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"value": "2. Notes to the consolidated financial statementsNote 1: General information on the CompanyCare Property Invest (the \u2018Company\u2019) is a public limited liability company that acquired the status of a public regulated real estate company (RREC) under Belgian law on 25 November 2014. The head offices of the Company are located at the following address: Horstebaan 3, 2900 Schoten (Telephone: +32 3 222 94 94).Care Property Invest actively participates as a real estate player and has the objective of making high-quality projects available to care providers as provided for in the Residential Care Decree. These include residential care centres, service centres, groups of assisted-living apartments and all other housing facilities for people with disabilities. Care Property Invest can develop, realise and finance these facilities itself, or can refinance existing buildings, with or without a renovation or expansion.The Care Property Invest share is listed on Euronext Brussels (regulated market). The consolidated financial statements of the Company as at 31 December 2022 comprise the Company and its subsidiaries. For an overview of the subsidiaries, we refer to note \u2018T5.36 Information on subsidiaries\u2019 on page 231.The financial statements were approved for publication by the Board of Directors on 25 April 2023. The financial statements will be submitted to the Ordinary Annual General Meeting of Shareholders to be held on 31 May 2023.Note 2: Accounting policiesT\u20092.1\u2002Declaration of conformityThe financial statements of the company were drawn up in compliance with the International Financial Reporting Standards (IFRS), as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD. These standards cover all new and revised standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), in as far as applicable to the activities of the group.The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2022.The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.Standards and interpretations applicable for the financial year commencing on 1 January 2022The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2022, but have no impact on the current consolidated financial statements: \u2022 Amendments to IAS 16 Property, plant and equipment\u2013 Proceeds for intended use, effective 1 January 2022\u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January 2022\u2022 Amendments to IFRS 3 Business combinations \u2013 References to the conceptual framework, effective 1 January 2022\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022New or amended standards and interpretations that have not yet entered into forceThe new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current, effective 1 January 2024\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2024\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023T\u20092.2\u2002Consolidation principlesThe companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:\u2022 has power over the participating interest;\u2022 is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;\u2022 has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also the Notes \u2018T5.36 Information on subsidiaries\u2019 on page 231.T\u20092.3\u2002Intangible fixed assetsThe intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.T\u20092.4\u2002Investment propertiesGeneralReal estate (land and buildings) acquired for valuable consideration or through a contribution in kind for the issue of new shares or via a merger through the acquisition of a real estate company or via a partial split, which is held in order to generate rental income in the long term, and which does not serve for personal use, is shown as investment property.Valuation on initial recognitionOn initial recognition, investment properties are shown at acquisition cost, including transaction costs and directly attributable expenditure.For differences in value between the purchase price and the initial valuation at fair value at the time of recognition (acquisition), the value difference relating to transfer taxes and transfer costs is included through the global result statement. Valuation after initial recognitionAfter initial recognition, investment properties are shown at fair value, in accordance with IAS 40. The fair value is equal to the amount for which the building could be exchanged between well-informed parties, consenting and acting in circumstances of normal competition. From the seller\u2019s point of view, the valuation must be understood as subject to the deduction of registration fees. The independent real estate experts who carry out the periodic valuation of the assets of regulated real estate companies believe that, for transactions involving buildings in Belgium with an overall value of less than \u20ac2.5 million, account must be taken of registration fees of 12% (Flemish Region) to 12.5% (Brussels Capital Region and Walloon Region), depending on the regions where these assets are located. For transactions concerning properties with an overall value of more than \u20ac2.5 million, real estate experts have valued the weighted average of the fees at 2.5%. This is because a range of different property transfer methods is used in Belgium. This percentage will, if necessary, be revised annually and adjusted per bracket of 0.5%. The experts will confirm the agreed percentage to be deducted in their periodic reports to the shareholders. For real estate in The Netherlands this percentage is 8.5%, in Ireland it is 7.5%, while for Spain it is determined regionally.Profits or losses arising from the change in the fair value of investment properties are included in the global result statement in section \u2018XVIII. Changes in the fair value of investment properties\u2019 in the period in which they arise, and in the profit appropriation in the following year they are allocated to the reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and 'c) reserve for the impact on the fair value of estimated mutation rights and costs on hypothetical disposal of investment properties', where the latter item always corresponds to the difference between the investment value and the fair value of the property. Disposal of investment propertyOn the sale of an investment property, the profits or losses realised on the sale are shown in section \u2018XVI. Result sale of investment properties\u2019 in the global result statement for the period under review. Commission paid to brokers on the sale of buildings and liabilities contracted as a result of transactions are deducted from the sale price obtained in order to determine the realised profit or loss.The realised gain or loss on disposal consists of the difference between the net sale value and the latest book value (fair value on the latest valuation), as well as the counter-entry of the estimated transfer taxes that are taken directly to the equity on the balance sheet on the initial assessment of the fair value.As the real estate is sold, both reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and reserve \u2018c) Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties\u2019 relating to the sold property are transferred to the disposable reserves.Project developments\u2022 Sites held with a view to an increase in value in the long term instead of sale in the short term in relation to normal business operations.\u2022 Sites held for future use that has not yet been determined.\u2022 Unoccupied buildings held for leasing on the basis of one or more operational leases.\u2022 Real estate under construction or in development for future use as investment property must also be treated as investment property and is shown in the \u2018Project development\u2019 sub-section. After the initial recognition, projects are shown at their fair value. This fair value takes account of the substantial development risks. The following criteria must be met in this regard: \u2022 There is a clear picture of the project costs to be incurred.\u2022 All necessary permits for the project development have been obtained.\u2022 A substantial part of the project development has been pre-let (final signature of rental contract).This assessment of the fair value is based on the valuation by the independent real estate expert (in accordance with the customary methods and assumptions) and takes account of the costs still to be incurred for the full finishing of the project.All costs relating directly to the acquisition or development and all further investment expenditure are included in the cost price of the development project. In accordance with IAS 23, the financing costs directly attributable to the construction or acquisition of an investment property are capitalised for the period for making the investment property ready for letting.The capitalisation of financing costs as part of the cost price of an asset qualifying for this takes place only if: \u2022 Expenditure is made for the asset;\u2022 Financing costs are incurred and; \u2022 Activities are in progress to prepare the asset for its envisaged use. These include not only the physical construction but also technical and administrative work for the commencement of the actual construction in connection with the acquisition of permits.The capitalisation of financing costs is suspended during long periods in which the active development is interrupted. The capitalisation is not suspended during a period in which extensive technical and administrative work is performed.Rights in rem Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be classified by means of a right of use on the asset in accordance with IFRS 16. On the starting date, the asset corresponding to a right of use is valued at cost price. After the starting date, the asset is valued on the basis of the fair value model in accordance with IAS 40. T\u20092.5\u2002Other fixed assetsT\u20092.5.1\u2002\ue9f0Tangible fixed assets for own useGeneralAssets that are held for the Company\u2019s own use in the production or delivery of goods or services, for rental to third parties or for administrative purposes and which are expected to be used for longer than a single period, are shown as tangible fixed assets, in accordance with IAS 16.Valuation on initial recognitionProperty, plant and equipment must be shown at cost if it is probable that the future economic benefits from the asset will accrue to the Company and if the cost of the asset can be determined reliably.The cost price of an asset is the equivalent of the discounted price on the recognition date (the cost price) and all directly attributable costs for making the asset ready for use. Later costs for day-to-day maintenance of tangible fixed assets are not included in the book value of the asset. This expenditure is shown in the income statement at the time at which it is incurred. Future expenditure for maintenance and repairs is capitalised only if this can be clearly shown to result in an increase in the future economic benefits from the use of the asset.Valuation after initial recognitionAll tangible fixed assets are shown at cost less any accumulated depreciation and any accumulated impairment losses.Depreciation and amortisationThe different categories of tangible fixed assets are depreciated using the straight-line method of depreciation over the estimated service life of the asset. The residual value and the service life must be reviewed at least at the end of each reporting period. An asset is depreciated from the date on which it is ready for the envisaged use. Depreciation of an asset is discontinued on the date on which the asset is held for sale or is no longer used.Depreciation takes place even if the fair value of the asset exceeds its book value, until the residual value is reached. From the date on which the residual value is equal to or higher than the book value, the depreciation cost is zero, until such time as the residual value is again less than the book value of the asset.Tangible fixed assets for the Company\u2019s own use are depreciated in accordance with the following depreciation rates according to the straight-line method:Building 3,33%(for the Company\u2019s own use)Equipment of building 10%Furniture 10%Computers 33,33%Office machinery 25%Rolling stock 20%Office fittings and 10%furnishingsDisposal of property, plant and equipmentAt the time when an asset is disposed of or at the time when no future economic benefits are expected any longer from the use or disposal of an asset, the property, plant or equipment can no longer be shown in the balance sheet of the Company.The gain or loss arising through the disposal or retirement of an asset is the difference between any net proceeds on disposal and the book value of the asset. This capital gain or loss is shown in the global result statement.T\u20092.5.2\u2002\ue9f0 Other tangible fixed assets - development costs for projects in preparation/under construction, which are subsequently recorded as a finance lease\ue9f0(IFRS\ue9f016).The construction costs for projects in preparation and projects under construction are shown at the cost price (nominal value) in the other operating expenses and are capitalised via the other operating revenues in other tangible fixed assets. On provisional acceptance of the building, the leasing activities commence, and the amount of the net investment is classified in the balance sheet item \u2018I.F. Finance lease receivables\u2019.IFRS 16 requires that a lease receivable is valued on commencement at the discounted value of the future income flows. The difference between the construction costs and this discounted value is then the result of the development of the leased object. This must be recognised in the result in proportion to the construction period as the result of the construction activities in \u2018Other operational revenues/costs\u2019.T\u20092.6\u2002ImpairmentsAt each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.T\u20092.7\u2002Financial fixed assetsThe financial assets are classified in one of the categories provided for according to IFRS 9 \u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).Financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).Participating interestsThe acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an asset deal to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).Other financial fixed assetsLoans and receivables (including sureties) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.T\u20092.8\u2002Finance lease receivables & trade receivablesCare Property Invest as lessorA lease contract is classified as a financial lease if it transfers virtually all the risks and benefits associated with ownership to the lessee. All other forms of lease are treated as operational leases. If a lease contract complies with the terms of a financial lease (according to International Accounting Standards IFRS 16), Care Property Invest, as the lessor-owner, recognises the lease agreement at its inception in the balance sheet as a receivable at an amount equal to the net investment in the lease agreement. The difference between the latter amount and the book value of the leased property will be recognised in the global result statement for the period. Any periodic payment made by the lessee will be recognised as income under rental income in the global result statement (see \u2018T5.3 Rental income\u2019 on page 206) and/or as a repayment of the investments in the balance sheet (see \u2018T5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 218), based on a constant periodic return for Care Property Invest.The item \u2018I.F. Finance lease receivables shows the investment cost of the transferred projects and therefore assigned in leasehold, less the contractual prepayments received, and reimbursements already made.Care Property Invest as lesseeAt the start of the lease period, lease agreements (with the exception of lease agreements with a maximum term of 12 months and lease agreements in which the underlying asset has a low value) are included in the balance sheet as assets (right of use) and lease obligation at the present value of the future lease payments. Subsequently, all rights of use, which classify as investment properties, are measured at fair value in accordance with IAS 40. We refer to \u2018T2.4 Investment properties\u2019 on page 184 for the accounting policies relating to investment properties. Minimum lease payments are included partly as financing costs and partly as repayments of the outstanding liability in such a way that this results in a constant periodic interest rate for the remaining balance of the liability. Financial charges are included directly in the global result statement.Trade receivablesThe item \u2018I.G. Trade receivable and other fixed assets\u2019 regarding the projects included in the finance leases contains the profit or loss margin allocated to the construction phase of a project. The profit or loss margin is the difference between the nominal value of the fee due at the end of the right of superficie (included in the item \u2018I.F. Finance lease receivables\u2019) and the fair value at the time of provision, determined by discounting the future cash flows (being the leasehold and rental fees and the fee due at the end of the right of superficie) at a rate equal to the IRS rate plus a margin that would apply on the date on which the lease contract was contracted. The increase by a margin depends on the margin that the Company pays the bank as a cost of funding. For the bank, the margin depends on the underlying surety and is therefore different for a PCSW or a non-profit association. This item also contains a provision for discounted costs of service provision, as the Company remains involved in the maintenance of the property following delivery of the building, in connection with advice or intervention in the event of any construction damage or adjustments imposed, following up lease payments, etc.During the term of the contract, the receivable is phased out, as the added value and provision for costs of services is written down each year and is charged to the global result statement in \u2018Other operating income and expenses\u2019. If the discount rate (i.e., the IRS interest rate plus a margin) on the date of the contracting of the lease agreement is higher or virtually equal to the interest rate implicit in the leasehold payments stipulated on commencement of the leasehold, this calculation leads to the recognition of a mathematical loss during the construction phase (e.g., in the event of falling interest rates). Over the entire duration of the contract, however, the projects are profitable, since the leasehold payment is always higher than the actual cost of financing.There is an estimation uncertainty as regards the profit margin on the projects; this is partly due to altered operating expenses, the impact of which is reviewed annually and adjusted if necessary, but the profit or loss margin also depends on rising or falling interest rates.T\u20092.9\u2002Current assetsTrade receivable and other receivables at a maximum of one yearReceivables at a maximum of one year are shown at their nominal value less impairments due to dubious or irrecoverable receivables, which are recognised as impairment losses in the global result statement.Tax receivablesTax receivables are shown at the tax rate applying in the period to which they relate.Cash and cash equivalentsCash and cash equivalents (bank accounts, cash and short-term investments) are shown at the amortised cost price. The additional costs are processed directly in the global result statement.Accruals and deferralsThe costs incurred during the financial year that are wholly or partially attributable to the following financial year are shown in accruals and deferrals on the basis of a proportionality rule. The income and fractions of income received in the course of one or more subsequent financial years, but relating to the financial year concerned, are entered for the amount relating to the financial year in question.T\u20092.10\u2002EquityEquity instruments issued by the Company are shown at the amount of the sums received (after deduction of directly attributable issuing costs).The treasury shares in the Company\u2019s possession, if any, are deducted from equity at the initial acquisition cost. The increase and/or decrease in value realised on the sale of treasury shares is recognised directly as equity and has no impact on the adjusted EPRA earnings.Dividends form part of the transferred result and are recognised as a liability only in the period in which they are formally awarded, i.e., approved by the general meeting of shareholders.T\u20092.11\u2002ProvisionsA provision is formed when:\u2022 the Company has an existing liability -legally enforceable or actual - as a result of an incident in the past;\u2022 it is probable that an outflow of resources will be required in order to settle the liability and;\u2022 the amount of the liability can be reliably estimated.The amount of the provision is based on the best estimate of the expenditure required to settle the existing obligation as at the balance sheet date, taking account of the risks and uncertainties associated with the liability. If the effect of the time value of money is significant, provisions are discounted using a discount rate that takes account of the current market assessments of the time value of money and the inherent risks of the liability.T\u20092.12\u2002Financial liabilitiesFinancial payables and trade debts Financial payables at the amortised cost price, including debts, are initially valued at fair value, net of transaction costs. After initial recognition, they are valued at the amortised cost price. The group\u2019s financial payables are shown in \u2018Other current liabilities\u2019 at the amortised cost price, comprising non-current financial liabilities, other non-current liabilities, current financial liabilities, trade debts and dividends payable.Derivative financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value; changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019). Lease liabilitiesLease agreements with a term longer than 12 months and for which the underlying asset has a high value must be recognised by way of a lease payment on the balance sheet in accordance with IFRS 16. The lease payment is equal to the current value of the lease payments outstanding on the reporting date. Tax liabilitiesTax liabilities are shown at the tax rate applying in the period to which they relate.Accruals and deferrals The costs incurred during the following financial year that relate wholly or partially to the financial year concerned are shown in the current financial year as attributable costs for the amount relating to the financial year concerned. Income received during the financial year that is wholly or partially attributable to the following financial year is shown in accruals and deferrals on the basis of a proportionality rule. T\u20092.13\u2002Staff remunerationThe contracts Care Property Invest has concluded in relation to group insurance are of the \u2018defined contribution\u2019 type. This defined contribution pension plan has been entrusted to Belfius Bank. These pension plans are regarded as \u2018defined contribution\u2019 plans with fixed costs for the employer and are shown under \u2018group insurance contributions\u2019. Employees make no personal contribution. Premiums are recognised in the financial year in which they were paid or scheduled. However, under the \u2018Vandenbroucke law\u2019 these group insurance policies would be regarded as 'defined benefit' plans within the meaning of IAS 19, and the Company would be required to guarantee an average minimum rate of return of 1.75% (currently) on the employer\u2019s contributions. In principle, the Company would have additional obligations if the statutory minimum return could not be achieved. Moreover, the impact on the Company\u2019s results would be limited, since it has only a small number of employees.T\u20092.14\u2002Income and expensesRental incomeThe net rental result comprises the rents, operational lease instalments and other related income, less the costs associated with leases, such as the costs of voids, rent benefits and impairments of trade receivables.The rent benefits consist of temporary rental discounts or rent-free periods for the operator of the property.Revenues are shown at the fair value of the fee received or to which rights were acquired and are shown on a proportional basis in the global result statement in the period to which they relate.Real estate costs(1)In view of the triple net nature of the contracts, the Company is not liable for the costs of maintenance and repair, utilities, insurance and taxes for the building. With double net contracts, the Company does bear the risk of the maintenance and repair costs. With single net contracts, in addition to maintenance and repair costs, the lessor also bears the vacancy risk.General expenses and other operating income and expensesThe Company\u2019s general expenses cover the fixed operating costs of Care Property Invest, which is active as a listed company and enjoys RREC status.Revenues and costs are shown on a proportional basis in the global result statement in the period to which they relate.(1) With the exception of the 'Les Terrasses du Bois' project in Watermaal-Bosvoorde, for which a long-term double net agreement has been concluded, and the 'Tilia' project in Gullegem for which a long-term single net agreement has been concluded.T\u20092.15\u2002TaxesAll information of a fiscal nature is provided on the basis of laws, decrees and administrative guidelines in effect at the time of the preparation of the financial statements.Corporate taxThe status of a RREC provides for a fiscally transparent status, as RRECs are only still liable to corporate tax for specific elements of the result, such as rejected expenditure, abnormal and benevolent benefits and secret commissions. Generally, rental income, financial income and the gain realised on the disposal of assets are exempt from tax.The corporate tax is recorded directly to the income statement unless the tax relates to elements that are included directly in equity. In that case, the tax is also shown directly in equity. The current tax burden consists of the expected tax on the taxable income for the year and corrections to previous financial years.Deferred tax receivables and liabilities are included for all temporary deductible and taxable differences between the taxable base and the book value. Such receivables and liabilities are not shown if the temporary differences arise from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets or liabilities. Deferred tax liabilities are generally included for all taxable temporary differences. Deferred tax receivables are recognised as far as it is probable that sufficient fiscal profit will be available, against which the temporary differences can be offset. Deferred tax receivables are reduced if it is no longer probable that the realised tax benefit will be realised.Pursuant to Article 161(1\u00b0) of the Inheritance Tax Code, the Company must pay tax each year as a RREC, based on the total net amounts outstanding in Belgium as at 31 December of the preceding year.Withholding taxPursuant to the Law regulating the recognition and definition of crowd funding and containing various provisions concerning financing, public RRECs of which at least 80% of the real estate consists of real estate located in the European Economic Area (EEA) and which is used or intended solely or primarily for residential care or residential units adapted for residential care or health care can enjoy a reduced withholding tax rateof 15% (last changed following the Programme Law of 27 December 2021). In addition, pursuant to Articles 116 and 118, \u00a71(6th) of the RD /Income Tax Code 92, the Company is exempt from withholding tax on income allocated to Belgian public regulated real estate companies.Inheritance taxSubject to compliance with certain conditions, the heirs of shareholders enjoy an exemption from inheritance tax (formerly \u2018succession tax\u2019 in the Inheritance Tax Code, Article 55bis - Order of the Flemish Government of 3 May 1995, replaced by Article 11 of the \u2018Decree containing various provisions on finances and budgets\u2019 of 9 November 2012 (Official Gazette of 26 November 2012) - Circular No. 2 of 27 March 1997 and now Article 2.7.6.0.1. of the Flemish Codex Taxation (VCF)). \u2022 The shares must have been in the possession of the holder for at least five years on the date of decease.\u2022 In addition, the shareholder must have acquired the shares no later than the year 2005, excluding acquisition among spouses and heirs in the first degree, for which no exemption from inheritance tax has yet been granted.\u2022 To obtain the exemption, the shares must be recorded in the estate declaration and the exemption must be explicitly requested. \u2022 A valid certificate must be attached to the declaration, issued by the credit institutions that provide financial services for Care Property Invest. The maximum exemption for the stock market value of the share amounts to its issue price of \u20ac5.95 (= value of the issue price/1,000 due to the share split of 24 March 2014). Likewise, the sum of the net dividends paid during the period in which the deceased or his or her spouse was the holder of the shares may also be exempt, in as far as the shares form part of the estate. The conditions for exemption from inheritance tax can also be viewed on the website at www.carepropertyinvest.be.Exit taxThe exit tax is a tax on the added value determined on a taxed merger, split or equated transaction of a RREC with a Belgian company that is not a RREC. If this company is included in the consolidated group statements for the first time, the exit tax is charged to the equity of that company. If the company is not immediately merged with the RREC, adjustments to the exit tax liabilities that would prove to be necessary at the time of the merger in relation to the amount provided for are recognised in the global result statement.The exit tax rate as at 31 December 2022 was 15%. The exit tax is calculated on the basis of the deferred added value and the exempted reserves of the real estate company that makes the contribution through a merger, split or equated action. The deferred added value is the positive difference between the actual fiscal value of the equity of the relevant real estate company (that has been split off) less the previously assumed fiscal depreciation, amortisation and impairments. Existing tax deferrals (deductible losses, transferred notional interest deductions, etc.) can be deducted from the taxable base. The actual fiscal value is the value with costs paid by the buyer, i.e., after deduction of registration rights or VAT, and may differ from the fair value of the real estate shown in the RREC\u2019s balance sheet in accordance with IAS 40.Note 3: Segment informationWith its entry onto the Irish market in 2022, Care Property Invest has continued to improve its geographical distribution. In addition to its presence on the Belgian, Dutch and Spanish markets, the Company has the ambition to make Ireland its fourth home market. In accordance with IFRS 8, the Company makes a distinction between the 4 geographical segments where it operates: Belgium, The Netherlands, Spain and Ireland.The segmented information has been prepared taking into account the operating segments and the information used internally to take decisions. The operating results are regularly assessed by the Chief Operating Decision Maker (senior officers of the Company) or CODM in order to take decisions regarding the distribution of available resources and to determine the performance of the segment. Within Care Property Invest nv the Executive Committee acts as CODM. For the accounting policies we refer to Notes 2 \u2014 Accounting policies. Every group of companies under a joint control is considered to be the same customer. The revenue from transactions with these customers must be stated if it exceeds 10% of the turnover. For Care Property Invest nv, for the 2022 financial year, this concerns the following customers:\u2022 Colis\u00e9e with a share of 15.4% of the total revenue spread over 7 properties in Belgium;\u2022 Vulpia Care Group with a share of 10.2% of the total revenue spread over 7 buildings in Belgium.The segmented information includes the results, assets and liabilities that can be applied to a specific segment either directly or on a reasonable basis. T\u20093.1\u2002Segmented information - resultAmounts in EUR 31/12/2022Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsNet rental income 41,507,715 6,697,871 3,512,928 2,660,351 0 54,378,866Property operating result 41,504,797 6,677,639 3,497,081 2,660,351 0 54,339,868General expenses of the -8,790,469 -646,200 -190,797 -135,342 0 -9,762,808CompanyOther operating income and -2,628,491 518,244 -294 0 0 -2,110,541expensesOperating result before result 30,085,837 6,549,683 3,305,990 2,525,010 0 42,466,519on portfolioChanges in the fair value of 19,319,626 3,178,038 2,165,416 -5,336,163 0 19,326,917investment propertiesOperating result 49,405,462 9,727,721 5,471,406 -2,811,153 0 61,793,436Financial result 27,674,523 27,674,523Result before taxes 49,405,462 9,727,721 5,471,406 -2,811,153 27,674,523 89,467,959Taxes -803,660 -803,660NET RESULT 49,405,462 9,727,721 5,471,406 -2,811,153 26,870,863 88,664,299GLOBAL RESULT 88,664,299Amounts in EUR 31/12/2021Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsNet rental income 38,220,179 3,709,663 1,303,826 0 0 43,233,668Property operating result 38,216,089 3,709,663 1,303,826 0 0 43,229,5780General expenses of the -7,155,847 -633,044 -107,6510 -7,896,543Company0Other operating income and -956,757 927,704 -3860 -29,439expensesOperating result before result 30,103,485 4,004,323 1,195,789 0 0 35,303,597on portfolioChanges in the fair value of 20,088,832 2,260,272 -206,047 0 0 22,143,057investment propertiesOperating Result 50,192,317 6,264,595 989,742 0 0 57,446,653Financial result 2,734,270 2,734,270Result before taxes 50,192,317 6,264,595 989,742 0 2,734,270 60,180,924Taxes -526,103 -526,103NET RESULT 50,192,317 6,264,595 989,742 0 2,208,167 59,654,821GLOBAL RESULT 59,654,821T\u20093.2\u2002Segmented information - balance sheetAmounts in EUR 31/12/2022Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsTOTAL ASSETS 547,439,512 204,386,105 95,882,307 86,560,906 240,247,145 1,174,515,97586,560,906Investment properties 547,439,512 204,386,105 95,882,3070 934,268,830Investment properties 546,690,832 177,607,890 74,783,279 81,336,260 0 880,418,261Investment properties - 0 26,160,893 21,099,028 5,224,646 0 52,484,567project developmentsInvestment properties - 748,680 617,322 0 0 0 1,366,002rights in rem240,247,145 240,247,145Other assetsTOTAL EQUITY AND 1,174,515,975 1,174,515,975LIABILITIESShareholders Equity 563,394,815 563,394,815Liabilities611,121,160 611,121,160Amounts in EUR 31/12/2021Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsTOTAL ASSETS 513,154,854 141,175,481 63,701,465 0 227,284,411 945,316,211Investment properties 513,154,854 141,175,481 63,701,465 0 0 718,031,800Investment properties 512,280,278 96,061,422 45,625,770 0 0 653,967,470Investment properties - 0 44,522,035 18,075,695 0 0 62,597,730project developmentsInvestment properties - 874,576 592,023 0 0 0 1,466,600rights in remOther assets 227,284,411 227,284,411TOTAL EQUITY AND 945,316,211 945,316,211LIABILITIESShareholders Equity 479,258,685 479,258,685Liabilities 466,057,526 466,057,526Note 4: Financial risk managementThe list of risks described in this chapter is not exhaustive. Within the framework of the Prospectus Regulation, the Company has limited itself to the financial risks that apply specifically to it and therefore not to the overall real estate sector, RREC sector or all listed companies and those that are also material. The market risks, operational risks, regulatory risks and other risks were described in chapter \u2018I. Risk factors\u2019 on page 8 et seq. of the annual financial report.T\u20094.1\u2002Risks associated with liquidity due to non-compliance with cove-nants and statutory financial para-metersT\u20094.1.1\u2002\ue9f0Description of the riskThis risk can be described as the risk of non-compliance with statutory or contractual requirements to comply with certain financial parameters under the credit agreements, which could lead to their cancellation or renegotiation.The following parameters were included in the covenants:\u2022 A\ue9f0maximum\ue9f0debt\ue9f0ratio\ue9f0of\ue9f060%.\ue9f0 As at 31 December 2022, the consolidated debt ratio of the Company was 52.37%, resulting in an available space of \u20ac218.7 million. The limitation of the debt ratio to 60% is included in the credit agreements for a total amount of \u20ac554,928,159 (of which an amount of \u20ac395,928,158 or 67.9% of the total financial debts was drawn as at 31 December 2022). For more information on the debt ratio, reference is made to \u2018T4.2 Risks associated with the evolution of the debt ratio\u2019 on page 201.\u2022 An interest coverage ratio (being the operating result before the result on the portfolio, divided by the interest charges\ue9f0paid)\ue9f0of\ue9f0at\ue9f0least\ue9f02.5. As at 31 December 2022 the interest coverage ratio was 4.25 compared to 4.50 as at 31 December 2021. The Company\u2019s interest charges must increase by \u20ac6,997,974 or from \u20ac9,988,634 to \u20ac16,986,608 in order to reach the required minimum of 2.5. However, severe and abrupt pressure on the operating result could jeopardise compliance with the interest coverage ratio parameter. The operating result before result on portfolio must fall by 41.2% from \u20ac42,466,520 to \u20ac24,971,585 before the limit of 2.5 is reached.