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"2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "NSI:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f14260": { "value": "12020000", "decimals": -3, "dimensions": { "concept": "NSI:InterimDividendsPaid", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f14265": { "value": "1497000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f14268": { "value": "-1507000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f14271": { "value": "-47346000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "NSI:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f14274": { "value": "20414000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f14277": { "value": "-26942000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f14281": { "value": "72489000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f14284": { "value": "916768000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f14287": { "value": "-161762000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "NSI:OtherReservesAndRetainedEarningsExcludingProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f14290": { "value": "120961000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember", "unit": "iso4217:EUR" } }, "f14293": { "value": "948457000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-1-1": { "value": "NSI N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f14316": { "value": "NSI", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-1": { "value": "Hoogoorddreef 62", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-4-1": { "value": "1101 BE Amsterdam, the Nether-lands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f14328": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f14329": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-1": { "value": "real estate company, primarily focussing on offices", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f14347": { "value": "NSI", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-1": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-23-4": { "value": "STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the Euro-pean Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-2": { "value": "The financial statements were prepared by the Company\u2019sManagement and approved by the Supervisory Board on9 March 2023.The financial statements will be submitted to theGeneral Meeting of Shareholders on 21 April 2023 for adoption.BASIS OF PREPARATIONSignificant accounting policiesThe accounting policies adopted in the preparation of the consol-idated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2021.STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the Euro-pean Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.The statement of comprehensive income, the statement of financial position, the cash \ufb02ow statement and the statement of changes in shareholders\u2019 equity make reference to the notes in the financial statements to provide more information. The financial year of NSI presents the period from 1 January until 31 December.ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021. The most significant assumption relates to the unobserv-able information used in the valuation of the investment property. Other judgements are made relating to the claims for shopping center \u2018t Loon, the feasibility of the four investment properties under construction and timing of capitalisation of interest for the develop-ment projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.VALUATION PRINCIPLESThe financial statements have been prepared on the basis of historical cost except for investment property, investment prop-erty under construction and derivative financial instruments, which are subsequently measured at fair value.The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.At the end of 2022 NSI had a negative working capital position. However, this does not impact the assumption of continuity as NSI still has a remaining committed undrawn credit facility amply exceeding this negative working capital (reference is made to note 21). Therefore, these financial statements are drawn up based on a going concern. MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2013 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information;\u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.Further information about the assumptions made in measuring fair value is included in the following notes:\u2013 Note 10 - Investment property;\u2013 Note 21 - Financial instruments;\u2013 Note 22 - Remuneration Management Board", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-3": { "value": "The financial statements were prepared by the Company\u2019sManagement and approved by the Supervisory Board on9 March 2023.The financial statements will be submitted to theGeneral Meeting of Shareholders on 21 April 2023 for adoption.BASIS OF PREPARATIONSignificant accounting policiesThe accounting policies adopted in the preparation of the consol-idated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2021.STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the Euro-pean Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.The statement of comprehensive income, the statement of financial position, the cash \ufb02ow statement and the statement of changes in shareholders\u2019 equity make reference to the notes in the financial statements to provide more information. The financial year of NSI presents the period from 1 January until 31 December.ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021. The most significant assumption relates to the unobserv-able information used in the valuation of the investment property. Other judgements are made relating to the claims for shopping center \u2018t Loon, the feasibility of the four investment properties under construction and timing of capitalisation of interest for the develop-ment projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.VALUATION PRINCIPLESThe financial statements have been prepared on the basis of historical cost except for investment property, investment prop-erty under construction and derivative financial instruments, which are subsequently measured at fair value.The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.At the end of 2022 NSI had a negative working capital position. However, this does not impact the assumption of continuity as NSI still has a remaining committed undrawn credit facility amply exceeding this negative working capital (reference is made to note 21). Therefore, these financial statements are drawn up based on a going concern. MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2013 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information;\u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-4": { "value": "The financial statements were prepared by the Company\u2019sManagement and approved by the Supervisory Board on9 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-4": { "value": "Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-4": { "value": "ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021. The most significant assumption relates to the unobserv-able information used in the valuation of the investment property. Other judgements are made relating to the claims for shopping center \u2018t Loon, the feasibility of the four investment properties under construction and timing of capitalisation of interest for the develop-ment projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-5": { "value": "ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021. The most significant assumption relates to the unobserv-able information used in the valuation of the investment property. Other judgements are made relating to the claims for shopping center \u2018t Loon, the feasibility of the four investment properties under construction and timing of capitalisation of interest for the develop-ment projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-29-4": { "value": "The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-31-4": { "value": "MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2013 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information;\u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-2": { "value": "PRINCIPLES FOR CONSOLIDATIONSUBSIDIARIESSubsidiaries are entities over which NSI has decisive control.There is a situation of control if the company\u2019s involvement in theentity exposes or entitles it to variable returns and the companyhas the ability to in\ufb02uence such returns using its control in theentity.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control untilthe date on which the control ends.The following companies are included in the consolidated finan-cial statements:31 December 2022 31 December 2021NSI N.V. Amsterdam, The NetherlandsNSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%ELIMINATION OF INTRAGROUP TRANSACTIONSIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-3": { "value": "PRINCIPLES FOR CONSOLIDATIONSUBSIDIARIESSubsidiaries are entities over which NSI has decisive control.There is a situation of control if the company\u2019s involvement in theentity exposes or entitles it to variable returns and the companyhas the ability to in\ufb02uence such returns using its control in theentity.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control untilthe date on which the control ends.The following companies are included in the consolidated finan-cial statements:MAIN PRINCIPLES FOR FINANCIAL REPORTING31 December 2022 31 December 2021NSI N.V. Amsterdam, The NetherlandsNSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%ELIMINATION OF INTRAGROUP TRANSACTIONSIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.FOREIGN CURRENCYFOREIGN CURRENCY TRANSLATIONAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction.INVESTMENT PROPERTY IN OPERATIONInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the investment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valuations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valuation firms for indi-vidual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the estimated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash \ufb02ows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduction of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the prop-erty if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment prop-erties, given that they are recognised at fair value. Capitalisation of costs related to the development project commences as soon as it is probable that future economic benefits associated with the development of the property will \ufb02ow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calculated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associ-ated with NSI raising funds. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recog-nised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value most recently determined by NSI. If an investment property is sold, the cumula-tive positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclassi-fication as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for administrative processing purposes.INVESTMENT PROPERTY UNDER CONSTRUCTIONInvestment property under construction is referred to as \u2018invest-ment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construction. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reli-ably, management considers amongst others the following criteria:\u2013 The status of the required construction;\u2013 The status of the construction contract;\u2013 Level of reliability of cash in\ufb02ows after completion.If the fair value cannot be measured reliable, investment property under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under construction is transferred to investment property in operation.INTANGIBLE FIXED ASSETSIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capital-ised costs are reduced by cumulative amortisation and cumulative impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.TANGIBLE FIXED ASSETSTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumu-lative depreciation and any cumulative impairment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this NSI no longer recognises a financial asset in the balance sheet ifthe contractual rights to the cash \ufb02ows from the asset expire, or ifNSI transfers the contractual rights to receive cash \ufb02ows from thefinancial asset through a transaction in which substantially all therisks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefitsrelated to ownership of the asset, nor has control over the trans-ferred asset.If NSI retains or creates an interest in the transferredfinancial assets, the interest is recognised as a separate asset orliability.NON-DERIVATIVE FINANCIAL ASSETS \u2013 MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes andprepayments, are measured at initial recognition at fair value plusany directly attributable transaction costs. After initial recognition,loans and receivables are measured at amortised cost using theeffective interest method.revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unrealised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2013 Real estate in own use: 25 years;\u2013 Furniture and fixtures: 4 years;\u2013 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash \ufb02ows is calculated using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value.Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2013 Tenant loans (non-current);\u2013 Debtors and other receivables;\u2013 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2013 Interest bearing loans;\u2013 Creditors and other payables;\u2013 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash \ufb02ow statement.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Derivatives are initially recognised at cost, after which they arerecognised at fair value. Profits or losses arising from changesin the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehensiveincome.Hedge accounting is not applied.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2022 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. PREPAYMENTS AND DEFERRED INCOMEPrepayments and deferred income are measured at costs.EQUITYOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the consideration paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.INCOMERENTAL INCOMEThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agreement may be terminated. