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"2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag513": { "value": "14375587", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesOutstanding", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "xbrli:shares" } }, "Tag525": { "value": "14085827", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesOutstanding", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "xbrli:shares" } }, "Tag514": { "value": "14294043", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "xbrli:shares" } }, "Tag526": { "value": "13909243", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "xbrli:shares" } }, "Tag546": { "value": "8.6", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "footnote1" ] } } }, "Tag547": { "value": "12.99", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "footnote1" ] } } }, "Tag515": { "value": "8.6", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "Tag527": { "value": "12.99", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "Tag548": { "value": "\n

\n\n
1
\n
\n\n
The EPRA earnings are calculated as following: net result excluding changes in fair value of investment properties, exclusive the result on disposal of investment properties, exclusive
\n
changes in fair value of financial assets and liabilities and exclusive minority interests related to the aforementioned elements.
\n\n\n\n\n\n\n
\n
2
\n
The net profit per ordinary share is calculated as following: the net result divided by the weighted average number of shares.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n

\n
Key performance indicators
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
EPRA EARNINGS PER SHARE (in \u20ac)31.03.202431.03.2023
EPRA earnings (attributable to the shareholders of the parent company)88,365,99588,203,345
Number of ordinary shares in circulation14,375,58714,085,827
Weighted average number of shares14,294,04313,909,243
EPRA earnings per share (in \u20ac)56.186.34
EPRA earnings per share (in \u20ac) - diluted6.186.34
\n\n\n\n\n\n\n\n
\n
\n
5
\n
The EPRA earnings per share is calculated from the weighted average number of shares, counted from the time of issue (which does not necessarily coincide with first dividend
\n
entitlement date). Calculated on the number of dividend-entitled shares (14.085.827 shares), the EPRA earnings per share amounts to EUR 6,26 EUR at 31.03.2023 versus EUR 5,69 at
\n
31.03.2022.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
NET ASSET VALUE PER SHARE (in \u20ac) - SHARE GROUP31.03.202431.03.2023
Net asset value per share IFRS681.2077.90
EPRA NTA per share778.1573.78
Net asset value per share (investment value) excl. dividend excl. the fair va-
lue of authorised hedging instruments and liabilities and exclusive minority
interests related to the aforementioned elements880.9475.69
\n\n\n\n\n\n\n\n
\n
\n
6
\n
The net asset value per share IFRS (fair value) is calculated as follows: shareholders\u2019 equity (attributable to the shareholders of the parent company) divided by the number of shares.
\n
7
\n
EPRA NTA is calculated as follows: shareholders\u2018 equity (excluding the fair value of authorised hedging instruments, deferred taxes and intagible fixed assets and exclusive minority
\n
interests related to the aforementioned elements) divided by the number of shares.
\n
8
\n
For the definition and purpose of this alternative performance measure, we refer to the Lexicon in the chapter \u2018miscellanneous\u2019 of this annual report
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag549": { "value": "\n
1
\n
\n\n
The EPRA earnings are calculated as following: net result excluding changes in fair value of investment properties, exclusive the result on disposal of investment properties, exclusive
\n
changes in fair value of financial assets and liabilities and exclusive minority interests related to the aforementioned elements.
\n\n\n\n\n\n\n
\n
2
\n
The net profit per ordinary share is calculated as following: the net result divided by the weighted average number of shares.
\n

\n\n\n\n\n\n\n

\n
Key performance indicators
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
EPRA EARNINGS PER SHARE (in \u20ac)31.03.202431.03.2023
EPRA earnings (attributable to the shareholders of the parent company)88,365,99588,203,345
Number of ordinary shares in circulation14,375,58714,085,827
Weighted average number of shares14,294,04313,909,243
EPRA earnings per share (in \u20ac)56.186.34
EPRA earnings per share (in \u20ac) - diluted6.186.34
\n\n\n\n\n\n\n\n
\n
\n
5
\n
The EPRA earnings per share is calculated from the weighted average number of shares, counted from the time of issue (which does not necessarily coincide with first dividend
\n
entitlement date). Calculated on the number of dividend-entitled shares (14.085.827 shares), the EPRA earnings per share amounts to EUR 6,26 EUR at 31.03.2023 versus EUR 5,69 at
\n
31.03.2022.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
NET ASSET VALUE PER SHARE (in \u20ac) - SHARE GROUP31.03.202431.03.2023
Net asset value per share IFRS681.2077.90
EPRA NTA per share778.1573.78
Net asset value per share (investment value) excl. dividend excl. the fair va-
lue of authorised hedging instruments and liabilities and exclusive minority
interests related to the aforementioned elements880.9475.69
\n\n\n\n\n\n\n\n
\n
\n
6
\n
The net asset value per share IFRS (fair value) is calculated as follows: shareholders\u2019 equity (attributable to the shareholders of the parent company) divided by the number of shares.
\n
7
\n
EPRA NTA is calculated as follows: shareholders\u2018 equity (excluding the fair value of authorised hedging instruments, deferred taxes and intagible fixed assets and exclusive minority
\n
interests related to the aforementioned elements) divided by the number of shares.
\n
8
\n
For the definition and purpose of this alternative performance measure, we refer to the Lexicon in the chapter \u2018miscellanneous\u2019 of this annual report
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag528": { "value": "123157000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag530": { "value": "181436000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag543": { "value": "-549000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag531": { "value": "2644000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag529": { "value": "122608000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag532": { "value": "184080000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag156": { "value": "2089636000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag157": { "value": "1964347000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag66": { "value": "8874000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag83": { "value": "6192000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag152": { "value": "2028317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "footnote2" ] } } }, "Tag153": { "value": "1888562000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "footnote2" ] } } }, "Tag67": { "value": "6450000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentNonfinancialAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag84": { "value": "6339000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentNonfinancialAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag68": { "value": "44924000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag85": { "value": "62056000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag69": { "value": "38275000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag86": { "value": "55315000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag70": { "value": "1649000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag87": { "value": "1741000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag71": { "value": "5000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivablesDueFromRelatedParties", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag88": { "value": "5000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivablesDueFromRelatedParties", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag72": { "value": "1030000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinanceLeaseReceivables", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag89": { "value": "1030000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinanceLeaseReceivables", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag73": { "value": "40000", "decimals": -3, "dimensions": { "concept": "ret:NonCurrentReceivablesAndOtherNonCurrentAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag90": { "value": "167000", "decimals": -3, "dimensions": { "concept": "ret:NonCurrentReceivablesAndOtherNonCurrentAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag74": { "value": "8000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag91": { "value": "141000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag75": { "value": "32000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag92": { "value": "27000", "decimals": -3, "dimensions": { 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"ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag420": { "value": "220000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag411": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag421": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag412": { "value": "127000", "decimals": -3, "dimensions": { "concept": "ret:IncomeFromTradeReceivablesAndOtherNonCurrentAssetsClassifiedAsInvestingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag422": { "value": "2672000", "decimals": -3, "dimensions": { "concept": "ret:IncomeFromTradeReceivablesAndOtherNonCurrentAssetsClassifiedAsInvestingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag423": { "value": "19389000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag453": { "value": "-21484000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag424": { "value": "223250000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag430": { "value": "197200000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag425": { "value": "151464000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag431": { "value": "222093000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag454": { "value": "-276000", "decimals": -3, "dimensions": { "concept": "ret:CashFlowsFromUsedInIncreaseDecreaseInOtherLiabilities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag432": { "value": "3589000", "decimals": -3, "dimensions": { "concept": "ret:CashFlowsFromUsedInIncreaseDecreaseInOtherLiabilities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag426": { "value": "16896000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag433": { "value": "55000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag427": { "value": "187000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag434": { "value": "1154000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag428": { "value": "190000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag435": { "value": "6815000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag429": { "value": "69021000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag436": { "value": "60842000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag460": { "value": "7089000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag437": { "value": "4128000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag455": { "value": "\n
A total of \u20ac 223.25 million in credit lines was used or extended and \u20ac 151.46 million in credits was temporarily not used or repaid.
\n

\n\n\n\n\nInterest-bearing borrowings are initially recognised at cost price less transaction costs. The interest-bearing borrowings are subsequently valued on the basis of the effective interest rate method, recognising each difference between the initial book value and the redemption value as an interest cost in the income statement over the term of the loan.\n
Note 30
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts and other
current debts (in \u20ac 000)31.03.202431.03.2023
Exit tax738391
Other17,97924,018
Trade debts774245
Invoices to be received12,16519,390
Taxes payable4,0393,732
Other current debts1,002651
Total trade debts and other
current debts18,71824,409
\n\n\n\n\n\n
\n
The decrease in the invoices to be received can mainly be
\n
explained by the investments in ESG initiatives that were still in
\n
progress as of 31 March 2023, but not invoiced. In addition the
\n
invoices to be received mainly concern work in progress relating
\n
to the real estate, property tax and common costs of the retail
\n
parks that can be charged.
\n

\n\n\n\n\n\n\n\n\n
Financial instruments at amortised cost
\n
Since trade receivables and trade debts are short-term
\n
instruments, the fair value approximates the nominal value of
\n
these financial assets and liabilities.
\n
On 31 March 2024, Retail Estates nv had \u20ac 575.72 million of
\n
financial debts at a variable interest rate and \u20ac 333.07 million of
\n
financial debts at a fixed interest rate
\n
1
\n
. 95.52% of the loans have
\n
a fixed interest rate or are hedged using an interest rate swap
\n
contract. The fixed interest rates at which these long-term debts
\n
were originally concluded in most cases no longer correspond to
\n
prevailing money market rates, resulting in a difference between
\n
their book value and their fair value. The table below compares
\n
the total amount of fixed-rate debts at book value and at fair
\n
value at the end of the 2023-2024 financial year. The fair value of
\n
the fixed-rate debts is estimated by discounting their future cash
\n
flows at an interest rate that reflects the Group\u2019s credit risk. The
\n
fair value of the fixed-rate debts is mentioned in the table below.
\n
The book value is equal to the amortised cost.
\n

\n

\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Financial debts at fixed interest rate Book valueFair valueBook valueFair value
Financial debts at fixed interest rate 333,068 323,083 379,616 359,943
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
1
\n
The table presents the gross amounts (excl. activated costs).
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag552": { "value": "\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
EPRA EARNINGS PER SHARE (in \u20ac)31.03.202431.03.2023
EPRA earnings (attributable to the shareholders of the parent company)88,365,99588,203,345
Number of ordinary shares in circulation14,375,58714,085,827
Weighted average number of shares14,294,04313,909,243
EPRA earnings per share (in \u20ac)56.186.34
EPRA earnings per share (in \u20ac) - diluted6.186.34
\n\n\n\n\n\n\n\n
\n
\n
5
\n
The EPRA earnings per share is calculated from the weighted average number of shares, counted from the time of issue (which does not necessarily coincide with first dividend
\n
entitlement date). Calculated on the number of dividend-entitled shares (14.085.827 shares), the EPRA earnings per share amounts to EUR 6,26 EUR at 31.03.2023 versus EUR 5,69 at
\n
31.03.2022.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfEuropeanPublicRealEstateAssociationEarningsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag553": { "value": "\n

\n
General company information
\n
Retail Estates nv is a public Belgian Real Estate Investment Trust
\n
(BE-REIT) governed by and construed in accordance with Belgian
\n
law. Its registered office is located in Ternat.
\n\n
The consolidated annual accounts of the company for the
\n
financial year which ended on 31 March 2024 comprise Retail
\n
Estates nv and its subsidiaries (the \u201cGroup\u201d). The consolidated
\n
annual accounts were approved by the board of directors on
\n
24 May 2024 and will be submitted for approval to the annual
\n
general shareholders\u2019 meeting on 22 July 2024.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe financial information is drawn up in euro (\u20ac), and is rounded off to the nearest thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag554": { "value": "Retail Estates nv", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag555": { "value": "TernatBelgium and the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag556": { "value": "\n
The consolidated annual accounts of the company for the
\n
financial year which ended on 31 March 2024 comprise Retail
\n
Estates nv and its subsidiaries (the \u201cGroup\u201d). The consolidated
\n
annual accounts were approved by the board of directors on
\n
24 May 2024 and will be submitted for approval to the annual
\n
general shareholders\u2019 meeting on 22 July 2024.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag557": { "value": "RetailEstates nv", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag558": { "value": "\n

\n

\n

\n
Significant accounting policies
\n\n

\n
Statement of conformity
\n\n
The consolidated annual accounts are drawn up in accordance
\n
with accounting standards which are consistent with the
\n
International Financial Reporting Standards as implemented by
\n
the BE-REIT legislation.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
Application of IFRS 3 Business Combinations
\n
Corporate transactions of the past financial years were not
\n
processed as business combinations as defined by IFRS 3 based
\n
on the finding that this standard was not applicable given the
\n
nature and the scale of the acquired companies. The companies in
\n
question owned a limited number of properties. Their employees
\n
have not been retained and their activities have been discontinued.
\n
They were not intended to be kept on as independent businesses.
\n
The companies are fully consolidated. Please refer to note 41 for
\n
more information on this matter.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Endorsement status of the new standards as at 31 December
\n
2023 (EFRAG status report 20 December 2023)
\n
The following new standard and amendments to standards are
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have been endorsed by the European Union:
\n
\u2013 IFRS 17 \u2018Insurance contracts\u2019 (effective 1 January 2023).
\n
This standard replaces IFRS 4, which currently permits a wide
\n
variety of practices in accounting for insurance contracts.
\n
IFRS 17 will fundamentally change the accounting by all
\n
entities that issue insurance contracts and investment
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
contracts with discretionary participation features. On 17
\n
March 2020, IASB decided to defer pop effective date to
\n
annual reporting periods beginning on or after 1 January
\n
2023. The endorsement includes the amendments issued
\n
by the Board in June 2020, which are aimed at helping
\n
companies implement the Standard and making it easier for
\n
them to explain their financial performance.
\n
The EU regulation provides an optional exemption from
\n
applying the annual cohort requirement that relates to the
\n
timing of the recognition of the profit in the contract, the
\n
contractual service margin, in profit or loss. Entities making
\n
use of the exemption are not applying IFRSs as issued by the
\n
IASB and need to disclose the fact.
\n
\u2013 Amendments to IAS 1 Presentation of Financial Statements
\n
and IFRS Practice Statement 2: Disclosure of Accounting
\n
policies (effective 1 January 2023). The amendments aim
\n
to improve accounting policy disclosures and to help users
\n
of the financial statements to distinguish between changes
\n
in accounting estimates and changes in accounting policies.
\n
The IAS 1 amendment requires companies to disclose their
\n
material accounting policy information rather than their
\n
significant accounting policies. Further, the amendment to
\n
IAS 1 clarifies that immaterial accounting policy information
\n
need not be disclosed. To support this amendment, the Board
\n
also amended IFRS Practice Statement 2, \u2018Making Materiality
\n
Judgements\u2019, to provide guidance on how to apply the
\n
concept of materiality to accounting policy disclosures.
\n
The amendments are effective for annual reporting periods
\n
beginning on or after 1 January 2023. Earlier application is
\n
permitted (subject to any local endorsement process).
\n
\u2013 Amendments to IAS 8 Accounting policies, Changes in
\n
Accounting Estimates and Errors: Definition of Accounting
\n
Estimates (effective 1 January 2023). The amendment
\n
to IAS 8, \u2018Accounting Policies, Changes in Accounting
\n
Estimates and Errors\u2019, clarifies how companies should
\n
distinguish changes in accounting policies from changes in
\n
accounting estimates. The amendments are effective for
\n
annual reporting periods beginning on or after 1 January
\n
2023. Earlier application is permitted (subject to any local
\n
endorsement process).
\n
\u2013 Amendments to IAS 12 Income Taxes: Deferred Tax
\n
related to Assets and Liabilities arising from a Single
\n
Transaction (effective 1 January 2023 but immediate
\n
application permitted). The amendments clarify how
\n
companies account for deferred tax on transactions such as
\n
leases and decommissioning obligations. The main change in
\n
the amendments is an exemption from the initial recognition
\n
exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the
\n
initial recognition exemption does not apply to transactions
\n
in which equal amounts of deductible and taxable temporary
\n
differences arise on initial recognition. The amendments are
\n
effective for annual reporting periods beginning on or after
\n
1 January 2023. Early adoption is permitted.
\n
\u2013 Amendments to IFRS 17 Insurance contracts: Initial
\n
Application of IFRS 17 and IFRS 9 \u2013 Comparative
\n
Information (effective 1 January 2023). The amendment
\n
is a transition option relating to comparative information
\n
about financial assets presented on initial application of IFRS
\n
17. The amendment is aimed at helping entities to avoid
\n
temporary accounting mismatches between financial assets
\n
and insurance contract liabilities, and therefore improve the
\n
usefulness of comparative information for users of financial
\n
statements.
\n
\u2013 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax
\n
Reform \u2013 Pillar Two Model Rules (effective 1 January 2023).
\n
The IASB has issued these amendments introducing:
\n
\u2022 a temporary exception to the requirements to recognise
\n
and disclose information about deferred tax assets and
\n
liabilities related to Pillar Two income taxes; and
\n
\u2022 targeted disclosure requirements for affected entities.
\n
The following new standards and amendments have been
\n
issued, are mandatory for the first time for the financial year
\n
beginning 1 January 2023 but have not been endorsed by the
\n
European Union:
\n
\u2013 None
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
The following amendments have been issued, but are not
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have been endorsed by the European Union:
\n
\u2013 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a
\n
Sale and Leaseback (effective 1 January 2024). The
\n
amendments explain how an entity accounts for a sale and
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
leaseback after the date of the transaction, specifically where
\n
some or all the lease payments are variable lease payments
\n
that do not depend on an index or rate. They state that, in
\n
subsequently measuring the lease liability, the seller-lessee
\n
determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019
\n
in a way that does not result in the seller-lessee recognising
\n
any amount of the gain or loss that relates to the right of use
\n
it retains. Any gains and losses relating to the full or partial
\n
termination of a lease continue to be recognised when they
\n
occur as these relate to the right of use terminated and not
\n
the right of use retained.
\n
The following amendments have been issued, but are not
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have not been endorsed by the European
\n
Union:
\n
\u2013 Amendments to IAS 1 \u2018Presentation of Financial
\n
Statements: Classification of Liabilities as current or non-
\n
current\u2019 (effective 01/01/2024), \u2018affect only the presentation
\n
of liabilities in the statement of financial position \u2014 not the
\n
amount or timing of recognition of any asset, liability income
\n
or expenses, or the information that entities disclose about
\n
those items. They:
\n
\u2022 Clarify that the classification of liabilities as current or non-
\n
current should be based on rights that are in existence
\n
at the end of the reporting period and align the wording
\n
in all affected paragraphs to refer to the \u201cright\u201d to defer
\n
settlement by at least twelve months and make explicit that
\n
only rights in place \u201cat the end of the reporting period\u201d
\n
should affect the classification of a liability;
\n
\u2022 Clarify that classification is unaffected by expectations
\n
about whether an entity will exercise its right to defer
\n
settlement of a liability; and make clear that settlement
\n
refers to the transfer to the counterparty of cash, equity
\n
instruments, other assets or services.
\n
\u2022 Clarify how conditions with which an entity must comply
\n
within 12 months after the reporting period, such as
\n
covenants, affect the corresponding liability\u2019s classification.
\n
\u2013 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS
\n
7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance
\n
Arrangements (effective 1 january 2024). The amendment
\n
describes the characteristics for which reporters will have
\n
to provide additional disclosures regarding the impact of
\n
supplier finance arrangements on liabilities, cash flows and
\n
exposure to liquidity risk.
\n
\u2013 Amendments to IAS 21 \u2018The Effects of Changes in Foreign
\n
Exchange Rates: Lack of Exchangeability\u2019 (effective
\n
1 January 2025). IAS 21 previously did not cover how to
\n
determine exchange rates in case there is long-term lack
\n
of exchangeability and the spot rate to be applied by the
\n
company is not observable. The narrow scope amendments
\n
add specific requirements on:
\n
\u2022 Determining when a currency is exchangeable into another
\n
and when it is not;
\n
\u2022 Determining the exchange rate to apply in case a currency
\n
is not exchangeable;
\n
\u2022 Additional disclosures to provide when a currency is not
\n
exchangeable.
\n
The following standard is mandatory since the financial year
\n
beginning 1 January 2016 (however not yet subjected to EU
\n
endorsement). The European Commission has decided not to
\n
launch the endorsement process of this interim standard but to
\n
wait for the final standard:
\n
\u2013 IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January
\n
2016). It concerns an interim standard on the accounting for
\n
certain balances that arise from rate\u2013regulated activities.
\n
IFRS 14 is only applicable to entities that apply IFRS 1 as first-
\n
time adopters of IFRS. It permits such entities, on adoption
\n
of IFRS, to continue to apply their previous GAAP accounting
\n
policies for the recognition, measurement, impairment and
\n
derecognition of regulatory deferral accounts. The interim
\n
standard also provides guidance on selecting and changing
\n
accounting policies (on first\u2013time adoption or subsequently)
\n
and on presentation and disclosure.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Presentation principles
\n
The financial information is drawn up in euro (\u20ac), and is rounded
\n
off to the nearest thousand. The companies of the Group also do
\n
their accounting in euro (\u20ac).
\n
Below is a summary of the most important principles for financial
\n
reporting. The accounting principles were applied consistently
\n
throughout the relevant period.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n

\n

\n\n

\n

\n
Consolidation principles
\n
Consolidation principles
\n

\n

\n\n

\n\n

\n\n
Subsidiaries
\n
Subsidiaries are legal entities controlled by the company. The
\n
companies controlled by the Group are consolidated through
\n
the application of the full consolidation method.
\n
Full consolidation consists in incorporating all the assets and
\n
liabilities of the consolidated companies as well as the costs
\n
and revenues, carrying out the necessary eliminations. Non-
\n
controlling interests are the interests in subsidiaries that are not
\n
held by the Group, neither directly nor indirectly. On 31 March
\n
2023, only non-controlling interests were recognised for the
\n
company Alex Invest NV. The real estate owned by Alex Invest is
\n
recorded at 100% in the cluster report relating to the portfolio
\n
(like in the balance sheet).
\n
\u2018Control\u2019 is defined as Retail Estates nv\u2019s ability to directly or
\n
indirectly determine the financial and operational policy of the
\n
subsidiary, to benefit from the variable cash flows and the results
\n
of this subsidiary and to influence its variable cash flows by
\n
controlling the subsidiary.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n\n

\n\n

\n\n

\n\n
Joint ventures and associated companies
\n
Joint ventures are companies over which the Group exercised
\n
joint control, as determined by contract. This joint control
\n
applies when the strategic, financial and operational decisions
\n
relating to the activities require the unanimous consent of all
\n
parties sharing control (the participants in the joint venture).
\n
Associated companies are companies on which the Group is
\n
found to have a significant influence.
\n
As defined in IAS 28, the result and the balance sheet impact
\n
of the associated company Veilinghof \u2019t Sas (in which Retail
\n
Estates has a 26.19% participating interest) are processed in
\n
accordance with the change in equity method. Participating
\n
interests in companies to which the change in equity method is
\n
applied are recorded in the consolidated balance sheet under a
\n
separate item of the financial fixed assets (\u201cCompanies to which
\n
the change in equity method is applied\u201d).
\n
If the change in equity method is applied to a participating
\n
interest, this interest is recorded in the consolidated balance
\n
sheet for the amount corresponding to the part of the
\n
shareholders\u2019 equity of the company concerned, including the
\n
result of the financial year, that reflects this participating interest.
\n
The result of the associated companies and joint ventures is
\n
recognised in the result under \u201cshare in the result of associated
\n
companies and joint ventures\u201d.
\n
The real estate relating to Veilinghof \u2019t Sas is not included in the
\n
cluster report relating to the portfolio.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Foreign currency conversion
\n
Foreign currency transactions are booked by applying the
\n
exchange rate valid on the transaction date. Monetary assets
\n
and liabilities in foreign currencies are valued by applying the
\n
closing rate on the balance sheet date. Exchange rate differences
\n
ensuing from foreign currency transactions and the conversion
\n
of monetary assets and liabilities into foreign currencies are
\n
booked in the income statement in the period in which they
\n
arise. Non-monetary assets and liabilities in foreign currencies
\n
are converted at the exchange rate applicable on the transaction
\n
date.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Investment properties
\n
Valuation at initial recognition
\n
Investment properties comprise all real estate properties that
\n
are ready to be let. Investment properties are initially valued
\n
at acquisition cost, including additional expenses and non-
\n
deductible VAT. The exit tax, owed by companies over which the
\n
public BE-REIT acquires direct or indirect control, is furthermore
\n
in principle deducted from the value of the underlying property
\n
as it concerns a tax on the latent capital gain existing in the
\n
acquired company prior to the acquisition unless these
\n
companies do not qualify for a merger with the public BE-REIT
\n
(as decided by the board of directors). The commissions related
\n
to the acquisition of buildings are regarded as additional costs
\n
of the acquisition and are added to the acquisition cost.
\n
If a property is acquired through non-monetary contributions,
\n
any third-party costs directly attributable to the issuance of new
\n
shares shall be deducted from equity. The contributed properties
\n
are valued at contribution value at initial recognition.
\n
The user rights recognised in the balance sheet for concessions,
\n
long leases or similar lease agreements (following the entry into
\n
force of IFRS 16) are also regarded as a real estate investment.
\n
Valuation after initial recognition
\n
At the end of each quarter, an independent real estate expert
\n
shall provide an exact assessment of the following elements:
\n
\u2013 the immovable properties, the properties that are immovable
\n
by their intended use, and the rights in rem on immovable
\n
properties held by Retail Estates nv or, where appropriate,
\n
by a subsidiary it controls;
\n
\u2013 the option rights on immovable properties held by Retail
\n
Estates nv or, where appropriate, by a subsidiary it controls, as
\n
well as the immovable properties to which these rights apply;
\n
\u2013 the contractual rights by which one or more immovable
\n
property assets are leased to Retail Estates nv or, where
\n
appropriate, to a subsidiary it controls, including the
\n
underlying immovable property.
\n
The experts perform their assessments in accordance with
\n
national and international standards and their application
\n
procedures, including those in the field of the valuation of
\n
Belgian regulated real estate companies (pursuant to the
\n
provisional decrees; the experts reserve the right to adapt the
\n
valuation in the event of any amendments to the decrees).
\n
Fair value is specifically defined as the price that would be
\n
received upon sale of an asset or that would have to be paid
\n
upon the transfer of an obligation in an arm\u2019s length transaction
\n
between market parties on the valuation date.
\n
From the point of view of the seller, it must be construed minus
\n
the transaction taxes. The estimated amount of the transaction
\n
taxes is immediately deducted from the results at initial
\n
recognition.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
Comments on the real estate transfer tax in Belgium
\n
The transfer of ownership of real estate is subject to transfer
\n
taxes in Belgium. The amount of these taxes depends on the
\n
manner of transfer, the capacity of the buyer and the geographical
\n
location of the property. The first two elements, and hence the
\n
full amount of the taxes due, are therefore only known when the
\n
transfer of ownership has been completed. The different transfer
\n
of ownership possibilities and the corresponding taxes are:
\n
\u2013 real estate sales agreements: 12.50% for properties located
\n
in Brussels-Capital Region and in the Walloon Region, 12%
\n
for properties located in the Flemish Region;
\n
\u2013 sale of real estate under the broker system: 4% to 8%
\n
depending on the Region;
\n
\u2013 long-term lease agreements for real estate (up to 50 years
\n
for the right of superficies and up to 99 years for the long-
\n
term lease right): 2%
\n
\u2013 real estate sales agreements where the purchaser is a
\n
public body (e.g. an entity of the European Union, the
\n
Federal Government, a regional government or a foreign
\n
government): exemption from duties;
\n
\u2013 non-monetary contribution of real estate in return for the
\n
issuance of new shares to the benefit of the contributor:
\n
exemption from duties;
\n
\u2013 sales agreement for shares of a real estate company: absence
\n
of duties;
\n
\u2013 merger, demerger and other company reorganisations:
\n
absence of duties; etc.
\n
As a result, the actual percentage of the transfer taxes varies
\n
from 0% to 12.50%; it is furthermore impossible to predict
\n
which percentage is applicable to the transfer of a given Belgian
\n
property before the actual transfer takes place.
\n
In January 2006, all experts involved in determining the value of
\n
Belgian BE-REITs were asked to determine a weighted average
\n
percentage of the actual taxes for the real estate portfolios
\n
of the BE-REITs. For transactions of properties with a value of
\n
over \u20ac 2.50 million, and in view of the range of methods for
\n
transferring ownership (see above), the experts calculated the
\n
weighted average taxes at 2.50% based on a representative
\n
sample of 220 market transactions with a total worth of \u20ac 6
\n
billion that took place between 2003 and 2005. As regards
\n
transactions involving buildings of which the total value is lower
\n
than \u20ac 2.50 million, transfer duties are applied depending on
\n
the Region in which the premises are located. It was decided to
\n
adjust this percentage by multiples of 0.5% if necessary.
\n
In 2016, an update of this calculation was made according to the
\n
methodology used in 2006 based on a sample of 305 large or
\n
institutional transactions (threshold of \u20ac 2.5 million) that occurred
\n
between 2013 and the 1
\n
st
\n
quarter of 2016 (this is 70% or 8.18
\n
billion of the estimated total number of investment transactions
\n
during this period). The experts came to the conclusion that the
\n
0.5% threshold was not exceeded. Consequently, the weighted
\n
average of 2.5% was retained.
\n
Retail Estates nv considers its real estate portfolio as a whole
\n
which can be disposed of as a whole or as a limited number of
\n
larger parts. Retail Estates manages its real estate at portfolio
\n
level whenever possible (\u201cretail cluster and retail parks\u201d, see
\n
management report and chapter \u201coverview of real estate
\n
portfolio\u201d in the real estate report for an overview of the clusters).
\n
Consequently, the fair value is determined by deducting 2.5%
\n
from the value of the properties (in accordance with the valuation
\n
at \u201cfair value\u201d of its valuation appraisers Cushman & Wakefield,
\n
CBRE, Colliers and Stadim). In accordance with its strategy, Retail
\n
Estates does in principle not have the intention to sell individual
\n
properties within the clusters with an investment value below
\n
\u20ac 2.5 million.
\n
Comments on the real estate transfer tax in the Netherlands
\n
As from 1 January 2023, the Dutch real estate transfer tax is
\n
10.4% (8% since 1 January 2021, previously 6%). For the other
\n
costs (e.g. notary fees) Retail Estates charges between 0.08%
\n
and 1% extra.
\n
Any gains or losses resulting from fluctuations in the fair value of
\n
an investment property are recognised in the income statement
\n
in the period in which they arise and assigned to the reserves
\n
for the balance of fluctuations in the fair value of real estate
\n
properties during the appropriation of profits.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expenditure for works on investment properties
\n
The expenditure for works on investment properties is charged
\n
to the operating property result if the expenditure does not have
\n
a positive effect on the expected future economic benefits, and
\n
is capitalised if it substantially increases the expected economic
\n
benefits it brings to the entity. There are two major types of
\n
expenditure:
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n

\n\n

\n
a) the costs of maintenance and repairs to roofs and parking
\n
areas: these costs are charged to the operating property
\n
result;
\n
b) the costs of major transformation and renovation works:
\n
transformations are occasional projects that add an additional
\n
function to the building or considerably improve the existing
\n
comfort. These costs relate to materials, fees, contracting
\n
works and the like. Internal management and supervisory
\n
costs are not capitalised. As soon as they have commenced,
\n
such works are included in the assessed value of the building in
\n
question (initially on a provisional basis and then permanently
\n
following a visit by the real estate expert). Any works that
\n
remain to be done are deducted from the valuation. Once
\n
these works have been completed, the costs are capitalised
\n
and hence added to the fair value of the investment properties.
\n
Disposal of investment properties
\n
The gains or losses realised from the sale of an investment
\n
property are classified as \u201cResult from sales of investment
\n
properties\u201d in the income statement and are allocated to the
\n
result carried forward upon the appropriation of results. The
\n
commissions paid for sales and the liabilities resulting from
\n
transactions are deducted from the selling price in order to
\n
determine the gain or loss realised.
\n\n
Non-current assets under construction
\n
Under the adjusted IAS 40 standard, non-current assets under
\n
construction are included in the investment properties. If
\n
purchased, they are valued at the acquisition value, including
\n
incidental costs and non-deductible VAT.
\n
If the Group believes that the fair value of the investment
\n
properties under development cannot be determined in a reliable
\n
manner but assumes it will be possible to determine the fair value
\n
once the properties have been contracted, licensed and rented,
\n
the investment properties under development will be registered
\n
at cost price until the fair value can be determined (when they
\n
have been contracted, licensed and rented or until construction
\n
is completed (whichever happens first)) in accordance with IAS
\n
40.53. This fair value is based on the valuation by the real estate
\n
expert after deducting the work that remains to be performed.
\n
A non-current asset under construction can relate to a plot of
\n
land, a building to be demolished or an existing building that
\n
needs to be given a new purpose, requiring considerable
\n
renovation work to realise the desired purpose.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n
Other tangible non-current assets
\n
Tangible non-current assets other than land and buildings the
\n
use of which is limited in time are valued at acquisition cost
\n
and then depreciated over their expected useful life using the
\n
straight-line method.
\n
In the financial year of the investment, depreciation is recorded
\n
in proportion to the number of months that the asset was in use.
\n
The following annual depreciation and amortisation percentages
\n
apply:
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Facilities, machinery and equipment 20%
Furniture 10%
Vehicles 20-33%
IT equipment 33%
Standard software 33%
Customised software 10%-25%
Own use properties 3%
Technical equipment6,66%
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n

\n

\n\n

\n\n

\n
Lease agreement
\n
In the limited cases where Retail Estates is the lessee in
\n
lease agreements (and these agreements are not among the
\n
exceptions referred to in IFRS 16), Retail Estates, in its capacity
\n
as lessee, will recognize a user right and corresponding liability
\n
in the consolidated annual accounts. Subsequently all user rights
\n
qualifying as real estate investments are valued at fair value in
\n
accordance with the valuation rules described in the section
\n
relating to real estate investments. The minimum lease payments
\n
are recorded partly as financing costs and partly as repayment
\n
of the outstanding liability. The financing cost is recognised in
\n
the item \u201cChanges in fair value of financial assets and liabilities\u201d.
\n\n

\n\n
If there are indications that an asset may have suffered an
\n
impairment loss, the book value is compared with the realisable
\n
value.
\n
If the book value is higher than the realisable value, an impairment
\n
loss is recognised.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
When other tangible non-current assets are sold or retired, their
\n
acquisition value and any related depreciations cease to be
\n
recognised in the balance sheet and the realised gains or losses
\n
are recognised in the income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n

\n
Real estate certificates
\n
Valuation
\n
1. General principle
\n
If the holder of the certificates does not have a material interest
\n
(more than 75%) in a real estate certificate, the certificates shall
\n
be booked on the closing date at the weighted average quoted
\n
price during the preceding 30 days and classified as \u201cnon-current
\n
financial assets\u201d.
\n
The aforementioned rule does not apply if, on the basis of publicly
\n
available information and the issue conditions for the real estate
\n
certificate, a net asset value is noted that is substantially below the
\n
stock market price. The value is then limited to the net asset value.
\n
2. Ownership of material interest (more than 75%) in certificates
\n
issued (as of 31 March 2024 only applicable to the \u201cDistri-
\n
Land\u201d real estate certificates)
\n
The quoted price of these real estate certificates as listed on the
\n
Euronext \u2013 Second Market cannot be considered as a reliable
\n
reference given the limited liquidity of this real estate certificate.
\n
Retail Estates nv\u2019s policy is to revalue its real estate certificates
\n
on every closing date in view of:
\n\n
a) the fair value of the immovable properties owned by the
\n
issuer by analogy with the valuation of the company\u2019s own real
\n
properties. This is done on the basis of a periodic valuation
\n
by a real estate expert hired jointly by Retail Estates nv and
\n
Immobili\u00e8re Distri-Land nv. Where one or more buildings are
\n
sold by the real estate certificate issuer, the sales price shall be
\n
used as valuation until the distribution of the sale\u2019s proceeds;
\n

\n\n\n\n\n\n\n\n\n\n\n
b) the contractual rights of the holder of the real estate certificate
\n
in compliance with the prospectus that was published at the
\n
time of issue of the real estate certificate.
\n
Retail Estates nv only invests in certificates issued for the financing
\n
of out-of-town retail real estate. The real estate owned by the
\n
issuer is the type of out-of-town retail real estate in which Retail
\n
Estates nv aims to invest. Although Retail Estates nv is not the legal
\n
owner of this real estate, it considers itself to be the economic
\n
beneficiary in proportion to its contractual rights in ownership. In
\n
addition, an investment in real estate certificates is regarded as an
\n
investment in real estate pursuant to Article 2, sub. 5\u00b0, x, of the
\n
BE-REIT Act.
\n
Taking these considerations into account, the certificates are
\n
classified as real estate investments at their acquisition value,
\n
including additional expenses. Any gains or losses resulting
\n
from fluctuations in the fair value of an investment property
\n
are recognised in the income statement in the period in which
\n
they arise and assigned to the unavailable reserves at the time
\n
of the appropriation of profits. On 31 March 2024, the value of
\n
the investment properties related to the Distri-Land certificates
\n
amounts to \u20ac 17.35 million (\u20ac16.22 million on 31 March 2023)
\n
compared to a total portfolio of Retail Estates of \u20ac 2,082.32
\n
million.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n

\n

\n\n

\n\n
Processing of coupons
\n
1. Processing of current operating result
\n
As a holder of real estate certificates, Retail Estates nv has a
\n
contractual right, in proportion to the number of real estate
\n
certificates in its possession, to a share of the operating result
\n
realised by the issuer. This result is calculated by deducting the
\n
operating and maintenance expenses from the total rental income
\n
collected. The entire decrease or increase in value is recognised
\n
by re-estimating the value of the real estate certificate. As a
\n
result, no part of the coupon relating to the operating result
\n
should be regarded as compensation for any reduction in value
\n
of the issuer\u2019s buildings. The entire coupon is therefore treated
\n
as net rental income and is classified as turnover.
\n
2. Processing of the liquidation balance in case of sale of real
\n
estate
\n
Whenever a particular property in the issuer\u2019s portfolio is sold,
\n
the following applies:
\n
the net proceeds, after retention of any withholding tax liability,
\n
are only recognised as realised capital gains in Retail Estates
\n
nv\u2019s accounts equal to the amount of the difference between
\n
the book value of the real estate certificate on the closing date
\n
increased by the net liquidation coupon on the one hand and
\n
the book value on the previous closing date on the other. The
\n
book value of the real estate certificate is calculated at each
\n
closing date by performing a valuation of the certificate holder\u2019s
\n
contractual rights as they appear in the issue prospectus based
\n
on the fair value of the immovable property owned by the issuer
\n
as validated by the real estate expert of Retail Estates nv on the
\n
closing date. Any gains or losses resulting from fluctuations in
\n
the fair value of an investment property are recognised in the
\n
income statement and incorporated in the period in which they
\n
arise and are assigned to the reserves available for distribution
\n
at the time of the appropriation of profits.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Non-current assets or groups of assets held for sale
\n
These assets concern real estate for which the book value will
\n
primarily be realised by the sale of the assets and not by further
\n
letting. Like the investment properties (see above), these assets
\n
are recognised at fair value, which is equal to investment value
\n
less transaction fees.
\n
A property is recorded as an asset held for sale if a declaration of
\n
intent to sell has been signed.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Current assets
\n
The receivables payable within one year are recognised at
\n
nominal value less write-downs for doubtful or bad debts. Bank
\n
deposits, sight or term deposits, are valued at amortised cost.
\n
Any supplementary costs are charged directly to the income
\n
statement. Listed securities are valued at their quoted price.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n
Shareholders\u2019 equity
\n
The capital includes the funds obtained when the company was
\n
incorporated and those received following mergers or capital
\n
increases. Any third-party costs directly attributable to the
\n
issuance of new shares shall be deducted from shareholders\u2019
\n
equity. When share capital recognised as equity is repurchased
\n
by Retail Estates nv, the paid amount, including any directly
\n
attributable costs, shall be recognised as a change in
\n
shareholders\u2019 equity. Purchased own shares are presented as a
\n
decrease in the total shareholders\u2019 equity.
\n\n
Dividends are included in the result carried forward until they
\n
been approved by the shareholders\u2019 meeting.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n
Liabilities
\n\n
A provision is taken if:
\n
\u2013 Retail Estates nv has an existing \u2013 legally enforceable or
\n
actual \u2013 commitment resulting from an event in the past;
\n
\u2013 an outflow of funds will probably be required to settle the
\n
commitment; and
\n
\u2013 the amount of the commitment can be estimated reliably.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts are presented at nominal value on the balance sheet
\n
date. Interest-bearing borrowings are initially recognised at cost
\n
price less transaction costs. The interest-bearing borrowings are
\n
subsequently valued on the basis of the effective interest rate
\n
method, recognising each difference between the initial book
\n
value and the redemption value as an interest cost in the income
\n
statement over the term of the loan.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Benefits for the staff and executive officers
\n
Retail Estates nv provides a defined contribution pension scheme
\n
for its employees and for the members of the management
\n
committee. For the members of the management committee
\n
this scheme has been entrusted to an insurance company that is
\n
independent of the company.
\n
The scheme for employees is largely handled via the fund of the
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n

\n

\n\n

\n\n
joint committee. It is therefore a sector scheme, and it is the
\n
organiser of this pension scheme (Fonds Tweede Pijler PC 323)
\n
who is to assume the legal responsibilities and obligations.
\n
Contributions paid during the financial year are recognised as
\n
expenses.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
Property result
\n
The net rental result includes the rent, operating lease income
\n
and other revenues related to the aforementioned sources of
\n
income less rent-related expenses, i.e. the rent payable on
\n
leased assets, impairment losses on receivables and write-backs
\n
of impairment losses on receivables.
\n
The recovery of property expenses includes the revenue
\n
obtained from charging costs for major repairs and maintenance.
\n
The charges and taxes payable by tenants on let properties and
\n
the recovery of these expenses refer to costs that, under law
\n
or custom, are at the tenant\u2019s expense. The owner will either
\n
charge or not charge these costs to the tenant depending on the
\n
contractual arrangements made with the tenant.
\n
Income is valued at fair value of the compensation received and
\n
is recognised in the income statement in the period to which it
\n
refers using the straight-line method.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n

\n\n

\n\n
Property expenses
\n
The property expenses are valued at the fair value of the
\n
compensation that has been paid or is due and are recognised
\n
in the income statement in the period to which they refer using
\n
the straight-line method.
\n
The technical costs include, among other things, structural
\n
and occasional maintenance costs (including expenses made
\n
within the context of the sustainability strategy) and losses
\n
resulting from incidents partially covered by the insurance
\n
companies. The commercial costs include brokers\u2019 commission
\n
fees. The property management costs mainly consist of the
\n
relevant personnel costs, the operating costs of the company\u2019s
\n
registered office and fees paid to third parties.
\n
Management fees received from tenants or third parties which
\n
partially cover the management costs of the properties are
\n
deducted.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
Corporate operating costs and other current operating
\n
income and expenses
\n
The corporate operating costs include the fixed operating
\n
costs of the company, which operates as a legal entity that is
\n
listed on the stock market and benefits from the BE-REIT status.
\n
These costs are incurred in order to obtain transparent financial
\n
information, to be economically comparable with other types of
\n
investments and to offer investors the opportunity to participate
\n
directly in a diversified real estate investment in a liquid manner.
\n
Part of the costs incurred in the context of Retail Estates nv\u2019s
\n
growth strategy are also included in this category.
\n

\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
Financial result
\n
The financial result consists of the borrowing costs and additional
\n
funding costs, such as the negative variations in hedging
\n
instruments where these are not effective within the meaning of
\n
IAS 39, less income from investments.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Corporate income tax
\n
Corporate income tax comprises the current tax burden on the
\n
profit or loss for the year. Corporate income tax is recognised
\n
directly in the income statement, except when relating to items
\n
recognised directly in shareholders\u2019 equity. In that case the tax
\n
is also recognised directly in shareholders\u2019 equity. The current
\n
tax burden includes the expected tax payable on the taxable
\n
income for the year as well as any adjustment to the tax payable
\n
for previous years.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Exit tax
\n
Exit tax is the corporate income tax on capital gains arising from
\n
the merger of a BE-REIT with a company that is not a BE-REIT.
\n
When this company first enters the consolidation scope of the
\n
Group, a provision for exit tax liabilities is recorded.
\n
In principle, intermediate revisions of this provision for exit tax
\n
only take place when the rise in value of this company\u2019s property
\n
calls for an increase. Any overvaluation owing to reductions in
\n
value is only established at the time of the actual merger.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag559": { "value": "\n

\n
Statement of conformity
\n\n
The consolidated annual accounts are drawn up in accordance
\n
with accounting standards which are consistent with the
\n
International Financial Reporting Standards as implemented by
\n
the BE-REIT legislation.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag560": { "value": "\n
The consolidated annual accounts are drawn up in accordance
\n
with accounting standards which are consistent with the
\n
International Financial Reporting Standards as implemented by
\n
the BE-REIT legislation.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag561": { "value": "\n
Application of IFRS 3 Business Combinations
\n
Corporate transactions of the past financial years were not
\n
processed as business combinations as defined by IFRS 3 based
\n
on the finding that this standard was not applicable given the
\n
nature and the scale of the acquired companies. The companies in
\n
question owned a limited number of properties. Their employees
\n
have not been retained and their activities have been discontinued.
\n
They were not intended to be kept on as independent businesses.
\n
The companies are fully consolidated. Please refer to note 41 for
\n
more information on this matter.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag562": { "value": "\n