\u2022 A minimum consolidated portfolio size of\ue9f0\u20ac500\ue9f0million.In addition, the risk of early termination exists in the event of a change of control of the Company, in the event of a breach of 'negative pledge' or other covenants and obligations of the Company and, more generally, in the event of default as defined in these financing agreements. A default (it should be noted that certain instances of 'default' or breach of covenants, such as a change of control, included in all financing agreements, are outside the control of the Company) under one financing agreement may, pursuant to so-called 'cross acceleration' or 'cross default' provisions, additionally lead to defaults under other financing agreements (irrespective of the grant of any 'waivers' by other credit providers, in the case of a 'cross default' provision) and may thus lead to the mandatory early repayment by the Company of all such lines of credit.T\u20094.1.2\u2002\ue9f0Potential impact for the companyThe potential impact concerns any cancellation of loans and damaged trust between investors and bankers on non-compliance with contractual covenants. It is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for the activities of the Company. The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios, are not met. This could lead to liquidity problems, in view of the similar character in the covenants of the financial institutions of the maximum debt ratio or interest cover ratio of a cumulative nature and could force the Company to liquidate fixed assets (e.g., sale of real estate) or to implement a capital increase or other measures in order to bring the debt level below the required threshold. There is also a possibility that the regulator will impose sanctions or tighter supervision in the event of failure to comply with certain statutory financial parameters (e.g., compliance with the statutory debt ratio, as laid down in Article 13 of the RREC RD). The consequences for the shareholders could include a reduction in the equity and, therefore, the NAV, because a sale must take place at a price below that book value, a dilution can take place because a capital increase will have to be organised and this will have an impact on the value of the shares and the future dividend prospects. The Company intrinsically estimates the probability of this risk factor as average. The impact of the intrinsic risk is also estimated as average.T\u20094.1.3\u2002\ue9f0Restrictive measures and management of the riskTo mitigate these risks, the Company pursues a prudent financial policy with constant monitoring to meet the financial parameters of the covenants.The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk and its control as described above, as average both in terms of probability and impact.T\u20094.2\u2002Risks associated with the evo-lution of the debt ratioT\u20094.2.1\u2002\ue9f0Description of the riskThe Company\u2019s borrowing capacity is limited by the statutory maximum debt ratio of 65% which is permitted by the RREC legislation. At the same time, thresholds have been set in the financing contracts concluded with financial institutions. The maximum debt ratio imposed by the financial institutions is 60% (see also \u2018T4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 199). The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios included in covenants, are not met. On exceeding the statutory maximum threshold of 65%, the Company runs the risk of losing its RREC certificate through withdrawal by the FSMA. In general, it is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for activities of the Company. As at 31 December 2022, the consolidated debt ratio amounted to 52.37%, compared to 47.06% as at 31 December 2021. Taking into account the net proceeds of the capital increase of 24 January 2023, the debt ratio as at 31 December 2022 would decrease pro forma to 42.93%.As at 31 December 2022, the Company has an additional debt capacity of \u20ac413.5 million before reaching a debt ratio of 65% and of \u20ac218.7 million before reaching a debt ratio of 60%. Taking into account the net proceeds of the capital increase of 24 January 2023, these would be \u20ac723.0 million and \u20ac489.0 million respectively.The value of the real estate portfolio also has an impact on the debt ratio.Taking account of the capital base as at 31 December 2022, the maximum debt ratio of 65% would be exceeded only with a potential fall in the value of the real estate portfolio of about \u20ac222.7 million, or 23.8% of the real estate portfolio of \u20ac934.3 million as at 31 December 2022. With a fall in the value of about \u20ac145.8 million, or 15.6% of the real estate portfolio, the debt ratio of 60% would be exceeded. The Company does wish to note that it has contracted payment obligations for the unrealised part of the developments that it has already included in its balance sheet, representing \u20ac45.1 million. In addition, as at 31 December 2022, the Company has acquired one project under suspensory conditions, for which the estimated cash-out amounts to \u20ac8.4 million. As a result, as at 31 December 2022, the available capacity on the debt ratio amounts to \u20ac165.2 million before reaching a debt ratio of 60% and \u20ac360.0 million before reaching a debt ratio of 65%. T\u20094.2.2\u2002\ue9f0 Potential impact for the CompanyThe potential impact concerns the risk that statutory sanctions may be imposed if certain thresholds are exceeded (including a prohibition of payment of a dividend) or that a breach of certain conditions of the financing contracts is committed.Like all public RRECS, Care Property Invest is subject to tighter supervision by the supervisory authority of compliance with these maximum debt levels.The Company intrinsically assesses the probability of the debt ratio exceeding 60% as low and the impact of the intrinsic risk as high. T\u20094.2.3\u2002\ue9f0 Restrictive measures and management of the riskIn this case too, it pursues a prudent financial policy with continual monitoring of all planned investments and earnings forecasts, and the coordination of the possibility of a capital increase under the forms permitted by the RREC legislation in order to avoid any statutory sanctions for exceeding this maximum limit at all times. The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk as described above, related to the risk of the debt ratio exceeding 60% as low in terms of probability and high in terms of impact.T\u20094.3\u2002Risks associated with the cost of the capitalT\u20094.3.1\u2002\ue9f0Description of the riskThis risk can be described as the risk of unfavourable fluctuations in interest rates, an increased risk premium in the stock markets and/or an increase in the cost of the debts.T\u20094.3.2\u2002\ue9f0 Potential impact for the CompanyThe potential impact concerns a material increase in the weighted average cost of the Company\u2019s capital (equity and debts) and an impact on the profitability of the business as a whole and of new investments.As at 31 December 2022, the fixed-interest and floating rate loans accounted for 42.65% and 57.35% of the total financial liabilities respectively. The percentage of floating-rate debt contracted that was converted into a fixed-rate instrument through a derivative instrument (relative to total financial liabilities) amounted to 26.77% as at 31 December 2022. The total hedge ratio thus amounted to 69.42%. As at 31 December 2021, it amounted to 93.09%. Taking into account the capital increase, the hedge ratio would increase to 85.23% as at 31 December 2022.Based on the outstanding credits as at 31 December 2022, if interest rates were to increase by 1%, the weighted average interest cost, including interest rate swaps, would increase from 2.14% to 2.45%. This would result in an increase in the cost of capital of 0.15%, assuming the cost of debt of 50% is included in the cost of capital and assuming no change in the cost of equity.A change in the interest curve of 1% (upward) would have an impact on the fair value of the credit portfolio of approximately \u20ac9.3 million. The conclusion relating to the impact of the change in the interest curve can be continued on a linear basis. A 1% increase/decrease in interest rates would have a positive/negative impact on the global result statement via the variations in the fair value of financial assets/liabilities amounting to \u20ac0.381/\u20ac0.426 per share but a negative/positive impact on the distributable result and also on the global result due to the increase/decrease of a part of the net interest costs exposed to the fluctuations in interest rates.The increase in the required risk premium on the stock markets could result in a fall in the price of the share and make financing of new acquisitions more costly for the Company. The Company intrinsically assesses the probability of this risk factor as well as the impact of this risk as average.T\u20094.3.3\u2002\ue9f0 Restrictive measures and management of the riskWith regard to the initial portfolio , Care Property Invest protects itself against interest rate rises through the use of fixed-interest contracts or swaps. For (1)the initial portfolio, only the renewable loans at Belfius, amounting to \u20ac6,890,000, are subject to a limited interest risk, as these loans are subject to review every (2)three years. For the new portfolio, the outstanding commercial paper of \u20ac30.5 (1) The initial portfolio relates to the \ue793nance leases (with as at 31/12/2022 a balance sheet value (\ue793nance lease receivables) of \u20ac156,518,610 and a generated rental \ue794ow of \u20ac15,406,228) that the Company entered into until 2014.(2) The new portfolio as referred to here refers to the \ue793nance leases (with a balance sheet value as at 31/12/2022 of \u20ac20,499,475 and a generated rental \ue794ow of \u20ac1,084,902) and the investment properties (with a balance sheet value as at 31/12/2022 of \u20ac934,268,830 and a generated rental \ue794ow of \u20ac37,887,735) that the Company acquired after 2014.million and various roll-over credits with various financial institutions with an outstanding amount of \u20ac266 million as at 31 December 2022 are subject to changes in interest rates on the financial markets. Care Property Invest aims to hedge itself against fixed interest rates for at least 80% via swaps. In this way the Company wishes to anticipate the risk that the increase in interest rates will be primarily attributable to an increase in real interest rates. There are also 8 loans with revisable interest for the new portfolio. Care Property Invest monitors movements in interest rates with close attention and will hedge itself against timely any excessively high increase in interest rates.Further explanation on the credit lines are provided in this chapter, with \u2018Note 5: Notes to the consolidated financial statements\u2019 on page 205, \u2018T5.9 Net interest expense\u2019 on page 209, \u2018T5.26 Financial liabilities\u2019 on page 224 and \u2018T5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 216. If the increase in interest rates results from an increase in the level of inflation, the indexation of the rental income also serves as a tempering factor, albeit only after the indexation of the lease agreements can be implemented, so that there is a delaying effect here. In general, Care Property Invest aims to build up a relationship of trust with its bank partners and investors and maintains a continual dialogue with them in order to develop a solid long-term relationship.Nevertheless, the Company continues to regard this risk as material.T\u20094.4\u2002Risks associated with the use of derivative financial productsT\u20094.4.1\u2002\ue9f0Description of the riskThis risk can be described as the risks of the use of derivatives to hedge the interest rate risk. The fair value of the derivative products is influenced by fluctuations in interest rates in financial markets. The fair value of the derivative financial products amounted to \u20ac-16,810,790 as at 31 December 2021, compared with \u20ac21,780,342 as at 31 December 2022. The variation in the fair value of derivatives amounted to \u20ac38,591,131 as at 31 December 2022.T\u20094.4.2\u2002\ue9f0 Potential impact for the CompanyThe potential impact concerns the complexity and volatility of the fair value of the hedging instruments and consequently, also the net asset value (NAV), as published under the IFRS standards and also the counter-party risk in relation to partners with which we contract derivative financial products. The increase in the fair value of the derivative products amounting to \u20ac38,591,131 represents an increase in the net result and in the net asset value (NAV) of \u20ac1.39, without having an impact in the adjusted EPRA Earnings and, therefore, the capacity of the Company to pay its proposed dividend. An increase in market interest rates by 1% results in an increase in the fair value of the derivative financial products amounting to \u20ac10,579,826 or \u20ac0.381 per share and an increase in the net asset value (NAV) also amounting to \u20ac0.381 per share. A fall in market interest rates by 1% results in a diminution in the fair value amounting to \u20ac11,823,117 or \u20ac0.426 per share and a fall in the net asset value (NAV) per share amounting to the same amount.The Company assesses the probability of this risk factor as well as the impact intrinsically as average. T\u20094.4.3\u2002\ue9f0 Restrictive measures and management of the riskAll derivative financial products are held solely for hedging purposes. No speculative instruments are held. All derivative financial products are interest rate swaps. Care Property Invest also works only with reputable financial institutions (Belfius Bank, KBC Bank, BNP Paribas Fortis and ING). The Company conducts frequent talks with these financial institutions on the evolution of the interest rates and the impact on the existing derivative financial products. The Company also monitors the relevant interest rates itself.However, the current economic situation is causing increased volatility and pressure on interest rates so this monitoring becomes all the more important to counter volatility. In addition, it will not be certain that the Company will find the hedging instruments it wishes to enter into in the future, nor that the terms associated with the hedging instruments will be acceptable.The Company estimates the residual risk, i.e. taking into account the mitigating factors and controlling the risk, as low in terms of probability and average in terms of impact.Note 5: Notes to the consolidated financial statementsT\u20095.1\u2002Net result per shareAmounts in EUR 31/12/2022 31/12/2021NET RESULT / GLOBAL RESULT 88,664,299 59,654,821Net result per share based on weighted average shares outstanding \u20ac 3.1961 \u20ac 2.2976Gross yield compared to the initial issuing price in 1996 53.72% 38.62%Gross yield compared to stock market price on closing date 20.28% 8.92%T\u20095.2\u2002Components of the net resultAmounts in EUR 31/12/2022 31/12/2021NET RESULT / GLOBAL RESULT 88,664,299 59,654,821NON-CASH ELEMENTS INCLUDED IN THE NET RESULT -54,323,064 -32,196,859Depreciations, impairments and reversal of impairments 433,058 254,511Changes in fair value of investment properties -19,326,917 -22,143,057Changes in fair value of authorised hedging instruments -38,591,131 -11,165,200Projects' profit or loss margin attributed to the period 3,071,632 856,887Deferred taxes 90,295 0ADJUSTED EPRA EARNINGS 34,341,235 27,457,962Adjusted EPRA earnings per share based on weighted average number of \u20ac 1.2379 \u20ac 1.0576outstanding sharesGross yield compared to the initial issuing price in 1996 20.81% 17.78%Gross yield compared to stock market price on closing date 7.85% 4.11%The weighted average number of outstanding shares was 25,963,657 as at 31 December 2021 and increased to 27,741,625 shares as at 31 December 2022. The number of shares amounted to 26,931,116 as at 31 December 2021 (including 9,192 own shares) and increased to 27,741,625 shares as at 31 December 2022. On this date, the Company no longer held any treasury shares.The number of shares changed as a result of (i) an optional dividend for the 2021 financial year which was successfully completed on 20 June 2022 and led to the issue of 171,794 new shares and (ii) a capital increase in kind for the acquisition of 100% of the shares in Igor Haacht nv, which owns the assisted living complex 'Klapgat' located in Haacht. This transaction took place on 7 July 2022, for which 638,715 new shares were issued. With the realisation of a capital increases in cash on 24 January 2023, 9,247,208 new shares were issued resulting in a total number of 36,988,833 fully paid-up shares with voting rights as of this date.The gross return is calculated in table \u2018T.5.1 Net result per share on a consolidated basis\u2019 by dividing the net result per share by the initial issue price in 1996 (i.e., \u20ac5.9495) on the one hand and the market value on the closing date on the other hand. In table \u2018T.5.2 Components of the net result\u2019, the gross yield is calculated by dividing the adjusted EPRA earnings per share by the initial issue price in 1996 (i.e., \u20ac5.9495), on the one hand, and the market capitalisation on the closing date, on the other. The share price was \u20ac15.76 as at 31 December 2022 and \u20ac25.75 as at 31 December 2021. There are no instruments that have a potentially dilutive effect on the net result per share.T\u20095.3\u2002Rental incomeAmounts in EUR 31/12/2022 31/12/2021Rental income and rental discounts for investment properties 37,887,735 27,368,967Rent 35,809,749 26,928,912Rental discounts 2,077,986 440,056Income from financial leases and other similar leases 16,491,130 15,864,701Ground rent 16,491,130 15,864,701TOTAL 54,378,866 43,233,668The item \u2018Rental income and rental discounts for investment properties\u2019 concerns the income from I.C. Investment properties, accounted for in accordance with IAS 40. As at 31 December 2022, these accounted for 69.67% of the Company\u2019s total rental income. The item \u2018\u2018Rental income from finance leases and similar\u2019 concerns the rental income from buildings, which the Company owns and which it receives as lessor and were recorded as rental income in the global result statement, (1).as they relate to recurring income that the Company receives from its buildings. This rental income relates on the one hand to the portfolio built up until 2014 with local PCSWs (public centre for social welfare -local (2)governments) and non-profit organisations (initial portfolio) and on the other hand to new leases entered into (3)after 2014 (new portfolio), all of which are generated by I.F. Finance lease receivables in the consolidated balance sheet. For the finance leases from the new portfolio, the ground rent payments are split between \u2018investment value\u2019 and \u2018income\u2019: the investment part is booked under I.F. Finance lease receivables in the balance sheet, the income part is booked under I. Rental income in the global result statement. As at 31 December 2022, the ground rent received by the Company from its finance leases represents 30.33% of the total rental income of the Company.The 25.78% increase in rental income is the result of the growth of the portfolio during the 2022 financial year, the taking into operation of development projects and the indexation of existing rental income.Future ground rent receipts (in accordance with IFRS 16)Amounts in EUR 31/12/2022 31/12/2021Future ground rent and rent payments 137,601,054 165,682,527Expiring < 1 year 10,374,953 10,994,953Expiring between 1 year and 5 years 40,581,607 43,882,639Expiring > 5 years 86,644,494 110,804,935Future ground rents are at least equal to the contractually agreed ground rents for the entire duration of the project and do not take into account annual index adjustments. For the finance leases from the new portfolio, these also include the repayment of the investment, which at the time of receipt will be written off from I.F. Finance lease receivables in the balance sheet.(1) For a comprehensive legal analysis, see chapter \u2018III. Report of the Board of Directors\u2019 under \u20181. Strategy: Care building in complete confidence\u2019 on page 42.(2) As at 31/12/2022, the initial portfolio has a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228.(3) As at 31/12/2022, the new portfolio has a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902.T\u20095.4\u2002Recovery of rental charges and taxes normally borne by the tenant on let propertiesAmounts in EUR 31/12/2022 31/12/2021Recuperated withholding tax and other taxes 550,597 303,845Recuperated other costs 169,341 115,537TOTAL 719,938 419,382T\u20095.5\u2002Rental charges and taxes normally payable by the tenant on let propertiesAmounts in EUR 31/12/2022 31/12/2021Rental charges borne by the owner -39,144 0Withholding tax and other taxes to recover -550,597 -303,845Other costs to recuperate -166,277 -115,537TOTAL -756,018 -419,382T\u20095.6\u2002General expenses of the CompanyAmounts in EUR 31/12/2022 31/12/2021Auditor's fee -116,854 -133,592Fees for notary, lawyers and architects -235,640 -236,145External advice -605,131 -234,284Public relations, communications & marketing -226,740 -178,943IT -233,914 -174,070Costs linked to the status of the RREC -647,633 -600,673Costs of real estate expert -302,410 -209,344Remuneration of directors, CEO and Executive Committee members -2,599,449 -2,303,586Remuneration -2,860,751 -2,242,171Depreciations and impairments -433,058 -253,990Other general operating expenses -1,501,226 -1,329,743TOTAL -9,762,807 -7,896,542Costs relating to acquisitions are activated in accordance with IAS 40. For additional explanations on the remuneration of the Directors and the Executive Committee, we refer to chapter \u2018III. Report of the Board of Directors\u2019 under point \u201811.11 Remuneration report 2022\u2019 on page 110. The increase in the company's general expenses can largely be attributed to the increase in remunerations, as the average workforce increased from 20.90 FTEs as at 31 December 2021 to 24.17 FTEs as at 31 December 2022.In addition, the Company's growth also contributes to the increase in the Company's general costs, including depreciation (as a result of the taking into operation of the new building in Schoten), external advice and the costs specific to the RREC statute, such as, among other things, the UCI tax and real estate expert costs.Care Property Invest has taken out a defined contribution type group insurance policy (\u2018Defined Contribution Plan\u2019) for its permanent staff with Belfius Bank & Insurance. The contributions to this plan are entirely at the expense of Care Property Invest. In particular, no own contributions are paid by the employee. Belfius Bank has confirmed that as at 31 December 2022 the minimum return, including profit participation, has been achieved. In other words, no provision needs to be made.T\u20095.7\u2002Other operating expenses and income of the CompanyAmounts in EUR 31/12/2022 31/12/2021Costs -3,475,194 -1,163,288Taxes -135,840 -71,814Costs to be charged on -6,072 -5,415Real estate leases - loss margin attributed to the period -3,309,603 -1,040,326Other operating expenses -23,679 -45,733Income 1,364,653 1,133,849Costs charged on 12,763 10,709Project management fees 603,065 720,080Real estate leases - profit margin attributed to the period 237,971 183,438Other operating income 510,853 219,622TOTAL -2,110,541 -29,439Other operating expenses consist mainly of the loss margin for projects allocated to the period. Of this amount, \u20ac3,071,632 is attributable to the sale of the 'Residentie De Anjers' project in Balen (BE) as a result of the write-down of the trade receivable (unrealised capital gain) on this project. This is a non-cash item adjusted for the calculation of adjusted EPRA earnings.Other operating income consists mainly of project management fees, which mainly relate to the recovery of pre-financing costs of ongoing Dutch projects, the profit margin for the projects allocated to the period and other operating income which mainly relates to various project-related revenues.Besides the write-off of the trade receivable for the 'Residentie De Anjers' project already mentioned, the profit/loss margin on the projects results from the further development of these projects. These are also unrealised revenues/costs so they are corrected in the adjusted EPRA earnings and consequently do not qualify for dividend distribution.T\u20095.8\u2002Changes in the fair value of investment propertiesAmounts in EUR 31/12/2022 31/12/2021Positive variations in the fair value of investment properties 40,187,885 31,233,487Negative variations in the fair value of investment properties -20,860,968 -9,090,430TOTAL 19,326,917 22,143,057The real estate experts value the Company\u2019s investment properties on its balance sheet on a quarterly basis in accordance with IAS 40. An administrative correction was made for rent-free periods awarded to operators of the real estate, as the real estate expert already takes account of the future cash flows (including rent discounts) and double counting would otherwise occur.The increase reflects an overall positive variation in the fair value of the investment properties in portfolio among others due to inflation that the Company can pass on to its tenants. Again, this is unrealised variation which is corrected in the adjusted EPRA earnings.T\u20095.9\u2002Net interest expenseAmounts in EUR 31/12/2022 31/12/2021Nominal interest charges on loans -7,673,246 -4,977,354Bonds - fixed interest rate -1,194,823 -686,620Commercial paper - floating interest rate -338,881 -104,484Investment loans - fixed interest rate -3,810,231 -3,813,142Investment loans - floating interest rate -2,329,311 -373,108Cost of authorised hedging instruments -2,181,773 -2,783,256Authorised hedging instruments that are not subject to hedge accounting as -2,181,773 -2,783,256defined in IFRSOther interest charges -133,615 -83,857TOTAL -9,988,634 -7,844,467Interest costs have increased as a result of, on the one hand, the additional raising of foreign funds to finance additional acquisitions and ongoing development projects in 2021 and 2022 and, on the other hand, sharply rising interest rates on the market. This is therefore reflected in the increase of the weighted average interest rate (including IRSs), which is 2.14% as at 31 December 2022 compared to 1.92% as at 31 December 2021.The average remaining duration of the loans is 5.94 years as at 31 December 2022.The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 216.T\u20095.10\u2002Other financial costsAmounts in EUR 31/12/2022 31/12/2021Bank charges and other commissions -929,943 -586,893TOTAL -929,943 -586,893T\u20095.11\u2002Changes in the fair value of financial assets and liabilitiesAmounts in EUR 31/12/2022 31/12/2021Changes in the fair value : interest rate swap (positive) 38,591,131 11,165,200TOTAL 38,591,131 11,165,200T\u20095.12\u2002TaxesAmounts in EUR 31/12/2022 31/12/2021Parent company -280,476 -79,603Result before tax 89,467,959 59,920,692Result exempt from tax thanks to the RREC regime -89,467,959 -59,920,692Taxable result in Belgium related to non-deductible expenses 338,122 164,889Belgian taxes due and deductible -84,531 -41,222Other -195,946 -38,381Subsidiaries -267,782 -282,340Belgian taxes due and deductible -83,881 -91,115(1)Foreign taxes due and deductible -183,901 -191,224 (1)Corporate income tax-548,258 -361,943(1)Exit tax -255,402 -164,160TOTAL -803,660 -526,103(1) Due to reclassifications between 'Corporate tax' and 'Exit tax', the figures as at 31 December 2021 were also adjusted to allow for correct comparability.Corporate income tax consists of the taxes payable on Care Property Invest's rejected expenses (as a RREC, it is taxed only on its rejected expenses, abnormally gratuitous benefits and secret commissions) and the tax on the profits of its consolidated subsidiaries in Belgium and abroad. Also in The Netherlands (FBI) and Spain (Socimi), the subsidiaries are subject to a favourable tax status (similar to the Belgian GVV/RREC status) which result in a tax rate of 0%. The applicable Belgian corporate income tax rate is 25% for the 2021 and 2022 financial years.The exit tax in 2022 mainly relates to the exit tax payable following the silent merger of Apollo Lier nv with Care Property Invest, which took place on 29 November 2022.Middelkerke (BE) I De Sille MeersT\u20095.13\u2002Intangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Book value at the beginning of the financial year 122,671 158,457Gross amount 273,052 257,946Accumulated depreciation -150,381 -99,488Investments 21,007 15,106Depreciation -52,022 -50,892Book value at the end of the financial year 91,656 122,671Gross amount 294,059 273,052Accumulated depreciation -202,403 -150,381The intangible fixed assets relate to licences. T\u20095.14\u2002Investment properties2022 2021Amounts in EUR Real estate in Project Rights in Real estate in Project Rights in operationDevelopmentsremoperationDevelopmentsremBook value on 1 653,967,470 62,597,730 1,466,600 471,516,140 60,925,609 1,412,772JanuaryAcquisitions 143,417,182 51,590,105 36,746 108,781,386 54,338,538 19,971through purchase or contributionChange in fair value 22,012,247 -681,908 36,075 19,908,324 1,095,203 33,857excl. rental discountTransfer to/from 61,021,360 -61,021,360 53,761,620 -53,761,620 (1)other items(2)Sales and transfers -173,419Book value on 880,418,261 52,484,567 1,366,002 653,967,470 62,597,730 1,466,60031 December(1) 2021: Completion of the projects 'R\u00e9sidences des Ardennes' in Attert (BE), 'De Gouden Leeuw (Zutphen)' in Zutphen (NL), 'Villa Wulperhorst' in Zeist (NL), 'De Orangerie' in Nijmegen (NL) and 'Margaritha Maria Kerk - Kerk' in Tilburg (NL). 2022: Completion of the projects 'Margaritha Maria Kerk - Pastorie' in Tilburg (NL), 'Aldenborgh' in Roermond (NL), 'Villa Vught' in Vught (NL), 'Mari\u00ebnhaven' in Warmond (NL), 'Huize Elsrijk' in Amstelveen (NL), 'Villa Ouderkerk' in Ouderkerk aan de Amstel (NL) and 'Emera Carabanchel' in Carabanchel (ES).(2) The amount concerns the write-off of the right in rem on the land of the 'Residentie De Anjers' project in Balen (BE) following the sale of this project in the course of 2022.Investment properties are recorded at fair value, using the fair value model, in accordance with the IAS 40 Standard. The fair value is supported by market data and is based on the valuation performed by an independent real estate expert with a relevant and recognised professional qualification who has recent experience in the location and nature of similar investment properties. The portfolio was valued by Stadim, Cushman & Wakefield and CBRE as at 31 December 2022 for a fair value of \u20ac934.3 million (including the rights in rem which are also classified as investment properties in accordance with IFRS 16). The capitalisation rate applied to the contractual rents is on average 5.03% for 2022 compared to 5.02% for 2021.The positive variation in the valuation of the investment properties is, among others due to inflation that the Company can pass on to its tenants and the the latent capital gain on the project developments.The acquisitions and investments of the financial year are discussed in chapter \u2018III. Report of the Board of Directors\u2019 under '2.1 Important events during the 2022 financial year' on page 50. For further explanation of the project developments, we also refer to the chapter \u2018VI. Real estate report\u2019 at point '3.2 Table summarising the projects under development' on page 164.The investment property rights in rem concern leasehold agreements of the Company that are capitalised under the investment properties in accordance with IFRS 16. A leasehold obligation is also linked to this on the liabilities side of the balance sheet.The fair value is determined using unobservable inputs, as a result of which the assets within the investment properties are considered to be \u2018level 3\u2019 on the fair value scale defined by IFRS 13. During the 2022 financial year there were no shifts between levels 1, 2 and 3. The evaluation methods are mentioned in chapter \u2018VIII. Permanent document\u2019 under the point 'Valuation method' on page 257 of this annual financial report. The main quantitative information on the valuation of the fair value of the investment properties based on unobservable data (level 3) and of those presented below are data from the report of the independent real estate experts. Financial year as closed on 31 December 2022Type of asset Fair value on 31 Dec Evaluation Unobservable Min Max Weighted 2022 (x \u20ac1,000)methoddataaverageHousing for seniors - 880,418DCF (1)GHW/m\u00b2 52.2 426.7 123.8Investment propertiesm\u00b2 942 37,287 6,221Inflation 1.75% 3.03% 2.29%Discounting level 3.98% 5.76% 5.04%Remaining 7.4 29.5 22.5duration (years)Housing for seniors - 52,485DCF (1)GHW/m\u00b2 75.8 213.7 128.6Project developmentsm\u00b2 1,530 7,521 4,400Inflation 1.95% 2.25% 2.09%Discounting level 4.61% 5.44% 5.00%(1) Discounting of estimated cash flowsFinancial year as closed on 31 December 2021Type of asset Fair value on 31 Dec Evaluation Unobservable Min Max Weighted 2021 (x \u20ac1,000)methoddataaverageHousing for seniors - 653,967DCF (1)GHW/m\u00b2 53.6 370.9 123.8Investment propertiesm\u00b2 942 37,287 6,772Inflation 1.50% 1.50% 1.50%Discounting level 4.30% 5.55% 4.97%Remaining 8.4 28.1 23.5duration (years)Housing for seniors - 62,598DCF (1)GHW/m\u00b2 73.4 261.0 135.2Project developmentsm\u00b2 1,280 11,790 4,008Inflation 1.50% 1.98% 1.55%Discounting level 4.61% 5.43% 5.25%(1) Discounting of estimated cash flowsAn occupancy rate of 100% is taken into account for the valuation of the buildings. The differences between the minimum and maximum values are explained by the fact that the different parameters applied in the discounted cash flow method depend on the location of the assets, the quality of the building and the operator, the duration of the lease agreement, etc. Moreover, these unobservable data may be linked because they are partly determined by market conditions.In accordance with the legal provisions, the buildings are valued at fair value on a quarterly basis by independent real estate experts appointed by the Company. These reports are based on information provided by the Company, such as contractual rents, tenancy contracts, investment budgets, etc. These data are derived from the Company\u2019s information system and are therefore subject to its internal control environment. Furthermore, the reports were based on assumptions and evaluation models developed by the independent experts based on their professional judgment and market knowledge. The reports of the independent experts are checked by the Company\u2019s Executive Committee. If the Committee takes the view that the reports of the independent expert are coherent, they are submitted to the Board of Directors.The sensitivity of the fair value to a variation in the principal unobservable data disclosed is generally presented (if all parameters remain the same) as the effect on decrease or increase, as shown below.Unobservable data Fair value impact on decrease Fair value impact on increase2ERV (Estimated Rental Value) mNegative PositiveInflation Negative PositiveDiscount rate Positive NegativeRemaining duration (year) Negative PositiveA 1% fluctuation in the value of the real estate portfolio (positive or negative) would have an impact of approximately 0.42% on the debt ratio. A 1% increase in the financial return would have a negative impact of 17.1% on the value of the investment properties.T\u20095.15\u2002Other tangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Tangible fixed assets for own use Book value at the beginning of the financial year 4,517,345 2,246,034Gross amount 5,272,868 2,875,892Accumulated depreciation -755,523 -629,858Investments 449,045 2,470,292Divestments -70,026 -73,316Depreciation -288,225 -175,368Reversal of depreciations for divestments 38,936 49,703Book value at the end of the financial year 4,647,075 4,517,345Gross amount 5,651,888 5,272,868Accumulated depreciation -1,004,813 -755,523LeasingBook value at the beginning of the financial year 198,616 0Gross amount 226,345Accumulated depreciation -27,730Investments 205,368 226,345Depreciation -92,811 -27,730Book value at the end of the financial year 311,173 198,616Gross amount 431,714 226,345Accumulated depreciation -120,540 -27,730Project developmentsBook value at the beginning of the financial year 23,716 24,989Completions 0 -1,273Book value at the end of the financial year 23,716 23,716T\u20095.16\u2002Financial fixed assets and other non-current financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Loans and receivables 3,046 2,631 Deposits 2,436 2,326Other financial fixed assets 610 305Assets at fair value through result 26,778,389 2,683,216 Hedging instruments 26,778,389 2,683,216TOTAL FINANCIAL FIXED ASSETS 26,781,435 2,685,847Liablities at fair value liabilities through result 4,998,048 19,494,005 Hedging instruments 4,998,048 19,494,005TOTAL OTHER NON-CURRENT FINANCIAL LIABILITIES 4,998,048 19,494,005The assets and liabilities at fair value through the result consist of hedging instruments that are not accounted for in accordance with hedging accounting in application of IFRS 9. The purpose of these instruments is to hedge the Company against interest rate risks. In order to hedge the risk of rising interest rates, the Company has opted for hedging instruments in which the debt at a variable interest rate is converted into a debt at a fixed interest rate (\u2018cash flow hedge\u2019).In accordance with IFRS 9, the fair value of financial instruments is included under the item financial assets (in case of a positive valuation) or under the item long-term financial liabilities (in case of a negative valuation). Changes in these fair values are accounted for via the changes in fair value of financial assets and liabilities in the global result statement (see note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209). The financial instruments are considered to be \u2018level 2\u2019 on the fair value scale as defined by IFRS 13. All hedges are entered into within the framework of financial risk management as described under \u2018Note 4: Financial risk management\u2019 on page 199. The fair value of the instruments is calculated by the banks on the basis of the present value of the estimated future cash flows. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the bank\u2019s own credit risk (\u2018debit valuation adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018credit valuation adjustment\u2019 or \u2018CVA\u2019). The following is an overview of the hedging instruments held by the Company as at 31 December 2022.IRS payer Notional Expiration Interest rate Interest receivable Remaining Valuation on amountdatepayableterm - 31/12/2022number of yearsBelfius 1,187,486 1/02/2033 5.100% EURIBOR 1M + 25 bp 10.10 -229,182.76 Belfius 1,213,165 3/08/2026 5.190% EURIBOR 1M + 110 bp 3.59 -65,231.72 Belfius 1,511,366 2/10/2034 4.850% EURIBOR 1M + 25 bp 11.76 -228,237.28 Belfius 1,618,799 2/05/2033 4.620% EURIBOR 1M + 25 bp 10.34 -225,594.55 Belfius 1,667,307 2/05/2035 4.315% EURIBOR 1M + 12 bp 12.34 -223,636.78 Belfius 1,736,652 2/01/2036 5.050% EURIBOR 1M + 12 bp 13.01 -405,061.08 Belfius 1,885,159 3/10/2033 4.300% EURIBOR 1M + 25 bp 10.76 -177,323.03 Belfius 2,067,360 2/11/2032 4.040% EURIBOR 1M + 25 bp 9.85 -134,982.73 Belfius 2,147,305 3/04/2034 4.065% EURIBOR 1M + 25 bp 11.26 -204,682.73 Belfius 2,283,967 1/10/2036 5.010% EURIBOR 1M + 12 bp 13.76 -454,517.61 Belfius 2,406,537 1/08/2036 4.930% EURIBOR 1M + 12 bp 13.59 -74,831.67 Belfius 2,993,024 1/03/2035 4.650% EURIBOR 1M + 25 bp 12.17 -486,329.01 Belfius 3,003,108 1/12/2034 4.940% EURIBOR 1M + 25 bp 11.93 -459,688.73 Belfius 3,061,479 1/02/2027 5.260% EURIBOR 1M + 110 bp 4.09 -269,615.12 Belfius 3,222,433 31/12/2036 4.710% EURIBOR 1M + 15.4 bp 14.01 -500,955.14 Belfius 3,786,791 31/12/2036 4.350% EURIBOR 1M + 12 bp 14.01 -458,177.88 Belfius 5,000,000 23/10/2034 0.255% EURIBOR 3M 11.82 1,389,043.56 Belfius 5,000,000 23/10/2034 0.310% EURIBOR 6M 11.82 1,360,562.24 Belfius 5,000,000 4/12/2034 0.310% EURIBOR 3M 11.93 1,369,112.13 BNP Paribas Fortis 3,685,000 31/03/2026 2.460% EURIBOR 1M 3.25 68,254.55 (1)1,473,250 31/03/2026 2.060% EURIBOR 1M 3.25 23,903.88 BNP Paribas Fortis BNP Paribas Fortis 2,156,104 30/06/2029 2.530% EURIBOR 1M 6.50 59,573.83 KBC 12,000,000 17/07/2029 0.653% EURIBOR 3M 6.55 1,748,686.06 KBC 8,000,000 29/03/2029 0.488% EURIBOR 3M 6.25 1,157,570.70 KBC 8,000,000 11/12/2029 0.050% EURIBOR 3M 6.95 1,488,935.68 KBC 10,000,000 19/02/2030 -0.083% EURIBOR 3M 7.14 2,001,444.72 KBC 5,000,000 4/03/2030 -0.204% EURIBOR 3M 7.18 1,041,325.41 KBC 40,000,000 18/06/2035 0.090% EURIBOR 3M 12.47 12,043,727.17 ING 5,000,000 30/09/2029 -0.160% EURIBOR 3M 6.75 973,016.00 ING 10,000,000 28/02/2030 -0.141% EURIBOR 3M 7.17 2,053,233.42 TOTAL 156,106,292 21,780,342 (1) Write-down reference amount over the life of the swap. The fair value of the hedging instruments is subject to the evolution of interest rates on the financial markets. A change in the yield curve of 0.25% (more positive or negative) would have an impact on the fair value of the loan portfolio of approximately \u20ac2.8 million.T\u20095.17\u2002Finance lease receivables and trade receivables and other non-current assetsAmounts in EUR 31/12/2022 31/12/2021Finance lease receivables 177,018,085 186,775,769Trade receivables and other non-curent assets 11,738,065 14,809,696TOTAL 188,756,149 201,585,466The balance of finance lease receivables and trade receivables consists of the investment cost of the building, included under the item \u2018Finance lease receivables\u2019, the profit or loss margin generated during the construction phase and its write-off in relation to the ground rent payments already received, included under the item \u2018Trade receivables and other non-current assets\u2019. The decrease in this item is explained by the write-off of the finance lease receivable relating to the 'Residentie De Anjers project following its sale during the 2022 financial year.These buildings, which are owned by the Company, generate rental income, as discussed under \u2018T5.3 Rental (1)income\u2019 on page 206.Finance lease receivablesAmounts in EUR 31/12/2022 31/12/2021Initial portfolio 156,518,610 156,518,610New portfolio 20,499,475 30,257,159TOTAL 177,018,085 186,775,769In the total amount \u2018Finance lease receivables\u2019 at 31 December 2022, the amount of contractual prepayments of \u20ac36,090,772 relating to the initial portfolio has already been deducted. The amounts mentioned correspond to the repayable nominal final building rights (i.e., the total investment cost less the contractual prepayments received). (2), (3)for the projects in the new portfolioContrary to the projects in the initial portfolio the ground rent, in addition to a return, also consists of a repayment of the investment value, as a result of which the amount of the receivable will gradually decrease over the duration of the leasehold agreement. For the initial portfolio, the final building right fees must be repaid after the 30-year building period. The average remaining term of the building rights of the projects was 11.93 years as at 31 December 2022.Amounts in EUR 31/12/2022 31/12/2021Gross investment (end of building rights, ground rent and rent) 293,981,811 322,063,285Expiring < 1 year 10,374,953 10,994,953Expiring between 1 year and 5 years 40,581,607 43,882,639Expiring > 5 years 243,025,251 267,185,693The gross investment in the lease is the aggregate of the minimum lease payments to be received, in this case the nominal value of the final building rights fee, the ground rent and the rent (excluding indexations).(1) For a comprehensive legal analysis, see chapter \u2018III. Report of the Board of Directors\u2019 under '1. Strategy: Care building in complete confidence' on page 428.(2) The initial portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228) that the Company entered into until 2014.(3) The new portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902) that the Company entered into after 2014).Amounts in EUR 31/12/2022 31/12/2021Fair value of finance lease receivables 197,017,859 267,844,539The fair value of the finance leases is calculated by discounting the future cash-flows of the delivered projects, including the investment costs included in the item \u2018Finance lease receivables\u2019, at an IRS interest rate as applicable on the closing date, in proportion with the remaining term of the building right term, increased by a risk margin that the bank would charge on the relevant closing date. This calculation is based on a conservative approach as no account is taken of historic and future cash indexations.The tables below provide an overview of the IRS interest rates and risk margins that were applied on 31 December 2022.(1)Initial portfolio (1996-2014)BULLET IRS ASK Number Public social Number Other surety NumberDuration welfare (in bp)ICAPcentres-surety (in bp)Duration 5 years 3.152% 10 82 9 77 1Duration 10 years 3.110% 26 92 24 89 2Duration 15 years 3.051% 16 98 15 97 1Duration 20 years 2.848% 23 106 22 105 1Duration 25 years 2.637% 1 115 1 113 0Duration 30 years 2.460% 0 124 0 122 0TOTAL 76 71 5(2) New portfolio(after 2014)AMORTISING IRS ASK Number Public social Number Other surety NumberDuration welfare (in bp)ICAPcentres-surety (in bp)Duration 5 years 3.215% 0 75 0 71 0Duration 10 years 3.139% 0 86 0 81 0Duration 15 years 3.111% 0 92 0 89 0Duration 20 years 3.035% 0 97 0 95 0Duration 25 years 2.916% 1 103 1 101 0Duration 30 years 2.788% 3 109 2 107 1TOTAL 4 3 1Financial year as closed on 31/12/2022 31/12/2021Weighted average IRS interest rate 3.01% 0.44%Weighted average risk margin 0.97% 0.98%(1) The initial portfolio concerns the \ue793nance leases (with as at 31/12/2022 a balance sheet value of \u20ac156,518,610 and a generated rental \ue794ow of \u20ac15,406,228) that the Company entered into until 2014.(2) The new portfolio relates to the finance leases (with a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902 as at 31/12/2022) and the investment properties (with a balance sheet value of \u20ac934,268,830 and a generated rental flow of \u20ac37,887,735 as at 31/12/2022) that the Company acquired after 2014.Trade receivables and other non-current assetsAmounts in EUR 31/12/2022 31/12/2021Initial portfolio 8,139,749 8,730,577New portfolio 3,598,316 6,079,120TOTAL 11,738,065 14,809,696T\u20095.18\u2002Trade receivablesAmounts in EUR 31/12/2022 31/12/2021Customers 6,015,079 4,247,634Revenue to be collected 9,057 269,309Provision for doubtful debtors -2,500 -2,500TOTAL 6,021,636 4,514,443The provision for doubtful debtors relates to a provision made in accordance with IFRS 9 in the context of future credit losses. This provision is based on a thorough analysis carried out on Care Property Invest's client portfolio, (1)splitting it into three categories: the initial portfolio made up of contracts with local authorities and the new (2) portfolio which can be split between SMEs and large companies. The entire portfolio of Care Property Invest falls under stage 1 whereby a provision has to be made for the expected loss in the next 12 months. Given the quality of the tenants on the one hand, and the low credit risk associated with finance lease receivables (due to the guarantees provided by the local authorities) on the other hand, the model of expected credit losses under IFRS 9 has no material impact on the Company. The very limited provision that has been made stems from the limited risk that can be attributed to the 3 categories of the portfolio.The Board of Directors therefore assumes that the book value of the trade receivables approximates the fair value.(1) The initial portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228) that the Company entered into until 2014.(2) The new portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902) that the Company entered into after 2014). T\u20095.19\u2002Tax receivables and other current assetsAmounts in EUR 31/12/2022 31/12/2021Taxes 7,748,319 717,159VAT current account 7,430,210 702,843Taxes recoverable 318,110 14,316Remuneration and social insurance charges 0 2,274Advance payments 0 2,274Other miscellaneous receivables 898,563 9,448,417Other miscellaneous receivables 898,563 9,448,417TOTAL 8,646,882 10,167,850Tax receivables and other current assets as at 31 December 2022 amounted to \u20ac8,646,882, of which \u20ac6.9 million related to recoverable VAT in Spain, as a result of the silent mergers of the Spanish subsidiaries with Care Property Invest Spain Socimi S.L.U. As at 31 December 2021, approximately \u20ac8.5 million related to an amount registered in a third-party account with the notary as part of the purchase of a real estate project, which was completed after year-end.T\u20095.20\u2002Cash and cash equivalentsAmounts in EUR 31/12/2022 31/12/2021Current accounts with financial institutions 2,369,211 2,543,106Cash 1,972 1,768TOTAL 2,371,183 2,544,873Cash and cash equivalents comprise cash assets and the balances of current accounts and are recognised in the balance sheet at nominal value.T\u20095.21\u2002Prepayments and accrued incomeAmounts in EUR 31/12/2022 31/12/2021Prepaid real estate costs 502,833 733,497Prepaid interest and other financial costs 192,076 26,215Other deferred charges and accrued income 575,541 163,872TOTAL 1,270,450 923,585T\u20095.22\u2002CapitalEvolution of capital Capital movement Accumulated number of sharesDate and operation30/10/1995 - Incorporation 1,249,383 21007/02/1996 - Capital increase in cash 59,494,446 10,21016/05/2001 - Capital increase conversion to euro 566 10,21024/03/2014 - Share split through division by 1,000 0 10,210,00020/06/2014 - Optional dividend financial year 2013 889,004 10,359,42522/06/2015 - Capital increase in cash 16,809,093 13,184,72015/03/2017 - Capital increase in kind (Watermael-Bosvoorde) 10,971,830 15,028,88027/10/2017 - Capital increase in cash 25,546,945 19,322,84503/04/2019 - Capital increase in kind (Immo du Lac) 4,545,602 20,086,87626/06/2019 - Optional dividend financial year 2018 1,831,673 20,394,74615/01/2020 - Capital increase in kind (Bergen & Bernissart) 7,439,112 21,645,12219/06/2020 - Optional dividend financial year 2019 1,624,755 21,918,21325/06/2020 - Capital increase in cash 13,040,239 24,110,03420/01/2021 - Capital increase in kind (Attert) 10,091,030 25,806,14817/11/2021 - Capital increase in kind (Lier) 6,692,997 26,931,11620/06/2022 - Optional dividend financial year 2021 1,022,088 27,102,91007/07/2022 - Capital increase in kind (Haacht) 3,800,035 27,741,625TOTAL 165,048,798 27,741,625Care Property Invest carried out two capital increases during the 2022 financial year. On 20 June 2022, a capital increase took place following an optional dividend for the 2021 financial year of \u20ac4,030,287 (including share premium) for which 171,794 new Care Property Invest shares were issued. The issue price was \u20ac23.46 per share. On 7 July 2022, Care Property Invest acquired the project 'Klapgat' in Haacht through a contribution in kind of 100% of the shares in Igor Haacht nv, the owner of the real estate, into the capital of Care Property Invest. As a result of this contribution which led to a capital increase (including issue premium) of \u20ac13,914,724, a total of 638,715 new Care Property Invest shares were issued. The issue price was \u20ac21.79 per share. As of this date, the authorised capital amounted to \u20ac165,048,798.On 24 January 2023, a cash capital increase with gross proceeds of \u20ac110,966,496 by the issuance of 9,247,208 new shares at an issue price of \u20ac12.00 was successfully completed. As of this date, the Company's share capital amounts to \u20ac220,065,062 and is represented by a total of 36,988,833 fully paid-up voting shares.All shares are ordinary shares, fully paid up and held in registered or dematerialised form. They have no par value. Each share entitles the holder to one vote at the general meeting of shareholders in accordance with Article 38 of the Articles of Association.31/12/2022 31/12/2021Registered shares1,698,713 1,661,354Dematerialised shares 26,042,91225,269,762TOTAL NUMBER OF SHARES27,741,62526,931,116Notes to the repurchase of own sharesNumber AmountStarting balance 9,192 296,787 Purchases 0 0 Sales -9,192 -296,787Final balance 0 0The 9,192 shares held in portfolio as at 31 December 2021 were transferred to the executive management during the 2022 financial year as part of the execution of the remuneration policy.Neither the Company nor its subsidiaries hold any of the Company's own shares in portfolio as at 31 December 2022.The following relevant articles of the articles of association were included in full in the coordinated Articles of Association presented in Chapter \u2018VIII. Permanent document, item \u2018\u20186. Coordinated Articles of Association\u2019 on page 270 and available on www.carepropertyinvest.be.ARTICLE 6 of the coordinated articles of association as at 24/01/2023 - CAPITALARTICLE 7 of the coordinated articles of association as at 24/01/2023 - AUTHORISED CAPITAL ARTICLE 8 of the coordinated articles of association as at 24/01/2023 - CHANGE IN THE CAPITALARTICLE 9 of the coordinated articles of association as at 24/01/2023 - NATURE OF THE SHARESOn 31 December 2022, no shareholder owns more than 5% of the capital. On 22 June 2022, KBC asset management notified the Company that it no longer exceeds the 3% threshold and has done so since 20 June 2022.On 24 January 2023, Pensio B notified the Company that it no longer exceeds the 3% threshold as of this date due to a passive undershoot. On 15 March 2023, Ameriprise Financial Inc notified the Company that it exceeds the 3% threshold as of 10 March 2023 due to the temporary holding of voting rights Care Property Invest by a company within the group. Apart from this new notifications by KBC Asset Management, Pensio B and Ameriprise Financial Inc, the Company received no new notifications for exceeding or falling below the 3% threshold during the 2022 en 2023 financial years (up to the date of this report).T\u20095.23\u2002Share premiumAmounts in EUR 31/12/2022 31/12/2021Share premium - optional dividend 14,402,780 11,394,581Share premium - contribution in kind 122,524,086 112,409,398Share premium - capital increase 114,469,676 114,469,676Share premium - costs -5,268,068 -5,209,024TOTAL 246,128,473 233,064,630T\u20095.24\u2002ReservesAmounts in EUR 31/12/2022 31/12/2021B. Reserve for the balance of variations in the fair value of real estate (+/-) 59,143,232 29,600,441C. Reserve for the impact on the fair value of estimated transfer taxes and -18,168,148 -10,768,416costs resulting from hypothetical disposal of investment properties (-)E. Reserve for net changes in the fair value of authorised hedging -16,810,790 -27,975,990instruments that are not subject to a hedge accounting as defined in IFRS (+/-)H. Reserve for treasury shares (-) 0 -296,787M. Other reserves (+/-) 11,704,204 11,582,260N. Retained earnings from previous financial years (+/-) 27,684,747 24,171,050TOTAL 63,553,245 26,312,559T\u20095.25\u2002Result for the financial yearAmounts in EUR 31/12/2022 31/12/2021Result of the financial year 88,664,299 59,654,821TOTAL 88,664,299 59,654,821Appropriation of the resultIt will be proposed to the Company\u2019s Annual General Meeting on 31 May 2023 to distribute a total gross dividend for the 2022 financial year of \u20ac27,741,625 or \u20ac1.00 per share. After deduction of the 15% withholding tax, this represents a net dividend of \u20ac0.85 per share. This represents an increase of 14.94% over the dividend paid for the previous year. The payout ratio is 80.87% at consolidated level, based on the adjusted EPRA earnings.T\u20095.26\u2002Financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Non-current financial debts 206,541,529 274,600,056 Credit institutions 147,950,101 221,211,889 Other 58,591,428 53,388,167Current financial liabilities 376,761,772 151,220,542 Credit institutions 339,261,772 54,720,542 Other 37,500,000 96,500,000TOTAL 583,303,301 425,820,598As at 31 December 2022, Care Property Invest has \u20ac487.2 million in loans taken out divided between non-current and current financial liabilities and which belong to the category \u2018financial liabilities measured at amortised cost\u2019 in accordance with the IFRS 9 standard. The loans were granted by 8 banks, being Belfius Bank, ING Bank, KBC Bank, BNP Paribas Fortis, Argenta, VDK Bank, CBC Banque and ABN-AMRO. These financial liabilities were fixed with a fixed interest rate or converted to a fixed interest rate by means of a swap transaction or with a revisable interest rate (every three or five years).Current financial liabilities with Credit Institutions amounting to \u20ac339.3 million relate for \u20ac266.0 million to rollover credits, which can be rolled over the Company\u2019s unilateral request. The expiry dates of the relevant available lines are between 2024 and 2029.Financial Institution Fixed 1 to 1 Fixed excl hedging Variable TotalhedgingBelfius Bank 35,791,938 45,634,491 86,500,000 167,926,428ING Bank 0 3,237,574 0 3,237,574KBC Bank 0 10,110,000 105,000,000 115,110,000BNP Paribas Fortis Bank 2,156,104 20,796,104 30,000,000 52,952,208CBC Banque 0 1,485,663 0 1,485,663Argenta 0 50,000,000 0 50,000,000VDK Bank 0 12,000,000 0 12,000,000ABN-AMRO 0 40,000,000 44,500,000 84,500,000TOTAL 37,948,042 183,263,831 266,000,000 487,211,873In addition to these credits, the Company also has an MTN programme (classified under \u2018Other\u2019) of \u20ac300 million as at 31 December 2022 with Belfius Bank and KBC Bank as dealers. This programme allows the Company to raise money in both the long (through the issuance of bonds) and short (through commercial paper) term. As required by the covenants, 100% of the outstanding commercial paper is covered by back-up lines and unused credit lines. As at 31 December 2022, the amount already drawn consists of \u20ac30.5 million in commercial paper and \u20ac33.0 million in bonds. For an overview of the bonds under this MTN programme we refer to chapter \u2018IV. Care Property Invest on the Stock Market\u2019 point \u2018\u20183. Bonds and short-term debt securities\u2019 on page 127.Since 2021, Care Property Invest has held \u20ac32.5 million of Sustainability Bonds (also classified under 'Other'). The bonds have a maturity of 10 years, with coupons of 2.05% and were placed with an institutional investor, part of an international insurance group. The net proceeds of these bonds were exclusively used to (re)finance eligible sustainable assets as included in the Care Property Invest Sustainable Finance Framework. For reasons of expediency, these bonds were repaid in full on 10 March 2023 and, as compensation, an additional \u20ac30.5 million was drawn on the sustainable rollover credit with ABN-AMRO, making full use of the line from then on. Both the Sustainable Finance Framework and the allocation of the net proceeds of the Sustainability Bonds and sustainable rollover credit to eligible sustainable assets can be consulted on the website of the Company www.carepropertyinvest.be. This allocation will also be included in the Company's 2022 Sustainability Report, which will also be published on the above website in the course of June 2023.Financing with maturity date Number Nominal funding Average remaining term amount(year)0-1 years 19 107,568,064 0.391-5 years 29 261,526,256 3.235-10 years 33 164,477,027 7.2810-15 years 20 49,640,526 11.84TOTAL 101 583,211,873 5.72The weighted average interest rate (incl. IRS) for the entire portfolio of financial debts amounts to 2.14% as at 31 December 2022. This is an increase compared to the weighted average interest rate of 1.92% as at 31 December 2021. This is due to a higher marginal interest rate that the Company has to pay on new debts it enters into given the current state of the financial markets.Table of changes in liabilities in accordance with IAS 7:31/12/2021 Cash Non-cash elements 31/12/2022elementsAcquisitions Exchange Changes in Other rate fair valuechangesmovementsLong-term 274,122,663 0 0 0 0 -68,205,597 205,917,066financial liabilitiesCurrent financial 151,220,542 157,279,442 0 0 0 68,261,788 376,761,772liabilitiesAuthorised 16,810,790 0 0 0 -39,805,232 1,214,100 -21,780,342hedging instrumentsTOTAL 442,153,994 157,279,442 0 0 -39,805,232 1,270,291 560,898,496T\u20095.27\u2002Other non-current financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Book value at the beginning of the financial year 1,993,405 1,782,301Additions 346 245,248Interest charges 91,602 80,228Payments -114,669 -114,371Book value at the end of the financial year 1,970,685 1,993,405For a number of investments, Care Property Invest does not maintain bare ownership of the land, but only usufruct through a long-term leasehold agreement. In practice, a liability has been created for this in accordance with IFRS 16. This obligation is included in the other non-current liabilities. The liability concerns the present value of all future lease payments. The discount rate used to determine this liability was based on a combination of the interest curve plus a spread based on the credit risk of Care Property Invest, both in line with the remaining term of the underlying right of use. Lease commitments entered into with respect to company vehicles and bicycles are also reported under this heading.T\u20095.28\u2002Deferred taxesAmounts in EUR 31/12/2022 31/12/2021Deferred taxes 1,325,790 0DEFERRED TAX - ASSETS 1,325,790 0Exit tax 0 169,148Deferred taxes 1,437,534 0DEFERRED TAX - LIABILITIES 1,437,534 169,148Deferred tax assets relate to the difference between the higher tax value and the book value of the investment properties in our Irish subsidiaries.For the Spanish subsidiaries, a ruling request was submitted regarding the equivalence of a Belgian RREC/GVV to the Spanish SOCIMI (equivalent to the Belgian RREC/GVV status), which was answered with a favourable ruling by the Spanish tax authorities. After fulfilling some amendments to the Articles of Association and the silent merger between Care Property Invest Spain Socimi S.L.U. and all its subsidiaries on 9 August 2022, the application to obtain the SOCIMI status was filed, making it retroactively applicable for the full 2022 financial year. However, if real estate is sold, the portfolio result realised before 2022 can still be taxed according to the generally applicable tax system, as a result of which a deferred tax liability of \u20ac1,261,051 was provided for as a precaution. This will therefore only change in the future as a result of the sale of real estate and the realisation of a capital gain. T\u20095.29\u2002Trade payables and other current liabilitiesAmounts in EUR 31/12/2022 31/12/2021Exit tax 0 502,174Suppliers 11,193,888 9,305,279Taxes, remuneration and social insurance charges 2,500,823 2,437,812TOTAL 13,694,711 12,245,266The item Suppliers mainly includes invoices relating to ongoing development projects.The amount of exit tax as at 31 December 2021 relates to the tax still owed after the merger of the subsidiaries De Wand-Janson nv, Zilvermolen nv and Ruiterschool Van Dooren nv with Care Property Invest on 23 June 2021.T\u20095.30\u2002Other current liabilitiesAmounts in EUR 31/12/2022 31/12/2021Miscellaneous debts 1,398,649 3,550,796TOTAL 1,398,649 3,550,796The miscellaneous debts relate to short-term liabilities related to development projects.T\u20095.31\u2002Accruals and deferred income on the liabilities sideAmounts in EUR 31/12/2022 31/12/2021Prepayments of property revenue 1,716,069 1,490,965Accrued costs 2,602,164 1,293,343TOTAL 4,318,233 2,784,308T\u20095.32\u2002Notes on fair valueIn accordance with IFRS 13, the items in the balance sheet for which the fair value can be calculated are presented below, divided into levels as defined by IFRS 13. This scale consists of three levels: Level 1: quoted prices in the asset markets; Level 2: observable data other than quoted prices included in Level 1; Level 3: unobservable data.31/12/2022 31/12/2021Balance sheet items Level Book value Fair value Book value Fair valueInvestment properties 3 934,268,830 934,268,830 718,031,800 718,031,800Finance lease receivables and trade 2 188,756,149 197,017,859 201,585,466 267,844,539receivables and other non-current (1)assets Financial fixed assets 2 26,781,435 26,781,435 2,685,847 2,685,847Trade receivables 2 6,021,636 6,021,636 4,514,443 4,514,443Cash and cash equivalents 1 2,371,183 2,371,183 2,544,873 2,544,873Non-current and current 2 583,303,301 580,279,394 425,820,598 458,240,052financial liabilitiesOther non-current financial liabilities 2 4,998,048 4,998,048 19,494,005 19,494,005Other non-current liabilities 2 1,970,685 1,970,685 1,993,405 1,993,405Trade payables and other current 2 13,694,711 13,694,711 12,245,266 12,245,266liabilitiesOther current liabilities 2 1,398,649 1,398,649 3,550,796 3,550,796(1) The fair value of \u2018financial trade receivables\u2019 and the \u2018financial liabilities\u2019 was calculated by discounting all future cash flows at an IRS rate prevailing as at 31 December of the relevant year, depending on the maturity of the underlying contract, plus a margin. For more information, see item \u2018T5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 218 further on in this section.T\u20095.33\u2002Conditional liabilitiesResidential priority right: maximum daily charge for shareholders with priority residential rightsIn accordance with the issuing prospectus, priority residential rights could be exercised from 1 January 2005 to 31 December 2020 by each shareholder who had held 10,000 shares (ten shares before the share split) for five years and had reached the age of 75. A shareholder who exercises his/her priority residential rights to an existing project waiting list also pays a maximum daily charge for his/her residence. This daily price is adjusted annually according to the consumer price index and amounted to \u20ac26.43 for 2022 and increased to \u20ac28.52 as of 1 January 2023. Since 31 December 2020, this residential priority right can no longer be exercised, but it continues to be in effect for shareholders who were already using it on that date.Pursuant to the decision of the Board of Directors, from the contracting of the lease agreements entered into after 1 August 2001, it is agreed with the PCSWs and non-profit organisations that Care Property Invest will bear any possible difference between the maximum daily price for holders of the residential priority right and other residents. During 2022, 2 shareholders exercised this residential priority right for which the Company granted an intervention of \u20ac4,529. As of 31 December 2022, only 1 shareholder still exercises this right.T\u20095.34\u2002Securities received from contractorsIf a project is awarded to a general contractor following a tendering procedure, the contractor pays a deposit equal to 5% of the original contract sum, in accordance with the administrative provisions of the contract. This deposit can be applied in the event of delays due to late execution or total or partial non-execution of the contract, or even on its dissolution or termination. Half of the bank guarantee is released on provisional delivery of the service flats building. On final acceptance of a building, the full guarantee is released. At the time of preparation of the financial statements, the Company had surety for a total amount of \u20ac513,380.T\u20095.35\u2002Related party transactionsTransactions with related parties (within the meaning of IAS 24 and the Belgian Code for Companies and Associations (BCCA)) concern the costs included in the \u2018Remuneration of Directors and the Executive Committee\u2019 paid to the members of the Board of Directors and the Executive Committee of the Company, for a total amount of \u20ac2,373,866. In addition, during 2022, a total of 9,192 Company shares were purchased by the members of the Executive Committee, with part of their bonus received, as part of a share purchase plan, for a total amount of \u20ac174,280. For additional explanations on the remuneration of the Directors and Executive Committee, we refer to the chapter \u2018III. Report of the Board of Directors\u2019 at point '11.11 Remuneration report 2022' on page 110.We also refer to 'T 5.33 Conditional liabilities' regarding the residential priority right to which certain shareholders can be entitled.The Company has no further transactions to report for the 2022 financial year. T\u20095.36\u2002Information on subsidiariesThe following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2022 they were direct or indirect 100% subsidiaries of Care Property Invest:Name Category Company number % shares or Chamber of Acquisition Dateowned by CPICommerceCare Property Invest nv (GVV) Parent company 0456.3780.70Belgian subsidiariesB.E.R.L. Internationaal nv (GVBF) Subsidiary 0462.037.427 19/12/2018 100%Igor Haacht nv Subsidiary 0685.487.914 07/07/2022 100%Dutch subsidiariesCare Property Invest NL B.V. Subsidiary Kvk 72865687 17/10/2018 100%Care Property Invest NL2 B.V. Subsidiary Kvk 73271470 05/12/2108 100%Care Property Invest NL3 B.V. Subsidiary Kvk 74201298 05/03/2019 100%Care Property Invest NL4 B.V. Subsidiary Kvk 74580000 15/04/2019 100%Care Property Invest NL5 B.V. Subsidiary Kvk 74918516 23/05/2019 100%Care Property Invest NL6 B.V. Subsidiary Kvk 75549808 08/08/2019 100%Care Property Invest NL7 B.V. Subsidiary Kvk 77849922 16/04/2020 100%Care Property Invest NL8 B.V. Subsidiary Kvk 80636357 19/10/2020 100%Care Property Invest NL9 B.V. Subsidiary KvK 68707479 29/12/2020 100%Care Property Invest NL10 B.V. Subsidiary KvK 86895818 04/07/2022 100%Spanish subsidiariesCare Property Invest Spain Socimi S.L.U. Subsidiary B-01618677 21/07/2020 100%Irish subsidiariesCare Property Invest Emerald LTD. Subsidiary CRO 712356 25/01/2022 100%Care Property Invest Diamond LTD. Subsidiary CRO 703434100%16/12/2022(ex Cincolite LTD.)The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 - Business Combinations does not apply. The participating interests are valued based on the equity method in the statutory accounts.For more information on the mergers that took place during the 2022 financial year, we refer to chapter \u2018III. Report of the Board of Directors\u2019, point '2.1.5.1 Mergers' on page 52.T\u20095.37\u2002Remuneration of the Statutory AuditorAmounts in EUR 31/12/2022 31/12/2021Mandate 100,067 80,312Other audit assignments 11,671 20,700Other non-audit assignments 76,703 18,030The other assignments outside the auditing assignments were always approved in advance by the Company\u2019s Audit Committee.T\u20095.38\u2002Events\ue9f0after\ue9f0the\ue9f0end\ue9f0of\ue9f0the\ue9f02022\ue9f0financial\ue9f0yearT\u20095.38.1\u2002\ue9f0Additional investmentsAs already announced in separate press releases, Care Property Invest is proud to announce that after the closing of the financial year, it realised the following investments:T\u20095.38.1.1\u2002\ue9f0 Additional investments in The NetherlandsName Operator Acquisition Location Year of Contract Conv. Type of dateconstruction Value (in transaction/ renovation \u20ac million)or expected completionCompleted projectsWarm Hart Zuidwolde Warm Hart 03/02/2022 Zuidwolde Q2 2023 20 years \u20ac10.4 Asset dealZorghuizen(triple net)New projects signed under suspensory conditionsSaamborgh Ruurlo Saamborgh 15/03/2023 Ruurlo 2023 20 years \u20ac11.9 Share dealVerhuur B.V. (triple net)T\u20095.38.1.2\u2002\ue9f0 Additional investment in IrelandName Operator Acquisition Location Year of Contract Conv. Type of dateconstruction Value (in transaction/ renovation \u20ac million)or expected completionNew projects signed under suspensory conditionsSkibbereen Residential Care Brookhaven 06/01/2023 Skibbereen 2004 25 years \u20ac7.5 Asset dealCentre Healthcare (triple net)T\u20095.38.2\u2002\ue9f0Capital increase in cashCare Property Invest launched a capital increase by contribution in cash within the authorised capital on 11 January 2023 with the removal of the statutory preferential right and the grant of irreducible allocation rights to all existing shareholders. The main objective of this capital increase was to allow the Company to acquire new financial resources and increase its equity so that it can continue its growth strategy with regard to its real estate portfolio, while maintaining a reduced debt ratio. Following the public offering of subscription for the new shares and the successful private placement of scrips, the Company announced on 20 January 2023 that existing shareholders and new investors have subscribed to 100% of the offered new shares for a gross amount of \u20ac110,966,496 of which \u20ac55,016,264 will be allocated to the item capital and \u20ac55,950,232 to the item share premiums. Following this transaction, the Company's capital will be represented by 36,988,833 fully paid-up shares.The authorised capital amounted to \u20ac9,857,471 after this transaction. The Company convened an Extraordinary General Meeting of shareholders (EGM I) on 5 April 2023 to request a renewal of the authorised capital. However, the required quorum was not reached as a result of which a new Extraordinary General Meeting of Shareholders (EGM II) was planned on 26 April 2023. For the documentation relating to this extraordinary general meeting of shareholders, please consult the Company's website (www.carepropertyinvest.be/en/investments/general-meeting/).T\u20095.39\u2002Alternative performance measuresAn Alternative Performance Measures (APM) is a financial indicator, historical or forward-looking, of the performance, financial situation or cash flows of a company other than financial indicator defined or described by the applicable accounting standards in its financial reporting Care Property Invest uses APMs in its financial communication within the meaning of the guidelines issued by the ESMA (European Securities and Markets Authority) on 5 October 2015. A number of these APMs have been recommended by the European Public Real Estate Association (EPRA) and are discussed in the chapter \u2018V. EPRA\u2019 on page 132 of this Annual Financial Report. The APMs below have been determined by the Company itself in order to provide the reader with a better understanding of its results and performance. Performance measures established by IFRS standards or by law are not considered as APMs, nor are they measures based on items in the global result statement or the balance sheet. T\u20095.39.1\u2002\ue9f0Operating marginDefinition: This is the operating result before the result on portfolio divided by the net rental result, whereby the operating result before the result on portfolio and the net rental result can be reconciled with global result statement. Use: This indicator measures the profitability of the Company\u2019s leasing activities.Amounts in EUR 31/12/2022 31/12/2021Operating result before portfolio income = A42,466,52035,303,597Net rental result = B54,378,86643,233,668Operating margin = A/B 78.09% 81.66%T\u20095.39.2\u2002\ue9f0Financial result before changes in fair value of financial assets and liabilitiesDefinition: This is the financial result excluding changes in fair value of financial assets and liabilities (authorised hedging instruments not subject to hedge accounting as defined under IFRS), being the sum of the items \u2018XX. Financial income\u2019, \u2018XXI. Net interest cost\u2019 and \u2018XXII. Other financial costs\u2019 of the global result statement. Use: This indicator does not take into account the impact of financial assets and liabilities in the global result statement, thus reflecting the result from strategic operating activities. Amounts in EUR 31/12/2022 31/12/2021Financial result = A27,674,5222,734,270Changes in fair value of financial assets /liabilities = B38,591,13111,165,200Financial result before changes in fair value of financial assets/= A-B -10,916,609 -8,430,930liabilitiesT\u20095.39.3\u2002\ue9f0Equity before the reserve for the balance of changes in fair value of authorised hedging instruments and excluding the variation in fair value of financial assets/liabilities Definition: This is equity excluding the accumulated reserve for the balance of changes in fair value of authorised hedging instruments (not subject to hedge accounting as defined under IFRS) and the changes in fair value of financial assets and liabilities, where the reserve for the balance of changes in fair value of authorised hedging instruments is included in item \u2018C\u2019. Reserves\u2019 of the consolidated balance sheet and changes in fair value of financial assets and liabilities can be reconciled with item \u2018XXIII. Changes in fair value of financial assets/liabilities in the global result statement.Use: This indicator reflects equity without taking into account the hypothetical market value of the derivative instruments. Amounts in EUR 31/12/2022 31/12/2021Equity = A 563,394,815 479,258,685Reserve for the balance of changes in fair value of authorised = B 16,810,790 27,975,990hedging instrumentsChanges in fair value of financial assets/liabilities = C -38,591,131 -11,165,200Equity before changes in fair value of financial products = A-B-C 585,175,157 462,447,896T\u20095.39.4\u2002\ue9f0Interest coverage ratioDefinition: This is the operating result before the result on portfolio divided by the interest charges paid, whereby the operating result before the result on portfolio and the interest charges paid can be reconciled with the global result statement. Use: This indicator measures how many times a company earns its interest charges and gives an indication of the extent to which the operating profit can fall back without the company getting into financial difficulties. In accordance with covenants entered into by the Company, this value must be at least 2.5.Amounts in EUR 31/12/2022 31/12/2021Operating result before portfolio income = A 42,466,520 35,303,597Total amount of interest charges paid = B 9,988,634 7,844,467Interest coverage ratio = A/B 4.25 4.50",