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of compre-hensive income in the period in which the contractual require-ments are met.SERVICE COSTS RECHARGED TO TENANTSService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etc., costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.NET RESULT ON SALE OF INVESTMENT PROPERTYProceeds from the sale of investment properties are recognised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties in NSI\u2019s most recently published (interim) balance sheet. COSTSSERVICE COSTS NOT RECHARGEDService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations or service costs. OPERATING COSTSOperating costs consist of costs directly related to the opera-tion of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.ADMINISTRATIVE COSTSAdministrative expenses include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and the costs of fund management.Costs relating to the commercial, technical and administrative management of investment properties are included in the oper-ating costs. Costs relating to the supervision and monitoring of investment projects are capitalised on the basis of hours spent.FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.EMPLOYEE BENEFITSDEFINED CONTRIBUTION PENSION PLANLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.MANAGEMENT BOARD VARIABLE REMUNERATIONThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI is based on 2020 to 2023 and is capped at 90% of the base salary for the CEO and at 45% of the base salary for the CFO, whereas the STI is based on 2022 only and is capped at 24% of the base salary for the CEO and at 36% of the base salary for the CFO.At the end of 2022, the total obligation was calculated and recog-nised as an expense with a corresponding increase in liabilities.SHAREHOLDING REQUIREMENTTo further stimulate long-term value creation, NSI applies a share-holding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s share-holders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a require-ment of at least 75% of the applicable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.TAX ON PROFITSTAX STATUSNSI has the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means no corporate income tax is owed under certain conditions. The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the share-holder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. As long as the Group continues to meet the conditions and therefore maintains the status of fiscal investment institution, corporate income tax will not be taken into account in the determination of profit or the reserves.Corporate income tax may be payable on the fiscal results of the Dutch subsidiaries (NSI Development B.V., HNK Services B.V., NSI Services HNK B.V.) which do not have the status of a fiscal investment institution.CORPORATE INCOME TAXCorporate income tax consists of payable tax liabilities, and is reported in the statement of comprehensive income. The tax payable consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deductible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.CASH FLOW STATEMENTOperating cash \ufb02ows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit institu-tions also include overdraft facilities which are part of NSI's cash management policy. SEGMENT INFORMATIONAll operating results of an operating segment are assessed peri-odically by the Management Board in order to decide on the allo-cation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-33-4": { "value": "SUBSIDIARIESSubsidiaries are entities over which NSI has decisive control.There is a situation of control if the company\u2019s involvement in theentity exposes or entitles it to variable returns and the companyhas the ability to in\ufb02uence such returns using its control in theentity.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control untilthe date on which the control ends.The following companies are included in the consolidated finan-cial statements:31 December 2022 31 December 2021NSI N.V. Amsterdam, The NetherlandsNSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-3": { "value": "31 December 2022 31 December 2021NSI N.V. Amsterdam, The NetherlandsNSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-4": { "value": "31 December 2022 31 December 2021NSI N.V. Amsterdam, The NetherlandsNSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-3": { "value": "FOREIGN CURRENCYFOREIGN CURRENCY TRANSLATIONAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-3": { "value": "INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction.INVESTMENT PROPERTY IN OPERATIONInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the investment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valuations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valuation firms for indi-vidual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the estimated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash \ufb02ows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduction of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the prop-erty if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment prop-erties, given that they are recognised at fair value. Capitalisation of costs related to the development project commences as soon as it is probable that future economic benefits associated with the development of the property will \ufb02ow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calculated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associ-ated with NSI raising funds. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recog-nised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value most recently determined by NSI. If an investment property is sold, the cumula-tive positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclassi-fication as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for administrative processing purposes.INVESTMENT PROPERTY UNDER CONSTRUCTIONInvestment property under construction is referred to as \u2018invest-ment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construction. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reli-ably, management considers amongst others the following criteria:\u2013 The status of the required construction;\u2013 The status of the construction contract;\u2013 Level of reliability of cash in\ufb02ows after completion.If the fair value cannot be measured reliable, investment property under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under construction is transferred to investment property in operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-4": { "value": "Subsequent expenditures are only included in the value of the prop-erty if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment prop-erties, given that they are recognised at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-3": { "value": "INTANGIBLE FIXED ASSETSIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capital-ised costs are reduced by cumulative amortisation and cumulative impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-3": { "value": "TANGIBLE FIXED ASSETSTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumu-lative depreciation and any cumulative impairment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unrealised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2013 Real estate in own use: 25 years;\u2013 Furniture and fixtures: 4 years;\u2013 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-4": { "value": "Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-4": { "value": "Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2013 Real estate in own use: 25 years;\u2013 Furniture and fixtures: 4 years;\u2013 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. COSTSSERVICE COSTS NOT RECHARGEDService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations or service costs. OPERATING COSTSOperating costs consist of costs directly related to the opera-tion of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.ADMINISTRATIVE COSTSAdministrative expenses include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and the costs of fund management.Costs relating to the commercial, technical and administrative management of investment properties are included in the oper-ating costs. Costs relating to the supervision and monitoring of investment projects are capitalised on the basis of hours spent.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-5": { "value": "Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2013 Real estate in own use: 25 years;\u2013 Furniture and fixtures: 4 years;\u2013 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-84-3": { "value": "IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash \ufb02ows is calculated using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value.Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-84-4": { "value": "IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash \ufb02ows is calculated using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value.Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-3": { "value": "NSI no longer recognises a financial asset in the balance sheet ifthe contractual rights to the cash \ufb02ows from the asset expire, or ifNSI transfers the contractual rights to receive cash \ufb02ows from thefinancial asset through a transaction in which substantially all therisks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefitsrelated to ownership of the asset, nor has control over the trans-ferred asset.If NSI retains or creates an interest in the transferredfinancial assets, the interest is recognised as a separate asset orliability.NON-DERIVATIVE FINANCIAL ASSETS \u2013 MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes andprepayments, are measured at initial recognition at fair value plusany directly attributable transaction costs. After initial recognition,loans and receivables are measured at amortised cost using theeffective interest method.FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2013 Tenant loans (non-current);\u2013 Debtors and other receivables;\u2013 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2013 Interest bearing loans;\u2013 Creditors and other payables;\u2013 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash \ufb02ow statement.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Derivatives are initially recognised at cost, after which they arerecognised at fair value. Profits or losses arising from changesin the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehensiveincome.Hedge accounting is not applied.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2022 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-4": { "value": "NSI no longer recognises a financial asset in the balance sheet ifthe contractual rights to the cash \ufb02ows from the asset expire, or ifNSI transfers the contractual rights to receive cash \ufb02ows from thefinancial asset through a transaction in which substantially all therisks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefitsrelated to ownership of the asset, nor has control over the trans-ferred asset.If NSI retains or creates an interest in the transferredfinancial assets, the interest is recognised as a separate asset orliability.NON-DERIVATIVE FINANCIAL ASSETS \u2013 MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes andprepayments, are measured at initial recognition at fair value plusany directly attributable transaction costs. After initial recognition,loans and receivables are measured at amortised cost using theeffective interest method.FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2013 Tenant loans (non-current);\u2013 Debtors and other receivables;\u2013 Cash and cash equivalents.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash \ufb02ow statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-72-5": { "value": "If NSI retains or creates an interest in the transferredfinancial assets, the interest is recognised as a separate asset orliability.NSI has the following non-derivative financial liabilities: \u2013 Interest bearing loans;\u2013 Creditors and other payables;\u2013 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2022 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.PREPAYMENTS AND DEFERRED INCOMEPrepayments and deferred income are measured at costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-89-6": { "value": "Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-5": { "value": "NON-DERIVATIVE FINANCIAL ASSETS \u2013 MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes andprepayments, are measured at initial recognition at fair value plusany directly attributable transaction costs. After initial recognition,loans and receivables are measured at amortised cost using theeffective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-76-6": { "value": "LOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes andprepayments, are measured at initial recognition at fair value plusany directly attributable transaction costs. After initial recognition,loans and receivables are measured at amortised cost using theeffective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-100-5": { "value": "CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-93-4": { "value": "Derivatives are initially recognised at cost, after which they arerecognised at fair value. Profits or losses arising from changesin the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehensiveincome.Hedge accounting is not applied.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-93-5": { "value": "Derivatives are initially recognised at cost, after which they arerecognised at fair value. Profits or losses arising from changesin the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehensiveincome.Hedge accounting is not applied.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-105-3": { "value": "EQUITYOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-106-4": { "value": "The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the consideration paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-108-3": { "value": "INCOMERENTAL INCOMEThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agreement may be terminated. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of compre-hensive income in the period in which the contractual require-ments are met.SERVICE COSTS RECHARGED TO TENANTSService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etc., costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.NET RESULT ON SALE OF INVESTMENT PROPERTYProceeds from the sale of investment properties are recognised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties in NSI\u2019s most recently published (interim) balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-112-3": { "value": "FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-112-4": { "value": "FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-115-3": { "value": "EMPLOYEE BENEFITSDEFINED CONTRIBUTION PENSION PLANLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.MANAGEMENT BOARD VARIABLE REMUNERATIONThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI is based on 2020 to 2023 and is capped at 90% of the base salary for the CEO and at 45% of the base salary for the CFO, whereas the STI is based on 2022 only and is capped at 24% of the base salary for the CEO and at 36% of the base salary for the CFO.At the end of 2022, the total obligation was calculated and recog-nised as an expense with a corresponding increase in liabilities.SHAREHOLDING REQUIREMENTTo further stimulate long-term value creation, NSI applies a share-holding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s share-holders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a require-ment of at least 75% of the applicable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-3": { "value": "TAX ON PROFITSTAX STATUSNSI has the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means no corporate income tax is owed under certain conditions. The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the share-holder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. As long as the Group continues to meet the conditions and therefore maintains the status of fiscal investment institution, corporate income tax will not be taken into account in the determination of profit or the reserves.Corporate income tax may be payable on the fiscal results of the Dutch subsidiaries (NSI Development B.V., HNK Services B.V., NSI Services HNK B.V.) which do not have the status of a fiscal investment institution.CORPORATE INCOME TAXCorporate income tax consists of payable tax liabilities, and is reported in the statement of comprehensive income. The tax payable consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deductible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-139-3": { "value": "CASH FLOW STATEMENTOperating cash \ufb02ows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit institu-tions also include overdraft facilities which are part of NSI's cash management policy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-140-3": { "value": "SEGMENT INFORMATIONAll operating results of an operating segment are assessed peri-odically by the Management Board in order to decide on the allo-cation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-141-2": { "value": "1. SEGMENT INFORMATIONAs from 2022, the former sub-segments \u201cOther target cities\u201d and \u201cOther Netherlands\u201d for both offices and HNK have been combined into one sub-segment, \u201cOther Netherlands\u201d, re\ufb02ecting the strategic choices made by the management in recent years. Comparative figures have been adjusted accordingly.2022STATEMENT OF COMPREHENSIVE INCOMEAmsterdam Other G4 Other NL Corporate TOTALGross rental income 35,855 22,315 13,139 71,309Service costs recharged to tenants 4,667 4,129 2,225 11,020Service costs -5,188 -4,541 -2,613 -12,343Service costs not recharged -521 -412 -389 -1,322Operating costs -4,527 -3,774 -2,361 -10,663Net rental income 30,807 18,129 10,389 59,325Revaluation of investment property -74,631 -12,105 9,909 -76,826Net result on sale of investment property 1,187 -1,156 32Net result from investment -43,824 7,211 19,143 -17,470Administrative costs -8,566 -8,566Other income and costs -210 -210Net financing result -5,122 -5,122Result before tax -43,824 7,211 19,143 -13,898 -31,368Corporate income tax -2 -2Total result for the year -43,824 7,211 19,143 -13,900 -31,370Other comprehensive income / expenseTotal comprehensive income / expense for the year -43,824 7,211 19,143 -13,900 -31,370Attributable to shareholders-43,824 7,211 19,143 -13,900 -31,370STATEMENT OF FINANCIAL POSITION AS PER 31 DECEMBERAmsterdam Other G4 Other NL Corporate TOTALInvestment property 721,552 336,766 200,917 1,259,235Other assets 6,589 5,284 1,786 6,897 20,556Total assets 728,140 342,050 202,703 6,897 1,279,790Non-current liabilities 2,411 820 361 286,135 289,727Current liabilities 2,458 785 575 99,235 103,054Total liabilities 4,870 1,606 936 385,370 392,782Purchases of investment property and subsequent expenditures10,543 1,561 578 12,6822021STATEMENT OF COMPREHENSIVE INCOMEAmsterdam Other G4 Other NL Corporate TOTALGross rental income 35,982 26,284 15,241 77,507Service costs recharged to tenants 4,475 5,030 3,154 12,659Service costs -4,965 -5,801 -3,766 -14,532Service costs not recharged -490 -771 -612 -1,873Operating costs -4,019 -5,284 -3,059 -12,362Net rental income 31,473 20,230 11,569 63,272Revaluation of investment property 43,437 8,662 11,050 63,149Net result on sale of investment property 937 9,270 10,207Net result from investment 74,910 29,828 31,890 136,628Administrative costs -7,612 -7,612Other income and costs -170 -170Net financing result -7,884 -7,884Result before tax 74,910 29,828 31,890 -15,666 120,962Corporate income tax -2 -2Total result for the year 74,910 29,828 31,890 -15,667 120,961Other comprehensive income / expenseTotal comprehensive income / expense for the year 74,910 29,828 31,890 -15,667 120,961Attributable to shareholders74,910 29,828 31,890 -15,667 120,961STATEMENT OF FINANCIAL POSITION AS PER 31 DECEMBERAmsterdam Other G4 Other NL Corporate TOTALInvestment property 784,223 350,374 203,436 1,338,034Other assets 5,662 5,491 1,995 17,043 30,192Total assets 789,885 355,865 205,432 17,043 1,368,225Non-current liabilities 2,160 792 403 391,223 394,577Current liabilities 3,345 813 1,507 19,526 25,192Total liabilities 5,505 1,605 1,910 410,749 419,769Purchases of investment property and subsequent expenditures 82,212 21,323 25,162 128,696", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-144-2": { "value": "2. NET RENTAL INCOMEGross rental income Service costs not rechargedOperating costs Net rental income2022 2021 2022 2021 2022 2021 2022 2021Amsterdam 35,855 35,982 -521 -490 -4,527 -4,019 30,807 31,473Other G4 22,315 26,284 -412 -771 -3,774 -5,284 18,129 20,230Other Netherlands 13,139 15,241 -389 -612 -2,361 -3,059 10,389 11,569Net rental income 71,309 77,507 -1,322 -1,873 -10,663 -12,362 59,325 63,272Gross rental income can be specified in the following components:2022 2021Gross rental income - offices / HNK / other 70,501 75,956Turnover rent 173 136Indemnities received 153 1,002HNK - meeting rooms 521 436HNK - hospitality services 84 65Other rental income / loss -123 -89Other gross rental income / loss 808 1,551Gross rental income 71,309 77,507Gross rental income includes an amount of \u20ac 6.6m (2021: \u20ac 6.7m) for lease incentives.NSI leases its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2022 31 December 2021First year 69,434 68,336Second to fourth year 148,675 150,407As of fifth year 82,632 88,593", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-144-3": { "value": "2. NET RENTAL INCOMEGross rental income Service costs not rechargedOperating costs Net rental income2022 2021 2022 2021 2022 2021 2022 2021Amsterdam 35,855 35,982 -521 -490 -4,527 -4,019 30,807 31,473Other G4 22,315 26,284 -412 -771 -3,774 -5,284 18,129 20,230Other Netherlands 13,139 15,241 -389 -612 -2,361 -3,059 10,389 11,569Net rental income 71,309 77,507 -1,322 -1,873 -10,663 -12,362 59,325 63,272Gross rental income can be specified in the following components:2022 2021Gross rental income - offices / HNK / other 70,501 75,956Turnover rent 173 136Indemnities received 153 1,002HNK - meeting rooms 521 436HNK - hospitality services 84 65Other rental income / loss -123 -89Other gross rental income / loss 808 1,551Gross rental income 71,309 77,507Gross rental income includes an amount of \u20ac 6.6m (2021: \u20ac 6.7m) for lease incentives.NSI leases its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2022 31 December 2021First year 69,434 68,336Second to fourth year 148,675 150,407As of fifth year 82,632 88,593", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-151-2": { "value": "3. OPERATING COSTS 2022 2021Leasehold -3 0Municipal taxes -2,770 -3,141Insurance premiums -602 -559Maintenance costs -1,784 -3,385Property management costs -3,489 -3,598Letting costs -1,184 -1,082Contribution to owner association -109 -209Doubtful debt costs 19 -19Other operating costs -740 -368Operating costs -10,663 -12,362Property management costs include administrative costs charged to operations for an amount of \u20ac 3.2m (2021: \u20ac 3.3m). Letting costs includes an amount of - \u20ac 0.1m (2021: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.3m (2021: \u20ac 0.2m) relates to operating costs of fully vacant properties.6. ADMINISTRATIVE COSTS2022 2021Salaries and wages -5,648 -5,663Social security -704 -594Pensions -365 -332Depreciation right of use tangible fixed assets -295 -283Other staff costs -1,217 -1,093Staff costs -8,229 -7,965Compensation supervisory board -251 -273Depreciation and amortisation -445 -194Other office costs -1,476 -1,408Office costs -1,920 -1,602Audit, consultancy and valuation costs -1,269 -1,029Other administrative costs -1,333 -838Administrative costs -13,002 -11,707Allocated administrative costs 4,436 4,096Administrative costs -8,566 -7,612Administrative costs directly related to the operation of the investment property portfolio are recharged to the operating costs. Directly attributable costs related to development project are capitalised as part of the respective project (\u20ac 0.6m, 2021: \u20ac 0.5m). Furthermore, part of the reception staff of HNK is included in the payroll of NSI. The costs concerned (\u20ac 0.6m, 2021: \u20ac 0.3m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EMPLOYEESOn average 61 employees (57 FTE), including the Management Board, were employed by NSI during the reporting year (2021: 56 employees (52 FTE)). As per 31 December 2022 the number of employees amounted to 65 (60 FTE).All employees are working in the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-151-3": { "value": "3. OPERATING COSTS 2022 2021Leasehold -3 0Municipal taxes -2,770 -3,141Insurance premiums -602 -559Maintenance costs -1,784 -3,385Property management costs -3,489 -3,598Letting costs -1,184 -1,082Contribution to owner association -109 -209Doubtful debt costs 19 -19Other operating costs -740 -368Operating costs -10,663 -12,362Property management costs include administrative costs charged to operations for an amount of \u20ac 3.2m (2021: \u20ac 3.3m). Letting costs includes an amount of - \u20ac 0.1m (2021: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.3m (2021: \u20ac 0.2m) relates to operating costs of fully vacant properties.6. ADMINISTRATIVE COSTS2022 2021Salaries and wages -5,648 -5,663Social security -704 -594Pensions -365 -332Depreciation right of use tangible fixed assets -295 -283Other staff costs -1,217 -1,093Staff costs -8,229 -7,965Compensation supervisory board -251 -273Depreciation and amortisation -445 -194Other office costs -1,476 -1,408Office costs -1,920 -1,602Audit, consultancy and valuation costs -1,269 -1,029Other administrative costs -1,333 -838Administrative costs -13,002 -11,707Allocated administrative costs 4,436 4,096Administrative costs -8,566 -7,612Administrative costs directly related to the operation of the investment property portfolio are recharged to the operating costs. Directly attributable costs related to development project are capitalised as part of the respective project (\u20ac 0.6m, 2021: \u20ac 0.5m). Furthermore, part of the reception staff of HNK is included in the payroll of NSI. The costs concerned (\u20ac 0.6m, 2021: \u20ac 0.3m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EMPLOYEESOn average 61 employees (57 FTE), including the Management Board, were employed by NSI during the reporting year (2021: 56 employees (52 FTE)). As per 31 December 2022 the number of employees amounted to 65 (60 FTE).All employees are working in the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-153-2": { "value": "4. REVALUATION OF INVESTMENT PROPERTY2022 2021Positive Negative Total Positive Negative TotalInvestment property in operation 40,453 -104,803 -64,350 81,129 -13,505 67,624Investment property under construction -11,515 -11,515 350 -1,490 -1,140Revaluation - market value 40,453 -116,318 -75,865 81,479 -14,995 66,484Movement in right of use leasehold -66 -52Movement in lease incentives -896 -3,283Revaluation of investment property -76,826 63,149Further details on revaluation can be found in note 10.5. NET RESULT ON SALE OF INVESTMENT PROPERTY2022 2021Proceeds on sale of investment property 17,145 105,017Transaction costs on sale of investment property -78 -1,138Sale of investment property 17,067 103,879Book value at the time of sale (excl. right of use leasehold) -17,036 -93,672Net result on sale of investment property 32 10,207During 2022 3 properties have been sold of which 1 in \u2018Other G4\u2019 and 2 in the segment \u2018Other NL\u2019 (2021: 5 properties in the segment \u2018Other G4\u2019 and 7 properties in the segment \u2018Other Netherlands\u2019). The net result on sale of investment property includes an amount of - \u20ac 0.1m (2021: - \u20ac 0.1m) related to prior years\u2019 sales.Transaction costs on sale include the costs of real estate agents and legal fees. 10. INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction:31 December 2022 31 December 2021Investment property in operation 1,200,153 1,275,988Investment property under construction 59,082 62,046Investment property 1,259,235 1,338,034Investment property in operation and investment property under construction are recognised at fair value. The fair value is determined on the basis of level 3 of the fair value hierarchy. At 31 December 2022 100% (2021: 100%) of investment property were externally appraised by external appraisers. In 2022 the appraisers are JLL, Colliers and Cushman & Wakefield. In 2021 there were four appraisers: JLL, Colliers, Cushman & Wakefield and CBRE. The fair value is based on the market value (including buyer\u2019s costs, i.e. adjusted for purchase costs such as transfer tax). That means the estimated price on the date of valuation at which a property can be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well-informed parties.The valuations are determined on the basis of a capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash \ufb02ows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the type of investment property, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific knowledge.The table below summarises both valuation techniques used to determine the fair value of investment property, as well as the significant unobservable inputs used primarily for the capitalisation method. The respective outcomes of both methods are compared:Valuation technique Unobservable inputsRelationship between significant unobservable inputs and the fair value measurementCapitalisation method and net discounted cash \ufb02ow The estimated fair value increases (decreases) if:calculation.The capitalisation method consists of a net initial Significant:yield calculation, whereby the net market rent prices \u2013 Gross initial yield / net initial yield\u2013 The gross / net yield is lower (higher)are capitalised by a yield percentage.The DCF valuation method is based on the present Other:value of net future cash \ufb02ows to be generated by the \u2013 Market rent (Estimated Rental Value) \u2013 The estimated market rent levels are higher (lower)property, taking into account the expected increases \u2013 Rent free periods and other lease incentives and \u2013 The periods of vacancy are shorter (longer)in rent levels, periods of vacancy, costs of letting periods of vacancy following expirations of a lease\u2013 The rent free periods are shorter (longer)incentives such as rent free periods and other costs \u2013 Operating expenses, capital expenditure and \u2013 The operating costs and capital are lower (higher)not covered by the tenant and the estimated oper-ground lease expensesating costs and capital expenditure.The expected net cash \ufb02ows are discounted using a risk adjusted discount rate. The discount rate is estimated based on factors including the quality and location of the property, the creditworthiness of the tenant and the lease conditions.The fair value is the outcome of the (theoretical) rent divided by the net initial yield (expressed as a percentage) of the investment prop-erty. The yields applied are specific to the type of property, location, maintenance condition and letting potential of each asset. The yields are determined based on comparable transactions, as well as on market and asset-specific knowledge.Assumptions are made for each property, tenant and vacant unit based on the likelihood of letting (and reletting), the expected duration of vacancy (in months), incentives, capital expenditure and operating costs.The most important