\n\n
Endorsement status of the new standards as at 31 December
\n
2023 (EFRAG status report 20 December 2023)
\n
The following new standard and amendments to standards are
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have been endorsed by the European Union:
\n
\u2013 IFRS 17 \u2018Insurance contracts\u2019 (effective 1 January 2023).
\n
This standard replaces IFRS 4, which currently permits a wide
\n
variety of practices in accounting for insurance contracts.
\n
IFRS 17 will fundamentally change the accounting by all
\n
entities that issue insurance contracts and investment
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
contracts with discretionary participation features. On 17
\n
March 2020, IASB decided to defer pop effective date to
\n
annual reporting periods beginning on or after 1 January
\n
2023. The endorsement includes the amendments issued
\n
by the Board in June 2020, which are aimed at helping
\n
companies implement the Standard and making it easier for
\n
them to explain their financial performance.
\n
The EU regulation provides an optional exemption from
\n
applying the annual cohort requirement that relates to the
\n
timing of the recognition of the profit in the contract, the
\n
contractual service margin, in profit or loss. Entities making
\n
use of the exemption are not applying IFRSs as issued by the
\n
IASB and need to disclose the fact.
\n
\u2013 Amendments to IAS 1 Presentation of Financial Statements
\n
and IFRS Practice Statement 2: Disclosure of Accounting
\n
policies (effective 1 January 2023). The amendments aim
\n
to improve accounting policy disclosures and to help users
\n
of the financial statements to distinguish between changes
\n
in accounting estimates and changes in accounting policies.
\n
The IAS 1 amendment requires companies to disclose their
\n
material accounting policy information rather than their
\n
significant accounting policies. Further, the amendment to
\n
IAS 1 clarifies that immaterial accounting policy information
\n
need not be disclosed. To support this amendment, the Board
\n
also amended IFRS Practice Statement 2, \u2018Making Materiality
\n
Judgements\u2019, to provide guidance on how to apply the
\n
concept of materiality to accounting policy disclosures.
\n
The amendments are effective for annual reporting periods
\n
beginning on or after 1 January 2023. Earlier application is
\n
permitted (subject to any local endorsement process).
\n
\u2013 Amendments to IAS 8 Accounting policies, Changes in
\n
Accounting Estimates and Errors: Definition of Accounting
\n
Estimates (effective 1 January 2023). The amendment
\n
to IAS 8, \u2018Accounting Policies, Changes in Accounting
\n
Estimates and Errors\u2019, clarifies how companies should
\n
distinguish changes in accounting policies from changes in
\n
accounting estimates. The amendments are effective for
\n
annual reporting periods beginning on or after 1 January
\n
2023. Earlier application is permitted (subject to any local
\n
endorsement process).
\n
\u2013 Amendments to IAS 12 Income Taxes: Deferred Tax
\n
related to Assets and Liabilities arising from a Single
\n
Transaction (effective 1 January 2023 but immediate
\n
application permitted). The amendments clarify how
\n
companies account for deferred tax on transactions such as
\n
leases and decommissioning obligations. The main change in
\n
the amendments is an exemption from the initial recognition
\n
exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the
\n
initial recognition exemption does not apply to transactions
\n
in which equal amounts of deductible and taxable temporary
\n
differences arise on initial recognition. The amendments are
\n
effective for annual reporting periods beginning on or after
\n
1 January 2023. Early adoption is permitted.
\n
\u2013 Amendments to IFRS 17 Insurance contracts: Initial
\n
Application of IFRS 17 and IFRS 9 \u2013 Comparative
\n
Information (effective 1 January 2023). The amendment
\n
is a transition option relating to comparative information
\n
about financial assets presented on initial application of IFRS
\n
17. The amendment is aimed at helping entities to avoid
\n
temporary accounting mismatches between financial assets
\n
and insurance contract liabilities, and therefore improve the
\n
usefulness of comparative information for users of financial
\n
statements.
\n
\u2013 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax
\n
Reform \u2013 Pillar Two Model Rules (effective 1 January 2023).
\n
The IASB has issued these amendments introducing:
\n
\u2022 a temporary exception to the requirements to recognise
\n
and disclose information about deferred tax assets and
\n
liabilities related to Pillar Two income taxes; and
\n
\u2022 targeted disclosure requirements for affected entities.
\n
The following new standards and amendments have been
\n
issued, are mandatory for the first time for the financial year
\n
beginning 1 January 2023 but have not been endorsed by the
\n
European Union:
\n
\u2013 None
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
The following amendments have been issued, but are not
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have been endorsed by the European Union:
\n
\u2013 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a
\n
Sale and Leaseback (effective 1 January 2024). The
\n
amendments explain how an entity accounts for a sale and
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
leaseback after the date of the transaction, specifically where
\n
some or all the lease payments are variable lease payments
\n
that do not depend on an index or rate. They state that, in
\n
subsequently measuring the lease liability, the seller-lessee
\n
determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019
\n
in a way that does not result in the seller-lessee recognising
\n
any amount of the gain or loss that relates to the right of use
\n
it retains. Any gains and losses relating to the full or partial
\n
termination of a lease continue to be recognised when they
\n
occur as these relate to the right of use terminated and not
\n
the right of use retained.
\n
The following amendments have been issued, but are not
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have not been endorsed by the European
\n
Union:
\n
\u2013 Amendments to IAS 1 \u2018Presentation of Financial
\n
Statements: Classification of Liabilities as current or non-
\n
current\u2019 (effective 01/01/2024), \u2018affect only the presentation
\n
of liabilities in the statement of financial position \u2014 not the
\n
amount or timing of recognition of any asset, liability income
\n
or expenses, or the information that entities disclose about
\n
those items. They:
\n
\u2022 Clarify that the classification of liabilities as current or non-
\n
current should be based on rights that are in existence
\n
at the end of the reporting period and align the wording
\n
in all affected paragraphs to refer to the \u201cright\u201d to defer
\n
settlement by at least twelve months and make explicit that
\n
only rights in place \u201cat the end of the reporting period\u201d
\n
should affect the classification of a liability;
\n
\u2022 Clarify that classification is unaffected by expectations
\n
about whether an entity will exercise its right to defer
\n
settlement of a liability; and make clear that settlement
\n
refers to the transfer to the counterparty of cash, equity
\n
instruments, other assets or services.
\n
\u2022 Clarify how conditions with which an entity must comply
\n
within 12 months after the reporting period, such as
\n
covenants, affect the corresponding liability\u2019s classification.
\n
\u2013 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS
\n
7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance
\n
Arrangements (effective 1 january 2024). The amendment
\n
describes the characteristics for which reporters will have
\n
to provide additional disclosures regarding the impact of
\n
supplier finance arrangements on liabilities, cash flows and
\n
exposure to liquidity risk.
\n
\u2013 Amendments to IAS 21 \u2018The Effects of Changes in Foreign
\n
Exchange Rates: Lack of Exchangeability\u2019 (effective
\n
1 January 2025). IAS 21 previously did not cover how to
\n
determine exchange rates in case there is long-term lack
\n
of exchangeability and the spot rate to be applied by the
\n
company is not observable. The narrow scope amendments
\n
add specific requirements on:
\n
\u2022 Determining when a currency is exchangeable into another
\n
and when it is not;
\n
\u2022 Determining the exchange rate to apply in case a currency
\n
is not exchangeable;
\n
\u2022 Additional disclosures to provide when a currency is not
\n
exchangeable.
\n
The following standard is mandatory since the financial year
\n
beginning 1 January 2016 (however not yet subjected to EU
\n
endorsement). The European Commission has decided not to
\n
launch the endorsement process of this interim standard but to
\n
wait for the final standard:
\n
\u2013 IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January
\n
2016). It concerns an interim standard on the accounting for
\n
certain balances that arise from rate\u2013regulated activities.
\n
IFRS 14 is only applicable to entities that apply IFRS 1 as first-
\n
time adopters of IFRS. It permits such entities, on adoption
\n
of IFRS, to continue to apply their previous GAAP accounting
\n
policies for the recognition, measurement, impairment and
\n
derecognition of regulatory deferral accounts. The interim
\n
standard also provides guidance on selecting and changing
\n
accounting policies (on first\u2013time adoption or subsequently)
\n
and on presentation and disclosure.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag563": { "value": "\n
Endorsement status of the new standards as at 31 December
\n
2023 (EFRAG status report 20 December 2023)
\n
The following new standard and amendments to standards are
\n
mandatory for the first time for the financial year beginning 1
\n
January 2023 and have been endorsed by the European Union:
\n
\u2013 IFRS 17 \u2018Insurance contracts\u2019 (effective 1 January 2023).
\n
This standard replaces IFRS 4, which currently permits a wide
\n
variety of practices in accounting for insurance contracts.
\n
IFRS 17 will fundamentally change the accounting by all
\n
entities that issue insurance contracts and investment
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
contracts with discretionary participation features. On 17
\n
March 2020, IASB decided to defer pop effective date to
\n
annual reporting periods beginning on or after 1 January
\n
2023. The endorsement includes the amendments issued
\n
by the Board in June 2020, which are aimed at helping
\n
companies implement the Standard and making it easier for
\n
them to explain their financial performance.
\n
The EU regulation provides an optional exemption from
\n
applying the annual cohort requirement that relates to the
\n
timing of the recognition of the profit in the contract, the
\n
contractual service margin, in profit or loss. Entities making
\n
use of the exemption are not applying IFRSs as issued by the
\n
IASB and need to disclose the fact.
\n
\u2013 Amendments to IAS 1 Presentation of Financial Statements
\n
and IFRS Practice Statement 2: Disclosure of Accounting
\n
policies (effective 1 January 2023). The amendments aim
\n
to improve accounting policy disclosures and to help users
\n
of the financial statements to distinguish between changes
\n
in accounting estimates and changes in accounting policies.
\n
The IAS 1 amendment requires companies to disclose their
\n
material accounting policy information rather than their
\n
significant accounting policies. Further, the amendment to
\n
IAS 1 clarifies that immaterial accounting policy information
\n
need not be disclosed. To support this amendment, the Board
\n
also amended IFRS Practice Statement 2, \u2018Making Materiality
\n
Judgements\u2019, to provide guidance on how to apply the
\n
concept of materiality to accounting policy disclosures.
\n
The amendments are effective for annual reporting periods
\n
beginning on or after 1 January 2023. Earlier application is
\n
permitted (subject to any local endorsement process).
\n
\u2013 Amendments to IAS 8 Accounting policies, Changes in
\n
Accounting Estimates and Errors: Definition of Accounting
\n
Estimates (effective 1 January 2023). The amendment
\n
to IAS 8, \u2018Accounting Policies, Changes in Accounting
\n
Estimates and Errors\u2019, clarifies how companies should
\n
distinguish changes in accounting policies from changes in
\n
accounting estimates. The amendments are effective for
\n
annual reporting periods beginning on or after 1 January
\n
2023. Earlier application is permitted (subject to any local
\n
endorsement process).
\n
\u2013 Amendments to IAS 12 Income Taxes: Deferred Tax
\n
related to Assets and Liabilities arising from a Single
\n
Transaction (effective 1 January 2023 but immediate
\n
application permitted). The amendments clarify how
\n
companies account for deferred tax on transactions such as
\n
leases and decommissioning obligations. The main change in
\n
the amendments is an exemption from the initial recognition
\n
exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the
\n
initial recognition exemption does not apply to transactions
\n
in which equal amounts of deductible and taxable temporary
\n
differences arise on initial recognition. The amendments are
\n
effective for annual reporting periods beginning on or after
\n
1 January 2023. Early adoption is permitted.
\n
\u2013 Amendments to IFRS 17 Insurance contracts: Initial
\n
Application of IFRS 17 and IFRS 9 \u2013 Comparative
\n
Information (effective 1 January 2023). The amendment
\n
is a transition option relating to comparative information
\n
about financial assets presented on initial application of IFRS
\n
17. The amendment is aimed at helping entities to avoid
\n
temporary accounting mismatches between financial assets
\n
and insurance contract liabilities, and therefore improve the
\n
usefulness of comparative information for users of financial
\n
statements.
\n
\u2013 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax
\n
Reform \u2013 Pillar Two Model Rules (effective 1 January 2023).
\n
The IASB has issued these amendments introducing:
\n
\u2022 a temporary exception to the requirements to recognise
\n
and disclose information about deferred tax assets and
\n
liabilities related to Pillar Two income taxes; and
\n
\u2022 targeted disclosure requirements for affected entities.
\n
The following new standards and amendments have been
\n
issued, are mandatory for the first time for the financial year
\n
beginning 1 January 2023 but have not been endorsed by the
\n
European Union:
\n
\u2013 None
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag572": { "value": "\n

\n

\n
Consolidation principles
\n
Consolidation principles
\n

\n

\n\n

\n\n

\n\n
Subsidiaries
\n
Subsidiaries are legal entities controlled by the company. The
\n
companies controlled by the Group are consolidated through
\n
the application of the full consolidation method.
\n
Full consolidation consists in incorporating all the assets and
\n
liabilities of the consolidated companies as well as the costs
\n
and revenues, carrying out the necessary eliminations. Non-
\n
controlling interests are the interests in subsidiaries that are not
\n
held by the Group, neither directly nor indirectly. On 31 March
\n
2023, only non-controlling interests were recognised for the
\n
company Alex Invest NV. The real estate owned by Alex Invest is
\n
recorded at 100% in the cluster report relating to the portfolio
\n
(like in the balance sheet).
\n
\u2018Control\u2019 is defined as Retail Estates nv\u2019s ability to directly or
\n
indirectly determine the financial and operational policy of the
\n
subsidiary, to benefit from the variable cash flows and the results
\n
of this subsidiary and to influence its variable cash flows by
\n
controlling the subsidiary.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n

\n\n

\n\n

\n\n

\n\n
Joint ventures and associated companies
\n
Joint ventures are companies over which the Group exercised
\n
joint control, as determined by contract. This joint control
\n
applies when the strategic, financial and operational decisions
\n
relating to the activities require the unanimous consent of all
\n
parties sharing control (the participants in the joint venture).
\n
Associated companies are companies on which the Group is
\n
found to have a significant influence.
\n
As defined in IAS 28, the result and the balance sheet impact
\n
of the associated company Veilinghof \u2019t Sas (in which Retail
\n
Estates has a 26.19% participating interest) are processed in
\n
accordance with the change in equity method. Participating
\n
interests in companies to which the change in equity method is
\n
applied are recorded in the consolidated balance sheet under a
\n
separate item of the financial fixed assets (\u201cCompanies to which
\n
the change in equity method is applied\u201d).
\n
If the change in equity method is applied to a participating
\n
interest, this interest is recorded in the consolidated balance
\n
sheet for the amount corresponding to the part of the
\n
shareholders\u2019 equity of the company concerned, including the
\n
result of the financial year, that reflects this participating interest.
\n
The result of the associated companies and joint ventures is
\n
recognised in the result under \u201cshare in the result of associated
\n
companies and joint ventures\u201d.
\n
The real estate relating to Veilinghof \u2019t Sas is not included in the
\n
cluster report relating to the portfolio.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n
Note 41
\n\n
List of consolidated companies and changes in the circle of consolidation
\n
As per 31 March 2024, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
External financial Investment Rental income6Participation
Subsidiarydebts5 (in \u20ac 000)properties5 (in \u20ac 000)(in \u20ac 000)percentage
Retail Warehousing Invest49,1783,336100%
Inducom83,366100%
Finsbury Properties55100%
Regreen3,451205100%
Veilinghof \u2018t Sas26.19%
Retail Estates Nederland 64,7055,518100%
Venlo Invest33,1972,464100%
Cruquius Invest77,8025,860100%
Spijkenisse Invest10,25046,0743,590100%
Heerlen I Invest68,0644,789100%
Heerlen II Invest60,1424,454100%
Retail Estates Middelburg Invest32,1762,825100%
Breda I Invest40,7753,176100%
Breda II Invest25,1331,952100%
Naaldwijk Invest20,7961,931100%
Alex Invest33,1142,93350%
Zaandam Invest25,2251,974100%
Osbroek Invest71,7205,498100%
Aquarius Invest45,9501,380100%
Waterman Invest34,5521,462100%
SVK3,013100%
\n\n\n\n\n\n\n
\n
\n
5
\n
Value at closing date of the consolidated figures (31.03.2024) including non-current assets under construction (IAS 40).
\n
6
\n
For the period the companies are part of the Group in the current financial year.
\n

\n\n\n\n\n\n\n\n\n\n
Aquarius Invest nv and Waterman Invest nv
\n
On 13 June 2023 the subsidiaries \u201cAquarius Invest N.V.\u201d and
\n
\u201cWaterman Invest N.V.\u201d were incorporated within the framework
\n
of the acquisition of retail park Alexandrium Megastores in
\n
Rotterdam (the Netherlands). The investment in the acquisition
\n
of the retail park amounts to \u20ac 81.5 million (including transfer tax,
\n
due diligence and transaction costs).
\n
Alexandrium Megastores is part of the largest out-of-town
\n
retail area in the Randstad region. The structural connection
\n
between Woonmall Alexandrium, the regional Shopping Center
\n
Alexandrium (Alexandrium I \u2013 owned by Kl\u00e9pierre) and the retail
\n
park Alexandrium II Megastores creates a very complementary
\n
mix and a retail offer that is exceptional for the Netherlands,
\n
with a total of 200 retail units over a surface area of 115,500 m\u00b2.
\n
All shops are open 7 days a week and attract 15 million visitors
\n
each year.
\n
\n
Inducom nv
\n
The statutory financial statements of Inducom have been
\n
prepared for the first time in accordance with accounting
\n
standards consistent with International Financial Reporting
\n
Standards as implemented by the FIIS legislation. This follows
\n
the registration of the company as a FIIS from 14 November
\n
2023 on the list of specialized real estate investment funds in
\n
application of the Royal Decree of 9 November 2016 relating to
\n
specialized real estate investment funds.
\n
The company has applied all IFRS standards and interpretations
\n
applicable on the balance sheet date of 31 December 2023, for
\n
the figures as of the date of transition to IFRS (i.e. 1 January
\n
2022).
\n
On 29 March 2024, Retail Estates, as the sole shareholder of
\n
RWI, decided on the partial demerger of RWI, with the result
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n
that part of RWI\u2019s real estate portfolio was transferred to
\n
Inducom N.V. The acquired value of Retail Warehousing Invest
\n
N.V. includes a significant number of bare property rights
\n
(\u201ctr\u00e9fonds\u201d) whose ground lease is held by Retail Estates N.V.
\n
with a current market value of approximately EUR 78.19 million.
\n
Retail Warehousing Invest nv
\n
Retail Estates has held a participating interest in Retail
\n
Warehousing Invest nv, an institutional Belgian real estate
\n
investment trust (BE-REIT) (\u201cRWI\u201d), since 2012. Originally, Retail
\n
Estates had a co-shareholder in RWI, holding a 37.5% minority
\n
interest. In 2016, this minority shareholder \u201cswapped\u201d the share
\n
participation interest in RWI for a share participation in Retail
\n
Estates by means of a contribution in kind within the context
\n
of the authorised capital. Retail Estates has been the sole
\n
shareholder of RWI ever since.
\n
On 29 March 2024, Retail Estates, being the sole shareholder
\n
of RWI, decided to proceed to a partial demerger of RWI. As
\n
a consequence, part of the real estate portfolio of RWI was
\n
transferred to Inducom nv, a specialised real estate investment
\n
fund under Belgian law and also a 100% subsidiary of Retail
\n
Estates.
\n
SVK nv
\n
During the past fiscal year, control was acquired of the company
\n
S.V.K. N.V. The acquisition provides for the expansion of the site
\n
in Sint-Joris-Winge.
\n
Other subsidiaries
\n\n

\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n
The companies Retail Estates Nederland, Cuquius Invest,
\n
Spijkenisse Invest, Heerlen I Invest, Heerlen II Invest, Breda I
\n
Invest, Breda II Invest, Zaandam Invest, Naaldwijk Invest, Osbroek
\n
Invest, Alex Invest, Venlo Invest, Aquarius Invest, Waterman
\n
Invest and Retail Estates Middelburg were incorporated in
\n
the Netherlands. The other companies were incorporated in
\n
Belgium.
\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag573": { "value": "\n

\n\n

\n\n
Subsidiaries
\n
Subsidiaries are legal entities controlled by the company. The
\n
companies controlled by the Group are consolidated through
\n
the application of the full consolidation method.
\n
Full consolidation consists in incorporating all the assets and
\n
liabilities of the consolidated companies as well as the costs
\n
and revenues, carrying out the necessary eliminations. Non-
\n
controlling interests are the interests in subsidiaries that are not
\n
held by the Group, neither directly nor indirectly. On 31 March
\n
2023, only non-controlling interests were recognised for the
\n
company Alex Invest NV. The real estate owned by Alex Invest is
\n
recorded at 100% in the cluster report relating to the portfolio
\n
(like in the balance sheet).
\n
\u2018Control\u2019 is defined as Retail Estates nv\u2019s ability to directly or
\n
indirectly determine the financial and operational policy of the
\n
subsidiary, to benefit from the variable cash flows and the results
\n
of this subsidiary and to influence its variable cash flows by
\n
controlling the subsidiary.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag574": { "value": "\n

\n\n
Subsidiaries
\n
Subsidiaries are legal entities controlled by the company. The
\n
companies controlled by the Group are consolidated through
\n
the application of the full consolidation method.
\n
Full consolidation consists in incorporating all the assets and
\n
liabilities of the consolidated companies as well as the costs
\n
and revenues, carrying out the necessary eliminations. Non-
\n
controlling interests are the interests in subsidiaries that are not
\n
held by the Group, neither directly nor indirectly. On 31 March
\n
2023, only non-controlling interests were recognised for the
\n
company Alex Invest NV. The real estate owned by Alex Invest is
\n
recorded at 100% in the cluster report relating to the portfolio
\n
(like in the balance sheet).
\n
\u2018Control\u2019 is defined as Retail Estates nv\u2019s ability to directly or
\n
indirectly determine the financial and operational policy of the
\n
subsidiary, to benefit from the variable cash flows and the results
\n
of this subsidiary and to influence its variable cash flows by
\n
controlling the subsidiary.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag575": { "value": "\n
Subsidiaries
\n
Subsidiaries are legal entities controlled by the company. The
\n
companies controlled by the Group are consolidated through
\n
the application of the full consolidation method.
\n
Full consolidation consists in incorporating all the assets and
\n
liabilities of the consolidated companies as well as the costs
\n
and revenues, carrying out the necessary eliminations. Non-
\n
controlling interests are the interests in subsidiaries that are not
\n
held by the Group, neither directly nor indirectly. On 31 March
\n
2023, only non-controlling interests were recognised for the
\n
company Alex Invest NV. The real estate owned by Alex Invest is
\n
recorded at 100% in the cluster report relating to the portfolio
\n
(like in the balance sheet).
\n
\u2018Control\u2019 is defined as Retail Estates nv\u2019s ability to directly or
\n
indirectly determine the financial and operational policy of the
\n
subsidiary, to benefit from the variable cash flows and the results
\n
of this subsidiary and to influence its variable cash flows by
\n
controlling the subsidiary.
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag576": { "value": "Retail Estates nv", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag577": { "value": "\n

\n\n

\n\n

\n\n
Joint ventures and associated companies
\n
Joint ventures are companies over which the Group exercised
\n
joint control, as determined by contract. This joint control
\n
applies when the strategic, financial and operational decisions
\n
relating to the activities require the unanimous consent of all
\n
parties sharing control (the participants in the joint venture).
\n
Associated companies are companies on which the Group is
\n
found to have a significant influence.
\n
As defined in IAS 28, the result and the balance sheet impact
\n
of the associated company Veilinghof \u2019t Sas (in which Retail
\n
Estates has a 26.19% participating interest) are processed in
\n
accordance with the change in equity method. Participating
\n
interests in companies to which the change in equity method is
\n
applied are recorded in the consolidated balance sheet under a
\n
separate item of the financial fixed assets (\u201cCompanies to which
\n
the change in equity method is applied\u201d).
\n
If the change in equity method is applied to a participating
\n
interest, this interest is recorded in the consolidated balance
\n
sheet for the amount corresponding to the part of the
\n
shareholders\u2019 equity of the company concerned, including the
\n
result of the financial year, that reflects this participating interest.
\n
The result of the associated companies and joint ventures is
\n
recognised in the result under \u201cshare in the result of associated
\n
companies and joint ventures\u201d.
\n
The real estate relating to Veilinghof \u2019t Sas is not included in the
\n
cluster report relating to the portfolio.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag578": { "value": "\n

\n\n

\n\n
Joint ventures and associated companies
\n
Joint ventures are companies over which the Group exercised
\n
joint control, as determined by contract. This joint control
\n
applies when the strategic, financial and operational decisions
\n
relating to the activities require the unanimous consent of all
\n
parties sharing control (the participants in the joint venture).
\n
Associated companies are companies on which the Group is
\n
found to have a significant influence.
\n
As defined in IAS 28, the result and the balance sheet impact
\n
of the associated company Veilinghof \u2019t Sas (in which Retail
\n
Estates has a 26.19% participating interest) are processed in
\n
accordance with the change in equity method. Participating
\n
interests in companies to which the change in equity method is
\n
applied are recorded in the consolidated balance sheet under a
\n
separate item of the financial fixed assets (\u201cCompanies to which
\n
the change in equity method is applied\u201d).
\n
If the change in equity method is applied to a participating
\n
interest, this interest is recorded in the consolidated balance
\n
sheet for the amount corresponding to the part of the
\n
shareholders\u2019 equity of the company concerned, including the
\n
result of the financial year, that reflects this participating interest.
\n
The result of the associated companies and joint ventures is
\n
recognised in the result under \u201cshare in the result of associated
\n
companies and joint ventures\u201d.
\n
The real estate relating to Veilinghof \u2019t Sas is not included in the
\n
cluster report relating to the portfolio.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag579": { "value": "\n

\n\n
Joint ventures and associated companies
\n
Joint ventures are companies over which the Group exercised
\n
joint control, as determined by contract. This joint control
\n
applies when the strategic, financial and operational decisions
\n
relating to the activities require the unanimous consent of all
\n
parties sharing control (the participants in the joint venture).
\n
Associated companies are companies on which the Group is
\n
found to have a significant influence.
\n
As defined in IAS 28, the result and the balance sheet impact
\n
of the associated company Veilinghof \u2019t Sas (in which Retail
\n
Estates has a 26.19% participating interest) are processed in
\n
accordance with the change in equity method. Participating
\n
interests in companies to which the change in equity method is
\n
applied are recorded in the consolidated balance sheet under a
\n
separate item of the financial fixed assets (\u201cCompanies to which
\n
the change in equity method is applied\u201d).
\n
If the change in equity method is applied to a participating
\n
interest, this interest is recorded in the consolidated balance
\n
sheet for the amount corresponding to the part of the
\n
shareholders\u2019 equity of the company concerned, including the
\n
result of the financial year, that reflects this participating interest.
\n
The result of the associated companies and joint ventures is
\n
recognised in the result under \u201cshare in the result of associated
\n
companies and joint ventures\u201d.
\n
The real estate relating to Veilinghof \u2019t Sas is not included in the
\n
cluster report relating to the portfolio.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag580": { "value": "\n
Joint ventures and associated companies
\n
Joint ventures are companies over which the Group exercised
\n
joint control, as determined by contract. This joint control
\n
applies when the strategic, financial and operational decisions
\n
relating to the activities require the unanimous consent of all
\n
parties sharing control (the participants in the joint venture).
\n
Associated companies are companies on which the Group is
\n
found to have a significant influence.
\n
As defined in IAS 28, the result and the balance sheet impact
\n
of the associated company Veilinghof \u2019t Sas (in which Retail
\n
Estates has a 26.19% participating interest) are processed in
\n
accordance with the change in equity method. Participating
\n
interests in companies to which the change in equity method is
\n
applied are recorded in the consolidated balance sheet under a
\n
separate item of the financial fixed assets (\u201cCompanies to which
\n
the change in equity method is applied\u201d).
\n
If the change in equity method is applied to a participating
\n
interest, this interest is recorded in the consolidated balance
\n
sheet for the amount corresponding to the part of the
\n
shareholders\u2019 equity of the company concerned, including the
\n
result of the financial year, that reflects this participating interest.
\n
The result of the associated companies and joint ventures is
\n
recognised in the result under \u201cshare in the result of associated
\n
companies and joint ventures\u201d.
\n
The real estate relating to Veilinghof \u2019t Sas is not included in the
\n
cluster report relating to the portfolio.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag581": { "value": "\n
Foreign currency conversion
\n
Foreign currency transactions are booked by applying the
\n
exchange rate valid on the transaction date. Monetary assets
\n
and liabilities in foreign currencies are valued by applying the
\n
closing rate on the balance sheet date. Exchange rate differences
\n
ensuing from foreign currency transactions and the conversion
\n
of monetary assets and liabilities into foreign currencies are
\n
booked in the income statement in the period in which they
\n
arise. Non-monetary assets and liabilities in foreign currencies
\n
are converted at the exchange rate applicable on the transaction
\n
date.
\n

\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag583": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag584": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag585": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag586": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial result
\n
The financial result consists of the borrowing costs and additional
\n
funding costs, such as the negative variations in hedging
\n
instruments where these are not effective within the meaning of
\n
IAS 39, less income from investments.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag587": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Current assets
\n
The receivables payable within one year are recognised at
\n
nominal value less write-downs for doubtful or bad debts. Bank
\n
deposits, sight or term deposits, are valued at amortised cost.
\n
Any supplementary costs are charged directly to the income
\n
statement. Listed securities are valued at their quoted price.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n
Liabilities
\n\n
A provision is taken if:
\n
\u2013 Retail Estates nv has an existing \u2013 legally enforceable or
\n
actual \u2013 commitment resulting from an event in the past;
\n
\u2013 an outflow of funds will probably be required to settle the
\n
commitment; and
\n
\u2013 the amount of the commitment can be estimated reliably.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts are presented at nominal value on the balance sheet
\n
date. Interest-bearing borrowings are initially recognised at cost
\n
price less transaction costs. The interest-bearing borrowings are
\n
subsequently valued on the basis of the effective interest rate
\n
method, recognising each difference between the initial book
\n
value and the redemption value as an interest cost in the income
\n
statement over the term of the loan.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag588": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Current assets
\n
The receivables payable within one year are recognised at
\n
nominal value less write-downs for doubtful or bad debts. Bank
\n
deposits, sight or term deposits, are valued at amortised cost.
\n
Any supplementary costs are charged directly to the income
\n
statement. Listed securities are valued at their quoted price.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag589": { "value": "\n

\n\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n
Liabilities
\n\n
A provision is taken if:
\n
\u2013 Retail Estates nv has an existing \u2013 legally enforceable or
\n
actual \u2013 commitment resulting from an event in the past;
\n
\u2013 an outflow of funds will probably be required to settle the
\n
commitment; and
\n
\u2013 the amount of the commitment can be estimated reliably.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts are presented at nominal value on the balance sheet
\n
date. Interest-bearing borrowings are initially recognised at cost
\n
price less transaction costs. The interest-bearing borrowings are
\n
subsequently valued on the basis of the effective interest rate
\n
method, recognising each difference between the initial book
\n
value and the redemption value as an interest cost in the income
\n
statement over the term of the loan.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag590": { "value": "\n

\n\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n
Overview of financial instruments:
\n
OTHER NON-CURRENT LIABILITIES
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Notional
Variable amount Type of Hedge
Starting dateEnding dateInterest rateinterest rate(in \u20ac 000)derivativeaccounting
1jul/16apr/261.26%Euribor 3 M +26,000IRSYES
2mrt/18mrt/261.10%Euribor 3 M +20,000IRSNO
3dec/18dec/261.06%Euribor 3 M +25,000IRSNO
4jan/18jan/260.74%Euribor 3 M +25,000IRSNO
5mrt/18mrt/250.78%Euribor 3 M +25,000IRSNO
6jul/16apr/26-2.25%Euribor 3 M +26,000FLOORYES
7mrt/18mrt/260.00%Euribor 3 M +20,000FLOORNO
8dec/18dec/260.00%Euribor 3 M +25,000FLOORNO
9jun/23jun/260.68%Euribor 3 M +50,000IRSNO
10dec/24dec/280.70%Euribor 3 M +25,000IRSNO
11dec/24dec/280.72%Euribor 3 M +25,000IRSNO
12mrt/24mrt-290.40%Euribor 3 M +25,000IRSNO
13mrt/24mrt-290.37%Euribor 3 M +25,000IRSNO
14mrt/24mrt-290.28%Euribor 3 M +25,000IRSNO
15jun/24mrt-290.03%Euribor 3 M +25,000IRSNO
16mrt/24jun/290.21%Euribor 3 M +50,000IRSNO
17dec/26dec/29-0.06%Euribor 3 M +25,000IRSNO
18jun/21jun/270.85%Euribor 3 M +60,000IRSNO
19jun/22jun/260.63%Euribor 3 M +25,000IRSNO
20jun/22jun/260.83%Euribor 3 M +14,000IRSNO
21jun/22jun/260.62%Euribor 3 M +10,000IRSNO
22jul/22jul/271.44%Euribor 3 M +15,000IRSNO
23jun/22jun/261.21%Euribor 3 M +30,000IRSNO
24dec/23dec/290.89%Euribor 3 M +35,000IRSNO
25mrt/24mrt/270.49%Euribor 3 M +25,000IRSNO
26jun/26dec/292.61%Euribor 3 M +50,000IRSNO
27jun/26dec/293.08%Euribor 3 M +50,000IRSNO
28jun/26dec/292.76%Euribor 3 M +50,000IRSNO
29mrt/27mrt/282.42%Euribor 3 M +50,000IRSNO
30dec/25dec/312.32%Euribor 3 M +50,000IRSNO
31dec/22mrt/250.25%Euribor 3 M +25,000CAPNO
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of liquidity
obligation associated with the derivative
products (in \u20ac 000)31.03.2024
Between zero and two year(s)-23,743
Between two and five years-13,705
More than five years-1,064
Total-38,512
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag591": { "value": "\n

\n\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Note 29
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other non-current
financial liabilities (in \u20ac 000)31.03.202431.03.2023
Authorised hedging instru-
ments (also refer to note 35)0
Deferred taxes3,2003,684
Total other non-current
financial liabilities3,2003,684
\n\n\n\n\n\n
\n
Deferred taxes relate to the revaluation of the investment
\n
properties.
\n

\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
Overview of financial instruments:
\n
OTHER NON-CURRENT LIABILITIES
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Notional
Variable amount Type of Hedge
Starting dateEnding dateInterest rateinterest rate(in \u20ac 000)derivativeaccounting
1jul/16apr/261.26%Euribor 3 M +26,000IRSYES
2mrt/18mrt/261.10%Euribor 3 M +20,000IRSNO
3dec/18dec/261.06%Euribor 3 M +25,000IRSNO
4jan/18jan/260.74%Euribor 3 M +25,000IRSNO
5mrt/18mrt/250.78%Euribor 3 M +25,000IRSNO
6jul/16apr/26-2.25%Euribor 3 M +26,000FLOORYES
7mrt/18mrt/260.00%Euribor 3 M +20,000FLOORNO
8dec/18dec/260.00%Euribor 3 M +25,000FLOORNO
9jun/23jun/260.68%Euribor 3 M +50,000IRSNO
10dec/24dec/280.70%Euribor 3 M +25,000IRSNO
11dec/24dec/280.72%Euribor 3 M +25,000IRSNO
12mrt/24mrt-290.40%Euribor 3 M +25,000IRSNO
13mrt/24mrt-290.37%Euribor 3 M +25,000IRSNO
14mrt/24mrt-290.28%Euribor 3 M +25,000IRSNO
15jun/24mrt-290.03%Euribor 3 M +25,000IRSNO
16mrt/24jun/290.21%Euribor 3 M +50,000IRSNO
17dec/26dec/29-0.06%Euribor 3 M +25,000IRSNO
18jun/21jun/270.85%Euribor 3 M +60,000IRSNO
19jun/22jun/260.63%Euribor 3 M +25,000IRSNO
20jun/22jun/260.83%Euribor 3 M +14,000IRSNO
21jun/22jun/260.62%Euribor 3 M +10,000IRSNO
22jul/22jul/271.44%Euribor 3 M +15,000IRSNO
23jun/22jun/261.21%Euribor 3 M +30,000IRSNO
24dec/23dec/290.89%Euribor 3 M +35,000IRSNO
25mrt/24mrt/270.49%Euribor 3 M +25,000IRSNO
26jun/26dec/292.61%Euribor 3 M +50,000IRSNO
27jun/26dec/293.08%Euribor 3 M +50,000IRSNO
28jun/26dec/292.76%Euribor 3 M +50,000IRSNO
29mrt/27mrt/282.42%Euribor 3 M +50,000IRSNO
30dec/25dec/312.32%Euribor 3 M +50,000IRSNO
31dec/22mrt/250.25%Euribor 3 M +25,000CAPNO
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of liquidity
obligation associated with the derivative
products (in \u20ac 000)31.03.2024
Between zero and two year(s)-23,743
Between two and five years-13,705
More than five years-1,064
Total-38,512
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag592": { "value": "\n

\n\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Note 35
\n
Financial instruments on 31 March 2023
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Summary of financial instruments as at
closing date (in \u20ac 000)CategoriesLevelBook valueFair valueBook valueFair value
I. Non-current assets
Finance lease receivablesA21,0301,0301,0301,030
Loans and receivablesA24040167167
Financial non-current assetsA/C244,92444,92462,05662,056
II. Current assets
Trade receivables and other receivablesA221,93821,93813,24513,245
Cash and cash equivalentsB27,0897,0894,1284,128
Total financial instruments on the assets side of the balance sheet75,02175,02180,62680,626
I. Non-current liabilities
Interest-bearing liabilitiesA2
Credit institutionsA2686,535680,578609,967597,859
Long term financial leaseA25,0795,0794,8714,871
Bond loanA2175,572171,544175,400167,836
Other non-current liabilitiesA2
Other financial liabilitiesC20000
II. Current liabilities
Interest-bearing liabilitiesA246,68246,68251,46451,464
Current trade debts and other debtsA219,87119,87126,02026,020
Total financial instruments on the liabilities side of the balance sheet933,739923,754867,723848,049
\n\n\n\n
\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or liabilities (including receivables and loans)
\n
held to maturity at amortised cost.
\n
B. Investments held to maturity at amortised cost.
\n
C. Assets or liabilities held at fair value through profit and loss
\n
except for financial instruments designated as hedging
\n
instruments that are subject to hedge accounting.
\n
The majority of the financial instruments of the Group correspond
\n
to level 2 in the fair values hierarchy. Fair value valuation is carried
\n
out regularly.
\n
Level 2 in the fair value hierarchy includes other financial
\n
assets and liabilities of which the fair value can be determined
\n
by reference to other inputs which are directly or indirectly
\n
observable for the relevant assets or liabilities.
\n
The valuation techniques regarding the fair value of level 2
\n
financial instruments are the following:
\n
\u2013 The item \u201cother financial liabilities\u201d refers to interest rate
\n
swaps of which the fair value can be determined by means
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n

\n

\n

\n
of interest rates applicable on active markets; these rates are
\n
generally provided by financial institutions.
\n
\u2013 The fair value of the other level 2 financial assets and liabilities
\n
is virtually equal to their book value:
\n
\u2022 either because they have a short-term maturity (e.g. trade
\n
receivables and debts);
\n
\u2022 or because they have a variable interest rate.
\n
The fair value of debts with a fixed interest rate is estimated
\n
by discounting their future cash flows at a rate that reflects the
\n
Group\u2019s credit risk.
\n\n
Financial instruments at amortised cost
\n
Since trade receivables and trade debts are short-term
\n
instruments, the fair value approximates the nominal value of
\n
these financial assets and liabilities.
\n
On 31 March 2024, Retail Estates nv had \u20ac 575.72 million of
\n
financial debts at a variable interest rate and \u20ac 333.07 million of
\n
financial debts at a fixed interest rate
\n
1
\n
. 95.52% of the loans have
\n
a fixed interest rate or are hedged using an interest rate swap
\n
contract. The fixed interest rates at which these long-term debts
\n
were originally concluded in most cases no longer correspond to
\n
prevailing money market rates, resulting in a difference between
\n
their book value and their fair value. The table below compares
\n
the total amount of fixed-rate debts at book value and at fair
\n
value at the end of the 2023-2024 financial year. The fair value of
\n
the fixed-rate debts is estimated by discounting their future cash
\n
flows at an interest rate that reflects the Group\u2019s credit risk. The
\n
fair value of the fixed-rate debts is mentioned in the table below.
\n
The book value is equal to the amortised cost.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Financial debts at fixed interest rate Book valueFair valueBook valueFair value
Financial debts at fixed interest rate 333,068 323,083 379,616 359,943
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
\n\n

\n\n

\n\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
1
\n
The table presents the gross amounts (excl. activated costs).
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
Overview of financial instruments:
\n
OTHER NON-CURRENT LIABILITIES
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Notional
Variable amount Type of Hedge
Starting dateEnding dateInterest rateinterest rate(in \u20ac 000)derivativeaccounting
1jul/16apr/261.26%Euribor 3 M +26,000IRSYES
2mrt/18mrt/261.10%Euribor 3 M +20,000IRSNO
3dec/18dec/261.06%Euribor 3 M +25,000IRSNO
4jan/18jan/260.74%Euribor 3 M +25,000IRSNO
5mrt/18mrt/250.78%Euribor 3 M +25,000IRSNO
6jul/16apr/26-2.25%Euribor 3 M +26,000FLOORYES
7mrt/18mrt/260.00%Euribor 3 M +20,000FLOORNO
8dec/18dec/260.00%Euribor 3 M +25,000FLOORNO
9jun/23jun/260.68%Euribor 3 M +50,000IRSNO
10dec/24dec/280.70%Euribor 3 M +25,000IRSNO
11dec/24dec/280.72%Euribor 3 M +25,000IRSNO
12mrt/24mrt-290.40%Euribor 3 M +25,000IRSNO
13mrt/24mrt-290.37%Euribor 3 M +25,000IRSNO
14mrt/24mrt-290.28%Euribor 3 M +25,000IRSNO
15jun/24mrt-290.03%Euribor 3 M +25,000IRSNO
16mrt/24jun/290.21%Euribor 3 M +50,000IRSNO
17dec/26dec/29-0.06%Euribor 3 M +25,000IRSNO
18jun/21jun/270.85%Euribor 3 M +60,000IRSNO
19jun/22jun/260.63%Euribor 3 M +25,000IRSNO
20jun/22jun/260.83%Euribor 3 M +14,000IRSNO
21jun/22jun/260.62%Euribor 3 M +10,000IRSNO
22jul/22jul/271.44%Euribor 3 M +15,000IRSNO
23jun/22jun/261.21%Euribor 3 M +30,000IRSNO
24dec/23dec/290.89%Euribor 3 M +35,000IRSNO
25mrt/24mrt/270.49%Euribor 3 M +25,000IRSNO
26jun/26dec/292.61%Euribor 3 M +50,000IRSNO
27jun/26dec/293.08%Euribor 3 M +50,000IRSNO
28jun/26dec/292.76%Euribor 3 M +50,000IRSNO
29mrt/27mrt/282.42%Euribor 3 M +50,000IRSNO
30dec/25dec/312.32%Euribor 3 M +50,000IRSNO
31dec/22mrt/250.25%Euribor 3 M +25,000CAPNO
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of liquidity
obligation associated with the derivative
products (in \u20ac 000)31.03.2024
Between zero and two year(s)-23,743
Between two and five years-13,705
More than five years-1,064
Total-38,512
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag593": { "value": "\n
Financial derivatives
\n
Fair value hedge accounting
\n
The Group uses financial derivatives (interest rate swaps) to
\n
hedge interest rate risks arising from operational, financial and
\n
investment activities. Derivative financial products are initially
\n
recognised at their fair value.
\n
After the initial recognition, financial derivatives are valued in the
\n
annual accounts at their fair value.
\n
Gains or losses resulting from changes in the fair value of the
\n
financial derivatives are immediately recognised in the income
\n
statement unless a derivative meets the conditions for cash flow
\n
hedge accounting.
\n
The fair value of the financial interest rate derivatives is the
\n
amount that the company expects to receive or pay if the
\n
financial interest rate derivative is terminated as of the balance
\n
sheet date, taking into account the prevailing interest rate and
\n
the credit risk of the counterparties involved.
\n
Cash flow hedge accounting
\n
If a financial derivative can be documented as an effective hedge
\n
against any cash flow fluctuations, attributable to a risk linked to
\n
an asset or liability, or a highly probable future transaction, the
\n
part of the result ensuing from the change in value of the financial
\n
interest rate derivative that has been recognised as an effective
\n
hedge shall be posted directly to equity under \u201cChanges in the
\n
fair value of financial assets and liabilities\u201d. The ineffective part
\n
of the financial interest rate derivative shall be recognised in the
\n
income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag594": { "value": "\n

\n\n
Investment properties
\n
Valuation at initial recognition
\n
Investment properties comprise all real estate properties that
\n
are ready to be let. Investment properties are initially valued
\n
at acquisition cost, including additional expenses and non-
\n
deductible VAT. The exit tax, owed by companies over which the
\n
public BE-REIT acquires direct or indirect control, is furthermore
\n
in principle deducted from the value of the underlying property
\n
as it concerns a tax on the latent capital gain existing in the
\n
acquired company prior to the acquisition unless these
\n
companies do not qualify for a merger with the public BE-REIT
\n
(as decided by the board of directors). The commissions related
\n
to the acquisition of buildings are regarded as additional costs
\n
of the acquisition and are added to the acquisition cost.
\n
If a property is acquired through non-monetary contributions,
\n
any third-party costs directly attributable to the issuance of new
\n
shares shall be deducted from equity. The contributed properties
\n
are valued at contribution value at initial recognition.
\n
The user rights recognised in the balance sheet for concessions,
\n
long leases or similar lease agreements (following the entry into
\n
force of IFRS 16) are also regarded as a real estate investment.
\n
Valuation after initial recognition
\n
At the end of each quarter, an independent real estate expert
\n
shall provide an exact assessment of the following elements:
\n
\u2013 the immovable properties, the properties that are immovable
\n
by their intended use, and the rights in rem on immovable
\n
properties held by Retail Estates nv or, where appropriate,
\n
by a subsidiary it controls;
\n
\u2013 the option rights on immovable properties held by Retail
\n
Estates nv or, where appropriate, by a subsidiary it controls, as
\n
well as the immovable properties to which these rights apply;
\n
\u2013 the contractual rights by which one or more immovable
\n
property assets are leased to Retail Estates nv or, where
\n
appropriate, to a subsidiary it controls, including the
\n
underlying immovable property.
\n
The experts perform their assessments in accordance with
\n
national and international standards and their application
\n
procedures, including those in the field of the valuation of
\n
Belgian regulated real estate companies (pursuant to the
\n
provisional decrees; the experts reserve the right to adapt the
\n
valuation in the event of any amendments to the decrees).
\n
Fair value is specifically defined as the price that would be
\n
received upon sale of an asset or that would have to be paid
\n
upon the transfer of an obligation in an arm\u2019s length transaction
\n
between market parties on the valuation date.
\n
From the point of view of the seller, it must be construed minus
\n
the transaction taxes. The estimated amount of the transaction
\n
taxes is immediately deducted from the results at initial
\n
recognition.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Comments on the real estate transfer tax in Belgium
\n
The transfer of ownership of real estate is subject to transfer
\n
taxes in Belgium. The amount of these taxes depends on the
\n
manner of transfer, the capacity of the buyer and the geographical
\n
location of the property. The first two elements, and hence the
\n
full amount of the taxes due, are therefore only known when the
\n
transfer of ownership has been completed. The different transfer
\n
of ownership possibilities and the corresponding taxes are:
\n
\u2013 real estate sales agreements: 12.50% for properties located
\n
in Brussels-Capital Region and in the Walloon Region, 12%
\n
for properties located in the Flemish Region;
\n
\u2013 sale of real estate under the broker system: 4% to 8%
\n
depending on the Region;
\n
\u2013 long-term lease agreements for real estate (up to 50 years
\n
for the right of superficies and up to 99 years for the long-
\n
term lease right): 2%
\n
\u2013 real estate sales agreements where the purchaser is a
\n
public body (e.g. an entity of the European Union, the
\n
Federal Government, a regional government or a foreign
\n
government): exemption from duties;
\n
\u2013 non-monetary contribution of real estate in return for the
\n
issuance of new shares to the benefit of the contributor:
\n
exemption from duties;
\n
\u2013 sales agreement for shares of a real estate company: absence
\n
of duties;
\n
\u2013 merger, demerger and other company reorganisations:
\n
absence of duties; etc.
\n
As a result, the actual percentage of the transfer taxes varies
\n
from 0% to 12.50%; it is furthermore impossible to predict
\n
which percentage is applicable to the transfer of a given Belgian
\n
property before the actual transfer takes place.
\n
In January 2006, all experts involved in determining the value of
\n
Belgian BE-REITs were asked to determine a weighted average
\n
percentage of the actual taxes for the real estate portfolios
\n
of the BE-REITs. For transactions of properties with a value of
\n
over \u20ac 2.50 million, and in view of the range of methods for
\n
transferring ownership (see above), the experts calculated the
\n
weighted average taxes at 2.50% based on a representative
\n
sample of 220 market transactions with a total worth of \u20ac 6
\n
billion that took place between 2003 and 2005. As regards
\n
transactions involving buildings of which the total value is lower
\n
than \u20ac 2.50 million, transfer duties are applied depending on
\n
the Region in which the premises are located. It was decided to
\n
adjust this percentage by multiples of 0.5% if necessary.
\n
In 2016, an update of this calculation was made according to the
\n
methodology used in 2006 based on a sample of 305 large or
\n
institutional transactions (threshold of \u20ac 2.5 million) that occurred
\n
between 2013 and the 1
\n
st
\n
quarter of 2016 (this is 70% or 8.18
\n
billion of the estimated total number of investment transactions
\n
during this period). The experts came to the conclusion that the
\n
0.5% threshold was not exceeded. Consequently, the weighted
\n
average of 2.5% was retained.
\n
Retail Estates nv considers its real estate portfolio as a whole
\n
which can be disposed of as a whole or as a limited number of
\n
larger parts. Retail Estates manages its real estate at portfolio
\n
level whenever possible (\u201cretail cluster and retail parks\u201d, see
\n
management report and chapter \u201coverview of real estate
\n
portfolio\u201d in the real estate report for an overview of the clusters).
\n
Consequently, the fair value is determined by deducting 2.5%
\n
from the value of the properties (in accordance with the valuation
\n
at \u201cfair value\u201d of its valuation appraisers Cushman & Wakefield,
\n
CBRE, Colliers and Stadim). In accordance with its strategy, Retail
\n
Estates does in principle not have the intention to sell individual
\n
properties within the clusters with an investment value below
\n
\u20ac 2.5 million.
\n
Comments on the real estate transfer tax in the Netherlands
\n
As from 1 January 2023, the Dutch real estate transfer tax is
\n
10.4% (8% since 1 January 2021, previously 6%). For the other
\n
costs (e.g. notary fees) Retail Estates charges between 0.08%
\n
and 1% extra.
\n
Any gains or losses resulting from fluctuations in the fair value of
\n
an investment property are recognised in the income statement
\n
in the period in which they arise and assigned to the reserves
\n
for the balance of fluctuations in the fair value of real estate
\n
properties during the appropriation of profits.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expenditure for works on investment properties
\n
The expenditure for works on investment properties is charged
\n
to the operating property result if the expenditure does not have
\n
a positive effect on the expected future economic benefits, and
\n
is capitalised if it substantially increases the expected economic
\n
benefits it brings to the entity. There are two major types of
\n
expenditure:
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n
a) the costs of maintenance and repairs to roofs and parking
\n
areas: these costs are charged to the operating property
\n
result;
\n
b) the costs of major transformation and renovation works:
\n
transformations are occasional projects that add an additional
\n
function to the building or considerably improve the existing
\n
comfort. These costs relate to materials, fees, contracting
\n
works and the like. Internal management and supervisory
\n
costs are not capitalised. As soon as they have commenced,
\n
such works are included in the assessed value of the building in
\n
question (initially on a provisional basis and then permanently
\n
following a visit by the real estate expert). Any works that
\n
remain to be done are deducted from the valuation. Once
\n
these works have been completed, the costs are capitalised
\n
and hence added to the fair value of the investment properties.
\n
Disposal of investment properties
\n
The gains or losses realised from the sale of an investment
\n
property are classified as \u201cResult from sales of investment
\n
properties\u201d in the income statement and are allocated to the
\n
result carried forward upon the appropriation of results. The
\n
commissions paid for sales and the liabilities resulting from
\n
transactions are deducted from the selling price in order to
\n
determine the gain or loss realised.
\n\n
Non-current assets under construction
\n
Under the adjusted IAS 40 standard, non-current assets under
\n
construction are included in the investment properties. If
\n
purchased, they are valued at the acquisition value, including
\n
incidental costs and non-deductible VAT.
\n
If the Group believes that the fair value of the investment
\n
properties under development cannot be determined in a reliable
\n
manner but assumes it will be possible to determine the fair value
\n
once the properties have been contracted, licensed and rented,
\n
the investment properties under development will be registered
\n
at cost price until the fair value can be determined (when they
\n
have been contracted, licensed and rented or until construction
\n
is completed (whichever happens first)) in accordance with IAS
\n
40.53. This fair value is based on the valuation by the real estate
\n
expert after deducting the work that remains to be performed.
\n
A non-current asset under construction can relate to a plot of
\n
land, a building to be demolished or an existing building that
\n
needs to be given a new purpose, requiring considerable
\n
renovation work to realise the desired purpose.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n