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"value": "Note 1: General information on the CompanyCare Property Invest (the \u2018Company\u2019) is a public limited liability company that acquired the status of a public regulated real estate company (RREC) under Belgian law on 25 November 2014. The head offices of the Company are located at the following address: Horstebaan 3, 2900 Schoten (Telephone: +32 3 222 94 94).Care Property Invest actively participates as a real estate player and has the objective of making high-quality projects available to care providers as provided for in the Residential Care Decree. These include residential care centres, service centres, groups of assisted-living apartments and all other housing facilities for people with disabilities. Care Property Invest can develop, realise and finance these facilities itself, or can refinance existing buildings, with or without a renovation or expansion.The Care Property Invest share is listed on Euronext Brussels (regulated market). The consolidated financial statements of the Company as at 31 December 2022 comprise the Company and its subsidiaries. For an overview of the subsidiaries, we refer to note \u2018T5.36 Information on subsidiaries\u2019 on page 231.The financial statements were approved for publication by the Board of Directors on 25 April 2023. The financial statements will be submitted to the Ordinary Annual General Meeting of Shareholders to be held on 31 May 2023.",
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"value": "Care Property Invest",
"dimensions": {
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"s7_notes__5__11": {
"value": "Horstebaan 3, 2900 Schoten",
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"value": "Schoten",
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"value": "real estate player and has the objective of making high-quality projects available to care providers",
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"value": "The financial statements were approved for publication by the Board of Directors on 25 April 2023. The financial statements will be submitted to the Ordinary Annual General Meeting of Shareholders to be held on 31 May 2023.",
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"value": "Note 2: Accounting policiesT\u20092.1\u2002Declaration of conformityThe financial statements of the company were drawn up in compliance with the International Financial Reporting Standards (IFRS), as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD. These standards cover all new and revised standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), in as far as applicable to the activities of the group.The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2022.The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.Standards and interpretations applicable for the financial year commencing on 1 January 2022The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2022, but have no impact on the current consolidated financial statements: \u2022 Amendments to IAS 16 Property, plant and equipment\u2013 Proceeds for intended use, effective 1 January 2022\u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January 2022\u2022 Amendments to IFRS 3 Business combinations \u2013 References to the conceptual framework, effective 1 January 2022\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022New or amended standards and interpretations that have not yet entered into forceThe new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current, effective 1 January 2024\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2024\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023T\u20092.2\u2002Consolidation principlesThe companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:\u2022 has power over the participating interest;\u2022 is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;\u2022 has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also the Notes \u2018T5.36 Information on subsidiaries\u2019 on page 231.T\u20092.3\u2002Intangible fixed assetsThe intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.T\u20092.4\u2002Investment propertiesGeneralReal estate (land and buildings) acquired for valuable consideration or through a contribution in kind for the issue of new shares or via a merger through the acquisition of a real estate company or via a partial split, which is held in order to generate rental income in the long term, and which does not serve for personal use, is shown as investment property.Valuation on initial recognitionOn initial recognition, investment properties are shown at acquisition cost, including transaction costs and directly attributable expenditure.For differences in value between the purchase price and the initial valuation at fair value at the time of recognition (acquisition), the value difference relating to transfer taxes and transfer costs is included through the global result statement. Valuation after initial recognitionAfter initial recognition, investment properties are shown at fair value, in accordance with IAS 40. The fair value is equal to the amount for which the building could be exchanged between well-informed parties, consenting and acting in circumstances of normal competition. From the seller\u2019s point of view, the valuation must be understood as subject to the deduction of registration fees. The independent real estate experts who carry out the periodic valuation of the assets of regulated real estate companies believe that, for transactions involving buildings in Belgium with an overall value of less than \u20ac2.5 million, account must be taken of registration fees of 12% (Flemish Region) to 12.5% (Brussels Capital Region and Walloon Region), depending on the regions where these assets are located. For transactions concerning properties with an overall value of more than \u20ac2.5 million, real estate experts have valued the weighted average of the fees at 2.5%. This is because a range of different property transfer methods is used in Belgium. This percentage will, if necessary, be revised annually and adjusted per bracket of 0.5%. The experts will confirm the agreed percentage to be deducted in their periodic reports to the shareholders. For real estate in The Netherlands this percentage is 8.5%, in Ireland it is 7.5%, while for Spain it is determined regionally.Profits or losses arising from the change in the fair value of investment properties are included in the global result statement in section \u2018XVIII. Changes in the fair value of investment properties\u2019 in the period in which they arise, and in the profit appropriation in the following year they are allocated to the reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and 'c) reserve for the impact on the fair value of estimated mutation rights and costs on hypothetical disposal of investment properties', where the latter item always corresponds to the difference between the investment value and the fair value of the property. Disposal of investment propertyOn the sale of an investment property, the profits or losses realised on the sale are shown in section \u2018XVI. Result sale of investment properties\u2019 in the global result statement for the period under review. Commission paid to brokers on the sale of buildings and liabilities contracted as a result of transactions are deducted from the sale price obtained in order to determine the realised profit or loss.The realised gain or loss on disposal consists of the difference between the net sale value and the latest book value (fair value on the latest valuation), as well as the counter-entry of the estimated transfer taxes that are taken directly to the equity on the balance sheet on the initial assessment of the fair value.As the real estate is sold, both reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and reserve \u2018c) Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties\u2019 relating to the sold property are transferred to the disposable reserves.Project developments\u2022 Sites held with a view to an increase in value in the long term instead of sale in the short term in relation to normal business operations.\u2022 Sites held for future use that has not yet been determined.\u2022 Unoccupied buildings held for leasing on the basis of one or more operational leases.\u2022 Real estate under construction or in development for future use as investment property must also be treated as investment property and is shown in the \u2018Project development\u2019 sub-section. After the initial recognition, projects are shown at their fair value. This fair value takes account of the substantial development risks. The following criteria must be met in this regard: \u2022 There is a clear picture of the project costs to be incurred.\u2022 All necessary permits for the project development have been obtained.\u2022 A substantial part of the project development has been pre-let (final signature of rental contract).This assessment of the fair value is based on the valuation by the independent real estate expert (in accordance with the customary methods and assumptions) and takes account of the costs still to be incurred for the full finishing of the project.All costs relating directly to the acquisition or development and all further investment expenditure are included in the cost price of the development project. In accordance with IAS 23, the financing costs directly attributable to the construction or acquisition of an investment property are capitalised for the period for making the investment property ready for letting.The capitalisation of financing costs as part of the cost price of an asset qualifying for this takes place only if: \u2022 Expenditure is made for the asset;\u2022 Financing costs are incurred and; \u2022 Activities are in progress to prepare the asset for its envisaged use. These include not only the physical construction but also technical and administrative work for the commencement of the actual construction in connection with the acquisition of permits.The capitalisation of financing costs is suspended during long periods in which the active development is interrupted. The capitalisation is not suspended during a period in which extensive technical and administrative work is performed.Rights in rem Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be classified by means of a right of use on the asset in accordance with IFRS 16. On the starting date, the asset corresponding to a right of use is valued at cost price. After the starting date, the asset is valued on the basis of the fair value model in accordance with IAS 40. T\u20092.5\u2002Other fixed assetsT\u20092.5.1\u2002\ue9f0Tangible fixed assets for own useGeneralAssets that are held for the Company\u2019s own use in the production or delivery of goods or services, for rental to third parties or for administrative purposes and which are expected to be used for longer than a single period, are shown as tangible fixed assets, in accordance with IAS 16.Valuation on initial recognitionProperty, plant and equipment must be shown at cost if it is probable that the future economic benefits from the asset will accrue to the Company and if the cost of the asset can be determined reliably.The cost price of an asset is the equivalent of the discounted price on the recognition date (the cost price) and all directly attributable costs for making the asset ready for use. Later costs for day-to-day maintenance of tangible fixed assets are not included in the book value of the asset. This expenditure is shown in the income statement at the time at which it is incurred. Future expenditure for maintenance and repairs is capitalised only if this can be clearly shown to result in an increase in the future economic benefits from the use of the asset.Valuation after initial recognitionAll tangible fixed assets are shown at cost less any accumulated depreciation and any accumulated impairment losses.Depreciation and amortisationThe different categories of tangible fixed assets are depreciated using the straight-line method of depreciation over the estimated service life of the asset. The residual value and the service life must be reviewed at least at the end of each reporting period. An asset is depreciated from the date on which it is ready for the envisaged use. Depreciation of an asset is discontinued on the date on which the asset is held for sale or is no longer used.Depreciation takes place even if the fair value of the asset exceeds its book value, until the residual value is reached. From the date on which the residual value is equal to or higher than the book value, the depreciation cost is zero, until such time as the residual value is again less than the book value of the asset.Tangible fixed assets for the Company\u2019s own use are depreciated in accordance with the following depreciation rates according to the straight-line method:Building 3,33%(for the Company\u2019s own use)Equipment of building 10%Furniture 10%Computers 33,33%Office machinery 25%Rolling stock 20%Office fittings and 10%furnishingsDisposal of property, plant and equipmentAt the time when an asset is disposed of or at the time when no future economic benefits are expected any longer from the use or disposal of an asset, the property, plant or equipment can no longer be shown in the balance sheet of the Company.The gain or loss arising through the disposal or retirement of an asset is the difference between any net proceeds on disposal and the book value of the asset. This capital gain or loss is shown in the global result statement.T\u20092.5.2\u2002\ue9f0 Other tangible fixed assets - development costs for projects in preparation/under construction, which are subsequently recorded as a finance lease\ue9f0(IFRS\ue9f016).The construction costs for projects in preparation and projects under construction are shown at the cost price (nominal value) in the other operating expenses and are capitalised via the other operating revenues in other tangible fixed assets. On provisional acceptance of the building, the leasing activities commence, and the amount of the net investment is classified in the balance sheet item \u2018I.F. Finance lease receivables\u2019.IFRS 16 requires that a lease receivable is valued on commencement at the discounted value of the future income flows. The difference between the construction costs and this discounted value is then the result of the development of the leased object. This must be recognised in the result in proportion to the construction period as the result of the construction activities in \u2018Other operational revenues/costs\u2019.T\u20092.6\u2002ImpairmentsAt each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.T\u20092.7\u2002Financial fixed assetsThe financial assets are classified in one of the categories provided for according to IFRS 9 \u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).Financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).Participating interestsThe acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an asset deal to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).Other financial fixed assetsLoans and receivables (including sureties) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.T\u20092.8\u2002Finance lease receivables & trade receivablesCare Property Invest as lessorA lease contract is classified as a financial lease if it transfers virtually all the risks and benefits associated with ownership to the lessee. All other forms of lease are treated as operational leases. If a lease contract complies with the terms of a financial lease (according to International Accounting Standards IFRS 16), Care Property Invest, as the lessor-owner, recognises the lease agreement at its inception in the balance sheet as a receivable at an amount equal to the net investment in the lease agreement. The difference between the latter amount and the book value of the leased property will be recognised in the global result statement for the period. Any periodic payment made by the lessee will be recognised as income under rental income in the global result statement (see \u2018T5.3 Rental income\u2019 on page 206) and/or as a repayment of the investments in the balance sheet (see \u2018T5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 218), based on a constant periodic return for Care Property Invest.The item \u2018I.F. Finance lease receivables shows the investment cost of the transferred projects and therefore assigned in leasehold, less the contractual prepayments received, and reimbursements already made.Care Property Invest as lesseeAt the start of the lease period, lease agreements (with the exception of lease agreements with a maximum term of 12 months and lease agreements in which the underlying asset has a low value) are included in the balance sheet as assets (right of use) and lease obligation at the present value of the future lease payments. Subsequently, all rights of use, which classify as investment properties, are measured at fair value in accordance with IAS 40. We refer to \u2018T2.4 Investment properties\u2019 on page 184 for the accounting policies relating to investment properties. Minimum lease payments are included partly as financing costs and partly as repayments of the outstanding liability in such a way that this results in a constant periodic interest rate for the remaining balance of the liability. Financial charges are included directly in the global result statement.Trade receivablesThe item \u2018I.G. Trade receivable and other fixed assets\u2019 regarding the projects included in the finance leases contains the profit or loss margin allocated to the construction phase of a project. The profit or loss margin is the difference between the nominal value of the fee due at the end of the right of superficie (included in the item \u2018I.F. Finance lease receivables\u2019) and the fair value at the time of provision, determined by discounting the future cash flows (being the leasehold and rental fees and the fee due at the end of the right of superficie) at a rate equal to the IRS rate plus a margin that would apply on the date on which the lease contract was contracted. The increase by a margin depends on the margin that the Company pays the bank as a cost of funding. For the bank, the margin depends on the underlying surety and is therefore different for a PCSW or a non-profit association. This item also contains a provision for discounted costs of service provision, as the Company remains involved in the maintenance of the property following delivery of the building, in connection with advice or intervention in the event of any construction damage or adjustments imposed, following up lease payments, etc.During the term of the contract, the receivable is phased out, as the added value and provision for costs of services is written down each year and is charged to the global result statement in \u2018Other operating income and expenses\u2019. If the discount rate (i.e., the IRS interest rate plus a margin) on the date of the contracting of the lease agreement is higher or virtually equal to the interest rate implicit in the leasehold payments stipulated on commencement of the leasehold, this calculation leads to the recognition of a mathematical loss during the construction phase (e.g., in the event of falling interest rates). Over the entire duration of the contract, however, the projects are profitable, since the leasehold payment is always higher than the actual cost of financing.There is an estimation uncertainty as regards the profit margin on the projects; this is partly due to altered operating expenses, the impact of which is reviewed annually and adjusted if necessary, but the profit or loss margin also depends on rising or falling interest rates.T\u20092.9\u2002Current assetsTrade receivable and other receivables at a maximum of one yearReceivables at a maximum of one year are shown at their nominal value less impairments due to dubious or irrecoverable receivables, which are recognised as impairment losses in the global result statement.Tax receivablesTax receivables are shown at the tax rate applying in the period to which they relate.Cash and cash equivalentsCash and cash equivalents (bank accounts, cash and short-term investments) are shown at the amortised cost price. The additional costs are processed directly in the global result statement.Accruals and deferralsThe costs incurred during the financial year that are wholly or partially attributable to the following financial year are shown in accruals and deferrals on the basis of a proportionality rule. The income and fractions of income received in the course of one or more subsequent financial years, but relating to the financial year concerned, are entered for the amount relating to the financial year in question.T\u20092.10\u2002EquityEquity instruments issued by the Company are shown at the amount of the sums received (after deduction of directly attributable issuing costs).The treasury shares in the Company\u2019s possession, if any, are deducted from equity at the initial acquisition cost. The increase and/or decrease in value realised on the sale of treasury shares is recognised directly as equity and has no impact on the adjusted EPRA earnings.Dividends form part of the transferred result and are recognised as a liability only in the period in which they are formally awarded, i.e., approved by the general meeting of shareholders.T\u20092.11\u2002ProvisionsA provision is formed when:\u2022 the Company has an existing liability -legally enforceable or actual - as a result of an incident in the past;\u2022 it is probable that an outflow of resources will be required in order to settle the liability and;\u2022 the amount of the liability can be reliably estimated.The amount of the provision is based on the best estimate of the expenditure required to settle the existing obligation as at the balance sheet date, taking account of the risks and uncertainties associated with the liability. If the effect of the time value of money is significant, provisions are discounted using a discount rate that takes account of the current market assessments of the time value of money and the inherent risks of the liability.T\u20092.12\u2002Financial liabilitiesFinancial payables and trade debts Financial payables at the amortised cost price, including debts, are initially valued at fair value, net of transaction costs. After initial recognition, they are valued at the amortised cost price. The group\u2019s financial payables are shown in \u2018Other current liabilities\u2019 at the amortised cost price, comprising non-current financial liabilities, other non-current liabilities, current financial liabilities, trade debts and dividends payable.Derivative financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value; changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019). Lease liabilitiesLease agreements with a term longer than 12 months and for which the underlying asset has a high value must be recognised by way of a lease payment on the balance sheet in accordance with IFRS 16. The lease payment is equal to the current value of the lease payments outstanding on the reporting date. Tax liabilitiesTax liabilities are shown at the tax rate applying in the period to which they relate.Accruals and deferrals The costs incurred during the following financial year that relate wholly or partially to the financial year concerned are shown in the current financial year as attributable costs for the amount relating to the financial year concerned. Income received during the financial year that is wholly or partially attributable to the following financial year is shown in accruals and deferrals on the basis of a proportionality rule. T\u20092.13\u2002Staff remunerationThe contracts Care Property Invest has concluded in relation to group insurance are of the \u2018defined contribution\u2019 type. This defined contribution pension plan has been entrusted to Belfius Bank. These pension plans are regarded as \u2018defined contribution\u2019 plans with fixed costs for the employer and are shown under \u2018group insurance contributions\u2019. Employees make no personal contribution. Premiums are recognised in the financial year in which they were paid or scheduled. However, under the \u2018Vandenbroucke law\u2019 these group insurance policies would be regarded as 'defined benefit' plans within the meaning of IAS 19, and the Company would be required to guarantee an average minimum rate of return of 1.75% (currently) on the employer\u2019s contributions. In principle, the Company would have additional obligations if the statutory minimum return could not be achieved. Moreover, the impact on the Company\u2019s results would be limited, since it has only a small number of employees.T\u20092.14\u2002Income and expensesRental incomeThe net rental result comprises the rents, operational lease instalments and other related income, less the costs associated with leases, such as the costs of voids, rent benefits and impairments of trade receivables.The rent benefits consist of temporary rental discounts or rent-free periods for the operator of the property.Revenues are shown at the fair value of the fee received or to which rights were acquired and are shown on a proportional basis in the global result statement in the period to which they relate.Real estate costs(1)In view of the triple net nature of the contracts, the Company is not liable for the costs of maintenance and repair, utilities, insurance and taxes for the building. With double net contracts, the Company does bear the risk of the maintenance and repair costs. With single net contracts, in addition to maintenance and repair costs, the lessor also bears the vacancy risk.General expenses and other operating income and expensesThe Company\u2019s general expenses cover the fixed operating costs of Care Property Invest, which is active as a listed company and enjoys RREC status.Revenues and costs are shown on a proportional basis in the global result statement in the period to which they relate.(1) With the exception of the 'Les Terrasses du Bois' project in Watermaal-Bosvoorde, for which a long-term double net agreement has been concluded, and the 'Tilia' project in Gullegem for which a long-term single net agreement has been concluded.T\u20092.15\u2002TaxesAll information of a fiscal nature is provided on the basis of laws, decrees and administrative guidelines in effect at the time of the preparation of the financial statements.Corporate taxThe status of a RREC provides for a fiscally transparent status, as RRECs are only still liable to corporate tax for specific elements of the result, such as rejected expenditure, abnormal and benevolent benefits and secret commissions. Generally, rental income, financial income and the gain realised on the disposal of assets are exempt from tax.The corporate tax is recorded directly to the income statement unless the tax relates to elements that are included directly in equity. In that case, the tax is also shown directly in equity. The current tax burden consists of the expected tax on the taxable income for the year and corrections to previous financial years.Deferred tax receivables and liabilities are included for all temporary deductible and taxable differences between the taxable base and the book value. Such receivables and liabilities are not shown if the temporary differences arise from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets or liabilities. Deferred tax liabilities are generally included for all taxable temporary differences. Deferred tax receivables are recognised as far as it is probable that sufficient fiscal profit will be available, against which the temporary differences can be offset. Deferred tax receivables are reduced if it is no longer probable that the realised tax benefit will be realised.Pursuant to Article 161(1\u00b0) of the Inheritance Tax Code, the Company must pay tax each year as a RREC, based on the total net amounts outstanding in Belgium as at 31 December of the preceding year.Withholding taxPursuant to the Law regulating the recognition and definition of crowd funding and containing various provisions concerning financing, public RRECs of which at least 80% of the real estate consists of real estate located in the European Economic Area (EEA) and which is used or intended solely or primarily for residential care or residential units adapted for residential care or health care can enjoy a reduced withholding tax rateof 15% (last changed following the Programme Law of 27 December 2021). In addition, pursuant to Articles 116 and 118, \u00a71(6th) of the RD /Income Tax Code 92, the Company is exempt from withholding tax on income allocated to Belgian public regulated real estate companies.Inheritance taxSubject to compliance with certain conditions, the heirs of shareholders enjoy an exemption from inheritance tax (formerly \u2018succession tax\u2019 in the Inheritance Tax Code, Article 55bis - Order of the Flemish Government of 3 May 1995, replaced by Article 11 of the \u2018Decree containing various provisions on finances and budgets\u2019 of 9 November 2012 (Official Gazette of 26 November 2012) - Circular No. 2 of 27 March 1997 and now Article 2.7.6.0.1. of the Flemish Codex Taxation (VCF)). \u2022 The shares must have been in the possession of the holder for at least five years on the date of decease.\u2022 In addition, the shareholder must have acquired the shares no later than the year 2005, excluding acquisition among spouses and heirs in the first degree, for which no exemption from inheritance tax has yet been granted.\u2022 To obtain the exemption, the shares must be recorded in the estate declaration and the exemption must be explicitly requested. \u2022 A valid certificate must be attached to the declaration, issued by the credit institutions that provide financial services for Care Property Invest. The maximum exemption for the stock market value of the share amounts to its issue price of \u20ac5.95 (= value of the issue price/1,000 due to the share split of 24 March 2014). Likewise, the sum of the net dividends paid during the period in which the deceased or his or her spouse was the holder of the shares may also be exempt, in as far as the shares form part of the estate. The conditions for exemption from inheritance tax can also be viewed on the website at www.carepropertyinvest.be.Exit taxThe exit tax is a tax on the added value determined on a taxed merger, split or equated transaction of a RREC with a Belgian company that is not a RREC. If this company is included in the consolidated group statements for the first time, the exit tax is charged to the equity of that company. If the company is not immediately merged with the RREC, adjustments to the exit tax liabilities that would prove to be necessary at the time of the merger in relation to the amount provided for are recognised in the global result statement.The exit tax rate as at 31 December 2022 was 15%. The exit tax is calculated on the basis of the deferred added value and the exempted reserves of the real estate company that makes the contribution through a merger, split or equated action. The deferred added value is the positive difference between the actual fiscal value of the equity of the relevant real estate company (that has been split off) less the previously assumed fiscal depreciation, amortisation and impairments. Existing tax deferrals (deductible losses, transferred notional interest deductions, etc.) can be deducted from the taxable base. The actual fiscal value is the value with costs paid by the buyer, i.e., after deduction of registration rights or VAT, and may differ from the fair value of the real estate shown in the RREC\u2019s balance sheet in accordance with IAS 40.",
"dimensions": {
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"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__5__17": {
"value": "T\u20092.1\u2002Declaration of conformityThe financial statements of the company were drawn up in compliance with the International Financial Reporting Standards (IFRS), as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD. These standards cover all new and revised standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), in as far as applicable to the activities of the group.The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2022.The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.Standards and interpretations applicable for the financial year commencing on 1 January 2022The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2022, but have no impact on the current consolidated financial statements: \u2022 Amendments to IAS 16 Property, plant and equipment\u2013 Proceeds for intended use, effective 1 January 2022\u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January 2022\u2022 Amendments to IFRS 3 Business combinations \u2013 References to the conceptual framework, effective 1 January 2022\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022New or amended standards and interpretations that have not yet entered into forceThe new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current, effective 1 January 2024\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2024\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__16": {
"value": "T\u20092.1\u2002Declaration of conformityThe financial statements of the company were drawn up in compliance with the International Financial Reporting Standards (IFRS), as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD. These standards cover all new and revised standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), in as far as applicable to the activities of the group.The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2022.The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.Standards and interpretations applicable for the financial year commencing on 1 January 2022The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2022, but have no impact on the current consolidated financial statements: \u2022 Amendments to IAS 16 Property, plant and equipment\u2013 Proceeds for intended use, effective 1 January 2022\u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January 2022\u2022 Amendments to IFRS 3 Business combinations \u2013 References to the conceptual framework, effective 1 January 2022\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022New or amended standards and interpretations that have not yet entered into forceThe new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current, effective 1 January 2024\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2024\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__18": {