assumptions and input parameters used in the valuations are:2022 2021Average effective contractual rent per sqm (\u20ac):Amsterdam 243 222Other G4 213 203Other Netherlands 180 161Average market rent per sqm (\u20ac):Amsterdam 266 255Other G4 210 204Other Netherlands 186 153Average gross initial yield (%):Amsterdam 5.9% 5.0%Other G4 7.2% 6.6%Other Netherlands 7.0% 7.6%INVESTMENT PROPERTY IN OPERATIONThe movement in investment property in operation per segment was as follows:2022Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2022 725,852 346,699 203,436 1,275,988Acquisitions 124 -228 -3 -107Investments 3,275 1,789 587 5,651Revaluation -63,721 -11,490 9,909 -65,302Transfer from/ to real estate in own use 573 573Disposals -3,064 -13,586 -16,650Balance as per 31 December 2022 665,530 333,706 200,917 1,200,153Right of use leasehold as per 31 December 2022-680 -58 -738Lease incentives as per 31 December 20226,589 5,284 1,786 13,659Market value as per 31 December 2022671,439 338,990 202,645 1,213,0742021Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2021 658,249 387,091 191,896 1,237,237Acquisitions 73,338 13,531 22,939 109,809Investments 5,522 7,791 2,224 15,537Revaluation 44,930 8,312 11,050 64,292Transfer from / to investment property under construction -53,025 -3,325 -56,350Transfer from/ to real estate in own use -3,162 -3,162Disposals -66,702 -24,672 -91,374Balance as per 31 December 2021 725,852 346,699 203,436 1,275,988Right of use leasehold as per 31 December 2021 -652 -78 -730Lease incentives as per 31 December 2021 5,662 5,491 1,995 13,148Market value as per 31 December 2021 730,863 352,190 205,353 1,288,406COLLATERALOn 31 December 2022, properties with a market value of \u20ac 230.0m (31 December 2021: \u20ac 248.4m) were mortgaged as security for loans drawn and current account overdraft facilities at banks amounting to \u20ac 65.7m (31 December 2021: \u20ac 66.4m). The level of security can vary within the financing facilities, enabling NSI to create additional loan capacity within the existing facilities or to allocate part of the security to another financing facility.SENSITIVITIES TO YIELD FLUCTUATIONSThe value of investment property implies an average gross initial yield of 6.4% (31 December 2021: 5.9%). Valuations can be affected by the general macro-economic and market environment, but also by local factors. For this reason NSI has performed a sensitivity analysis. If, on 31 December 2022, the yields applied for the valuation of investment property had been 50 basis points lower than the yields currently applied, the value of investment property would increase by 8.0% (31 December 2021: 8.9%). In that case NSI\u2019s equity would be \u20ac 103m (31 December 2021: \u20ac 120m) higher due to a higher result for the year. The loan-to-value would then decrease from 28.7% (31 December 2021: 28.2%) to 26.5% (31 December 2021: 25.9%). If, on 31 December 2022, the yields applied for the valuation of investment property had been 50 basis points higher than those currently applied, the value of investment property would decrease by 6.9% (31 December 2021: 7.5%). In that case NSI\u2019s equity would be \u20ac 88m (31 December 2021: \u20ac 102m) lower due to a lower result for the year. The loan-to-value would then increase from 28.7% to 30.8%.INVESTMENT PROPERTY UNDER CONSTRUCTIONThe movement in investment property under construction per segment was as follows:2022Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2022 58,371 3,675 62,046Investments 7,233 7,233Capitalised interest 1,328 1,328Revaluation -10,910 -615 -11,525Balance as per 31 December 2022 56,022 3,060 59,082Right of use leasehold as per 31 December 2022-204 -204Market value as per 31 December 202255,818 3,060 58,8782021Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2021 2,956 2,956Investments 3,359 3,359Capitalised interest 524 524Revaluation -1,493 350 -1,143Transfer from / to investment property in operation 53,025 3,325 56,350Balance as per 31 December 2021 58,371 3,675 62,046Right of use leasehold as per 31 December 2021-182 -182Market value as per 31 December 202158,188 3,675 61,863As per 31 December 2022 investment property under construction consists of capitalised project costs of Laanderpoort, Well House and Vitrum, all located in Amsterdam and Alexanderhof in Rotterdam. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-156-4": { "value": "EMPLOYEESOn average 61 employees (57 FTE), including the Management Board, were employed by NSI during the reporting year (2021: 56 employees (52 FTE)). As per 31 December 2022 the number of employees amounted to 65 (60 FTE).All employees are working in the Netherlands.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-157-2": { "value": "7. OTHER INCOME AND COSTS 2022 2021Other costs -210 -170Other income and costs -210 -170Other costs in 2022 concern feasibility costs for projects (mainly related to Centerpoint, Amsterdam and Alexanderhof, Rotterdam) and costs of cancelled projects.Other costs in 2021 mainly concern of cancelled projects, mainly relating to redevelopment of shopping center \u2018t Loon, Heerlen, and feasibility costs for projects (amongst others Vivaldi II and Centerpoint in Amsterdam and Alexanderhof in Rotterdam).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-2": { "value": "8. NET FINANCING RESULT2022 2021Interest income 278 45Interest costs -9,118 -8,326Capitalised interest 1,328 524Bank costs -63 -1,171Amortisation costs interest bearing loans -383 -280Other financing costs -66 -78Financing costs -8,302 -9,330Movement in market value of financial derivatives 2,902 1,401Net financing result -5,122 -7,884The borrowing costs for the development projects Laanderpoort, Well House and Vitrum are capitalised. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2022, the range of weighted average interest rates used was: 2.0% - 2.2% (2021: 2.0% - 2.2%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-3": { "value": "8. NET FINANCING RESULT2022 2021Interest income 278 45Interest costs -9,118 -8,326Capitalised interest 1,328 524Bank costs -63 -1,171Amortisation costs interest bearing loans -383 -280Other financing costs -66 -78Financing costs -8,302 -9,330Movement in market value of financial derivatives 2,902 1,401Net financing result -5,122 -7,884The borrowing costs for the development projects Laanderpoort, Well House and Vitrum are capitalised. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2022, the range of weighted average interest rates used was: 2.0% - 2.2% (2021: 2.0% - 2.2%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-158-4": { "value": "8. NET FINANCING RESULT2022 2021Interest income 278 45Interest costs -9,118 -8,326Capitalised interest 1,328 524Bank costs -63 -1,171Amortisation costs interest bearing loans -383 -280Other financing costs -66 -78Financing costs -8,302 -9,330Movement in market value of financial derivatives 2,902 1,401Net financing result -5,122 -7,884The borrowing costs for the development projects Laanderpoort, Well House and Vitrum are capitalised. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2022, the range of weighted average interest rates used was: 2.0% - 2.2% (2021: 2.0% - 2.2%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-159-2": { "value": "9. CORPORATE INCOME TAX2022 2021Current tax -2 -2Corporate income tax -2 -2NSI has the status of a Dutch real estate investment trust (FBI) within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means that no corporate income tax is owed under certain conditions.The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a FBI, as stated under the main principles for financial reporting. Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.The subsidiaries NSI Development B.V. and HNK Services B.V. are not part of the fiscal real estate investment trust NSI N.V. for tax purposes and are as such liable to pay corporate income tax.2022 2021Result before tax -31,368 120,962Tax at Dutch tax rate 25.00% 7,842 25.00% -30,241Exempt due to fiscal status -7,846 30,237Tax of subsidiaries under other tax regime 1 2Corporate income tax -2 -2LTV AND DUTCH REIT-STATUSA number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such require-ment relates to the maximum LTV (norm: \u2264 60%).The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter group NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in both 2021 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-170-3": { "value": "COLLATERALOn 31 December 2022, properties with a market value of \u20ac 230.0m (31 December 2021: \u20ac 248.4m) were mortgaged as security for loans drawn and current account overdraft facilities at banks amounting to \u20ac 65.7m (31 December 2021: \u20ac 66.4m). The level of security can vary within the financing facilities, enabling NSI to create additional loan capacity within the existing facilities or to allocate part of the security to another financing facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-174-2": { "value": "11. INTANGIBLE FIXED ASSETSIntangible fixed assets consist of capitalised software.The movement in intangible fixed assets during 2022 and 2021 was as follows:2022 2021Balance as per 1 January 134 242Investments 31 33Amortisation -93 -142Balance as per 31 December 72 134Gross book value 1,316 1,285Cumulative amortisation -1,245 -1,152Intangible fixed assets 72 134Investments in both 2021 and 2022 concern costs made related to robotic process automation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-175-2": { "value": "12. TANGIBLE FIXED ASSETSTangible fixed assets relate to the furniture and office equipment, as well as part of the offices of the company at Hoogoorddreef 62 (Centerpoint) in Amsterdam. Furthermore, the right of use of lease cars has been included under tangible fixed assets.As per 31 December 2021, also the previous headquarter of NSI, located at Antareslaan 69-75 (HNK Hoofddorp) in Hoofddorp, The Netherlands. was included under tangible fixed assets. This was transferred to investment property after termination of the lease contract in February 2022.The movement in tangible fixed assets during 2022 and 2021 was as follows:2022 2021Balance as per 1 January 5,165 1,464Investments 186 895Depreciation -646 -335Transfer from / to investment property -573 3,162Disposals -70 -21Balance as per 31 December 4,063 5,165Gross book value 5,366 6,295Cumulative depreciation -1,303 -1,129Tangible fixed assets 4,063 5,165", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-176-2": { "value": "13. OTHER NON-CURRENT ASSETS31 December 2022 31 December 2021Lease incentives 13,659 13,148Other non-current assets 13,659 13,148Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 2.0m to be settled in 2023 (2021: \u20ac 0.3m to be settled in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-176-3": { "value": "13. OTHER NON-CURRENT ASSETS31 December 2022 31 December 2021Lease incentives 13,659 13,148Other non-current assets 13,659 13,148Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 2.0m to be settled in 2023 (2021: \u20ac 0.3m to be settled in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-177-2": { "value": "14. DEBTORS AND OTHER RECEIVABLES31 December 2022 31 December 2021Gross debtors 904 782Provision for doubtful debts -349 -300Debtors 555 483Tenant loans 0 28Taxes 40 89Prepayments 511 528Other current receivables 297 2,887Debtors and other receivables 1,403 4,015The largest item recognised under debtors and other accounts receivable concerns debtors (\u20ac 0.9m), mainly tenants who are overdue, which are reported after deduction of a provision for expected credit losses over the term of the receivables.The provision for doubtful debts has been determined based on IFRS 9 guidelines, in line with prior year\u2019s calculations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-178-2": { "value": "15. CASH AND CASH EQUIVALENTS31 December 2022 31 December 2021Bank balances 196 7,729Cash and cash equivalents 196 7,729The full amount of cash and cash equivalents is freely available.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-179-2": { "value": "16. EQUITY ATTRIBUTABLE TO SHAREHOLDERSISSUED SHARE CAPITALAs per 31 December 2021 the authorised share capital consisted of 19,698,207 issued and fully paid shares (\u20ac 72,5m). The issued shares have a par value of \u20ac 3.68 each.In May 2022 108,025 shares were issued as stock dividend, relating to the final dividend distribution for 2021. This resulted in 19,806,232 issued shares (\u20ac72,9m). In August 2022 an interim stock dividend of 248,009 shares was issued and distributed. After that date the number of issued and fully paid shares as per 31 December 2022 amounted to 20,054,241 (\u20ac 73.8m).2022 2021Balance as per 1 January 72,489 70,992Stock dividend - final distribution prior year 398 687Stock dividend - interim 913 810Balance as per 31 December 73,800 72,489The movement in the number of shares issued in 2021 and 2022 was as follows:2022 2021Balance as per 1 January 19,698,207 19,291,415Stock dividend - final distribution prior year 108,025 186,639Stock dividend - interim 248,009 220,153Balance as per 31 December 20,054,241 19,698,207The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-179-3": { "value": "16. EQUITY ATTRIBUTABLE TO SHAREHOLDERSISSUED SHARE CAPITALAs per 31 December 2021 the authorised share capital consisted of 19,698,207 issued and fully paid shares (\u20ac 72,5m). The issued shares have a par value of \u20ac 3.68 each.In May 2022 108,025 shares were issued as stock dividend, relating to the final dividend distribution for 2021. This resulted in 19,806,232 issued shares (\u20ac72,9m). In August 2022 an interim stock dividend of 248,009 shares was issued and distributed. After that date the number of issued and fully paid shares as per 31 December 2022 amounted to 20,054,241 (\u20ac 73.8m).2022 2021Balance as per 1 January 72,489 70,992Stock dividend - final distribution prior year 398 687Stock dividend - interim 913 810Balance as per 31 December 73,800 72,489The movement in the number of shares issued in 2021 and 2022 was as follows:2022 2021Balance as per 1 January 19,698,207 19,291,415Stock dividend - final distribution prior year 108,025 186,639Stock dividend - interim 248,009 220,153Balance as per 31 December 20,054,241 19,698,207The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.SHARE PREMIUM RESERVE2022 2021Balance as per 1 January 916,768 918,275Stock dividend - final distribution prior year -403 -692Stock dividend - interim -918 -815Balance as per 31 December 915,447 916,768The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2022, \u20ac 11k transaction costs on the issue of stock dividend is included.OTHER RESERVES2022 2021Balance as per 1 January -161,762 -114,416Profit appropriation 120,961 -20,414Cash dividend - final distribution prior year -17,464 -14,917Cash dividend - interim -12,603 -12,015Balance as per 31 December -70,868 -161,762", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-181-3": { "value": "SHARE PREMIUM RESERVE2022 2021Balance as per 1 January 916,768 918,275Stock dividend - final distribution prior year -403 -692Stock dividend - interim -918 -815Balance as per 31 December 915,447 916,768The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2022, \u20ac 11k transaction costs on the issue of stock dividend is included.OTHER RESERVES2022 2021Balance as per 1 January -161,762 -114,416Profit appropriation 120,961 -20,414Cash dividend - final distribution prior year -17,464 -14,917Cash dividend - interim -12,603 -12,015Balance as per 31 December -70,868 -161,762", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__6__8": { "value": "DIVIDEND AND EARNINGS PER SHAREThe final dividend for 2022 is to be distributed in the form of cash, shares or a combination of both as proposed by the Management Board and subject to approval by the General Meeting of Shareholders on 21 April 2023. This proposal was not included as a liability in the balance sheet at 31 December 2022.NUMBER OF SHARES31 December 2022 31 December 2021Weighted average number of ordinary shares 19,869,975 19,499,825Number of ordinary shares entitled to dividend 20,054,241 19,698,207DIVIDEND2022 2021Per share (\u20ac) Total Per share (\u20ac) TotalInterim dividend paid 1.04 20,598 1.04 20,257Proposed final dividend 1.12 22,461 1.12 22,062Total dividend 2.16 43,059 2.16 42,319EARNINGS PER SHARE2022 2021Total result (\u20ac) -1.58 6.20The calculation of earnings per share at 31 December 2022 is based on the result attributable to ordinary shareholders of \u20ac 31.4m negative (2021: \u20ac 121.0m) and a weighted average number of outstanding ordinary shares during 2022 of 19,869,975 (2021: 19,499,825).The proposed distribution of the final dividend complies with the fiscal distribution obligation and is in line with the current dividend policy to distribute at least 75% of the direct result.