\n
Real estate certificates
\n
Valuation
\n
1. General principle
\n
If the holder of the certificates does not have a material interest
\n
(more than 75%) in a real estate certificate, the certificates shall
\n
be booked on the closing date at the weighted average quoted
\n
price during the preceding 30 days and classified as \u201cnon-current
\n
financial assets\u201d.
\n
The aforementioned rule does not apply if, on the basis of publicly
\n
available information and the issue conditions for the real estate
\n
certificate, a net asset value is noted that is substantially below the
\n
stock market price. The value is then limited to the net asset value.
\n
2. Ownership of material interest (more than 75%) in certificates
\n
issued (as of 31 March 2024 only applicable to the \u201cDistri-
\n
Land\u201d real estate certificates)
\n
The quoted price of these real estate certificates as listed on the
\n
Euronext \u2013 Second Market cannot be considered as a reliable
\n
reference given the limited liquidity of this real estate certificate.
\n
Retail Estates nv\u2019s policy is to revalue its real estate certificates
\n
on every closing date in view of:
\n\n
a) the fair value of the immovable properties owned by the
\n
issuer by analogy with the valuation of the company\u2019s own real
\n
properties. This is done on the basis of a periodic valuation
\n
by a real estate expert hired jointly by Retail Estates nv and
\n
Immobili\u00e8re Distri-Land nv. Where one or more buildings are
\n
sold by the real estate certificate issuer, the sales price shall be
\n
used as valuation until the distribution of the sale\u2019s proceeds;
\n

\n\n\n\n\n\n\n\n\n\n\n
b) the contractual rights of the holder of the real estate certificate
\n
in compliance with the prospectus that was published at the
\n
time of issue of the real estate certificate.
\n
Retail Estates nv only invests in certificates issued for the financing
\n
of out-of-town retail real estate. The real estate owned by the
\n
issuer is the type of out-of-town retail real estate in which Retail
\n
Estates nv aims to invest. Although Retail Estates nv is not the legal
\n
owner of this real estate, it considers itself to be the economic
\n
beneficiary in proportion to its contractual rights in ownership. In
\n
addition, an investment in real estate certificates is regarded as an
\n
investment in real estate pursuant to Article 2, sub. 5\u00b0, x, of the
\n
BE-REIT Act.
\n
Taking these considerations into account, the certificates are
\n
classified as real estate investments at their acquisition value,
\n
including additional expenses. Any gains or losses resulting
\n
from fluctuations in the fair value of an investment property
\n
are recognised in the income statement in the period in which
\n
they arise and assigned to the unavailable reserves at the time
\n
of the appropriation of profits. On 31 March 2024, the value of
\n
the investment properties related to the Distri-Land certificates
\n
amounts to \u20ac 17.35 million (\u20ac16.22 million on 31 March 2023)
\n
compared to a total portfolio of Retail Estates of \u20ac 2,082.32
\n
million.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Processing of coupons
\n
1. Processing of current operating result
\n
As a holder of real estate certificates, Retail Estates nv has a
\n
contractual right, in proportion to the number of real estate
\n
certificates in its possession, to a share of the operating result
\n
realised by the issuer. This result is calculated by deducting the
\n
operating and maintenance expenses from the total rental income
\n
collected. The entire decrease or increase in value is recognised
\n
by re-estimating the value of the real estate certificate. As a
\n
result, no part of the coupon relating to the operating result
\n
should be regarded as compensation for any reduction in value
\n
of the issuer\u2019s buildings. The entire coupon is therefore treated
\n
as net rental income and is classified as turnover.
\n
2. Processing of the liquidation balance in case of sale of real
\n
estate
\n
Whenever a particular property in the issuer\u2019s portfolio is sold,
\n
the following applies:
\n
the net proceeds, after retention of any withholding tax liability,
\n
are only recognised as realised capital gains in Retail Estates
\n
nv\u2019s accounts equal to the amount of the difference between
\n
the book value of the real estate certificate on the closing date
\n
increased by the net liquidation coupon on the one hand and
\n
the book value on the previous closing date on the other. The
\n
book value of the real estate certificate is calculated at each
\n
closing date by performing a valuation of the certificate holder\u2019s
\n
contractual rights as they appear in the issue prospectus based
\n
on the fair value of the immovable property owned by the issuer
\n
as validated by the real estate expert of Retail Estates nv on the
\n
closing date. Any gains or losses resulting from fluctuations in
\n
the fair value of an investment property are recognised in the
\n
income statement and incorporated in the period in which they
\n
arise and are assigned to the reserves available for distribution
\n
at the time of the appropriation of profits.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Note 11
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Result on disposals of
investment properties
(in \u20ac 000)31.03.202431.03.2023
Book value of sold real
estate properties12,6529,662
Net sales price of invest-
ment properties (sales price
- transaction costs)12,3739,801
Other-120
Total gain or loss on dispo-
sals of investment proper-
ties-399139
\n\n\n\n\n
\n
In the past financial year, properties were divested for a net sales
\n
price of \u20ac 12.37 million. A net capital loss of \u20ac -0.40 million was
\n
realised on these divestments. Overall, sales revenues represent
\n
a sales value that is in line with the investment value of the real
\n
estate expert. Please refer to the Management Report for more
\n
information.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
Note 12
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Changes in fair value of
investment properties
(in \u20ac 000) 31.03.202431.03.2023
Change in investment
properties due to value
adjustments63,31578,191
Change in investment
properties due to change in
transaction costs-12,125-22,274
Total changes in fair value
of investment properties51,19055,917
\n\n\n\n\n
\n
\n
On 1 January 2023, the Dutch transfer tax was raised from 8%
\n
to 10.4%. On 1 January 2021, the transaction costs had already
\n
been raised from 6% to 8%. At the time, the real estate experts
\n
deducted the full amount of the increase from the investment
\n
value in order to obtain the fair value of the real estate. One
\n
year later, it became clear that the transfer tax was not entirely
\n
borne by the seller and that the initial yield upon the transfer of
\n
assets also decreased. For this reason, half of the amount of the
\n
increase has been deducted in the past financial year, pending
\n
new transactions.
\n
During financial year 2022-2023, actual rents were indexed by
\n
9% on average. However, this indexation was not included in
\n
the expected contractual rents by the real estate experts. During
\n
2023-2024, there is sufficient market evidence for the real estate
\n
experts to assume that the indexations for most properties
\n
are permanent in nature. The expected contractual rents were
\n
brought more in line with actual rents.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Other result on portfolio-365-4,596
\n\n\n\n\n
\n
The other result on portfolio on 31 March 2023 mainly related to
\n
deferred taxes on the Dutch properties. Given the grant of FBI
\n
status, no provision for deferred taxes was made in 2023-2024.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
\n
Note 39
\n
Acquired real estate companies and investment properties
\n
As per 31.03.2024
\n
Acquisitions and in-house developments in financial year 2023-
\n
2024 resulted in an increase of the real estate portfolio by \u20ac 92.23
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 13.67 million in financial year 2023-2024. If the
\n
acquisitions had taken place on 1 April 2023, the rental income
\n
would have increased by \u20ac 5.48 million. The operating result
\n
increased by \u20ac 4.38 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n
As per 31.03.2023
\n
Acquisitions and in-house developments in financial year 2022-
\n
2023 resulted in an increase of the real estate portfolio by \u20ac 63.38
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 2.51 million in financial year 2022-2023. If the
\n
acquisitions had taken place on 1 April 2022, the rental income
\n
would have increased by \u20ac 5.57 million. The operating result
\n
increased by \u20ac 2.01 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n\n
Sold real estate companies and investment properties
\n
As per 31.03.2024
\n
Divestments were made during the 2023-2024 financial year for a
\n
net sales price of \u20ac 12.37 million, which resulted in a decrease in
\n
investment properties by \u20ac 8.44 million and a decrease in assets
\n
held for sale by \u20ac 4.21. Rental income declined by \u20ac 0.06 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2023, the rental income would have decreased
\n
by \u20ac 0.63 million.
\n
As per 31.03.2023
\n
Divestments were made during the 2022-2023 financial year for
\n
a net sales price of \u20ac 9.80 million, which resulted in a decrease in
\n
investment properties by \u20ac 5.83 million and a decrease in assets
\n
held for sale by \u20ac 3.84. Rental income declined by \u20ac 0.21 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2022, the rental income would have decreased
\n
by \u20ac 0.38 million.
\n
\n\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag595": { "value": "\n
Investment properties
\n
Valuation at initial recognition
\n
Investment properties comprise all real estate properties that
\n
are ready to be let. Investment properties are initially valued
\n
at acquisition cost, including additional expenses and non-
\n
deductible VAT. The exit tax, owed by companies over which the
\n
public BE-REIT acquires direct or indirect control, is furthermore
\n
in principle deducted from the value of the underlying property
\n
as it concerns a tax on the latent capital gain existing in the
\n
acquired company prior to the acquisition unless these
\n
companies do not qualify for a merger with the public BE-REIT
\n
(as decided by the board of directors). The commissions related
\n
to the acquisition of buildings are regarded as additional costs
\n
of the acquisition and are added to the acquisition cost.
\n
If a property is acquired through non-monetary contributions,
\n
any third-party costs directly attributable to the issuance of new
\n
shares shall be deducted from equity. The contributed properties
\n
are valued at contribution value at initial recognition.
\n
The user rights recognised in the balance sheet for concessions,
\n
long leases or similar lease agreements (following the entry into
\n
force of IFRS 16) are also regarded as a real estate investment.
\n
Valuation after initial recognition
\n
At the end of each quarter, an independent real estate expert
\n
shall provide an exact assessment of the following elements:
\n
\u2013 the immovable properties, the properties that are immovable
\n
by their intended use, and the rights in rem on immovable
\n
properties held by Retail Estates nv or, where appropriate,
\n
by a subsidiary it controls;
\n
\u2013 the option rights on immovable properties held by Retail
\n
Estates nv or, where appropriate, by a subsidiary it controls, as
\n
well as the immovable properties to which these rights apply;
\n
\u2013 the contractual rights by which one or more immovable
\n
property assets are leased to Retail Estates nv or, where
\n
appropriate, to a subsidiary it controls, including the
\n
underlying immovable property.
\n
The experts perform their assessments in accordance with
\n
national and international standards and their application
\n
procedures, including those in the field of the valuation of
\n
Belgian regulated real estate companies (pursuant to the
\n
provisional decrees; the experts reserve the right to adapt the
\n
valuation in the event of any amendments to the decrees).
\n
Fair value is specifically defined as the price that would be
\n
received upon sale of an asset or that would have to be paid
\n
upon the transfer of an obligation in an arm\u2019s length transaction
\n
between market parties on the valuation date.
\n
From the point of view of the seller, it must be construed minus
\n
the transaction taxes. The estimated amount of the transaction
\n
taxes is immediately deducted from the results at initial
\n
recognition.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Comments on the real estate transfer tax in Belgium
\n
The transfer of ownership of real estate is subject to transfer
\n
taxes in Belgium. The amount of these taxes depends on the
\n
manner of transfer, the capacity of the buyer and the geographical
\n
location of the property. The first two elements, and hence the
\n
full amount of the taxes due, are therefore only known when the
\n
transfer of ownership has been completed. The different transfer
\n
of ownership possibilities and the corresponding taxes are:
\n
\u2013 real estate sales agreements: 12.50% for properties located
\n
in Brussels-Capital Region and in the Walloon Region, 12%
\n
for properties located in the Flemish Region;
\n
\u2013 sale of real estate under the broker system: 4% to 8%
\n
depending on the Region;
\n
\u2013 long-term lease agreements for real estate (up to 50 years
\n
for the right of superficies and up to 99 years for the long-
\n
term lease right): 2%
\n
\u2013 real estate sales agreements where the purchaser is a
\n
public body (e.g. an entity of the European Union, the
\n
Federal Government, a regional government or a foreign
\n
government): exemption from duties;
\n
\u2013 non-monetary contribution of real estate in return for the
\n
issuance of new shares to the benefit of the contributor:
\n
exemption from duties;
\n
\u2013 sales agreement for shares of a real estate company: absence
\n
of duties;
\n
\u2013 merger, demerger and other company reorganisations:
\n
absence of duties; etc.
\n
As a result, the actual percentage of the transfer taxes varies
\n
from 0% to 12.50%; it is furthermore impossible to predict
\n
which percentage is applicable to the transfer of a given Belgian
\n
property before the actual transfer takes place.
\n
In January 2006, all experts involved in determining the value of
\n
Belgian BE-REITs were asked to determine a weighted average
\n
percentage of the actual taxes for the real estate portfolios
\n
of the BE-REITs. For transactions of properties with a value of
\n
over \u20ac 2.50 million, and in view of the range of methods for
\n
transferring ownership (see above), the experts calculated the
\n
weighted average taxes at 2.50% based on a representative
\n
sample of 220 market transactions with a total worth of \u20ac 6
\n
billion that took place between 2003 and 2005. As regards
\n
transactions involving buildings of which the total value is lower
\n
than \u20ac 2.50 million, transfer duties are applied depending on
\n
the Region in which the premises are located. It was decided to
\n
adjust this percentage by multiples of 0.5% if necessary.
\n
In 2016, an update of this calculation was made according to the
\n
methodology used in 2006 based on a sample of 305 large or
\n
institutional transactions (threshold of \u20ac 2.5 million) that occurred
\n
between 2013 and the 1
\n
st
\n
quarter of 2016 (this is 70% or 8.18
\n
billion of the estimated total number of investment transactions
\n
during this period). The experts came to the conclusion that the
\n
0.5% threshold was not exceeded. Consequently, the weighted
\n
average of 2.5% was retained.
\n
Retail Estates nv considers its real estate portfolio as a whole
\n
which can be disposed of as a whole or as a limited number of
\n
larger parts. Retail Estates manages its real estate at portfolio
\n
level whenever possible (\u201cretail cluster and retail parks\u201d, see
\n
management report and chapter \u201coverview of real estate
\n
portfolio\u201d in the real estate report for an overview of the clusters).
\n
Consequently, the fair value is determined by deducting 2.5%
\n
from the value of the properties (in accordance with the valuation
\n
at \u201cfair value\u201d of its valuation appraisers Cushman & Wakefield,
\n
CBRE, Colliers and Stadim). In accordance with its strategy, Retail
\n
Estates does in principle not have the intention to sell individual
\n
properties within the clusters with an investment value below
\n
\u20ac 2.5 million.
\n
Comments on the real estate transfer tax in the Netherlands
\n
As from 1 January 2023, the Dutch real estate transfer tax is
\n
10.4% (8% since 1 January 2021, previously 6%). For the other
\n
costs (e.g. notary fees) Retail Estates charges between 0.08%
\n
and 1% extra.
\n
Any gains or losses resulting from fluctuations in the fair value of
\n
an investment property are recognised in the income statement
\n
in the period in which they arise and assigned to the reserves
\n
for the balance of fluctuations in the fair value of real estate
\n
properties during the appropriation of profits.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expenditure for works on investment properties
\n
The expenditure for works on investment properties is charged
\n
to the operating property result if the expenditure does not have
\n
a positive effect on the expected future economic benefits, and
\n
is capitalised if it substantially increases the expected economic
\n
benefits it brings to the entity. There are two major types of
\n
expenditure:
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n
a) the costs of maintenance and repairs to roofs and parking
\n
areas: these costs are charged to the operating property
\n
result;
\n
b) the costs of major transformation and renovation works:
\n
transformations are occasional projects that add an additional
\n
function to the building or considerably improve the existing
\n
comfort. These costs relate to materials, fees, contracting
\n
works and the like. Internal management and supervisory
\n
costs are not capitalised. As soon as they have commenced,
\n
such works are included in the assessed value of the building in
\n
question (initially on a provisional basis and then permanently
\n
following a visit by the real estate expert). Any works that
\n
remain to be done are deducted from the valuation. Once
\n
these works have been completed, the costs are capitalised
\n
and hence added to the fair value of the investment properties.
\n
Disposal of investment properties
\n
The gains or losses realised from the sale of an investment
\n
property are classified as \u201cResult from sales of investment
\n
properties\u201d in the income statement and are allocated to the
\n
result carried forward upon the appropriation of results. The
\n
commissions paid for sales and the liabilities resulting from
\n
transactions are deducted from the selling price in order to
\n
determine the gain or loss realised.
\n\n
Non-current assets under construction
\n
Under the adjusted IAS 40 standard, non-current assets under
\n
construction are included in the investment properties. If
\n
purchased, they are valued at the acquisition value, including
\n
incidental costs and non-deductible VAT.
\n
If the Group believes that the fair value of the investment
\n
properties under development cannot be determined in a reliable
\n
manner but assumes it will be possible to determine the fair value
\n
once the properties have been contracted, licensed and rented,
\n
the investment properties under development will be registered
\n
at cost price until the fair value can be determined (when they
\n
have been contracted, licensed and rented or until construction
\n
is completed (whichever happens first)) in accordance with IAS
\n
40.53. This fair value is based on the valuation by the real estate
\n
expert after deducting the work that remains to be performed.
\n
A non-current asset under construction can relate to a plot of
\n
land, a building to be demolished or an existing building that
\n
needs to be given a new purpose, requiring considerable
\n
renovation work to realise the desired purpose.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n
Real estate certificates
\n
Valuation
\n
1. General principle
\n
If the holder of the certificates does not have a material interest
\n
(more than 75%) in a real estate certificate, the certificates shall
\n
be booked on the closing date at the weighted average quoted
\n
price during the preceding 30 days and classified as \u201cnon-current
\n
financial assets\u201d.
\n
The aforementioned rule does not apply if, on the basis of publicly
\n
available information and the issue conditions for the real estate
\n
certificate, a net asset value is noted that is substantially below the
\n
stock market price. The value is then limited to the net asset value.
\n
2. Ownership of material interest (more than 75%) in certificates
\n
issued (as of 31 March 2024 only applicable to the \u201cDistri-
\n
Land\u201d real estate certificates)
\n
The quoted price of these real estate certificates as listed on the
\n
Euronext \u2013 Second Market cannot be considered as a reliable
\n
reference given the limited liquidity of this real estate certificate.
\n
Retail Estates nv\u2019s policy is to revalue its real estate certificates
\n
on every closing date in view of:
\n\n
a) the fair value of the immovable properties owned by the
\n
issuer by analogy with the valuation of the company\u2019s own real
\n
properties. This is done on the basis of a periodic valuation
\n
by a real estate expert hired jointly by Retail Estates nv and
\n
Immobili\u00e8re Distri-Land nv. Where one or more buildings are
\n
sold by the real estate certificate issuer, the sales price shall be
\n
used as valuation until the distribution of the sale\u2019s proceeds;
\n

\n\n\n\n\n\n\n\n\n\n\n
b) the contractual rights of the holder of the real estate certificate
\n
in compliance with the prospectus that was published at the
\n
time of issue of the real estate certificate.
\n
Retail Estates nv only invests in certificates issued for the financing
\n
of out-of-town retail real estate. The real estate owned by the
\n
issuer is the type of out-of-town retail real estate in which Retail
\n
Estates nv aims to invest. Although Retail Estates nv is not the legal
\n
owner of this real estate, it considers itself to be the economic
\n
beneficiary in proportion to its contractual rights in ownership. In
\n
addition, an investment in real estate certificates is regarded as an
\n
investment in real estate pursuant to Article 2, sub. 5\u00b0, x, of the
\n
BE-REIT Act.
\n
Taking these considerations into account, the certificates are
\n
classified as real estate investments at their acquisition value,
\n
including additional expenses. Any gains or losses resulting
\n
from fluctuations in the fair value of an investment property
\n
are recognised in the income statement in the period in which
\n
they arise and assigned to the unavailable reserves at the time
\n
of the appropriation of profits. On 31 March 2024, the value of
\n
the investment properties related to the Distri-Land certificates
\n
amounts to \u20ac 17.35 million (\u20ac16.22 million on 31 March 2023)
\n
compared to a total portfolio of Retail Estates of \u20ac 2,082.32
\n
million.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Processing of coupons
\n
1. Processing of current operating result
\n
As a holder of real estate certificates, Retail Estates nv has a
\n
contractual right, in proportion to the number of real estate
\n
certificates in its possession, to a share of the operating result
\n
realised by the issuer. This result is calculated by deducting the
\n
operating and maintenance expenses from the total rental income
\n
collected. The entire decrease or increase in value is recognised
\n
by re-estimating the value of the real estate certificate. As a
\n
result, no part of the coupon relating to the operating result
\n
should be regarded as compensation for any reduction in value
\n
of the issuer\u2019s buildings. The entire coupon is therefore treated
\n
as net rental income and is classified as turnover.
\n
2. Processing of the liquidation balance in case of sale of real
\n
estate
\n
Whenever a particular property in the issuer\u2019s portfolio is sold,
\n
the following applies:
\n
the net proceeds, after retention of any withholding tax liability,
\n
are only recognised as realised capital gains in Retail Estates
\n
nv\u2019s accounts equal to the amount of the difference between
\n
the book value of the real estate certificate on the closing date
\n
increased by the net liquidation coupon on the one hand and
\n
the book value on the previous closing date on the other. The
\n
book value of the real estate certificate is calculated at each
\n
closing date by performing a valuation of the certificate holder\u2019s
\n
contractual rights as they appear in the issue prospectus based
\n
on the fair value of the immovable property owned by the issuer
\n
as validated by the real estate expert of Retail Estates nv on the
\n
closing date. Any gains or losses resulting from fluctuations in
\n
the fair value of an investment property are recognised in the
\n
income statement and incorporated in the period in which they
\n
arise and are assigned to the reserves available for distribution
\n
at the time of the appropriation of profits.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Note 11
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Result on disposals of
investment properties
(in \u20ac 000)31.03.202431.03.2023
Book value of sold real
estate properties12,6529,662
Net sales price of invest-
ment properties (sales price
- transaction costs)12,3739,801
Other-120
Total gain or loss on dispo-
sals of investment proper-
ties-399139
\n\n\n\n\n
\n
In the past financial year, properties were divested for a net sales
\n
price of \u20ac 12.37 million. A net capital loss of \u20ac -0.40 million was
\n
realised on these divestments. Overall, sales revenues represent
\n
a sales value that is in line with the investment value of the real
\n
estate expert. Please refer to the Management Report for more
\n
information.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n

\n\n
Note 12
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Changes in fair value of
investment properties
(in \u20ac 000) 31.03.202431.03.2023
Change in investment
properties due to value
adjustments63,31578,191
Change in investment
properties due to change in
transaction costs-12,125-22,274
Total changes in fair value
of investment properties51,19055,917
\n\n\n\n\n
\n
\n
On 1 January 2023, the Dutch transfer tax was raised from 8%
\n
to 10.4%. On 1 January 2021, the transaction costs had already
\n
been raised from 6% to 8%. At the time, the real estate experts
\n
deducted the full amount of the increase from the investment
\n
value in order to obtain the fair value of the real estate. One
\n
year later, it became clear that the transfer tax was not entirely
\n
borne by the seller and that the initial yield upon the transfer of
\n
assets also decreased. For this reason, half of the amount of the
\n
increase has been deducted in the past financial year, pending
\n
new transactions.
\n
During financial year 2022-2023, actual rents were indexed by
\n
9% on average. However, this indexation was not included in
\n
the expected contractual rents by the real estate experts. During
\n
2023-2024, there is sufficient market evidence for the real estate
\n
experts to assume that the indexations for most properties
\n
are permanent in nature. The expected contractual rents were
\n
brought more in line with actual rents.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Other result on portfolio-365-4,596
\n\n\n\n\n
\n
The other result on portfolio on 31 March 2023 mainly related to
\n
deferred taxes on the Dutch properties. Given the grant of FBI
\n
status, no provision for deferred taxes was made in 2023-2024.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n
Note 21
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Investment properties1Assets held for saleTotal
Investment and revaluation table
(in \u20ac 000)31.03.202431.03.202331.03.202431.03.202331.03.202431.03.2023
Balance at the end of the previous
financial year1,888,5621,759,8808,56111,8071,897,1231,771,687
Acquisition through purchase of real
estate companies3,2000003,2000
\"Acquisition through
contribution real estate companies\"000000
Capitalised interest cost101460010146
Acquisiton of investment properties85,11560,061071985,11560,780
Investments that result from sub-
sequent expenses included in the
carrying amount of the asset8,40714,866008,40714,866
Contribution of investment properties000000
Disposal through sale of real estate
companies000000
Disposal of investment properties-8,442-5,826-4,210-3,836-12,652-9,662
Transfers to assets held for sale-4,20104,201000
IFRS 1623072900230729
Other transfers0485000485
Acquisiton of non-current assets under
construction4,1562,278004,1562,278
Completion of non-current assets
under construction to portfolio3,9142,601003,9142,601
Transfer of non-current assets under
construction to portfolio-3,914-2,60100-3,914-2,601
Transfer of fixed assets under con-
struction to investments in associated
companies000000
Change in fair value (+/-)51,19056,0440-13051,19055,915
At the end of the financial year2,028,3171,888,5628,5528,5612,036,8701,897,122
OTHER INFORMATIONS
Investment value of the property2,134,5311,983,2048,7668,7752,143,2971,991,979
\n\n\n\n\n
\n
1
\n
Including non-current assets under construction (IAS 40).
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n
Investments resulting from subsequent expenditure included
\n
in the book value of the assets amounted to \u20ac 8.41 million in
\n
financial year 2023-2024. In addition, the company realised
\n
\u20ac 3.91 million from the development of property for its own
\n
account and invested \u20ac 4.16 million in the development of
\n
property for its own account.
\n
Where the evolutions in investment properties and the assets
\n
held for sale are concerned, please refer to the \u201cComments on
\n
the consolidated accounts for financial year 2023-2024\u201d.
\n
As mentioned in the valuation rules, non-current assets under
\n
construction are included in the investment properties, in
\n
accordance with the adjusted IAS 40 standard. If purchased, they
\n
are valued at the acquisition value, including incidental costs and
\n
non-deductible VAT.
\n
If the Group believes that the fair value of the investment
\n
properties under development cannot be determined in a reliable
\n
manner but assumes it will be possible to determine the fair value
\n
once the properties have been contracted, licensed and rented,
\n
the investment properties under development will be registered
\n
at cost price until the fair value can be determined (when they
\n
have been contracted, licensed and rented or until construction
\n
is completed, whichever happens first) in accordance with IAS
\n
40.53. This fair value is based on the valuation by the real estate
\n
expert after deducting the work that remains to be performed.
\n\n

\n\n

\n\n

\n
IFRS 13
\n
IFRS 13 introduced a uniform framework for valuation at fair
\n
value and the provision of information on valuation at fair value,
\n
where this valuation principle is obligatory or permitted on
\n
the basis of other IFRS standards. In this context, fair value is
\n
specifically defined as the price that would be received upon
\n
sale of an asset or that would have to be paid upon the transfer
\n
of an obligation in an arm\u2019s length transaction between market
\n
parties on the valuation date.
\n
Investment properties are recorded at fair value. Fair value is
\n
determined on the basis of one of the following levels of the
\n
IFRS 13 hierarchy:
\n
\u2013 Level 1: valuation based on quoted prices in active markets
\n
\u2013 Level 2: valuation based on directly or indirectly observable
\n
(external) inputs
\n
\u2013 Level 3: valuation entirely or partly based on unobservable
\n
(external) inputs
\n
Investment properties fall under level 3 according to the IFRS 13
\n
classification.
\n\n
Valuation methodology
\n
Investment properties are recorded on the basis of appraisal
\n
reports drawn up by independent expert real estate appraisers.
\n
Investment properties are valued at fair value. This fair value
\n
is based on the market value (i.e. corrected for transfer tax as
\n
described in the \u201cAccounting policies\u201d described above in this
\n
Annual Financial Report).
\n
The methods used by the independent real estate appraisers are
\n
the following:
\n
The investment value is generally calculated on the basis of a
\n
GIY (Gross Initial Yield) capitalisation of the current contractual
\n
basic annual rent, taking into account possible corrections
\n
like estimated market rental value, vacancy, step-rents, rent-
\n
free periods etc. The GIY depends on current output on the
\n
investment market, taking into account the location, the
\n
suitability of the site, the quality of the tenant and the building
\n
at the moment of the valuation.
\n
In case of buildings where the property rights are divided in
\n
bare ownership on the one hand and rights of superficies or
\n
long lease rights on the other, the value of the superficies or
\n
long lease rights is determined by discounting (Discounted
\n
Cash Flow) the net rental income, i.e. after deduction of the
\n
superficies or ground rent, until the end of the long lease or
\n
superficies agreement.
\n
The value of the bare ownership is determined by updating
\n
(Discounted Cash Flow) the periodical superficies or leasehold
\n
rent until the expiry date of this agreement.
\n
Within the framework of ESG objectives, investments are being
\n
made in solar panels which, in accordance with GVV legislation,
\n
must be valued by a recognized real estate expert. The value
\n
of the solar panels is determined using a theoretical model
\n
based on the individual potential electricity production of each
\n
installation. They are then valued on the basis of the variable
\n
market price for electricity at the time of valuation. Hereby
\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n
abstraction is made of the current operating conditions in order
\n
to arrive at a kind of estimated rental value for the installations.
\n
By applying a return that would be paid if the installation were
\n
taken over by third parties, the market value is determined.
\n
Unobservable inputs for the determination of the fair value:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Weighted Weighted
CountryMethodInputRangeaverageRangeaverage
Gross Initial Yield-Capitalisation rate (%)5.25% - 10 %6.64%5.25%-10%6.34%
capitali zationAnnual market rent (EUR/m\u00b2)25 - 250110.7525-250105.85
Remaining lease duration
(expiry date) (in months)0-552m92m0m-564m93m
Remaining lease duration
(first break option) (in
months)0-204m19m0m-216m19m
Vacancy (in months)0m - 12m/0m-12m/
BelgiumDCF (Discounted Discount rate (%)5.7% - 10.00%6.80%5.6%-10.00%6.22%
Cashflow)Annual rent (EUR/m\u00b2)50-250112.2150-200107.13
Remaining lease duration
(expiry date) (in months)0-468m900m-480m95m
Remaining lease duration
(first break option) (in
months)0-468m380m-480m40m
Vacancy (in months)0m - 12 m/0m-12m/
Gross Initial Yield-Capitalisation rate (%)5.58%-10.36%8.27%5.48%-10.04%6.62%
capitali zationAnnual market rent (EUR/m\u00b2)50 - 351107.2350-255102.92
The Remaining lease duration
Nether-(expiry date) (in months)0-168m43m0m-168m46m
landsRemaining lease duration
(first break option) (in
months)0-168m43m0m-168m26m
Vacancy (in months)0-12m/0m-12m/
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
Sensitivity of valuations
\n\n
The sensitivity of the fair value in relation to changes in the
\n
significant unobservable inputs used to determine the fair value
\n
of the properties classified in level 3 (in accordance with the
\n
IFRS fair value hierarchy) is the following (ceteris paribus): the
\n
effect of the increase (decrease) of the rental income by 1%
\n
leads to an increase (a decrease) in the portfolio\u2019s fair value by
\n
\u20ac 20.28 million. The effect of an increase (decrease) of the rental
\n
income by 2% or 5% is linear. The effect of an increase in the
\n
yield by 100 bps leads to a decrease in the portfolio\u2019s fair value
\n
by \u20ac 260.27 million. A decrease in the yield by 100 bps leads to
\n
an increase in the portfolio\u2019s fair value by \u20ac 350.31 million.
\n

\n\n\n\n\n\n\n\n\n\n
Valuation process
\n
The valuation process for real estate is determined by the CEO
\n
and the CFO after approval by the audit committee. They
\n
also decide on the independent real estate expert who will be
\n
appointed for the different parts of the real estate portfolio.
\n
Typically, contracts are entered into for a renewable term of
\n
three years. The fees of the real estate experts are determined
\n
for the term of their mandate and are not connected to the value
\n
of the properties that are the subject of the valuation.
\n
An independent real estate expert is appointed for each
\n
country in order to ensure that the specific characteristics of
\n
each geographic region are reflected correctly. The real estate
\n
portfolio is valued on a quarterly basis. The valuation method
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
(see above) is determined by the real estate expert. The
\n
valuation cycle in the course of a financial year consists of a visit
\n
to the property, after which a detailed report is drawn up, as well
\n
as three desktop reviews.
\n
The reports of the independent real estate experts are based on:
\n
\u2013 Information provided by the company, such as current rents,
\n
terms and conditions of lease agreements, possible rent
\n
reductions, investments etc. This information originates
\n
from the financial and management system of the public BE-
\n
REIT and is governed by the company\u2019s general monitoring
\n
system.
\n
\u2013 Assumptions and valuation models put forward by real
\n
estate experts. The assumptions mainly relate to the market
\n
situation and concern yields and discount rates. They are
\n
based on their professional assessment and perception of
\n
the market.
\n
The information provided to the real estate experts and
\n
the assumptions and valuation models used are checked by
\n
the company\u2019s finance manager and the public BE-REIT\u2019s
\n
management. All material differences (positive as well as
\n
negative) in absolute and relevant terms (versus the previous
\n
quarter and versus the previous year) are compared and analysed
\n
every quarter. On this basis, the management meets with the
\n
real estate experts with a view to accurately and fully reflecting
\n
all information regarding the various sites in the valuations.
\n
Finally, the final valuations are presented to the audit committee.
\n
Impact of the sale of investment properties
\n
Divestments during the financial year 2023-2024 resulted in a
\n
decrease in investment properties and non-current assets held
\n
for sale by \u20ac 12.65 million.
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
\n
Note 39
\n
Acquired real estate companies and investment properties
\n
As per 31.03.2024
\n
Acquisitions and in-house developments in financial year 2023-
\n
2024 resulted in an increase of the real estate portfolio by \u20ac 92.23
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 13.67 million in financial year 2023-2024. If the
\n
acquisitions had taken place on 1 April 2023, the rental income
\n
would have increased by \u20ac 5.48 million. The operating result
\n
increased by \u20ac 4.38 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n
As per 31.03.2023
\n
Acquisitions and in-house developments in financial year 2022-
\n
2023 resulted in an increase of the real estate portfolio by \u20ac 63.38
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 2.51 million in financial year 2022-2023. If the
\n
acquisitions had taken place on 1 April 2022, the rental income
\n
would have increased by \u20ac 5.57 million. The operating result
\n
increased by \u20ac 2.01 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n\n
Sold real estate companies and investment properties
\n
As per 31.03.2024
\n
Divestments were made during the 2023-2024 financial year for a
\n
net sales price of \u20ac 12.37 million, which resulted in a decrease in
\n
investment properties by \u20ac 8.44 million and a decrease in assets
\n
held for sale by \u20ac 4.21. Rental income declined by \u20ac 0.06 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2023, the rental income would have decreased
\n
by \u20ac 0.63 million.
\n
As per 31.03.2023
\n
Divestments were made during the 2022-2023 financial year for
\n
a net sales price of \u20ac 9.80 million, which resulted in a decrease in
\n
investment properties by \u20ac 5.83 million and a decrease in assets
\n
held for sale by \u20ac 3.84. Rental income declined by \u20ac 0.21 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2022, the rental income would have decreased
\n
by \u20ac 0.38 million.
\n
\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag598": { "value": "\n

\n\n
Comments on the real estate transfer tax in Belgium
\n
The transfer of ownership of real estate is subject to transfer
\n
taxes in Belgium. The amount of these taxes depends on the
\n
manner of transfer, the capacity of the buyer and the geographical
\n
location of the property. The first two elements, and hence the
\n
full amount of the taxes due, are therefore only known when the
\n
transfer of ownership has been completed. The different transfer
\n
of ownership possibilities and the corresponding taxes are:
\n
\u2013 real estate sales agreements: 12.50% for properties located
\n
in Brussels-Capital Region and in the Walloon Region, 12%
\n
for properties located in the Flemish Region;
\n
\u2013 sale of real estate under the broker system: 4% to 8%
\n
depending on the Region;
\n
\u2013 long-term lease agreements for real estate (up to 50 years
\n
for the right of superficies and up to 99 years for the long-
\n
term lease right): 2%
\n
\u2013 real estate sales agreements where the purchaser is a
\n
public body (e.g. an entity of the European Union, the
\n
Federal Government, a regional government or a foreign
\n
government): exemption from duties;
\n
\u2013 non-monetary contribution of real estate in return for the
\n
issuance of new shares to the benefit of the contributor:
\n
exemption from duties;
\n
\u2013 sales agreement for shares of a real estate company: absence
\n
of duties;
\n
\u2013 merger, demerger and other company reorganisations:
\n
absence of duties; etc.
\n
As a result, the actual percentage of the transfer taxes varies
\n
from 0% to 12.50%; it is furthermore impossible to predict
\n
which percentage is applicable to the transfer of a given Belgian
\n
property before the actual transfer takes place.
\n
In January 2006, all experts involved in determining the value of
\n
Belgian BE-REITs were asked to determine a weighted average
\n
percentage of the actual taxes for the real estate portfolios
\n
of the BE-REITs. For transactions of properties with a value of
\n
over \u20ac 2.50 million, and in view of the range of methods for
\n
transferring ownership (see above), the experts calculated the
\n
weighted average taxes at 2.50% based on a representative
\n
sample of 220 market transactions with a total worth of \u20ac 6
\n
billion that took place between 2003 and 2005. As regards
\n
transactions involving buildings of which the total value is lower
\n
than \u20ac 2.50 million, transfer duties are applied depending on
\n
the Region in which the premises are located. It was decided to
\n
adjust this percentage by multiples of 0.5% if necessary.
\n
In 2016, an update of this calculation was made according to the
\n
methodology used in 2006 based on a sample of 305 large or
\n
institutional transactions (threshold of \u20ac 2.5 million) that occurred
\n
between 2013 and the 1
\n
st
\n
quarter of 2016 (this is 70% or 8.18
\n
billion of the estimated total number of investment transactions
\n
during this period). The experts came to the conclusion that the
\n
0.5% threshold was not exceeded. Consequently, the weighted
\n
average of 2.5% was retained.
\n
Retail Estates nv considers its real estate portfolio as a whole
\n
which can be disposed of as a whole or as a limited number of
\n
larger parts. Retail Estates manages its real estate at portfolio
\n
level whenever possible (\u201cretail cluster and retail parks\u201d, see
\n
management report and chapter \u201coverview of real estate
\n
portfolio\u201d in the real estate report for an overview of the clusters).
\n
Consequently, the fair value is determined by deducting 2.5%
\n
from the value of the properties (in accordance with the valuation
\n
at \u201cfair value\u201d of its valuation appraisers Cushman & Wakefield,
\n
CBRE, Colliers and Stadim). In accordance with its strategy, Retail
\n
Estates does in principle not have the intention to sell individual
\n
properties within the clusters with an investment value below
\n
\u20ac 2.5 million.
\n
Comments on the real estate transfer tax in the Netherlands
\n
As from 1 January 2023, the Dutch real estate transfer tax is
\n
10.4% (8% since 1 January 2021, previously 6%). For the other
\n
costs (e.g. notary fees) Retail Estates charges between 0.08%
\n
and 1% extra.
\n
Any gains or losses resulting from fluctuations in the fair value of
\n
an investment property are recognised in the income statement
\n
in the period in which they arise and assigned to the reserves
\n
for the balance of fluctuations in the fair value of real estate
\n
properties during the appropriation of profits.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Exit tax
\n
Exit tax is the corporate income tax on capital gains arising from
\n
the merger of a BE-REIT with a company that is not a BE-REIT.
\n
When this company first enters the consolidation scope of the
\n
Group, a provision for exit tax liabilities is recorded.
\n
In principle, intermediate revisions of this provision for exit tax
\n
only take place when the rise in value of this company\u2019s property
\n
calls for an increase. Any overvaluation owing to reductions in
\n
value is only established at the time of the actual merger.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag599": { "value": "\n
Comments on the real estate transfer tax in Belgium
\n
The transfer of ownership of real estate is subject to transfer
\n
taxes in Belgium. The amount of these taxes depends on the
\n
manner of transfer, the capacity of the buyer and the geographical
\n
location of the property. The first two elements, and hence the
\n
full amount of the taxes due, are therefore only known when the
\n
transfer of ownership has been completed. The different transfer
\n
of ownership possibilities and the corresponding taxes are:
\n
\u2013 real estate sales agreements: 12.50% for properties located
\n
in Brussels-Capital Region and in the Walloon Region, 12%
\n
for properties located in the Flemish Region;
\n
\u2013 sale of real estate under the broker system: 4% to 8%
\n
depending on the Region;
\n
\u2013 long-term lease agreements for real estate (up to 50 years
\n
for the right of superficies and up to 99 years for the long-
\n
term lease right): 2%
\n
\u2013 real estate sales agreements where the purchaser is a
\n
public body (e.g. an entity of the European Union, the
\n
Federal Government, a regional government or a foreign
\n
government): exemption from duties;
\n
\u2013 non-monetary contribution of real estate in return for the
\n
issuance of new shares to the benefit of the contributor:
\n
exemption from duties;
\n
\u2013 sales agreement for shares of a real estate company: absence
\n
of duties;
\n
\u2013 merger, demerger and other company reorganisations:
\n
absence of duties; etc.
\n
As a result, the actual percentage of the transfer taxes varies
\n
from 0% to 12.50%; it is furthermore impossible to predict
\n
which percentage is applicable to the transfer of a given Belgian
\n
property before the actual transfer takes place.
\n
In January 2006, all experts involved in determining the value of
\n
Belgian BE-REITs were asked to determine a weighted average
\n
percentage of the actual taxes for the real estate portfolios
\n
of the BE-REITs. For transactions of properties with a value of
\n
over \u20ac 2.50 million, and in view of the range of methods for
\n
transferring ownership (see above), the experts calculated the
\n
weighted average taxes at 2.50% based on a representative
\n
sample of 220 market transactions with a total worth of \u20ac 6
\n
billion that took place between 2003 and 2005. As regards
\n
transactions involving buildings of which the total value is lower
\n
than \u20ac 2.50 million, transfer duties are applied depending on
\n
the Region in which the premises are located. It was decided to
\n
adjust this percentage by multiples of 0.5% if necessary.
\n
In 2016, an update of this calculation was made according to the
\n
methodology used in 2006 based on a sample of 305 large or
\n
institutional transactions (threshold of \u20ac 2.5 million) that occurred
\n
between 2013 and the 1
\n
st
\n
quarter of 2016 (this is 70% or 8.18
\n
billion of the estimated total number of investment transactions
\n
during this period). The experts came to the conclusion that the
\n
0.5% threshold was not exceeded. Consequently, the weighted
\n
average of 2.5% was retained.
\n
Retail Estates nv considers its real estate portfolio as a whole
\n
which can be disposed of as a whole or as a limited number of
\n
larger parts. Retail Estates manages its real estate at portfolio
\n
level whenever possible (\u201cretail cluster and retail parks\u201d, see
\n
management report and chapter \u201coverview of real estate
\n
portfolio\u201d in the real estate report for an overview of the clusters).
\n
Consequently, the fair value is determined by deducting 2.5%
\n
from the value of the properties (in accordance with the valuation
\n
at \u201cfair value\u201d of its valuation appraisers Cushman & Wakefield,
\n
CBRE, Colliers and Stadim). In accordance with its strategy, Retail
\n
Estates does in principle not have the intention to sell individual
\n
properties within the clusters with an investment value below
\n
\u20ac 2.5 million.
\n
Comments on the real estate transfer tax in the Netherlands
\n
As from 1 January 2023, the Dutch real estate transfer tax is
\n
10.4% (8% since 1 January 2021, previously 6%). For the other
\n
costs (e.g. notary fees) Retail Estates charges between 0.08%
\n
and 1% extra.
\n
Any gains or losses resulting from fluctuations in the fair value of
\n
an investment property are recognised in the income statement
\n
in the period in which they arise and assigned to the reserves
\n
for the balance of fluctuations in the fair value of real estate
\n
properties during the appropriation of profits.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n
Corporate income tax
\n
Corporate income tax comprises the current tax burden on the
\n
profit or loss for the year. Corporate income tax is recognised
\n
directly in the income statement, except when relating to items
\n
recognised directly in shareholders\u2019 equity. In that case the tax
\n
is also recognised directly in shareholders\u2019 equity. The current
\n
tax burden includes the expected tax payable on the taxable
\n
income for the year as well as any adjustment to the tax payable
\n
for previous years.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
Exit tax
\n
Exit tax is the corporate income tax on capital gains arising from
\n
the merger of a BE-REIT with a company that is not a BE-REIT.
\n
When this company first enters the consolidation scope of the
\n
Group, a provision for exit tax liabilities is recorded.
\n
In principle, intermediate revisions of this provision for exit tax
\n
only take place when the rise in value of this company\u2019s property
\n
calls for an increase. Any overvaluation owing to reductions in
\n
value is only established at the time of the actual merger.
\n

\n\n\n\n\n\n\n\n

\n\n
Note 7
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Charges and taxes on
unlet properties (in \u20ac 000)31.03.202431.03.2023
Vacancy charges of the
financial year-197-265
Property tax on vacant
buildings-308-375
Total charges and taxes on
unlet properties-504-641
\n\n\n\n\n
\n
The costs and taxes relating to unlet buildings concern buildings
\n
that are vacant for a limited period of time in the context of
\n
a changeover between tenants and non-current assets under
\n
construction (mainly property tax). On 31 March 2024, the cost
\n
for vacant property was 0.36% of the rental income received,
\n
compared to 0.51% on 31 March 2023.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
Note 16
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Corporate income tax
(in \u20ac 000)31.03.202431.03.2023
Company-865-3,424
1. Corporate income tax -865-3,409
Current year taxes-1,131-2,108
Previous year tax adjust-
ment266-1,301
2. Exit tax-16
Subsidiaries1319,623
1. Corporate income tax 1319,623
Current year taxes-474-118
Previous year tax adjust-
ment6059,741
2. Exit tax0
Total corporate income tax -7346,199
\n\n\n\n\n
\n
A BE-REIT is subject to corporate income tax solely in respect
\n
of non-tax deductible expenditure and abnormal benefits.
\n
Deferred taxes are recorded for the subsidiaries on the difference
\n
between the book value after depreciation in the statutory
\n
annual accounts of these subsidiaries and the fair value. These
\n
deferred taxes are recorded at a rate of 15% if the respective
\n
boards of directors of Retail Estates nv and the subsidiary intend
\n
to merge the subsidiary with the public BE-REIT.
\n