"value": "standards and interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), in as far as applicable to the activities of the group.The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2022.The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.Standards and interpretations applicable for the financial year commencing on 1 January 2022The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2022, but have no impact on the current consolidated financial statements: \u2022 Amendments to IAS 16 Property, plant and equipment\u2013 Proceeds for intended use, effective 1 January 2022\u2022 Amendments to IAS 37 Provisions, contingent liabilities and contingent assets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January 2022\u2022 Amendments to IFRS 3 Business combinations \u2013 References to the conceptual framework, effective 1 January 2022\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022New or amended standards and interpretations that have not yet entered into forceThe new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company: \u2022 Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current, effective 1 January 2024\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies, effective 1 January 2024\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, effective 1 January 2023\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, effective 1 January 2023\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January 2023\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__21": {
"value": "T\u20092.2\u2002Consolidation principlesThe companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:\u2022 has power over the participating interest;\u2022 is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;\u2022 has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also the Notes \u2018T5.36 Information on subsidiaries\u2019 on page 231.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__20": {
"value": "T\u20092.2\u2002Consolidation principlesThe companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:\u2022 has power over the participating interest;\u2022 is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;\u2022 has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also the Notes \u2018T5.36 Information on subsidiaries\u2019 on page 231.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__19": {
"value": "T\u20092.2\u2002Consolidation principlesThe companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:\u2022 has power over the participating interest;\u2022 is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;\u2022 has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also the Notes \u2018T5.36 Information on subsidiaries\u2019 on page 231.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__23": {
"value": "T\u20092.3\u2002Intangible fixed assetsThe intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__22": {
"value": "T\u20092.3\u2002Intangible fixed assetsThe intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__24": {
"value": "T\u20092.4\u2002Investment propertiesGeneralReal estate (land and buildings) acquired for valuable consideration or through a contribution in kind for the issue of new shares or via a merger through the acquisition of a real estate company or via a partial split, which is held in order to generate rental income in the long term, and which does not serve for personal use, is shown as investment property.Valuation on initial recognitionOn initial recognition, investment properties are shown at acquisition cost, including transaction costs and directly attributable expenditure.For differences in value between the purchase price and the initial valuation at fair value at the time of recognition (acquisition), the value difference relating to transfer taxes and transfer costs is included through the global result statement. Valuation after initial recognitionAfter initial recognition, investment properties are shown at fair value, in accordance with IAS 40. The fair value is equal to the amount for which the building could be exchanged between well-informed parties, consenting and acting in circumstances of normal competition. From the seller\u2019s point of view, the valuation must be understood as subject to the deduction of registration fees. The independent real estate experts who carry out the periodic valuation of the assets of regulated real estate companies believe that, for transactions involving buildings in Belgium with an overall value of less than \u20ac2.5 million, account must be taken of registration fees of 12% (Flemish Region) to 12.5% (Brussels Capital Region and Walloon Region), depending on the regions where these assets are located. For transactions concerning properties with an overall value of more than \u20ac2.5 million, real estate experts have valued the weighted average of the fees at 2.5%. This is because a range of different property transfer methods is used in Belgium. This percentage will, if necessary, be revised annually and adjusted per bracket of 0.5%. The experts will confirm the agreed percentage to be deducted in their periodic reports to the shareholders. For real estate in The Netherlands this percentage is 8.5%, in Ireland it is 7.5%, while for Spain it is determined regionally.Profits or losses arising from the change in the fair value of investment properties are included in the global result statement in section \u2018XVIII. Changes in the fair value of investment properties\u2019 in the period in which they arise, and in the profit appropriation in the following year they are allocated to the reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and 'c) reserve for the impact on the fair value of estimated mutation rights and costs on hypothetical disposal of investment properties', where the latter item always corresponds to the difference between the investment value and the fair value of the property. Disposal of investment propertyOn the sale of an investment property, the profits or losses realised on the sale are shown in section \u2018XVI. Result sale of investment properties\u2019 in the global result statement for the period under review. Commission paid to brokers on the sale of buildings and liabilities contracted as a result of transactions are deducted from the sale price obtained in order to determine the realised profit or loss.The realised gain or loss on disposal consists of the difference between the net sale value and the latest book value (fair value on the latest valuation), as well as the counter-entry of the estimated transfer taxes that are taken directly to the equity on the balance sheet on the initial assessment of the fair value.As the real estate is sold, both reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and reserve \u2018c) Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties\u2019 relating to the sold property are transferred to the disposable reserves.Project developments\u2022 Sites held with a view to an increase in value in the long term instead of sale in the short term in relation to normal business operations.\u2022 Sites held for future use that has not yet been determined.\u2022 Unoccupied buildings held for leasing on the basis of one or more operational leases.\u2022 Real estate under construction or in development for future use as investment property must also be treated as investment property and is shown in the \u2018Project development\u2019 sub-section. After the initial recognition, projects are shown at their fair value. This fair value takes account of the substantial development risks. The following criteria must be met in this regard: \u2022 There is a clear picture of the project costs to be incurred.\u2022 All necessary permits for the project development have been obtained.\u2022 A substantial part of the project development has been pre-let (final signature of rental contract).This assessment of the fair value is based on the valuation by the independent real estate expert (in accordance with the customary methods and assumptions) and takes account of the costs still to be incurred for the full finishing of the project.All costs relating directly to the acquisition or development and all further investment expenditure are included in the cost price of the development project. In accordance with IAS 23, the financing costs directly attributable to the construction or acquisition of an investment property are capitalised for the period for making the investment property ready for letting.The capitalisation of financing costs as part of the cost price of an asset qualifying for this takes place only if: \u2022 Expenditure is made for the asset;\u2022 Financing costs are incurred and; \u2022 Activities are in progress to prepare the asset for its envisaged use. These include not only the physical construction but also technical and administrative work for the commencement of the actual construction in connection with the acquisition of permits.The capitalisation of financing costs is suspended during long periods in which the active development is interrupted. The capitalisation is not suspended during a period in which extensive technical and administrative work is performed.Rights in rem Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be classified by means of a right of use on the asset in accordance with IFRS 16. On the starting date, the asset corresponding to a right of use is valued at cost price. After the starting date, the asset is valued on the basis of the fair value model in accordance with IAS 40.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__26": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__25": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__27": {
"value": "T\u20092.5\u2002Other fixed assetsT\u20092.5.1\u2002\ue9f0Tangible fixed assets for own useGeneralAssets that are held for the Company\u2019s own use in the production or delivery of goods or services, for rental to third parties or for administrative purposes and which are expected to be used for longer than a single period, are shown as tangible fixed assets, in accordance with IAS 16.Valuation on initial recognitionProperty, plant and equipment must be shown at cost if it is probable that the future economic benefits from the asset will accrue to the Company and if the cost of the asset can be determined reliably.The cost price of an asset is the equivalent of the discounted price on the recognition date (the cost price) and all directly attributable costs for making the asset ready for use. Later costs for day-to-day maintenance of tangible fixed assets are not included in the book value of the asset. This expenditure is shown in the income statement at the time at which it is incurred. Future expenditure for maintenance and repairs is capitalised only if this can be clearly shown to result in an increase in the future economic benefits from the use of the asset.Valuation after initial recognitionAll tangible fixed assets are shown at cost less any accumulated depreciation and any accumulated impairment losses.Depreciation and amortisationThe different categories of tangible fixed assets are depreciated using the straight-line method of depreciation over the estimated service life of the asset. The residual value and the service life must be reviewed at least at the end of each reporting period. An asset is depreciated from the date on which it is ready for the envisaged use. Depreciation of an asset is discontinued on the date on which the asset is held for sale or is no longer used.Depreciation takes place even if the fair value of the asset exceeds its book value, until the residual value is reached. From the date on which the residual value is equal to or higher than the book value, the depreciation cost is zero, until such time as the residual value is again less than the book value of the asset.Tangible fixed assets for the Company\u2019s own use are depreciated in accordance with the following depreciation rates according to the straight-line method:Building 3,33%(for the Company\u2019s own use)Equipment of building 10%Furniture 10%Computers 33,33%Office machinery 25%Rolling stock 20%Office fittings and 10%furnishingsDisposal of property, plant and equipmentAt the time when an asset is disposed of or at the time when no future economic benefits are expected any longer from the use or disposal of an asset, the property, plant or equipment can no longer be shown in the balance sheet of the Company.The gain or loss arising through the disposal or retirement of an asset is the difference between any net proceeds on disposal and the book value of the asset. This capital gain or loss is shown in the global result statement.T\u20092.5.2\u2002\ue9f0 Other tangible fixed assets - development costs for projects in preparation/under construction, which are subsequently recorded as a finance lease\ue9f0(IFRS\ue9f016).The construction costs for projects in preparation and projects under construction are shown at the cost price (nominal value) in the other operating expenses and are capitalised via the other operating revenues in other tangible fixed assets. On provisional acceptance of the building, the leasing activities commence, and the amount of the net investment is classified in the balance sheet item \u2018I.F. Finance lease receivables\u2019.IFRS 16 requires that a lease receivable is valued on commencement at the discounted value of the future income flows. The difference between the construction costs and this discounted value is then the result of the development of the leased object. This must be recognised in the result in proportion to the construction period as the result of the construction activities in \u2018Other operational revenues/costs\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__29": {
"value": "T\u20092.6\u2002ImpairmentsAt each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__28": {
"value": "T\u20092.6\u2002ImpairmentsAt each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__30": {
"value": "T\u20092.7\u2002Financial fixed assetsThe financial assets are classified in one of the categories provided for according to IFRS 9 \u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).Financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).Participating interestsThe acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an asset deal to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).Other financial fixed assetsLoans and receivables (including sureties) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__32": {
"value": "Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).Financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__31-1": {
"value": "Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).Financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).Derivative financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value; changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__33": {
"value": "Participating interestsThe acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an asset deal to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__34": {
"value": "Other financial fixed assetsLoans and receivables (including sureties) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__35-1": {
"value": "T\u20092.8\u2002Finance lease receivables & trade receivablesCare Property Invest as lessorA lease contract is classified as a financial lease if it transfers virtually all the risks and benefits associated with ownership to the lessee. All other forms of lease are treated as operational leases. If a lease contract complies with the terms of a financial lease (according to International Accounting Standards IFRS 16), Care Property Invest, as the lessor-owner, recognises the lease agreement at its inception in the balance sheet as a receivable at an amount equal to the net investment in the lease agreement. The difference between the latter amount and the book value of the leased property will be recognised in the global result statement for the period. Any periodic payment made by the lessee will be recognised as income under rental income in the global result statement (see \u2018T5.3 Rental income\u2019 on page 206) and/or as a repayment of the investments in the balance sheet (see \u2018T5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 218), based on a constant periodic return for Care Property Invest.The item \u2018I.F. Finance lease receivables shows the investment cost of the transferred projects and therefore assigned in leasehold, less the contractual prepayments received, and reimbursements already made.Care Property Invest as lesseeAt the start of the lease period, lease agreements (with the exception of lease agreements with a maximum term of 12 months and lease agreements in which the underlying asset has a low value) are included in the balance sheet as assets (right of use) and lease obligation at the present value of the future lease payments. Subsequently, all rights of use, which classify as investment properties, are measured at fair value in accordance with IAS 40. We refer to \u2018T2.4 Investment properties\u2019 on page 184 for the accounting policies relating to investment properties. Minimum lease payments are included partly as financing costs and partly as repayments of the outstanding liability in such a way that this results in a constant periodic interest rate for the remaining balance of the liability. Financial charges are included directly in the global result statement.Trade receivablesThe item \u2018I.G. Trade receivable and other fixed assets\u2019 regarding the projects included in the finance leases contains the profit or loss margin allocated to the construction phase of a project. The profit or loss margin is the difference between the nominal value of the fee due at the end of the right of superficie (included in the item \u2018I.F. Finance lease receivables\u2019) and the fair value at the time of provision, determined by discounting the future cash flows (being the leasehold and rental fees and the fee due at the end of the right of superficie) at a rate equal to the IRS rate plus a margin that would apply on the date on which the lease contract was contracted. The increase by a margin depends on the margin that the Company pays the bank as a cost of funding. For the bank, the margin depends on the underlying surety and is therefore different for a PCSW or a non-profit association. This item also contains a provision for discounted costs of service provision, as the Company remains involved in the maintenance of the property following delivery of the building, in connection with advice or intervention in the event of any construction damage or adjustments imposed, following up lease payments, etc.During the term of the contract, the receivable is phased out, as the added value and provision for costs of services is written down each year and is charged to the global result statement in \u2018Other operating income and expenses\u2019. If the discount rate (i.e., the IRS interest rate plus a margin) on the date of the contracting of the lease agreement is higher or virtually equal to the interest rate implicit in the leasehold payments stipulated on commencement of the leasehold, this calculation leads to the recognition of a mathematical loss during the construction phase (e.g., in the event of falling interest rates). Over the entire duration of the contract, however, the projects are profitable, since the leasehold payment is always higher than the actual cost of financing.There is an estimation uncertainty as regards the profit margin on the projects; this is partly due to altered operating expenses, the impact of which is reviewed annually and adjusted if necessary, but the profit or loss margin also depends on rising or falling interest rates.Lease liabilitiesLease agreements with a term longer than 12 months and for which the underlying asset has a high value must be recognised by way of a lease payment on the balance sheet in accordance with IFRS 16. The lease payment is equal to the current value of the lease payments outstanding on the reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__36": {
"value": "T\u20092.9\u2002Current assetsTrade receivable and other receivables at a maximum of one yearReceivables at a maximum of one year are shown at their nominal value less impairments due to dubious or irrecoverable receivables, which are recognised as impairment losses in the global result statement.Tax receivablesTax receivables are shown at the tax rate applying in the period to which they relate.Cash and cash equivalentsCash and cash equivalents (bank accounts, cash and short-term investments) are shown at the amortised cost price. The additional costs are processed directly in the global result statement.Accruals and deferralsThe costs incurred during the financial year that are wholly or partially attributable to the following financial year are shown in accruals and deferrals on the basis of a proportionality rule. The income and fractions of income received in the course of one or more subsequent financial years, but relating to the financial year concerned, are entered for the amount relating to the financial year in question.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__37": {
"value": "T\u20092.10\u2002EquityEquity instruments issued by the Company are shown at the amount of the sums received (after deduction of directly attributable issuing costs).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__38": {
"value": "The treasury shares in the Company\u2019s possession, if any, are deducted from equity at the initial acquisition cost. The increase and/or decrease in value realised on the sale of treasury shares is recognised directly as equity and has no impact on the adjusted EPRA earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__39": {
"value": "Dividends form part of the transferred result and are recognised as a liability only in the period in which they are formally awarded, i.e., approved by the general meeting of shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__40": {
"value": "T\u20092.11\u2002ProvisionsA provision is formed when:\u2022 the Company has an existing liability -legally enforceable or actual - as a result of an incident in the past;\u2022 it is probable that an outflow of resources will be required in order to settle the liability and;\u2022 the amount of the liability can be reliably estimated.The amount of the provision is based on the best estimate of the expenditure required to settle the existing obligation as at the balance sheet date, taking account of the risks and uncertainties associated with the liability. If the effect of the time value of money is significant, provisions are discounted using a discount rate that takes account of the current market assessments of the time value of money and the inherent risks of the liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__41": {
"value": "T\u20092.12\u2002Financial liabilitiesFinancial payables and trade debts Financial payables at the amortised cost price, including debts, are initially valued at fair value, net of transaction costs. After initial recognition, they are valued at the amortised cost price. The group\u2019s financial payables are shown in \u2018Other current liabilities\u2019 at the amortised cost price, comprising non-current financial liabilities, other non-current liabilities, current financial liabilities, trade debts and dividends payable.Derivative financial instrumentsDerivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting (are not held for trading purposes and are not acquired for sales in the near future) and are recognised in the balance sheet at their fair value; changes in their fair value are taken directly to the global result statement.The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209).The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__44": {
"value": "Tax liabilitiesTax liabilities are shown at the tax rate applying in the period to which they relate.Accruals and deferrals The costs incurred during the following financial year that relate wholly or partially to the financial year concerned are shown in the current financial year as attributable costs for the amount relating to the financial year concerned. Income received during the financial year that is wholly or partially attributable to the following financial year is shown in accruals and deferrals on the basis of a proportionality rule.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__45": {
"value": "T\u20092.13\u2002Staff remunerationThe contracts Care Property Invest has concluded in relation to group insurance are of the \u2018defined contribution\u2019 type. This defined contribution pension plan has been entrusted to Belfius Bank. These pension plans are regarded as \u2018defined contribution\u2019 plans with fixed costs for the employer and are shown under \u2018group insurance contributions\u2019. Employees make no personal contribution. Premiums are recognised in the financial year in which they were paid or scheduled. However, under the \u2018Vandenbroucke law\u2019 these group insurance policies would be regarded as 'defined benefit' plans within the meaning of IAS 19, and the Company would be required to guarantee an average minimum rate of return of 1.75% (currently) on the employer\u2019s contributions. In principle, the Company would have additional obligations if the statutory minimum return could not be achieved. Moreover, the impact on the Company\u2019s results would be limited, since it has only a small number of employees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__46": {
"value": "Rental incomeThe net rental result comprises the rents, operational lease instalments and other related income, less the costs associated with leases, such as the costs of voids, rent benefits and impairments of trade receivables.The rent benefits consist of temporary rental discounts or rent-free periods for the operator of the property.Revenues are shown at the fair value of the fee received or to which rights were acquired and are shown on a proportional basis in the global result statement in the period to which they relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__47": {
"value": "Real estate costs(1)In view of the triple net nature of the contracts, the Company is not liable for the costs of maintenance and repair, utilities, insurance and taxes for the building. With double net contracts, the Company does bear the risk of the maintenance and repair costs. With single net contracts, in addition to maintenance and repair costs, the lessor also bears the vacancy risk.General expenses and other operating income and expensesThe Company\u2019s general expenses cover the fixed operating costs of Care Property Invest, which is active as a listed company and enjoys RREC status.Revenues and costs are shown on a proportional basis in the global result statement in the period to which they relate.(1) With the exception of the 'Les Terrasses du Bois' project in Watermaal-Bosvoorde, for which a long-term double net agreement has been concluded, and the 'Tilia' project in Gullegem for which a long-term single net agreement has been concluded.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__48": {
"value": "T\u20092.15\u2002TaxesAll information of a fiscal nature is provided on the basis of laws, decrees and administrative guidelines in effect at the time of the preparation of the financial statements.Corporate taxThe status of a RREC provides for a fiscally transparent status, as RRECs are only still liable to corporate tax for specific elements of the result, such as rejected expenditure, abnormal and benevolent benefits and secret commissions. Generally, rental income, financial income and the gain realised on the disposal of assets are exempt from tax.The corporate tax is recorded directly to the income statement unless the tax relates to elements that are included directly in equity. In that case, the tax is also shown directly in equity. The current tax burden consists of the expected tax on the taxable income for the year and corrections to previous financial years.Deferred tax receivables and liabilities are included for all temporary deductible and taxable differences between the taxable base and the book value. Such receivables and liabilities are not shown if the temporary differences arise from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets or liabilities. Deferred tax liabilities are generally included for all taxable temporary differences. Deferred tax receivables are recognised as far as it is probable that sufficient fiscal profit will be available, against which the temporary differences can be offset. Deferred tax receivables are reduced if it is no longer probable that the realised tax benefit will be realised.Pursuant to Article 161(1\u00b0) of the Inheritance Tax Code, the Company must pay tax each year as a RREC, based on the total net amounts outstanding in Belgium as at 31 December of the preceding year.Withholding taxPursuant to the Law regulating the recognition and definition of crowd funding and containing various provisions concerning financing, public RRECs of which at least 80% of the real estate consists of real estate located in the European Economic Area (EEA) and which is used or intended solely or primarily for residential care or residential units adapted for residential care or health care can enjoy a reduced withholding tax rateof 15% (last changed following the Programme Law of 27 December 2021). In addition, pursuant to Articles 116 and 118, \u00a71(6th) of the RD /Income Tax Code 92, the Company is exempt from withholding tax on income allocated to Belgian public regulated real estate companies.Inheritance taxSubject to compliance with certain conditions, the heirs of shareholders enjoy an exemption from inheritance tax (formerly \u2018succession tax\u2019 in the Inheritance Tax Code, Article 55bis - Order of the Flemish Government of 3 May 1995, replaced by Article 11 of the \u2018Decree containing various provisions on finances and budgets\u2019 of 9 November 2012 (Official Gazette of 26 November 2012) - Circular No. 2 of 27 March 1997 and now Article 2.7.6.0.1. of the Flemish Codex Taxation (VCF)). \u2022 The shares must have been in the possession of the holder for at least five years on the date of decease.\u2022 In addition, the shareholder must have acquired the shares no later than the year 2005, excluding acquisition among spouses and heirs in the first degree, for which no exemption from inheritance tax has yet been granted.\u2022 To obtain the exemption, the shares must be recorded in the estate declaration and the exemption must be explicitly requested. \u2022 A valid certificate must be attached to the declaration, issued by the credit institutions that provide financial services for Care Property Invest. The maximum exemption for the stock market value of the share amounts to its issue price of \u20ac5.95 (= value of the issue price/1,000 due to the share split of 24 March 2014). Likewise, the sum of the net dividends paid during the period in which the deceased or his or her spouse was the holder of the shares may also be exempt, in as far as the shares form part of the estate. The conditions for exemption from inheritance tax can also be viewed on the website at www.carepropertyinvest.be.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__49": {
"value": "Exit taxThe exit tax is a tax on the added value determined on a taxed merger, split or equated transaction of a RREC with a Belgian company that is not a RREC. If this company is included in the consolidated group statements for the first time, the exit tax is charged to the equity of that company. If the company is not immediately merged with the RREC, adjustments to the exit tax liabilities that would prove to be necessary at the time of the merger in relation to the amount provided for are recognised in the global result statement.The exit tax rate as at 31 December 2022 was 15%. The exit tax is calculated on the basis of the deferred added value and the exempted reserves of the real estate company that makes the contribution through a merger, split or equated action. The deferred added value is the positive difference between the actual fiscal value of the equity of the relevant real estate company (that has been split off) less the previously assumed fiscal depreciation, amortisation and impairments. Existing tax deferrals (deductible losses, transferred notional interest deductions, etc.) can be deducted from the taxable base. The actual fiscal value is the value with costs paid by the buyer, i.e., after deduction of registration rights or VAT, and may differ from the fair value of the real estate shown in the RREC\u2019s balance sheet in accordance with IAS 40.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__50": {
"value": "Note 3: Segment informationWith its entry onto the Irish market in 2022, Care Property Invest has continued to improve its geographical distribution. In addition to its presence on the Belgian, Dutch and Spanish markets, the Company has the ambition to make Ireland its fourth home market. In accordance with IFRS 8, the Company makes a distinction between the 4 geographical segments where it operates: Belgium, The Netherlands, Spain and Ireland.The segmented information has been prepared taking into account the operating segments and the information used internally to take decisions. The operating results are regularly assessed by the Chief Operating Decision Maker (senior officers of the Company) or CODM in order to take decisions regarding the distribution of available resources and to determine the performance of the segment. Within Care Property Invest nv the Executive Committee acts as CODM. For the accounting policies we refer to Notes 2 \u2014 Accounting policies. Every group of companies under a joint control is considered to be the same customer. The revenue from transactions with these customers must be stated if it exceeds 10% of the turnover. For Care Property Invest nv, for the 2022 financial year, this concerns the following customers:\u2022 Colis\u00e9e with a share of 15.4% of the total revenue spread over 7 properties in Belgium;\u2022 Vulpia Care Group with a share of 10.2% of the total revenue spread over 7 buildings in Belgium.The segmented information includes the results, assets and liabilities that can be applied to a specific segment either directly or on a reasonable basis. T\u20093.1\u2002Segmented information - resultAmounts in EUR 31/12/2022Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsNet rental income 41,507,715 6,697,871 3,512,928 2,660,351 0 54,378,866Property operating result 41,504,797 6,677,639 3,497,081 2,660,351 0 54,339,868General expenses of the -8,790,469 -646,200 -190,797 -135,342 0 -9,762,808CompanyOther operating income and -2,628,491 518,244 -294 0 0 -2,110,541expensesOperating result before result 30,085,837 6,549,683 3,305,990 2,525,010 0 42,466,519on portfolioChanges in the fair value of 19,319,626 3,178,038 2,165,416 -5,336,163 0 19,326,917investment propertiesOperating result 49,405,462 9,727,721 5,471,406 -2,811,153 0 61,793,436Financial result 27,674,523 27,674,523Result before taxes 49,405,462 9,727,721 5,471,406 -2,811,153 27,674,523 89,467,959Taxes -803,660 -803,660NET RESULT 49,405,462 9,727,721 5,471,406 -2,811,153 26,870,863 88,664,299GLOBAL RESULT 88,664,299Amounts in EUR 31/12/2021Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsNet rental income 38,220,179 3,709,663 1,303,826 0 0 43,233,668Property operating result 38,216,089 3,709,663 1,303,826 0 0 43,229,5780General expenses of the -7,155,847 -633,044 -107,6510 -7,896,543Company0Other operating income and -956,757 927,704 -3860 -29,439expensesOperating result before result 30,103,485 4,004,323 1,195,789 0 0 35,303,597on portfolioChanges in the fair value of 20,088,832 2,260,272 -206,047 0 0 22,143,057investment propertiesOperating Result 50,192,317 6,264,595 989,742 0 0 57,446,653Financial result 2,734,270 2,734,270Result before taxes 50,192,317 6,264,595 989,742 0 2,734,270 60,180,924Taxes -526,103 -526,103NET RESULT 50,192,317 6,264,595 989,742 0 2,208,167 59,654,821GLOBAL RESULT 59,654,821T\u20093.2\u2002Segmented information - balance sheetAmounts in EUR 31/12/2022Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsTOTAL ASSETS 547,439,512 204,386,105 95,882,307 86,560,906 240,247,145 1,174,515,97586,560,906Investment properties 547,439,512 204,386,105 95,882,3070 934,268,830Investment properties 546,690,832 177,607,890 74,783,279 81,336,260 0 880,418,261Investment properties - 0 26,160,893 21,099,028 5,224,646 0 52,484,567project developmentsInvestment properties - 748,680 617,322 0 0 0 1,366,002rights in rem240,247,145 240,247,145Other assetsTOTAL EQUITY AND 1,174,515,975 1,174,515,975LIABILITIESShareholders Equity 563,394,815 563,394,815Liabilities611,121,160 611,121,160Amounts in EUR 31/12/2021Belgium The Spain Ireland Non TOTALNetherlandsallocated amountsTOTAL ASSETS 513,154,854 141,175,481 63,701,465 0 227,284,411 945,316,211Investment properties 513,154,854 141,175,481 63,701,465 0 0 718,031,800Investment properties 512,280,278 96,061,422 45,625,770 0 0 653,967,470Investment properties - 0 44,522,035 18,075,695 0 0 62,597,730project developmentsInvestment properties - 874,576 592,023 0 0 0 1,466,600rights in remOther assets 227,284,411 227,284,411TOTAL EQUITY AND 945,316,211 945,316,211LIABILITIESShareholders Equity 479,258,685 479,258,685Liabilities 466,057,526 466,057,526",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__51": {