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__6__5-1": { "value": "DIVIDEND AND EARNINGS PER SHAREThe final dividend for 2022 is to be distributed in the form of cash, shares or a combination of both as proposed by the Management Board and subject to approval by the General Meeting of Shareholders on 21 April 2023. This proposal was not included as a liability in the balance sheet at 31 December 2022.NUMBER OF SHARES31 December 2022 31 December 2021Weighted average number of ordinary shares 19,869,975 19,499,825Number of ordinary shares entitled to dividend 20,054,241 19,698,207DIVIDEND2022 2021Per share (\u20ac) Total Per share (\u20ac) TotalInterim dividend paid 1.04 20,598 1.04 20,257Proposed final dividend 1.12 22,461 1.12 22,062Total dividend 2.16 43,059 2.16 42,319EARNINGS PER SHARE2022 2021Total result (\u20ac) -1.58 6.20The calculation of earnings per share at 31 December 2022 is based on the result attributable to ordinary shareholders of \u20ac 31.4m negative (2021: \u20ac 121.0m) and a weighted average number of outstanding ordinary shares during 2022 of 19,869,975 (2021: 19,499,825).The proposed distribution of the final dividend complies with the fiscal distribution obligation and is in line with the current dividend policy to distribute at least 75% of the direct result.These consolidated financial statements are presented for thecompany and its subsidiaries (together referred to as the \u2018Group\u2019).The company is licensed pursuant to the Dutch Financial Super-vision Act (Wet op het financi\u00eble toezicht).The financial statements were prepared by the Company\u2019sManagement and approved by the Supervisory Board on9 March 2023.The financial statements will be submitted to theGeneral Meeting of Shareholders on 21 April 2023 for adoption.BASIS OF PREPARATIONSignificant accounting policiesThe accounting policies adopted in the preparation of the consol-idated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2021.STATEMENT OF COMPLIANCEThe financial statements have been prepared in accordance with International Reporting Standards (IFRS), as endorsed by the Euro-pean Union (EU-IFRS) and with Title 9 of Book 2 of the Dutch Civil Code.Unless stated otherwise, all amounts in the financial statements are in thousands of euros, the euro being the company\u2019s func-tional currency, and are rounded off to the nearest thousand. There could be minor rounding off differences between in the figures presented.The statement of comprehensive income, the statement of financial position, the cash \ufb02ow statement and the statement of changes in shareholders\u2019 equity make reference to the notes in the financial statements to provide more information. The financial year of NSI presents the period from 1 January until 31 December.ASSUMPTIONS AND ESTIMATION UNCERTAINTIESThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assumptions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2021. The most significant assumption relates to the unobserv-able information used in the valuation of the investment property. Other judgements are made relating to the claims for shopping center \u2018t Loon, the feasibility of the four investment properties under construction and timing of capitalisation of interest for the develop-ment projects, determination of ground lease terms and principle versus agent considerations for services provided to tenants.VALUATION PRINCIPLESThe financial statements have been prepared on the basis of historical cost except for investment property, investment prop-erty under construction and derivative financial instruments, which are subsequently measured at fair value.The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.At the end of 2022 NSI had a negative working capital position. However, this does not impact the assumption of continuity as NSI still has a remaining committed undrawn credit facility amply exceeding this negative working capital (reference is made to note 21). Therefore, these financial statements are drawn up based on a going concern. MEASUREMENT AT FAIR VALUEA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2013 Level 1: valuation on the basis of quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information;\u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is categorised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.PRINCIPLES FOR CONSOLIDATIONSUBSIDIARIESSubsidiaries are entities over which NSI has decisive control.There is a situation of control if the company\u2019s involvement in theentity exposes or entitles it to variable returns and the companyhas the ability to in\ufb02uence such returns using its control in theentity.The results of subsidiaries are included in the consolidated finan-cial statements from the date of commencement of control untilthe date on which the control ends.The following companies are included in the consolidated finan-cial statements:The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classification into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.Further information about the assumptions made in measuring fair value is included in the following notes:\u2013 Note 10 - Investment property;\u2013 Note 21 - Financial instruments;\u2013 Note 22 - Remuneration Management BoardMAIN PRINCIPLES FOR FINANCIAL REPORTING31 December 2022 31 December 2021NSI N.V. Amsterdam, The NetherlandsNSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%ELIMINATION OF INTRAGROUP TRANSACTIONSIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.FOREIGN CURRENCYFOREIGN CURRENCY TRANSLATIONAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction.INVESTMENT PROPERTY IN OPERATIONInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the investment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valuations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valuation firms for indi-vidual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the estimated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash \ufb02ows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduction of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the prop-erty if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment prop-erties, given that they are recognised at fair value. Capitalisation of costs related to the development project commences as soon as it is probable that future economic benefits associated with the development of the property will \ufb02ow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calculated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associ-ated with NSI raising funds. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recog-nised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value most recently determined by NSI. If an investment property is sold, the cumula-tive positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclassi-fication as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for administrative processing purposes.INVESTMENT PROPERTY UNDER CONSTRUCTIONInvestment property under construction is referred to as \u2018invest-ment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construction. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reli-ably, management considers amongst others the following criteria:\u2013 The status of the required construction;\u2013 The status of the construction contract;\u2013 Level of reliability of cash in\ufb02ows after completion.If the fair value cannot be measured reliable, investment property under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under construction is transferred to investment property in operation.INTANGIBLE FIXED ASSETSIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capital-ised costs are reduced by cumulative amortisation and cumulative impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.TANGIBLE FIXED ASSETSTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumu-lative depreciation and any cumulative impairment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this NSI no longer recognises a financial asset in the balance sheet ifthe contractual rights to the cash \ufb02ows from the asset expire, or ifNSI transfers the contractual rights to receive cash \ufb02ows from thefinancial asset through a transaction in which substantially all therisks and benefits related to the ownership of the asset are trans-ferred, or if NSI neither transfers or retains the risks and benefitsrelated to ownership of the asset, nor has control over the trans-ferred asset.If NSI retains or creates an interest in the transferredfinancial assets, the interest is recognised as a separate asset orliability.NON-DERIVATIVE FINANCIAL ASSETS \u2013 MEASUREMENTLOANS AND DEBTORS AND OTHER RECEIVABLESLoans and debtors and other receivables, excluding taxes andprepayments, are measured at initial recognition at fair value plusany directly attributable transaction costs. After initial recognition,loans and receivables are measured at amortised cost using theeffective interest method.revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unrealised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consoli-dated statement of comprehensive income under administrative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2013 Real estate in own use: 25 years;\u2013 Furniture and fixtures: 4 years;\u2013 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. IMPAIRMENT NON-FINANCIAL FIXED ASSETSThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indica-tion exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash \ufb02ows is calculated using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value.Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depre-ciation or amortisation that would have been determined had no impairment loss been recognised.FINANCIAL INSTRUMENTSNSI classifies non-derivative financial assets in the categories:\u2013 Tenant loans (non-current);\u2013 Debtors and other receivables;\u2013 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2013 Interest bearing loans;\u2013 Creditors and other payables;\u2013 Amounts owed to credit institutions.NON-DERIVATIVE FINANCIAL ASSETS AND LIABILITIES - RECOGNITIONNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. CASH AND CASH EQUIVALENTSCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash management are included in cash and cash equivalents and amounts owed to credit institu-tions in the consolidated statement of financial position and the consolidated cash \ufb02ow statement.NON-DERIVATIVE FINANCIAL LIABILITIES - MEASUREMENTINTEREST BEARING LOANSInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Derivatives are initially recognised at cost, after which they arerecognised at fair value. Profits or losses arising from changesin the fair value of derivative financial instruments are immedi-ately recognised in the consolidated statement of comprehensiveincome.Hedge accounting is not applied.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calcu-lated using the net present value method at the market interest rates prevailing on 31 December 2022 (including margin).Any redemption of interest-bearing debt within one year is recog-nised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The differ-ence between the carrying book value of the financial liability extinguished and the consideration paid is then recognised in the profit and loss account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modi-fied liability.CREDITORS AND OTHER PAYABLES Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.DERIVATIVE FINANCIAL INSTRUMENTSNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial derivative were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on derivatives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. PREPAYMENTS AND DEFERRED INCOMEPrepayments and deferred income are measured at costs.EQUITYOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the consideration paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.INCOMERENTAL INCOMEThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agreement may be terminated. