AROUNDTOWN

SA

CONTENT

BOARD OF DIRECTORS´REPORT

CONSOLIDATED FINANCIAL STATEMENTS

THE BUSINESS & OPERATIONS

Key Financials 2

Aroundtown 4

Key Achievements 6

Letter from the Board 12

The Strategy and Business Model 16

Key Strengths 20

Aroundtown's Quality Portfolio 22

Capital Markets 34

AUDITOR'S REPORT

Report of the Réviseur d'Entreprises Agréé 82

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of profit or loss 88

Consolidated statement of other comprehensive income 89

Consolidated statement of financial position 90

Consolidated statement of changes in equity 92

Consolidated statement of cash flows 94

ESG

Environmental, Social and Governance 36

MANAGEMENT DISCUSSION AND ANALYSIS

Notes on Business Performance 48

EPRA Performance Measures 66

Alternative Performance Measures 74

Responsibility Statement & Disclaimer 81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements 96

FINANCIAL POSITION HIGHLIGHTSKEY FINANCIALS

Loan-to-Value

Equity Ratio

Total financial debt

Unencumbered assets ratio

Total Assets

Total Equity

Investment property

Investment property of assets held for sale

Cash and liquid assets

in € millions unless otherwise indicated

Dec 2021 1)

Dec 2020

Dec 2019

Total Assets

39,383.1

30,880.3 2)

25,444.7

Total Equity

19,156.4

15,583.0

13,378.9

Investment property

29,115.9

21,172.4

18,127.0

Investment property of assets held for sale

1,009.3

830.2

202.4

Cash and liquid assets 3)

3,244.1

3,262.7

3,043.8

Total financial debt 4)

15,588.2

11,860.9

10,028.3

Unencumbered assets ratio 5)

83%

76%

81%

Equity Ratio

49%

50%

53%

Loan-to-Value

39%

34%

34%

  • 1) GCP is consolidated as of July 1, 2021

  • 2) reclassified

  • 3) including cash and liquid assets under held for sale

  • 4) including financial debt under held for sale

  • 5) by rent

Revenue

Net rental income

Adjusted EBITDA

FFO I before extraordinary Covid adjustment

FFO I per share before extraordinary

Covid adjustment (in €)

FFO I

FFO I per share (in €)

FFO II

ICR

Profit for the year

EPS (diluted) (in €)

EPS (basic) (in €)

in € millions unless otherwise indicated

1-12/2021 1)

Change

1-12/2020

Revenue

1,323.2

12%

1,180.3

Net rental income

1,085.7

8%

1,003.0

Adjusted EBITDA 2)

974.9

3%

944.1

FFO I before extraordinary Covid adjustment 2)

478.2

0%

477.8

FFO I per share before extraordinary Covid adjustment (in €) 2)

0.41

11%

0.37

FFO I 2) 3)

353.2

(1%)

357.8

FFO I per share (in €) 2) 3)

0.30

11%

0.27

FFO II 3)

968.6

4%

932.5

ICR 4)

4.9x

0.8x

4.1x

Profit for the year

1,078.1

19%

906.4

EPS (basic) (in €)

0.55

10%

0.50

EPS (diluted) (in €)

0.53

8%

0.49

  • 1) GCP's results are consolidated starting from July 1, 2021

  • 2) including AT's share in companies which AT has significant influence, excluding the contributions from assets held for sale

  • 3) including extraordinary expenses for uncollected rent due to the Covid pandemic (€125 million in FY 2021, €120 million in FY 2020)

  • 4) reclassified during 2021 to exclude the contributions from joint venture positions

Dividend per share

2021

Change

2020

Dividend per share (in €)

0.23 1)

5%

0.22

1)

2021 dividend is based on 75% of FFO I per share and is subject to AGM approval

2

|AROUNDTOWN SA |

BOARD OF DIRECTORS' REPORT

EPRA PERFORMANCE MEASURES

EPRA NRV

EPRA NRV per share

EPRA NTA

EPRA NTA per share

EPRA NDV

EPRA NDV per share

EPRA Earnings

EPRA Earnings per share

EPRA Net initial yield

EPRA 'Topped-up' NIY

EPRA Vacancy

EPRA Vacancy including JV

EPRA Cost Ratio (including direct vacancy costs)

EPRA Cost Ratio (excluding direct vacancy costs)

EPRA Cost Ratio (including direct vacancy costs, excluding Covid-19 adjustment)

EPRA Cost Ratio (excluding direct vacancy costs, excluding Covid-19 adjustment)

In € millions unless otherwise indicated

2021

Change

2020

EPRA NRV

13,057.5

0%

13,093.9

EPRA NRV per share (in €)

11.5

4%

11.1

EPRA NTA

11,564.0

3%

11,187.4

EPRA NTA per share (in €)

10.2

7%

9.5

EPRA NDV

8,462.5

1%

8,354.9

EPRA NDV per share (in €)

7.5

6%

7.1

EPRA Earnings

393.7

(9%)

434.8

EPRA Earnings per share (in €)

0.34

3%

0.33

EPRA Net initial yield (NIY)

3.4%

(0.2%)

3.6%

EPRA 'Topped-up' NIY

3.5%

(0.2%)

3.7%

EPRA Vacancy

7.7%

(1.2%)

8.9%

EPRA Vacancy including JV

7.8%

(0.7%)

8.5%

EPRA Cost Ratio (including direct vacancy costs)

29.7%

0.4%

29.3%

EPRA Cost Ratio (excluding direct vacancy costs)

27.6%

0.2%

27.4%

EPRA Cost Ratio (including direct vacancy costs, excluding Covid-19 adjustment)

19.6%

0.2%

19.4%

EPRA Cost Ratio (excluding direct vacancy costs, excluding Covid-19 adjustment)

17.5%

(0.1%)

17.6%

AROUNDTOWN SA |

BOARD OF DIRECTORS' REPORT |

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Aroundtown SA published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 04:53:02 UTC.