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
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|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.