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of compre-hensive income in the period in which the contractual require-ments are met.SERVICE COSTS RECHARGED TO TENANTSService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etc., costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.NET RESULT ON SALE OF INVESTMENT PROPERTYProceeds from the sale of investment properties are recognised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties in NSI\u2019s most recently published (interim) balance sheet. COSTSSERVICE COSTS NOT RECHARGEDService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations or service costs. OPERATING COSTSOperating costs consist of costs directly related to the opera-tion of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.ADMINISTRATIVE COSTSAdministrative expenses include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and the costs of fund management.Costs relating to the commercial, technical and administrative management of investment properties are included in the oper-ating costs. Costs relating to the supervision and monitoring of investment projects are capitalised on the basis of hours spent.FINANCING INCOME AND COSTSFinancing income and expenses consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps and divi-dends received. As a result of the valuation of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renova-tion or expansion of an investment property are capitalised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.Net financing income and expenses also include the profits and losses arising from changes in the fair value of the derivative financial instruments.EMPLOYEE BENEFITSDEFINED CONTRIBUTION PENSION PLANLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.MANAGEMENT BOARD VARIABLE REMUNERATIONThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI is based on 2020 to 2023 and is capped at 90% of the base salary for the CEO and at 45% of the base salary for the CFO, whereas the STI is based on 2022 only and is capped at 24% of the base salary for the CEO and at 36% of the base salary for the CFO.At the end of 2022, the total obligation was calculated and recog-nised as an expense with a corresponding increase in liabilities.SHAREHOLDING REQUIREMENTTo further stimulate long-term value creation, NSI applies a share-holding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s share-holders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a require-ment of at least 75% of the applicable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.TAX ON PROFITSTAX STATUSNSI has the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means no corporate income tax is owed under certain conditions. The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the share-holder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. As long as the Group continues to meet the conditions and therefore maintains the status of fiscal NEW AND AMENDED STANDARDS NOT APPLIEDA number of new standards and amendments to standards andinterpretations are effective for annual periods beginning after 1January 2022. These standards and amendments did not have animpact on these consolidated financial statements:\u2013 Annual Improvements to IFRS Standards 2018 - 2020: \u2013 IFRS 1\u201cFirst time adopter of IFRS\u201d; \u2013 IFRS 9 \u201cFees in the \u201810 per cent\u2019 test for derecognition offinancial\u2019\u2019; \u2013 IFRS 16 \u2019The amendment to Illustrative Example 13\u2019\u2019; \u2013 IAS 41\u2018\u2019Agriculture\u2019\u2019;\u2013 Amendments to IFRS 3 \u2018\u2019Reference to the conceptual frame-work\u2019\u2019;\u2013 Amendments to IAS 16, \u201cProceeds before intended use\u201d;\u2013 Amendments to IAS 37, \u201cCost of fulfilling a contract\u201d.There are no IFRS or IFRIC interpretations that are not yet effec-tive which are expected to have a significant impact financialstatements of NSI.investment institution, corporate income tax will not be taken into account in the determination of profit or the reserves.Corporate income tax may be payable on the fiscal results of the Dutch subsidiaries (NSI Development B.V., HNK Services B.V., NSI Services HNK B.V.) which do not have the status of a fiscal investment institution.CORPORATE INCOME TAXCorporate income tax consists of payable tax liabilities, and is reported in the statement of comprehensive income. The tax payable consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deductible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.CASH FLOW STATEMENTOperating cash \ufb02ows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit institu-tions also include overdraft facilities which are part of NSI's cash management policy. SEGMENT INFORMATIONAll operating results of an operating segment are assessed peri-odically by the Management Board in order to decide on the allo-cation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.1. SEGMENT INFORMATIONAs from 2022, the former sub-segments \u201cOther target cities\u201d and \u201cOther Netherlands\u201d for both offices and HNK have been combined into one sub-segment, \u201cOther Netherlands\u201d, re\ufb02ecting the strategic choices made by the management in recent years. Comparative figures have been adjusted accordingly.2022STATEMENT OF COMPREHENSIVE INCOMEAmsterdam Other G4 Other NL Corporate TOTALGross rental income 35,855 22,315 13,139 71,309Service costs recharged to tenants 4,667 4,129 2,225 11,020Service costs -5,188 -4,541 -2,613 -12,343Service costs not recharged -521 -412 -389 -1,322Operating costs -4,527 -3,774 -2,361 -10,663Net rental income 30,807 18,129 10,389 59,325Revaluation of investment property -74,631 -12,105 9,909 -76,826Net result on sale of investment property 1,187 -1,156 32Net result from investment -43,824 7,211 19,143 -17,470Administrative costs -8,566 -8,566Other income and costs -210 -210Net financing result -5,122 -5,122Result before tax -43,824 7,211 19,143 -13,898 -31,368Corporate income tax -2 -2Total result for the year -43,824 7,211 19,143 -13,900 -31,370Other comprehensive income / expenseTotal comprehensive income / expense for the year -43,824 7,211 19,143 -13,900 -31,370Attributable to shareholders-43,824 7,211 19,143 -13,900 -31,370STATEMENT OF FINANCIAL POSITION AS PER 31 DECEMBERAmsterdam Other G4 Other NL Corporate TOTALInvestment property 721,552 336,766 200,917 1,259,235Other assets 6,589 5,284 1,786 6,897 20,556Total assets 728,140 342,050 202,703 6,897 1,279,790Non-current liabilities 2,411 820 361 286,135 289,727Current liabilities 2,458 785 575 99,235 103,054Total liabilities 4,870 1,606 936 385,370 392,782Purchases of investment property and subsequent expenditures10,543 1,561 578 12,6822021STATEMENT OF COMPREHENSIVE INCOMEAmsterdam Other G4 Other NL Corporate TOTALGross rental income 35,982 26,284 15,241 77,507Service costs recharged to tenants 4,475 5,030 3,154 12,659Service costs -4,965 -5,801 -3,766 -14,532Service costs not recharged -490 -771 -612 -1,873Operating costs -4,019 -5,284 -3,059 -12,362Net rental income 31,473 20,230 11,569 63,272Revaluation of investment property 43,437 8,662 11,050 63,149Net result on sale of investment property 937 9,270 10,207Net result from investment 74,910 29,828 31,890 136,628Administrative costs -7,612 -7,612Other income and costs -170 -170Net financing result -7,884 -7,884Result before tax 74,910 29,828 31,890 -15,666 120,962Corporate income tax -2 -2Total result for the year 74,910 29,828 31,890 -15,667 120,961Other comprehensive income / expenseTotal comprehensive income / expense for the year 74,910 29,828 31,890 -15,667 120,961Attributable to shareholders74,910 29,828 31,890 -15,667 120,961STATEMENT OF FINANCIAL POSITION AS PER 31 DECEMBERAmsterdam Other G4 Other NL Corporate TOTALInvestment property 784,223 350,374 203,436 1,338,034Other assets 5,662 5,491 1,995 17,043 30,192Total assets 789,885 355,865 205,432 17,043 1,368,225Non-current liabilities 2,160 792 403 391,223 394,577Current liabilities 3,345 813 1,507 19,526 25,192Total liabilities 5,505 1,605 1,910 410,749 419,769Purchases of investment property and subsequent expenditures 82,212 21,323 25,162 128,6962. NET RENTAL INCOMEGross rental income Service costs not rechargedOperating costs Net rental income2022 2021 2022 2021 2022 2021 2022 2021Amsterdam 35,855 35,982 -521 -490 -4,527 -4,019 30,807 31,473Other G4 22,315 26,284 -412 -771 -3,774 -5,284 18,129 20,230Other Netherlands 13,139 15,241 -389 -612 -2,361 -3,059 10,389 11,569Net rental income 71,309 77,507 -1,322 -1,873 -10,663 -12,362 59,325 63,272Gross rental income can be specified in the following components:2022 2021Gross rental income - offices / HNK / other 70,501 75,956Turnover rent 173 136Indemnities received 153 1,002HNK - meeting rooms 521 436HNK - hospitality services 84 65Other rental income / loss -123 -89Other gross rental income / loss 808 1,551Gross rental income 71,309 77,507Gross rental income includes an amount of \u20ac 6.6m (2021: \u20ac 6.7m) for lease incentives.NSI leases its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2022 31 December 2021First year 69,434 68,336Second to fourth year 148,675 150,407As of fifth year 82,632 88,5933. OPERATING COSTS 2022 2021Leasehold -3 0Municipal taxes -2,770 -3,141Insurance premiums -602 -559Maintenance costs -1,784 -3,385Property management costs -3,489 -3,598Letting costs -1,184 -1,082Contribution to owner association -109 -209Doubtful debt costs 19 -19Other operating costs -740 -368Operating costs -10,663 -12,362Property management costs include administrative costs charged to operations for an amount of \u20ac 3.2m (2021: \u20ac 3.3m). Letting costs includes an amount of - \u20ac 0.1m (2021: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.3m (2021: \u20ac 0.2m) relates to operating costs of fully vacant properties.4. REVALUATION OF INVESTMENT PROPERTY2022 2021Positive Negative Total Positive Negative TotalInvestment property in operation 40,453 -104,803 -64,350 81,129 -13,505 67,624Investment property under construction -11,515 -11,515 350 -1,490 -1,140Revaluation - market value 40,453 -116,318 -75,865 81,479 -14,995 66,484Movement in right of use leasehold -66 -52Movement in lease incentives -896 -3,283Revaluation of investment property -76,826 63,149Further details on revaluation can be found in note 10.5. NET RESULT ON SALE OF INVESTMENT PROPERTY2022 2021Proceeds on sale of investment property 17,145 105,017Transaction costs on sale of investment property -78 -1,138Sale of investment property 17,067 103,879Book value at the time of sale (excl. right of use leasehold) -17,036 -93,672Net result on sale of investment property 32 10,207During 2022 3 properties have been sold of which 1 in \u2018Other G4\u2019 and 2 in the segment \u2018Other NL\u2019 (2021: 5 properties in the segment \u2018Other G4\u2019 and 7 properties in the segment \u2018Other Netherlands\u2019). The net result on sale of investment property includes an amount of - \u20ac 0.1m (2021: - \u20ac 0.1m) related to prior years\u2019 sales.Transaction costs on sale include the costs of real estate agents and legal fees. 6. ADMINISTRATIVE COSTS2022 2021Salaries and wages -5,648 -5,663Social security -704 -594Pensions -365 -332Depreciation right of use tangible fixed assets -295 -283Other staff costs -1,217 -1,093Staff costs -8,229 -7,965Compensation supervisory board -251 -273Depreciation and amortisation -445 -194Other office costs -1,476 -1,408Office costs -1,920 -1,602Audit, consultancy and valuation costs -1,269 -1,029Other administrative costs -1,333 -838Administrative costs -13,002 -11,707Allocated administrative costs 4,436 4,096Administrative costs -8,566 -7,612Administrative costs directly related to the operation of the investment property portfolio are recharged to the operating costs. Directly attributable costs related to development project are capitalised as part of the respective project (\u20ac 0.6m, 2021: \u20ac 0.5m). Furthermore, part of the reception staff of HNK is included in the payroll of NSI. The costs concerned (\u20ac 0.6m, 2021: \u20ac 0.3m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EMPLOYEESOn average 61 employees (57 FTE), including the Management Board, were employed by NSI during the reporting year (2021: 56 employees (52 FTE)). As per 31 December 2022 the number of employees amounted to 65 (60 FTE).All employees are working in the Netherlands.7. OTHER INCOME AND COSTS 2022 2021Other costs -210 -170Other income and costs -210 -170Other costs in 2022 concern feasibility costs for projects (mainly related to Centerpoint, Amsterdam and Alexanderhof, Rotterdam) and costs of cancelled projects.Other costs in 2021 mainly concern of cancelled projects, mainly relating to redevelopment of shopping center \u2018t Loon, Heerlen, and feasibility costs for projects (amongst others Vivaldi II and Centerpoint in Amsterdam and Alexanderhof in Rotterdam).8. NET FINANCING RESULT2022 2021Interest income 278 45Interest costs -9,118 -8,326Capitalised interest 1,328 524Bank costs -63 -1,171Amortisation costs interest bearing loans -383 -280Other financing costs -66 -78Financing costs -8,302 -9,330Movement in market value of financial derivatives 2,902 1,401Net financing result -5,122 -7,884The borrowing costs for the development projects Laanderpoort, Well House and Vitrum are capitalised. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2022, the range of weighted average interest rates used was: 2.0% - 2.2% (2021: 2.0% - 2.2%). 9. CORPORATE INCOME TAX2022 2021Current tax -2 -2Corporate income tax -2 -2NSI has the status of a Dutch real estate investment trust (FBI) within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means that no corporate income tax is owed under certain conditions.The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a FBI, as stated under the main principles for financial reporting. Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.The subsidiaries NSI Development B.V. and HNK Services B.V. are not part of the fiscal real estate investment trust NSI N.V. for tax purposes and are as such liable to pay corporate income tax.2022 2021Result before tax -31,368 120,962Tax at Dutch tax rate 25.00% 7,842 25.00% -30,241Exempt due to fiscal status -7,846 30,237Tax of subsidiaries under other tax regime 1 2Corporate income tax -2 -2LTV AND DUTCH REIT-STATUSA number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such require-ment relates to the maximum LTV (norm: \u2264 60%).The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter group NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in both 2021 and 2022.10. INVESTMENT PROPERTYInvestment property consists of investment property in operation and investment property under construction:31 December 2022 31 December 2021Investment property in operation 1,200,153 1,275,988Investment property under construction 59,082 62,046Investment property 1,259,235 1,338,034Investment property in operation and investment property under construction are recognised at fair value. The fair value is determined on the basis of level 3 of the fair value hierarchy. At 31 December 2022 100% (2021: 100%) of investment property were externally appraised by external appraisers. In 2022 the appraisers are JLL, Colliers and Cushman & Wakefield. In 2021 there were four appraisers: JLL, Colliers, Cushman & Wakefield and CBRE. The fair value is based on the market value (including buyer\u2019s costs, i.e. adjusted for purchase costs such as transfer tax). That means the estimated price on the date of valuation at which a property can be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well-informed parties.The valuations are determined on the basis of a capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash \ufb02ows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the type of investment property, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific knowledge.The table below summarises both valuation techniques used to determine the fair value of investment property, as well as the significant unobservable inputs used primarily for the capitalisation method. The respective outcomes of both methods are compared:Valuation technique Unobservable inputsRelationship between significant unobservable inputs and the fair value measurementCapitalisation method and net discounted cash \ufb02ow The estimated fair value increases (decreases) if:calculation.The capitalisation method consists of a net initial Significant:yield calculation, whereby the net market rent prices \u2013 Gross initial yield / net initial yield\u2013 The gross / net yield is lower (higher)are capitalised by a yield percentage.The DCF valuation method is based on the present Other:value of net future cash \ufb02ows to be generated by the \u2013 Market rent (Estimated Rental Value) \u2013 The estimated market rent levels are higher (lower)property, taking into account the expected increases \u2013 Rent free periods and other lease incentives and \u2013 The periods of vacancy are shorter (longer)in rent levels, periods of vacancy, costs of letting periods of vacancy following expirations of a lease\u2013 The rent free periods are shorter (longer)incentives such as rent free periods and other costs \u2013 Operating expenses, capital