\n\n\n\n\n\n\n
FBI status of Dutch companies
\n
In 2023, the Dutch tax authorities provided access to the FBI
\n
regime for all companies controlled by Retail Estates in the
\n
Netherlands for all fiscal years up to and including 2021. This
\n
confirmed that all conditions as FBI were met for 2021. On that
\n
basis and with facts and circumstances remaining unchanged
\n
for the time being, Retail Estates judges that the companies
\n
continue to meet all conditions within the current legislative
\n
framework. Therefore, it is expected today that the FBI regime
\n
will also apply to the fiscal years 2022, 2023 and 2024 and expire
\n
thereafter. On 27 December 2023, the law amending the FBI
\n
regime was published, as a result of which an FBI can no longer
\n
invest in Dutch real estate, except through a subsidiary subject
\n
to the regular Dutch corporate tax rate. The amendment will
\n
take effect as of 1 January 2025. Thus, for the fiscal year ending
\n
31 March 2024, the FBI regime will apply to all Dutch companies
\n
with the exception of Alex Invest N.V., which is not eligible for
\n
this regime. Following the granting of the FBI status (according
\n
to which a dividend tax rate of 5% applies), the tax cost has been
\n
reduced to \u20ac 0.63 million, i.e. the dividend tax.
\n

\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Note 24
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Tax receivables and other
current assets (in \u20ac 000)31.03.202431.03.2023
Taxes
VAT receivable0
Witholding tax receivable00
Property tax receivable1,9951,803
Salary and social security
Other5,3160
Total tax receivables and
other current assets7,3111,803
\n\n\n\n\n\n\n
\n
Other current assets relate to proceeds receivable for deeds of
\n
sale that are past due at closing date.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
Note 31
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Exit tax (in \u20ac 000)31.03.2024
Balance at the end of the previous financial
year391
Increase during the financial year897
Advance payments-550
Assessments
At the end of the financial year738
\n\n\n\n\n\n
\n
The exit tax refers to the taxes payable on the deferred capital
\n
gains of acquired real estate companies that will have to be paid
\n
at the time of merger of those companies with the public BE-
\n
REIT Retail Estates nv. The table above gives an overview of the
\n
evolution of the exit tax owed versus the previous financial year.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag600": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag604": { "value": "\n
Non-current assets under construction
\n
Under the adjusted IAS 40 standard, non-current assets under
\n
construction are included in the investment properties. If
\n
purchased, they are valued at the acquisition value, including
\n
incidental costs and non-deductible VAT.
\n
If the Group believes that the fair value of the investment
\n
properties under development cannot be determined in a reliable
\n
manner but assumes it will be possible to determine the fair value
\n
once the properties have been contracted, licensed and rented,
\n
the investment properties under development will be registered
\n
at cost price until the fair value can be determined (when they
\n
have been contracted, licensed and rented or until construction
\n
is completed (whichever happens first)) in accordance with IAS
\n
40.53. This fair value is based on the valuation by the real estate
\n
expert after deducting the work that remains to be performed.
\n
A non-current asset under construction can relate to a plot of
\n
land, a building to be demolished or an existing building that
\n
needs to be given a new purpose, requiring considerable
\n
renovation work to realise the desired purpose.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag605": { "value": "\n

\n\n

\n\n

\n
Other tangible non-current assets
\n
Tangible non-current assets other than land and buildings the
\n
use of which is limited in time are valued at acquisition cost
\n
and then depreciated over their expected useful life using the
\n
straight-line method.
\n
In the financial year of the investment, depreciation is recorded
\n
in proportion to the number of months that the asset was in use.
\n
The following annual depreciation and amortisation percentages
\n
apply:
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Facilities, machinery and equipment 20%
Furniture 10%
Vehicles 20-33%
IT equipment 33%
Standard software 33%
Customised software 10%-25%
Own use properties 3%
Technical equipment6,66%
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n

\n\n

\n\n

\n
Lease agreement
\n
In the limited cases where Retail Estates is the lessee in
\n
lease agreements (and these agreements are not among the
\n
exceptions referred to in IFRS 16), Retail Estates, in its capacity
\n
as lessee, will recognize a user right and corresponding liability
\n
in the consolidated annual accounts. Subsequently all user rights
\n
qualifying as real estate investments are valued at fair value in
\n
accordance with the valuation rules described in the section
\n
relating to real estate investments. The minimum lease payments
\n
are recorded partly as financing costs and partly as repayment
\n
of the outstanding liability. The financing cost is recognised in
\n
the item \u201cChanges in fair value of financial assets and liabilities\u201d.
\n\n

\n\n
If there are indications that an asset may have suffered an
\n
impairment loss, the book value is compared with the realisable
\n
value.
\n
If the book value is higher than the realisable value, an impairment
\n
loss is recognised.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
When other tangible non-current assets are sold or retired, their
\n
acquisition value and any related depreciations cease to be
\n
recognised in the balance sheet and the realised gains or losses
\n
are recognised in the income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DescriptionOfAccountingPolicyForOtherTangibleNonCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag606": { "value": "\n

\n\n

\n
Other tangible non-current assets
\n
Tangible non-current assets other than land and buildings the
\n
use of which is limited in time are valued at acquisition cost
\n
and then depreciated over their expected useful life using the
\n
straight-line method.
\n
In the financial year of the investment, depreciation is recorded
\n
in proportion to the number of months that the asset was in use.
\n
The following annual depreciation and amortisation percentages
\n
apply:
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Facilities, machinery and equipment 20%
Furniture 10%
Vehicles 20-33%
IT equipment 33%
Standard software 33%
Customised software 10%-25%
Own use properties 3%
Technical equipment6,66%
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag607": { "value": "\n

\n
Other tangible non-current assets
\n
Tangible non-current assets other than land and buildings the
\n
use of which is limited in time are valued at acquisition cost
\n
and then depreciated over their expected useful life using the
\n
straight-line method.
\n
In the financial year of the investment, depreciation is recorded
\n
in proportion to the number of months that the asset was in use.
\n
The following annual depreciation and amortisation percentages
\n
apply:
\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Facilities, machinery and equipment 20%
Furniture 10%
Vehicles 20-33%
IT equipment 33%
Standard software 33%
Customised software 10%-25%
Own use properties 3%
Technical equipment6,66%
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag608": { "value": "\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Facilities, machinery and equipment 20%
Furniture 10%
Vehicles 20-33%
IT equipment 33%
Standard software 33%
Customised software 10%-25%
Own use properties 3%
Technical equipment6,66%
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Note 20
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Investment and amortisation table (in \u20ac 000)31.03.202431.03.202331.03.202431.03.2023
Acquisition value
Balance at the end of the previous financial year6,9195,2667,8557,759
Acquisitions3,3342,573705498
Transfers and disposals of assets-920-115-402
Transfers to/from other accounts000
Balance at the end of the financial year10,2536,9198,4467,855
Amortisation and impairment losses
Balance at the end of the previous financial year7271,2361,5161,319
Balance of acquired companies000
Amortisation3651411593379
Transfers and disposals of assets-920-113-182
Transfers to/from other accounts00
Balance at the end of the financial year1,3797271,9951,516
Net book value8,8746,1926,4506,339
\n\n\n\n\n
\n
3
\n
Amortisation of non-current intangible assets and other non-current tangible assets are recognised in the income statement under \u2018property management costs\u2019 and \u2018corporate operating
\n
costs\u2019. The depreciation costs on cars are included in the personnel costs.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag611": { "value": "\n

\n\n

\n
Lease agreement
\n
In the limited cases where Retail Estates is the lessee in
\n
lease agreements (and these agreements are not among the
\n
exceptions referred to in IFRS 16), Retail Estates, in its capacity
\n
as lessee, will recognize a user right and corresponding liability
\n
in the consolidated annual accounts. Subsequently all user rights
\n
qualifying as real estate investments are valued at fair value in
\n
accordance with the valuation rules described in the section
\n
relating to real estate investments. The minimum lease payments
\n
are recorded partly as financing costs and partly as repayment
\n
of the outstanding liability. The financing cost is recognised in
\n
the item \u201cChanges in fair value of financial assets and liabilities\u201d.
\n\n

\n\n
If there are indications that an asset may have suffered an
\n
impairment loss, the book value is compared with the realisable
\n
value.
\n
If the book value is higher than the realisable value, an impairment
\n
loss is recognised.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
When other tangible non-current assets are sold or retired, their
\n
acquisition value and any related depreciations cease to be
\n
recognised in the balance sheet and the realised gains or losses
\n
are recognised in the income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag612": { "value": "\n

\n
Lease agreement
\n
In the limited cases where Retail Estates is the lessee in
\n
lease agreements (and these agreements are not among the
\n
exceptions referred to in IFRS 16), Retail Estates, in its capacity
\n
as lessee, will recognize a user right and corresponding liability
\n
in the consolidated annual accounts. Subsequently all user rights
\n
qualifying as real estate investments are valued at fair value in
\n
accordance with the valuation rules described in the section
\n
relating to real estate investments. The minimum lease payments
\n
are recorded partly as financing costs and partly as repayment
\n
of the outstanding liability. The financing cost is recognised in
\n
the item \u201cChanges in fair value of financial assets and liabilities\u201d.
\n\n

\n\n
If there are indications that an asset may have suffered an
\n
impairment loss, the book value is compared with the realisable
\n
value.
\n
If the book value is higher than the realisable value, an impairment
\n
loss is recognised.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
When other tangible non-current assets are sold or retired, their
\n
acquisition value and any related depreciations cease to be
\n
recognised in the balance sheet and the realised gains or losses
\n
are recognised in the income statement.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag613": { "value": "\n

\n\n
If there are indications that an asset may have suffered an
\n
impairment loss, the book value is compared with the realisable
\n
value.
\n
If the book value is higher than the realisable value, an impairment
\n
loss is recognised.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag614": { "value": "\n
If there are indications that an asset may have suffered an
\n
impairment loss, the book value is compared with the realisable
\n
value.
\n
If the book value is higher than the realisable value, an impairment
\n
loss is recognised.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag615": { "value": "\n

\n\n

\n\n

\n\n

\n\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Note 23
\n
Trade receivables and doubtful debtors
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables (in \u20ac 000)31.03.202431.03.2023
Trade receivables16,84613,914
Invoices to be issued1,8611,302
Doubtful debtors-4,563-4,025
Income to be collected00
Coupon real estate certi-
ficats
Distri-Land250250
Other2331
Total trade receivables14,62711,442
\n\n\n\n\n\n\n
\n
Outstanding trade receivables, after deduction of doubtful
\n
debtors and advance payments, amount to \u20ac 12.51 million, of
\n
which \u20ac 0.23 million relate to the revolving fund and the reserve
\n
fund and of which \u20ac 11.53 million have not yet reached their
\n
maturity date. Taking into account the guarantees obtained \u2013
\n
both rental guarantees and bank guarantees \u2013 the credit risk on
\n
trade receivables is very limited on 31 March 2024. The total
\n
prebilling balance amounts to \u20ac 11.86 million on 31 March 2024
\n
compared to \u20ac 9.12 million last year. The prebilling relates to
\n
unexpired rents billed for periods after 31 March 2024.
\n
For more details about the Distri-Land coupon, please refer
\n
to the chapter \u2018Real estate certificates\u2019 in the valuation rules
\n
mentioned earlier in this Annual Financial Report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Impairment on doubtful
debtors - roll forward
(in \u20ac 000)31.03.202431.03.2023
At the end of the previous
financial year-4,025-3,703
From acquired companies00
Provisions -1,591-659
Recoveries1,252226
Write-offs-199111
At the end of the financial
year-4,562-4,025
\n\n\n\n\n\n\n
\n
The provision for doubtful debtors is established as follows:
\n
the rental arrears list is closely monitored internally. Based on
\n
a management assessment, or if obvious and demonstrable
\n
reasons exist to suggest that the claim cannot be recovered, a
\n
provision is created. Trade receivables are payable in cash. The
\n
table below shows an overview of the age structure of the trade
\n
receivables for which no value reduction was registered.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables -
Ageing (in \u20ac 000)31.03.202431.03.2023
Due < 30 days46951
Due 30-90 days-5703
Due > 90 days 292-50
Not due11,5289,007
\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n
Note 24
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Tax receivables and other
current assets (in \u20ac 000)31.03.202431.03.2023
Taxes
VAT receivable0
Witholding tax receivable00
Property tax receivable1,9951,803
Salary and social security
Other5,3160
Total tax receivables and
other current assets7,3111,803
\n\n\n\n\n\n\n
\n
Other current assets relate to proceeds receivable for deeds of
\n
sale that are past due at closing date.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag619": { "value": "\n
Trade receivables and other non-current assets
\n
Trade receivables and other non-current assets are valued at
\n
fair value at initial recognition and are subsequently valued at
\n
amortised cost on the basis of the effective interest rate method.
\n
A write-down is recorded if uncertainty exists concerning the
\n
collectability of the receivable at maturity.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe receivables payable within one year are recognised at nominal value less write-downs for doubtful or bad debts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag622": { "value": "\n
a) the fair value of the immovable properties owned by the
\n
issuer by analogy with the valuation of the company\u2019s own real
\n
properties. This is done on the basis of a periodic valuation
\n
by a real estate expert hired jointly by Retail Estates nv and
\n
Immobili\u00e8re Distri-Land nv. Where one or more buildings are
\n
sold by the real estate certificate issuer, the sales price shall be
\n
used as valuation until the distribution of the sale\u2019s proceeds;
\n

\n\n\n\n\n\n\n\n\n\n\n

\n
IFRS 13
\n
IFRS 13 introduced a uniform framework for valuation at fair
\n
value and the provision of information on valuation at fair value,
\n
where this valuation principle is obligatory or permitted on
\n
the basis of other IFRS standards. In this context, fair value is
\n
specifically defined as the price that would be received upon
\n
sale of an asset or that would have to be paid upon the transfer
\n
of an obligation in an arm\u2019s length transaction between market
\n
parties on the valuation date.
\n
Investment properties are recorded at fair value. Fair value is
\n
determined on the basis of one of the following levels of the
\n
IFRS 13 hierarchy:
\n
\u2013 Level 1: valuation based on quoted prices in active markets
\n
\u2013 Level 2: valuation based on directly or indirectly observable
\n
(external) inputs
\n
\u2013 Level 3: valuation entirely or partly based on unobservable
\n
(external) inputs
\n
Investment properties fall under level 3 according to the IFRS 13
\n
classification.
\n\n
Valuation methodology
\n
Investment properties are recorded on the basis of appraisal
\n
reports drawn up by independent expert real estate appraisers.
\n
Investment properties are valued at fair value. This fair value
\n
is based on the market value (i.e. corrected for transfer tax as
\n
described in the \u201cAccounting policies\u201d described above in this
\n
Annual Financial Report).
\n
The methods used by the independent real estate appraisers are
\n
the following:
\n
The investment value is generally calculated on the basis of a
\n
GIY (Gross Initial Yield) capitalisation of the current contractual
\n
basic annual rent, taking into account possible corrections
\n
like estimated market rental value, vacancy, step-rents, rent-
\n
free periods etc. The GIY depends on current output on the
\n
investment market, taking into account the location, the
\n
suitability of the site, the quality of the tenant and the building
\n
at the moment of the valuation.
\n
In case of buildings where the property rights are divided in
\n
bare ownership on the one hand and rights of superficies or
\n
long lease rights on the other, the value of the superficies or
\n
long lease rights is determined by discounting (Discounted
\n
Cash Flow) the net rental income, i.e. after deduction of the
\n
superficies or ground rent, until the end of the long lease or
\n
superficies agreement.
\n
The value of the bare ownership is determined by updating
\n
(Discounted Cash Flow) the periodical superficies or leasehold
\n
rent until the expiry date of this agreement.
\n
Within the framework of ESG objectives, investments are being
\n
made in solar panels which, in accordance with GVV legislation,
\n
must be valued by a recognized real estate expert. The value
\n
of the solar panels is determined using a theoretical model
\n
based on the individual potential electricity production of each
\n
installation. They are then valued on the basis of the variable
\n
market price for electricity at the time of valuation. Hereby
\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n

\n

\n

\n

\n\n
abstraction is made of the current operating conditions in order
\n
to arrive at a kind of estimated rental value for the installations.
\n
By applying a return that would be paid if the installation were
\n
taken over by third parties, the market value is determined.
\n
Unobservable inputs for the determination of the fair value:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Weighted Weighted
CountryMethodInputRangeaverageRangeaverage
Gross Initial Yield-Capitalisation rate (%)5.25% - 10 %6.64%5.25%-10%6.34%
capitali zationAnnual market rent (EUR/m\u00b2)25 - 250110.7525-250105.85
Remaining lease duration
(expiry date) (in months)0-552m92m0m-564m93m
Remaining lease duration
(first break option) (in
months)0-204m19m0m-216m19m
Vacancy (in months)0m - 12m/0m-12m/
BelgiumDCF (Discounted Discount rate (%)5.7% - 10.00%6.80%5.6%-10.00%6.22%
Cashflow)Annual rent (EUR/m\u00b2)50-250112.2150-200107.13
Remaining lease duration
(expiry date) (in months)0-468m900m-480m95m
Remaining lease duration
(first break option) (in
months)0-468m380m-480m40m
Vacancy (in months)0m - 12 m/0m-12m/
Gross Initial Yield-Capitalisation rate (%)5.58%-10.36%8.27%5.48%-10.04%6.62%
capitali zationAnnual market rent (EUR/m\u00b2)50 - 351107.2350-255102.92
The Remaining lease duration
Nether-(expiry date) (in months)0-168m43m0m-168m46m
landsRemaining lease duration
(first break option) (in
months)0-168m43m0m-168m26m
Vacancy (in months)0-12m/0m-12m/
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
Sensitivity of valuations
\n\n
The sensitivity of the fair value in relation to changes in the
\n
significant unobservable inputs used to determine the fair value
\n
of the properties classified in level 3 (in accordance with the
\n
IFRS fair value hierarchy) is the following (ceteris paribus): the
\n
effect of the increase (decrease) of the rental income by 1%
\n
leads to an increase (a decrease) in the portfolio\u2019s fair value by
\n
\u20ac 20.28 million. The effect of an increase (decrease) of the rental
\n
income by 2% or 5% is linear. The effect of an increase in the
\n
yield by 100 bps leads to a decrease in the portfolio\u2019s fair value
\n
by \u20ac 260.27 million. A decrease in the yield by 100 bps leads to
\n
an increase in the portfolio\u2019s fair value by \u20ac 350.31 million.
\n

\n\n\n\n\n\n\n\n\n\n
Valuation process
\n
The valuation process for real estate is determined by the CEO
\n
and the CFO after approval by the audit committee. They
\n
also decide on the independent real estate expert who will be
\n
appointed for the different parts of the real estate portfolio.
\n
Typically, contracts are entered into for a renewable term of
\n
three years. The fees of the real estate experts are determined
\n
for the term of their mandate and are not connected to the value
\n
of the properties that are the subject of the valuation.
\n
An independent real estate expert is appointed for each
\n
country in order to ensure that the specific characteristics of
\n
each geographic region are reflected correctly. The real estate
\n
portfolio is valued on a quarterly basis. The valuation method
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
(see above) is determined by the real estate expert. The
\n
valuation cycle in the course of a financial year consists of a visit
\n
to the property, after which a detailed report is drawn up, as well
\n
as three desktop reviews.
\n
The reports of the independent real estate experts are based on:
\n
\u2013 Information provided by the company, such as current rents,
\n
terms and conditions of lease agreements, possible rent
\n
reductions, investments etc. This information originates
\n
from the financial and management system of the public BE-
\n
REIT and is governed by the company\u2019s general monitoring
\n
system.
\n
\u2013 Assumptions and valuation models put forward by real
\n
estate experts. The assumptions mainly relate to the market
\n
situation and concern yields and discount rates. They are
\n
based on their professional assessment and perception of
\n
the market.
\n
The information provided to the real estate experts and
\n
the assumptions and valuation models used are checked by
\n
the company\u2019s finance manager and the public BE-REIT\u2019s
\n
management. All material differences (positive as well as
\n
negative) in absolute and relevant terms (versus the previous
\n
quarter and versus the previous year) are compared and analysed
\n
every quarter. On this basis, the management meets with the
\n
real estate experts with a view to accurately and fully reflecting
\n
all information regarding the various sites in the valuations.
\n
Finally, the final valuations are presented to the audit committee.
\n
Impact of the sale of investment properties
\n
Divestments during the financial year 2023-2024 resulted in a
\n
decrease in investment properties and non-current assets held
\n
for sale by \u20ac 12.65 million.
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag290": { "value": "\n

\n\n

\n\n
Non-current assets or groups of assets held for sale
\n
These assets concern real estate for which the book value will
\n
primarily be realised by the sale of the assets and not by further
\n
letting. Like the investment properties (see above), these assets
\n
are recognised at fair value, which is equal to investment value
\n
less transaction fees.
\n
A property is recorded as an asset held for sale if a declaration of
\n
intent to sell has been signed.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag291": { "value": "\n

\n\n
Non-current assets or groups of assets held for sale
\n
These assets concern real estate for which the book value will
\n
primarily be realised by the sale of the assets and not by further
\n
letting. Like the investment properties (see above), these assets
\n
are recognised at fair value, which is equal to investment value
\n
less transaction fees.
\n
A property is recorded as an asset held for sale if a declaration of
\n
intent to sell has been signed.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag292": { "value": "\n
Non-current assets or groups of assets held for sale
\n
These assets concern real estate for which the book value will
\n
primarily be realised by the sale of the assets and not by further
\n
letting. Like the investment properties (see above), these assets
\n
are recognised at fair value, which is equal to investment value
\n
less transaction fees.
\n
A property is recorded as an asset held for sale if a declaration of
\n
intent to sell has been signed.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Investment properties1Assets held for saleTotal
Investment and revaluation table
(in \u20ac 000)31.03.202431.03.202331.03.202431.03.202331.03.202431.03.2023
Balance at the end of the previous
financial year1,888,5621,759,8808,56111,8071,897,1231,771,687
Acquisition through purchase of real
estate companies3,2000003,2000
\"Acquisition through
contribution real estate companies\"000000
Capitalised interest cost101460010146
Acquisiton of investment properties85,11560,061071985,11560,780
Investments that result from sub-
sequent expenses included in the
carrying amount of the asset8,40714,866008,40714,866
Contribution of investment properties000000
Disposal through sale of real estate
companies000000
Disposal of investment properties-8,442-5,826-4,210-3,836-12,652-9,662
Transfers to assets held for sale-4,20104,201000
IFRS 1623072900230729
Other transfers0485000485
Acquisiton of non-current assets under
construction4,1562,278004,1562,278
Completion of non-current assets
under construction to portfolio3,9142,601003,9142,601
Transfer of non-current assets under
construction to portfolio-3,914-2,60100-3,914-2,601
Transfer of fixed assets under con-
struction to investments in associated
companies000000
Change in fair value (+/-)51,19056,0440-13051,19055,915
At the end of the financial year2,028,3171,888,5628,5528,5612,036,8701,897,122
OTHER INFORMATIONS
Investment value of the property2,134,5311,983,2048,7668,7752,143,2971,991,979
\n\n\n\n\n
\n
1
\n
Including non-current assets under construction (IAS 40).
\n

\n\n\n\n\n\n\n

\n\n

\n\n

\n
IFRS 13
\n
IFRS 13 introduced a uniform framework for valuation at fair
\n
value and the provision of information on valuation at fair value,
\n
where this valuation principle is obligatory or permitted on
\n
the basis of other IFRS standards. In this context, fair value is
\n
specifically defined as the price that would be received upon
\n
sale of an asset or that would have to be paid upon the transfer
\n
of an obligation in an arm\u2019s length transaction between market
\n
parties on the valuation date.
\n
Investment properties are recorded at fair value. Fair value is
\n
determined on the basis of one of the following levels of the
\n
IFRS 13 hierarchy:
\n
\u2013 Level 1: valuation based on quoted prices in active markets
\n
\u2013 Level 2: valuation based on directly or indirectly observable
\n
(external) inputs
\n
\u2013 Level 3: valuation entirely or partly based on unobservable
\n
(external) inputs
\n
Investment properties fall under level 3 according to the IFRS 13
\n
classification.
\n\n
Valuation methodology
\n
Investment properties are recorded on the basis of appraisal
\n
reports drawn up by independent expert real estate appraisers.
\n
Investment properties are valued at fair value. This fair value
\n
is based on the market value (i.e. corrected for transfer tax as
\n
described in the \u201cAccounting policies\u201d described above in this
\n
Annual Financial Report).
\n
The methods used by the independent real estate appraisers are
\n
the following:
\n
The investment value is generally calculated on the basis of a
\n
GIY (Gross Initial Yield) capitalisation of the current contractual
\n
basic annual rent, taking into account possible corrections
\n
like estimated market rental value, vacancy, step-rents, rent-
\n
free periods etc. The GIY depends on current output on the
\n
investment market, taking into account the location, the
\n
suitability of the site, the quality of the tenant and the building
\n
at the moment of the valuation.
\n
In case of buildings where the property rights are divided in
\n
bare ownership on the one hand and rights of superficies or
\n
long lease rights on the other, the value of the superficies or
\n
long lease rights is determined by discounting (Discounted
\n
Cash Flow) the net rental income, i.e. after deduction of the
\n
superficies or ground rent, until the end of the long lease or
\n
superficies agreement.
\n
The value of the bare ownership is determined by updating
\n
(Discounted Cash Flow) the periodical superficies or leasehold
\n
rent until the expiry date of this agreement.
\n
Within the framework of ESG objectives, investments are being
\n
made in solar panels which, in accordance with GVV legislation,
\n
must be valued by a recognized real estate expert. The value
\n
of the solar panels is determined using a theoretical model
\n
based on the individual potential electricity production of each
\n
installation. They are then valued on the basis of the variable
\n
market price for electricity at the time of valuation. Hereby
\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n
abstraction is made of the current operating conditions in order
\n
to arrive at a kind of estimated rental value for the installations.
\n
By applying a return that would be paid if the installation were
\n
taken over by third parties, the market value is determined.
\n
Unobservable inputs for the determination of the fair value:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Weighted Weighted
CountryMethodInputRangeaverageRangeaverage
Gross Initial Yield-Capitalisation rate (%)5.25% - 10 %6.64%5.25%-10%6.34%
capitali zationAnnual market rent (EUR/m\u00b2)25 - 250110.7525-250105.85
Remaining lease duration
(expiry date) (in months)0-552m92m0m-564m93m
Remaining lease duration
(first break option) (in
months)0-204m19m0m-216m19m
Vacancy (in months)0m - 12m/0m-12m/
BelgiumDCF (Discounted Discount rate (%)5.7% - 10.00%6.80%5.6%-10.00%6.22%
Cashflow)Annual rent (EUR/m\u00b2)50-250112.2150-200107.13
Remaining lease duration
(expiry date) (in months)0-468m900m-480m95m
Remaining lease duration
(first break option) (in
months)0-468m380m-480m40m
Vacancy (in months)0m - 12 m/0m-12m/
Gross Initial Yield-Capitalisation rate (%)5.58%-10.36%8.27%5.48%-10.04%6.62%
capitali zationAnnual market rent (EUR/m\u00b2)50 - 351107.2350-255102.92
The Remaining lease duration
Nether-(expiry date) (in months)0-168m43m0m-168m46m
landsRemaining lease duration
(first break option) (in
months)0-168m43m0m-168m26m
Vacancy (in months)0-12m/0m-12m/
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
Sensitivity of valuations
\n\n
The sensitivity of the fair value in relation to changes in the
\n
significant unobservable inputs used to determine the fair value
\n
of the properties classified in level 3 (in accordance with the
\n
IFRS fair value hierarchy) is the following (ceteris paribus): the
\n
effect of the increase (decrease) of the rental income by 1%
\n
leads to an increase (a decrease) in the portfolio\u2019s fair value by
\n
\u20ac 20.28 million. The effect of an increase (decrease) of the rental
\n
income by 2% or 5% is linear. The effect of an increase in the
\n
yield by 100 bps leads to a decrease in the portfolio\u2019s fair value
\n
by \u20ac 260.27 million. A decrease in the yield by 100 bps leads to
\n
an increase in the portfolio\u2019s fair value by \u20ac 350.31 million.
\n

\n\n\n\n\n\n\n\n\n\n
Valuation process
\n
The valuation process for real estate is determined by the CEO
\n
and the CFO after approval by the audit committee. They
\n
also decide on the independent real estate expert who will be
\n
appointed for the different parts of the real estate portfolio.
\n
Typically, contracts are entered into for a renewable term of
\n
three years. The fees of the real estate experts are determined
\n
for the term of their mandate and are not connected to the value
\n
of the properties that are the subject of the valuation.
\n
An independent real estate expert is appointed for each
\n
country in order to ensure that the specific characteristics of
\n
each geographic region are reflected correctly. The real estate
\n
portfolio is valued on a quarterly basis. The valuation method
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
(see above) is determined by the real estate expert. The
\n
valuation cycle in the course of a financial year consists of a visit
\n
to the property, after which a detailed report is drawn up, as well
\n
as three desktop reviews.
\n
The reports of the independent real estate experts are based on:
\n
\u2013 Information provided by the company, such as current rents,
\n
terms and conditions of lease agreements, possible rent
\n
reductions, investments etc. This information originates
\n
from the financial and management system of the public BE-
\n
REIT and is governed by the company\u2019s general monitoring
\n
system.
\n
\u2013 Assumptions and valuation models put forward by real
\n
estate experts. The assumptions mainly relate to the market
\n
situation and concern yields and discount rates. They are
\n
based on their professional assessment and perception of
\n
the market.
\n
The information provided to the real estate experts and
\n
the assumptions and valuation models used are checked by
\n
the company\u2019s finance manager and the public BE-REIT\u2019s
\n
management. All material differences (positive as well as
\n
negative) in absolute and relevant terms (versus the previous
\n
quarter and versus the previous year) are compared and analysed
\n
every quarter. On this basis, the management meets with the
\n
real estate experts with a view to accurately and fully reflecting
\n
all information regarding the various sites in the valuations.
\n
Finally, the final valuations are presented to the audit committee.
\n
Impact of the sale of investment properties
\n
Divestments during the financial year 2023-2024 resulted in a
\n
decrease in investment properties and non-current assets held
\n
for sale by \u20ac 12.65 million.
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 22
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Non-current assets or
groups of assets held for
sale (in \u20ac 000)31.03.202431.03.2023
Assets held for sale8,5528,561
Total assets held for sale8,5528,561
\n\n\n\n\n\n\n
\n
Recorded under assets held for sale are those assets for which an
\n
intention to sell has been signed but the final deed of sale had
\n
not yet been executed. These assets are usually sold within a
\n
year. Properties are only transferred to the assets held for sale if
\n
a declaration of intent has been signed with the potential buyer.
\n
The sale is not expected to result in a decrease in value of these
\n
assets.
\n
On 31 March 2024, the fair value of these assets amounts
\n
to \u20ac 8,55 million, of which \u20ac 7,34 million for the retail cluster
\n
Keerdok in Mechelen. The local government repurposed this
\n
site for the construction of apartment buildings following the
\n
approval of the Spatial Implementation Plan Rode Kruisplein.
\n
Four out of the seven tenants have moved to the new retail park
\n
Malinas and three others closed their shop. Retail Estates has
\n
added an addendum to the original framework agreement with
\n
the operational company of two real estate developers with
\n
respect to the phased sale of its retail properties by the end of
\n
September 2024. The transaction is (partly) subject to conditions
\n
precedent that are to be met by the end of September 2024.
\n
The total sales price amounts to \u20ac7.34 million, corresponding to
\n
the book value on 31 March 2024. On 29 March 2023, a first part
\n
of the framework agreement was implemented and part of the
\n
retail properties were sold for a total amount of \u20ac 3.75 million.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag295": { "value": "\n
Current assets
\n
The receivables payable within one year are recognised at
\n
nominal value less write-downs for doubtful or bad debts. Bank
\n
deposits, sight or term deposits, are valued at amortised cost.
\n
Any supplementary costs are charged directly to the income
\n
statement. Listed securities are valued at their quoted price.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag301": { "value": "Bank deposits, sight or term deposits, are valued at amortised cost. Any supplementary costs are charged directly to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag302": { "value": "Listed securities are valued at their quoted price.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag303": { "value": "\n

\n
Shareholders\u2019 equity
\n
The capital includes the funds obtained when the company was
\n
incorporated and those received following mergers or capital
\n
increases. Any third-party costs directly attributable to the
\n
issuance of new shares shall be deducted from shareholders\u2019
\n
equity. When share capital recognised as equity is repurchased
\n
by Retail Estates nv, the paid amount, including any directly
\n
attributable costs, shall be recognised as a change in
\n
shareholders\u2019 equity. Purchased own shares are presented as a
\n
decrease in the total shareholders\u2019 equity.
\n\n
Dividends are included in the result carried forward until they
\n
been approved by the shareholders\u2019 meeting.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag304": { "value": "When share capital recognised as equity is repurchased by Retail Estates nv, the paid amount, including any directly attributable costs, shall be recognised as a change in shareholders\u2019 equity. Purchased own shares are presented as a decrease in the total shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag309": { "value": "\n
Dividends are included in the result carried forward until they
\n
been approved by the shareholders\u2019 meeting.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag310": { "value": "\n

\n\n

\n\n

\n\n

\n
Liabilities
\n\n
A provision is taken if:
\n
\u2013 Retail Estates nv has an existing \u2013 legally enforceable or
\n
actual \u2013 commitment resulting from an event in the past;
\n
\u2013 an outflow of funds will probably be required to settle the
\n
commitment; and
\n
\u2013 the amount of the commitment can be estimated reliably.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts are presented at nominal value on the balance sheet
\n
date. Interest-bearing borrowings are initially recognised at cost
\n
price less transaction costs. The interest-bearing borrowings are
\n
subsequently valued on the basis of the effective interest rate
\n
method, recognising each difference between the initial book
\n
value and the redemption value as an interest cost in the income
\n
statement over the term of the loan.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag313": { "value": "\n

\n
Liabilities
\n\n
A provision is taken if:
\n
\u2013 Retail Estates nv has an existing \u2013 legally enforceable or
\n
actual \u2013 commitment resulting from an event in the past;
\n
\u2013 an outflow of funds will probably be required to settle the
\n
commitment; and
\n
\u2013 the amount of the commitment can be estimated reliably.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts are presented at nominal value on the balance sheet
\n
date. Interest-bearing borrowings are initially recognised at cost
\n
price less transaction costs. The interest-bearing borrowings are
\n
subsequently valued on the basis of the effective interest rate
\n
method, recognising each difference between the initial book
\n
value and the redemption value as an interest cost in the income
\n
statement over the term of the loan.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag314": { "value": "\n
A provision is taken if:
\n
\u2013 Retail Estates nv has an existing \u2013 legally enforceable or
\n
actual \u2013 commitment resulting from an event in the past;
\n
\u2013 an outflow of funds will probably be required to settle the
\n
commitment; and
\n
\u2013 the amount of the commitment can be estimated reliably.
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag321": { "value": "\n

\n\n
Benefits for the staff and executive officers
\n
Retail Estates nv provides a defined contribution pension scheme
\n
for its employees and for the members of the management
\n
committee. For the members of the management committee
\n
this scheme has been entrusted to an insurance company that is
\n
independent of the company.
\n
The scheme for employees is largely handled via the fund of the
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n
joint committee. It is therefore a sector scheme, and it is the
\n
organiser of this pension scheme (Fonds Tweede Pijler PC 323)
\n
who is to assume the legal responsibilities and obligations.
\n
Contributions paid during the financial year are recognised as
\n
expenses.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag322": { "value": "\n
Benefits for the staff and executive officers
\n
Retail Estates nv provides a defined contribution pension scheme
\n
for its employees and for the members of the management
\n
committee. For the members of the management committee
\n
this scheme has been entrusted to an insurance company that is
\n
independent of the company.
\n
The scheme for employees is largely handled via the fund of the
\n

\n\n\n\n\n\n\n\n
joint committee. It is therefore a sector scheme, and it is the
\n
organiser of this pension scheme (Fonds Tweede Pijler PC 323)
\n
who is to assume the legal responsibilities and obligations.
\n
Contributions paid during the financial year are recognised as
\n
expenses.
\n

\n\n\n\n\n\n\n\n

\n\n
Personnel costs make up most of the management costs. The
\n
table below provides an overview of the employee count in FTE.
\n
The increased personnel costs can be explained by the increase
\n
of the number of FTE and by the indexation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in FTE) 31.03.202431.03.2023
Property department26.8120.84
Total42.0033.00
Average41.1033.60
\n\n\n\n\n
\n
For more information about the personnel cost and the employee
\n
count for the 2022-2023 financial year we refer to p. 190 et seq.
\n
of the 2022-2023 Annual Financial Report.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag326": { "value": "\n

\n\n
Property result
\n
The net rental result includes the rent, operating lease income
\n
and other revenues related to the aforementioned sources of
\n
income less rent-related expenses, i.e. the rent payable on
\n
leased assets, impairment losses on receivables and write-backs
\n
of impairment losses on receivables.
\n
The recovery of property expenses includes the revenue
\n
obtained from charging costs for major repairs and maintenance.
\n
The charges and taxes payable by tenants on let properties and
\n
the recovery of these expenses refer to costs that, under law
\n
or custom, are at the tenant\u2019s expense. The owner will either
\n
charge or not charge these costs to the tenant depending on the
\n
contractual arrangements made with the tenant.
\n
Income is valued at fair value of the compensation received and
\n
is recognised in the income statement in the period to which it
\n
refers using the straight-line method.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DescriptionOfAccountingPolicyForPropertyResultExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag327": { "value": "\n
Property result
\n
The net rental result includes the rent, operating lease income
\n
and other revenues related to the aforementioned sources of
\n
income less rent-related expenses, i.e. the rent payable on
\n
leased assets, impairment losses on receivables and write-backs
\n
of impairment losses on receivables.
\n
The recovery of property expenses includes the revenue
\n
obtained from charging costs for major repairs and maintenance.
\n
The charges and taxes payable by tenants on let properties and
\n
the recovery of these expenses refer to costs that, under law
\n
or custom, are at the tenant\u2019s expense. The owner will either
\n
charge or not charge these costs to the tenant depending on the
\n
contractual arrangements made with the tenant.
\n
Income is valued at fair value of the compensation received and
\n
is recognised in the income statement in the period to which it
\n
refers using the straight-line method.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag328": { "value": "\n

\n

\n\n

\n\n
Property expenses
\n
The property expenses are valued at the fair value of the
\n
compensation that has been paid or is due and are recognised
\n
in the income statement in the period to which they refer using
\n
the straight-line method.
\n
The technical costs include, among other things, structural
\n
and occasional maintenance costs (including expenses made
\n
within the context of the sustainability strategy) and losses
\n
resulting from incidents partially covered by the insurance
\n
companies. The commercial costs include brokers\u2019 commission
\n
fees. The property management costs mainly consist of the
\n
relevant personnel costs, the operating costs of the company\u2019s
\n
registered office and fees paid to third parties.
\n
Management fees received from tenants or third parties which
\n
partially cover the management costs of the properties are
\n
deducted.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
Corporate operating costs and other current operating
\n
income and expenses
\n
The corporate operating costs include the fixed operating
\n
costs of the company, which operates as a legal entity that is
\n
listed on the stock market and benefits from the BE-REIT status.
\n
These costs are incurred in order to obtain transparent financial
\n
information, to be economically comparable with other types of
\n
investments and to offer investors the opportunity to participate
\n
directly in a diversified real estate investment in a liquid manner.
\n
Part of the costs incurred in the context of Retail Estates nv\u2019s
\n
growth strategy are also included in this category.
\n

\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag329": { "value": "\n

\n\n
Property expenses
\n
The property expenses are valued at the fair value of the
\n
compensation that has been paid or is due and are recognised
\n
in the income statement in the period to which they refer using
\n
the straight-line method.
\n
The technical costs include, among other things, structural
\n
and occasional maintenance costs (including expenses made
\n
within the context of the sustainability strategy) and losses
\n
resulting from incidents partially covered by the insurance
\n
companies. The commercial costs include brokers\u2019 commission
\n
fees. The property management costs mainly consist of the
\n
relevant personnel costs, the operating costs of the company\u2019s
\n
registered office and fees paid to third parties.
\n
Management fees received from tenants or third parties which
\n
partially cover the management costs of the properties are
\n
deducted.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DescriptionOfAccountingPolicyForPropertyChargesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag330": { "value": "\n
Property expenses
\n
The property expenses are valued at the fair value of the
\n
compensation that has been paid or is due and are recognised
\n
in the income statement in the period to which they refer using
\n
the straight-line method.
\n
The technical costs include, among other things, structural
\n
and occasional maintenance costs (including expenses made
\n
within the context of the sustainability strategy) and losses
\n
resulting from incidents partially covered by the insurance
\n
companies. The commercial costs include brokers\u2019 commission
\n
fees. The property management costs mainly consist of the
\n
relevant personnel costs, the operating costs of the company\u2019s
\n
registered office and fees paid to third parties.
\n
Management fees received from tenants or third parties which
\n
partially cover the management costs of the properties are
\n
deducted.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag331": { "value": "\n
Corporate operating costs and other current operating
\n
income and expenses
\n
The corporate operating costs include the fixed operating
\n
costs of the company, which operates as a legal entity that is
\n
listed on the stock market and benefits from the BE-REIT status.
\n
These costs are incurred in order to obtain transparent financial
\n
information, to be economically comparable with other types of
\n
investments and to offer investors the opportunity to participate
\n
directly in a diversified real estate investment in a liquid manner.
\n
Part of the costs incurred in the context of Retail Estates nv\u2019s
\n
growth strategy are also included in this category.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DescriptionOfAccountingPoliciesForGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag332": { "value": "\n

\n\n

\n\n

\n\n

\n\n
Financial result
\n
The financial result consists of the borrowing costs and additional
\n
funding costs, such as the negative variations in hedging
\n
instruments where these are not effective within the meaning of
\n
IAS 39, less income from investments.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag333": { "value": "\n

\n\n

\n\n

\n\n
Financial result
\n
The financial result consists of the borrowing costs and additional
\n
funding costs, such as the negative variations in hedging
\n
instruments where these are not effective within the meaning of
\n
IAS 39, less income from investments.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag334": { "value": "\n

\n\n

\n\n
Financial result
\n
The financial result consists of the borrowing costs and additional
\n
funding costs, such as the negative variations in hedging
\n
instruments where these are not effective within the meaning of
\n
IAS 39, less income from investments.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag335": { "value": "\n

\n\n
Financial result
\n
The financial result consists of the borrowing costs and additional
\n
funding costs, such as the negative variations in hedging
\n
instruments where these are not effective within the meaning of
\n
IAS 39, less income from investments.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n

\n\n
Note 13
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial income (in \u20ac 000)31.03.202431.03.2023
Collected interests and
dividends105105
Other5764
Total financial income162169
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
Note 14
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Net interest charges
(in \u20ac 000)31.03.202431.03.2023
Nominal interest on loans1-21,772-19,081
Other interest costs210149
Total net interest charges-21,671-19,032
\n\n\n\n\n
\n
1
\n
Also includes the interests on Interest Rate Swaps (financial instruments).
\n
2
\n
Capitalised interest costs on non-current assets under construction. The interest rate used
\n
is 2,30%.
\n
The weighted average interest rate amounts to 2.30% on 31
\n
March 2024, compared to 2.06% on 31 March 2023 (including
\n
the interest costs of the hedging instruments concluded). The
\n
company has concluded almost all of its loans as fixed-rate
\n
investment loans or as long-term variable-rate loans, for which
\n
a fixed interest rate was negotiated via a swap agreement. The
\n
evolution of the interest cover ratio (the net rental income versus
\n
interest charges on loans) amounts to 6.38 on 31 March 2024
\n
compared to 6.57 the year before. The company agreed on
\n
a minimum interest cover ratio of 2 with some of its bankers
\n
and bond holders. Please refer to note 35 for an overview of all
\n
swaps and caps.
\n
If the hedging instruments concluded are not taken into account,
\n
the weighted average interest rate amounts to 3.74%. This
\n
percentage is 1.44% higher than the average interest rate. Please
\n
refer to note 35 for information about the hedging strategy of
\n
Retail Estates.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag337": { "value": "\n

\n\n

\n\n
Corporate income tax
\n
Corporate income tax comprises the current tax burden on the
\n
profit or loss for the year. Corporate income tax is recognised
\n
directly in the income statement, except when relating to items
\n
recognised directly in shareholders\u2019 equity. In that case the tax
\n
is also recognised directly in shareholders\u2019 equity. The current
\n
tax burden includes the expected tax payable on the taxable
\n
income for the year as well as any adjustment to the tax payable
\n
for previous years.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag339": { "value": "\n
Corporate income tax
\n
Corporate income tax comprises the current tax burden on the
\n
profit or loss for the year. Corporate income tax is recognised
\n
directly in the income statement, except when relating to items
\n
recognised directly in shareholders\u2019 equity. In that case the tax
\n
is also recognised directly in shareholders\u2019 equity. The current
\n
tax burden includes the expected tax payable on the taxable
\n
income for the year as well as any adjustment to the tax payable
\n
for previous years.
\n

\n\n\n\n\n\n\n\n

\n\n
Note 16
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Corporate income tax
(in \u20ac 000)31.03.202431.03.2023
Company-865-3,424
1. Corporate income tax -865-3,409
Current year taxes-1,131-2,108
Previous year tax adjust-
ment266-1,301
2. Exit tax-16
Subsidiaries1319,623
1. Corporate income tax 1319,623
Current year taxes-474-118
Previous year tax adjust-
ment6059,741
2. Exit tax0
Total corporate income tax -7346,199
\n\n\n\n\n
\n
A BE-REIT is subject to corporate income tax solely in respect
\n
of non-tax deductible expenditure and abnormal benefits.
\n
Deferred taxes are recorded for the subsidiaries on the difference
\n
between the book value after depreciation in the statutory
\n
annual accounts of these subsidiaries and the fair value. These
\n
deferred taxes are recorded at a rate of 15% if the respective
\n
boards of directors of Retail Estates nv and the subsidiary intend
\n
to merge the subsidiary with the public BE-REIT.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
FBI status of Dutch companies
\n
In 2023, the Dutch tax authorities provided access to the FBI
\n
regime for all companies controlled by Retail Estates in the
\n
Netherlands for all fiscal years up to and including 2021. This
\n
confirmed that all conditions as FBI were met for 2021. On that
\n
basis and with facts and circumstances remaining unchanged
\n
for the time being, Retail Estates judges that the companies
\n
continue to meet all conditions within the current legislative
\n
framework. Therefore, it is expected today that the FBI regime
\n
will also apply to the fiscal years 2022, 2023 and 2024 and expire
\n
thereafter. On 27 December 2023, the law amending the FBI
\n
regime was published, as a result of which an FBI can no longer
\n
invest in Dutch real estate, except through a subsidiary subject
\n
to the regular Dutch corporate tax rate. The amendment will
\n
take effect as of 1 January 2025. Thus, for the fiscal year ending
\n
31 March 2024, the FBI regime will apply to all Dutch companies
\n
with the exception of Alex Invest N.V., which is not eligible for
\n
this regime. Following the granting of the FBI status (according
\n
to which a dividend tax rate of 5% applies), the tax cost has been
\n
reduced to \u20ac 0.63 million, i.e. the dividend tax.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag340": { "value": "\n

\n\n

\n\n
Exit tax
\n
Exit tax is the corporate income tax on capital gains arising from
\n
the merger of a BE-REIT with a company that is not a BE-REIT.
\n
When this company first enters the consolidation scope of the
\n
Group, a provision for exit tax liabilities is recorded.
\n
In principle, intermediate revisions of this provision for exit tax
\n
only take place when the rise in value of this company\u2019s property
\n
calls for an increase. Any overvaluation owing to reductions in
\n
value is only established at the time of the actual merger.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DescriptionOfAccountingPolicyForExitTaxExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag343": { "value": "\n

