XIOR STUDENT HOUSING 2022
HALF-YEARLY FINANCIAL REPORT
This half-yearly financial report is also available in Dutch.
Xior Student Housing NV is responsible for the translation of this half-yearly financial report into English. Only the Dutch version of the half-yearly financial report has evidential value. Both versions are available on the Company website (www.xior.be) or from the registered office on request (Xior Student Housing NV, Frankrijklei 64-68, 2000 Antwerp, Belgium).
XIOR I | 1 |
Alternative Performance Measures and the term "EPRA earnings"
Alternative performance measures (APMs) are measures used by Xior Student Housing NV to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines that apply since 3 July 2016 for the use and explanation of alternative performance measures. The concepts that Xior considers to be APMs
are contained in Chapter 5.8 of this Half-YearlyReport. The APMs are marked with and are accompanied by a definition, purpose and reconciliation as required under the ESMA guidelines.
The EPRA (European Public Real Estate Association) is an organisation which promotes, helps to develop and represents the European publicly listed real estate sector in order to boost confidence in the sector and increase investment in publicly listed real estate in Europe. For more information about EPRA, visit www.epra.com.
XIOR I Half-yearly financial report I 2022 | XIOR I Half-yearly financial report I 2022 |
2 | I XIOR | XIOR I | 3 |
TABLE OF CONTENTS
05 | CONSOLIDATED ABBREVIATED FINANCIAL STATEMENTS FOR THE FIRST HALF YEAR OF 2022 ....... | 43 |
5.1 | Consolidated abbreviated profit and loss account............................................................................................................................ | 44 |
01 | CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2022 ................................................................................................... | 5 | 5.2 | Overview of total earnings.................................................................................................................................................................. | 46 |
02 | INTERIM MANAGEMENT REPORT ......................................................................................................................................... | 9 | 5.3 | Abbreviated consolidated balance sheet........................................................................................................................................... | 47 |
2.1 | Notes to the consolidated results for the first half of 2022.............................................................................................................. | 10 | 5.4 | Consolidated statement of changes in equity................................................................................................................................... | 50 |
2.1.1 | Consolidated balance sheet................................................................................................................................................................................ | 11 | |||
2.1.2 | Composition of debt............................................................................................................................................................................................. | 12 | 5.5 | Consolidated abbreviated cash flow statement................................................................................................................................ | 54 |
2.2 | Data according to the EPRA reference system................................................................................................................................. | 14 | 5.6 | Notes.................................................................................................................................................................................................... | 55 |
2.2.1 | EPRA Key Performance Indicators.................................................................................................................................................................... | 14 | 5.6.1 | Financial reporting principles - General............................................................................................................................................................ | 55 |
5.6.2 | Consolidation.......................................................................................................................................................................................................... | 55 | |||
2.3 | Transactions and achievements........................................................................................................................................................ | 18 | |||
2.3.1 | Transactions and achievements during the first half of 2022...................................................................................................................... | 18 | 5.7 | Segment information........................................................................................................................................................................... | 56 |
2.3.2 | Transactions and achievements after the end of the first half of 2022...................................................................................................... | 21 | |||
5.8 | Alternative Performance Measures (APMs)...................................................................................................................................... | 58 | |||
2.4 | Forecast for the second half of 2022................................................................................................................................................. | 22 | |||
2.4.1 | Growth prospects for the second half of the financial year 2022................................................................................................................ | 22 | 5.9 | Other notes.......................................................................................................................................................................................... | 64 |
5.9.1 | Property result........................................................................................................................................................................................................ | 64 | |||
2.5 | The Xior share...................................................................................................................................................................................... | 23 | 5.9.2 | Result on the portfolio.......................................................................................................................................................................................... | 66 |
2.5.1 | The share on Euronext Brussels......................................................................................................................................................................... | 23 | 5.9.3 | Financial result....................................................................................................................................................................................................... | 66 |
2.5.2 | Shareholders........................................................................................................................................................................................................... | 25 | 5.9.4 | Investment property.............................................................................................................................................................................................. | 67 |
03 | RISKS FOR THE REMAINING MONTHS OF 2022 .......................................................................................................... | 5.9.5 | Capital...................................................................................................................................................................................................................... | 68 | |
27 | 5.9.6 | Earnings per share................................................................................................................................................................................................. | 70 | ||
04 | PROPERTY REPORT.................................................................................................................................................................... | 5.9.7 | Financial debts....................................................................................................................................................................................................... | 71 | |
31 | 5.9.8 | Other long-term financial assets......................................................................................................................................................................... | 73 | ||
5.9.9 | Financial assets and liabilities............................................................................................................................................................................. | 74 | |||
4.1 | Property market .................................................................................................................................................................................. | 32 | 5.9.10 | Transactions with related parties....................................................................................................................................................................... | 75 |
4.1.1 | The market in which Xior operates..................................................................................................................................................................... | 32 | 5.9.11 | Post balance sheet events................................................................................................................................................................................... | 75 |
5.9.12 | Scope of consolidation......................................................................................................................................................................................... | 76 | |||
4.2 | Property portfolio................................................................................................................................................................................ | 34 | 5.9.13 | Debt ratio................................................................................................................................................................................................................. | 77 |
4.2.1 | Portfolio summary................................................................................................................................................................................................. | 34 | 5.9.14 | Off-balance sheet rights and obligations.......................................................................................................................................................... | 77 |
4.2.2 | Description and diversification of the property portfolio................................................................................................................................ | 34 | 5.9.15 | Statutory auditor's report...................................................................................................................................................................................... | 79 |
4.2.3 | Report by property experts Stadim, Cushman & Wakefield and CBRE as at 30 June 2022.................................................................... | 40 | 5.9.16 | Statement accompanying the half-yearly financial report............................................................................................................................. | 80 |
5.9.17 | Forward-looking statements................................................................................................................................................................................ | 80 | |||
06 | IDENTITY CARD............................................................................................................................................................................ | 81 |
XIOR I Half-yearly financial report I 2022 | XIOR I Half-yearly financial report I 2022 |
4 I CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2022
"Just like last year, there was a massive search or rooms in all four countries where Xior is active. In early March, again earlier than usual, the rental teams received a huge number of applications and several cities were rented out in record time, with once again"higher retention rates (up to 80%).