"value": "Note 4: Financial risk managementThe list of risks described in this chapter is not exhaustive. Within the framework of the Prospectus Regulation, the Company has limited itself to the financial risks that apply specifically to it and therefore not to the overall real estate sector, RREC sector or all listed companies and those that are also material. The market risks, operational risks, regulatory risks and other risks were described in chapter \u2018I. Risk factors\u2019 on page 8 et seq. of the annual financial report.T\u20094.1\u2002Risks associated with liquidity due to non-compliance with cove-nants and statutory financial para-metersT\u20094.1.1\u2002\ue9f0Description of the riskThis risk can be described as the risk of non-compliance with statutory or contractual requirements to comply with certain financial parameters under the credit agreements, which could lead to their cancellation or renegotiation.The following parameters were included in the covenants:\u2022 A\ue9f0maximum\ue9f0debt\ue9f0ratio\ue9f0of\ue9f060%.\ue9f0 As at 31 December 2022, the consolidated debt ratio of the Company was 52.37%, resulting in an available space of \u20ac218.7 million. The limitation of the debt ratio to 60% is included in the credit agreements for a total amount of \u20ac554,928,159 (of which an amount of \u20ac395,928,158 or 67.9% of the total financial debts was drawn as at 31 December 2022). For more information on the debt ratio, reference is made to \u2018T4.2 Risks associated with the evolution of the debt ratio\u2019 on page 201.\u2022 An interest coverage ratio (being the operating result before the result on the portfolio, divided by the interest charges\ue9f0paid)\ue9f0of\ue9f0at\ue9f0least\ue9f02.5. As at 31 December 2022 the interest coverage ratio was 4.25 compared to 4.50 as at 31 December 2021. The Company\u2019s interest charges must increase by \u20ac6,997,974 or from \u20ac9,988,634 to \u20ac16,986,608 in order to reach the required minimum of 2.5. However, severe and abrupt pressure on the operating result could jeopardise compliance with the interest coverage ratio parameter. The operating result before result on portfolio must fall by 41.2% from \u20ac42,466,520 to \u20ac24,971,585 before the limit of 2.5 is reached.\u2022 A minimum consolidated portfolio size of\ue9f0\u20ac500\ue9f0million.In addition, the risk of early termination exists in the event of a change of control of the Company, in the event of a breach of 'negative pledge' or other covenants and obligations of the Company and, more generally, in the event of default as defined in these financing agreements. A default (it should be noted that certain instances of 'default' or breach of covenants, such as a change of control, included in all financing agreements, are outside the control of the Company) under one financing agreement may, pursuant to so-called 'cross acceleration' or 'cross default' provisions, additionally lead to defaults under other financing agreements (irrespective of the grant of any 'waivers' by other credit providers, in the case of a 'cross default' provision) and may thus lead to the mandatory early repayment by the Company of all such lines of credit.T\u20094.1.2\u2002\ue9f0Potential impact for the companyThe potential impact concerns any cancellation of loans and damaged trust between investors and bankers on non-compliance with contractual covenants. It is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for the activities of the Company. The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios, are not met. This could lead to liquidity problems, in view of the similar character in the covenants of the financial institutions of the maximum debt ratio or interest cover ratio of a cumulative nature and could force the Company to liquidate fixed assets (e.g., sale of real estate) or to implement a capital increase or other measures in order to bring the debt level below the required threshold. There is also a possibility that the regulator will impose sanctions or tighter supervision in the event of failure to comply with certain statutory financial parameters (e.g., compliance with the statutory debt ratio, as laid down in Article 13 of the RREC RD). The consequences for the shareholders could include a reduction in the equity and, therefore, the NAV, because a sale must take place at a price below that book value, a dilution can take place because a capital increase will have to be organised and this will have an impact on the value of the shares and the future dividend prospects. The Company intrinsically estimates the probability of this risk factor as average. The impact of the intrinsic risk is also estimated as average.T\u20094.1.3\u2002\ue9f0Restrictive measures and management of the riskTo mitigate these risks, the Company pursues a prudent financial policy with constant monitoring to meet the financial parameters of the covenants.The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk and its control as described above, as average both in terms of probability and impact.T\u20094.2\u2002Risks associated with the evo-lution of the debt ratioT\u20094.2.1\u2002\ue9f0Description of the riskThe Company\u2019s borrowing capacity is limited by the statutory maximum debt ratio of 65% which is permitted by the RREC legislation. At the same time, thresholds have been set in the financing contracts concluded with financial institutions. The maximum debt ratio imposed by the financial institutions is 60% (see also \u2018T4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 199). The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios included in covenants, are not met. On exceeding the statutory maximum threshold of 65%, the Company runs the risk of losing its RREC certificate through withdrawal by the FSMA. In general, it is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for activities of the Company. As at 31 December 2022, the consolidated debt ratio amounted to 52.37%, compared to 47.06% as at 31 December 2021. Taking into account the net proceeds of the capital increase of 24 January 2023, the debt ratio as at 31 December 2022 would decrease pro forma to 42.93%.As at 31 December 2022, the Company has an additional debt capacity of \u20ac413.5 million before reaching a debt ratio of 65% and of \u20ac218.7 million before reaching a debt ratio of 60%. Taking into account the net proceeds of the capital increase of 24 January 2023, these would be \u20ac723.0 million and \u20ac489.0 million respectively.The value of the real estate portfolio also has an impact on the debt ratio.Taking account of the capital base as at 31 December 2022, the maximum debt ratio of 65% would be exceeded only with a potential fall in the value of the real estate portfolio of about \u20ac222.7 million, or 23.8% of the real estate portfolio of \u20ac934.3 million as at 31 December 2022. With a fall in the value of about \u20ac145.8 million, or 15.6% of the real estate portfolio, the debt ratio of 60% would be exceeded. The Company does wish to note that it has contracted payment obligations for the unrealised part of the developments that it has already included in its balance sheet, representing \u20ac45.1 million. In addition, as at 31 December 2022, the Company has acquired one project under suspensory conditions, for which the estimated cash-out amounts to \u20ac8.4 million. As a result, as at 31 December 2022, the available capacity on the debt ratio amounts to \u20ac165.2 million before reaching a debt ratio of 60% and \u20ac360.0 million before reaching a debt ratio of 65%. T\u20094.2.2\u2002\ue9f0 Potential impact for the CompanyThe potential impact concerns the risk that statutory sanctions may be imposed if certain thresholds are exceeded (including a prohibition of payment of a dividend) or that a breach of certain conditions of the financing contracts is committed.Like all public RRECS, Care Property Invest is subject to tighter supervision by the supervisory authority of compliance with these maximum debt levels.The Company intrinsically assesses the probability of the debt ratio exceeding 60% as low and the impact of the intrinsic risk as high. T\u20094.2.3\u2002\ue9f0 Restrictive measures and management of the riskIn this case too, it pursues a prudent financial policy with continual monitoring of all planned investments and earnings forecasts, and the coordination of the possibility of a capital increase under the forms permitted by the RREC legislation in order to avoid any statutory sanctions for exceeding this maximum limit at all times. The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk as described above, related to the risk of the debt ratio exceeding 60% as low in terms of probability and high in terms of impact.T\u20094.3\u2002Risks associated with the cost of the capitalT\u20094.3.1\u2002\ue9f0Description of the riskThis risk can be described as the risk of unfavourable fluctuations in interest rates, an increased risk premium in the stock markets and/or an increase in the cost of the debts.T\u20094.3.2\u2002\ue9f0 Potential impact for the CompanyThe potential impact concerns a material increase in the weighted average cost of the Company\u2019s capital (equity and debts) and an impact on the profitability of the business as a whole and of new investments.As at 31 December 2022, the fixed-interest and floating rate loans accounted for 42.65% and 57.35% of the total financial liabilities respectively. The percentage of floating-rate debt contracted that was converted into a fixed-rate instrument through a derivative instrument (relative to total financial liabilities) amounted to 26.77% as at 31 December 2022. The total hedge ratio thus amounted to 69.42%. As at 31 December 2021, it amounted to 93.09%. Taking into account the capital increase, the hedge ratio would increase to 85.23% as at 31 December 2022.Based on the outstanding credits as at 31 December 2022, if interest rates were to increase by 1%, the weighted average interest cost, including interest rate swaps, would increase from 2.14% to 2.45%. This would result in an increase in the cost of capital of 0.15%, assuming the cost of debt of 50% is included in the cost of capital and assuming no change in the cost of equity.A change in the interest curve of 1% (upward) would have an impact on the fair value of the credit portfolio of approximately \u20ac9.3 million. The conclusion relating to the impact of the change in the interest curve can be continued on a linear basis. A 1% increase/decrease in interest rates would have a positive/negative impact on the global result statement via the variations in the fair value of financial assets/liabilities amounting to \u20ac0.381/\u20ac0.426 per share but a negative/positive impact on the distributable result and also on the global result due to the increase/decrease of a part of the net interest costs exposed to the fluctuations in interest rates.The increase in the required risk premium on the stock markets could result in a fall in the price of the share and make financing of new acquisitions more costly for the Company. The Company intrinsically assesses the probability of this risk factor as well as the impact of this risk as average.T\u20094.3.3\u2002\ue9f0 Restrictive measures and management of the riskWith regard to the initial portfolio , Care Property Invest protects itself against interest rate rises through the use of fixed-interest contracts or swaps. For (1)the initial portfolio, only the renewable loans at Belfius, amounting to \u20ac6,890,000, are subject to a limited interest risk, as these loans are subject to review every (2)three years. For the new portfolio, the outstanding commercial paper of \u20ac30.5 (1) The initial portfolio relates to the \ue793nance leases (with as at 31/12/2022 a balance sheet value (\ue793nance lease receivables) of \u20ac156,518,610 and a generated rental \ue794ow of \u20ac15,406,228) that the Company entered into until 2014.(2) The new portfolio as referred to here refers to the \ue793nance leases (with a balance sheet value as at 31/12/2022 of \u20ac20,499,475 and a generated rental \ue794ow of \u20ac1,084,902) and the investment properties (with a balance sheet value as at 31/12/2022 of \u20ac934,268,830 and a generated rental \ue794ow of \u20ac37,887,735) that the Company acquired after 2014.million and various roll-over credits with various financial institutions with an outstanding amount of \u20ac266 million as at 31 December 2022 are subject to changes in interest rates on the financial markets. Care Property Invest aims to hedge itself against fixed interest rates for at least 80% via swaps. In this way the Company wishes to anticipate the risk that the increase in interest rates will be primarily attributable to an increase in real interest rates. There are also 8 loans with revisable interest for the new portfolio. Care Property Invest monitors movements in interest rates with close attention and will hedge itself against timely any excessively high increase in interest rates.Further explanation on the credit lines are provided in this chapter, with \u2018Note 5: Notes to the consolidated financial statements\u2019 on page 205, \u2018T5.9 Net interest expense\u2019 on page 209, \u2018T5.26 Financial liabilities\u2019 on page 224 and \u2018T5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 216. If the increase in interest rates results from an increase in the level of inflation, the indexation of the rental income also serves as a tempering factor, albeit only after the indexation of the lease agreements can be implemented, so that there is a delaying effect here. In general, Care Property Invest aims to build up a relationship of trust with its bank partners and investors and maintains a continual dialogue with them in order to develop a solid long-term relationship.Nevertheless, the Company continues to regard this risk as material.T\u20094.4\u2002Risks associated with the use of derivative financial productsT\u20094.4.1\u2002\ue9f0Description of the riskThis risk can be described as the risks of the use of derivatives to hedge the interest rate risk. The fair value of the derivative products is influenced by fluctuations in interest rates in financial markets. The fair value of the derivative financial products amounted to \u20ac-16,810,790 as at 31 December 2021, compared with \u20ac21,780,342 as at 31 December 2022. The variation in the fair value of derivatives amounted to \u20ac38,591,131 as at 31 December 2022.T\u20094.4.2\u2002\ue9f0 Potential impact for the CompanyThe potential impact concerns the complexity and volatility of the fair value of the hedging instruments and consequently, also the net asset value (NAV), as published under the IFRS standards and also the counter-party risk in relation to partners with which we contract derivative financial products. The increase in the fair value of the derivative products amounting to \u20ac38,591,131 represents an increase in the net result and in the net asset value (NAV) of \u20ac1.39, without having an impact in the adjusted EPRA Earnings and, therefore, the capacity of the Company to pay its proposed dividend. An increase in market interest rates by 1% results in an increase in the fair value of the derivative financial products amounting to \u20ac10,579,826 or \u20ac0.381 per share and an increase in the net asset value (NAV) also amounting to \u20ac0.381 per share. A fall in market interest rates by 1% results in a diminution in the fair value amounting to \u20ac11,823,117 or \u20ac0.426 per share and a fall in the net asset value (NAV) per share amounting to the same amount.The Company assesses the probability of this risk factor as well as the impact intrinsically as average. T\u20094.4.3\u2002\ue9f0 Restrictive measures and management of the riskAll derivative financial products are held solely for hedging purposes. No speculative instruments are held. All derivative financial products are interest rate swaps. Care Property Invest also works only with reputable financial institutions (Belfius Bank, KBC Bank, BNP Paribas Fortis and ING). The Company conducts frequent talks with these financial institutions on the evolution of the interest rates and the impact on the existing derivative financial products. The Company also monitors the relevant interest rates itself.However, the current economic situation is causing increased volatility and pressure on interest rates so this monitoring becomes all the more important to counter volatility. In addition, it will not be certain that the Company will find the hedging instruments it wishes to enter into in the future, nor that the terms associated with the hedging instruments will be acceptable.The Company estimates the residual risk, i.e. taking into account the mitigating factors and controlling the risk, as low in terms of probability and average in terms of impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__52-1": {
"value": "T\u20095.1\u2002Net result per shareAmounts in EUR 31/12/2022 31/12/2021NET RESULT / GLOBAL RESULT 88,664,299 59,654,821Net result per share based on weighted average shares outstanding \u20ac 3.1961 \u20ac 2.2976Gross yield compared to the initial issuing price in 1996 53.72% 38.62%Gross yield compared to stock market price on closing date 20.28% 8.92%T\u20095.2\u2002Components of the net resultAmounts in EUR 31/12/2022 31/12/2021NET RESULT / GLOBAL RESULT 88,664,299 59,654,821NON-CASH ELEMENTS INCLUDED IN THE NET RESULT -54,323,064 -32,196,859Depreciations, impairments and reversal of impairments 433,058 254,511Changes in fair value of investment properties -19,326,917 -22,143,057Changes in fair value of authorised hedging instruments -38,591,131 -11,165,200Projects' profit or loss margin attributed to the period 3,071,632 856,887Deferred taxes 90,295 0ADJUSTED EPRA EARNINGS 34,341,235 27,457,962Adjusted EPRA earnings per share based on weighted average number of \u20ac 1.2379 \u20ac 1.0576outstanding sharesGross yield compared to the initial issuing price in 1996 20.81% 17.78%Gross yield compared to stock market price on closing date 7.85% 4.11%The weighted average number of outstanding shares was 25,963,657 as at 31 December 2021 and increased to 27,741,625 shares as at 31 December 2022. The number of shares amounted to 26,931,116 as at 31 December 2021 (including 9,192 own shares) and increased to 27,741,625 shares as at 31 December 2022. On this date, the Company no longer held any treasury shares.The number of shares changed as a result of (i) an optional dividend for the 2021 financial year which was successfully completed on 20 June 2022 and led to the issue of 171,794 new shares and (ii) a capital increase in kind for the acquisition of 100% of the shares in Igor Haacht nv, which owns the assisted living complex 'Klapgat' located in Haacht. This transaction took place on 7 July 2022, for which 638,715 new shares were issued. With the realisation of a capital increases in cash on 24 January 2023, 9,247,208 new shares were issued resulting in a total number of 36,988,833 fully paid-up shares with voting rights as of this date.The gross return is calculated in table \u2018T.5.1 Net result per share on a consolidated basis\u2019 by dividing the net result per share by the initial issue price in 1996 (i.e., \u20ac5.9495) on the one hand and the market value on the closing date on the other hand. In table \u2018T.5.2 Components of the net result\u2019, the gross yield is calculated by dividing the adjusted EPRA earnings per share by the initial issue price in 1996 (i.e., \u20ac5.9495), on the one hand, and the market capitalisation on the closing date, on the other. The share price was \u20ac15.76 as at 31 December 2022 and \u20ac25.75 as at 31 December 2021. There are no instruments that have a potentially dilutive effect on the net result per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__55": {
"value": "T\u20095.3\u2002Rental incomeAmounts in EUR 31/12/2022 31/12/2021Rental income and rental discounts for investment properties 37,887,735 27,368,967Rent 35,809,749 26,928,912Rental discounts 2,077,986 440,056Income from financial leases and other similar leases 16,491,130 15,864,701Ground rent 16,491,130 15,864,701TOTAL 54,378,866 43,233,668The item \u2018Rental income and rental discounts for investment properties\u2019 concerns the income from I.C. Investment properties, accounted for in accordance with IAS 40. As at 31 December 2022, these accounted for 69.67% of the Company\u2019s total rental income. The item \u2018\u2018Rental income from finance leases and similar\u2019 concerns the rental income from buildings, which the Company owns and which it receives as lessor and were recorded as rental income in the global result statement, (1).as they relate to recurring income that the Company receives from its buildings. This rental income relates on the one hand to the portfolio built up until 2014 with local PCSWs (public centre for social welfare -local (2)governments) and non-profit organisations (initial portfolio) and on the other hand to new leases entered into (3)after 2014 (new portfolio), all of which are generated by I.F. Finance lease receivables in the consolidated balance sheet. For the finance leases from the new portfolio, the ground rent payments are split between \u2018investment value\u2019 and \u2018income\u2019: the investment part is booked under I.F. Finance lease receivables in the balance sheet, the income part is booked under I. Rental income in the global result statement. As at 31 December 2022, the ground rent received by the Company from its finance leases represents 30.33% of the total rental income of the Company.The 25.78% increase in rental income is the result of the growth of the portfolio during the 2022 financial year, the taking into operation of development projects and the indexation of existing rental income.Future ground rent receipts (in accordance with IFRS 16)Amounts in EUR 31/12/2022 31/12/2021Future ground rent and rent payments 137,601,054 165,682,527Expiring < 1 year 10,374,953 10,994,953Expiring between 1 year and 5 years 40,581,607 43,882,639Expiring > 5 years 86,644,494 110,804,935Future ground rents are at least equal to the contractually agreed ground rents for the entire duration of the project and do not take into account annual index adjustments. For the finance leases from the new portfolio, these also include the repayment of the investment, which at the time of receipt will be written off from I.F. Finance lease receivables in the balance sheet.(1) For a comprehensive legal analysis, see chapter \u2018III. Report of the Board of Directors\u2019 under \u20181. Strategy: Care building in complete confidence\u2019 on page 42.(2) As at 31/12/2022, the initial portfolio has a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228.(3) As at 31/12/2022, the new portfolio has a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__54": {
"value": "T\u20095.3\u2002Rental incomeAmounts in EUR 31/12/2022 31/12/2021Rental income and rental discounts for investment properties 37,887,735 27,368,967Rent 35,809,749 26,928,912Rental discounts 2,077,986 440,056Income from financial leases and other similar leases 16,491,130 15,864,701Ground rent 16,491,130 15,864,701TOTAL 54,378,866 43,233,668The item \u2018Rental income and rental discounts for investment properties\u2019 concerns the income from I.C. Investment properties, accounted for in accordance with IAS 40. As at 31 December 2022, these accounted for 69.67% of the Company\u2019s total rental income. The item \u2018\u2018Rental income from finance leases and similar\u2019 concerns the rental income from buildings, which the Company owns and which it receives as lessor and were recorded as rental income in the global result statement, (1).as they relate to recurring income that the Company receives from its buildings. This rental income relates on the one hand to the portfolio built up until 2014 with local PCSWs (public centre for social welfare -local (2)governments) and non-profit organisations (initial portfolio) and on the other hand to new leases entered into (3)after 2014 (new portfolio), all of which are generated by I.F. Finance lease receivables in the consolidated balance sheet. For the finance leases from the new portfolio, the ground rent payments are split between \u2018investment value\u2019 and \u2018income\u2019: the investment part is booked under I.F. Finance lease receivables in the balance sheet, the income part is booked under I. Rental income in the global result statement. As at 31 December 2022, the ground rent received by the Company from its finance leases represents 30.33% of the total rental income of the Company.The 25.78% increase in rental income is the result of the growth of the portfolio during the 2022 financial year, the taking into operation of development projects and the indexation of existing rental income.Future ground rent receipts (in accordance with IFRS 16)Amounts in EUR 31/12/2022 31/12/2021Future ground rent and rent payments 137,601,054 165,682,527Expiring < 1 year 10,374,953 10,994,953Expiring between 1 year and 5 years 40,581,607 43,882,639Expiring > 5 years 86,644,494 110,804,935Future ground rents are at least equal to the contractually agreed ground rents for the entire duration of the project and do not take into account annual index adjustments. For the finance leases from the new portfolio, these also include the repayment of the investment, which at the time of receipt will be written off from I.F. Finance lease receivables in the balance sheet.(1) For a comprehensive legal analysis, see chapter \u2018III. Report of the Board of Directors\u2019 under \u20181. Strategy: Care building in complete confidence\u2019 on page 42.(2) As at 31/12/2022, the initial portfolio has a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228.(3) As at 31/12/2022, the new portfolio has a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__57-1": {
"value": "T\u20095.4\u2002Recovery of rental charges and taxes normally borne by the tenant on let propertiesAmounts in EUR 31/12/2022 31/12/2021Recuperated withholding tax and other taxes 550,597 303,845Recuperated other costs 169,341 115,537TOTAL 719,938 419,382T\u20095.7\u2002Other operating expenses and income of the CompanyAmounts in EUR 31/12/2022 31/12/2021Costs -3,475,194 -1,163,288Taxes -135,840 -71,814Costs to be charged on -6,072 -5,415Real estate leases - loss margin attributed to the period -3,309,603 -1,040,326Other operating expenses -23,679 -45,733Income 1,364,653 1,133,849Costs charged on 12,763 10,709Project management fees 603,065 720,080Real estate leases - profit margin attributed to the period 237,971 183,438Other operating income 510,853 219,622TOTAL -2,110,541 -29,439Other operating expenses consist mainly of the loss margin for projects allocated to the period. Of this amount, \u20ac3,071,632 is attributable to the sale of the 'Residentie De Anjers' project in Balen (BE) as a result of the write-down of the trade receivable (unrealised capital gain) on this project. This is a non-cash item adjusted for the calculation of adjusted EPRA earnings.Other operating income consists mainly of project management fees, which mainly relate to the recovery of pre-financing costs of ongoing Dutch projects, the profit margin for the projects allocated to the period and other operating income which mainly relates to various project-related revenues.Besides the write-off of the trade receivable for the 'Residentie De Anjers' project already mentioned, the profit/loss margin on the projects results from the further development of these projects. These are also unrealised revenues/costs so they are corrected in the adjusted EPRA earnings and consequently do not qualify for dividend distribution.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__56-1": {
"value": "T\u20095.4\u2002Recovery of rental charges and taxes normally borne by the tenant on let propertiesAmounts in EUR 31/12/2022 31/12/2021Recuperated withholding tax and other taxes 550,597 303,845Recuperated other costs 169,341 115,537TOTAL 719,938 419,382T\u20095.5\u2002Rental charges and taxes normally payable by the tenant on let propertiesAmounts in EUR 31/12/2022 31/12/2021Rental charges borne by the owner -39,144 0Withholding tax and other taxes to recover -550,597 -303,845Other costs to recuperate -166,277 -115,537TOTAL -756,018 -419,382T\u20095.7\u2002Other operating expenses and income of the CompanyAmounts in EUR 31/12/2022 31/12/2021Costs -3,475,194 -1,163,288Taxes -135,840 -71,814Costs to be charged on -6,072 -5,415Real estate leases - loss margin attributed to the period -3,309,603 -1,040,326Other operating expenses -23,679 -45,733Income 1,364,653 1,133,849Costs charged on 12,763 10,709Project management fees 603,065 720,080Real estate leases - profit margin attributed to the period 237,971 183,438Other operating income 510,853 219,622TOTAL -2,110,541 -29,439Other operating expenses consist mainly of the loss margin for projects allocated to the period. Of this amount, \u20ac3,071,632 is attributable to the sale of the 'Residentie De Anjers' project in Balen (BE) as a result of the write-down of the trade receivable (unrealised capital gain) on this project. This is a non-cash item adjusted for the calculation of adjusted EPRA earnings.Other operating income consists mainly of project management fees, which mainly relate to the recovery of pre-financing costs of ongoing Dutch projects, the profit margin for the projects allocated to the period and other operating income which mainly relates to various project-related revenues.Besides the write-off of the trade receivable for the 'Residentie De Anjers' project already mentioned, the profit/loss margin on the projects results from the further development of these projects. These are also unrealised revenues/costs so they are corrected in the adjusted EPRA earnings and consequently do not qualify for dividend distribution.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__59-1": {
"value": "T\u20095.5\u2002Rental charges and taxes normally payable by the tenant on let propertiesAmounts in EUR 31/12/2022 31/12/2021Rental charges borne by the owner -39,144 0Withholding tax and other taxes to recover -550,597 -303,845Other costs to recuperate -166,277 -115,537TOTAL -756,018 -419,382T\u20095.7\u2002Other operating expenses and income of the CompanyAmounts in EUR 31/12/2022 31/12/2021Costs -3,475,194 -1,163,288Taxes -135,840 -71,814Costs to be charged on -6,072 -5,415Real estate leases - loss margin attributed to the period -3,309,603 -1,040,326Other operating expenses -23,679 -45,733Income 1,364,653 1,133,849Costs charged on 12,763 10,709Project management fees 603,065 720,080Real estate leases - profit margin attributed to the period 237,971 183,438Other operating income 510,853 219,622TOTAL -2,110,541 -29,439Other operating expenses consist mainly of the loss margin for projects allocated to the period. Of this amount, \u20ac3,071,632 is attributable to the sale of the 'Residentie De Anjers' project in Balen (BE) as a result of the write-down of the trade receivable (unrealised capital gain) on this project. This is a non-cash item adjusted for the calculation of adjusted EPRA earnings.Other operating income consists mainly of project management fees, which mainly relate to the recovery of pre-financing costs of ongoing Dutch projects, the profit margin for the projects allocated to the period and other operating income which mainly relates to various project-related revenues.Besides the write-off of the trade receivable for the 'Residentie De Anjers' project already mentioned, the profit/loss margin on the projects results from the further development of these projects. These are also unrealised revenues/costs so they are corrected in the adjusted EPRA earnings and consequently do not qualify for dividend distribution.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__61": {
"value": "T\u20095.6\u2002General expenses of the CompanyAmounts in EUR 31/12/2022 31/12/2021Auditor's fee -116,854 -133,592Fees for notary, lawyers and architects -235,640 -236,145External advice -605,131 -234,284Public relations, communications & marketing -226,740 -178,943IT -233,914 -174,070Costs linked to the status of the RREC -647,633 -600,673Costs of real estate expert -302,410 -209,344Remuneration of directors, CEO and Executive Committee members -2,599,449 -2,303,586Remuneration -2,860,751 -2,242,171Depreciations and impairments -433,058 -253,990Other general operating expenses -1,501,226 -1,329,743TOTAL -9,762,807 -7,896,542Costs relating to acquisitions are activated in accordance with IAS 40. For additional explanations on the remuneration of the Directors and the Executive Committee, we refer to chapter \u2018III. Report of the Board of Directors\u2019 under point \u201811.11 Remuneration report 2022\u2019 on page 110. The increase in the company's general expenses can largely be attributed to the increase in remunerations, as the average workforce increased from 20.90 FTEs as at 31 December 2021 to 24.17 FTEs as at 31 December 2022.In addition, the Company's growth also contributes to the increase in the Company's general costs, including depreciation (as a result of the taking into operation of the new building in Schoten), external advice and the costs specific to the RREC statute, such as, among other things, the UCI tax and real estate expert costs.Care Property Invest has taken out a defined contribution type group insurance policy (\u2018Defined Contribution Plan\u2019) for its permanent staff with Belfius Bank & Insurance. The contributions to this plan are entirely at the expense of Care Property Invest. In particular, no own contributions are paid by the employee. Belfius Bank has confirmed that as at 31 December 2022 the minimum return, including profit participation, has been achieved. In other words, no provision needs to be made.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__60": {
"value": "T\u20095.6\u2002General expenses of the CompanyAmounts in EUR 31/12/2022 31/12/2021Auditor's fee -116,854 -133,592Fees for notary, lawyers and architects -235,640 -236,145External advice -605,131 -234,284Public relations, communications & marketing -226,740 -178,943IT -233,914 -174,070Costs linked to the status of the RREC -647,633 -600,673Costs of real estate expert -302,410 -209,344Remuneration of directors, CEO and Executive Committee members -2,599,449 -2,303,586Remuneration -2,860,751 -2,242,171Depreciations and impairments -433,058 -253,990Other general operating expenses -1,501,226 -1,329,743TOTAL -9,762,807 -7,896,542Costs relating to acquisitions are activated in accordance with IAS 40. For additional explanations on the remuneration of the Directors and the Executive Committee, we refer to chapter \u2018III. Report of the Board of Directors\u2019 under point \u201811.11 Remuneration report 2022\u2019 on page 110. The increase in the company's general expenses can largely be attributed to the increase in remunerations, as the average workforce increased from 20.90 FTEs as at 31 December 2021 to 24.17 FTEs as at 31 December 2022.In addition, the Company's growth also contributes to the increase in the Company's general costs, including depreciation (as a result of the taking into operation of the new building in Schoten), external advice and the costs specific to the RREC statute, such as, among other things, the UCI tax and real estate expert costs.Care Property Invest has taken out a defined contribution type group insurance policy (\u2018Defined Contribution Plan\u2019) for its permanent staff with Belfius Bank & Insurance. The contributions to this plan are entirely at the expense of Care Property Invest. In particular, no own contributions are paid by the employee. Belfius Bank has confirmed that as at 31 December 2022 the minimum return, including profit participation, has been achieved. In other words, no provision needs to be made.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__65-1": {
"value": "T\u20095.8\u2002Changes in the fair value of investment propertiesAmounts in EUR 31/12/2022 31/12/2021Positive variations in the fair value of investment properties 40,187,885 31,233,487Negative variations in the fair value of investment properties -20,860,968 -9,090,430TOTAL 19,326,917 22,143,057The real estate experts value the Company\u2019s investment properties on its balance sheet on a quarterly basis in accordance with IAS 40. An administrative correction was made for rent-free periods awarded to operators of the real estate, as the real estate expert already takes account of the future cash flows (including rent discounts) and double counting would otherwise occur.The increase reflects an overall positive variation in the fair value of the investment properties in portfolio among others due to inflation that the Company can pass on to its tenants. Again, this is unrealised variation which is corrected in the adjusted EPRA earnings.T\u20095.32\u2002Notes on fair valueIn accordance with IFRS 13, the items in the balance sheet for which the fair value can be calculated are presented below, divided into levels as defined by IFRS 13. This scale consists of three levels: Level 1: quoted prices in the asset markets; Level 2: observable data other than quoted prices included in Level 1; Level 3: unobservable data.31/12/2022 31/12/2021Balance sheet items Level Book value Fair value Book value Fair valueInvestment properties 3 934,268,830 934,268,830 718,031,800 718,031,800Finance lease receivables and trade 2 188,756,149 197,017,859 201,585,466 267,844,539receivables and other non-current (1)assets Financial fixed assets 2 26,781,435 26,781,435 2,685,847 2,685,847Trade receivables 2 6,021,636 6,021,636 4,514,443 4,514,443Cash and cash equivalents 1 2,371,183 2,371,183 2,544,873 2,544,873Non-current and current 2 583,303,301 580,279,394 425,820,598 458,240,052financial liabilitiesOther non-current financial liabilities 2 4,998,048 4,998,048 19,494,005 19,494,005Other non-current liabilities 2 1,970,685 1,970,685 1,993,405 1,993,405Trade payables and other current 2 13,694,711 13,694,711 12,245,266 12,245,266liabilitiesOther current liabilities 2 1,398,649 1,398,649 3,550,796 3,550,796(1) The fair value of \u2018financial trade receivables\u2019 and the \u2018financial liabilities\u2019 was calculated by discounting all future cash flows at an IRS rate prevailing as at 31 December of the relevant year, depending on the maturity of the underlying contract, plus a margin. For more information, see item \u2018T5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 218 further on in this section.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__68": {