\n

\n

\n
Financial risk management
\n\n
Evolution of the interest rates
\n
Higher interest rates result in increased financial expenses and
\n
a decrease in the EPRA earnings. Retail Estates nv makes use
\n
of financial instruments of the IRS and CAP type to hedge the
\n
interest rate risk on non-current loans with variable interest rate.
\n
In case of an interest rate swap (IRS), the variable interest rate is
\n
exchanged for a fixed interest rate; in case of a CAP, the interest
\n
rate is capped. Due to this interest rate policy, 95.52% of the
\n
current loans are hedged with a fixed interest rate. An interest
\n
hedging has also been concluded for a large part of the still to
\n
be renewed credits. The weighted average interest rate of the
\n
public BE-REIT is 2.30%.
\n

\n\n\n\n\n\n\n\n
OVERVIEW OF FIXED-RATE DEBT, HEDGED VARIABLE-RATE DEBT
\n
AND UNHEDGED VARIABLE-RATE DEBT (IN %)
\n
100
\n
80
\n
60
\n
40
\n
20
\n
0
\n
31/03/2024 31/03/2025 31/03/2026 31/03/2027 31/03/2028
\n
fixed-rate debt
\n
hedged variable-
\n
rate debt
\n
unhedged variable-
\n
rate debt
\n
Financing risk
\n
Long-term financing is concluded in the form of \u201cbullet loans\u201d, i.e.
\n
loans for which the principal must be paid back in full after a term
\n
of five to eight years. The diversification of financing over various
\n
banks limits the Group\u2019s liquidity risk. In the financial year, the
\n
Group concluded 95.52% of its loans at a fixed interest rate or at
\n
a variable interest rate which is immediately converted to a fixed
\n
interest rate. The net result of the financial year was therefore only
\n
sensitive to interest rate fluctuations to a limited extent.
\n\n
Credit risk
\n
Before a new tenant is accepted, a credit risk analysis is carried
\n
out on the basis of the available information. Rental arrears are
\n
furthermore carefully monitored by Retail Estates nv. In case of
\n
non-payment, the company generally holds a bank guarantee.
\n
Please refer to notes 34 and 35 for more details.
\n
None of our customers account for 10% or more of the total rental
\n
income.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag344": { "value": "\n
Evolution of the interest rates
\n
Higher interest rates result in increased financial expenses and
\n
a decrease in the EPRA earnings. Retail Estates nv makes use
\n
of financial instruments of the IRS and CAP type to hedge the
\n
interest rate risk on non-current loans with variable interest rate.
\n
In case of an interest rate swap (IRS), the variable interest rate is
\n
exchanged for a fixed interest rate; in case of a CAP, the interest
\n
rate is capped. Due to this interest rate policy, 95.52% of the
\n
current loans are hedged with a fixed interest rate. An interest
\n
hedging has also been concluded for a large part of the still to
\n
be renewed credits. The weighted average interest rate of the
\n
public BE-REIT is 2.30%.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag345": { "value": "\n
Credit risk
\n
Before a new tenant is accepted, a credit risk analysis is carried
\n
out on the basis of the available information. Rental arrears are
\n
furthermore carefully monitored by Retail Estates nv. In case of
\n
non-payment, the company generally holds a bank guarantee.
\n
Please refer to notes 34 and 35 for more details.
\n
None of our customers account for 10% or more of the total rental
\n
income.
\n

\n\n\n\n\n\n\n\n

\n\n
Note 34
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by due date of
credit lines (in \u20ac 000)31.03.202431.03.2023
Non-current
Bilateral loans - variable or
fixed rate686,535609,967
Bond loan175,572175,400
Subtotal 862,107785,368
Current
Bilateral loans - variable or
fixed rate4,1821,464
Bond loan0
Treasury certificates42,50050,000
Subtotal 46,68251,464
Total908,789836,831
\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of
non-current financial debts
- future interest burden not
included (in \u20ac 000)31.03.202431.03.2023
Between one and two
year(s)214,813136,682
Between two and five years495,981550,530
More than five years151,31398,156
\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by the variable
or fixed-rate nature of the
loans (in \u20ac 000)431.03.202431.03.2023
Variable rate loans575,721457,215
Fixed rate loans333,068379,616
\n\n\n\n\n
\n
4
\n
Without taking into account hedging instruments
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Retail Estates nv has the
following unused credit
facilities (in \u20ac 000)31.03.202431.03.2023
Expiring within one year00
Expiring after one year184,012204,762
\n\n\n\n\n
\n
50.00 mio EUR of the unused credit lines is used as a backup line for the drawn amounts of
\n
the commercial paper program
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total future interest burden
Estimate of the future
interest burden31.03.202431.03.2023
Within one year19,99919,012
Between one and five
year(s)57,29336,503
More than five years7,9461,306
Total85,23856,821
\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Reconciliation between changes in financial liabilities and + Cash + Niet-kas
consolidated cash flow statement31.03.2023flowswijzigingen31.03.2024
Financial debts841,702 913,868
Bilateral loans - variable or fixed rate661,431 71,786733,217
Bond loan175,400 172 175,572
Financial lease4,871 209 5,079
\n\n\n\n
\n
*
\n
The non-cash movement for finance leases relates to the adoption of IFRS 16.
\n
**
\n
The non-cash movement for the bonds refers to the spread of costs associated with the issuance of the bonds.
\n
\n
Over the course of the financial year, financial liabilities increased
\n
by a net amount of \u20ac 71.79 million. New loans were taken out or
\n
existing loans were extended for an amount of \u20ac 223.25 million
\n
while other loans expired and were repaid for an amount of
\n
\u20ac 151.46 million. In addition, there are costs linked to the issue
\n
of bonds that are incorporated into the result spread over time.
\n
Non-current and current financial liabilities
\n
Structure of the financial debt:
\n
On 31 March 2024, total consolidated financial debt amounted
\n
to \u20ac 913.87 million.
\n
This amount is composed as follows:
\n
Non-current liabilities:
\n
\u2013 \u20ac 686.54 million in traditional bilateral long-term bank loans,
\n
spread over several banks
\n
\u2013 \u20ac 5.08 million in financial leases
\n
\u2013 \u20ac 175.57 million in bond loans
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Bilateral loans686.54609.97
Financial lease5.08 4.87
Bond loan175.57175.40
\n\n\n\n
\n
This is an increase by \u20ac 76.95 million compared to last year as a
\n
result of the acquisitions of the current financial year.
\n
Current liabilities:
\n
\u2013 \u20ac 4.17 million in traditional bilateral short-term bank loans
\n
\u2013 \u20ac 42.50 million in Commercial Papers
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Bilateral loans4.181.46
Commercial paper42.5050.00
Bond loan
\n\n\n\n
\n
This is a decrease by \u20ac 4.78 million compared to last year. This
\n
can mainly be explained by the decrease in the commercial
\n
paper programme compared to last year (see above).
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
FINANCIAL DEBT STRUCTURE
\n
4,68%
\n
financial leasing
\n
19,32%
\n
bond loans
\n
76,00%
\n
banking
\n
loans
\n
95.52% of the loans have a fixed interest rate or are hedged
\n
using an interest rate swap contract. The estimate of the future
\n
interest burden takes into account the debt position as of 31
\n
March 2023 and interest covers according to the contracts
\n
currently in progress. For the unhedged part of the liabilities for
\n
a total of \u20ac 40.76 million, the Euribor expectations were taken
\n
into account, as well as the banking margin.
\n
The company has issued five bond loans:
\n
\u2013 \u20ac 30 million, issued on 29 April 2016 with a maturity of
\n
10 years, of which \u20ac 4 million at a fixed interest rate of 2.84%
\n
and \u20ac 26 million at a floating interest rate (Euribor 3 months
\n
+ 2,25%)
\n
\u2013 \u20ac 25 million, issued on 10 June 2016 with a maturity of
\n
10 years and an interest rate of 2.84%.
\n
\u2013 \u20ac 75 million, issued on 18 December 2019 with a maturity of
\n
7 years and an interest rate of 2.15%
\n
\u2013 \u20ac 30 million, issued on 9 December 2020 with a maturity of 5
\n
years and an interest rate of 1.991%.
\n
\u2013 \u20ac 16 million, issued on 26 March 2021 with a maturity of 8
\n
years and an interest rate of 2.897%.
\n
Interest charges analysis \u2013 interest sensitivity
\n
The degree to which Retail Estates nv can finance itself significantly
\n
impacts its profitability. Property investments generally entail a
\n
relatively high level of debt financing. To optimally limit this risk,
\n
Retail Estates nv applies a relatively cautious and conservative
\n
strategy (see above). This strategy ensures that a rise in the
\n
interest rate has no substantial impact on the total result of
\n
the current financial year. Interest rate increases or decreases
\n
nevertheless have an impact on the market value of the concluded
\n
IRS contracts and thus on shareholders\u2019 equity and changes in
\n
the fair value of financial assets and liabilities. If the interest rate
\n
were to rise by 1%, this would have a positive impact of \u20ac 25.16
\n
million on shareholders\u2019 equity and changes in the fair value of
\n
financial assets and liabilities. \u20ac 24.55 million of this amount would
\n
be recorded via the income statement and \u20ac 0.61 million of this
\n
amount would be recorded directly under shareholders\u2019 equity. If
\n
interest rate were to decrease by 1%, this would have a negative
\n
impact of \u20ac 25.78 million on shareholders\u2019 equity and changes in
\n
the fair value of financial assets and liabilities. \u20ac 25.39 million of
\n
this amount would be recorded via the income statement account
\n
and \u20ac 0.38 million would be recorded directly under shareholders\u2019
\n
equity.
\n
In principle, Retail Estates nv concludes an agreement with its
\n
banks for a debt ratio covenant of 60%.
\n
Maturity dates
\n
The weighted average term of the outstanding financial debts of
\n
Retail Estates was 3.45 years on 31 March 2024 compared to 3.66
\n
years for the previous year. On 31 March 2024, the total of unused
\n
and confirmed long-term credit lines amounted to \u20ac 174.01 mil-
\n
lion. This is exclusive of the backup lines for the Commercial Paper
\n
programme amounting to \u20ac 42.50 million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag346": { "value": "\n

\n\n

\n\n
Note 1
\n
The increase in rental income is mainly the result of the indexations
\n
and acquisitions during the past financial year. The rental income
\n
stated below does not take into account future indexations.
\n
As a theoretical exercise, the following table shows how much
\n
rental income Retail Estates nv is certain to receive based on the
\n
current lease agreements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rental income (in \u20ac 000)31.03.202431.03.2023
Within one year142,241135,637
Between one and five
year(s)440,050402,719
Within more than five years495,402384,744
\n\n\n\n\n
\n
This does not alter the theoretical risk that all (Belgian) tenants
\n
may make use of their legal termination option at the end of
\n
the current three-year period. Taking into account this legal
\n
option, the weighted average remaining term is 2.34 years for
\n
the Belgian portfolio. The granting of rent-free periods is rather
\n
rare in the market of out-of-town retail real estate. During the
\n
past financial year, no discounts were granted on account of the
\n
surge in inflation.
\n
Type of lease agreement
\n
The Group concludes commercial rental contracts for its buildings
\n
in Belgium for a minimum period of nine years, which, in most
\n
cases, can be terminated by the tenant after the expiry of the
\n
third and the sixth year, subject to six months\u2019 notice prior to the
\n
expiry date. Standard lease agreements in the Netherlands have
\n
a five-year term.
\n
The rents are usually paid in advance on a monthly basis
\n
(sometimes quarterly). They are indexed annually on the
\n
anniversary of the lease agreement. Taxes and levies, including
\n
property tax, the insurance premium and common charges, are in
\n
principle borne by the tenant. To guarantee compliance with the
\n
obligations imposed on the tenant by virtue of the agreement,
\n
some tenants must provide a rental guarantee, usually in the
\n
form of a bank guarantee, corresponding to three months\u2019 rent.
\n
At the start of the agreement, an inventory of fixtures is drawn
\n
up between the parties by an independent expert. Upon expiry
\n
of the agreement, the tenant must return the leased premises
\n
in the condition described in the inventory of fixtures that was
\n
drawn up when the tenant moved into the property, subject to
\n
normal wear and tear. The lessee is not entitled to transfer the
\n
lease nor to sublet all or part of the leased property without
\n
prior written consent of the lessor. The tenant must register the
\n
agreement at their own expense.
\n

\n

\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n

\n\n
\n
Note 39
\n
Acquired real estate companies and investment properties
\n
As per 31.03.2024
\n
Acquisitions and in-house developments in financial year 2023-
\n
2024 resulted in an increase of the real estate portfolio by \u20ac 92.23
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 13.67 million in financial year 2023-2024. If the
\n
acquisitions had taken place on 1 April 2023, the rental income
\n
would have increased by \u20ac 5.48 million. The operating result
\n
increased by \u20ac 4.38 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n
As per 31.03.2023
\n
Acquisitions and in-house developments in financial year 2022-
\n
2023 resulted in an increase of the real estate portfolio by \u20ac 63.38
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 2.51 million in financial year 2022-2023. If the
\n
acquisitions had taken place on 1 April 2022, the rental income
\n
would have increased by \u20ac 5.57 million. The operating result
\n
increased by \u20ac 2.01 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n\n
Sold real estate companies and investment properties
\n
As per 31.03.2024
\n
Divestments were made during the 2023-2024 financial year for a
\n
net sales price of \u20ac 12.37 million, which resulted in a decrease in
\n
investment properties by \u20ac 8.44 million and a decrease in assets
\n
held for sale by \u20ac 4.21. Rental income declined by \u20ac 0.06 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2023, the rental income would have decreased
\n
by \u20ac 0.63 million.
\n
As per 31.03.2023
\n
Divestments were made during the 2022-2023 financial year for
\n
a net sales price of \u20ac 9.80 million, which resulted in a decrease in
\n
investment properties by \u20ac 5.83 million and a decrease in assets
\n
held for sale by \u20ac 3.84. Rental income declined by \u20ac 0.21 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2022, the rental income would have decreased
\n
by \u20ac 0.38 million.
\n
\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfRentalIncomeFromInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag347": { "value": "\n

\n\n
Note 1
\n
The increase in rental income is mainly the result of the indexations
\n
and acquisitions during the past financial year. The rental income
\n
stated below does not take into account future indexations.
\n
As a theoretical exercise, the following table shows how much
\n
rental income Retail Estates nv is certain to receive based on the
\n
current lease agreements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rental income (in \u20ac 000)31.03.202431.03.2023
Within one year142,241135,637
Between one and five
year(s)440,050402,719
Within more than five years495,402384,744
\n\n\n\n\n
\n
This does not alter the theoretical risk that all (Belgian) tenants
\n
may make use of their legal termination option at the end of
\n
the current three-year period. Taking into account this legal
\n
option, the weighted average remaining term is 2.34 years for
\n
the Belgian portfolio. The granting of rent-free periods is rather
\n
rare in the market of out-of-town retail real estate. During the
\n
past financial year, no discounts were granted on account of the
\n
surge in inflation.
\n
Type of lease agreement
\n
The Group concludes commercial rental contracts for its buildings
\n
in Belgium for a minimum period of nine years, which, in most
\n
cases, can be terminated by the tenant after the expiry of the
\n
third and the sixth year, subject to six months\u2019 notice prior to the
\n
expiry date. Standard lease agreements in the Netherlands have
\n
a five-year term.
\n
The rents are usually paid in advance on a monthly basis
\n
(sometimes quarterly). They are indexed annually on the
\n
anniversary of the lease agreement. Taxes and levies, including
\n
property tax, the insurance premium and common charges, are in
\n
principle borne by the tenant. To guarantee compliance with the
\n
obligations imposed on the tenant by virtue of the agreement,
\n
some tenants must provide a rental guarantee, usually in the
\n
form of a bank guarantee, corresponding to three months\u2019 rent.
\n
At the start of the agreement, an inventory of fixtures is drawn
\n
up between the parties by an independent expert. Upon expiry
\n
of the agreement, the tenant must return the leased premises
\n
in the condition described in the inventory of fixtures that was
\n
drawn up when the tenant moved into the property, subject to
\n
normal wear and tear. The lessee is not entitled to transfer the
\n
lease nor to sublet all or part of the leased property without
\n
prior written consent of the lessor. The tenant must register the
\n
agreement at their own expense.
\n

\n

\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag348": { "value": "\n
Note 1
\n
The increase in rental income is mainly the result of the indexations
\n
and acquisitions during the past financial year. The rental income
\n
stated below does not take into account future indexations.
\n
As a theoretical exercise, the following table shows how much
\n
rental income Retail Estates nv is certain to receive based on the
\n
current lease agreements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rental income (in \u20ac 000)31.03.202431.03.2023
Within one year142,241135,637
Between one and five
year(s)440,050402,719
Within more than five years495,402384,744
\n\n\n\n\n
\n
This does not alter the theoretical risk that all (Belgian) tenants
\n
may make use of their legal termination option at the end of
\n
the current three-year period. Taking into account this legal
\n
option, the weighted average remaining term is 2.34 years for
\n
the Belgian portfolio. The granting of rent-free periods is rather
\n
rare in the market of out-of-town retail real estate. During the
\n
past financial year, no discounts were granted on account of the
\n
surge in inflation.
\n
Type of lease agreement
\n
The Group concludes commercial rental contracts for its buildings
\n
in Belgium for a minimum period of nine years, which, in most
\n
cases, can be terminated by the tenant after the expiry of the
\n
third and the sixth year, subject to six months\u2019 notice prior to the
\n
expiry date. Standard lease agreements in the Netherlands have
\n
a five-year term.
\n
The rents are usually paid in advance on a monthly basis
\n
(sometimes quarterly). They are indexed annually on the
\n
anniversary of the lease agreement. Taxes and levies, including
\n
property tax, the insurance premium and common charges, are in
\n
principle borne by the tenant. To guarantee compliance with the
\n
obligations imposed on the tenant by virtue of the agreement,
\n
some tenants must provide a rental guarantee, usually in the
\n
form of a bank guarantee, corresponding to three months\u2019 rent.
\n
At the start of the agreement, an inventory of fixtures is drawn
\n
up between the parties by an independent expert. Upon expiry
\n
of the agreement, the tenant must return the leased premises
\n
in the condition described in the inventory of fixtures that was
\n
drawn up when the tenant moved into the property, subject to
\n
normal wear and tear. The lessee is not entitled to transfer the
\n
lease nor to sublet all or part of the leased property without
\n
prior written consent of the lessor. The tenant must register the
\n
agreement at their own expense.
\n

\n

\n\n\n\n\n\n\n\n

\n\n

\n\n
\n
Note 39
\n
Acquired real estate companies and investment properties
\n
As per 31.03.2024
\n
Acquisitions and in-house developments in financial year 2023-
\n
2024 resulted in an increase of the real estate portfolio by \u20ac 92.23
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 13.67 million in financial year 2023-2024. If the
\n
acquisitions had taken place on 1 April 2023, the rental income
\n
would have increased by \u20ac 5.48 million. The operating result
\n
increased by \u20ac 4.38 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n
As per 31.03.2023
\n
Acquisitions and in-house developments in financial year 2022-
\n
2023 resulted in an increase of the real estate portfolio by \u20ac 63.38
\n
million. As a result of these investments, total rental income
\n
increased by \u20ac 2.51 million in financial year 2022-2023. If the
\n
acquisitions had taken place on 1 April 2022, the rental income
\n
would have increased by \u20ac 5.57 million. The operating result
\n
increased by \u20ac 2.01 million as a result of these investments. Please
\n
refer to the management report for more information on the
\n
structuring and financing of these acquisitions.
\n\n
Sold real estate companies and investment properties
\n
As per 31.03.2024
\n
Divestments were made during the 2023-2024 financial year for a
\n
net sales price of \u20ac 12.37 million, which resulted in a decrease in
\n
investment properties by \u20ac 8.44 million and a decrease in assets
\n
held for sale by \u20ac 4.21. Rental income declined by \u20ac 0.06 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2023, the rental income would have decreased
\n
by \u20ac 0.63 million.
\n
As per 31.03.2023
\n
Divestments were made during the 2022-2023 financial year for
\n
a net sales price of \u20ac 9.80 million, which resulted in a decrease in
\n
investment properties by \u20ac 5.83 million and a decrease in assets
\n
held for sale by \u20ac 3.84. Rental income declined by \u20ac 0.21 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2022, the rental income would have decreased
\n
by \u20ac 0.38 million.
\n
\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n
List of consolidated companies and changes in the circle of consolidation
\n
As per 31 March 2024, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
External financial Investment Rental income6Participation
Subsidiarydebts5 (in \u20ac 000)properties5 (in \u20ac 000)(in \u20ac 000)percentage
Retail Warehousing Invest49,1783,336100%
Inducom83,366100%
Finsbury Properties55100%
Regreen3,451205100%
Veilinghof \u2018t Sas26.19%
Retail Estates Nederland 64,7055,518100%
Venlo Invest33,1972,464100%
Cruquius Invest77,8025,860100%
Spijkenisse Invest10,25046,0743,590100%
Heerlen I Invest68,0644,789100%
Heerlen II Invest60,1424,454100%
Retail Estates Middelburg Invest32,1762,825100%
Breda I Invest40,7753,176100%
Breda II Invest25,1331,952100%
Naaldwijk Invest20,7961,931100%
Alex Invest33,1142,93350%
Zaandam Invest25,2251,974100%
Osbroek Invest71,7205,498100%
Aquarius Invest45,9501,380100%
Waterman Invest34,5521,462100%
SVK3,013100%
\n\n\n\n\n\n\n
\n
\n
5
\n
Value at closing date of the consolidated figures (31.03.2024) including non-current assets under construction (IAS 40).
\n
6
\n
For the period the companies are part of the Group in the current financial year.
\n

\n\n\n\n\n\n\n\n\n\n
Note 43
\n
SEGMENTED INFORMATION - PROFIT & LOSS
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
The Unallo-The Unallo-
Segmented information \u2013 results by Nether-cated Nether-cated
segment (in \u20ac 000)BelgiumlandsamountsTOTALBelgiumlandsamountsTOTAL
Rental income 89,72749,807139,53384,68141,175125,856
Rental related expenses-258-447-705-283-173-456
Net rental income89,46949,359138,82984,39941,002125,401
Recovery of property expenses
Recovery of rental charges and taxes
normally payable by tenants on let
properties9,8694,74014,6099,4493,55713,006
Rental charges and taxes normally pa-
yable by tenants on let properties-10,271-6,634-16,905-9,747-5,175-14,922
Other rental related income and ex-
penses-37-64-101-20-2
Property result89,03047,401136,43084,09939,384123,482
Technical costs-4,875-3,057-7,932-5,050-2,641-7,691
Commercial costs-1,127-122-1,249-1,744-84-1,828
Charges and taxes on unlet properties-414-90-504-573-68-641
Property management costs-5,108-1,544-6,653-3,885-1,281-5,166
Other property costs-2-1-3-60-6
Property costs-11,527-4,814-16,341-11,257-4,074-15,332
Operating property result77,50342,587120,09072,84135,309108,150
Operating corporate costs-8,473-8,473-7,097-7,097
Other current operating income and
expenses
Operating result before result on port-
folio111,617101,053
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
The Unallo-The Unallo-
Segmented information \u2013 results by Nether-cated Nether-cated
segment (in \u20ac 000)BelgiumlandsamountsTOTALBelgiumlandsamountsTOTAL
Result on disposals of investment
properties-3990-399141-2139
Result on sales of other non-financial
assets
Changes in fair value of investment
properties39,94811,24251,19040,00415,91355,917
Other result on portfolio12-377-365-551-4,045-4,596
Operating result162,043152,514
Financial income162162169169
Net interest charges-21,671-21,671-19,032-19,032
Changes in fair value of financial assets
and liabilities-16,487-16,48741,64541,645
Other financial charges-63-63-60-60
Financial result-38,059-38,05922,72322,723
Result in associated companies-92-9211
Result before taxes123,891175,238
Taxes-879145-734-3,4549,6526,199
Net result123,157181,436
Attributable to:
Shareholders of the Group122,967180,621
Minority interests190815
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag349": { "value": "\n

\n\n
Note 2
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rental-related expenses
(in \u20ac 000)31.03.202431.03.2023
Rent payable for hired
assets and lease costs0-22
Impairments on trade
receivables-705-434
Total rental-related expen-
ses-705-455
\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfDirectOperatingExpenseFromInvestmentPropertyGeneratingRentalIncomeExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag350": { "value": "\n
Note 2
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rental-related expenses
(in \u20ac 000)31.03.202431.03.2023
Rent payable for hired
assets and lease costs0-22
Impairments on trade
receivables-705-434
Total rental-related expen-
ses-705-455
\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n
Note 23
\n
Trade receivables and doubtful debtors
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables (in \u20ac 000)31.03.202431.03.2023
Trade receivables16,84613,914
Invoices to be issued1,8611,302
Doubtful debtors-4,563-4,025
Income to be collected00
Coupon real estate certi-
ficats
Distri-Land250250
Other2331
Total trade receivables14,62711,442
\n\n\n\n\n\n\n
\n
Outstanding trade receivables, after deduction of doubtful
\n
debtors and advance payments, amount to \u20ac 12.51 million, of
\n
which \u20ac 0.23 million relate to the revolving fund and the reserve
\n
fund and of which \u20ac 11.53 million have not yet reached their
\n
maturity date. Taking into account the guarantees obtained \u2013
\n
both rental guarantees and bank guarantees \u2013 the credit risk on
\n
trade receivables is very limited on 31 March 2024. The total
\n
prebilling balance amounts to \u20ac 11.86 million on 31 March 2024
\n
compared to \u20ac 9.12 million last year. The prebilling relates to
\n
unexpired rents billed for periods after 31 March 2024.
\n
For more details about the Distri-Land coupon, please refer
\n
to the chapter \u2018Real estate certificates\u2019 in the valuation rules
\n
mentioned earlier in this Annual Financial Report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Impairment on doubtful
debtors - roll forward
(in \u20ac 000)31.03.202431.03.2023
At the end of the previous
financial year-4,025-3,703
From acquired companies00
Provisions -1,591-659
Recoveries1,252226
Write-offs-199111
At the end of the financial
year-4,562-4,025
\n\n\n\n\n\n\n
\n
The provision for doubtful debtors is established as follows:
\n
the rental arrears list is closely monitored internally. Based on
\n
a management assessment, or if obvious and demonstrable
\n
reasons exist to suggest that the claim cannot be recovered, a
\n
provision is created. Trade receivables are payable in cash. The
\n
table below shows an overview of the age structure of the trade
\n
receivables for which no value reduction was registered.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables -
Ageing (in \u20ac 000)31.03.202431.03.2023
Due < 30 days46951
Due 30-90 days-5703
Due > 90 days 292-50
Not due11,5289,007
\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag351": { "value": "\n

\n\n

\n\n
Note 3
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Recovery of charges and
taxes normally payable by
tenants on let properties
(in \u20ac 000)31.03.202431.03.2023
Recharging of rental char-
ges borne by the owner7,5986,933
Recharging of real estate
taxes and taxes on let
properties7,0106,073
Total recovery of charges
and taxes normally payable
by tenants on let properties14,60913,006
\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfRecoveryOfRentalChargesAndTaxesNormallyPayableByTenantsOnLetPropertiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag352": { "value": "\n

\n\n
Note 3
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Recovery of charges and
taxes normally payable by
tenants on let properties
(in \u20ac 000)31.03.202431.03.2023
Recharging of rental char-
ges borne by the owner7,5986,933
Recharging of real estate
taxes and taxes on let
properties7,0106,073
Total recovery of charges
and taxes normally payable
by tenants on let properties14,60913,006
\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n
Note 4
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Charges normally
payable by tenants on let
properties (in \u20ac 000)31.03.202431.03.2023
Rental charges borne by
the owner-8,247-7,453
Real estate taxes and taxes
on let properties-8,658-7,469
Total charges normally
payable by tenants on let
properties-16,905-14,922
\n\n\n\n\n
\n
The standard lease agreements usually provide for these
\n
expenses and taxes to be charged by the owner to the tenants.
\n
A number of the Group\u2019s lease agreements nevertheless state
\n
that some expenses and taxes remain payable by the owner.
\n
These expenses and taxes principally include the costs of
\n
property tax, insurance and utilities.
\n
The buildings (both existing buildings and those under
\n
construction) are covered by various insurance policies (providing
\n
cover for e.g. fire, storm and water damage) for a total value
\n
(new building value without land) of approximately \u20ac 1,390.95
\n
million. This amount represents 69.03% of the fair value of the
\n
real estate on the same date (\u20ac 2,015.03 million). The cover is
\n
limited to an amount determined by Retail Estates on the basis
\n
of the new building value. The value of the land must not be
\n
insured due to its nature. Non-current assets held for sale, on the
\n
other hand, are insured.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Insurance31.03.202431.03.2023
Insurance premiums
(in \u20ac 000)1,5221,345
Percentage of fair value
covered by insurance 69.03 60.08
\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag353": { "value": "\n
Note 3
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Recovery of charges and
taxes normally payable by
tenants on let properties
(in \u20ac 000)31.03.202431.03.2023
Recharging of rental char-
ges borne by the owner7,5986,933
Recharging of real estate
taxes and taxes on let
properties7,0106,073
Total recovery of charges
and taxes normally payable
by tenants on let properties14,60913,006
\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag354": { "value": "\n

\n\n

\n\n
Note 4
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Charges normally
payable by tenants on let
properties (in \u20ac 000)31.03.202431.03.2023
Rental charges borne by
the owner-8,247-7,453
Real estate taxes and taxes
on let properties-8,658-7,469
Total charges normally
payable by tenants on let
properties-16,905-14,922
\n\n\n\n\n
\n
The standard lease agreements usually provide for these
\n
expenses and taxes to be charged by the owner to the tenants.
\n
A number of the Group\u2019s lease agreements nevertheless state
\n
that some expenses and taxes remain payable by the owner.
\n
These expenses and taxes principally include the costs of
\n
property tax, insurance and utilities.
\n
The buildings (both existing buildings and those under
\n
construction) are covered by various insurance policies (providing
\n
cover for e.g. fire, storm and water damage) for a total value
\n
(new building value without land) of approximately \u20ac 1,390.95
\n
million. This amount represents 69.03% of the fair value of the
\n
real estate on the same date (\u20ac 2,015.03 million). The cover is
\n
limited to an amount determined by Retail Estates on the basis
\n
of the new building value. The value of the land must not be
\n
insured due to its nature. Non-current assets held for sale, on the
\n
other hand, are insured.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Insurance31.03.202431.03.2023
Insurance premiums
(in \u20ac 000)1,5221,345
Percentage of fair value
covered by insurance 69.03 60.08
\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfRentalChargesAndTaxesNormallyPayableByTenantsOnLetPropertiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag356": { "value": "\n
Note 4
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Charges normally
payable by tenants on let
properties (in \u20ac 000)31.03.202431.03.2023
Rental charges borne by
the owner-8,247-7,453
Real estate taxes and taxes
on let properties-8,658-7,469
Total charges normally
payable by tenants on let
properties-16,905-14,922
\n\n\n\n\n
\n
The standard lease agreements usually provide for these
\n
expenses and taxes to be charged by the owner to the tenants.
\n
A number of the Group\u2019s lease agreements nevertheless state
\n
that some expenses and taxes remain payable by the owner.
\n
These expenses and taxes principally include the costs of
\n
property tax, insurance and utilities.
\n
The buildings (both existing buildings and those under
\n
construction) are covered by various insurance policies (providing
\n
cover for e.g. fire, storm and water damage) for a total value
\n
(new building value without land) of approximately \u20ac 1,390.95
\n
million. This amount represents 69.03% of the fair value of the
\n
real estate on the same date (\u20ac 2,015.03 million). The cover is
\n
limited to an amount determined by Retail Estates on the basis
\n
of the new building value. The value of the land must not be
\n
insured due to its nature. Non-current assets held for sale, on the
\n
other hand, are insured.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Insurance31.03.202431.03.2023
Insurance premiums
(in \u20ac 000)1,5221,345
Percentage of fair value
covered by insurance 69.03 60.08
\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag357": { "value": "\n

\n\n
Note 5
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Technical costs
(in \u20ac 000)31.03.202431.03.2023
Recurrent technical costs-6,163-6,272
Structural maintenance-6,163-6,272
Non-recurrent technical
costs-1,769-1,420
Occasional maintenance-935-955
Claim events covered by
insurance companies-1,336-669
Compensations received
from insurance companies502204
Total technical costs-7,932-7,691
\n\n\n\n\n
\n
Structural maintenance principally concerns expenses within
\n
the context of the sustainability strategy (making buildings
\n
more energy efficient) and the regular renovation of car parks
\n
and roofs. Occasional maintenance, on the other hand, mainly
\n
includes unforeseeable costs for the structure of the let premises
\n
that are attributable to wear and tear, uninsured accidents and
\n
acts of vandalism.
\n
The expenses relating to the ESG initiatives will again be in line
\n
with the strategic ESG plan.
\n
The increase in the non-recurring technical costs can be
\n
explained extra costs is explained by additional costs resulting
\n
from damage. A store building in Soignies suffered roof damage
\n
that required significant costs to be incurred to reinstate the
\n
building. A financial provision was also taken to repair damage
\n
to the fa\u00e7ade panels of the Cruquius shopping center. The causal
\n
relationship of the facade damage is under investigation.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfTechnicalCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag358": { "value": "\n
Note 5
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Technical costs
(in \u20ac 000)31.03.202431.03.2023
Recurrent technical costs-6,163-6,272
Structural maintenance-6,163-6,272
Non-recurrent technical
costs-1,769-1,420
Occasional maintenance-935-955
Claim events covered by
insurance companies-1,336-669
Compensations received
from insurance companies502204
Total technical costs-7,932-7,691
\n\n\n\n\n
\n
Structural maintenance principally concerns expenses within
\n
the context of the sustainability strategy (making buildings
\n
more energy efficient) and the regular renovation of car parks
\n
and roofs. Occasional maintenance, on the other hand, mainly
\n
includes unforeseeable costs for the structure of the let premises
\n
that are attributable to wear and tear, uninsured accidents and
\n
acts of vandalism.
\n
The expenses relating to the ESG initiatives will again be in line
\n
with the strategic ESG plan.
\n
The increase in the non-recurring technical costs can be
\n
explained extra costs is explained by additional costs resulting
\n
from damage. A store building in Soignies suffered roof damage
\n
that required significant costs to be incurred to reinstate the
\n
building. A financial provision was also taken to repair damage
\n
to the fa\u00e7ade panels of the Cruquius shopping center. The causal
\n
relationship of the facade damage is under investigation.
\n

\n\n\n\n\n\n\n\n
Note 7
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Charges and taxes on
unlet properties (in \u20ac 000)31.03.202431.03.2023
Vacancy charges of the
financial year-197-265
Property tax on vacant
buildings-308-375
Total charges and taxes on
unlet properties-504-641
\n\n\n\n\n
\n
The costs and taxes relating to unlet buildings concern buildings
\n
that are vacant for a limited period of time in the context of
\n
a changeover between tenants and non-current assets under
\n
construction (mainly property tax). On 31 March 2024, the cost
\n
for vacant property was 0.36% of the rental income received,
\n
compared to 0.51% on 31 March 2023.
\n

\n\n\n\n\n\n\n\n

\n
Note 8
\n
The management costs mainly consist of the relevant personnel
\n
costs, the operating cost of the ERP application attributable to
\n
management, the operating costs of the offices of Retail Estates
\n
in Belgium (Ternat) and the Netherlands (Houten) and fees paid
\n
to third parties. Management fees received from tenants which
\n
partially cover the management costs of the properties are
\n
deducted.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Management property
costs (in \u20ac 000)31.03.202431.03.2023
Office charges-1,362-1,118
IT-1,296-1,004
Other-66-114
Housing costs-342-290
Fees to third parties-347-313
Public relations, communi-
cation and advertising-46-44
Personnel expenses-4,595-3,437
Salaries-2,647-1,969
Social security-544-420
Pensions and collective
insurances-11-8
Other-1,393-1,040
Management fees received
from tenants4036
Total property management
costs-6,653-5,166
\n\n\n\n\n
\n\n

\n\n
Personnel costs make up most of the management costs. The
\n
table below provides an overview of the employee count in FTE.
\n
The increased personnel costs can be explained by the increase
\n
of the number of FTE and by the indexation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in FTE) 31.03.202431.03.2023
Property department26.8120.84
Total42.0033.00
Average41.1033.60
\n\n\n\n\n
\n
For more information about the personnel cost and the employee
\n
count for the 2022-2023 financial year we refer to p. 190 et seq.
\n
of the 2022-2023 Annual Financial Report.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n
Note 9
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other propery charges
(in \u20ac 000)31.03.202431.03.2023
Other property charges-3-6
Total other property
charges-3-6
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n
Note 10
\n
The corporate operating costs include the fixed operating
\n
costs of the company, which operates as a legal entity that
\n
is listed on the stock market and benefits from the BE-REIT
\n
status. These costs are incurred in order to obtain transparent
\n
financial information, to be economically comparable with other
\n
types of investments and to offer investors the opportunity to
\n
participate indirectly in a diversified real estate investment in a
\n
liquid manner. A part of the costs incurred in the context of the
\n
company\u2019s growth strategy are also included in this category.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Corporate operating costs (in \u20ac 000) 31.03.202431.03.2023
Office charges-1.299-1.084
IT-1.230-989
Other-69-95
Housing costs-185-162
Fees to third parties-742-640
Recurrent-356-268
- Lawyers
- Auditors-291-189
- Other-66-79
Non-recurrent-386-372
- Lawyers-50-31
- Notary costs-9-4
- Consultants-327-337
Mergers and acquisitions (other than business combinations)00
Public relations, communication and advertising-123-66
Personnel expenses-1.688-1.639
Salaries-813-683
Social security-218-159
Pensions and collective insurances-3-3
Other-653-793
Management fees-2.173-1.694
Remuneration of board of directors-352-294
Taxes and legal costs-1.911-1.518
Total operating costs-8.473-7.097
\n\n\n\n\n
\n
The increase in the corporate operating costs is mainly due to an
\n
increase in the IT costs, the remunerations paid to the managers
\n
and an increase in taxes and legal costs.
\n
In view of the growing complexity of the company\u2019s activities,
\n
including the international nature of its activities, the listing
\n
on a foreign stock market and the more extensive reporting
\n
obligations, the remunerations of the non-executive directors
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
were adjusted in line with the decision of the general
\n
shareholders\u2019 meeting of 18 July 2022. The increase in the
\n
remunerations paid to the managers is the result of the expansion
\n
of the management team.
\n
The increase in taxes and legal costs can be explained in two
\n
ways. On the one hand as a result of a change in the VAT ratio
\n
which makes the non-deductible VAT higher than last year. On
\n
the other hand due to an increase in equity capital which implies
\n
higher fees on collective investment funds.
\n
The increase in the IT costs is due to the operational cost of the
\n
integrated IT system.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag359": { "value": "\n

\n\n
Note 6
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Commercial costs (in \u20ac 000)31.03.202431.03.2023
Brokers' commissions-257-252
Publicity related to the
properties-580-435
Lawyers' fees and legal
costs-269-246
Other-142-895
Total commercial costs-1,249-1,828
\n\n\n\n\n
\n
Commercial costs mainly concern marketing events for the retail
\n
parks and fees for lease renewal negotiations and the preparation
\n
of permit applications. Other commercial costs mainly relate to
\n
the expenses incurred for the prospection in light of possible
\n
expansion into a third country.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfCommercialCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag360": { "value": "\n
Note 6
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Commercial costs (in \u20ac 000)31.03.202431.03.2023
Brokers' commissions-257-252
Publicity related to the
properties-580-435
Lawyers' fees and legal
costs-269-246
Other-142-895
Total commercial costs-1,249-1,828
\n\n\n\n\n
\n
Commercial costs mainly concern marketing events for the retail
\n
parks and fees for lease renewal negotiations and the preparation
\n
of permit applications. Other commercial costs mainly relate to
\n
the expenses incurred for the prospection in light of possible
\n
expansion into a third country.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag361": { "value": "\n

\n\n

\n\n
Note 7
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Charges and taxes on
unlet properties (in \u20ac 000)31.03.202431.03.2023
Vacancy charges of the
financial year-197-265
Property tax on vacant
buildings-308-375
Total charges and taxes on
unlet properties-504-641
\n\n\n\n\n
\n
The costs and taxes relating to unlet buildings concern buildings
\n
that are vacant for a limited period of time in the context of
\n
a changeover between tenants and non-current assets under
\n
construction (mainly property tax). On 31 March 2024, the cost
\n
for vacant property was 0.36% of the rental income received,
\n
compared to 0.51% on 31 March 2023.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfChargesAndTaxesOnUnletPropertiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag364": { "value": "\n

\n\n

\n
Note 8
\n
The management costs mainly consist of the relevant personnel
\n
costs, the operating cost of the ERP application attributable to
\n
management, the operating costs of the offices of Retail Estates
\n
in Belgium (Ternat) and the Netherlands (Houten) and fees paid
\n
to third parties. Management fees received from tenants which
\n
partially cover the management costs of the properties are
\n
deducted.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Management property
costs (in \u20ac 000)31.03.202431.03.2023
Office charges-1,362-1,118
IT-1,296-1,004
Other-66-114
Housing costs-342-290
Fees to third parties-347-313
Public relations, communi-
cation and advertising-46-44
Personnel expenses-4,595-3,437
Salaries-2,647-1,969
Social security-544-420
Pensions and collective
insurances-11-8
Other-1,393-1,040
Management fees received
from tenants4036
Total property management
costs-6,653-5,166
\n\n\n\n\n
\n\n

\n\n
Personnel costs make up most of the management costs. The
\n
table below provides an overview of the employee count in FTE.
\n
The increased personnel costs can be explained by the increase
\n
of the number of FTE and by the indexation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in FTE) 31.03.202431.03.2023
Property department26.8120.84
Total42.0033.00
Average41.1033.60
\n\n\n\n\n
\n
For more information about the personnel cost and the employee
\n
count for the 2022-2023 financial year we refer to p. 190 et seq.
\n
of the 2022-2023 Annual Financial Report.
\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfPropertyManagementExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag367": { "value": "\n
Personnel costs make up most of the management costs. The
\n
table below provides an overview of the employee count in FTE.
\n
The increased personnel costs can be explained by the increase
\n
of the number of FTE and by the indexation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in FTE) 31.03.202431.03.2023
Property department26.8120.84
Total42.0033.00
Average41.1033.60
\n\n\n\n\n
\n
For more information about the personnel cost and the employee
\n
count for the 2022-2023 financial year we refer to p. 190 et seq.
\n
of the 2022-2023 Annual Financial Report.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag1": { "value": "\n

\n\n
Note 9
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other propery charges
(in \u20ac 000)31.03.202431.03.2023
Other property charges-3-6
Total other property
charges-3-6
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfOtherPropertyCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag3": { "value": "\n

\n\n

\n\n
Note 10
\n
The corporate operating costs include the fixed operating
\n
costs of the company, which operates as a legal entity that
\n
is listed on the stock market and benefits from the BE-REIT
\n
status. These costs are incurred in order to obtain transparent
\n
financial information, to be economically comparable with other
\n
types of investments and to offer investors the opportunity to
\n
participate indirectly in a diversified real estate investment in a
\n
liquid manner. A part of the costs incurred in the context of the
\n
company\u2019s growth strategy are also included in this category.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Corporate operating costs (in \u20ac 000) 31.03.202431.03.2023
Office charges-1.299-1.084
IT-1.230-989
Other-69-95
Housing costs-185-162
Fees to third parties-742-640
Recurrent-356-268
- Lawyers
- Auditors-291-189
- Other-66-79
Non-recurrent-386-372
- Lawyers-50-31
- Notary costs-9-4
- Consultants-327-337
Mergers and acquisitions (other than business combinations)00
Public relations, communication and advertising-123-66
Personnel expenses-1.688-1.639
Salaries-813-683
Social security-218-159
Pensions and collective insurances-3-3
Other-653-793
Management fees-2.173-1.694
Remuneration of board of directors-352-294
Taxes and legal costs-1.911-1.518
Total operating costs-8.473-7.097
\n\n\n\n\n
\n
The increase in the corporate operating costs is mainly due to an
\n
increase in the IT costs, the remunerations paid to the managers
\n
and an increase in taxes and legal costs.
\n
In view of the growing complexity of the company\u2019s activities,
\n
including the international nature of its activities, the listing
\n
on a foreign stock market and the more extensive reporting
\n
obligations, the remunerations of the non-executive directors
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n

\n\n
were adjusted in line with the decision of the general
\n
shareholders\u2019 meeting of 18 July 2022. The increase in the
\n
remunerations paid to the managers is the result of the expansion
\n
of the management team.
\n
The increase in taxes and legal costs can be explained in two
\n
ways. On the one hand as a result of a change in the VAT ratio
\n
which makes the non-deductible VAT higher than last year. On
\n
the other hand due to an increase in equity capital which implies
\n
higher fees on collective investment funds.
\n
The increase in the IT costs is due to the operational cost of the
\n
integrated IT system.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag5": { "value": "\n
Note 10
\n
The corporate operating costs include the fixed operating
\n
costs of the company, which operates as a legal entity that
\n
is listed on the stock market and benefits from the BE-REIT
\n
status. These costs are incurred in order to obtain transparent
\n
financial information, to be economically comparable with other
\n
types of investments and to offer investors the opportunity to
\n
participate indirectly in a diversified real estate investment in a
\n
liquid manner. A part of the costs incurred in the context of the
\n
company\u2019s growth strategy are also included in this category.
\n

\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Corporate operating costs (in \u20ac 000) 31.03.202431.03.2023
Office charges-1.299-1.084
IT-1.230-989
Other-69-95
Housing costs-185-162
Fees to third parties-742-640
Recurrent-356-268
- Lawyers
- Auditors-291-189
- Other-66-79
Non-recurrent-386-372
- Lawyers-50-31
- Notary costs-9-4
- Consultants-327-337
Mergers and acquisitions (other than business combinations)00
Public relations, communication and advertising-123-66
Personnel expenses-1.688-1.639
Salaries-813-683
Social security-218-159
Pensions and collective insurances-3-3
Other-653-793
Management fees-2.173-1.694
Remuneration of board of directors-352-294
Taxes and legal costs-1.911-1.518
Total operating costs-8.473-7.097
\n\n\n\n\n
\n
The increase in the corporate operating costs is mainly due to an
\n
increase in the IT costs, the remunerations paid to the managers
\n
and an increase in taxes and legal costs.
\n
In view of the growing complexity of the company\u2019s activities,
\n
including the international nature of its activities, the listing
\n
on a foreign stock market and the more extensive reporting
\n
obligations, the remunerations of the non-executive directors
\n

\n\n\n\n\n\n\n
were adjusted in line with the decision of the general
\n
shareholders\u2019 meeting of 18 July 2022. The increase in the
\n
remunerations paid to the managers is the result of the expansion
\n
of the management team.
\n
The increase in taxes and legal costs can be explained in two
\n
ways. On the one hand as a result of a change in the VAT ratio
\n
which makes the non-deductible VAT higher than last year. On
\n
the other hand due to an increase in equity capital which implies
\n
higher fees on collective investment funds.
\n
The increase in the IT costs is due to the operational cost of the
\n
integrated IT system.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag14": { "value": "\n
Note 11
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Result on disposals of
investment properties
(in \u20ac 000)31.03.202431.03.2023
Book value of sold real
estate properties12,6529,662
Net sales price of invest-
ment properties (sales price
- transaction costs)12,3739,801
Other-120
Total gain or loss on dispo-
sals of investment proper-
ties-399139
\n\n\n\n\n
\n
In the past financial year, properties were divested for a net sales
\n
price of \u20ac 12.37 million. A net capital loss of \u20ac -0.40 million was
\n
realised on these divestments. Overall, sales revenues represent
\n
a sales value that is in line with the investment value of the real
\n
estate expert. Please refer to the Management Report for more
\n
information.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfGainsLossesOnDisposalsOfInvestmentPropertiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag17": { "value": "\n
Note 12
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Changes in fair value of
investment properties
(in \u20ac 000) 31.03.202431.03.2023
Change in investment
properties due to value
adjustments63,31578,191
Change in investment
properties due to change in
transaction costs-12,125-22,274
Total changes in fair value
of investment properties51,19055,917
\n\n\n\n\n
\n
\n
On 1 January 2023, the Dutch transfer tax was raised from 8%
\n
to 10.4%. On 1 January 2021, the transaction costs had already
\n
been raised from 6% to 8%. At the time, the real estate experts
\n
deducted the full amount of the increase from the investment
\n
value in order to obtain the fair value of the real estate. One
\n
year later, it became clear that the transfer tax was not entirely
\n
borne by the seller and that the initial yield upon the transfer of
\n
assets also decreased. For this reason, half of the amount of the
\n
increase has been deducted in the past financial year, pending
\n
new transactions.
\n
During financial year 2022-2023, actual rents were indexed by
\n
9% on average. However, this indexation was not included in
\n
the expected contractual rents by the real estate experts. During
\n
2023-2024, there is sufficient market evidence for the real estate
\n
experts to assume that the indexations for most properties
\n
are permanent in nature. The expected contractual rents were
\n
brought more in line with actual rents.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Other result on portfolio-365-4,596
\n\n\n\n\n
\n
The other result on portfolio on 31 March 2023 mainly related to
\n
deferred taxes on the Dutch properties. Given the grant of FBI
\n
status, no provision for deferred taxes was made in 2023-2024.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfGainsLossesOnFairValueAdjustmentInvestmentPropertiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag18": { "value": "\n