expenditure and \u2013 The operating costs and capital are lower (higher)not covered by the tenant and the estimated oper-ground lease expensesating costs and capital expenditure.The expected net cash \ufb02ows are discounted using a risk adjusted discount rate. The discount rate is estimated based on factors including the quality and location of the property, the creditworthiness of the tenant and the lease conditions.The fair value is the outcome of the (theoretical) rent divided by the net initial yield (expressed as a percentage) of the investment prop-erty. The yields applied are specific to the type of property, location, maintenance condition and letting potential of each asset. The yields are determined based on comparable transactions, as well as on market and asset-specific knowledge.Assumptions are made for each property, tenant and vacant unit based on the likelihood of letting (and reletting), the expected duration of vacancy (in months), incentives, capital expenditure and operating costs.The most important assumptions and input parameters used in the valuations are:2022 2021Average effective contractual rent per sqm (\u20ac):Amsterdam 243 222Other G4 213 203Other Netherlands 180 161Average market rent per sqm (\u20ac):Amsterdam 266 255Other G4 210 204Other Netherlands 186 153Average gross initial yield (%):Amsterdam 5.9% 5.0%Other G4 7.2% 6.6%Other Netherlands 7.0% 7.6%INVESTMENT PROPERTY IN OPERATIONThe movement in investment property in operation per segment was as follows:2022Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2022 725,852 346,699 203,436 1,275,988Acquisitions 124 -228 -3 -107Investments 3,275 1,789 587 5,651Revaluation -63,721 -11,490 9,909 -65,302Transfer from/ to real estate in own use 573 573Disposals -3,064 -13,586 -16,650Balance as per 31 December 2022 665,530 333,706 200,917 1,200,153Right of use leasehold as per 31 December 2022-680 -58 -738Lease incentives as per 31 December 20226,589 5,284 1,786 13,659Market value as per 31 December 2022671,439 338,990 202,645 1,213,0742021Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2021 658,249 387,091 191,896 1,237,237Acquisitions 73,338 13,531 22,939 109,809Investments 5,522 7,791 2,224 15,537Revaluation 44,930 8,312 11,050 64,292Transfer from / to investment property under construction -53,025 -3,325 -56,350Transfer from/ to real estate in own use -3,162 -3,162Disposals -66,702 -24,672 -91,374Balance as per 31 December 2021 725,852 346,699 203,436 1,275,988Right of use leasehold as per 31 December 2021 -652 -78 -730Lease incentives as per 31 December 2021 5,662 5,491 1,995 13,148Market value as per 31 December 2021 730,863 352,190 205,353 1,288,406COLLATERALOn 31 December 2022, properties with a market value of \u20ac 230.0m (31 December 2021: \u20ac 248.4m) were mortgaged as security for loans drawn and current account overdraft facilities at banks amounting to \u20ac 65.7m (31 December 2021: \u20ac 66.4m). The level of security can vary within the financing facilities, enabling NSI to create additional loan capacity within the existing facilities or to allocate part of the security to another financing facility.SENSITIVITIES TO YIELD FLUCTUATIONSThe value of investment property implies an average gross initial yield of 6.4% (31 December 2021: 5.9%). Valuations can be affected by the general macro-economic and market environment, but also by local factors. For this reason NSI has performed a sensitivity analysis. If, on 31 December 2022, the yields applied for the valuation of investment property had been 50 basis points lower than the yields currently applied, the value of investment property would increase by 8.0% (31 December 2021: 8.9%). In that case NSI\u2019s equity would be \u20ac 103m (31 December 2021: \u20ac 120m) higher due to a higher result for the year. The loan-to-value would then decrease from 28.7% (31 December 2021: 28.2%) to 26.5% (31 December 2021: 25.9%). If, on 31 December 2022, the yields applied for the valuation of investment property had been 50 basis points higher than those currently applied, the value of investment property would decrease by 6.9% (31 December 2021: 7.5%). In that case NSI\u2019s equity would be \u20ac 88m (31 December 2021: \u20ac 102m) lower due to a lower result for the year. The loan-to-value would then increase from 28.7% to 30.8%.INVESTMENT PROPERTY UNDER CONSTRUCTIONThe movement in investment property under construction per segment was as follows:2022Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2022 58,371 3,675 62,046Investments 7,233 7,233Capitalised interest 1,328 1,328Revaluation -10,910 -615 -11,525Balance as per 31 December 2022 56,022 3,060 59,082Right of use leasehold as per 31 December 2022-204 -204Market value as per 31 December 202255,818 3,060 58,8782021Amsterdam Other G4 Other Netherlands TOTALBalance as per 1 January 2021 2,956 2,956Investments 3,359 3,359Capitalised interest 524 524Revaluation -1,493 350 -1,143Transfer from / to investment property in operation 53,025 3,325 56,350Balance as per 31 December 2021 58,371 3,675 62,046Right of use leasehold as per 31 December 2021-182 -182Market value as per 31 December 202158,188 3,675 61,863As per 31 December 2022 investment property under construction consists of capitalised project costs of Laanderpoort, Well House and Vitrum, all located in Amsterdam and Alexanderhof in Rotterdam. 11. INTANGIBLE FIXED ASSETSIntangible fixed assets consist of capitalised software.The movement in intangible fixed assets during 2022 and 2021 was as follows:2022 2021Balance as per 1 January 134 242Investments 31 33Amortisation -93 -142Balance as per 31 December 72 134Gross book value 1,316 1,285Cumulative amortisation -1,245 -1,152Intangible fixed assets 72 134Investments in both 2021 and 2022 concern costs made related to robotic process automation.12. TANGIBLE FIXED ASSETSTangible fixed assets relate to the furniture and office equipment, as well as part of the offices of the company at Hoogoorddreef 62 (Centerpoint) in Amsterdam. Furthermore, the right of use of lease cars has been included under tangible fixed assets.As per 31 December 2021, also the previous headquarter of NSI, located at Antareslaan 69-75 (HNK Hoofddorp) in Hoofddorp, The Netherlands. was included under tangible fixed assets. This was transferred to investment property after termination of the lease contract in February 2022.The movement in tangible fixed assets during 2022 and 2021 was as follows:2022 2021Balance as per 1 January 5,165 1,464Investments 186 895Depreciation -646 -335Transfer from / to investment property -573 3,162Disposals -70 -21Balance as per 31 December 4,063 5,165Gross book value 5,366 6,295Cumulative depreciation -1,303 -1,129Tangible fixed assets 4,063 5,16513. OTHER NON-CURRENT ASSETS31 December 2022 31 December 2021Lease incentives 13,659 13,148Other non-current assets 13,659 13,148Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 2.0m to be settled in 2023 (2021: \u20ac 0.3m to be settled in 2022).14. DEBTORS AND OTHER RECEIVABLES31 December 2022 31 December 2021Gross debtors 904 782Provision for doubtful debts -349 -300Debtors 555 483Tenant loans 0 28Taxes 40 89Prepayments 511 528Other current receivables 297 2,887Debtors and other receivables 1,403 4,015The largest item recognised under debtors and other accounts receivable concerns debtors (\u20ac 0.9m), mainly tenants who are overdue, which are reported after deduction of a provision for expected credit losses over the term of the receivables.The provision for doubtful debts has been determined based on IFRS 9 guidelines, in line with prior year\u2019s calculations. 15. CASH AND CASH EQUIVALENTS31 December 2022 31 December 2021Bank balances 196 7,729Cash and cash equivalents 196 7,729The full amount of cash and cash equivalents is freely available.16. EQUITY ATTRIBUTABLE TO SHAREHOLDERSISSUED SHARE CAPITALAs per 31 December 2021 the authorised share capital consisted of 19,698,207 issued and fully paid shares (\u20ac 72,5m). The issued shares have a par value of \u20ac 3.68 each.In May 2022 108,025 shares were issued as stock dividend, relating to the final dividend distribution for 2021. This resulted in 19,806,232 issued shares (\u20ac72,9m). In August 2022 an interim stock dividend of 248,009 shares was issued and distributed. After that date the number of issued and fully paid shares as per 31 December 2022 amounted to 20,054,241 (\u20ac 73.8m).2022 2021Balance as per 1 January 72,489 70,992Stock dividend - final distribution prior year 398 687Stock dividend - interim 913 810Balance as per 31 December 73,800 72,489The movement in the number of shares issued in 2021 and 2022 was as follows:2022 2021Balance as per 1 January 19,698,207 19,291,415Stock dividend - final distribution prior year 108,025 186,639Stock dividend - interim 248,009 220,153Balance as per 31 December 20,054,241 19,698,207The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.SHARE PREMIUM RESERVE2022 2021Balance as per 1 January 916,768 918,275Stock dividend - final distribution prior year -403 -692Stock dividend - interim -918 -815Balance as per 31 December 915,447 916,768The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2022, \u20ac 11k transaction costs on the issue of stock dividend is included.OTHER RESERVES2022 2021Balance as per 1 January -161,762 -114,416Profit appropriation 120,961 -20,414Cash dividend - final distribution prior year -17,464 -14,917Cash dividend - interim -12,603 -12,015Balance as per 31 December -70,868 -161,762CAPITAL MANAGEMENTNSI manages equity attributable to shareholders as its capital. NSI prefers to work with a conservative capital structure to underpin its real estate activities, to secure the group\u2019s continuity in the long run. The benefit of a conservative capital structure is that it is possible to keep the overall cost of capital low. The aim is to have at any point in time sufficient balance sheet capacity to pay out dividends, honour all capital commitments and absorb a material fall in appraisal values, be able to fund investment opportunities and stay well within all loan covenants and so not having to resort to asset disposals or equity issue to restore the balance sheet.NSI prefers to finance itself mostly through unsecured financing to maintain optimal \ufb02exibility. It will also look to manage its balance sheet risk in relation to the other risks inherent to the business (economic cycle risk, leasing risk, development risk etc.). NSI also consistently monitors its fiscal capital base to make sure it meets and continues to meet all the requirements related to its FBI-status.Management seeks to achieve a balance between a higher return that could be achieved through a higher level of debt capital, on the one hand, and the benefits and security of a healthy financial position, on the other. In addition, management safeguards capital by monitoring the loan-to- value ratio and the debt owed to credit institutions / equity ratio. The ratio of debt owed to credit institutions / property investments was 28.7% on 31 December 2022 (31 December 2021: 28.2%). The ratio of debt owed to credit institutions / equity was 29.2% / 70.8% on 31 December 2022 (31 December 2021: 28.7% / 71.3%).All bank covenants are monitored proactively and periodically. The key covenants for NSI relate to:\u2013 Loan-to-value;\u2013 The interest coverage ratio; \u2013 Solvency.Furthermore, loans differ in the use or non-use of security, (public) transferability and other possible characteristics such as convertibility, affiliations with indices and in\ufb02ation.LOAN-TO-VALUENSI has two covenants relating to loan-to-value (LTV):\u2013 LTV of NSI units regarding independent financing arrangements with specific assets acting as security. The maximum individual LTV relating to this specific security must be below 60%; \u2013 LTV regarding NSI\u2019s entire portfolio. The maximum LTV must not exceed 60%.The following table provides an overview of the LTV at group level:LTV (%) as per 31 December Individual LTV's are compliant2022 2021 2022 2021NSI - group-level 28.7% 28.2% Yes YesIn 2022 NSI and its subsidiaries complied with the LTV requirements agreed with banks on both an individual and consolidated level.Furthermore, a number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such requirement relates to the maximum LTV (norm: \u2264 60%). The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter group NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in both 2021 and 2022.INTEREST COVERAGE RATIONSI has two covenants relating to the interest coverage ratio (ICR):\u2013 The interest coverage ratio for independently financed NSI subsidiaries must be at least 2.0;\u2013 Interest coverage ratio for NSI\u2019s entire portfolio must be at least 2.0.The table below shows the interest coverage ratio (ICR):ICR as per 31 December Individual ICR's are compliant2022 2021 2022 2021NSI - group-level 6.3 6.5 Ye s Ye sIn 2022 NSI and its subsidiaries complied with the independent and consolidated interest coverage ratio requirements agreed with the banks. Based on our ICR debt covenant of 2.0, NSI could absorb a net rental income decline of ca. 70% before breaching this covenant.SOLVENCYBased on the covenants, adjusted shareholders\u2019 equity at group level must be at least 40%. As per 31 December 2022 this was 69.6% (31 December 2021: 70.0%) in line with the covenants.Other than the requirements ensuing from its status as a fiscal investment institution, the company nor its subsidiaries are subject to any externally imposed capital requirements.17. INTEREST BEARING LOANSThe development of the interest bearing loans in 2021 and 2022 was as follows:2022 2021Balance as per 1 January 389,796 365,960Drawn interest bearing loans 5,000 140,000Transaction costs paid -339 -744Amortisation transaction costs 383 280Repayment of interest bearing loans -43,200 -115,700Balance as per 31 December 351,640 389,796Redemption requirement interest bearing loans 65,656 700Balance as per 31 December 285,984 389,096The maturities of the loans at 31 December 2021 and 31 December 2022 were as follows:31 December 2022 31 December 2021Fixed interest Variable interest Total Fixed interest Variable interest TotalUp to 1 year 65,656 65,656 700 700From 1 to 2 years 145,529 145,529From 2 to 5 years 39,928 66,359 106,287 39,904 24,015 63,919From 5 to 10 years 179,697 179,697 179,648 179,648Total 219,624 132,016 351,640 219,552 170,244 389,796Average interest rate (excl. interest-rate swaps) 2.0% 4.0% 2.0% 1.6%In 2023 \u20ac 65.7m (2022: \u20ac 0.7m) of financing will expire. The amount concerns the amortisation requirement of one loan due and will be covered by retained cash or the available financing facilities.Loans outstanding have a remaining average maturity of 4.7 years (31 December 2021: 4.9 years) The weighted average annual interest rate on the loans and interest-rate swaps at the end of 2022 was 2.0% (31 December 2021: 2.2%). These include margin, utilisation fees and amortised costs and exclude commitment fees.31 December 2022 31 December 2021Secured loansUnsecured loansTotal Secured loansUnsecured loansTotalInterest bearing loans - nominal value 65,700 287,500 353,200 66,400 325,000 391,400Amortised costs -44 -1,516 -1,560 -96 -1,508 -1,604Total 65,656 285,984 351,640 66,304 323,492 389,796During 2022 \u20ac 0.3m of financing costs were capitalised (2021: \u20ac 