"value": "T\u20095.9\u2002Net interest expenseAmounts in EUR 31/12/2022 31/12/2021Nominal interest charges on loans -7,673,246 -4,977,354Bonds - fixed interest rate -1,194,823 -686,620Commercial paper - floating interest rate -338,881 -104,484Investment loans - fixed interest rate -3,810,231 -3,813,142Investment loans - floating interest rate -2,329,311 -373,108Cost of authorised hedging instruments -2,181,773 -2,783,256Authorised hedging instruments that are not subject to hedge accounting as -2,181,773 -2,783,256defined in IFRSOther interest charges -133,615 -83,857TOTAL -9,988,634 -7,844,467Interest costs have increased as a result of, on the one hand, the additional raising of foreign funds to finance additional acquisitions and ongoing development projects in 2021 and 2022 and, on the other hand, sharply rising interest rates on the market. This is therefore reflected in the increase of the weighted average interest rate (including IRSs), which is 2.14% as at 31 December 2022 compared to 1.92% as at 31 December 2021.The average remaining duration of the loans is 5.94 years as at 31 December 2022.The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 216.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__67": {
"value": "T\u20095.9\u2002Net interest expenseAmounts in EUR 31/12/2022 31/12/2021Nominal interest charges on loans -7,673,246 -4,977,354Bonds - fixed interest rate -1,194,823 -686,620Commercial paper - floating interest rate -338,881 -104,484Investment loans - fixed interest rate -3,810,231 -3,813,142Investment loans - floating interest rate -2,329,311 -373,108Cost of authorised hedging instruments -2,181,773 -2,783,256Authorised hedging instruments that are not subject to hedge accounting as -2,181,773 -2,783,256defined in IFRSOther interest charges -133,615 -83,857TOTAL -9,988,634 -7,844,467Interest costs have increased as a result of, on the one hand, the additional raising of foreign funds to finance additional acquisitions and ongoing development projects in 2021 and 2022 and, on the other hand, sharply rising interest rates on the market. This is therefore reflected in the increase of the weighted average interest rate (including IRSs), which is 2.14% as at 31 December 2022 compared to 1.92% as at 31 December 2021.The average remaining duration of the loans is 5.94 years as at 31 December 2022.The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 216.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__66": {
"value": "T\u20095.9\u2002Net interest expenseAmounts in EUR 31/12/2022 31/12/2021Nominal interest charges on loans -7,673,246 -4,977,354Bonds - fixed interest rate -1,194,823 -686,620Commercial paper - floating interest rate -338,881 -104,484Investment loans - fixed interest rate -3,810,231 -3,813,142Investment loans - floating interest rate -2,329,311 -373,108Cost of authorised hedging instruments -2,181,773 -2,783,256Authorised hedging instruments that are not subject to hedge accounting as -2,181,773 -2,783,256defined in IFRSOther interest charges -133,615 -83,857TOTAL -9,988,634 -7,844,467Interest costs have increased as a result of, on the one hand, the additional raising of foreign funds to finance additional acquisitions and ongoing development projects in 2021 and 2022 and, on the other hand, sharply rising interest rates on the market. This is therefore reflected in the increase of the weighted average interest rate (including IRSs), which is 2.14% as at 31 December 2022 compared to 1.92% as at 31 December 2021.The average remaining duration of the loans is 5.94 years as at 31 December 2022.The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 216.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__70": {
"value": "T\u20095.10\u2002Other financial costsAmounts in EUR 31/12/2022 31/12/2021Bank charges and other commissions -929,943 -586,893TOTAL -929,943 -586,893",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__69": {
"value": "T\u20095.10\u2002Other financial costsAmounts in EUR 31/12/2022 31/12/2021Bank charges and other commissions -929,943 -586,893TOTAL -929,943 -586,893",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__71-1": {
"value": "T\u20095.11\u2002Changes in the fair value of financial assets and liabilitiesAmounts in EUR 31/12/2022 31/12/2021Changes in the fair value : interest rate swap (positive) 38,591,131 11,165,200TOTAL 38,591,131 11,165,200as at 31 December 2022.IRS payer Notional Expiration Interest rate Interest receivable Remaining Valuation on amountdatepayableterm - 31/12/2022number of yearsBelfius 1,187,486 1/02/2033 5.100% EURIBOR 1M + 25 bp 10.10 -229,182.76 Belfius 1,213,165 3/08/2026 5.190% EURIBOR 1M + 110 bp 3.59 -65,231.72 Belfius 1,511,366 2/10/2034 4.850% EURIBOR 1M + 25 bp 11.76 -228,237.28 Belfius 1,618,799 2/05/2033 4.620% EURIBOR 1M + 25 bp 10.34 -225,594.55 Belfius 1,667,307 2/05/2035 4.315% EURIBOR 1M + 12 bp 12.34 -223,636.78 Belfius 1,736,652 2/01/2036 5.050% EURIBOR 1M + 12 bp 13.01 -405,061.08 Belfius 1,885,159 3/10/2033 4.300% EURIBOR 1M + 25 bp 10.76 -177,323.03 Belfius 2,067,360 2/11/2032 4.040% EURIBOR 1M + 25 bp 9.85 -134,982.73 Belfius 2,147,305 3/04/2034 4.065% EURIBOR 1M + 25 bp 11.26 -204,682.73 Belfius 2,283,967 1/10/2036 5.010% EURIBOR 1M + 12 bp 13.76 -454,517.61 Belfius 2,406,537 1/08/2036 4.930% EURIBOR 1M + 12 bp 13.59 -74,831.67 Belfius 2,993,024 1/03/2035 4.650% EURIBOR 1M + 25 bp 12.17 -486,329.01 Belfius 3,003,108 1/12/2034 4.940% EURIBOR 1M + 25 bp 11.93 -459,688.73 Belfius 3,061,479 1/02/2027 5.260% EURIBOR 1M + 110 bp 4.09 -269,615.12 Belfius 3,222,433 31/12/2036 4.710% EURIBOR 1M + 15.4 bp 14.01 -500,955.14 Belfius 3,786,791 31/12/2036 4.350% EURIBOR 1M + 12 bp 14.01 -458,177.88 Belfius 5,000,000 23/10/2034 0.255% EURIBOR 3M 11.82 1,389,043.56 Belfius 5,000,000 23/10/2034 0.310% EURIBOR 6M 11.82 1,360,562.24 Belfius 5,000,000 4/12/2034 0.310% EURIBOR 3M 11.93 1,369,112.13 BNP Paribas Fortis 3,685,000 31/03/2026 2.460% EURIBOR 1M 3.25 68,254.55 (1)1,473,250 31/03/2026 2.060% EURIBOR 1M 3.25 23,903.88 BNP Paribas Fortis BNP Paribas Fortis 2,156,104 30/06/2029 2.530% EURIBOR 1M 6.50 59,573.83 KBC 12,000,000 17/07/2029 0.653% EURIBOR 3M 6.55 1,748,686.06 KBC 8,000,000 29/03/2029 0.488% EURIBOR 3M 6.25 1,157,570.70 KBC 8,000,000 11/12/2029 0.050% EURIBOR 3M 6.95 1,488,935.68 KBC 10,000,000 19/02/2030 -0.083% EURIBOR 3M 7.14 2,001,444.72 KBC 5,000,000 4/03/2030 -0.204% EURIBOR 3M 7.18 1,041,325.41 KBC 40,000,000 18/06/2035 0.090% EURIBOR 3M 12.47 12,043,727.17 ING 5,000,000 30/09/2029 -0.160% EURIBOR 3M 6.75 973,016.00 ING 10,000,000 28/02/2030 -0.141% EURIBOR 3M 7.17 2,053,233.42 TOTAL 156,106,292 21,780,342 (1) Write-down reference amount over the life of the swap. The fair value of the hedging instruments is subject to the evolution of interest rates on the financial markets. A change in the yield curve of 0.25% (more positive or negative) would have an impact on the fair value of the loan portfolio of approximately \u20ac2.8 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__72": {
"value": "T\u20095.12\u2002TaxesAmounts in EUR 31/12/2022 31/12/2021Parent company -280,476 -79,603Result before tax 89,467,959 59,920,692Result exempt from tax thanks to the RREC regime -89,467,959 -59,920,692Taxable result in Belgium related to non-deductible expenses 338,122 164,889Belgian taxes due and deductible -84,531 -41,222Other -195,946 -38,381Subsidiaries -267,782 -282,340Belgian taxes due and deductible -83,881 -91,115(1)Foreign taxes due and deductible -183,901 -191,224 (1)Corporate income tax-548,258 -361,943(1)Exit tax -255,402 -164,160TOTAL -803,660 -526,103(1) Due to reclassifications between 'Corporate tax' and 'Exit tax', the figures as at 31 December 2021 were also adjusted to allow for correct comparability.Corporate income tax consists of the taxes payable on Care Property Invest's rejected expenses (as a RREC, it is taxed only on its rejected expenses, abnormally gratuitous benefits and secret commissions) and the tax on the profits of its consolidated subsidiaries in Belgium and abroad. Also in The Netherlands (FBI) and Spain (Socimi), the subsidiaries are subject to a favourable tax status (similar to the Belgian GVV/RREC status) which result in a tax rate of 0%. The applicable Belgian corporate income tax rate is 25% for the 2021 and 2022 financial years.The exit tax in 2022 mainly relates to the exit tax payable following the silent merger of Apollo Lier nv with Care Property Invest, which took place on 29 November 2022.Middelkerke (BE) I De Sille Meers",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__75-1": {
"value": "T\u20095.13\u2002Intangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Book value at the beginning of the financial year 122,671 158,457Gross amount 273,052 257,946Accumulated depreciation -150,381 -99,488Investments 21,007 15,106Depreciation -52,022 -50,892Book value at the end of the financial year 91,656 122,671Gross amount 294,059 273,052Accumulated depreciation -202,403 -150,381The intangible fixed assets relate to licences.T\u20095.15\u2002Other tangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Tangible fixed assets for own use Book value at the beginning of the financial year 4,517,345 2,246,034Gross amount 5,272,868 2,875,892Accumulated depreciation -755,523 -629,858Investments 449,045 2,470,292Divestments -70,026 -73,316Depreciation -288,225 -175,368Reversal of depreciations for divestments 38,936 49,703Book value at the end of the financial year 4,647,075 4,517,345Gross amount 5,651,888 5,272,868Accumulated depreciation -1,004,813 -755,523LeasingBook value at the beginning of the financial year 198,616 0Gross amount 226,345Accumulated depreciation -27,730Investments 205,368 226,345Depreciation -92,811 -27,730Book value at the end of the financial year 311,173 198,616Gross amount 431,714 226,345Accumulated depreciation -120,540 -27,730Project developmentsBook value at the beginning of the financial year 23,716 24,989Completions 0 -1,273Book value at the end of the financial year 23,716 23,716",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__74": {
"value": "T\u20095.13\u2002Intangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Book value at the beginning of the financial year 122,671 158,457Gross amount 273,052 257,946Accumulated depreciation -150,381 -99,488Investments 21,007 15,106Depreciation -52,022 -50,892Book value at the end of the financial year 91,656 122,671Gross amount 294,059 273,052Accumulated depreciation -202,403 -150,381The intangible fixed assets relate to licences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__73": {
"value": "T\u20095.13\u2002Intangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Book value at the beginning of the financial year 122,671 158,457Gross amount 273,052 257,946Accumulated depreciation -150,381 -99,488Investments 21,007 15,106Depreciation -52,022 -50,892Book value at the end of the financial year 91,656 122,671Gross amount 294,059 273,052Accumulated depreciation -202,403 -150,381The intangible fixed assets relate to licences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__76": {
"value": "T\u20095.14\u2002Investment properties2022 2021Amounts in EUR Real estate in Project Rights in Real estate in Project Rights in operationDevelopmentsremoperationDevelopmentsremBook value on 1 653,967,470 62,597,730 1,466,600 471,516,140 60,925,609 1,412,772JanuaryAcquisitions 143,417,182 51,590,105 36,746 108,781,386 54,338,538 19,971through purchase or contributionChange in fair value 22,012,247 -681,908 36,075 19,908,324 1,095,203 33,857excl. rental discountTransfer to/from 61,021,360 -61,021,360 53,761,620 -53,761,620 (1)other items(2)Sales and transfers -173,419Book value on 880,418,261 52,484,567 1,366,002 653,967,470 62,597,730 1,466,60031 December(1) 2021: Completion of the projects 'R\u00e9sidences des Ardennes' in Attert (BE), 'De Gouden Leeuw (Zutphen)' in Zutphen (NL), 'Villa Wulperhorst' in Zeist (NL), 'De Orangerie' in Nijmegen (NL) and 'Margaritha Maria Kerk - Kerk' in Tilburg (NL). 2022: Completion of the projects 'Margaritha Maria Kerk - Pastorie' in Tilburg (NL), 'Aldenborgh' in Roermond (NL), 'Villa Vught' in Vught (NL), 'Mari\u00ebnhaven' in Warmond (NL), 'Huize Elsrijk' in Amstelveen (NL), 'Villa Ouderkerk' in Ouderkerk aan de Amstel (NL) and 'Emera Carabanchel' in Carabanchel (ES).(2) The amount concerns the write-off of the right in rem on the land of the 'Residentie De Anjers' project in Balen (BE) following the sale of this project in the course of 2022.Investment properties are recorded at fair value, using the fair value model, in accordance with the IAS 40 Standard. The fair value is supported by market data and is based on the valuation performed by an independent real estate expert with a relevant and recognised professional qualification who has recent experience in the location and nature of similar investment properties. The portfolio was valued by Stadim, Cushman & Wakefield and CBRE as at 31 December 2022 for a fair value of \u20ac934.3 million (including the rights in rem which are also classified as investment properties in accordance with IFRS 16). The capitalisation rate applied to the contractual rents is on average 5.03% for 2022 compared to 5.02% for 2021.The positive variation in the valuation of the investment properties is, among others due to inflation that the Company can pass on to its tenants and the the latent capital gain on the project developments.The acquisitions and investments of the financial year are discussed in chapter \u2018III. Report of the Board of Directors\u2019 under '2.1 Important events during the 2022 financial year' on page 50. For further explanation of the project developments, we also refer to the chapter \u2018VI. Real estate report\u2019 at point '3.2 Table summarising the projects under development' on page 164.The investment property rights in rem concern leasehold agreements of the Company that are capitalised under the investment properties in accordance with IFRS 16. A leasehold obligation is also linked to this on the liabilities side of the balance sheet.The fair value is determined using unobservable inputs, as a result of which the assets within the investment properties are considered to be \u2018level 3\u2019 on the fair value scale defined by IFRS 13. During the 2022 financial year there were no shifts between levels 1, 2 and 3. The evaluation methods are mentioned in chapter \u2018VIII. Permanent document\u2019 under the point 'Valuation method' on page 257 of this annual financial report. The main quantitative information on the valuation of the fair value of the investment properties based on unobservable data (level 3) and of those presented below are data from the report of the independent real estate experts. Financial year as closed on 31 December 2022Type of asset Fair value on 31 Dec Evaluation Unobservable Min Max Weighted 2022 (x \u20ac1,000)methoddataaverageHousing for seniors - 880,418DCF (1)GHW/m\u00b2 52.2 426.7 123.8Investment propertiesm\u00b2 942 37,287 6,221Inflation 1.75% 3.03% 2.29%Discounting level 3.98% 5.76% 5.04%Remaining 7.4 29.5 22.5duration (years)Housing for seniors - 52,485DCF (1)GHW/m\u00b2 75.8 213.7 128.6Project developmentsm\u00b2 1,530 7,521 4,400Inflation 1.95% 2.25% 2.09%Discounting level 4.61% 5.44% 5.00%(1) Discounting of estimated cash flowsFinancial year as closed on 31 December 2021Type of asset Fair value on 31 Dec Evaluation Unobservable Min Max Weighted 2021 (x \u20ac1,000)methoddataaverageHousing for seniors - 653,967DCF (1)GHW/m\u00b2 53.6 370.9 123.8Investment propertiesm\u00b2 942 37,287 6,772Inflation 1.50% 1.50% 1.50%Discounting level 4.30% 5.55% 4.97%Remaining 8.4 28.1 23.5duration (years)Housing for seniors - 62,598DCF (1)GHW/m\u00b2 73.4 261.0 135.2Project developmentsm\u00b2 1,280 11,790 4,008Inflation 1.50% 1.98% 1.55%Discounting level 4.61% 5.43% 5.25%(1) Discounting of estimated cash flowsAn occupancy rate of 100% is taken into account for the valuation of the buildings. The differences between the minimum and maximum values are explained by the fact that the different parameters applied in the discounted cash flow method depend on the location of the assets, the quality of the building and the operator, the duration of the lease agreement, etc. Moreover, these unobservable data may be linked because they are partly determined by market conditions.In accordance with the legal provisions, the buildings are valued at fair value on a quarterly basis by independent real estate experts appointed by the Company. These reports are based on information provided by the Company, such as contractual rents, tenancy contracts, investment budgets, etc. These data are derived from the Company\u2019s information system and are therefore subject to its internal control environment. Furthermore, the reports were based on assumptions and evaluation models developed by the independent experts based on their professional judgment and market knowledge. The reports of the independent experts are checked by the Company\u2019s Executive Committee. If the Committee takes the view that the reports of the independent expert are coherent, they are submitted to the Board of Directors.The sensitivity of the fair value to a variation in the principal unobservable data disclosed is generally presented (if all parameters remain the same) as the effect on decrease or increase, as shown below.Unobservable data Fair value impact on decrease Fair value impact on increase2ERV (Estimated Rental Value) mNegative PositiveInflation Negative PositiveDiscount rate Positive NegativeRemaining duration (year) Negative PositiveA 1% fluctuation in the value of the real estate portfolio (positive or negative) would have an impact of approximately 0.42% on the debt ratio. A 1% increase in the financial return would have a negative impact of 17.1% on the value of the investment properties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__77": {
"value": "T\u20095.15\u2002Other tangible fixed assetsAmounts in EUR 31/12/2022 31/12/2021Tangible fixed assets for own use Book value at the beginning of the financial year 4,517,345 2,246,034Gross amount 5,272,868 2,875,892Accumulated depreciation -755,523 -629,858Investments 449,045 2,470,292Divestments -70,026 -73,316Depreciation -288,225 -175,368Reversal of depreciations for divestments 38,936 49,703Book value at the end of the financial year 4,647,075 4,517,345Gross amount 5,651,888 5,272,868Accumulated depreciation -1,004,813 -755,523LeasingBook value at the beginning of the financial year 198,616 0Gross amount 226,345Accumulated depreciation -27,730Investments 205,368 226,345Depreciation -92,811 -27,730Book value at the end of the financial year 311,173 198,616Gross amount 431,714 226,345Accumulated depreciation -120,540 -27,730Project developmentsBook value at the beginning of the financial year 23,716 24,989Completions 0 -1,273Book value at the end of the financial year 23,716 23,716",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__79": {
"value": "T\u20095.16\u2002Financial fixed assets and other non-current financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Loans and receivables 3,046 2,631 Deposits 2,436 2,326Other financial fixed assets 610 305Assets at fair value through result 26,778,389 2,683,216 Hedging instruments 26,778,389 2,683,216TOTAL FINANCIAL FIXED ASSETS 26,781,435 2,685,847Liablities at fair value liabilities through result 4,998,048 19,494,005 Hedging instruments 4,998,048 19,494,005TOTAL OTHER NON-CURRENT FINANCIAL LIABILITIES 4,998,048 19,494,005The assets and liabilities at fair value through the result consist of hedging instruments that are not accounted for in accordance with hedging accounting in application of IFRS 9. The purpose of these instruments is to hedge the Company against interest rate risks. In order to hedge the risk of rising interest rates, the Company has opted for hedging instruments in which the debt at a variable interest rate is converted into a debt at a fixed interest rate (\u2018cash flow hedge\u2019).In accordance with IFRS 9, the fair value of financial instruments is included under the item financial assets (in case of a positive valuation) or under the item long-term financial liabilities (in case of a negative valuation). Changes in these fair values are accounted for via the changes in fair value of financial assets and liabilities in the global result statement (see note \u2018T5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 209). The financial instruments are considered to be \u2018level 2\u2019 on the fair value scale as defined by IFRS 13. All hedges are entered into within the framework of financial risk management as described under \u2018Note 4: Financial risk management\u2019 on page 199. The fair value of the instruments is calculated by the banks on the basis of the present value of the estimated future cash flows. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the bank\u2019s own credit risk (\u2018debit valuation adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018credit valuation adjustment\u2019 or \u2018CVA\u2019). The following is an overview of the hedging instruments held by the Company as at 31 December 2022.IRS payer Notional Expiration Interest rate Interest receivable Remaining Valuation on amountdatepayableterm - 31/12/2022number of yearsBelfius 1,187,486 1/02/2033 5.100% EURIBOR 1M + 25 bp 10.10 -229,182.76 Belfius 1,213,165 3/08/2026 5.190% EURIBOR 1M + 110 bp 3.59 -65,231.72 Belfius 1,511,366 2/10/2034 4.850% EURIBOR 1M + 25 bp 11.76 -228,237.28 Belfius 1,618,799 2/05/2033 4.620% EURIBOR 1M + 25 bp 10.34 -225,594.55 Belfius 1,667,307 2/05/2035 4.315% EURIBOR 1M + 12 bp 12.34 -223,636.78 Belfius 1,736,652 2/01/2036 5.050% EURIBOR 1M + 12 bp 13.01 -405,061.08 Belfius 1,885,159 3/10/2033 4.300% EURIBOR 1M + 25 bp 10.76 -177,323.03 Belfius 2,067,360 2/11/2032 4.040% EURIBOR 1M + 25 bp 9.85 -134,982.73 Belfius 2,147,305 3/04/2034 4.065% EURIBOR 1M + 25 bp 11.26 -204,682.73 Belfius 2,283,967 1/10/2036 5.010% EURIBOR 1M + 12 bp 13.76 -454,517.61 Belfius 2,406,537 1/08/2036 4.930% EURIBOR 1M + 12 bp 13.59 -74,831.67 Belfius 2,993,024 1/03/2035 4.650% EURIBOR 1M + 25 bp 12.17 -486,329.01 Belfius 3,003,108 1/12/2034 4.940% EURIBOR 1M + 25 bp 11.93 -459,688.73 Belfius 3,061,479 1/02/2027 5.260% EURIBOR 1M + 110 bp 4.09 -269,615.12 Belfius 3,222,433 31/12/2036 4.710% EURIBOR 1M + 15.4 bp 14.01 -500,955.14 Belfius 3,786,791 31/12/2036 4.350% EURIBOR 1M + 12 bp 14.01 -458,177.88 Belfius 5,000,000 23/10/2034 0.255% EURIBOR 3M 11.82 1,389,043.56 Belfius 5,000,000 23/10/2034 0.310% EURIBOR 6M 11.82 1,360,562.24 Belfius 5,000,000 4/12/2034 0.310% EURIBOR 3M 11.93 1,369,112.13 BNP Paribas Fortis 3,685,000 31/03/2026 2.460% EURIBOR 1M 3.25 68,254.55 (1)1,473,250 31/03/2026 2.060% EURIBOR 1M 3.25 23,903.88 BNP Paribas Fortis BNP Paribas Fortis 2,156,104 30/06/2029 2.530% EURIBOR 1M 6.50 59,573.83 KBC 12,000,000 17/07/2029 0.653% EURIBOR 3M 6.55 1,748,686.06 KBC 8,000,000 29/03/2029 0.488% EURIBOR 3M 6.25 1,157,570.70 KBC 8,000,000 11/12/2029 0.050% EURIBOR 3M 6.95 1,488,935.68 KBC 10,000,000 19/02/2030 -0.083% EURIBOR 3M 7.14 2,001,444.72 KBC 5,000,000 4/03/2030 -0.204% EURIBOR 3M 7.18 1,041,325.41 KBC 40,000,000 18/06/2035 0.090% EURIBOR 3M 12.47 12,043,727.17 ING 5,000,000 30/09/2029 -0.160% EURIBOR 3M 6.75 973,016.00 ING 10,000,000 28/02/2030 -0.141% EURIBOR 3M 7.17 2,053,233.42 TOTAL 156,106,292 21,780,342 (1) Write-down reference amount over the life of the swap. The fair value of the hedging instruments is subject to the evolution of interest rates on the financial markets. A change in the yield curve of 0.25% (more positive or negative) would have an impact on the fair value of the loan portfolio of approximately \u20ac2.8 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__81-1": {
"value": "T\u20095.17\u2002Finance lease receivables and trade receivables and other non-current assetsAmounts in EUR 31/12/2022 31/12/2021Finance lease receivables 177,018,085 186,775,769Trade receivables and other non-curent assets 11,738,065 14,809,696TOTAL 188,756,149 201,585,466The balance of finance lease receivables and trade receivables consists of the investment cost of the building, included under the item \u2018Finance lease receivables\u2019, the profit or loss margin generated during the construction phase and its write-off in relation to the ground rent payments already received, included under the item \u2018Trade receivables and other non-current assets\u2019. The decrease in this item is explained by the write-off of the finance lease receivable relating to the 'Residentie De Anjers project following its sale during the 2022 financial year.These buildings, which are owned by the Company, generate rental income, as discussed under \u2018T5.3 Rental (1)income\u2019 on page 206.Finance lease receivablesAmounts in EUR 31/12/2022 31/12/2021Initial portfolio 156,518,610 156,518,610New portfolio 20,499,475 30,257,159TOTAL 177,018,085 186,775,769In the total amount \u2018Finance lease receivables\u2019 at 31 December 2022, the amount of contractual prepayments of \u20ac36,090,772 relating to the initial portfolio has already been deducted. The amounts mentioned correspond to the repayable nominal final building rights (i.e., the total investment cost less the contractual prepayments received). (2), for the projects in the new portfolioContrary to the projects in the initial portfolio the ground rent, in addition to a return, also consists of a repayment of the investment value, as a result of which the amount of the receivable will gradually decrease over the duration of the leasehold agreement. For the initial portfolio, the final building right fees must be repaid after the 30-year building period. The average remaining term of the building rights of the projects was 11.93 years as at 31 December 2022.Amounts in EUR 31/12/2022 31/12/2021Gross investment (end of building rights, ground rent and rent) 293,981,811 322,063,285Expiring < 1 year 10,374,953 10,994,953Expiring between 1 year and 5 years 40,581,607 43,882,639Expiring > 5 years 243,025,251 267,185,693The gross investment in the lease is the aggregate of the minimum lease payments to be received, in this case the nominal value of the final building rights fee, the ground rent and the rent (excluding indexations).(1) For a comprehensive legal analysis, see chapter \u2018III. Report of the Board of Directors\u2019 under '1. Strategy: Care building in complete confidence' on page 428.(2) The initial portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228) that the Company entered into until 2014.(3) The new portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902) that the Company entered into after 2014).Amounts in EUR 31/12/2022 31/12/2021Fair value of finance lease receivables 197,017,859 267,844,539The fair value of the finance leases is calculated by discounting the future cash-flows of the delivered projects, including the investment costs included in the item \u2018Finance lease receivables\u2019, at an IRS interest rate as applicable on the closing date, in proportion with the remaining term of the building right term, increased by a risk margin that the bank would charge on the relevant closing date. This calculation is based on a conservative approach as no account is taken of historic and future cash indexations.The tables below provide an overview of the IRS interest rates and risk margins that were applied on 31 December 2022.(1)Initial portfolio (1996-2014)BULLET IRS ASK Number Public social Number Other surety NumberDuration welfare (in bp)ICAPcentres-surety (in bp)Duration 5 years 3.152% 10 82 9 77 1Duration 10 years 3.110% 26 92 24 89 2Duration 15 years 3.051% 16 98 15 97 1Duration 20 years 2.848% 23 106 22 105 1Duration 25 years 2.637% 1 115 1 113 0Duration 30 years 2.460% 0 124 0 122 0TOTAL 76 71 5(2) New portfolio(after 2014)AMORTISING IRS ASK Number Public social Number Other surety NumberDuration welfare (in bp)ICAPcentres-surety (in bp)Duration 5 years 3.215% 0 75 0 71 0Duration 10 years 3.139% 0 86 0 81 0Duration 15 years 3.111% 0 92 0 89 0Duration 20 years 3.035% 0 97 0 95 0Duration 25 years 2.916% 1 103 1 101 0Duration 30 years 2.788% 3 109 2 107 1TOTAL 4 3 1Financial year as closed on 31/12/2022 31/12/2021Weighted average IRS interest rate 3.01% 0.44%Weighted average risk margin 0.97% 0.98%(1) The initial portfolio concerns the \ue793nance leases (with as at 31/12/2022 a balance sheet value of \u20ac156,518,610 and a generated rental \ue794ow of \u20ac15,406,228) that the Company entered into until 2014.(2) The new portfolio relates to the finance leases (with a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902 as at 31/12/2022) and the investment properties (with a balance sheet value of \u20ac934,268,830 and a generated rental flow of \u20ac37,887,735 as at 31/12/2022) that the Company acquired after 2014.Trade receivables and other non-current assetsAmounts in EUR 31/12/2022 31/12/2021Initial portfolio 8,139,749 8,730,577New portfolio 3,598,316 6,079,120TOTAL 11,738,065 14,809,696T\u20095.27\u2002Other non-current financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Book value at the beginning of the financial year 1,993,405 1,782,301Additions 346 245,248Interest charges 91,602 80,228Payments -114,669 -114,371Book value at the end of the financial year 1,970,685 1,993,405For a number of investments, Care Property Invest does not maintain bare ownership of the land, but only usufruct through a long-term leasehold agreement. In practice, a liability has been created for this in accordance with IFRS 16. This obligation is included in the other non-current liabilities. The liability concerns the present value of all future lease payments. The discount rate used to determine this liability was based on a combination of the interest curve plus a spread based on the credit risk of Care Property Invest, both in line with the remaining term of the underlying right of use. Lease commitments entered into with respect to company vehicles and bicycles are also reported under this heading.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__82-1": {
"value": "T\u20095.18\u2002Trade receivablesAmounts in EUR 31/12/2022 31/12/2021Customers 6,015,079 4,247,634Revenue to be collected 9,057 269,309Provision for doubtful debtors -2,500 -2,500TOTAL 6,021,636 4,514,443The provision for doubtful debtors relates to a provision made in accordance with IFRS 9 in the context of future credit losses. This provision is based on a thorough analysis carried out on Care Property Invest's client portfolio, (1)splitting it into three categories: the initial portfolio made up of contracts with local authorities and the new (2) portfolio which can be split between SMEs and large companies. The entire portfolio of Care Property Invest falls under stage 1 whereby a provision has to be made for the expected loss in the next 12 months. Given the quality of the tenants on the one hand, and the low credit risk associated with finance lease receivables (due to the guarantees provided by the local authorities) on the other hand, the model of expected credit losses under IFRS 9 has no material impact on the Company. The very limited provision that has been made stems from the limited risk that can be attributed to the 3 categories of the portfolio.The Board of Directors therefore assumes that the book value of the trade receivables approximates the fair value.(1) The initial portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac15,406,228) that the Company entered into until 2014.(2) The new portfolio concerns the finance leases (with as at 31/12/2022 a balance sheet value of \u20ac20,499,475 and a generated rental flow of \u20ac1,084,902) that the Company entered into after 2014).T\u20095.19\u2002Tax receivables and other current assetsAmounts in EUR 31/12/2022 31/12/2021Taxes 7,748,319 717,159VAT current account 7,430,210 702,843Taxes recoverable 318,110 14,316Remuneration and social insurance charges 0 2,274Advance payments 0 2,274Other miscellaneous receivables 898,563 9,448,417Other miscellaneous receivables 898,563 9,448,417TOTAL 8,646,882 10,167,850Tax receivables and other current assets as at 31 December 2022 amounted to \u20ac8,646,882, of which \u20ac6.9 million related to recoverable VAT in Spain, as a result of the silent mergers of the Spanish subsidiaries with Care Property Invest Spain Socimi S.L.U. As at 31 December 2021, approximately \u20ac8.5 million related to an amount registered in a third-party account with the notary as part of the purchase of a real estate project, which was completed after year-end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__84": {
"value": "T\u20095.20\u2002Cash and cash equivalentsAmounts in EUR 31/12/2022 31/12/2021Current accounts with financial institutions 2,369,211 2,543,106Cash 1,972 1,768TOTAL 2,371,183 2,544,873Cash and cash equivalents comprise cash assets and the balances of current accounts and are recognised in the balance sheet at nominal value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__85": {
"value": "T\u20095.21\u2002Prepayments and accrued incomeAmounts in EUR 31/12/2022 31/12/2021Prepaid real estate costs 502,833 733,497Prepaid interest and other financial costs 192,076 26,215Other deferred charges and accrued income 575,541 163,872TOTAL 1,270,450 923,585",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__87": {
"value": "T\u20095.22\u2002CapitalEvolution of capital Capital movement Accumulated number of sharesDate and operation30/10/1995 - Incorporation 1,249,383 21007/02/1996 - Capital increase in cash 59,494,446 10,21016/05/2001 - Capital increase conversion to euro 566 10,21024/03/2014 - Share split through division by 1,000 0 10,210,00020/06/2014 - Optional dividend financial year 2013 889,004 10,359,42522/06/2015 - Capital increase in cash 16,809,093 13,184,72015/03/2017 - Capital increase in kind (Watermael-Bosvoorde) 10,971,830 15,028,88027/10/2017 - Capital increase in cash 25,546,945 19,322,84503/04/2019 - Capital increase in kind (Immo du Lac) 4,545,602 20,086,87626/06/2019 - Optional dividend financial year 2018 1,831,673 20,394,74615/01/2020 - Capital increase in kind (Bergen & Bernissart) 7,439,112 21,645,12219/06/2020 - Optional dividend financial year 2019 1,624,755 21,918,21325/06/2020 - Capital increase in cash 13,040,239 24,110,03420/01/2021 - Capital increase in kind (Attert) 10,091,030 25,806,14817/11/2021 - Capital increase in kind (Lier) 6,692,997 26,931,11620/06/2022 - Optional dividend financial year 2021 1,022,088 27,102,91007/07/2022 - Capital increase in kind (Haacht) 3,800,035 27,741,625TOTAL 165,048,798 27,741,625Care Property Invest carried out two capital increases during the 2022 financial year. On 20 June 2022, a capital increase took place following an optional dividend for the 2021 financial year of \u20ac4,030,287 (including share premium) for which 171,794 new Care Property Invest shares were issued. The issue price was \u20ac23.46 per share. On 7 July 2022, Care Property Invest acquired the project 'Klapgat' in Haacht through a contribution in kind of 100% of the shares in Igor Haacht nv, the owner of the real estate, into the capital of Care Property Invest. As a result of this contribution which led to a capital increase (including issue premium) of \u20ac13,914,724, a total of 638,715 new Care Property Invest shares were issued. The issue price was \u20ac21.79 per share. As of this date, the authorised capital amounted to \u20ac165,048,798.On 24 January 2023, a cash capital increase with gross proceeds of \u20ac110,966,496 by the issuance of 9,247,208 new shares at an issue price of \u20ac12.00 was successfully completed. As of this date, the Company's share capital amounts to \u20ac220,065,062 and is represented by a total of 36,988,833 fully paid-up voting shares.All shares are ordinary shares, fully paid up and held in registered or dematerialised form. They have no par value. Each share entitles the holder to one vote at the general meeting of shareholders in accordance with Article 38 of the Articles of Association.31/12/2022 31/12/2021Registered shares1,698,713 1,661,354Dematerialised shares 26,042,91225,269,762TOTAL NUMBER OF SHARES27,741,62526,931,116Notes to the repurchase of own sharesNumber AmountStarting balance 9,192 296,787 Purchases 0 0 Sales -9,192 -296,787Final balance 0 0The 9,192 shares held in portfolio as at 31 December 2021 were transferred to the executive management during the 2022 financial year as part of the execution of the remuneration policy.Neither the Company nor its subsidiaries hold any of the Company's own shares in portfolio as at 31 December 2022.The following relevant articles of the articles of association were included in full in the coordinated Articles of Association presented in Chapter \u2018VIII. Permanent document, item \u2018\u20186. Coordinated Articles of Association\u2019 on page 270 and available on www.carepropertyinvest.be.ARTICLE 6 of the coordinated articles of association as at 24/01/2023 - CAPITALARTICLE 7 of the coordinated articles of association as at 24/01/2023 - AUTHORISED CAPITAL ARTICLE 8 of the coordinated articles of association as at 24/01/2023 - CHANGE IN THE CAPITALARTICLE 9 of the coordinated articles of association as at 24/01/2023 - NATURE OF THE SHARESOn 31 December 2022, no shareholder owns more than 5% of the capital. On 22 June 2022, KBC asset management notified the Company that it no longer exceeds the 3% threshold and has done so since 20 June 2022.On 24 January 2023, Pensio B notified the Company that it no longer exceeds the 3% threshold as of this date due to a passive undershoot. On 15 March 2023, Ameriprise Financial Inc notified the Company that it exceeds the 3% threshold as of 10 March 2023 due to the temporary holding of voting rights Care Property Invest by a company within the group. Apart from this new notifications by KBC Asset Management, Pensio B and Ameriprise Financial Inc, the Company received no new notifications for exceeding or falling below the 3% threshold during the 2022 en 2023 financial years (up to the date of this report).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__86-1": {