\n\n

\n\n

\n\n
Note 13
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial income (in \u20ac 000)31.03.202431.03.2023
Collected interests and
dividends105105
Other5764
Total financial income162169
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag20": { "value": "\n

\n\n
Note 13
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial income (in \u20ac 000)31.03.202431.03.2023
Collected interests and
dividends105105
Other5764
Total financial income162169
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag21": { "value": "\n
Note 13
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Financial income (in \u20ac 000)31.03.202431.03.2023
Collected interests and
dividends105105
Other5764
Total financial income162169
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n
Note 14
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Net interest charges
(in \u20ac 000)31.03.202431.03.2023
Nominal interest on loans1-21,772-19,081
Other interest costs210149
Total net interest charges-21,671-19,032
\n\n\n\n\n
\n
1
\n
Also includes the interests on Interest Rate Swaps (financial instruments).
\n
2
\n
Capitalised interest costs on non-current assets under construction. The interest rate used
\n
is 2,30%.
\n
The weighted average interest rate amounts to 2.30% on 31
\n
March 2024, compared to 2.06% on 31 March 2023 (including
\n
the interest costs of the hedging instruments concluded). The
\n
company has concluded almost all of its loans as fixed-rate
\n
investment loans or as long-term variable-rate loans, for which
\n
a fixed interest rate was negotiated via a swap agreement. The
\n
evolution of the interest cover ratio (the net rental income versus
\n
interest charges on loans) amounts to 6.38 on 31 March 2024
\n
compared to 6.57 the year before. The company agreed on
\n
a minimum interest cover ratio of 2 with some of its bankers
\n
and bond holders. Please refer to note 35 for an overview of all
\n
swaps and caps.
\n
If the hedging instruments concluded are not taken into account,
\n
the weighted average interest rate amounts to 3.74%. This
\n
percentage is 1.44% higher than the average interest rate. Please
\n
refer to note 35 for information about the hedging strategy of
\n
Retail Estates.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n

\n\n
Note 15
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other financial charges
(in \u20ac 000)31.03.202431.03.2023
Bank costs and other com-
missions-63-60
Total other financial charges-63-60
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag22": { "value": "\n

\n\n

\n\n

\n\n

\n\n
Note 14
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Net interest charges
(in \u20ac 000)31.03.202431.03.2023
Nominal interest on loans1-21,772-19,081
Other interest costs210149
Total net interest charges-21,671-19,032
\n\n\n\n\n
\n
1
\n
Also includes the interests on Interest Rate Swaps (financial instruments).
\n
2
\n
Capitalised interest costs on non-current assets under construction. The interest rate used
\n
is 2,30%.
\n
The weighted average interest rate amounts to 2.30% on 31
\n
March 2024, compared to 2.06% on 31 March 2023 (including
\n
the interest costs of the hedging instruments concluded). The
\n
company has concluded almost all of its loans as fixed-rate
\n
investment loans or as long-term variable-rate loans, for which
\n
a fixed interest rate was negotiated via a swap agreement. The
\n
evolution of the interest cover ratio (the net rental income versus
\n
interest charges on loans) amounts to 6.38 on 31 March 2024
\n
compared to 6.57 the year before. The company agreed on
\n
a minimum interest cover ratio of 2 with some of its bankers
\n
and bond holders. Please refer to note 35 for an overview of all
\n
swaps and caps.
\n
If the hedging instruments concluded are not taken into account,
\n
the weighted average interest rate amounts to 3.74%. This
\n
percentage is 1.44% higher than the average interest rate. Please
\n
refer to note 35 for information about the hedging strategy of
\n
Retail Estates.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
Note 15
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other financial charges
(in \u20ac 000)31.03.202431.03.2023
Bank costs and other com-
missions-63-60
Total other financial charges-63-60
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag23": { "value": "\n

\n\n

\n\n

\n\n
Note 14
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Net interest charges
(in \u20ac 000)31.03.202431.03.2023
Nominal interest on loans1-21,772-19,081
Other interest costs210149
Total net interest charges-21,671-19,032
\n\n\n\n\n
\n
1
\n
Also includes the interests on Interest Rate Swaps (financial instruments).
\n
2
\n
Capitalised interest costs on non-current assets under construction. The interest rate used
\n
is 2,30%.
\n
The weighted average interest rate amounts to 2.30% on 31
\n
March 2024, compared to 2.06% on 31 March 2023 (including
\n
the interest costs of the hedging instruments concluded). The
\n
company has concluded almost all of its loans as fixed-rate
\n
investment loans or as long-term variable-rate loans, for which
\n
a fixed interest rate was negotiated via a swap agreement. The
\n
evolution of the interest cover ratio (the net rental income versus
\n
interest charges on loans) amounts to 6.38 on 31 March 2024
\n
compared to 6.57 the year before. The company agreed on
\n
a minimum interest cover ratio of 2 with some of its bankers
\n
and bond holders. Please refer to note 35 for an overview of all
\n
swaps and caps.
\n
If the hedging instruments concluded are not taken into account,
\n
the weighted average interest rate amounts to 3.74%. This
\n
percentage is 1.44% higher than the average interest rate. Please
\n
refer to note 35 for information about the hedging strategy of
\n
Retail Estates.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
Note 15
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other financial charges
(in \u20ac 000)31.03.202431.03.2023
Bank costs and other com-
missions-63-60
Total other financial charges-63-60
\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag24": { "value": "\n

\n\n

\n\n
Note 14
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Net interest charges
(in \u20ac 000)31.03.202431.03.2023
Nominal interest on loans1-21,772-19,081
Other interest costs210149
Total net interest charges-21,671-19,032
\n\n\n\n\n
\n
1
\n
Also includes the interests on Interest Rate Swaps (financial instruments).
\n
2
\n
Capitalised interest costs on non-current assets under construction. The interest rate used
\n
is 2,30%.
\n
The weighted average interest rate amounts to 2.30% on 31
\n
March 2024, compared to 2.06% on 31 March 2023 (including
\n
the interest costs of the hedging instruments concluded). The
\n
company has concluded almost all of its loans as fixed-rate
\n
investment loans or as long-term variable-rate loans, for which
\n
a fixed interest rate was negotiated via a swap agreement. The
\n
evolution of the interest cover ratio (the net rental income versus
\n
interest charges on loans) amounts to 6.38 on 31 March 2024
\n
compared to 6.57 the year before. The company agreed on
\n
a minimum interest cover ratio of 2 with some of its bankers
\n
and bond holders. Please refer to note 35 for an overview of all
\n
swaps and caps.
\n
If the hedging instruments concluded are not taken into account,
\n
the weighted average interest rate amounts to 3.74%. This
\n
percentage is 1.44% higher than the average interest rate. Please
\n
refer to note 35 for information about the hedging strategy of
\n
Retail Estates.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag34": { "value": "\n

\n\n
Note 17
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Number of shares31.03.202431.03.2023
Movements of the number
of shares
Number of shares at the
beginning of the financial
year14,085,82713,226,452
Number of shares at the
end of the financial year14,375,58714,085,827
Number of dividend bea-
ring shares14,375,58714,085,827
Weighted average number
of shares for diluted
earnings per share14,294,04313,909,243
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
Note 18
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of distributable earnings (in \u20ac 000) - statutory31.03.202431.03.2023
Net result122.908180.843
+ Depreciations1.174877
+ Impairments757425
- Reversal of impairments-665-241
- Reversal transferred and discounted rents00
+/- Other non-monetary components16.553-41.621
+/- Share in the non recurring result of holding incorporated using the equity
method-20.759-21.319
+/- Result on the disposal of investment properties269-47
+/- Changes in fair value of investment properties and non-current assets under
construction-30.704-29.815
ADJUSTED RESULT (A)89.53289.102
+/- capital gains and losses realized on real estate during the financial year 1-2690
- Capital gains realized on real estate during the financial year exempt from the
mandatory payment subject to their reinvestment within a period of 4 years 100
+ Realized capital gains on real estate previously exempt from the mandatory pay-
ment and which were not reinvested within a 4-year period 10
Net capital gains on realization of real estate not exempt from mandatory payment (B)-2690
Distributable result89.26389.102
Distributable result x 80%71.41071.281
Net reduction debt03.423
Minimum profit distribution71.41067.858
\n\n\n\n\n
\n
1
\n
relative to the acquisition cost plus capitalised investment costs
\n
The other non-monetary elements, amounting to \u20ac -16.55
\n
million, concern the variations in the fair value of the financial
\n
instruments. The variations in the fair value of investment
\n
properties and non-current assets under construction consist of
\n
the result on portfolio amounting to \u20ac 30.19 million on the one
\n
hand and the \u201cother result on portfolio\u201d on the other hand. The
\n
share in the non-distributable result of the subsidiaries relates to
\n
the variations in the fair value of the subsidiaries.
\n
In accordance with article 13 of the BE-REIT Belgian Royal Decree,
\n
the BE-REIT must (as imposed by its articles of association) at
\n
least pay out the positive difference between the following
\n
amounts by way of reimbursement of capital :
\n
1 80% of the amount determined in accordance with the table
\n
incorporated into Chapter III of Annex C (BE-REIT Belgian
\n
Royal Decree); and
\n
2 the net decrease over the financial year of the debt of the
\n
public BE-REIT.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
Note 19
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of pay-out ratio (in \u20ac 000) - statutory31.03.202431.03.2023
Ordinary net earnings122,908180,843
Diluted net earnings122,908180,843
Distributable earnings89,26385,679
Minimum profit distribution71,41067,858
Proposed gross dividend71,87869,021
Pay-out ratio80.52%80.56%
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
Note 27
\n
Shareholders\u2019 equity
\n
Capital
\n
CAPITAL EVOLUTION
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total remaining
Capital capital after the Total number
movementtransactionNumber of
DateTransaction(in \u20ac 000)(in \u20ac 000)shares createdof shares
12/07/1988Incorporation-743,0003,000
27/03/1998IPO and 1st listing on Euronext Brussels20,56320,6371,173,2121,176,212
30/04/1999Capital decrease (incorporation of losses)-5,13115,505-1,176,212
30/04/1999Merger by acquisition1,38516,891283,5821,459,794
30/04/1999Capital decrease (incorporation of losses)-2,26714,624-1,459,794
30/04/1999Incorporation of losses-17414,451-1,459,794
30/04/1999Incorporation of issue premium and revalua-
tion gain4,79319,244-1,459,794
30/04/1999Cash contribution10,85430,098823,3482,283,142
1/07/2003Cash contribution12,03942,137913,2563,196,398
31/12/2003Public bid on real estate certificates Dis-
tri-Land4,90747,043372,2163,568,614
5/11/2004Partial incorporation of issue premium33,25080,294-3,568,614
5/11/2004Annulment of 20 bearer shares-180,293-203,568,594
10/08/2005Merger by absorption180,2941303,568,724
21/11/2006Merger by absorption1080,3032283,568,952
30/11/2007Contribution in kind in the context of a
partial split3,80484,107169,0473,737,999
30/06/2008Contribution in kind in the context of a
partial split1,88285,98983,6323,821,631
5/09/2008Contribution in kind53486,52323,7503,845,381
30/04/2009Contribution in kind5,62592,148250,0004,095,381
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
CAPITAL EVOLUTION
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total remaining
Capital capital after the Total number
movementtransactionNumber of
DateTransaction(in \u20ac 000)(in \u20ac 000)shares createdof shares
24/11/2009Contribution in kind in the context of a
partial split6,94499,092308,6234,404,004
5/02/2010Contribution in kind4,380103,472194,6644,598,668
31/03/2010Contribution in kind in the context of a
partial split910104,38240,4594,639,127
05/05/2010Contribution in kind3,288107,671146,1354,785,262
21/06/2010Contribution in kind2,662110,332118,2934,903,555
30/11/2010Contribution in kind2,212112,54498,3015,001,856
30/11/2010Contribution in kind1,280113,82456,8725,058,728
30/11/2010Contribution in kind66113,8902,9355,061,663
16/06/2011Contribution in kind1,989115,87988,3975,150,060
27/06/2011Contribution in kind5,520121,399245,3485,395,408
30/03/2012Contribution in kind in the context of a
partial split937122,33641,6665,437,074
4/07/2012Contribution in kind4,694127,030208,6075,645,681
27/07/2012Contribution in kind - stock optional dividend3,768130,798167,4415,813,122
28/06/2013Contribution in kind540131,33824,0095,837,131
28/06/2013Capital increase in cash32,699164,0371,453,2807,290,411
28/11/2014Contribution in kind6,054170,091269,0627,559,473
28/05/2015Capital increase in cash28,345198,4361,259,7408,819,213
29/01/2016Contribution in kind1,060199,49647,1078,866,320
14/12/2016Contribution in kind2,604202,100115,7358,982,055
14/12/2016Contribution in kind588202,68826,1539,008,208
5/04/2017Contribution in kind3,924206,612174,4049,182,612
29/06/2017Contribution in kind4,500211,112200,0009,382,612
29/03/2018Contribution in kind1,890213,00283,9739,466,585
29/03/2018Contribution in kind519213,52123,0769,489,661
27/04/2018Capital increase in cash42,704256,2251,897,932 11,387,593
26/09/2018Contribution in kind788257,01335,00011,422,593
1/04/2019Contribution in kind900257,91340,00011,462,593
1/04/2019Contribution in kind630258,54328,00011,490,593
24/06/2019Contribution in kind - stock optional dividend7,584266,127337,06311,827,656
26/06/2019Contribution in kind16,875283,002750,00012,577,656
22/07/2019Contribution in kind1,187284,18952,75812,630,414
20/08/2020Contribution in kind - stock optional dividend795284,98535,34912,665,763
14/10/2021Contribution in kind12,616297,600560,68913,226,452
14/06/2022Capital increase in cash19,336316,936859,37514,085,827
12/07/2023Stock optional dividend6,520323,456289,76014,375,587
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
As per 31 March 2024, the capital amounts to \u20ac 323,456,308.
\n
11and is represented by 14,375,587 shares. There are no
\n
preferred shares. Each of these shares represents one vote
\n
at the shareholders\u2019 meeting, and these shares represent
\n
the denominator for the notification in the context of the
\n
transparency declarations.
\n
The difference between the capital as indicated above and the
\n
capital included in the consolidated balance sheet is explained
\n
by the capital increase costs, which were deducted in the
\n
consolidated balance sheet.
\n
The capital has been paid up in full.
\n
Please refer to article 6.1 of the articles of association of Retail
\n
Estates nv, as included in the chapter \u201cPermanent document\u201d of
\n
this report.
\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 28
\n
Issue premium evolution (in \u20ac 000)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Issue
DATETRANSACTIONpremiums
Previous financial year374,308
12/07/2023Costs contribution in kind10,189
Total issue premiums 31.03.2024 * 384,498
\n\n\n\n\n
\n
*
\n
From the financial year commencing on 1 April 2020, the issuance premiums resulting
\n
from capital increases can be allocated to the available reserves.
\n
On the date of this report, \u20ac 69,09 million in share premium has been allocated to the
\n
available reserves, \u20ac 315.41 million is part of the unavailable reserves.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag35": { "value": "\n
Note 17
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Number of shares31.03.202431.03.2023
Movements of the number
of shares
Number of shares at the
beginning of the financial
year14,085,82713,226,452
Number of shares at the
end of the financial year14,375,58714,085,827
Number of dividend bea-
ring shares14,375,58714,085,827
Weighted average number
of shares for diluted
earnings per share14,294,04313,909,243
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n
Note 27
\n
Shareholders\u2019 equity
\n
Capital
\n
CAPITAL EVOLUTION
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total remaining
Capital capital after the Total number
movementtransactionNumber of
DateTransaction(in \u20ac 000)(in \u20ac 000)shares createdof shares
12/07/1988Incorporation-743,0003,000
27/03/1998IPO and 1st listing on Euronext Brussels20,56320,6371,173,2121,176,212
30/04/1999Capital decrease (incorporation of losses)-5,13115,505-1,176,212
30/04/1999Merger by acquisition1,38516,891283,5821,459,794
30/04/1999Capital decrease (incorporation of losses)-2,26714,624-1,459,794
30/04/1999Incorporation of losses-17414,451-1,459,794
30/04/1999Incorporation of issue premium and revalua-
tion gain4,79319,244-1,459,794
30/04/1999Cash contribution10,85430,098823,3482,283,142
1/07/2003Cash contribution12,03942,137913,2563,196,398
31/12/2003Public bid on real estate certificates Dis-
tri-Land4,90747,043372,2163,568,614
5/11/2004Partial incorporation of issue premium33,25080,294-3,568,614
5/11/2004Annulment of 20 bearer shares-180,293-203,568,594
10/08/2005Merger by absorption180,2941303,568,724
21/11/2006Merger by absorption1080,3032283,568,952
30/11/2007Contribution in kind in the context of a
partial split3,80484,107169,0473,737,999
30/06/2008Contribution in kind in the context of a
partial split1,88285,98983,6323,821,631
5/09/2008Contribution in kind53486,52323,7503,845,381
30/04/2009Contribution in kind5,62592,148250,0004,095,381
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
CAPITAL EVOLUTION
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total remaining
Capital capital after the Total number
movementtransactionNumber of
DateTransaction(in \u20ac 000)(in \u20ac 000)shares createdof shares
24/11/2009Contribution in kind in the context of a
partial split6,94499,092308,6234,404,004
5/02/2010Contribution in kind4,380103,472194,6644,598,668
31/03/2010Contribution in kind in the context of a
partial split910104,38240,4594,639,127
05/05/2010Contribution in kind3,288107,671146,1354,785,262
21/06/2010Contribution in kind2,662110,332118,2934,903,555
30/11/2010Contribution in kind2,212112,54498,3015,001,856
30/11/2010Contribution in kind1,280113,82456,8725,058,728
30/11/2010Contribution in kind66113,8902,9355,061,663
16/06/2011Contribution in kind1,989115,87988,3975,150,060
27/06/2011Contribution in kind5,520121,399245,3485,395,408
30/03/2012Contribution in kind in the context of a
partial split937122,33641,6665,437,074
4/07/2012Contribution in kind4,694127,030208,6075,645,681
27/07/2012Contribution in kind - stock optional dividend3,768130,798167,4415,813,122
28/06/2013Contribution in kind540131,33824,0095,837,131
28/06/2013Capital increase in cash32,699164,0371,453,2807,290,411
28/11/2014Contribution in kind6,054170,091269,0627,559,473
28/05/2015Capital increase in cash28,345198,4361,259,7408,819,213
29/01/2016Contribution in kind1,060199,49647,1078,866,320
14/12/2016Contribution in kind2,604202,100115,7358,982,055
14/12/2016Contribution in kind588202,68826,1539,008,208
5/04/2017Contribution in kind3,924206,612174,4049,182,612
29/06/2017Contribution in kind4,500211,112200,0009,382,612
29/03/2018Contribution in kind1,890213,00283,9739,466,585
29/03/2018Contribution in kind519213,52123,0769,489,661
27/04/2018Capital increase in cash42,704256,2251,897,932 11,387,593
26/09/2018Contribution in kind788257,01335,00011,422,593
1/04/2019Contribution in kind900257,91340,00011,462,593
1/04/2019Contribution in kind630258,54328,00011,490,593
24/06/2019Contribution in kind - stock optional dividend7,584266,127337,06311,827,656
26/06/2019Contribution in kind16,875283,002750,00012,577,656
22/07/2019Contribution in kind1,187284,18952,75812,630,414
20/08/2020Contribution in kind - stock optional dividend795284,98535,34912,665,763
14/10/2021Contribution in kind12,616297,600560,68913,226,452
14/06/2022Capital increase in cash19,336316,936859,37514,085,827
12/07/2023Stock optional dividend6,520323,456289,76014,375,587
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
As per 31 March 2024, the capital amounts to \u20ac 323,456,308.
\n
11and is represented by 14,375,587 shares. There are no
\n
preferred shares. Each of these shares represents one vote
\n
at the shareholders\u2019 meeting, and these shares represent
\n
the denominator for the notification in the context of the
\n
transparency declarations.
\n
The difference between the capital as indicated above and the
\n
capital included in the consolidated balance sheet is explained
\n
by the capital increase costs, which were deducted in the
\n
consolidated balance sheet.
\n
The capital has been paid up in full.
\n
Please refer to article 6.1 of the articles of association of Retail
\n
Estates nv, as included in the chapter \u201cPermanent document\u201d of
\n
this report.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n
Note 40
\n
Events after the balance sheet date
\n\n
On 24 May 2024, the Board of Directors of Retail Estates decided
\n
to distribute, in the form of an optional dividend, a gross interim
\n
dividend for financial year 2023-2024 (which started on 1 April
\n
2023 and ended on 31 March 2024) amounting to \u20ac 5 (\u20ac 3.50 net,
\n
i.e. the net dividend per share after deduction of withholding
\n
tax at a rate of 30%) per share (participating in the profits of
\n
financial year 2023-2024). The optional dividend applies to the
\n
net amount of \u20ac 3.50 per share.
\n

\n\n\n\n\n\n\n\n\n
In the context of its decision to distribute an interim dividend to
\n
the shareholders, the Board of Directors offers the shareholders
\n
the possibility to contribute the amount of their claims arising
\n
from the distribution of the net amount of the interim dividend to
\n
the capital of the Company in return for the issue of new shares
\n
(in addition to the option to receive the interim dividend in cash
\n
and the option to opt for a combination of the two preceding
\n
options). The new shares issued within the context of this capital
\n
increase will participate in the profits as from 1 April 2024.
\n
Taking into account the obligation of Retail Estates as a public
\n
BE-REIT to pay out dividends pursuant to article 13 of the Royal
\n
Decree of 13 July 2014 on regulated real estate investment
\n
companies, the Board of Directors will propose to the annual
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n
general meeting of 22 July 2024 not to pay any additional
\n
dividend for the financial year 2023-2024.
\n
The contribution in kind of claims against Retail Estates in the
\n
context of the optional interim dividend and the associated
\n
capital increase improve the shareholders\u2019 equity of the company
\n
and therefore reduce its (legally capped) debt ratio.
\n
This opens up the possibility for Retail Estates to perform
\n
additional debt-financed transactions in the future in order to
\n
further realise its growth strategy. The optional interim dividend
\n
also makes it possible to retain funds in the Company (in line
\n
with the net dividend rights contributed to the company\u2019s
\n
capital), which in turn reinforces the company\u2019s financial position.
\n
In addition, it strengthens the ties with the shareholders.
\n
The final issue price of the new shares that will be issued within
\n
the context of the optional dividend will be determined at a
\n
later date by the company\u2019s board of directors (or the directors
\n
specially empowered by the board of directors, as the case
\n
may be). The same applies to the option period during which
\n
the entitled shareholders will be able to make their choice of
\n
method of payment of the interim dividend.
\n
On 24 May 2024 the board of directors already determined that
\n
the issue price of the new shares will not be lower than \u20ac 56 and
\n
that the option period will end at the latest on 12 July 2024,
\n
after which the date for the capital increase and the issue of new
\n
shares will be set at the latest at 17 July 2024.
\n
On 29 May 2024, the board of directors determined the terms
\n
and conditions of the interim optional dividend, including the
\n
issue price and the election period. For more information, please
\n
see the press release of 29 May 2024.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag36": { "value": "\n

\n\n

\n\n
Note 18
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of distributable earnings (in \u20ac 000) - statutory31.03.202431.03.2023
Net result122.908180.843
+ Depreciations1.174877
+ Impairments757425
- Reversal of impairments-665-241
- Reversal transferred and discounted rents00
+/- Other non-monetary components16.553-41.621
+/- Share in the non recurring result of holding incorporated using the equity
method-20.759-21.319
+/- Result on the disposal of investment properties269-47
+/- Changes in fair value of investment properties and non-current assets under
construction-30.704-29.815
ADJUSTED RESULT (A)89.53289.102
+/- capital gains and losses realized on real estate during the financial year 1-2690
- Capital gains realized on real estate during the financial year exempt from the
mandatory payment subject to their reinvestment within a period of 4 years 100
+ Realized capital gains on real estate previously exempt from the mandatory pay-
ment and which were not reinvested within a 4-year period 10
Net capital gains on realization of real estate not exempt from mandatory payment (B)-2690
Distributable result89.26389.102
Distributable result x 80%71.41071.281
Net reduction debt03.423
Minimum profit distribution71.41067.858
\n\n\n\n\n
\n
1
\n
relative to the acquisition cost plus capitalised investment costs
\n
The other non-monetary elements, amounting to \u20ac -16.55
\n
million, concern the variations in the fair value of the financial
\n
instruments. The variations in the fair value of investment
\n
properties and non-current assets under construction consist of
\n
the result on portfolio amounting to \u20ac 30.19 million on the one
\n
hand and the \u201cother result on portfolio\u201d on the other hand. The
\n
share in the non-distributable result of the subsidiaries relates to
\n
the variations in the fair value of the subsidiaries.
\n
In accordance with article 13 of the BE-REIT Belgian Royal Decree,
\n
the BE-REIT must (as imposed by its articles of association) at
\n
least pay out the positive difference between the following
\n
amounts by way of reimbursement of capital :
\n
1 80% of the amount determined in accordance with the table
\n
incorporated into Chapter III of Annex C (BE-REIT Belgian
\n
Royal Decree); and
\n
2 the net decrease over the financial year of the debt of the
\n
public BE-REIT.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Note 19
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of pay-out ratio (in \u20ac 000) - statutory31.03.202431.03.2023
Ordinary net earnings122,908180,843
Diluted net earnings122,908180,843
Distributable earnings89,26385,679
Minimum profit distribution71,41067,858
Proposed gross dividend71,87869,021
Pay-out ratio80.52%80.56%
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n
Note 42
\n
Determination of the amount in accordance with Article 7:212 of
\n
the Belgian Code of Companies and Associations
\n
The amount of the paid-up capital as referred to in article 7:212
\n
of the Belgian Code of Companies and Associations or, if higher,
\n
the amount of the called-up capital increased by all the reserves
\n
which cannot be distributed in accordance with the law or with the
\n
provisions of the articles of association, is determined in Article
\n
13, \u00a71, of the BE-REIT Belgian Royal Decree.
\n
This calculation is carried out on the basis of the statutory annual
\n
accounts of Retail Estates nv.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Non-distributable elements of the shareholders' equity before distribution of results843,904746,808
Paid-up capital315,069308,549
Non-available issue premiums pursuant to the articles of association315,410315,410
Reserve for the positive balance of the variations of the fair value of real estate188,313137,994
Reserve for the impact on the fair value of estimated transfer rights and costs resul-
ting from the hypothetical disposal of investment properties-29,514-28,672
Reserve for the balance of the changes in fair value of authorised hedging instru-
ments qualifying for hedge accounting9011,450
Reserve for the balance of the changes in fair value of authorised hedging instru-
ments not qualifying for hedge accounting53,72012,071
Other reserves55
Profit and loss of the financial year that must be allocated to the non-distributable
reserves in accordance with Article 13, \u00a71, of the RREC R.D.34,37492,216
Result on portfolio30,16829,276
Share in the non recurring result of holding incorporated using the equity method20,75921,319
Changes in fair value of financial assets and liabilities-16,55341,621
Total shareholders' equity, statutory, non-distributable878,277839,023
Shareholders' equity, statutory1,162,3791,092,236
Planned dividend distribution71,87869,021
Shareholders' equity, statutory, after distribution of dividends1,090,5011,023,216
Remaining reserve after distribution212,223184,192
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
Retail Estates applies the look-through approach with respect
\n
to its distribution obligation. The look-through approach can
\n
be described as a consolidation approach in the statutory
\n
annual accounts at the level of the distribution obligation, the
\n
appropriation of results and the distribution restrictions. The
\n
share in the results of the shareholdings is incorporated into the
\n
unavailable and available reserves as if it concerned the results
\n
of the parent BE-REIT.
\n
On 31 March 2024, the share in the result of the shareholdings
\n
that was processed in accordance with the change in equity
\n
method amounted to \u20ac 48.21 million. Of this amount, \u20ac 20.76
\n
million will be added to the reserves for the balance of the
\n
change in fair value of the real estate and \u20ac 27.45 million will be
\n
added to the result carried forward.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfDistributableEarningsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag38": { "value": "\n
Note 18
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of distributable earnings (in \u20ac 000) - statutory31.03.202431.03.2023
Net result122.908180.843
+ Depreciations1.174877
+ Impairments757425
- Reversal of impairments-665-241
- Reversal transferred and discounted rents00
+/- Other non-monetary components16.553-41.621
+/- Share in the non recurring result of holding incorporated using the equity
method-20.759-21.319
+/- Result on the disposal of investment properties269-47
+/- Changes in fair value of investment properties and non-current assets under
construction-30.704-29.815
ADJUSTED RESULT (A)89.53289.102
+/- capital gains and losses realized on real estate during the financial year 1-2690
- Capital gains realized on real estate during the financial year exempt from the
mandatory payment subject to their reinvestment within a period of 4 years 100
+ Realized capital gains on real estate previously exempt from the mandatory pay-
ment and which were not reinvested within a 4-year period 10
Net capital gains on realization of real estate not exempt from mandatory payment (B)-2690
Distributable result89.26389.102
Distributable result x 80%71.41071.281
Net reduction debt03.423
Minimum profit distribution71.41067.858
\n\n\n\n\n
\n
1
\n
relative to the acquisition cost plus capitalised investment costs
\n
The other non-monetary elements, amounting to \u20ac -16.55
\n
million, concern the variations in the fair value of the financial
\n
instruments. The variations in the fair value of investment
\n
properties and non-current assets under construction consist of
\n
the result on portfolio amounting to \u20ac 30.19 million on the one
\n
hand and the \u201cother result on portfolio\u201d on the other hand. The
\n
share in the non-distributable result of the subsidiaries relates to
\n
the variations in the fair value of the subsidiaries.
\n
In accordance with article 13 of the BE-REIT Belgian Royal Decree,
\n
the BE-REIT must (as imposed by its articles of association) at
\n
least pay out the positive difference between the following
\n
amounts by way of reimbursement of capital :
\n
1 80% of the amount determined in accordance with the table
\n
incorporated into Chapter III of Annex C (BE-REIT Belgian
\n
Royal Decree); and
\n
2 the net decrease over the financial year of the debt of the
\n
public BE-REIT.
\n

\n\n\n\n\n\n\n

\n\n

\n\n
Note 19
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of pay-out ratio (in \u20ac 000) - statutory31.03.202431.03.2023
Ordinary net earnings122,908180,843
Diluted net earnings122,908180,843
Distributable earnings89,26385,679
Minimum profit distribution71,41067,858
Proposed gross dividend71,87869,021
Pay-out ratio80.52%80.56%
\n\n\n\n\n
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n
Note 28
\n
Issue premium evolution (in \u20ac 000)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Issue
DATETRANSACTIONpremiums
Previous financial year374,308
12/07/2023Costs contribution in kind10,189
Total issue premiums 31.03.2024 * 384,498
\n\n\n\n\n
\n
*
\n
From the financial year commencing on 1 April 2020, the issuance premiums resulting
\n
from capital increases can be allocated to the available reserves.
\n
On the date of this report, \u20ac 69,09 million in share premium has been allocated to the
\n
available reserves, \u20ac 315.41 million is part of the unavailable reserves.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag42": { "value": "\n
Note 19
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Calculation of pay-out ratio (in \u20ac 000) - statutory31.03.202431.03.2023
Ordinary net earnings122,908180,843
Diluted net earnings122,908180,843
Distributable earnings89,26385,679
Minimum profit distribution71,41067,858
Proposed gross dividend71,87869,021
Pay-out ratio80.52%80.56%
\n\n\n\n\n
\n

\n\n\n\n\n\n\n
On 24 May 2024, the Board of Directors of Retail Estates decided
\n
to distribute, in the form of an optional dividend, a gross interim
\n
dividend for financial year 2023-2024 (which started on 1 April
\n
2023 and ended on 31 March 2024) amounting to \u20ac 5 (\u20ac 3.50 net,
\n
i.e. the net dividend per share after deduction of withholding
\n
tax at a rate of 30%) per share (participating in the profits of
\n
financial year 2023-2024). The optional dividend applies to the
\n
net amount of \u20ac 3.50 per share.
\n

\n\n\n\n\n\n\n\n\n
Note 42
\n
Determination of the amount in accordance with Article 7:212 of
\n
the Belgian Code of Companies and Associations
\n
The amount of the paid-up capital as referred to in article 7:212
\n
of the Belgian Code of Companies and Associations or, if higher,
\n
the amount of the called-up capital increased by all the reserves
\n
which cannot be distributed in accordance with the law or with the
\n
provisions of the articles of association, is determined in Article
\n
13, \u00a71, of the BE-REIT Belgian Royal Decree.
\n
This calculation is carried out on the basis of the statutory annual
\n
accounts of Retail Estates nv.
\n

\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Non-distributable elements of the shareholders' equity before distribution of results843,904746,808
Paid-up capital315,069308,549
Non-available issue premiums pursuant to the articles of association315,410315,410
Reserve for the positive balance of the variations of the fair value of real estate188,313137,994
Reserve for the impact on the fair value of estimated transfer rights and costs resul-
ting from the hypothetical disposal of investment properties-29,514-28,672
Reserve for the balance of the changes in fair value of authorised hedging instru-
ments qualifying for hedge accounting9011,450
Reserve for the balance of the changes in fair value of authorised hedging instru-
ments not qualifying for hedge accounting53,72012,071
Other reserves55
Profit and loss of the financial year that must be allocated to the non-distributable
reserves in accordance with Article 13, \u00a71, of the RREC R.D.34,37492,216
Result on portfolio30,16829,276
Share in the non recurring result of holding incorporated using the equity method20,75921,319
Changes in fair value of financial assets and liabilities-16,55341,621
Total shareholders' equity, statutory, non-distributable878,277839,023
Shareholders' equity, statutory1,162,3791,092,236
Planned dividend distribution71,87869,021
Shareholders' equity, statutory, after distribution of dividends1,090,5011,023,216
Remaining reserve after distribution212,223184,192
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
Retail Estates applies the look-through approach with respect
\n
to its distribution obligation. The look-through approach can
\n
be described as a consolidation approach in the statutory
\n
annual accounts at the level of the distribution obligation, the
\n
appropriation of results and the distribution restrictions. The
\n
share in the results of the shareholdings is incorporated into the
\n
unavailable and available reserves as if it concerned the results
\n
of the parent BE-REIT.
\n
On 31 March 2024, the share in the result of the shareholdings
\n
that was processed in accordance with the change in equity
\n
method amounted to \u20ac 48.21 million. Of this amount, \u20ac 20.76
\n
million will be added to the reserves for the balance of the
\n
change in fair value of the real estate and \u20ac 27.45 million will be
\n
added to the result carried forward.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag43": { "value": "\n

\n\n

\n\n
Note 20
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Investment and amortisation table (in \u20ac 000)31.03.202431.03.202331.03.202431.03.2023
Acquisition value
Balance at the end of the previous financial year6,9195,2667,8557,759
Acquisitions3,3342,573705498
Transfers and disposals of assets-920-115-402
Transfers to/from other accounts000
Balance at the end of the financial year10,2536,9198,4467,855
Amortisation and impairment losses
Balance at the end of the previous financial year7271,2361,5161,319
Balance of acquired companies000
Amortisation3651411593379
Transfers and disposals of assets-920-113-182
Transfers to/from other accounts00
Balance at the end of the financial year1,3797271,9951,516
Net book value8,8746,1926,4506,339
\n\n\n\n\n
\n
3
\n
Amortisation of non-current intangible assets and other non-current tangible assets are recognised in the income statement under \u2018property management costs\u2019 and \u2018corporate operating
\n
costs\u2019. The depreciation costs on cars are included in the personnel costs.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag44": { "value": "\n

\n\n
Note 20
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Investment and amortisation table (in \u20ac 000)31.03.202431.03.202331.03.202431.03.2023
Acquisition value
Balance at the end of the previous financial year6,9195,2667,8557,759
Acquisitions3,3342,573705498
Transfers and disposals of assets-920-115-402
Transfers to/from other accounts000
Balance at the end of the financial year10,2536,9198,4467,855
Amortisation and impairment losses
Balance at the end of the previous financial year7271,2361,5161,319
Balance of acquired companies000
Amortisation3651411593379
Transfers and disposals of assets-920-113-182
Transfers to/from other accounts00
Balance at the end of the financial year1,3797271,9951,516
Net book value8,8746,1926,4506,339
\n\n\n\n\n
\n
3
\n
Amortisation of non-current intangible assets and other non-current tangible assets are recognised in the income statement under \u2018property management costs\u2019 and \u2018corporate operating
\n
costs\u2019. The depreciation costs on cars are included in the personnel costs.
\n

\n\n\n\n\n\n\n

\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfOtherTangibleNonCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag50": { "value": "\n

\n\n

\n
IFRS 13
\n
IFRS 13 introduced a uniform framework for valuation at fair
\n
value and the provision of information on valuation at fair value,
\n
where this valuation principle is obligatory or permitted on
\n
the basis of other IFRS standards. In this context, fair value is
\n
specifically defined as the price that would be received upon
\n
sale of an asset or that would have to be paid upon the transfer
\n
of an obligation in an arm\u2019s length transaction between market
\n
parties on the valuation date.
\n
Investment properties are recorded at fair value. Fair value is
\n
determined on the basis of one of the following levels of the
\n
IFRS 13 hierarchy:
\n
\u2013 Level 1: valuation based on quoted prices in active markets
\n
\u2013 Level 2: valuation based on directly or indirectly observable
\n
(external) inputs
\n
\u2013 Level 3: valuation entirely or partly based on unobservable
\n
(external) inputs
\n
Investment properties fall under level 3 according to the IFRS 13
\n
classification.
\n\n
Valuation methodology
\n
Investment properties are recorded on the basis of appraisal
\n
reports drawn up by independent expert real estate appraisers.
\n
Investment properties are valued at fair value. This fair value
\n
is based on the market value (i.e. corrected for transfer tax as
\n
described in the \u201cAccounting policies\u201d described above in this
\n
Annual Financial Report).
\n
The methods used by the independent real estate appraisers are
\n
the following:
\n
The investment value is generally calculated on the basis of a
\n
GIY (Gross Initial Yield) capitalisation of the current contractual
\n
basic annual rent, taking into account possible corrections
\n
like estimated market rental value, vacancy, step-rents, rent-
\n
free periods etc. The GIY depends on current output on the
\n
investment market, taking into account the location, the
\n
suitability of the site, the quality of the tenant and the building
\n
at the moment of the valuation.
\n
In case of buildings where the property rights are divided in
\n
bare ownership on the one hand and rights of superficies or
\n
long lease rights on the other, the value of the superficies or
\n
long lease rights is determined by discounting (Discounted
\n
Cash Flow) the net rental income, i.e. after deduction of the
\n
superficies or ground rent, until the end of the long lease or
\n
superficies agreement.
\n
The value of the bare ownership is determined by updating
\n
(Discounted Cash Flow) the periodical superficies or leasehold
\n
rent until the expiry date of this agreement.
\n
Within the framework of ESG objectives, investments are being
\n
made in solar panels which, in accordance with GVV legislation,
\n
must be valued by a recognized real estate expert. The value
\n
of the solar panels is determined using a theoretical model
\n
based on the individual potential electricity production of each
\n
installation. They are then valued on the basis of the variable
\n
market price for electricity at the time of valuation. Hereby
\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n

\n\n

\n

\n

\n

\n

\n\n
abstraction is made of the current operating conditions in order
\n
to arrive at a kind of estimated rental value for the installations.
\n
By applying a return that would be paid if the installation were
\n
taken over by third parties, the market value is determined.
\n
Unobservable inputs for the determination of the fair value:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Weighted Weighted
CountryMethodInputRangeaverageRangeaverage
Gross Initial Yield-Capitalisation rate (%)5.25% - 10 %6.64%5.25%-10%6.34%
capitali zationAnnual market rent (EUR/m\u00b2)25 - 250110.7525-250105.85
Remaining lease duration
(expiry date) (in months)0-552m92m0m-564m93m
Remaining lease duration
(first break option) (in
months)0-204m19m0m-216m19m
Vacancy (in months)0m - 12m/0m-12m/
BelgiumDCF (Discounted Discount rate (%)5.7% - 10.00%6.80%5.6%-10.00%6.22%
Cashflow)Annual rent (EUR/m\u00b2)50-250112.2150-200107.13
Remaining lease duration
(expiry date) (in months)0-468m900m-480m95m
Remaining lease duration
(first break option) (in
months)0-468m380m-480m40m
Vacancy (in months)0m - 12 m/0m-12m/
Gross Initial Yield-Capitalisation rate (%)5.58%-10.36%8.27%5.48%-10.04%6.62%
capitali zationAnnual market rent (EUR/m\u00b2)50 - 351107.2350-255102.92
The Remaining lease duration
Nether-(expiry date) (in months)0-168m43m0m-168m46m
landsRemaining lease duration
(first break option) (in
months)0-168m43m0m-168m26m
Vacancy (in months)0-12m/0m-12m/
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
Sensitivity of valuations
\n\n
The sensitivity of the fair value in relation to changes in the
\n
significant unobservable inputs used to determine the fair value
\n
of the properties classified in level 3 (in accordance with the
\n
IFRS fair value hierarchy) is the following (ceteris paribus): the
\n
effect of the increase (decrease) of the rental income by 1%
\n
leads to an increase (a decrease) in the portfolio\u2019s fair value by
\n
\u20ac 20.28 million. The effect of an increase (decrease) of the rental
\n
income by 2% or 5% is linear. The effect of an increase in the
\n
yield by 100 bps leads to a decrease in the portfolio\u2019s fair value
\n
by \u20ac 260.27 million. A decrease in the yield by 100 bps leads to
\n
an increase in the portfolio\u2019s fair value by \u20ac 350.31 million.
\n

\n\n\n\n\n\n\n\n\n\n
Valuation process
\n
The valuation process for real estate is determined by the CEO
\n
and the CFO after approval by the audit committee. They
\n
also decide on the independent real estate expert who will be
\n
appointed for the different parts of the real estate portfolio.
\n
Typically, contracts are entered into for a renewable term of
\n
three years. The fees of the real estate experts are determined
\n
for the term of their mandate and are not connected to the value
\n
of the properties that are the subject of the valuation.
\n
An independent real estate expert is appointed for each
\n
country in order to ensure that the specific characteristics of
\n
each geographic region are reflected correctly. The real estate
\n
portfolio is valued on a quarterly basis. The valuation method
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
(see above) is determined by the real estate expert. The
\n
valuation cycle in the course of a financial year consists of a visit
\n
to the property, after which a detailed report is drawn up, as well
\n
as three desktop reviews.
\n
The reports of the independent real estate experts are based on:
\n
\u2013 Information provided by the company, such as current rents,
\n
terms and conditions of lease agreements, possible rent
\n
reductions, investments etc. This information originates
\n
from the financial and management system of the public BE-
\n
REIT and is governed by the company\u2019s general monitoring
\n
system.
\n
\u2013 Assumptions and valuation models put forward by real
\n
estate experts. The assumptions mainly relate to the market
\n
situation and concern yields and discount rates. They are
\n
based on their professional assessment and perception of
\n
the market.
\n
The information provided to the real estate experts and
\n
the assumptions and valuation models used are checked by
\n
the company\u2019s finance manager and the public BE-REIT\u2019s
\n
management. All material differences (positive as well as
\n
negative) in absolute and relevant terms (versus the previous
\n
quarter and versus the previous year) are compared and analysed
\n
every quarter. On this basis, the management meets with the
\n
real estate experts with a view to accurately and fully reflecting
\n
all information regarding the various sites in the valuations.
\n
Finally, the final valuations are presented to the audit committee.
\n
Impact of the sale of investment properties
\n
Divestments during the financial year 2023-2024 resulted in a
\n
decrease in investment properties and non-current assets held
\n
for sale by \u20ac 12.65 million.
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag52": { "value": "\n
Valuation methodology
\n
Investment properties are recorded on the basis of appraisal
\n
reports drawn up by independent expert real estate appraisers.
\n
Investment properties are valued at fair value. This fair value
\n
is based on the market value (i.e. corrected for transfer tax as
\n
described in the \u201cAccounting policies\u201d described above in this
\n
Annual Financial Report).
\n
The methods used by the independent real estate appraisers are
\n
the following:
\n
The investment value is generally calculated on the basis of a
\n
GIY (Gross Initial Yield) capitalisation of the current contractual
\n
basic annual rent, taking into account possible corrections
\n
like estimated market rental value, vacancy, step-rents, rent-
\n
free periods etc. The GIY depends on current output on the
\n
investment market, taking into account the location, the
\n
suitability of the site, the quality of the tenant and the building
\n
at the moment of the valuation.
\n
In case of buildings where the property rights are divided in
\n
bare ownership on the one hand and rights of superficies or
\n
long lease rights on the other, the value of the superficies or
\n
long lease rights is determined by discounting (Discounted
\n
Cash Flow) the net rental income, i.e. after deduction of the
\n
superficies or ground rent, until the end of the long lease or
\n
superficies agreement.
\n
The value of the bare ownership is determined by updating
\n
(Discounted Cash Flow) the periodical superficies or leasehold
\n
rent until the expiry date of this agreement.
\n
Within the framework of ESG objectives, investments are being
\n
made in solar panels which, in accordance with GVV legislation,
\n
must be valued by a recognized real estate expert. The value
\n
of the solar panels is determined using a theoretical model
\n
based on the individual potential electricity production of each
\n
installation. They are then valued on the basis of the variable
\n
market price for electricity at the time of valuation. Hereby
\n

\n\n\n\n\n\n\n
abstraction is made of the current operating conditions in order
\n
to arrive at a kind of estimated rental value for the installations.
\n
By applying a return that would be paid if the installation were
\n
taken over by third parties, the market value is determined.
\n
Unobservable inputs for the determination of the fair value:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Weighted Weighted
CountryMethodInputRangeaverageRangeaverage
Gross Initial Yield-Capitalisation rate (%)5.25% - 10 %6.64%5.25%-10%6.34%
capitali zationAnnual market rent (EUR/m\u00b2)25 - 250110.7525-250105.85
Remaining lease duration
(expiry date) (in months)0-552m92m0m-564m93m
Remaining lease duration
(first break option) (in
months)0-204m19m0m-216m19m
Vacancy (in months)0m - 12m/0m-12m/
BelgiumDCF (Discounted Discount rate (%)5.7% - 10.00%6.80%5.6%-10.00%6.22%
Cashflow)Annual rent (EUR/m\u00b2)50-250112.2150-200107.13
Remaining lease duration
(expiry date) (in months)0-468m900m-480m95m
Remaining lease duration
(first break option) (in
months)0-468m380m-480m40m
Vacancy (in months)0m - 12 m/0m-12m/
Gross Initial Yield-Capitalisation rate (%)5.58%-10.36%8.27%5.48%-10.04%6.62%
capitali zationAnnual market rent (EUR/m\u00b2)50 - 351107.2350-255102.92
The Remaining lease duration
Nether-(expiry date) (in months)0-168m43m0m-168m46m
landsRemaining lease duration
(first break option) (in
months)0-168m43m0m-168m26m
Vacancy (in months)0-12m/0m-12m/
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
Valuation process
\n
The valuation process for real estate is determined by the CEO
\n
and the CFO after approval by the audit committee. They
\n
also decide on the independent real estate expert who will be
\n
appointed for the different parts of the real estate portfolio.
\n
Typically, contracts are entered into for a renewable term of
\n
three years. The fees of the real estate experts are determined
\n
for the term of their mandate and are not connected to the value
\n
of the properties that are the subject of the valuation.
\n
An independent real estate expert is appointed for each
\n
country in order to ensure that the specific characteristics of
\n
each geographic region are reflected correctly. The real estate
\n
portfolio is valued on a quarterly basis. The valuation method
\n

