12 |
THE ECONOMIC CONTEXT AND THE REAL ESTATE MARKET | 14 |
REAL ESTATE PORTFOLIO | 15 |
ECONOMIC PERFORMANCE ANALYSIS | 25 |
BALANCE SHEET ANALYSIS | 27 |
TRANSACTIONS WITH RELATED PARTIES | 28 |
LEGAL AND REGULATORY FRAMEWORK OF LISTED REAL ESTATE INVESTMENT COMPANIES (SIIQ) | 30 |
RISK MANAGEMENT | 33 |
CORPORATE GOVERNANCE | 38 |
REMUNERATION REPORT | 40 |
ORGANISATIONAL MODEL & CODE OF ETHICS | 40 |
EQUITY INVESTMENTS HELD BY DIRECTORS AND MEMBERS OF THE BOARD OF STATUTORY AUDITORS | 41 |
OTHER INFORMATION ON THE MANAGEMENT | 41 |
UPDATE ON THE IMPACT OF COVID-19 | 43 |
FORESEEABLE PERFORMANCE TREND | 43 |
NEXT RE SIIQ S.P.A. - SIGNIFICANT DATA | 44 |
RECONCILIATION BETWEEN THE SHAREHOLDERS' EQUITY AND THE PARENT COMPANY'S NET PROFIT AND THE | |
SHAREHOLDERS' EQUITY AND THE CONSOLIDATED NET PROFIT; | 48 |
PROPOSED ALLOCATION OF OPERATING RESULTS FOR THE PERIOD | 49 |
EPRA PERFORMANCE INDICATOR | 50 |
3. CONSOLIDATED FINANCIAL STATEMENTS OF THE NEXT RE SIIQ S.P.A. GROUP | 59 |
CONSOLIDATED FINANCIAL STATEMENTS | 59 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 60 |
CONSOLIDATED STATEMENT OF PROFIT/(LOSS) | 61 |
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 62 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | 63 |
CONSOLIDATED CASH-FLOW STATEMENT | 64 |
CONSOLIDATED PROFIT (LOSS) PER SHARE | 65 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 66 |
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | 98 |
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ANNEXES | 99 |
REPORT OF THE INDEPENDENT AUDITORS | 101 |
4. FINANCIAL STATEMENTS OF NEXT RE SIIQ S.P.A | 107 |
FINANCIAL STATEMENTS OF NEXT RE | 107 |
STATEMENT OF FINANCIAL POSITION | 108 |
STATEMENT OF PROFIT/(LOSS) | 109 |
STATEMENT OF OTHER COMPREHENSIVE INCOME | 110 |
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | 111 |
CASH FLOW STATEMENT | 112 |
NOTES TO THE FINANCIAL STATEMENTS | 113 |
MANAGEMENT AND COORDINATION ACTIVITIES | 153 |
CERTIFICATION OF THE FINANCIAL STATEMENTS | 160 |
ANNEXES | 161 |
REPORT OF THE INDEPENDENT AUDITORS | 163 |
REPORT OF THE BOARD OF STATUTORY AUDITORS | 170 |
VALUATIONS OF INDEPENDENT EXPERTS | 190 |
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Company profile
1. COMPANY PROFILE
Company information and structure
NEXT RE SIIQ S.p.A. (hereinafter also referred to as "NEXT RE" or the "Company" or the "Parent Company") with registered office in Rome, Via Zara 28, Tax Code and VAT no. 00388570426, REA number RM-1479336, is a real estate investment company with shares listed on the Euronext Milan market ("EXM") organised and managed by Borsa Italiana S.p.A.
The Company currently manages a portfolio consisting of office and commercial properties and is focused on asset classes that are aimed to meet the needs of new patterns and styles of real estate use, which reflect the economy and society's characteristics of access, utility and experience. The categories engaged look at Life- cycle Living & Hospitality, Leisure & Wellness, Smart Office Space, Omnichannel Retail & Distribution.
Group structure
The NEXT RE group (hereinafter also referred to as the "Group") includes, in addition to the Parent Company, the wholly-owned subsidiary Fidelio Engineering S.r.l. (hereinafter also "Fidelio" or the "Subsidiary").
The corporate purpose of the Subsidiary is to carry out activities in Italy and abroad aimed at redeveloping and enhancing the value of areas subject to real estate development or existing buildings subject to redevelopment. The Subsidiary commenced operations in the fourth quarter of 2022.
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Company profile
Company offices/positions
Board of Directors
At the date of approval of this Report, the composition of the Board of Directors was as follows:
Giancarlo Cremonesi | Chairman |
Stefano Cervone | Managing Director |
Daniela Becchini | Independent Director |
Giuseppe Colombo | Director |
Camilla Giugni | Independent Director |
Eleonora Linda Lecchi | Independent Director |
Giovanni Naccarato | Vice-Chairman and Director |
Luca Nicodemi | Independent Director |
Maria Spilabotte | Independent Director |
Board of Statutory Auditors |
At the date of approval of this Report, the composition of the Board of Statutory Auditors was as follows:
Luigi Mandolesi | Chairman |
Sara Mattiussi | Statutory Auditor |
Domenico Livio Trombone | Statutory Auditor |
Sergio Mariotti | Alternate Auditor |
Barbara Premoli | Alternate Auditor |
The manager in charge pursuant to Article 154-bis paragraph 2 TUF (Consolidated Finance Act)
Francesca Rossi
Independent Auditors
EY S.p.A. is appointed as statutory auditor for the period 2021-2029.
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Disclaimer
Next Re SIIQ S.p.A. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 13:23:05 UTC.