"value": "T\u20095.22\u2002CapitalEvolution of capital Capital movement Accumulated number of sharesDate and operation30/10/1995 - Incorporation 1,249,383 21007/02/1996 - Capital increase in cash 59,494,446 10,21016/05/2001 - Capital increase conversion to euro 566 10,21024/03/2014 - Share split through division by 1,000 0 10,210,00020/06/2014 - Optional dividend financial year 2013 889,004 10,359,42522/06/2015 - Capital increase in cash 16,809,093 13,184,72015/03/2017 - Capital increase in kind (Watermael-Bosvoorde) 10,971,830 15,028,88027/10/2017 - Capital increase in cash 25,546,945 19,322,84503/04/2019 - Capital increase in kind (Immo du Lac) 4,545,602 20,086,87626/06/2019 - Optional dividend financial year 2018 1,831,673 20,394,74615/01/2020 - Capital increase in kind (Bergen & Bernissart) 7,439,112 21,645,12219/06/2020 - Optional dividend financial year 2019 1,624,755 21,918,21325/06/2020 - Capital increase in cash 13,040,239 24,110,03420/01/2021 - Capital increase in kind (Attert) 10,091,030 25,806,14817/11/2021 - Capital increase in kind (Lier) 6,692,997 26,931,11620/06/2022 - Optional dividend financial year 2021 1,022,088 27,102,91007/07/2022 - Capital increase in kind (Haacht) 3,800,035 27,741,625TOTAL 165,048,798 27,741,625Care Property Invest carried out two capital increases during the 2022 financial year. On 20 June 2022, a capital increase took place following an optional dividend for the 2021 financial year of \u20ac4,030,287 (including share premium) for which 171,794 new Care Property Invest shares were issued. The issue price was \u20ac23.46 per share. On 7 July 2022, Care Property Invest acquired the project 'Klapgat' in Haacht through a contribution in kind of 100% of the shares in Igor Haacht nv, the owner of the real estate, into the capital of Care Property Invest. As a result of this contribution which led to a capital increase (including issue premium) of \u20ac13,914,724, a total of 638,715 new Care Property Invest shares were issued. The issue price was \u20ac21.79 per share. As of this date, the authorised capital amounted to \u20ac165,048,798.On 24 January 2023, a cash capital increase with gross proceeds of \u20ac110,966,496 by the issuance of 9,247,208 new shares at an issue price of \u20ac12.00 was successfully completed. As of this date, the Company's share capital amounts to \u20ac220,065,062 and is represented by a total of 36,988,833 fully paid-up voting shares.All shares are ordinary shares, fully paid up and held in registered or dematerialised form. They have no par value. Each share entitles the holder to one vote at the general meeting of shareholders in accordance with Article 38 of the Articles of Association.31/12/2022 31/12/2021Registered shares1,698,713 1,661,354Dematerialised shares 26,042,91225,269,762TOTAL NUMBER OF SHARES27,741,62526,931,116Notes to the repurchase of own sharesNumber AmountStarting balance 9,192 296,787 Purchases 0 0 Sales -9,192 -296,787Final balance 0 0The 9,192 shares held in portfolio as at 31 December 2021 were transferred to the executive management during the 2022 financial year as part of the execution of the remuneration policy.Neither the Company nor its subsidiaries hold any of the Company's own shares in portfolio as at 31 December 2022.The following relevant articles of the articles of association were included in full in the coordinated Articles of Association presented in Chapter \u2018VIII. Permanent document, item \u2018\u20186. Coordinated Articles of Association\u2019 on page 270 and available on www.carepropertyinvest.be.ARTICLE 6 of the coordinated articles of association as at 24/01/2023 - CAPITALARTICLE 7 of the coordinated articles of association as at 24/01/2023 - AUTHORISED CAPITAL ARTICLE 8 of the coordinated articles of association as at 24/01/2023 - CHANGE IN THE CAPITALARTICLE 9 of the coordinated articles of association as at 24/01/2023 - NATURE OF THE SHARESOn 31 December 2022, no shareholder owns more than 5% of the capital. On 22 June 2022, KBC asset management notified the Company that it no longer exceeds the 3% threshold and has done so since 20 June 2022.On 24 January 2023, Pensio B notified the Company that it no longer exceeds the 3% threshold as of this date due to a passive undershoot. On 15 March 2023, Ameriprise Financial Inc notified the Company that it exceeds the 3% threshold as of 10 March 2023 due to the temporary holding of voting rights Care Property Invest by a company within the group. Apart from this new notifications by KBC Asset Management, Pensio B and Ameriprise Financial Inc, the Company received no new notifications for exceeding or falling below the 3% threshold during the 2022 en 2023 financial years (up to the date of this report).T\u20095.23\u2002Share premiumAmounts in EUR 31/12/2022 31/12/2021Share premium - optional dividend 14,402,780 11,394,581Share premium - contribution in kind 122,524,086 112,409,398Share premium - capital increase 114,469,676 114,469,676Share premium - costs -5,268,068 -5,209,024TOTAL 246,128,473 233,064,630T\u20095.24\u2002ReservesAmounts in EUR 31/12/2022 31/12/2021B. Reserve for the balance of variations in the fair value of real estate (+/-) 59,143,232 29,600,441C. Reserve for the impact on the fair value of estimated transfer taxes and -18,168,148 -10,768,416costs resulting from hypothetical disposal of investment properties (-)E. Reserve for net changes in the fair value of authorised hedging -16,810,790 -27,975,990instruments that are not subject to a hedge accounting as defined in IFRS (+/-)H. Reserve for treasury shares (-) 0 -296,787M. Other reserves (+/-) 11,704,204 11,582,260N. Retained earnings from previous financial years (+/-) 27,684,747 24,171,050TOTAL 63,553,245 26,312,559T\u20095.25\u2002Result for the financial yearAmounts in EUR 31/12/2022 31/12/2021Result of the financial year 88,664,299 59,654,821TOTAL 88,664,299 59,654,821Appropriation of the resultIt will be proposed to the Company\u2019s Annual General Meeting on 31 May 2023 to distribute a total gross dividend for the 2022 financial year of \u20ac27,741,625 or \u20ac1.00 per share. After deduction of the 15% withholding tax, this represents a net dividend of \u20ac0.85 per share. This represents an increase of 14.94% over the dividend paid for the previous year. The payout ratio is 80.87% at consolidated level, based on the adjusted EPRA earnings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__88": {
"value": "Notes to the repurchase of own sharesNumber AmountStarting balance 9,192 296,787 Purchases 0 0 Sales -9,192 -296,787Final balance 0 0The 9,192 shares held in portfolio as at 31 December 2021 were transferred to the executive management during the 2022 financial year as part of the execution of the remuneration policy.Neither the Company nor its subsidiaries hold any of the Company's own shares in portfolio as at 31 December 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__91": {
"value": "T\u20095.24\u2002ReservesAmounts in EUR 31/12/2022 31/12/2021B. Reserve for the balance of variations in the fair value of real estate (+/-) 59,143,232 29,600,441C. Reserve for the impact on the fair value of estimated transfer taxes and -18,168,148 -10,768,416costs resulting from hypothetical disposal of investment properties (-)E. Reserve for net changes in the fair value of authorised hedging -16,810,790 -27,975,990instruments that are not subject to a hedge accounting as defined in IFRS (+/-)H. Reserve for treasury shares (-) 0 -296,787M. Other reserves (+/-) 11,704,204 11,582,260N. Retained earnings from previous financial years (+/-) 27,684,747 24,171,050TOTAL 63,553,245 26,312,559",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__93": {
"value": "T\u20095.25\u2002Result for the financial yearAmounts in EUR 31/12/2022 31/12/2021Result of the financial year 88,664,299 59,654,821TOTAL 88,664,299 59,654,821Appropriation of the resultIt will be proposed to the Company\u2019s Annual General Meeting on 31 May 2023 to distribute a total gross dividend for the 2022 financial year of \u20ac27,741,625 or \u20ac1.00 per share. After deduction of the 15% withholding tax, this represents a net dividend of \u20ac0.85 per share. This represents an increase of 14.94% over the dividend paid for the previous year. The payout ratio is 80.87% at consolidated level, based on the adjusted EPRA earnings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__95": {
"value": "T\u20095.26\u2002Financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Non-current financial debts 206,541,529 274,600,056 Credit institutions 147,950,101 221,211,889 Other 58,591,428 53,388,167Current financial liabilities 376,761,772 151,220,542 Credit institutions 339,261,772 54,720,542 Other 37,500,000 96,500,000TOTAL 583,303,301 425,820,598As at 31 December 2022, Care Property Invest has \u20ac487.2 million in loans taken out divided between non-current and current financial liabilities and which belong to the category \u2018financial liabilities measured at amortised cost\u2019 in accordance with the IFRS 9 standard. The loans were granted by 8 banks, being Belfius Bank, ING Bank, KBC Bank, BNP Paribas Fortis, Argenta, VDK Bank, CBC Banque and ABN-AMRO. These financial liabilities were fixed with a fixed interest rate or converted to a fixed interest rate by means of a swap transaction or with a revisable interest rate (every three or five years).Current financial liabilities with Credit Institutions amounting to \u20ac339.3 million relate for \u20ac266.0 million to rollover credits, which can be rolled over the Company\u2019s unilateral request. The expiry dates of the relevant available lines are between 2024 and 2029.Financial Institution Fixed 1 to 1 Fixed excl hedging Variable TotalhedgingBelfius Bank 35,791,938 45,634,491 86,500,000 167,926,428ING Bank 0 3,237,574 0 3,237,574KBC Bank 0 10,110,000 105,000,000 115,110,000BNP Paribas Fortis Bank 2,156,104 20,796,104 30,000,000 52,952,208CBC Banque 0 1,485,663 0 1,485,663Argenta 0 50,000,000 0 50,000,000VDK Bank 0 12,000,000 0 12,000,000ABN-AMRO 0 40,000,000 44,500,000 84,500,000TOTAL 37,948,042 183,263,831 266,000,000 487,211,873In addition to these credits, the Company also has an MTN programme (classified under \u2018Other\u2019) of \u20ac300 million as at 31 December 2022 with Belfius Bank and KBC Bank as dealers. This programme allows the Company to raise money in both the long (through the issuance of bonds) and short (through commercial paper) term. As required by the covenants, 100% of the outstanding commercial paper is covered by back-up lines and unused credit lines. As at 31 December 2022, the amount already drawn consists of \u20ac30.5 million in commercial paper and \u20ac33.0 million in bonds. For an overview of the bonds under this MTN programme we refer to chapter \u2018IV. Care Property Invest on the Stock Market\u2019 point \u2018\u20183. Bonds and short-term debt securities\u2019 on page 127.Since 2021, Care Property Invest has held \u20ac32.5 million of Sustainability Bonds (also classified under 'Other'). The bonds have a maturity of 10 years, with coupons of 2.05% and were placed with an institutional investor, part of an international insurance group. The net proceeds of these bonds were exclusively used to (re)finance eligible sustainable assets as included in the Care Property Invest Sustainable Finance Framework. For reasons of expediency, these bonds were repaid in full on 10 March 2023 and, as compensation, an additional \u20ac30.5 million was drawn on the sustainable rollover credit with ABN-AMRO, making full use of the line from then on. Both the Sustainable Finance Framework and the allocation of the net proceeds of the Sustainability Bonds and sustainable rollover credit to eligible sustainable assets can be consulted on the website of the Company www.carepropertyinvest.be. This allocation will also be included in the Company's 2022 Sustainability Report, which will also be published on the above website in the course of June 2023.Financing with maturity date Number Nominal funding Average remaining term amount(year)0-1 years 19 107,568,064 0.391-5 years 29 261,526,256 3.235-10 years 33 164,477,027 7.2810-15 years 20 49,640,526 11.84TOTAL 101 583,211,873 5.72The weighted average interest rate (incl. IRS) for the entire portfolio of financial debts amounts to 2.14% as at 31 December 2022. This is an increase compared to the weighted average interest rate of 1.92% as at 31 December 2021. This is due to a higher marginal interest rate that the Company has to pay on new debts it enters into given the current state of the financial markets.Table of changes in liabilities in accordance with IAS 7:31/12/2021 Cash Non-cash elements 31/12/2022elementsAcquisitions Exchange Changes in Other rate fair valuechangesmovementsLong-term 274,122,663 0 0 0 0 -68,205,597 205,917,066financial liabilitiesCurrent financial 151,220,542 157,279,442 0 0 0 68,261,788 376,761,772liabilitiesAuthorised 16,810,790 0 0 0 -39,805,232 1,214,100 -21,780,342hedging instrumentsTOTAL 442,153,994 157,279,442 0 0 -39,805,232 1,270,291 560,898,496",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__94": {
"value": "T\u20095.26\u2002Financial liabilitiesAmounts in EUR 31/12/2022 31/12/2021Non-current financial debts 206,541,529 274,600,056 Credit institutions 147,950,101 221,211,889 Other 58,591,428 53,388,167Current financial liabilities 376,761,772 151,220,542 Credit institutions 339,261,772 54,720,542 Other 37,500,000 96,500,000TOTAL 583,303,301 425,820,598As at 31 December 2022, Care Property Invest has \u20ac487.2 million in loans taken out divided between non-current and current financial liabilities and which belong to the category \u2018financial liabilities measured at amortised cost\u2019 in accordance with the IFRS 9 standard. The loans were granted by 8 banks, being Belfius Bank, ING Bank, KBC Bank, BNP Paribas Fortis, Argenta, VDK Bank, CBC Banque and ABN-AMRO. These financial liabilities were fixed with a fixed interest rate or converted to a fixed interest rate by means of a swap transaction or with a revisable interest rate (every three or five years).Current financial liabilities with Credit Institutions amounting to \u20ac339.3 million relate for \u20ac266.0 million to rollover credits, which can be rolled over the Company\u2019s unilateral request. The expiry dates of the relevant available lines are between 2024 and 2029.Financial Institution Fixed 1 to 1 Fixed excl hedging Variable TotalhedgingBelfius Bank 35,791,938 45,634,491 86,500,000 167,926,428ING Bank 0 3,237,574 0 3,237,574KBC Bank 0 10,110,000 105,000,000 115,110,000BNP Paribas Fortis Bank 2,156,104 20,796,104 30,000,000 52,952,208CBC Banque 0 1,485,663 0 1,485,663Argenta 0 50,000,000 0 50,000,000VDK Bank 0 12,000,000 0 12,000,000ABN-AMRO 0 40,000,000 44,500,000 84,500,000TOTAL 37,948,042 183,263,831 266,000,000 487,211,873In addition to these credits, the Company also has an MTN programme (classified under \u2018Other\u2019) of \u20ac300 million as at 31 December 2022 with Belfius Bank and KBC Bank as dealers. This programme allows the Company to raise money in both the long (through the issuance of bonds) and short (through commercial paper) term. As required by the covenants, 100% of the outstanding commercial paper is covered by back-up lines and unused credit lines. As at 31 December 2022, the amount already drawn consists of \u20ac30.5 million in commercial paper and \u20ac33.0 million in bonds. For an overview of the bonds under this MTN programme we refer to chapter \u2018IV. Care Property Invest on the Stock Market\u2019 point \u2018\u20183. Bonds and short-term debt securities\u2019 on page 127.Since 2021, Care Property Invest has held \u20ac32.5 million of Sustainability Bonds (also classified under 'Other'). The bonds have a maturity of 10 years, with coupons of 2.05% and were placed with an institutional investor, part of an international insurance group. The net proceeds of these bonds were exclusively used to (re)finance eligible sustainable assets as included in the Care Property Invest Sustainable Finance Framework. For reasons of expediency, these bonds were repaid in full on 10 March 2023 and, as compensation, an additional \u20ac30.5 million was drawn on the sustainable rollover credit with ABN-AMRO, making full use of the line from then on. Both the Sustainable Finance Framework and the allocation of the net proceeds of the Sustainability Bonds and sustainable rollover credit to eligible sustainable assets can be consulted on the website of the Company www.carepropertyinvest.be. This allocation will also be included in the Company's 2022 Sustainability Report, which will also be published on the above website in the course of June 2023.Financing with maturity date Number Nominal funding Average remaining term amount(year)0-1 years 19 107,568,064 0.391-5 years 29 261,526,256 3.235-10 years 33 164,477,027 7.2810-15 years 20 49,640,526 11.84TOTAL 101 583,211,873 5.72The weighted average interest rate (incl. IRS) for the entire portfolio of financial debts amounts to 2.14% as at 31 December 2022. This is an increase compared to the weighted average interest rate of 1.92% as at 31 December 2021. This is due to a higher marginal interest rate that the Company has to pay on new debts it enters into given the current state of the financial markets.Table of changes in liabilities in accordance with IAS 7:31/12/2021 Cash Non-cash elements 31/12/2022elementsAcquisitions Exchange Changes in Other rate fair valuechangesmovementsLong-term 274,122,663 0 0 0 0 -68,205,597 205,917,066financial liabilitiesCurrent financial 151,220,542 157,279,442 0 0 0 68,261,788 376,761,772liabilitiesAuthorised 16,810,790 0 0 0 -39,805,232 1,214,100 -21,780,342hedging instrumentsTOTAL 442,153,994 157,279,442 0 0 -39,805,232 1,270,291 560,898,496",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__97": {
"value": "T\u20095.28\u2002Deferred taxesAmounts in EUR 31/12/2022 31/12/2021Deferred taxes 1,325,790 0DEFERRED TAX - ASSETS 1,325,790 0Exit tax 0 169,148Deferred taxes 1,437,534 0DEFERRED TAX - LIABILITIES 1,437,534 169,148Deferred tax assets relate to the difference between the higher tax value and the book value of the investment properties in our Irish subsidiaries.For the Spanish subsidiaries, a ruling request was submitted regarding the equivalence of a Belgian RREC/GVV to the Spanish SOCIMI (equivalent to the Belgian RREC/GVV status), which was answered with a favourable ruling by the Spanish tax authorities. After fulfilling some amendments to the Articles of Association and the silent merger between Care Property Invest Spain Socimi S.L.U. and all its subsidiaries on 9 August 2022, the application to obtain the SOCIMI status was filed, making it retroactively applicable for the full 2022 financial year. However, if real estate is sold, the portfolio result realised before 2022 can still be taxed according to the generally applicable tax system, as a result of which a deferred tax liability of \u20ac1,261,051 was provided for as a precaution. This will therefore only change in the future as a result of the sale of real estate and the realisation of a capital gain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__98-1": {
"value": "T\u20095.29\u2002Trade payables and other current liabilitiesAmounts in EUR 31/12/2022 31/12/2021Exit tax 0 502,174Suppliers 11,193,888 9,305,279Taxes, remuneration and social insurance charges 2,500,823 2,437,812TOTAL 13,694,711 12,245,266The item Suppliers mainly includes invoices relating to ongoing development projects.The amount of exit tax as at 31 December 2021 relates to the tax still owed after the merger of the subsidiaries De Wand-Janson nv, Zilvermolen nv and Ruiterschool Van Dooren nv with Care Property Invest on 23 June 2021.T\u20095.30\u2002Other current liabilitiesAmounts in EUR 31/12/2022 31/12/2021Miscellaneous debts 1,398,649 3,550,796TOTAL 1,398,649 3,550,796The miscellaneous debts relate to short-term liabilities related to development projects.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__101": {
"value": "T\u20095.31\u2002Accruals and deferred income on the liabilities sideAmounts in EUR 31/12/2022 31/12/2021Prepayments of property revenue 1,716,069 1,490,965Accrued costs 2,602,164 1,293,343TOTAL 4,318,233 2,784,308",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__100": {
"value": "T\u20095.31\u2002Accruals and deferred income on the liabilities sideAmounts in EUR 31/12/2022 31/12/2021Prepayments of property revenue 1,716,069 1,490,965Accrued costs 2,602,164 1,293,343TOTAL 4,318,233 2,784,308",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__103-1": {
"value": "T\u20095.33\u2002Conditional liabilitiesResidential priority right: maximum daily charge for shareholders with priority residential rightsIn accordance with the issuing prospectus, priority residential rights could be exercised from 1 January 2005 to 31 December 2020 by each shareholder who had held 10,000 shares (ten shares before the share split) for five years and had reached the age of 75. A shareholder who exercises his/her priority residential rights to an existing project waiting list also pays a maximum daily charge for his/her residence. This daily price is adjusted annually according to the consumer price index and amounted to \u20ac26.43 for 2022 and increased to \u20ac28.52 as of 1 January 2023. Since 31 December 2020, this residential priority right can no longer be exercised, but it continues to be in effect for shareholders who were already using it on that date.Pursuant to the decision of the Board of Directors, from the contracting of the lease agreements entered into after 1 August 2001, it is agreed with the PCSWs and non-profit organisations that Care Property Invest will bear any possible difference between the maximum daily price for holders of the residential priority right and other residents. During 2022, 2 shareholders exercised this residential priority right for which the Company granted an intervention of \u20ac4,529. As of 31 December 2022, only 1 shareholder still exercises this right.T\u20095.34\u2002Securities received from contractorsIf a project is awarded to a general contractor following a tendering procedure, the contractor pays a deposit equal to 5% of the original contract sum, in accordance with the administrative provisions of the contract. This deposit can be applied in the event of delays due to late execution or total or partial non-execution of the contract, or even on its dissolution or termination. Half of the bank guarantee is released on provisional delivery of the service flats building. On final acceptance of a building, the full guarantee is released. At the time of preparation of the financial statements, the Company had surety for a total amount of \u20ac513,380.T\u20095.39\u2002Alternative performance measuresAn Alternative Performance Measures (APM) is a financial indicator, historical or forward-looking, of the performance, financial situation or cash flows of a company other than financial indicator defined or described by the applicable accounting standards in its financial reporting Care Property Invest uses APMs in its financial communication within the meaning of the guidelines issued by the ESMA (European Securities and Markets Authority) on 5 October 2015. A number of these APMs have been recommended by the European Public Real Estate Association (EPRA) and are discussed in the chapter \u2018V. EPRA\u2019 on page 132 of this Annual Financial Report. The APMs below have been determined by the Company itself in order to provide the reader with a better understanding of its results and performance. Performance measures established by IFRS standards or by law are not considered as APMs, nor are they measures based on items in the global result statement or the balance sheet. T\u20095.39.1\u2002\ue9f0Operating marginDefinition: This is the operating result before the result on portfolio divided by the net rental result, whereby the operating result before the result on portfolio and the net rental result can be reconciled with global result statement. Use: This indicator measures the profitability of the Company\u2019s leasing activities.Amounts in EUR 31/12/2022 31/12/2021Operating result before portfolio income = A42,466,52035,303,597Net rental result = B54,378,86643,233,668Operating margin = A/B 78.09% 81.66%T\u20095.39.2\u2002\ue9f0Financial result before changes in fair value of financial assets and liabilitiesDefinition: This is the financial result excluding changes in fair value of financial assets and liabilities (authorised hedging instruments not subject to hedge accounting as defined under IFRS), being the sum of the items \u2018XX. Financial income\u2019, \u2018XXI. Net interest cost\u2019 and \u2018XXII. Other financial costs\u2019 of the global result statement. Use: This indicator does not take into account the impact of financial assets and liabilities in the global result statement, thus reflecting the result from strategic operating activities. Amounts in EUR 31/12/2022 31/12/2021Financial result = A27,674,5222,734,270Changes in fair value of financial assets /liabilities = B38,591,13111,165,200Financial result before changes in fair value of financial assets/= A-B -10,916,609 -8,430,930liabilitiesT\u20095.39.3\u2002\ue9f0Equity before the reserve for the balance of changes in fair value of authorised hedging instruments and excluding the variation in fair value of financial assets/liabilities Definition: This is equity excluding the accumulated reserve for the balance of changes in fair value of authorised hedging instruments (not subject to hedge accounting as defined under IFRS) and the changes in fair value of financial assets and liabilities, where the reserve for the balance of changes in fair value of authorised hedging instruments is included in item \u2018C\u2019. Reserves\u2019 of the consolidated balance sheet and changes in fair value of financial assets and liabilities can be reconciled with item \u2018XXIII. Changes in fair value of financial assets/liabilities in the global result statement.Use: This indicator reflects equity without taking into account the hypothetical market value of the derivative instruments. Amounts in EUR 31/12/2022 31/12/2021Equity = A 563,394,815 479,258,685Reserve for the balance of changes in fair value of authorised = B 16,810,790 27,975,990hedging instrumentsChanges in fair value of financial assets/liabilities = C -38,591,131 -11,165,200Equity before changes in fair value of financial products = A-B-C 585,175,157 462,447,896T\u20095.39.4\u2002\ue9f0Interest coverage ratioDefinition: This is the operating result before the result on portfolio divided by the interest charges paid, whereby the operating result before the result on portfolio and the interest charges paid can be reconciled with the global result statement. Use: This indicator measures how many times a company earns its interest charges and gives an indication of the extent to which the operating profit can fall back without the company getting into financial difficulties. In accordance with covenants entered into by the Company, this value must be at least 2.5.Amounts in EUR 31/12/2022 31/12/2021Operating result before portfolio income = A 42,466,520 35,303,597Total amount of interest charges paid = B 9,988,634 7,844,467Interest coverage ratio = A/B 4.25 4.50",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__105": {
"value": "T\u20095.35\u2002Related party transactionsTransactions with related parties (within the meaning of IAS 24 and the Belgian Code for Companies and Associations (BCCA)) concern the costs included in the \u2018Remuneration of Directors and the Executive Committee\u2019 paid to the members of the Board of Directors and the Executive Committee of the Company, for a total amount of \u20ac2,373,866. In addition, during 2022, a total of 9,192 Company shares were purchased by the members of the Executive Committee, with part of their bonus received, as part of a share purchase plan, for a total amount of \u20ac174,280. For additional explanations on the remuneration of the Directors and Executive Committee, we refer to the chapter \u2018III. Report of the Board of Directors\u2019 at point '11.11 Remuneration report 2022' on page 110.We also refer to 'T 5.33 Conditional liabilities' regarding the residential priority right to which certain shareholders can be entitled.The Company has no further transactions to report for the 2022 financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__108": {
"value": "T\u20095.36\u2002Information on subsidiariesThe following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2022 they were direct or indirect 100% subsidiaries of Care Property Invest:Name Category Company number % shares or Chamber of Acquisition Dateowned by CPICommerceCare Property Invest nv (GVV) Parent company 0456.3780.70Belgian subsidiariesB.E.R.L. Internationaal nv (GVBF) Subsidiary 0462.037.427 19/12/2018 100%Igor Haacht nv Subsidiary 0685.487.914 07/07/2022 100%Dutch subsidiariesCare Property Invest NL B.V. Subsidiary Kvk 72865687 17/10/2018 100%Care Property Invest NL2 B.V. Subsidiary Kvk 73271470 05/12/2108 100%Care Property Invest NL3 B.V. Subsidiary Kvk 74201298 05/03/2019 100%Care Property Invest NL4 B.V. Subsidiary Kvk 74580000 15/04/2019 100%Care Property Invest NL5 B.V. Subsidiary Kvk 74918516 23/05/2019 100%Care Property Invest NL6 B.V. Subsidiary Kvk 75549808 08/08/2019 100%Care Property Invest NL7 B.V. Subsidiary Kvk 77849922 16/04/2020 100%Care Property Invest NL8 B.V. Subsidiary Kvk 80636357 19/10/2020 100%Care Property Invest NL9 B.V. Subsidiary KvK 68707479 29/12/2020 100%Care Property Invest NL10 B.V. Subsidiary KvK 86895818 04/07/2022 100%Spanish subsidiariesCare Property Invest Spain Socimi S.L.U. Subsidiary B-01618677 21/07/2020 100%Irish subsidiariesCare Property Invest Emerald LTD. Subsidiary CRO 712356 25/01/2022 100%Care Property Invest Diamond LTD. Subsidiary CRO 703434100%16/12/2022(ex Cincolite LTD.)The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 - Business Combinations does not apply. The participating interests are valued based on the equity method in the statutory accounts.For more information on the mergers that took place during the 2022 financial year, we refer to chapter \u2018III. Report of the Board of Directors\u2019, point '2.1.5.1 Mergers' on page 52.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__107": {
"value": "T\u20095.36\u2002Information on subsidiariesThe following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2022 they were direct or indirect 100% subsidiaries of Care Property Invest:Name Category Company number % shares or Chamber of Acquisition Dateowned by CPICommerceCare Property Invest nv (GVV) Parent company 0456.3780.70Belgian subsidiariesB.E.R.L. Internationaal nv (GVBF) Subsidiary 0462.037.427 19/12/2018 100%Igor Haacht nv Subsidiary 0685.487.914 07/07/2022 100%Dutch subsidiariesCare Property Invest NL B.V. Subsidiary Kvk 72865687 17/10/2018 100%Care Property Invest NL2 B.V. Subsidiary Kvk 73271470 05/12/2108 100%Care Property Invest NL3 B.V. Subsidiary Kvk 74201298 05/03/2019 100%Care Property Invest NL4 B.V. Subsidiary Kvk 74580000 15/04/2019 100%Care Property Invest NL5 B.V. Subsidiary Kvk 74918516 23/05/2019 100%Care Property Invest NL6 B.V. Subsidiary Kvk 75549808 08/08/2019 100%Care Property Invest NL7 B.V. Subsidiary Kvk 77849922 16/04/2020 100%Care Property Invest NL8 B.V. Subsidiary Kvk 80636357 19/10/2020 100%Care Property Invest NL9 B.V. Subsidiary KvK 68707479 29/12/2020 100%Care Property Invest NL10 B.V. Subsidiary KvK 86895818 04/07/2022 100%Spanish subsidiariesCare Property Invest Spain Socimi S.L.U. Subsidiary B-01618677 21/07/2020 100%Irish subsidiariesCare Property Invest Emerald LTD. Subsidiary CRO 712356 25/01/2022 100%Care Property Invest Diamond LTD. Subsidiary CRO 703434100%16/12/2022(ex Cincolite LTD.)The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 - Business Combinations does not apply. The participating interests are valued based on the equity method in the statutory accounts.For more information on the mergers that took place during the 2022 financial year, we refer to chapter \u2018III. Report of the Board of Directors\u2019, point '2.1.5.1 Mergers' on page 52.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__106": {
"value": "T\u20095.36\u2002Information on subsidiariesThe following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2022 they were direct or indirect 100% subsidiaries of Care Property Invest:Name Category Company number % shares or Chamber of Acquisition Dateowned by CPICommerceCare Property Invest nv (GVV) Parent company 0456.3780.70Belgian subsidiariesB.E.R.L. Internationaal nv (GVBF) Subsidiary 0462.037.427 19/12/2018 100%Igor Haacht nv Subsidiary 0685.487.914 07/07/2022 100%Dutch subsidiariesCare Property Invest NL B.V. Subsidiary Kvk 72865687 17/10/2018 100%Care Property Invest NL2 B.V. Subsidiary Kvk 73271470 05/12/2108 100%Care Property Invest NL3 B.V. Subsidiary Kvk 74201298 05/03/2019 100%Care Property Invest NL4 B.V. Subsidiary Kvk 74580000 15/04/2019 100%Care Property Invest NL5 B.V. Subsidiary Kvk 74918516 23/05/2019 100%Care Property Invest NL6 B.V. Subsidiary Kvk 75549808 08/08/2019 100%Care Property Invest NL7 B.V. Subsidiary Kvk 77849922 16/04/2020 100%Care Property Invest NL8 B.V. Subsidiary Kvk 80636357 19/10/2020 100%Care Property Invest NL9 B.V. Subsidiary KvK 68707479 29/12/2020 100%Care Property Invest NL10 B.V. Subsidiary KvK 86895818 04/07/2022 100%Spanish subsidiariesCare Property Invest Spain Socimi S.L.U. Subsidiary B-01618677 21/07/2020 100%Irish subsidiariesCare Property Invest Emerald LTD. Subsidiary CRO 712356 25/01/2022 100%Care Property Invest Diamond LTD. Subsidiary CRO 703434100%16/12/2022(ex Cincolite LTD.)The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 - Business Combinations does not apply. The participating interests are valued based on the equity method in the statutory accounts.For more information on the mergers that took place during the 2022 financial year, we refer to chapter \u2018III. Report of the Board of Directors\u2019, point '2.1.5.1 Mergers' on page 52.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__109": {
"value": "T\u20095.37\u2002Remuneration of the Statutory AuditorAmounts in EUR 31/12/2022 31/12/2021Mandate 100,067 80,312Other audit assignments 11,671 20,700Other non-audit assignments 76,703 18,030The other assignments outside the auditing assignments were always approved in advance by the Company\u2019s Audit Committee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__5__110": {
"value": "T\u20095.38\u2002Events\ue9f0after\ue9f0the\ue9f0end\ue9f0of\ue9f0the\ue9f02022\ue9f0financial\ue9f0yearT\u20095.38.1\u2002\ue9f0Additional investmentsAs already announced in separate press releases, Care Property Invest is proud to announce that after the closing of the financial year, it realised the following investments:T\u20095.38.1.1\u2002\ue9f0 Additional investments in The NetherlandsName Operator Acquisition Location Year of Contract Conv. Type of dateconstruction Value (in transaction/ renovation \u20ac million)or expected completionCompleted projectsWarm Hart Zuidwolde Warm Hart 03/02/2022 Zuidwolde Q2 2023 20 years \u20ac10.4 Asset dealZorghuizen(triple net)New projects signed under suspensory conditionsSaamborgh Ruurlo Saamborgh 15/03/2023 Ruurlo 2023 20 years \u20ac11.9 Share dealVerhuur B.V. (triple net)T\u20095.38.1.2\u2002\ue9f0 Additional investment in IrelandName Operator Acquisition Location Year of Contract Conv. Type of dateconstruction Value (in transaction/ renovation \u20ac million)or expected completionNew projects signed under suspensory conditionsSkibbereen Residential Care Brookhaven 06/01/2023 Skibbereen 2004 25 years \u20ac7.5 Asset dealCentre Healthcare (triple net)T\u20095.38.2\u2002\ue9f0Capital increase in cashCare Property Invest launched a capital increase by contribution in cash within the authorised capital on 11 January 2023 with the removal of the statutory preferential right and the grant of irreducible allocation rights to all existing shareholders. The main objective of this capital increase was to allow the Company to acquire new financial resources and increase its equity so that it can continue its growth strategy with regard to its real estate portfolio, while maintaining a reduced debt ratio. Following the public offering of subscription for the new shares and the successful private placement of scrips, the Company announced on 20 January 2023 that existing shareholders and new investors have subscribed to 100% of the offered new shares for a gross amount of \u20ac110,966,496 of which \u20ac55,016,264 will be allocated to the item capital and \u20ac55,950,232 to the item share premiums. Following this transaction, the Company's capital will be represented by 36,988,833 fully paid-up shares.The authorised capital amounted to \u20ac9,857,471 after this transaction. The Company convened an Extraordinary General Meeting of shareholders (EGM I) on 5 April 2023 to request a renewal of the authorised capital. However, the required quorum was not reached as a result of which a new Extraordinary General Meeting of Shareholders (EGM II) was planned on 26 April 2023. For the documentation relating to this extraordinary general meeting of shareholders, please consult the Company's website (www.carepropertyinvest.be/en/investments/general-meeting/).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "nl",
"entity": "scheme:54930096UUTCOUCQDU64",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}