\n\n\n\n\n\n\n\n\n
(see above) is determined by the real estate expert. The
\n
valuation cycle in the course of a financial year consists of a visit
\n
to the property, after which a detailed report is drawn up, as well
\n
as three desktop reviews.
\n
The reports of the independent real estate experts are based on:
\n
\u2013 Information provided by the company, such as current rents,
\n
terms and conditions of lease agreements, possible rent
\n
reductions, investments etc. This information originates
\n
from the financial and management system of the public BE-
\n
REIT and is governed by the company\u2019s general monitoring
\n
system.
\n
\u2013 Assumptions and valuation models put forward by real
\n
estate experts. The assumptions mainly relate to the market
\n
situation and concern yields and discount rates. They are
\n
based on their professional assessment and perception of
\n
the market.
\n
The information provided to the real estate experts and
\n
the assumptions and valuation models used are checked by
\n
the company\u2019s finance manager and the public BE-REIT\u2019s
\n
management. All material differences (positive as well as
\n
negative) in absolute and relevant terms (versus the previous
\n
quarter and versus the previous year) are compared and analysed
\n
every quarter. On this basis, the management meets with the
\n
real estate experts with a view to accurately and fully reflecting
\n
all information regarding the various sites in the valuations.
\n
Finally, the final valuations are presented to the audit committee.
\n
Impact of the sale of investment properties
\n
Divestments during the financial year 2023-2024 resulted in a
\n
decrease in investment properties and non-current assets held
\n
for sale by \u20ac 12.65 million.
\n

\n

\n\n\n\n\n\n\n\n\n
Note 35
\n
Financial instruments on 31 March 2023
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Summary of financial instruments as at
closing date (in \u20ac 000)CategoriesLevelBook valueFair valueBook valueFair value
I. Non-current assets
Finance lease receivablesA21,0301,0301,0301,030
Loans and receivablesA24040167167
Financial non-current assetsA/C244,92444,92462,05662,056
II. Current assets
Trade receivables and other receivablesA221,93821,93813,24513,245
Cash and cash equivalentsB27,0897,0894,1284,128
Total financial instruments on the assets side of the balance sheet75,02175,02180,62680,626
I. Non-current liabilities
Interest-bearing liabilitiesA2
Credit institutionsA2686,535680,578609,967597,859
Long term financial leaseA25,0795,0794,8714,871
Bond loanA2175,572171,544175,400167,836
Other non-current liabilitiesA2
Other financial liabilitiesC20000
II. Current liabilities
Interest-bearing liabilitiesA246,68246,68251,46451,464
Current trade debts and other debtsA219,87119,87126,02026,020
Total financial instruments on the liabilities side of the balance sheet933,739923,754867,723848,049
\n\n\n\n
\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or liabilities (including receivables and loans)
\n
held to maturity at amortised cost.
\n
B. Investments held to maturity at amortised cost.
\n
C. Assets or liabilities held at fair value through profit and loss
\n
except for financial instruments designated as hedging
\n
instruments that are subject to hedge accounting.
\n
The majority of the financial instruments of the Group correspond
\n
to level 2 in the fair values hierarchy. Fair value valuation is carried
\n
out regularly.
\n
Level 2 in the fair value hierarchy includes other financial
\n
assets and liabilities of which the fair value can be determined
\n
by reference to other inputs which are directly or indirectly
\n
observable for the relevant assets or liabilities.
\n
The valuation techniques regarding the fair value of level 2
\n
financial instruments are the following:
\n
\u2013 The item \u201cother financial liabilities\u201d refers to interest rate
\n
swaps of which the fair value can be determined by means
\n

\n\n\n\n\n\n\n\n\n\n

\n

\n

\n

\n
of interest rates applicable on active markets; these rates are
\n
generally provided by financial institutions.
\n
\u2013 The fair value of the other level 2 financial assets and liabilities
\n
is virtually equal to their book value:
\n
\u2022 either because they have a short-term maturity (e.g. trade
\n
receivables and debts);
\n
\u2022 or because they have a variable interest rate.
\n
The fair value of debts with a fixed interest rate is estimated
\n
by discounting their future cash flows at a rate that reflects the
\n
Group\u2019s credit risk.
\n\n
Financial instruments at amortised cost
\n
Since trade receivables and trade debts are short-term
\n
instruments, the fair value approximates the nominal value of
\n
these financial assets and liabilities.
\n
On 31 March 2024, Retail Estates nv had \u20ac 575.72 million of
\n
financial debts at a variable interest rate and \u20ac 333.07 million of
\n
financial debts at a fixed interest rate
\n
1
\n
. 95.52% of the loans have
\n
a fixed interest rate or are hedged using an interest rate swap
\n
contract. The fixed interest rates at which these long-term debts
\n
were originally concluded in most cases no longer correspond to
\n
prevailing money market rates, resulting in a difference between
\n
their book value and their fair value. The table below compares
\n
the total amount of fixed-rate debts at book value and at fair
\n
value at the end of the 2023-2024 financial year. The fair value of
\n
the fixed-rate debts is estimated by discounting their future cash
\n
flows at an interest rate that reflects the Group\u2019s credit risk. The
\n
fair value of the fixed-rate debts is mentioned in the table below.
\n
The book value is equal to the amortised cost.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Financial debts at fixed interest rate Book valueFair valueBook valueFair value
Financial debts at fixed interest rate 333,068 323,083 379,616 359,943
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
\n\n

\n\n

\n\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
1
\n
The table presents the gross amounts (excl. activated costs).
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Overview of financial instruments:
\n
OTHER NON-CURRENT LIABILITIES
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Notional
Variable amount Type of Hedge
Starting dateEnding dateInterest rateinterest rate(in \u20ac 000)derivativeaccounting
1jul/16apr/261.26%Euribor 3 M +26,000IRSYES
2mrt/18mrt/261.10%Euribor 3 M +20,000IRSNO
3dec/18dec/261.06%Euribor 3 M +25,000IRSNO
4jan/18jan/260.74%Euribor 3 M +25,000IRSNO
5mrt/18mrt/250.78%Euribor 3 M +25,000IRSNO
6jul/16apr/26-2.25%Euribor 3 M +26,000FLOORYES
7mrt/18mrt/260.00%Euribor 3 M +20,000FLOORNO
8dec/18dec/260.00%Euribor 3 M +25,000FLOORNO
9jun/23jun/260.68%Euribor 3 M +50,000IRSNO
10dec/24dec/280.70%Euribor 3 M +25,000IRSNO
11dec/24dec/280.72%Euribor 3 M +25,000IRSNO
12mrt/24mrt-290.40%Euribor 3 M +25,000IRSNO
13mrt/24mrt-290.37%Euribor 3 M +25,000IRSNO
14mrt/24mrt-290.28%Euribor 3 M +25,000IRSNO
15jun/24mrt-290.03%Euribor 3 M +25,000IRSNO
16mrt/24jun/290.21%Euribor 3 M +50,000IRSNO
17dec/26dec/29-0.06%Euribor 3 M +25,000IRSNO
18jun/21jun/270.85%Euribor 3 M +60,000IRSNO
19jun/22jun/260.63%Euribor 3 M +25,000IRSNO
20jun/22jun/260.83%Euribor 3 M +14,000IRSNO
21jun/22jun/260.62%Euribor 3 M +10,000IRSNO
22jul/22jul/271.44%Euribor 3 M +15,000IRSNO
23jun/22jun/261.21%Euribor 3 M +30,000IRSNO
24dec/23dec/290.89%Euribor 3 M +35,000IRSNO
25mrt/24mrt/270.49%Euribor 3 M +25,000IRSNO
26jun/26dec/292.61%Euribor 3 M +50,000IRSNO
27jun/26dec/293.08%Euribor 3 M +50,000IRSNO
28jun/26dec/292.76%Euribor 3 M +50,000IRSNO
29mrt/27mrt/282.42%Euribor 3 M +50,000IRSNO
30dec/25dec/312.32%Euribor 3 M +50,000IRSNO
31dec/22mrt/250.25%Euribor 3 M +25,000CAPNO
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of liquidity
obligation associated with the derivative
products (in \u20ac 000)31.03.2024
Between zero and two year(s)-23,743
Between two and five years-13,705
More than five years-1,064
Total-38,512
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n
Note 41
\n\n
List of consolidated companies and changes in the circle of consolidation
\n
As per 31 March 2024, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
External financial Investment Rental income6Participation
Subsidiarydebts5 (in \u20ac 000)properties5 (in \u20ac 000)(in \u20ac 000)percentage
Retail Warehousing Invest49,1783,336100%
Inducom83,366100%
Finsbury Properties55100%
Regreen3,451205100%
Veilinghof \u2018t Sas26.19%
Retail Estates Nederland 64,7055,518100%
Venlo Invest33,1972,464100%
Cruquius Invest77,8025,860100%
Spijkenisse Invest10,25046,0743,590100%
Heerlen I Invest68,0644,789100%
Heerlen II Invest60,1424,454100%
Retail Estates Middelburg Invest32,1762,825100%
Breda I Invest40,7753,176100%
Breda II Invest25,1331,952100%
Naaldwijk Invest20,7961,931100%
Alex Invest33,1142,93350%
Zaandam Invest25,2251,974100%
Osbroek Invest71,7205,498100%
Aquarius Invest45,9501,380100%
Waterman Invest34,5521,462100%
SVK3,013100%
\n\n\n\n\n\n\n
\n
\n
5
\n
Value at closing date of the consolidated figures (31.03.2024) including non-current assets under construction (IAS 40).
\n
6
\n
For the period the companies are part of the Group in the current financial year.
\n

\n\n\n\n\n\n\n\n\n\n
Aquarius Invest nv and Waterman Invest nv
\n
On 13 June 2023 the subsidiaries \u201cAquarius Invest N.V.\u201d and
\n
\u201cWaterman Invest N.V.\u201d were incorporated within the framework
\n
of the acquisition of retail park Alexandrium Megastores in
\n
Rotterdam (the Netherlands). The investment in the acquisition
\n
of the retail park amounts to \u20ac 81.5 million (including transfer tax,
\n
due diligence and transaction costs).
\n
Alexandrium Megastores is part of the largest out-of-town
\n
retail area in the Randstad region. The structural connection
\n
between Woonmall Alexandrium, the regional Shopping Center
\n
Alexandrium (Alexandrium I \u2013 owned by Kl\u00e9pierre) and the retail
\n
park Alexandrium II Megastores creates a very complementary
\n
mix and a retail offer that is exceptional for the Netherlands,
\n
with a total of 200 retail units over a surface area of 115,500 m\u00b2.
\n
All shops are open 7 days a week and attract 15 million visitors
\n
each year.
\n
\n
Inducom nv
\n
The statutory financial statements of Inducom have been
\n
prepared for the first time in accordance with accounting
\n
standards consistent with International Financial Reporting
\n
Standards as implemented by the FIIS legislation. This follows
\n
the registration of the company as a FIIS from 14 November
\n
2023 on the list of specialized real estate investment funds in
\n
application of the Royal Decree of 9 November 2016 relating to
\n
specialized real estate investment funds.
\n
The company has applied all IFRS standards and interpretations
\n
applicable on the balance sheet date of 31 December 2023, for
\n
the figures as of the date of transition to IFRS (i.e. 1 January
\n
2022).
\n
On 29 March 2024, Retail Estates, as the sole shareholder of
\n
RWI, decided on the partial demerger of RWI, with the result
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n
that part of RWI\u2019s real estate portfolio was transferred to
\n
Inducom N.V. The acquired value of Retail Warehousing Invest
\n
N.V. includes a significant number of bare property rights
\n
(\u201ctr\u00e9fonds\u201d) whose ground lease is held by Retail Estates N.V.
\n
with a current market value of approximately EUR 78.19 million.
\n
Retail Warehousing Invest nv
\n
Retail Estates has held a participating interest in Retail
\n
Warehousing Invest nv, an institutional Belgian real estate
\n
investment trust (BE-REIT) (\u201cRWI\u201d), since 2012. Originally, Retail
\n
Estates had a co-shareholder in RWI, holding a 37.5% minority
\n
interest. In 2016, this minority shareholder \u201cswapped\u201d the share
\n
participation interest in RWI for a share participation in Retail
\n
Estates by means of a contribution in kind within the context
\n
of the authorised capital. Retail Estates has been the sole
\n
shareholder of RWI ever since.
\n
On 29 March 2024, Retail Estates, being the sole shareholder
\n
of RWI, decided to proceed to a partial demerger of RWI. As
\n
a consequence, part of the real estate portfolio of RWI was
\n
transferred to Inducom nv, a specialised real estate investment
\n
fund under Belgian law and also a 100% subsidiary of Retail
\n
Estates.
\n
SVK nv
\n
During the past fiscal year, control was acquired of the company
\n
S.V.K. N.V. The acquisition provides for the expansion of the site
\n
in Sint-Joris-Winge.
\n
Other subsidiaries
\n\n

\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n
The companies Retail Estates Nederland, Cuquius Invest,
\n
Spijkenisse Invest, Heerlen I Invest, Heerlen II Invest, Breda I
\n
Invest, Breda II Invest, Zaandam Invest, Naaldwijk Invest, Osbroek
\n
Invest, Alex Invest, Venlo Invest, Aquarius Invest, Waterman
\n
Invest and Retail Estates Middelburg were incorporated in
\n
the Netherlands. The other companies were incorporated in
\n
Belgium.
\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n\n
Note 44
\n
Key sources of estimation uncertainty in accordance with IAS
\n
1.125:
\n
The implementation of the Group\u2019s accounting policies
\n
includes important evaluations in the field of classification
\n
of lease contracts and acquisition of shares in regulated real
\n
estate companies. Accounting estimates are used when the
\n
Group determines the fair value of its investment properties
\n
and financial instruments. The most important principles for
\n
the performance of assessments are based on the Group\u2019s
\n
experience and the contribution of the real estate experts. The
\n
key sources of estimation uncertainty are discussed in notes 21
\n
(investment properties), 35 (financial instruments) and 41 (list of
\n
consolidated companies).
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag197": { "value": "\n
The sensitivity of the fair value in relation to changes in the
\n
significant unobservable inputs used to determine the fair value
\n
of the properties classified in level 3 (in accordance with the
\n
IFRS fair value hierarchy) is the following (ceteris paribus): the
\n
effect of the increase (decrease) of the rental income by 1%
\n
leads to an increase (a decrease) in the portfolio\u2019s fair value by
\n
\u20ac 20.28 million. The effect of an increase (decrease) of the rental
\n
income by 2% or 5% is linear. The effect of an increase in the
\n
yield by 100 bps leads to a decrease in the portfolio\u2019s fair value
\n
by \u20ac 260.27 million. A decrease in the yield by 100 bps leads to
\n
an increase in the portfolio\u2019s fair value by \u20ac 350.31 million.
\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 35
\n
Financial instruments on 31 March 2023
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Summary of financial instruments as at
closing date (in \u20ac 000)CategoriesLevelBook valueFair valueBook valueFair value
I. Non-current assets
Finance lease receivablesA21,0301,0301,0301,030
Loans and receivablesA24040167167
Financial non-current assetsA/C244,92444,92462,05662,056
II. Current assets
Trade receivables and other receivablesA221,93821,93813,24513,245
Cash and cash equivalentsB27,0897,0894,1284,128
Total financial instruments on the assets side of the balance sheet75,02175,02180,62680,626
I. Non-current liabilities
Interest-bearing liabilitiesA2
Credit institutionsA2686,535680,578609,967597,859
Long term financial leaseA25,0795,0794,8714,871
Bond loanA2175,572171,544175,400167,836
Other non-current liabilitiesA2
Other financial liabilitiesC20000
II. Current liabilities
Interest-bearing liabilitiesA246,68246,68251,46451,464
Current trade debts and other debtsA219,87119,87126,02026,020
Total financial instruments on the liabilities side of the balance sheet933,739923,754867,723848,049
\n\n\n\n
\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or liabilities (including receivables and loans)
\n
held to maturity at amortised cost.
\n
B. Investments held to maturity at amortised cost.
\n
C. Assets or liabilities held at fair value through profit and loss
\n
except for financial instruments designated as hedging
\n
instruments that are subject to hedge accounting.
\n
The majority of the financial instruments of the Group correspond
\n
to level 2 in the fair values hierarchy. Fair value valuation is carried
\n
out regularly.
\n
Level 2 in the fair value hierarchy includes other financial
\n
assets and liabilities of which the fair value can be determined
\n
by reference to other inputs which are directly or indirectly
\n
observable for the relevant assets or liabilities.
\n
The valuation techniques regarding the fair value of level 2
\n
financial instruments are the following:
\n
\u2013 The item \u201cother financial liabilities\u201d refers to interest rate
\n
swaps of which the fair value can be determined by means
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n

\n

\n

\n
of interest rates applicable on active markets; these rates are
\n
generally provided by financial institutions.
\n
\u2013 The fair value of the other level 2 financial assets and liabilities
\n
is virtually equal to their book value:
\n
\u2022 either because they have a short-term maturity (e.g. trade
\n
receivables and debts);
\n
\u2022 or because they have a variable interest rate.
\n
The fair value of debts with a fixed interest rate is estimated
\n
by discounting their future cash flows at a rate that reflects the
\n
Group\u2019s credit risk.
\n\n
Financial instruments at amortised cost
\n
Since trade receivables and trade debts are short-term
\n
instruments, the fair value approximates the nominal value of
\n
these financial assets and liabilities.
\n
On 31 March 2024, Retail Estates nv had \u20ac 575.72 million of
\n
financial debts at a variable interest rate and \u20ac 333.07 million of
\n
financial debts at a fixed interest rate
\n
1
\n
. 95.52% of the loans have
\n
a fixed interest rate or are hedged using an interest rate swap
\n
contract. The fixed interest rates at which these long-term debts
\n
were originally concluded in most cases no longer correspond to
\n
prevailing money market rates, resulting in a difference between
\n
their book value and their fair value. The table below compares
\n
the total amount of fixed-rate debts at book value and at fair
\n
value at the end of the 2023-2024 financial year. The fair value of
\n
the fixed-rate debts is estimated by discounting their future cash
\n
flows at an interest rate that reflects the Group\u2019s credit risk. The
\n
fair value of the fixed-rate debts is mentioned in the table below.
\n
The book value is equal to the amortised cost.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Financial debts at fixed interest rate Book valueFair valueBook valueFair value
Financial debts at fixed interest rate 333,068 323,083 379,616 359,943
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
\n\n

\n\n

\n\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
1
\n
The table presents the gross amounts (excl. activated costs).
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Overview of financial instruments:
\n
OTHER NON-CURRENT LIABILITIES
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Notional
Variable amount Type of Hedge
Starting dateEnding dateInterest rateinterest rate(in \u20ac 000)derivativeaccounting
1jul/16apr/261.26%Euribor 3 M +26,000IRSYES
2mrt/18mrt/261.10%Euribor 3 M +20,000IRSNO
3dec/18dec/261.06%Euribor 3 M +25,000IRSNO
4jan/18jan/260.74%Euribor 3 M +25,000IRSNO
5mrt/18mrt/250.78%Euribor 3 M +25,000IRSNO
6jul/16apr/26-2.25%Euribor 3 M +26,000FLOORYES
7mrt/18mrt/260.00%Euribor 3 M +20,000FLOORNO
8dec/18dec/260.00%Euribor 3 M +25,000FLOORNO
9jun/23jun/260.68%Euribor 3 M +50,000IRSNO
10dec/24dec/280.70%Euribor 3 M +25,000IRSNO
11dec/24dec/280.72%Euribor 3 M +25,000IRSNO
12mrt/24mrt-290.40%Euribor 3 M +25,000IRSNO
13mrt/24mrt-290.37%Euribor 3 M +25,000IRSNO
14mrt/24mrt-290.28%Euribor 3 M +25,000IRSNO
15jun/24mrt-290.03%Euribor 3 M +25,000IRSNO
16mrt/24jun/290.21%Euribor 3 M +50,000IRSNO
17dec/26dec/29-0.06%Euribor 3 M +25,000IRSNO
18jun/21jun/270.85%Euribor 3 M +60,000IRSNO
19jun/22jun/260.63%Euribor 3 M +25,000IRSNO
20jun/22jun/260.83%Euribor 3 M +14,000IRSNO
21jun/22jun/260.62%Euribor 3 M +10,000IRSNO
22jul/22jul/271.44%Euribor 3 M +15,000IRSNO
23jun/22jun/261.21%Euribor 3 M +30,000IRSNO
24dec/23dec/290.89%Euribor 3 M +35,000IRSNO
25mrt/24mrt/270.49%Euribor 3 M +25,000IRSNO
26jun/26dec/292.61%Euribor 3 M +50,000IRSNO
27jun/26dec/293.08%Euribor 3 M +50,000IRSNO
28jun/26dec/292.76%Euribor 3 M +50,000IRSNO
29mrt/27mrt/282.42%Euribor 3 M +50,000IRSNO
30dec/25dec/312.32%Euribor 3 M +50,000IRSNO
31dec/22mrt/250.25%Euribor 3 M +25,000CAPNO
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of liquidity
obligation associated with the derivative
products (in \u20ac 000)31.03.2024
Between zero and two year(s)-23,743
Between two and five years-13,705
More than five years-1,064
Total-38,512
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n
Note 41
\n\n
List of consolidated companies and changes in the circle of consolidation
\n
As per 31 March 2024, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
External financial Investment Rental income6Participation
Subsidiarydebts5 (in \u20ac 000)properties5 (in \u20ac 000)(in \u20ac 000)percentage
Retail Warehousing Invest49,1783,336100%
Inducom83,366100%
Finsbury Properties55100%
Regreen3,451205100%
Veilinghof \u2018t Sas26.19%
Retail Estates Nederland 64,7055,518100%
Venlo Invest33,1972,464100%
Cruquius Invest77,8025,860100%
Spijkenisse Invest10,25046,0743,590100%
Heerlen I Invest68,0644,789100%
Heerlen II Invest60,1424,454100%
Retail Estates Middelburg Invest32,1762,825100%
Breda I Invest40,7753,176100%
Breda II Invest25,1331,952100%
Naaldwijk Invest20,7961,931100%
Alex Invest33,1142,93350%
Zaandam Invest25,2251,974100%
Osbroek Invest71,7205,498100%
Aquarius Invest45,9501,380100%
Waterman Invest34,5521,462100%
SVK3,013100%
\n\n\n\n\n\n\n
\n
\n
5
\n
Value at closing date of the consolidated figures (31.03.2024) including non-current assets under construction (IAS 40).
\n
6
\n
For the period the companies are part of the Group in the current financial year.
\n

\n\n\n\n\n\n\n\n\n\n
Aquarius Invest nv and Waterman Invest nv
\n
On 13 June 2023 the subsidiaries \u201cAquarius Invest N.V.\u201d and
\n
\u201cWaterman Invest N.V.\u201d were incorporated within the framework
\n
of the acquisition of retail park Alexandrium Megastores in
\n
Rotterdam (the Netherlands). The investment in the acquisition
\n
of the retail park amounts to \u20ac 81.5 million (including transfer tax,
\n
due diligence and transaction costs).
\n
Alexandrium Megastores is part of the largest out-of-town
\n
retail area in the Randstad region. The structural connection
\n
between Woonmall Alexandrium, the regional Shopping Center
\n
Alexandrium (Alexandrium I \u2013 owned by Kl\u00e9pierre) and the retail
\n
park Alexandrium II Megastores creates a very complementary
\n
mix and a retail offer that is exceptional for the Netherlands,
\n
with a total of 200 retail units over a surface area of 115,500 m\u00b2.
\n
All shops are open 7 days a week and attract 15 million visitors
\n
each year.
\n
\n
Inducom nv
\n
The statutory financial statements of Inducom have been
\n
prepared for the first time in accordance with accounting
\n
standards consistent with International Financial Reporting
\n
Standards as implemented by the FIIS legislation. This follows
\n
the registration of the company as a FIIS from 14 November
\n
2023 on the list of specialized real estate investment funds in
\n
application of the Royal Decree of 9 November 2016 relating to
\n
specialized real estate investment funds.
\n
The company has applied all IFRS standards and interpretations
\n
applicable on the balance sheet date of 31 December 2023, for
\n
the figures as of the date of transition to IFRS (i.e. 1 January
\n
2022).
\n
On 29 March 2024, Retail Estates, as the sole shareholder of
\n
RWI, decided on the partial demerger of RWI, with the result
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n
that part of RWI\u2019s real estate portfolio was transferred to
\n
Inducom N.V. The acquired value of Retail Warehousing Invest
\n
N.V. includes a significant number of bare property rights
\n
(\u201ctr\u00e9fonds\u201d) whose ground lease is held by Retail Estates N.V.
\n
with a current market value of approximately EUR 78.19 million.
\n
Retail Warehousing Invest nv
\n
Retail Estates has held a participating interest in Retail
\n
Warehousing Invest nv, an institutional Belgian real estate
\n
investment trust (BE-REIT) (\u201cRWI\u201d), since 2012. Originally, Retail
\n
Estates had a co-shareholder in RWI, holding a 37.5% minority
\n
interest. In 2016, this minority shareholder \u201cswapped\u201d the share
\n
participation interest in RWI for a share participation in Retail
\n
Estates by means of a contribution in kind within the context
\n
of the authorised capital. Retail Estates has been the sole
\n
shareholder of RWI ever since.
\n
On 29 March 2024, Retail Estates, being the sole shareholder
\n
of RWI, decided to proceed to a partial demerger of RWI. As
\n
a consequence, part of the real estate portfolio of RWI was
\n
transferred to Inducom nv, a specialised real estate investment
\n
fund under Belgian law and also a 100% subsidiary of Retail
\n
Estates.
\n
SVK nv
\n
During the past fiscal year, control was acquired of the company
\n
S.V.K. N.V. The acquisition provides for the expansion of the site
\n
in Sint-Joris-Winge.
\n
Other subsidiaries
\n\n

\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n
The companies Retail Estates Nederland, Cuquius Invest,
\n
Spijkenisse Invest, Heerlen I Invest, Heerlen II Invest, Breda I
\n
Invest, Breda II Invest, Zaandam Invest, Naaldwijk Invest, Osbroek
\n
Invest, Alex Invest, Venlo Invest, Aquarius Invest, Waterman
\n
Invest and Retail Estates Middelburg were incorporated in
\n
the Netherlands. The other companies were incorporated in
\n
Belgium.
\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n
Note 44
\n
Key sources of estimation uncertainty in accordance with IAS
\n
1.125:
\n
The implementation of the Group\u2019s accounting policies
\n
includes important evaluations in the field of classification
\n
of lease contracts and acquisition of shares in regulated real
\n
estate companies. Accounting estimates are used when the
\n
Group determines the fair value of its investment properties
\n
and financial instruments. The most important principles for
\n
the performance of assessments are based on the Group\u2019s
\n
experience and the contribution of the real estate experts. The
\n
key sources of estimation uncertainty are discussed in notes 21
\n
(investment properties), 35 (financial instruments) and 41 (list of
\n
consolidated companies).
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag204": { "value": "\n
Note 22
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Non-current assets or
groups of assets held for
sale (in \u20ac 000)31.03.202431.03.2023
Assets held for sale8,5528,561
Total assets held for sale8,5528,561
\n\n\n\n\n\n\n
\n
Recorded under assets held for sale are those assets for which an
\n
intention to sell has been signed but the final deed of sale had
\n
not yet been executed. These assets are usually sold within a
\n
year. Properties are only transferred to the assets held for sale if
\n
a declaration of intent has been signed with the potential buyer.
\n
The sale is not expected to result in a decrease in value of these
\n
assets.
\n
On 31 March 2024, the fair value of these assets amounts
\n
to \u20ac 8,55 million, of which \u20ac 7,34 million for the retail cluster
\n
Keerdok in Mechelen. The local government repurposed this
\n
site for the construction of apartment buildings following the
\n
approval of the Spatial Implementation Plan Rode Kruisplein.
\n
Four out of the seven tenants have moved to the new retail park
\n
Malinas and three others closed their shop. Retail Estates has
\n
added an addendum to the original framework agreement with
\n
the operational company of two real estate developers with
\n
respect to the phased sale of its retail properties by the end of
\n
September 2024. The transaction is (partly) subject to conditions
\n
precedent that are to be met by the end of September 2024.
\n
The total sales price amounts to \u20ac7.34 million, corresponding to
\n
the book value on 31 March 2024. On 29 March 2023, a first part
\n
of the framework agreement was implemented and part of the
\n
retail properties were sold for a total amount of \u20ac 3.75 million.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag206": { "value": "\n

\n\n

\n\n
Note 23
\n
Trade receivables and doubtful debtors
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables (in \u20ac 000)31.03.202431.03.2023
Trade receivables16,84613,914
Invoices to be issued1,8611,302
Doubtful debtors-4,563-4,025
Income to be collected00
Coupon real estate certi-
ficats
Distri-Land250250
Other2331
Total trade receivables14,62711,442
\n\n\n\n\n\n\n
\n
Outstanding trade receivables, after deduction of doubtful
\n
debtors and advance payments, amount to \u20ac 12.51 million, of
\n
which \u20ac 0.23 million relate to the revolving fund and the reserve
\n
fund and of which \u20ac 11.53 million have not yet reached their
\n
maturity date. Taking into account the guarantees obtained \u2013
\n
both rental guarantees and bank guarantees \u2013 the credit risk on
\n
trade receivables is very limited on 31 March 2024. The total
\n
prebilling balance amounts to \u20ac 11.86 million on 31 March 2024
\n
compared to \u20ac 9.12 million last year. The prebilling relates to
\n
unexpired rents billed for periods after 31 March 2024.
\n
For more details about the Distri-Land coupon, please refer
\n
to the chapter \u2018Real estate certificates\u2019 in the valuation rules
\n
mentioned earlier in this Annual Financial Report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Impairment on doubtful
debtors - roll forward
(in \u20ac 000)31.03.202431.03.2023
At the end of the previous
financial year-4,025-3,703
From acquired companies00
Provisions -1,591-659
Recoveries1,252226
Write-offs-199111
At the end of the financial
year-4,562-4,025
\n\n\n\n\n\n\n
\n
The provision for doubtful debtors is established as follows:
\n
the rental arrears list is closely monitored internally. Based on
\n
a management assessment, or if obvious and demonstrable
\n
reasons exist to suggest that the claim cannot be recovered, a
\n
provision is created. Trade receivables are payable in cash. The
\n
table below shows an overview of the age structure of the trade
\n
receivables for which no value reduction was registered.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables -
Ageing (in \u20ac 000)31.03.202431.03.2023
Due < 30 days46951
Due 30-90 days-5703
Due > 90 days 292-50
Not due11,5289,007
\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 29
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other non-current
financial liabilities (in \u20ac 000)31.03.202431.03.2023
Authorised hedging instru-
ments (also refer to note 35)0
Deferred taxes3,2003,684
Total other non-current
financial liabilities3,2003,684
\n\n\n\n\n\n
\n
Deferred taxes relate to the revaluation of the investment
\n
properties.
\n

\n

\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 30
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts and other
current debts (in \u20ac 000)31.03.202431.03.2023
Exit tax738391
Other17,97924,018
Trade debts774245
Invoices to be received12,16519,390
Taxes payable4,0393,732
Other current debts1,002651
Total trade debts and other
current debts18,71824,409
\n\n\n\n\n\n
\n
The decrease in the invoices to be received can mainly be
\n
explained by the investments in ESG initiatives that were still in
\n
progress as of 31 March 2023, but not invoiced. In addition the
\n
invoices to be received mainly concern work in progress relating
\n
to the real estate, property tax and common costs of the retail
\n
parks that can be charged.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 32
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other current liabilities
(in \u20ac 000)31.03.202431.03.2023
Te betalen dividenden11
Andere1,1521,611
Totaal andere kortlopende
verplichtingen1,1531,612
\n\n\n\n\n
\n
The other short-term liabilities mainly relate to guarantees
\n
received.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
Note 34
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by due date of
credit lines (in \u20ac 000)31.03.202431.03.2023
Non-current
Bilateral loans - variable or
fixed rate686,535609,967
Bond loan175,572175,400
Subtotal 862,107785,368
Current
Bilateral loans - variable or
fixed rate4,1821,464
Bond loan0
Treasury certificates42,50050,000
Subtotal 46,68251,464
Total908,789836,831
\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of
non-current financial debts
- future interest burden not
included (in \u20ac 000)31.03.202431.03.2023
Between one and two
year(s)214,813136,682
Between two and five years495,981550,530
More than five years151,31398,156
\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by the variable
or fixed-rate nature of the
loans (in \u20ac 000)431.03.202431.03.2023
Variable rate loans575,721457,215
Fixed rate loans333,068379,616
\n\n\n\n\n
\n
4
\n
Without taking into account hedging instruments
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Retail Estates nv has the
following unused credit
facilities (in \u20ac 000)31.03.202431.03.2023
Expiring within one year00
Expiring after one year184,012204,762
\n\n\n\n\n
\n
50.00 mio EUR of the unused credit lines is used as a backup line for the drawn amounts of
\n
the commercial paper program
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total future interest burden
Estimate of the future
interest burden31.03.202431.03.2023
Within one year19,99919,012
Between one and five
year(s)57,29336,503
More than five years7,9461,306
Total85,23856,821
\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Reconciliation between changes in financial liabilities and + Cash + Niet-kas
consolidated cash flow statement31.03.2023flowswijzigingen31.03.2024
Financial debts841,702 913,868
Bilateral loans - variable or fixed rate661,431 71,786733,217
Bond loan175,400 172 175,572
Financial lease4,871 209 5,079
\n\n\n\n
\n
*
\n
The non-cash movement for finance leases relates to the adoption of IFRS 16.
\n
**
\n
The non-cash movement for the bonds refers to the spread of costs associated with the issuance of the bonds.
\n
\n
Over the course of the financial year, financial liabilities increased
\n
by a net amount of \u20ac 71.79 million. New loans were taken out or
\n
existing loans were extended for an amount of \u20ac 223.25 million
\n
while other loans expired and were repaid for an amount of
\n
\u20ac 151.46 million. In addition, there are costs linked to the issue
\n
of bonds that are incorporated into the result spread over time.
\n
Non-current and current financial liabilities
\n
Structure of the financial debt:
\n
On 31 March 2024, total consolidated financial debt amounted
\n
to \u20ac 913.87 million.
\n
This amount is composed as follows:
\n
Non-current liabilities:
\n
\u2013 \u20ac 686.54 million in traditional bilateral long-term bank loans,
\n
spread over several banks
\n
\u2013 \u20ac 5.08 million in financial leases
\n
\u2013 \u20ac 175.57 million in bond loans
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Bilateral loans686.54609.97
Financial lease5.08 4.87
Bond loan175.57175.40
\n\n\n\n
\n
This is an increase by \u20ac 76.95 million compared to last year as a
\n
result of the acquisitions of the current financial year.
\n
Current liabilities:
\n
\u2013 \u20ac 4.17 million in traditional bilateral short-term bank loans
\n
\u2013 \u20ac 42.50 million in Commercial Papers
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Bilateral loans4.181.46
Commercial paper42.5050.00
Bond loan
\n\n\n\n
\n
This is a decrease by \u20ac 4.78 million compared to last year. This
\n
can mainly be explained by the decrease in the commercial
\n
paper programme compared to last year (see above).
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n
FINANCIAL DEBT STRUCTURE
\n
4,68%
\n
financial leasing
\n
19,32%
\n
bond loans
\n
76,00%
\n
banking
\n
loans
\n
95.52% of the loans have a fixed interest rate or are hedged
\n
using an interest rate swap contract. The estimate of the future
\n
interest burden takes into account the debt position as of 31
\n
March 2023 and interest covers according to the contracts
\n
currently in progress. For the unhedged part of the liabilities for
\n
a total of \u20ac 40.76 million, the Euribor expectations were taken
\n
into account, as well as the banking margin.
\n
The company has issued five bond loans:
\n
\u2013 \u20ac 30 million, issued on 29 April 2016 with a maturity of
\n
10 years, of which \u20ac 4 million at a fixed interest rate of 2.84%
\n
and \u20ac 26 million at a floating interest rate (Euribor 3 months
\n
+ 2,25%)
\n
\u2013 \u20ac 25 million, issued on 10 June 2016 with a maturity of
\n
10 years and an interest rate of 2.84%.
\n
\u2013 \u20ac 75 million, issued on 18 December 2019 with a maturity of
\n
7 years and an interest rate of 2.15%
\n
\u2013 \u20ac 30 million, issued on 9 December 2020 with a maturity of 5
\n
years and an interest rate of 1.991%.
\n
\u2013 \u20ac 16 million, issued on 26 March 2021 with a maturity of 8
\n
years and an interest rate of 2.897%.
\n
Interest charges analysis \u2013 interest sensitivity
\n
The degree to which Retail Estates nv can finance itself significantly
\n
impacts its profitability. Property investments generally entail a
\n
relatively high level of debt financing. To optimally limit this risk,
\n
Retail Estates nv applies a relatively cautious and conservative
\n
strategy (see above). This strategy ensures that a rise in the
\n
interest rate has no substantial impact on the total result of
\n
the current financial year. Interest rate increases or decreases
\n
nevertheless have an impact on the market value of the concluded
\n
IRS contracts and thus on shareholders\u2019 equity and changes in
\n
the fair value of financial assets and liabilities. If the interest rate
\n
were to rise by 1%, this would have a positive impact of \u20ac 25.16
\n
million on shareholders\u2019 equity and changes in the fair value of
\n
financial assets and liabilities. \u20ac 24.55 million of this amount would
\n
be recorded via the income statement and \u20ac 0.61 million of this
\n
amount would be recorded directly under shareholders\u2019 equity. If
\n
interest rate were to decrease by 1%, this would have a negative
\n
impact of \u20ac 25.78 million on shareholders\u2019 equity and changes in
\n
the fair value of financial assets and liabilities. \u20ac 25.39 million of
\n
this amount would be recorded via the income statement account
\n
and \u20ac 0.38 million would be recorded directly under shareholders\u2019
\n
equity.
\n
In principle, Retail Estates nv concludes an agreement with its
\n
banks for a debt ratio covenant of 60%.
\n
Maturity dates
\n
The weighted average term of the outstanding financial debts of
\n
Retail Estates was 3.45 years on 31 March 2024 compared to 3.66
\n
years for the previous year. On 31 March 2024, the total of unused
\n
and confirmed long-term credit lines amounted to \u20ac 174.01 mil-
\n
lion. This is exclusive of the backup lines for the Commercial Paper
\n
programme amounting to \u20ac 42.50 million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n
Note 35
\n
Financial instruments on 31 March 2023
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Summary of financial instruments as at
closing date (in \u20ac 000)CategoriesLevelBook valueFair valueBook valueFair value
I. Non-current assets
Finance lease receivablesA21,0301,0301,0301,030
Loans and receivablesA24040167167
Financial non-current assetsA/C244,92444,92462,05662,056
II. Current assets
Trade receivables and other receivablesA221,93821,93813,24513,245
Cash and cash equivalentsB27,0897,0894,1284,128
Total financial instruments on the assets side of the balance sheet75,02175,02180,62680,626
I. Non-current liabilities
Interest-bearing liabilitiesA2
Credit institutionsA2686,535680,578609,967597,859
Long term financial leaseA25,0795,0794,8714,871
Bond loanA2175,572171,544175,400167,836
Other non-current liabilitiesA2
Other financial liabilitiesC20000
II. Current liabilities
Interest-bearing liabilitiesA246,68246,68251,46451,464
Current trade debts and other debtsA219,87119,87126,02026,020
Total financial instruments on the liabilities side of the balance sheet933,739923,754867,723848,049
\n\n\n\n
\n
The categories correspond to the following financial instruments:
\n
A. Financial assets or liabilities (including receivables and loans)
\n
held to maturity at amortised cost.
\n
B. Investments held to maturity at amortised cost.
\n
C. Assets or liabilities held at fair value through profit and loss
\n
except for financial instruments designated as hedging
\n
instruments that are subject to hedge accounting.
\n
The majority of the financial instruments of the Group correspond
\n
to level 2 in the fair values hierarchy. Fair value valuation is carried
\n
out regularly.
\n
Level 2 in the fair value hierarchy includes other financial
\n
assets and liabilities of which the fair value can be determined
\n
by reference to other inputs which are directly or indirectly
\n
observable for the relevant assets or liabilities.
\n
The valuation techniques regarding the fair value of level 2
\n
financial instruments are the following:
\n
\u2013 The item \u201cother financial liabilities\u201d refers to interest rate
\n
swaps of which the fair value can be determined by means
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n
of interest rates applicable on active markets; these rates are
\n
generally provided by financial institutions.
\n
\u2013 The fair value of the other level 2 financial assets and liabilities
\n
is virtually equal to their book value:
\n
\u2022 either because they have a short-term maturity (e.g. trade
\n
receivables and debts);
\n
\u2022 or because they have a variable interest rate.
\n
The fair value of debts with a fixed interest rate is estimated
\n
by discounting their future cash flows at a rate that reflects the
\n
Group\u2019s credit risk.
\n\n
Financial instruments at amortised cost
\n
Since trade receivables and trade debts are short-term
\n
instruments, the fair value approximates the nominal value of
\n
these financial assets and liabilities.
\n
On 31 March 2024, Retail Estates nv had \u20ac 575.72 million of
\n
financial debts at a variable interest rate and \u20ac 333.07 million of
\n
financial debts at a fixed interest rate
\n
1
\n
. 95.52% of the loans have
\n
a fixed interest rate or are hedged using an interest rate swap
\n
contract. The fixed interest rates at which these long-term debts
\n
were originally concluded in most cases no longer correspond to
\n
prevailing money market rates, resulting in a difference between
\n
their book value and their fair value. The table below compares
\n
the total amount of fixed-rate debts at book value and at fair
\n
value at the end of the 2023-2024 financial year. The fair value of
\n
the fixed-rate debts is estimated by discounting their future cash
\n
flows at an interest rate that reflects the Group\u2019s credit risk. The
\n
fair value of the fixed-rate debts is mentioned in the table below.
\n
The book value is equal to the amortised cost.
\n

\n

\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Financial debts at fixed interest rate Book valueFair valueBook valueFair value
Financial debts at fixed interest rate 333,068 323,083 379,616 359,943
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n
\n\n

\n\n

\n\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n\n
1
\n
The table presents the gross amounts (excl. activated costs).
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Overview of financial instruments:
\n
OTHER NON-CURRENT LIABILITIES
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Notional
Variable amount Type of Hedge
Starting dateEnding dateInterest rateinterest rate(in \u20ac 000)derivativeaccounting
1jul/16apr/261.26%Euribor 3 M +26,000IRSYES
2mrt/18mrt/261.10%Euribor 3 M +20,000IRSNO
3dec/18dec/261.06%Euribor 3 M +25,000IRSNO
4jan/18jan/260.74%Euribor 3 M +25,000IRSNO
5mrt/18mrt/250.78%Euribor 3 M +25,000IRSNO
6jul/16apr/26-2.25%Euribor 3 M +26,000FLOORYES
7mrt/18mrt/260.00%Euribor 3 M +20,000FLOORNO
8dec/18dec/260.00%Euribor 3 M +25,000FLOORNO
9jun/23jun/260.68%Euribor 3 M +50,000IRSNO
10dec/24dec/280.70%Euribor 3 M +25,000IRSNO
11dec/24dec/280.72%Euribor 3 M +25,000IRSNO
12mrt/24mrt-290.40%Euribor 3 M +25,000IRSNO
13mrt/24mrt-290.37%Euribor 3 M +25,000IRSNO
14mrt/24mrt-290.28%Euribor 3 M +25,000IRSNO
15jun/24mrt-290.03%Euribor 3 M +25,000IRSNO
16mrt/24jun/290.21%Euribor 3 M +50,000IRSNO
17dec/26dec/29-0.06%Euribor 3 M +25,000IRSNO
18jun/21jun/270.85%Euribor 3 M +60,000IRSNO
19jun/22jun/260.63%Euribor 3 M +25,000IRSNO
20jun/22jun/260.83%Euribor 3 M +14,000IRSNO
21jun/22jun/260.62%Euribor 3 M +10,000IRSNO
22jul/22jul/271.44%Euribor 3 M +15,000IRSNO
23jun/22jun/261.21%Euribor 3 M +30,000IRSNO
24dec/23dec/290.89%Euribor 3 M +35,000IRSNO
25mrt/24mrt/270.49%Euribor 3 M +25,000IRSNO
26jun/26dec/292.61%Euribor 3 M +50,000IRSNO
27jun/26dec/293.08%Euribor 3 M +50,000IRSNO
28jun/26dec/292.76%Euribor 3 M +50,000IRSNO
29mrt/27mrt/282.42%Euribor 3 M +50,000IRSNO
30dec/25dec/312.32%Euribor 3 M +50,000IRSNO
31dec/22mrt/250.25%Euribor 3 M +25,000CAPNO
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of liquidity
obligation associated with the derivative
products (in \u20ac 000)31.03.2024
Between zero and two year(s)-23,743
Between two and five years-13,705
More than five years-1,064
Total-38,512
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag208": { "value": "\n
Note 23
\n
Trade receivables and doubtful debtors
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables (in \u20ac 000)31.03.202431.03.2023
Trade receivables16,84613,914
Invoices to be issued1,8611,302
Doubtful debtors-4,563-4,025
Income to be collected00
Coupon real estate certi-
ficats
Distri-Land250250
Other2331
Total trade receivables14,62711,442
\n\n\n\n\n\n\n
\n
Outstanding trade receivables, after deduction of doubtful
\n
debtors and advance payments, amount to \u20ac 12.51 million, of
\n
which \u20ac 0.23 million relate to the revolving fund and the reserve
\n
fund and of which \u20ac 11.53 million have not yet reached their
\n
maturity date. Taking into account the guarantees obtained \u2013
\n
both rental guarantees and bank guarantees \u2013 the credit risk on
\n
trade receivables is very limited on 31 March 2024. The total
\n
prebilling balance amounts to \u20ac 11.86 million on 31 March 2024
\n
compared to \u20ac 9.12 million last year. The prebilling relates to
\n
unexpired rents billed for periods after 31 March 2024.
\n
For more details about the Distri-Land coupon, please refer
\n
to the chapter \u2018Real estate certificates\u2019 in the valuation rules
\n
mentioned earlier in this Annual Financial Report.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Impairment on doubtful
debtors - roll forward
(in \u20ac 000)31.03.202431.03.2023
At the end of the previous
financial year-4,025-3,703
From acquired companies00
Provisions -1,591-659
Recoveries1,252226
Write-offs-199111
At the end of the financial
year-4,562-4,025
\n\n\n\n\n\n\n
\n
The provision for doubtful debtors is established as follows:
\n
the rental arrears list is closely monitored internally. Based on
\n
a management assessment, or if obvious and demonstrable
\n
reasons exist to suggest that the claim cannot be recovered, a
\n
provision is created. Trade receivables are payable in cash. The
\n
table below shows an overview of the age structure of the trade
\n
receivables for which no value reduction was registered.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade receivables -
Ageing (in \u20ac 000)31.03.202431.03.2023
Due < 30 days46951
Due 30-90 days-5703
Due > 90 days 292-50
Not due11,5289,007
\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag209": { "value": "\n

\n\n

\n\n

\n\n

\n\n
Note 24
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Tax receivables and other
current assets (in \u20ac 000)31.03.202431.03.2023
Taxes
VAT receivable0
Witholding tax receivable00
Property tax receivable1,9951,803
Salary and social security
Other5,3160
Total tax receivables and
other current assets7,3111,803
\n\n\n\n\n\n\n
\n
Other current assets relate to proceeds receivable for deeds of
\n
sale that are past due at closing date.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfCurrentTaxAssetsAndOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag211": { "value": "\n