Prince
ANTWERP
XIOR I | 5 |
01
CONSOLIDATED
KEY FIGURES
AS AT 30 JUNE 2022
XIOR I Half-yearly financial report I 2022 | XIOR I Half-yearly financial report I 2022 |
6 I CONSOLIDATED KEY FIGURES AS AT 30 JUNE 2022
XIOR I | 7 |
The first half of 2022 covers the period from 1 January 2022 to 30 June 2022.
The results of the first half year are as follows:
- EPRA earningsof EUR 0.90 per share1- EUR 0.98 per share after IFRIC 21 adjustment
- EPRA earnings- group share of EUR 0.88 per share1 - EUR 0.95 per share after IFRIC 21 adjustment
- EPRA earningsof KEUR 25,324 - KEUR 27,380 after IFRIC 21 adjustment
- EPRA earnings- group share of KEUR 24,680 - KEUR 26,736 after IFRIC 21 adjustment
- EPRA NAVper share - group share of EUR 43.49 compared to EUR 38.63 as at 31 December 2021
- EPRA NTAper share of EUR 42.72 compared to EUR 37.92 as at 31 December 2021
- Net rental result of KEUR 49,782 for H1 2022
- Net result (IFRS) of KEUR 203,218 for H1 2022
-
Debt ratio of 47.95% compared to 47.58% as at 31 December
2021 - Occupancy rate of 98% compared to 97.80% for H1 2021
- Property portfolio rises to MEUR 2,215, which is 12.61% more than on 31 December 2021. If all acquisitions and redevelopments in the committed pipeline are completed, the portfolio will increase to approx. MEUR 3,800 with about 27,000 lettable student units.
Consolidated balance sheet | 30/06/2022 | 31/12/2021 | |
(In thousands EUR) | |||
Equity | 1,182,444 | 1,003,852 | |
Equity - group share | 1,161,548 | 984,436 | |
Fair value of the real estate property2 | 2,215,197 | 1,967,056 | |
Debt ratio (Act on Regulated Real Estate Companies)3 | 47.95% | 47.58% | |
Key figures per share | |||
30/06/2022 | 30/06/2021 | ||
(in EUR) | |||
Number of shares | 28,011,322 | 25,255,729 | |
Weighted average number of shares 4 | 28,011,322 | 23,683,028 | |
EPRA earnings per share (based on the weighted average number of shares) | 0.90 | 0.74 | |
EPRA earnings - after IFRIC 21 adjustment | 0.98 | 0.81 | |
EPRA earnings per share - group share | 0.88 | 0.73 | |
EPRA EPRA earnings per share - group share - after IFRIC 21 adjustment | 0.95 | 0.79 | |
Result on the portfolio (IAS 40) (based on the weighted average number of shares) | 5.20 | -0.11 | |
Revaluation of financial assets and liabilities (based on the weighted average number of shares) | 1.69 | 0.28 |
Consolidated income statement | 30/06/2022 | 30/06/2021 |
(In thousands EUR) | ||
Net rental result | 49,782 | 35,153 |
Property result | 46,878 | 33,907 |
Operating result before result on the portfolio | 31,978 | 23,224 |
Financial result (excluding variations in the fair value of financial assets and liabilities) | -5,259 | -4,412 |
EPRA earnings | 25,324 | 17,510 |
EPRA earnings after IFRIC 21 adjustment | 27,380 | 19,067 |
EPRA earnings - group share | 24,680 | 17,208 |
EPRA earnings - group share - after IFRIC 21 adjustment | 26,736 | 18,765 |
Result on the portfolio (IAS 40) | 145,683 | -2,676 |
Revaluation of financial instruments (non-effective interest rate hedges) | 47,178 | 6,664 |
Share in the result of joint ventures | 263 | 174 |
Deferred taxes | -15,230 | -539 |
Net result (IFRS) | 203,218 | 21,132 |
Number of lettable student units | 13,992 | 11,466 |
In accordance with the guidelines issued by the European Securities and Market Authority (ESMA) on 3 July 2016, the Alternative Performance Measures (APMs) used by Xior are included in this Half-Yearly Report. The definitions of the APMs, together with the reconciliation tables and their purpose are included in Chapter 5.8 of this Half-Yearly Report. The APMs are marked with an
1 Figures per share are calculated on the basis of the weighted average number of shares, unless stated otherwise.
Net result per share (IFRS) (based on the weighted average number of shares) | 7.25 | 0.89 |
Share closing price | 41.55 | 50.80 |
Net asset value per share (IFRS) (based on the number of shares issued) | 42.21 | 32.79 |
Net asset value per share (IFRS) (based on the number of issued shares) - group shareholding | 41.47 | 32.06 |
- The fair value of the investment property is the investment value as determined by an independent property expert, not including the transaction fees (see BE-REIT (Belgian Public RREC)
Association press release dated 10 November 2016). The fair value corresponds to the book value under IFRS. - Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies.
- Shares are counted from the time of issue.
XIOR I Half-yearly financial report I 2022 | XIOR I Half-yearly financial report I 2022 |
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Xior Student Housing NV published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 05:10:01 UTC.