\n\n

\n\n
Note 24
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Tax receivables and other
current assets (in \u20ac 000)31.03.202431.03.2023
Taxes
VAT receivable0
Witholding tax receivable00
Property tax receivable1,9951,803
Salary and social security
Other5,3160
Total tax receivables and
other current assets7,3111,803
\n\n\n\n\n\n\n
\n
Other current assets relate to proceeds receivable for deeds of
\n
sale that are past due at closing date.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag212": { "value": "\n

\n\n
Note 24
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Tax receivables and other
current assets (in \u20ac 000)31.03.202431.03.2023
Taxes
VAT receivable0
Witholding tax receivable00
Property tax receivable1,9951,803
Salary and social security
Other5,3160
Total tax receivables and
other current assets7,3111,803
\n\n\n\n\n\n\n
\n
Other current assets relate to proceeds receivable for deeds of
\n
sale that are past due at closing date.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag214": { "value": "\n
Note 25
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Cash and cash equivalents
(in \u20ac 000)31.03.202431.03.2023
Bank balances7,0894,128
Total cash and cash equiva-
lents7,0894,128
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag215": { "value": "\n
Note 26
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Deferred charges and
accrued income (in \u20ac 000)31.03.202431.03.2023
Completed, property re-
turns not due13957
Rental discounts and rental
benefits to be appropriated
Property costs paid in
advance2,3091,839
Interest and other financial
costs paid in advance550621
Other729569
Total deferred charges and
accrued income3,7273,085
\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag222": { "value": "\n

\n\n

\n\n
Note 28
\n
Issue premium evolution (in \u20ac 000)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Issue
DATETRANSACTIONpremiums
Previous financial year374,308
12/07/2023Costs contribution in kind10,189
Total issue premiums 31.03.2024 * 384,498
\n\n\n\n\n
\n
*
\n
From the financial year commencing on 1 April 2020, the issuance premiums resulting
\n
from capital increases can be allocated to the available reserves.
\n
On the date of this report, \u20ac 69,09 million in share premium has been allocated to the
\n
available reserves, \u20ac 315.41 million is part of the unavailable reserves.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfSharePremiumExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag227": { "value": "\n

\n\n

\n\n
Note 30
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Trade debts and other
current debts (in \u20ac 000)31.03.202431.03.2023
Exit tax738391
Other17,97924,018
Trade debts774245
Invoices to be received12,16519,390
Taxes payable4,0393,732
Other current debts1,002651
Total trade debts and other
current debts18,71824,409
\n\n\n\n\n\n
\n
The decrease in the invoices to be received can mainly be
\n
explained by the investments in ESG initiatives that were still in
\n
progress as of 31 March 2023, but not invoiced. In addition the
\n
invoices to be received mainly concern work in progress relating
\n
to the real estate, property tax and common costs of the retail
\n
parks that can be charged.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag230": { "value": "\n

\n\n
Note 31
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Exit tax (in \u20ac 000)31.03.2024
Balance at the end of the previous financial
year391
Increase during the financial year897
Advance payments-550
Assessments
At the end of the financial year738
\n\n\n\n\n\n
\n
The exit tax refers to the taxes payable on the deferred capital
\n
gains of acquired real estate companies that will have to be paid
\n
at the time of merger of those companies with the public BE-
\n
REIT Retail Estates nv. The table above gives an overview of the
\n
evolution of the exit tax owed versus the previous financial year.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfExitTaxesCurrentExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag233": { "value": "\n
Note 32
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Other current liabilities
(in \u20ac 000)31.03.202431.03.2023
Te betalen dividenden11
Andere1,1521,611
Totaal andere kortlopende
verplichtingen1,1531,612
\n\n\n\n\n
\n
The other short-term liabilities mainly relate to guarantees
\n
received.
\n

\n\n\n\n\n\n\n\n\n

\n\n
Note 33
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Accrued charges and
deferred income (in \u20ac 000)31.03.202431.03.2023
Upfront received property
income16,22815,120
Completed, not due inte-
rests and other financial
costs3,3902,759
Other2416
Total accrued charges and
deferred income19,64217,895
\n\n\n\n\n
\n
The increase in the revenues received in advance is mainly
\n
attributable to the increase in contractual rents versus 31 March
\n
2023. As from 1 April 2022, the rents have been pre-billed for
\n
Belgium as well as the Netherlands.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag234": { "value": "\n

\n\n

\n\n
Note 33
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Accrued charges and
deferred income (in \u20ac 000)31.03.202431.03.2023
Upfront received property
income16,22815,120
Completed, not due inte-
rests and other financial
costs3,3902,759
Other2416
Total accrued charges and
deferred income19,64217,895
\n\n\n\n\n
\n
The increase in the revenues received in advance is mainly
\n
attributable to the increase in contractual rents versus 31 March
\n
2023. As from 1 April 2022, the rents have been pre-billed for
\n
Belgium as well as the Netherlands.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosuresOfCurrentAccrualsAndCurrentDeferredIncomeIncludingCurrentContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag236": { "value": "\n
Note 33
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Accrued charges and
deferred income (in \u20ac 000)31.03.202431.03.2023
Upfront received property
income16,22815,120
Completed, not due inte-
rests and other financial
costs3,3902,759
Other2416
Total accrued charges and
deferred income19,64217,895
\n\n\n\n\n
\n
The increase in the revenues received in advance is mainly
\n
attributable to the increase in contractual rents versus 31 March
\n
2023. As from 1 April 2022, the rents have been pre-billed for
\n
Belgium as well as the Netherlands.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag239": { "value": "\n
Note 34
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by due date of
credit lines (in \u20ac 000)31.03.202431.03.2023
Non-current
Bilateral loans - variable or
fixed rate686,535609,967
Bond loan175,572175,400
Subtotal 862,107785,368
Current
Bilateral loans - variable or
fixed rate4,1821,464
Bond loan0
Treasury certificates42,50050,000
Subtotal 46,68251,464
Total908,789836,831
\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by maturity of
non-current financial debts
- future interest burden not
included (in \u20ac 000)31.03.202431.03.2023
Between one and two
year(s)214,813136,682
Between two and five years495,981550,530
More than five years151,31398,156
\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Breakdown by the variable
or fixed-rate nature of the
loans (in \u20ac 000)431.03.202431.03.2023
Variable rate loans575,721457,215
Fixed rate loans333,068379,616
\n\n\n\n\n
\n
4
\n
Without taking into account hedging instruments
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Retail Estates nv has the
following unused credit
facilities (in \u20ac 000)31.03.202431.03.2023
Expiring within one year00
Expiring after one year184,012204,762
\n\n\n\n\n
\n
50.00 mio EUR of the unused credit lines is used as a backup line for the drawn amounts of
\n
the commercial paper program
\n

\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total future interest burden
Estimate of the future
interest burden31.03.202431.03.2023
Within one year19,99919,012
Between one and five
year(s)57,29336,503
More than five years7,9461,306
Total85,23856,821
\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Reconciliation between changes in financial liabilities and + Cash + Niet-kas
consolidated cash flow statement31.03.2023flowswijzigingen31.03.2024
Financial debts841,702 913,868
Bilateral loans - variable or fixed rate661,431 71,786733,217
Bond loan175,400 172 175,572
Financial lease4,871 209 5,079
\n\n\n\n
\n
*
\n
The non-cash movement for finance leases relates to the adoption of IFRS 16.
\n
**
\n
The non-cash movement for the bonds refers to the spread of costs associated with the issuance of the bonds.
\n
\n
Over the course of the financial year, financial liabilities increased
\n
by a net amount of \u20ac 71.79 million. New loans were taken out or
\n
existing loans were extended for an amount of \u20ac 223.25 million
\n
while other loans expired and were repaid for an amount of
\n
\u20ac 151.46 million. In addition, there are costs linked to the issue
\n
of bonds that are incorporated into the result spread over time.
\n
Non-current and current financial liabilities
\n
Structure of the financial debt:
\n
On 31 March 2024, total consolidated financial debt amounted
\n
to \u20ac 913.87 million.
\n
This amount is composed as follows:
\n
Non-current liabilities:
\n
\u2013 \u20ac 686.54 million in traditional bilateral long-term bank loans,
\n
spread over several banks
\n
\u2013 \u20ac 5.08 million in financial leases
\n
\u2013 \u20ac 175.57 million in bond loans
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Bilateral loans686.54609.97
Financial lease5.08 4.87
Bond loan175.57175.40
\n\n\n\n
\n
This is an increase by \u20ac 76.95 million compared to last year as a
\n
result of the acquisitions of the current financial year.
\n
Current liabilities:
\n
\u2013 \u20ac 4.17 million in traditional bilateral short-term bank loans
\n
\u2013 \u20ac 42.50 million in Commercial Papers
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Bilateral loans4.181.46
Commercial paper42.5050.00
Bond loan
\n\n\n\n
\n
This is a decrease by \u20ac 4.78 million compared to last year. This
\n
can mainly be explained by the decrease in the commercial
\n
paper programme compared to last year (see above).
\n

\n\n\n\n\n\n\n\n\n\n
FINANCIAL DEBT STRUCTURE
\n
4,68%
\n
financial leasing
\n
19,32%
\n
bond loans
\n
76,00%
\n
banking
\n
loans
\n
95.52% of the loans have a fixed interest rate or are hedged
\n
using an interest rate swap contract. The estimate of the future
\n
interest burden takes into account the debt position as of 31
\n
March 2023 and interest covers according to the contracts
\n
currently in progress. For the unhedged part of the liabilities for
\n
a total of \u20ac 40.76 million, the Euribor expectations were taken
\n
into account, as well as the banking margin.
\n
The company has issued five bond loans:
\n
\u2013 \u20ac 30 million, issued on 29 April 2016 with a maturity of
\n
10 years, of which \u20ac 4 million at a fixed interest rate of 2.84%
\n
and \u20ac 26 million at a floating interest rate (Euribor 3 months
\n
+ 2,25%)
\n
\u2013 \u20ac 25 million, issued on 10 June 2016 with a maturity of
\n
10 years and an interest rate of 2.84%.
\n
\u2013 \u20ac 75 million, issued on 18 December 2019 with a maturity of
\n
7 years and an interest rate of 2.15%
\n
\u2013 \u20ac 30 million, issued on 9 December 2020 with a maturity of 5
\n
years and an interest rate of 1.991%.
\n
\u2013 \u20ac 16 million, issued on 26 March 2021 with a maturity of 8
\n
years and an interest rate of 2.897%.
\n
Interest charges analysis \u2013 interest sensitivity
\n
The degree to which Retail Estates nv can finance itself significantly
\n
impacts its profitability. Property investments generally entail a
\n
relatively high level of debt financing. To optimally limit this risk,
\n
Retail Estates nv applies a relatively cautious and conservative
\n
strategy (see above). This strategy ensures that a rise in the
\n
interest rate has no substantial impact on the total result of
\n
the current financial year. Interest rate increases or decreases
\n
nevertheless have an impact on the market value of the concluded
\n
IRS contracts and thus on shareholders\u2019 equity and changes in
\n
the fair value of financial assets and liabilities. If the interest rate
\n
were to rise by 1%, this would have a positive impact of \u20ac 25.16
\n
million on shareholders\u2019 equity and changes in the fair value of
\n
financial assets and liabilities. \u20ac 24.55 million of this amount would
\n
be recorded via the income statement and \u20ac 0.61 million of this
\n
amount would be recorded directly under shareholders\u2019 equity. If
\n
interest rate were to decrease by 1%, this would have a negative
\n
impact of \u20ac 25.78 million on shareholders\u2019 equity and changes in
\n
the fair value of financial assets and liabilities. \u20ac 25.39 million of
\n
this amount would be recorded via the income statement account
\n
and \u20ac 0.38 million would be recorded directly under shareholders\u2019
\n
equity.
\n
In principle, Retail Estates nv concludes an agreement with its
\n
banks for a debt ratio covenant of 60%.
\n
Maturity dates
\n
The weighted average term of the outstanding financial debts of
\n
Retail Estates was 3.45 years on 31 March 2024 compared to 3.66
\n
years for the previous year. On 31 March 2024, the total of unused
\n
and confirmed long-term credit lines amounted to \u20ac 174.01 mil-
\n
lion. This is exclusive of the backup lines for the Commercial Paper
\n
programme amounting to \u20ac 42.50 million.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag259": { "value": "\n
Financial instruments at fair value
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fair value of financial assets and liabilities (in \u20ac 000)31.03.202431.03.2023
Fair value of financial derivatives - Liabilities0
Fair value of financial derivatives - Assets38,27555,315
Total fair value of financial assets and liabilities38,27555,315
\n\n\n\n
\n
The Group makes use of financial derivatives (interest rate
\n
swaps, floors and caps) to hedge interest rate risks arising
\n
from operational, financial and investment activities. Financial
\n
derivatives are initially recognised at cost and revalued to their
\n
fair value on the next reporting date. The derivatives currently
\n
used by Retail Estates nv qualify as cash flow hedges only to a
\n
limited extent. Changes in the fair value of the derivatives that
\n
do not qualify as cash flow hedges are recorded directly in the
\n
income statement. An amount of \u20ac -16.42 million was recorded in
\n
the income statement with respect to the financial instruments.
\n
Swaps qualifying as cash flow hedges are booked directly
\n
as shareholders\u2019 equity and are not included in the income
\n
statement. The interest rate swaps are level 2 instruments.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag272": { "value": "\n
Note 36
\n
Additional comments on the debt ratio development
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Berekening schuldgraad
(in duizenden \u20ac)31.03.202431.03.2023
Liabilities956,581889,301
To be excluded:22,84121,579
I. Non-current liabilities3,2003,684
Provisions
Authorised hedging
instruments
Deferred taxes3,2003,684
II. Current liabilities19,64217,895
Provisions
Authorised hedging
instruments
Accrued charges and
deferred income19,64217,895
Total debt933,739867,722
Total assets2,130,942 1,993,365
Authorised hedging instru-
ments - assets38,275 55,315
Total assets taken into
account for the calculation of
the debt ratio2,092,667 1,938,050
DEBT RATIO44.62%44.77%
\n\n\n\n
\n
Principle
\n
Article 24 of the BE-REIT Belgian Royal Decree requires public
\n
BE-REITs to draw up a budget forecast with an implementation
\n
schedule when its consolidated debt ratio and that of its
\n
perimeter companies exceeds 50% of the consolidated assets.
\n
The budget forecast describes the measures that will be taken
\n
to prevent the consolidated debt ratio from exceeding 65% of
\n
consolidated assets. The debt ratio is lower than 50% on 31
\n
March 2024.
\n

\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ret:DisclosureOfDebtToAssetsRatioExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag273": { "value": "\n

\n\n

\n\n
Note 37
\n
Related parties
\n
The company\u2019s related parties are its subsidiaries and its directors
\n
and members of the management committee. Transactions with
\n
subsidiaries are eliminated in the consolidation.
\n

\n\n\n\n\n\n\n\n\n
The company has not concluded any transactions with related
\n
parties (as defined under IFRS) during the financial years
\n
2022/2023 and 2023/2024, nor in the period between 1 April
\n
2024 and the date of this report.
\n
Directors and members of the management committee
\n
The remuneration for directors and members of the management
\n
committee is recorded under \u201ccorporate operating costs\u201d (see
\n
note 10).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Management fees2,1731,694
Remuneration of board of
directors352294
Total2,5251,988
\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag274": { "value": "\n

\n\n
Note 37
\n
Related parties
\n
The company\u2019s related parties are its subsidiaries and its directors
\n
and members of the management committee. Transactions with
\n
subsidiaries are eliminated in the consolidation.
\n

\n\n\n\n\n\n\n\n\n
The company has not concluded any transactions with related
\n
parties (as defined under IFRS) during the financial years
\n
2022/2023 and 2023/2024, nor in the period between 1 April
\n
2024 and the date of this report.
\n
Directors and members of the management committee
\n
The remuneration for directors and members of the management
\n
committee is recorded under \u201ccorporate operating costs\u201d (see
\n
note 10).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(in \u20ac 000)31.03.202431.03.2023
Management fees2,1731,694
Remuneration of board of
directors352294
Total2,5251,988
\n\n\n\n
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag275": { "value": "\n
Note 37
\n
Related parties
\n
The company\u2019s related parties are its subsidiaries and its directors
\n
and members of the management committee. Transactions with
\n
subsidiaries are eliminated in the consolidation.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag276": { "value": "\n
Note 38
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
AUDITOR\u2019S FEE (VAT excl.)31.03.202431.03.2023
Remuneration of the auditor
for the audit assignment165180
Remuneration for exceptional
duties or special assignments
Other assignments provided
by the CCA289
Other audit assignments2839
Tax consultancy assign-
ments
Other assignments outside
the audit assignment
\n\n\n\n
\n
In compliance with article 3:64 of the Belgian Code of Companies
\n
and Associations, the 70% rule needs to be assessed at the level
\n
of the group. It was not exceeded. No assignments were carried
\n
out in addition to the audit assignments.
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag286": { "value": "\n
Sold real estate companies and investment properties
\n
As per 31.03.2024
\n
Divestments were made during the 2023-2024 financial year for a
\n
net sales price of \u20ac 12.37 million, which resulted in a decrease in
\n
investment properties by \u20ac 8.44 million and a decrease in assets
\n
held for sale by \u20ac 4.21. Rental income declined by \u20ac 0.06 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2023, the rental income would have decreased
\n
by \u20ac 0.63 million.
\n
As per 31.03.2023
\n
Divestments were made during the 2022-2023 financial year for
\n
a net sales price of \u20ac 9.80 million, which resulted in a decrease in
\n
investment properties by \u20ac 5.83 million and a decrease in assets
\n
held for sale by \u20ac 3.84. Rental income declined by \u20ac 0.21 million
\n
as a result of these divestments. If the divestments had taken
\n
place on 1 April 2022, the rental income would have decreased
\n
by \u20ac 0.38 million.
\n
\n", "dimensions": { "concept": "ret:DisclosureOfAdjustmentsForProfitLossOnDisposalOfInvestmentPropertiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag282": { "value": "\n

\n
Note 40
\n
Events after the balance sheet date
\n\n
On 24 May 2024, the Board of Directors of Retail Estates decided
\n
to distribute, in the form of an optional dividend, a gross interim
\n
dividend for financial year 2023-2024 (which started on 1 April
\n
2023 and ended on 31 March 2024) amounting to \u20ac 5 (\u20ac 3.50 net,
\n
i.e. the net dividend per share after deduction of withholding
\n
tax at a rate of 30%) per share (participating in the profits of
\n
financial year 2023-2024). The optional dividend applies to the
\n
net amount of \u20ac 3.50 per share.
\n

\n\n\n\n\n\n\n\n\n
In the context of its decision to distribute an interim dividend to
\n
the shareholders, the Board of Directors offers the shareholders
\n
the possibility to contribute the amount of their claims arising
\n
from the distribution of the net amount of the interim dividend to
\n
the capital of the Company in return for the issue of new shares
\n
(in addition to the option to receive the interim dividend in cash
\n
and the option to opt for a combination of the two preceding
\n
options). The new shares issued within the context of this capital
\n
increase will participate in the profits as from 1 April 2024.
\n
Taking into account the obligation of Retail Estates as a public
\n
BE-REIT to pay out dividends pursuant to article 13 of the Royal
\n
Decree of 13 July 2014 on regulated real estate investment
\n
companies, the Board of Directors will propose to the annual
\n

\n\n\n\n\n\n\n\n\n

\n\n
general meeting of 22 July 2024 not to pay any additional
\n
dividend for the financial year 2023-2024.
\n
The contribution in kind of claims against Retail Estates in the
\n
context of the optional interim dividend and the associated
\n
capital increase improve the shareholders\u2019 equity of the company
\n
and therefore reduce its (legally capped) debt ratio.
\n
This opens up the possibility for Retail Estates to perform
\n
additional debt-financed transactions in the future in order to
\n
further realise its growth strategy. The optional interim dividend
\n
also makes it possible to retain funds in the Company (in line
\n
with the net dividend rights contributed to the company\u2019s
\n
capital), which in turn reinforces the company\u2019s financial position.
\n
In addition, it strengthens the ties with the shareholders.
\n
The final issue price of the new shares that will be issued within
\n
the context of the optional dividend will be determined at a
\n
later date by the company\u2019s board of directors (or the directors
\n
specially empowered by the board of directors, as the case
\n
may be). The same applies to the option period during which
\n
the entitled shareholders will be able to make their choice of
\n
method of payment of the interim dividend.
\n
On 24 May 2024 the board of directors already determined that
\n
the issue price of the new shares will not be lower than \u20ac 56 and
\n
that the option period will end at the latest on 12 July 2024,
\n
after which the date for the capital increase and the issue of new
\n
shares will be set at the latest at 17 July 2024.
\n
On 29 May 2024, the board of directors determined the terms
\n
and conditions of the interim optional dividend, including the
\n
issue price and the election period. For more information, please
\n
see the press release of 29 May 2024.
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag158": { "value": "\n

\n\n

\n\n

\n\n

\n\n

\n
Note 41
\n\n
List of consolidated companies and changes in the circle of consolidation
\n
As per 31 March 2024, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
External financial Investment Rental income6Participation
Subsidiarydebts5 (in \u20ac 000)properties5 (in \u20ac 000)(in \u20ac 000)percentage
Retail Warehousing Invest49,1783,336100%
Inducom83,366100%
Finsbury Properties55100%
Regreen3,451205100%
Veilinghof \u2018t Sas26.19%
Retail Estates Nederland 64,7055,518100%
Venlo Invest33,1972,464100%
Cruquius Invest77,8025,860100%
Spijkenisse Invest10,25046,0743,590100%
Heerlen I Invest68,0644,789100%
Heerlen II Invest60,1424,454100%
Retail Estates Middelburg Invest32,1762,825100%
Breda I Invest40,7753,176100%
Breda II Invest25,1331,952100%
Naaldwijk Invest20,7961,931100%
Alex Invest33,1142,93350%
Zaandam Invest25,2251,974100%
Osbroek Invest71,7205,498100%
Aquarius Invest45,9501,380100%
Waterman Invest34,5521,462100%
SVK3,013100%
\n\n\n\n\n\n\n
\n
\n
5
\n
Value at closing date of the consolidated figures (31.03.2024) including non-current assets under construction (IAS 40).
\n
6
\n
For the period the companies are part of the Group in the current financial year.
\n

\n\n\n\n\n\n\n\n\n\n
Aquarius Invest nv and Waterman Invest nv
\n
On 13 June 2023 the subsidiaries \u201cAquarius Invest N.V.\u201d and
\n
\u201cWaterman Invest N.V.\u201d were incorporated within the framework
\n
of the acquisition of retail park Alexandrium Megastores in
\n
Rotterdam (the Netherlands). The investment in the acquisition
\n
of the retail park amounts to \u20ac 81.5 million (including transfer tax,
\n
due diligence and transaction costs).
\n
Alexandrium Megastores is part of the largest out-of-town
\n
retail area in the Randstad region. The structural connection
\n
between Woonmall Alexandrium, the regional Shopping Center
\n
Alexandrium (Alexandrium I \u2013 owned by Kl\u00e9pierre) and the retail
\n
park Alexandrium II Megastores creates a very complementary
\n
mix and a retail offer that is exceptional for the Netherlands,
\n
with a total of 200 retail units over a surface area of 115,500 m\u00b2.
\n
All shops are open 7 days a week and attract 15 million visitors
\n
each year.
\n
\n
Inducom nv
\n
The statutory financial statements of Inducom have been
\n
prepared for the first time in accordance with accounting
\n
standards consistent with International Financial Reporting
\n
Standards as implemented by the FIIS legislation. This follows
\n
the registration of the company as a FIIS from 14 November
\n
2023 on the list of specialized real estate investment funds in
\n
application of the Royal Decree of 9 November 2016 relating to
\n
specialized real estate investment funds.
\n
The company has applied all IFRS standards and interpretations
\n
applicable on the balance sheet date of 31 December 2023, for
\n
the figures as of the date of transition to IFRS (i.e. 1 January
\n
2022).
\n
On 29 March 2024, Retail Estates, as the sole shareholder of
\n
RWI, decided on the partial demerger of RWI, with the result
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n

\n\n

\n\n

\n\n

\n
that part of RWI\u2019s real estate portfolio was transferred to
\n
Inducom N.V. The acquired value of Retail Warehousing Invest
\n
N.V. includes a significant number of bare property rights
\n
(\u201ctr\u00e9fonds\u201d) whose ground lease is held by Retail Estates N.V.
\n
with a current market value of approximately EUR 78.19 million.
\n
Retail Warehousing Invest nv
\n
Retail Estates has held a participating interest in Retail
\n
Warehousing Invest nv, an institutional Belgian real estate
\n
investment trust (BE-REIT) (\u201cRWI\u201d), since 2012. Originally, Retail
\n
Estates had a co-shareholder in RWI, holding a 37.5% minority
\n
interest. In 2016, this minority shareholder \u201cswapped\u201d the share
\n
participation interest in RWI for a share participation in Retail
\n
Estates by means of a contribution in kind within the context
\n
of the authorised capital. Retail Estates has been the sole
\n
shareholder of RWI ever since.
\n
On 29 March 2024, Retail Estates, being the sole shareholder
\n
of RWI, decided to proceed to a partial demerger of RWI. As
\n
a consequence, part of the real estate portfolio of RWI was
\n
transferred to Inducom nv, a specialised real estate investment
\n
fund under Belgian law and also a 100% subsidiary of Retail
\n
Estates.
\n
SVK nv
\n
During the past fiscal year, control was acquired of the company
\n
S.V.K. N.V. The acquisition provides for the expansion of the site
\n
in Sint-Joris-Winge.
\n
Other subsidiaries
\n\n

\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n
The companies Retail Estates Nederland, Cuquius Invest,
\n
Spijkenisse Invest, Heerlen I Invest, Heerlen II Invest, Breda I
\n
Invest, Breda II Invest, Zaandam Invest, Naaldwijk Invest, Osbroek
\n
Invest, Alex Invest, Venlo Invest, Aquarius Invest, Waterman
\n
Invest and Retail Estates Middelburg were incorporated in
\n
the Netherlands. The other companies were incorporated in
\n
Belgium.
\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n\n

\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag162": { "value": "\n

\n
Note 41
\n\n
List of consolidated companies and changes in the circle of consolidation
\n
As per 31 March 2024, the following subsidiaries are part of the consolidation perimeter of Retail Estates nv:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
External financial Investment Rental income6Participation
Subsidiarydebts5 (in \u20ac 000)properties5 (in \u20ac 000)(in \u20ac 000)percentage
Retail Warehousing Invest49,1783,336100%
Inducom83,366100%
Finsbury Properties55100%
Regreen3,451205100%
Veilinghof \u2018t Sas26.19%
Retail Estates Nederland 64,7055,518100%
Venlo Invest33,1972,464100%
Cruquius Invest77,8025,860100%
Spijkenisse Invest10,25046,0743,590100%
Heerlen I Invest68,0644,789100%
Heerlen II Invest60,1424,454100%
Retail Estates Middelburg Invest32,1762,825100%
Breda I Invest40,7753,176100%
Breda II Invest25,1331,952100%
Naaldwijk Invest20,7961,931100%
Alex Invest33,1142,93350%
Zaandam Invest25,2251,974100%
Osbroek Invest71,7205,498100%
Aquarius Invest45,9501,380100%
Waterman Invest34,5521,462100%
SVK3,013100%
\n\n\n\n\n\n\n
\n
\n
5
\n
Value at closing date of the consolidated figures (31.03.2024) including non-current assets under construction (IAS 40).
\n
6
\n
For the period the companies are part of the Group in the current financial year.
\n

\n\n\n\n\n\n\n\n\n\n
Aquarius Invest nv and Waterman Invest nv
\n
On 13 June 2023 the subsidiaries \u201cAquarius Invest N.V.\u201d and
\n
\u201cWaterman Invest N.V.\u201d were incorporated within the framework
\n
of the acquisition of retail park Alexandrium Megastores in
\n
Rotterdam (the Netherlands). The investment in the acquisition
\n
of the retail park amounts to \u20ac 81.5 million (including transfer tax,
\n
due diligence and transaction costs).
\n
Alexandrium Megastores is part of the largest out-of-town
\n
retail area in the Randstad region. The structural connection
\n
between Woonmall Alexandrium, the regional Shopping Center
\n
Alexandrium (Alexandrium I \u2013 owned by Kl\u00e9pierre) and the retail
\n
park Alexandrium II Megastores creates a very complementary
\n
mix and a retail offer that is exceptional for the Netherlands,
\n
with a total of 200 retail units over a surface area of 115,500 m\u00b2.
\n
All shops are open 7 days a week and attract 15 million visitors
\n
each year.
\n
\n
Inducom nv
\n
The statutory financial statements of Inducom have been
\n
prepared for the first time in accordance with accounting
\n
standards consistent with International Financial Reporting
\n
Standards as implemented by the FIIS legislation. This follows
\n
the registration of the company as a FIIS from 14 November
\n
2023 on the list of specialized real estate investment funds in
\n
application of the Royal Decree of 9 November 2016 relating to
\n
specialized real estate investment funds.
\n
The company has applied all IFRS standards and interpretations
\n
applicable on the balance sheet date of 31 December 2023, for
\n
the figures as of the date of transition to IFRS (i.e. 1 January
\n
2022).
\n
On 29 March 2024, Retail Estates, as the sole shareholder of
\n
RWI, decided on the partial demerger of RWI, with the result
\n

\n\n\n\n\n\n\n\n\n\n

\n
that part of RWI\u2019s real estate portfolio was transferred to
\n
Inducom N.V. The acquired value of Retail Warehousing Invest
\n
N.V. includes a significant number of bare property rights
\n
(\u201ctr\u00e9fonds\u201d) whose ground lease is held by Retail Estates N.V.
\n
with a current market value of approximately EUR 78.19 million.
\n
Retail Warehousing Invest nv
\n
Retail Estates has held a participating interest in Retail
\n
Warehousing Invest nv, an institutional Belgian real estate
\n
investment trust (BE-REIT) (\u201cRWI\u201d), since 2012. Originally, Retail
\n
Estates had a co-shareholder in RWI, holding a 37.5% minority
\n
interest. In 2016, this minority shareholder \u201cswapped\u201d the share
\n
participation interest in RWI for a share participation in Retail
\n
Estates by means of a contribution in kind within the context
\n
of the authorised capital. Retail Estates has been the sole
\n
shareholder of RWI ever since.
\n
On 29 March 2024, Retail Estates, being the sole shareholder
\n
of RWI, decided to proceed to a partial demerger of RWI. As
\n
a consequence, part of the real estate portfolio of RWI was
\n
transferred to Inducom nv, a specialised real estate investment
\n
fund under Belgian law and also a 100% subsidiary of Retail
\n
Estates.
\n
SVK nv
\n
During the past fiscal year, control was acquired of the company
\n
S.V.K. N.V. The acquisition provides for the expansion of the site
\n
in Sint-Joris-Winge.
\n
Other subsidiaries
\n\n

\n\n

\n\n

\n\n
All subsidiaries are fully consolidated, with the exception
\n
of Veilinghof \u2019t Sas, to which the change in equity method is
\n
applied (please refer to \u201cSignificant accounting policies\u201d under
\n
the heading \u201cConsolidation principles\u201d for more information
\n
about this consolidation method). Retail Estates has a 26.19%
\n
participating interest in Veilinghof \u2018t Sas. Retail Estates funded
\n
the acquisition of this participating interest by an amount of \u20ac 5
\n
million.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n
The companies Retail Estates Nederland, Cuquius Invest,
\n
Spijkenisse Invest, Heerlen I Invest, Heerlen II Invest, Breda I
\n
Invest, Breda II Invest, Zaandam Invest, Naaldwijk Invest, Osbroek
\n
Invest, Alex Invest, Venlo Invest, Aquarius Invest, Waterman
\n
Invest and Retail Estates Middelburg were incorporated in
\n
the Netherlands. The other companies were incorporated in
\n
Belgium.
\n

\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag189": { "value": "71878000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag190": { "value": "69021000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:EUR" } }, "Tag179": { "value": "\n

\n\n
Segmented information
\n
IFRS 8 defines an operating segment as follows: An operating
\n
segment is a component of the entity (IFRS 8.5):
\n
\u2013 that engages in business activities from which it may earn
\n
revenues and incur expenses (including revenues and
\n
expenses relating to transactions with other components of
\n
an same entity);
\n
\u2013 of which the operating results are reviewed regularly by the
\n
chief operating decision maker (CODM) in order to take
\n
decisions about resources to be allocated to the segment
\n
and assess its performance; and
\n
\u2013 for which separate financial information is available.
\n

\n\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n
Since the 2018-2019 financial year, Retail Estates has distinguished between two geographical segments: Belgium and the Netherlands.
\n
Within Retail Estates the management committee fulfils the role of CODM.
\n\n
Note 43
\n
SEGMENTED INFORMATION - PROFIT & LOSS
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
The Unallo-The Unallo-
Segmented information \u2013 results by Nether-cated Nether-cated
segment (in \u20ac 000)BelgiumlandsamountsTOTALBelgiumlandsamountsTOTAL
Rental income 89,72749,807139,53384,68141,175125,856
Rental related expenses-258-447-705-283-173-456
Net rental income89,46949,359138,82984,39941,002125,401
Recovery of property expenses
Recovery of rental charges and taxes
normally payable by tenants on let
properties9,8694,74014,6099,4493,55713,006
Rental charges and taxes normally pa-
yable by tenants on let properties-10,271-6,634-16,905-9,747-5,175-14,922
Other rental related income and ex-
penses-37-64-101-20-2
Property result89,03047,401136,43084,09939,384123,482
Technical costs-4,875-3,057-7,932-5,050-2,641-7,691
Commercial costs-1,127-122-1,249-1,744-84-1,828
Charges and taxes on unlet properties-414-90-504-573-68-641
Property management costs-5,108-1,544-6,653-3,885-1,281-5,166
Other property costs-2-1-3-60-6
Property costs-11,527-4,814-16,341-11,257-4,074-15,332
Operating property result77,50342,587120,09072,84135,309108,150
Operating corporate costs-8,473-8,473-7,097-7,097
Other current operating income and
expenses
Operating result before result on port-
folio111,617101,053
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
The Unallo-The Unallo-
Segmented information \u2013 results by Nether-cated Nether-cated
segment (in \u20ac 000)BelgiumlandsamountsTOTALBelgiumlandsamountsTOTAL
Result on disposals of investment
properties-3990-399141-2139
Result on sales of other non-financial
assets
Changes in fair value of investment
properties39,94811,24251,19040,00415,91355,917
Other result on portfolio12-377-365-551-4,045-4,596
Operating result162,043152,514
Financial income162162169169
Net interest charges-21,671-21,671-19,032-19,032
Changes in fair value of financial assets
and liabilities-16,487-16,48741,64541,645
Other financial charges-63-63-60-60
Financial result-38,059-38,05922,72322,723
Result in associated companies-92-9211
Result before taxes123,891175,238
Taxes-879145-734-3,4549,6526,199
Net result123,157181,436
Attributable to:
Shareholders of the Group122,967180,621
Minority interests190815
\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n
SEGMENTED BALANCE
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31.03.202431.03.2023
Segmented information \u2013 assets by segment The Nether-The Nether-
(in \u20ac 000)BelgiumlandsTOTALBelgiumlandsTOTAL
Investment properties71,348,893679,4242,028,3171,309,510579,0511,888,562
Assets or groups of assets held for sale8,55208,5528,56108,561
\n\n\n\n\n\n\n
\n
\n
7
\n
Including non-current assets under construction (IAS 40).
\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag180": { "value": "\n
Segmented information
\n
IFRS 8 defines an operating segment as follows: An operating
\n
segment is a component of the entity (IFRS 8.5):
\n
\u2013 that engages in business activities from which it may earn
\n
revenues and incur expenses (including revenues and
\n
expenses relating to transactions with other components of
\n
an same entity);
\n
\u2013 of which the operating results are reviewed regularly by the
\n
chief operating decision maker (CODM) in order to take
\n
decisions about resources to be allocated to the segment
\n
and assess its performance; and
\n
\u2013 for which separate financial information is available.
\n

\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag186": { "value": "\n

\n\n

\n\n
Note 44
\n
Key sources of estimation uncertainty in accordance with IAS
\n
1.125:
\n
The implementation of the Group\u2019s accounting policies
\n
includes important evaluations in the field of classification
\n
of lease contracts and acquisition of shares in regulated real
\n
estate companies. Accounting estimates are used when the
\n
Group determines the fair value of its investment properties
\n
and financial instruments. The most important principles for
\n
the performance of assessments are based on the Group\u2019s
\n
experience and the contribution of the real estate experts. The
\n
key sources of estimation uncertainty are discussed in notes 21
\n
(investment properties), 35 (financial instruments) and 41 (list of
\n
consolidated companies).
\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n\n

\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag368": { "value": "\n
8. A. STATUTORY INCOME
\n
STATEMENT
\n
Chapters 9 to 12 contain an abridged version of the statutory
\n
annual accounts. The integral version of the statutory annual
\n
accounts as well as the related reports can be consulted on
\n
the website of Retail Estates (ww.retailestates.com) or can be
\n
obtained free of charge upon request.
\n
The auditor has delivered an unqualified statement for the
\n
statutory annual accounts.
\n

\n\n\n\n\n\n\n\n\n\n\n\n
8. A. STATUTORY INCOME STATEMENT
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
INCOME STATEMENT (in \u20ac 000)31.03.202431.03.2023
Rental income 86,17281,344
Rental related expenses-252-283
Net rental income85,92081,061
Recovery of property expenses
Recovery of rental charges and taxes normally payable by tenants on let properties9,4579,079
Rental charges and taxes normally payable by tenants on let properties-9,834-9,319
Other rental related income and expenses-37-2
Property result85,50680,820
Technical costs-4,172-4,986
Commercial costs-932-1,708
Charges and taxes on unlet properties-345-480
Property management costs-762120
Other property costs-2-6
Property costs-6,213-7,060
Operating property result79,29373,759
Operating corporate costs-7,233-6,010
Other current operating income and expenses
Operating result before result on portfolio72,06067,749
Result on disposals of investment properties-26947
Result on sales of other non-financial assets00
Changes in fair value of investment properties30,70429,816
Other result on portfolio-537-540
Operating result101,95897,073
Financial income12,13010,589
Net interest charges-21,923-19,185
\n\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
INCOME STATEMENT (in \u20ac 000)-21.92331.03.2023
Changes in fair value of financial assets and liabilities-16,55341,621
Other financial charges-47-50
Financial result-26,39432,974
Share in the result of holding incorporated using the equity method (1)48,20954,220
Result before taxes123,773184,267
Taxes-865-3,424
Net result122,908180,843
Note:
EPRA earnings88,80388,580
Result on portfolio29,89829,323
Changes in fair value of financial assets and liabilities-16,55341,621
Share in the non recurring result of holding incorporated using the equity method20,75921,319
\n\n\n\n\n\n\n\n\n\n
\n
1
\n
Until 31 March 2019, the holdings of the subsidiaries were valuated as financial instruments as per IFRS 9. Since 1 April 2019, the holdings have been valuated using the equity method as
\n
per IAS 28. Due to this change in the valuation rules, the dividend paid out from the holdings is recognised as a reduction in the book value of the holding, and the result of the affiliated
\n
companies is recognised under the section \u201cShare in the result of holdings incorporated using the equity method\u201d. The subsidiaries dividend of 14.70 million euros that was paid out to
\n
the parent company in 2021 is now incorporated in the section \u201cShare in the result of holdings incorporated using the equity method\u201d, instead of under section Financial income.
\n
\n
\n
8. B. STATUTORY STATEMENT OF OTHER COMPREHENSIVE INCOME
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
STATEMENT OF THE COMPREHENSIVE RESULT (in \u20ac 000)31.03.202431.03.2023
Net result122,908 180,843
Other components of the comprehensive result, recyclable in income statements:
Impact on the fair value of estimated transaction rights and costs resulting from the
hypothetical disposal of investment properties0 0
Changes in the fair value of authorised hedging instruments qualifying for hedge
accounting as defined by IFRS-549 2,644
Variations in fair value of available-for-sale financial assets0
Conversion differences arising from the conversion of a foreign activity0
Actuari\u00eble winsten en verliezen van toegezegd-pensioenregelingen0
Income tax on the \u201cother elements of the comprehensive result\u201d0
Other elements of the comprehensive result, after tax0
COMPREHENSIVE RESULT122,359 183,487
\n\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n
9. STATUTORY BALANCE SHEET
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
ASSETS (in \u20ac 000)31.03.202431.03.2023
Non-current assets2,105,0751,975,121
Goodwill
Intangible non-current assets8,8746,192
Investment properties1,213,3381,188,640
Other tangible non-current assets6,1536,109
Financial non-current assets875,671773,148
Finance lease receivables1,0301,030
Trade receivables and other non-current assets83
Current assets28,04516,193
Assets or groups of assets held for sale1,2121,221
Trade receivables8,3057,530
Tax receivables and other current assets12,0593,406
Cash and cash equivalents4,2932,093
Deferred charges and accrued income 2,1751,943
TOTAL ASSETS2,133,1191,991,314
\n\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
SHAREHOLDERS\u2019 EQUITY AND LIABILITIES (in \u20ac 000)31.03.202431.03.2023
Shareholders\u2019 equity1,162,3801,092,236
Capital315,069308,549
Issue premiums384,580374,309
Reserves339,822228,534
Net result of the financial year122,908180,843
Liabilities970,739899,079
Non-current liabilities859,885783,621
Provisions
Non-current financial debts859,722783,449
Credit institutions676,285599,717
Long term financial lease7,8658,331
Other175,572175,400
Other non-current liabilities164173
Deferred taxes
Current liabilities110,854115,458
Current financial debts46,68251,464
Credit institutions46,68251,464
Short term financial lease0
Trade debts and other current debts50,59250,357
Other current liabilities4531,129
Accrued charges and deferred income13,12712,508
TOTAL SHAREHOLDERS\u2019 EQUITY AND LIABILITIES2,133,1191,991,314
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\n

\n\n\n\n\n\n\n\n\n\n\n\n
10. STATUTORY STATEMENT OF CHANGES IN SHAREHOLDERS\u2019 EQUITY
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
STATEMENT OF CHANGES IN SHAREHOLDERS\u2019 EQUITY Issue premiums
(in \u20ac 000)Capital ordinary sharesnon-distributable
Balance according to IFRS on 31 March 2022289,213315,410
- Net appropriation of profits 2022-2023
- Transfer of portfolio result to reserves
- Transfer changes in fair value of authorised hedging instruments
- Transfer of EPRA earnings to reserves
- Reclassification between reserves
- Dividends of the financial year 2021-2022
- Capital increase
- Capital increase through contribution in kind19,336
- Costs of capital increase
- Increase in shareholders' equity as a result of mergers
- Other
- Comprehensive result 31/03/2023
Balance according to IFRS on 31 March 2023308,549315,410
- Net appropriation of profits 2023-2024
- Transfer of portfolio result to reserves
- Transfer changes in fair value of authorised hedging instruments
- Transfer of EPRA earnings to reserves
- Reclassification between reserves
- Dividends of the financial year 2022-2023
- Capital increase
- Capital increase through contribution in kind6,520
- Increase in shareholders' equity as a result of mergers
- Costs of capital increase
- Other
- Comprehensive result 31/03/2024
Balance according to IFRS on 31 March 2024315,069315,410
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\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Issue premiums Net result of the TOTAL Sharehol-
distributableReserves*financial yearMinority interestsders\u2019 Equity
24,389155,304131,4290915,746
0
20,863-20,8630
34,479-34,4790
15,248-15,2480
0
-60,842-60,842
0
35,66455,000
0
-1,154-1,154
-330
2,644180,843183,487
58,898228,535180,84301,092,236
0
50,604-50,6040
41,649-41,6490
19,569-19,5690
0
-69,021-69,021
0
10,37616,896
0
-10413-91
0
-549122,908122,359
69,170339,822122,90801,162,379
\n
\n

\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Reserve for the posi-
tive/negative balance
of changes in the fair
value of real estate
* Detail of the reserves (in \u20ac 000)Legal reservepropertiesAvailable reserves
Balance according to IFRS on 31 March 20225108,62412,026
- Net appropriation of profits 2022-2023
- Transfer of portfolio result to reserves22,189
- Transfer changes in fair value of authorised hedging instruments
- Transfer of EPRA earnings to reserves
- Reclassification between reserves7,180-7,180
- Capital increase through contribution in kind
- Increase in shareholders' equity as a result of mergers
- Costs of capital increase
- Other
- Comprehensive result 31/03/2023
Balance according to IFRS on 31 March 20235137,9944,846
- Net appropriation of profits 2023-2024
- Transfer of portfolio result to reserves51,574
- Transfer changes in fair value of authorised hedging instruments
- Transfer of EPRA earnings to reserves
- Reclassification between reserves-1,2551,255
- Capital increase through contribution in kind
- Increase in shareholders' equity as a result of mergers
- Costs of capital increase
- Other
- Comprehensive result 31/03/2024
Balance according to IFRS on 31 March 20245188,3136,101
\n\n\n
\n

\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Changes in the effec-
Impact on the fair value Changes in the effec-tive part of the fair
of estimated transfer tive part of the fair value of authorised
rights and costs value of authorised hedging instruments
resulting from the hedging instruments are not subjected
hypothetical disposal qualifying for hedge to qualify for hedge Results carried
of investment accounting as defined accounting as defined forward from previ-
propertiesby IFRSby IFRSous financial yearsTOTAL
-28,903-396-23,20587,153155,304
-1,32620,863
34,47934,476
15,24815,248
1,557-1,5570
0
0
0
-30
1,8467982,644
-28,6721,45012,071100,840228,535
-97050,604
41,64941,649
19,56919,569
127-1270
0
0
1414
0
-549-549
-29,51490153,720120,295339,822
\n
\n

\n\n\n\n\n\n
11. STATUTORY APPROPRIATION OF RESULT
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
STATUTORY APPROPRIATION OF RESULT (in \u20ac 000)31.03.202431.03.2023
A. Net result122.908180.843
B. Allocation to / transfer from reserves
Allocation to / transfer from the reserves for the balance of changes in fair value of
investment properties
Financial year-31.169 -30.246
Previous financial years
Realisation of properties
Allocation to / transfer from the reserves of estimated transfer rights and costs
resulting from the hypothetical disposal of investment properties1.002 970
Allocation to / transfer from the reserves for the balance of changes in fair value of
authorised hedging instruments not subject to hedge accounting
Financial year-4.206-62.939
Previous financial years
Transfer of the reserve for the balance of the exchange rate differences on mone-
tary assets and liabilities (- / +)
Transfer of the tax deferred tax reserve with regard to real estate located abroad
(- / +)
Transfer of the reserve for the dividends received for the repayment of financial
debts (- / +)
Allocation to / transfer from other reserves-127 -1.557
Transfer of carried forward results from previous financial years (- / +)0 0
C. Remuneration of capital, following article 13, \u00a7 1, first paragraph71.878 69.021
D. Remuneration of capital - other than C
Result to be carried forward16.529 18.049
\n\n\n
\n
On 31 March 2023, the revaluation of the subsidiaries amounted
\n
to \u20ac 48.21 million. Of this amount, \u20ac 27.45 million will be added
\n
to the result carried forward (result of the subsidiaries that qualify
\n
for the look-through approach) and \u20ac 20.76million will be added
\n
to the reserves for the balance of the change in fair value of the
\n
real estate.
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag57": { "value": "Industrielaan 6, 1740 Ternat", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag58": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "Tag59": { "value": "The limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007CO5W5OBFG7L21", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "footnote0": { "value": "
The EPRA earnings are calculated as following: net result excluding changes in fair value of investment properties, exclusive the result on disposal of investment properties, exclusive
\n
changes in fair value of financial assets and liabilities and exclusive minority interests related to the aforementioned elements.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote0", "language": "en" } }, "footnote2": { "value": "Including non-current assets under construction (IAS 40).", "dimensions": { "concept": "xbrl:note", "noteId": "footnote2", "language": "en" } }, "footnote3": { "value": "
The debt ratio is calculated as follows: liabilities (excluding provisions, accrued charges and deferred income, financial instruments and deferred taxes), divided by the total assets
\n
(excluding hedging instruments).
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote3", "language": "en" } }, "footnote1": { "value": "The net profit per ordinary share is calculated as following: the net result divided by the weighted average number of shares.", "dimensions": { "concept": "xbrl:note", "noteId": "footnote1", "language": "en" } } } }