0.7m). The financing costs are recognised in the profit and loss account using the effective interest method. As security for loans (up to \u20ac 65.7m), mortgages were pledged against investment property valued at \u20ac 230.0m (31 December 2021: \u20ac 248.4m), combined with pledges on rental income and maximum LTV requirements.On 31 December 2022 the company\u2019s undrawn committed credit facilities totalled \u20ac 282.5m (31 December 2021: \u20ac 275.0m). Taking into account the cash and cash equivalents and debts to credit institutions, the remaining undrawn committed credit facility is \u20ac 268.7m. The fair value of the loans on 31 December 2022 was \u20ac 322.1m (31 December 2021: \u20ac 393.9m).18. OTHER NON-CURRENT LIABILITIES31 December 2022 31 December 2021Security deposits 2,764 2,551Lease liabilities 980 1,191Other non-current accounts payable 3,744 3,742The average term of the leases relating to the security deposits is 2.3 years (31 December 2021: 2.4 years). The net present value of non-current future lease obligations amounts to \u20ac 1.1m, consisting of leasehold obligations (\u20ac 0.8m) and car lease obligations (\u20ac 0.2m).19. DEBTS TO CREDIT INSTITUTIONSThe item Debts to credit institutions concerns cash loans and current account overdrafts with banks. NSI has concluded credit arrange-ments with a number of banks, of which a part is available as overdraft facility. In the case of cash-pool arrangements, cash and cash equivalents and debts to credit institutions are offset if allowed under IFRS9. The weighted average interest on available credit facilities as per yearend 2022 was 1.3% (yearend 2021: 1.3%) per annum including margin.31 December 2022 31 December 2021Credit facilities 25,000 25,000Unused 10,963 24,993Debts to credit institutions 14,037 720. CREDITORS AND OTHER PAYABLES31 December 2022 31 December 2021Creditors 3,178 2,627Taxes 1,918 1,587Interest 1,357 721Security deposits 1,994 2,059Lease liabilities 373 413Deferred income 6,129 7,848Accruals 8,254 9,147Other current payables 158 84Creditors and other payables 23,361 24,485As per 31 December 2022, the net present value included for leasehold obligations amounts to \u20ac 0.1m and for car lease obligations \u20ac 0.3m.The different levels are defined as follows:\u2013 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information; \u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable marketdata. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash \ufb02ows based onobservable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterpartiesThese quotes are regularly tested for adequacy by discounting cash \ufb02ows using the market interest rate for a similar instrument at themeasurement date. Fair values re\ufb02ect the credit risk of the instrument and include adjustments that take into account the credit risk ofthe group entity and the counterparty, when appropriate.21. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTRECOGNITION CATEGORIES AND FAIR VALUESThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their applicable level within the fair value hierarchy. FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.31 December 2022 31 December 2021NoteFair value levelAmortised cost priceFair value Fair value levelAmortised cost priceFair valueFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 1,163 2Financial assets valued at amortised cost priceFinancial fixed assets 3 0 2 0Debtors and other receivables 14 2 852 2 3,398Cash and cash equivalents 15 1 196 1 7,729Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 2 1,739Financial liabilities valued at amortised cost priceInterest bearing loans 17 2 351,640 2 389,796Other non-current liabilities 18 2 3,744 2 3,742Debts to credit institutions 19 1 14,037 2 7Creditors and other payables 20 2 15,314 2 15,051FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2013 AC: Amortised Cost; \u2013 FVPL: Fair Value through Profit or Loss;\u2013 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory IAS3931 December 2022 Book value Fair value 31 December 2021Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 14 AC 852 852 3,398 3,398Cash and cash equivalents 15 AC 196 196 7,729 7,729Financial assets 2,211 2,211 11,127 11,127Interest bearing loans 17 AC 351,640 322,124 389,796 393,853Derivative financial instruments FVPL 1,739 1,739Other non-current liabilities 18 AC 3,744 3,744 3,742 3,742Debts to credit institutions 19 AC 14,037 14,037 7 7Creditors and other payables 20 AC 15,314 15,314 15,051 15,051Financial liabilities 384,735 355,219 410,334 414,392On the balance sheet date the derivative financial instruments had the following maturity:31 December 2022 31 December 2021# contractsNominal valueFair value assetsFair value liabilities# contractsNominal valueFair value assetsUp to 1 year 9 147,500 1,163From 1 to 5 years 9 147,500 1,739Total 9 147,500 1,163 9 147,500 1,739NSI minimises its interest rate risk by swapping the variable interest it pays on the majority of its loans for a fixed interest rate by means of contracts with fixed interest rates varying from -0.11% to 0.73% (2021: -0.11% to 0.73%) and with maturity dates in 2023 (2021: 2023). The weighted average remaining maturity of the derivatives 0.4 years (2021: 1.4 years). NSI is hedged at a weighted average interest rate of 0.4% (2021: 0.4%), excluding margin, 4.0% of the total outstanding variable interest loans are now over hedged (2021: under hedged 6.1%), 104.0% of the total volume are hedged (2021: 93.9%).FINANCIAL RISK MANAGEMENTIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instru-ments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to re\ufb02ect changes in market conditions and the group\u2019s operations.LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 282.5m (maturity: 3.9 years; 2021: \u20ac 275.0m, maturity: 4.9 years).The interest and repayment obligations were safeguarded for 2022 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.7 years (2021: 4.9 years).At year-end 2022 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 14.0m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 293.5m at 31 December 2022. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2022. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 293.7m at 31 December 2022.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2022Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,3892021Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 389,796 425,541 3,713 3,731 151,110 77,782 189,205Other non-current liabilities 3,742 4,311 862 1,785 1,664Debts to credit institutions 7 7 7Creditors and other payables 15,051 15,062 14,439 623Non-derivative financial liabilities408,596 444,920 18,158 4,354 151,972 79,567 190,870Derivative financial instruments 1,739 2,020 753 765 501Derivative financial instruments 1,739 2,020 753 765 501Total 410,334 446,940 18,911 5,119 152,473 79,567 190,870The gross in\ufb02ow / out\ufb02ow re\ufb02ected in these table shows the non-discounted contractual cash \ufb02ows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash \ufb02ow amounts for derivatives settled net in cash and the gross cash in\ufb02ows and out\ufb02ows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash \ufb02ows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses deriva-tives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2022.INTEREST RATE RISKNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2022 the interest coverage ratio was 6.3 (31 December 2021: 6.5), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2022 NSI held financial derivatives with a nominal value of \u20ac 147.5m (31 December 2021: \u20ac 147.5m) for the purpose of managing the interest rate risk on its loans.SENSITIVITY OF INTEREST RATEIf the variable interest rate were to rise 100 basis points compared to 31 December 2022, the theoretical interest expenses for 2022 would decrease by \u20ac 0.1m (2021: decrease by \u20ac 0.7m), due to the effect of interest rate swaps based on three-months Euribor with no \ufb02oor against loans with a Euribor \ufb02oor of zero, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would increase by \u20ac 0.1m (2021: increase by \u20ac 1.5m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.ANALYSIS OF EFFECTIVE INTEREST RATES AND INTEREST RATE REVISIONSThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2022Effective interest Total < 1 year 1 - 2 years 2 - 5 years > 5 yearFixed interest loans 2.0% 219,624 39,928 179,697Variable interest loans 4.0%Fixed interest as a result of swaps 2.1% 132,016 65,656 66,359Total 2.0% 351,640 65,656 106,287 179,697Redemption obligations 65,656 65,656Balance as per 31 December 2022 285,984 106,287 179,6972021Effective interest Total < 1 year 1 - 2 years 2 - 5 years > 5 yearFixed interest loans 2.0% 219,552 39,904 179,648Variable interest loans 1.6% 22,744 700 22,044Fixed interest as a result of swaps 2.7% 147,500 123,485 24,015Total 2.2% 389,796 700 145,529 63,919 179,648Redemption obligations 700 700Balance as per 31 December 2021 389,096 145,529 63,919 179,648Swaps in the table above for 2022 are to expire in Q2 2023; NSI plans to enter into new swap agreements after this period.CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2022 31 December 2021Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 852 3,398Cash and cash equivalents 196 7,729Credit risk 2,211 11,127BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least AA1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2022 31 December 2021Up to 1 month expired 254 207From 1 to 3 months expired 34 40From 3 months to 1 year expired 135 95More than 1 year expired 480 441Gross debtors 904 782Aside from bank guarantees, security deposits for \u20ac 4.8m (2021: \u20ac 4.6m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 2.0m (2021: \u20ac 2.1m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2022 2021Balance as per 1 January 300 454Addition to / release of provision 52 -130Write-off bad debts -2 -24Balance as per 31 December 349 300Impairment losses recognised at 31 December 2022 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%22. OFF-BALANCE SHEET ASSETS AND LIABILITIESOFF- BALANCE SHEET ASSETSSHOPPING CENTER \u2018T LOON, HEERLEN - INSURANCE COMPANIESIn the court case initiated by (the insurance company of) a former tenant of shopping mall \u2018t Loon against - amongst others - the association of owners of shopping mall \u2018t Loon, the Dutch Supreme Court presented its judgement on 4 February 2022. The outcome of the judgement is, amongst others, that the decision of the Amsterdam Court of Appeal dated 10 September 2019, is annulled.The legal basis for the payment of the association of owners of \u20ac 563k to the insurance company of the tenant, made pursuant to the decision of the Amsterdam Court of Appeal of 10 September 2019, is therefore also annulled. This means that the association of owners has a claim of \u20ac 563k (to be increased with the statutory interest) against the insurance company of the tenant. NSI, as (former) member of the association owners, is entitled to approximately 60% of this claim.The Dutch Supreme Court forwarded the court case to the The Hague Court of Appeal for further judgement. The judgment of the The Hague Court of Appeal is expected late 2023, early 2024.PARK OFFICE, ROTTERDAM - NEW OWNER OF THE BUILDINGIn December 2021 NSI sold the Park Office, Rotterdam asset. NSI agreed a conditional additional payment of \u20ac 2.5m (earn-out clause relating to transformation potential), to be paid by the new owner or future owner(s), if an irrevocable environmental permit will be obtained by the owner before 2050.OTHERThe company has entered into investment commitments for an amount of \u20ac 1.8m (31 December 2021: \u20ac 2.4m) relating to investment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contractual obliga-tions for \u20ac 5.0m (31 December 2021: \u20ac 8.6m).The company has unused credit facilities amounting to \u20ac 282.5m (31 December 2021: 275.0m).23. RELATED PARTIESThe following parties qualify as related parties: \u2013 The company and its group companies;\u2013 Its Supervisory Board members and;\u2013 Management Board members. NSI defines its statutory Management Board as \u201ckey management personnel\u201d. INTERESTS OF MAJOR INVESTORSNotifications of shareholdings of more than 3% are disclosed under the Dutch Disclosure of Major Holdings in Listed Companies Act. According to the Dutch Authority for the Financial Markets (AFM) the following shareholders hold a stake of more than 3% on 31 December:31 December 2022 31 December 2021ICAMAP Investments SARL 10.0% 10.0%BlackRock, Inc. 5.8% 5.8%Ameriprise Financial 5.0% < 3.0%APG Asset Management N.V. - 3.2%Clearance Capital Ltd. 3.1% 3.1%SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERSThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. REMUNERATION OF THE SUPERVISORY BOARD2022 2021Luurt van der Ploeg 32Jan-Willem de Geus 62 6Jan-Willem Dockheer 44 44Margreet Haandrikman 43 43Karin Koks - Van der Sluis 54 56Harm Me\u0133er 45 42Remuneration Supervisory Board 247 222The schedule above includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remuneration Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2022 (2021: 0), except for Mrs. Koks - van der Sluis who holds 163 shares (2021: 159 shares). Furthermore, Mr. Meijer is one of the shareholders at ICAMAP Investments SARL, holding more than 10% of NSI shares as per 31 December 2022 (31 December 2021: 10.0%).REMUNERATION OF THE MANAGEMENT BOARD2022Salary VariableLong term Short termSocial securityPension OtherTotalEquity holding # sharesBernd Stahli 436 45 91 13 18 -5 598 17,000Alianne de Jong 341 22 107 13 14 1 499 7,722Remuneration Management Board 777 68 198 27 32 -4 1,097 24,722Salary VariableLong term Short termSocial securityPension OtherTotalEquity holding # sharesBernd Stahli 415 72 92 13 17 6 614 17,000Alianne de Jong 310 53 101 13 14 1 491 6,447Remuneration Management Board 725 124 193 25 30 7 1,105 23,447NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addi-tion, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel retention rate and sustain-ability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2022, the variable remuneration paid to the CEO amounted to \u20ac 203k, consisting of an LTI of \u20ac 107k and an STI of \u20ac 95k. The variable remuneration of the CFO amounted to \u20ac 176k, consisting of an LTI of \u20ac 69k and an STI of \u20ac 107k. The provision included in the balance sheet as per end of December 2022 amounts to \u20ac 189k. The provisions for the CEO and CFO on 31 December 2022 amount to respectively \u20ac 87k (STI) and \u20ac 102k (STI); no provisions for LTI are taken.The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2022.NO SHARE OPTIONS AND NO LOANSNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..24. COST RATIOUnder the Dutch Financial Supervision Act (Wet financieel toezicht) NSI is required to report its ratio of expenses to its net asset value. In 2022 this ratio is 2.3% (2021: 2.4%). This cost ratio is calculated as total expenses (operational costs, non-recharged service costs, administrative expenses and corporate tax) divided by the weighted average net asset value for the latest financial year.COMPANY BALANCE SHEET (BEFORE PROPOSED PROFIT APPROPRIATION)FOR THE YEAR ENDED 31 DECEMBER 2022( x \u20ac 1,000)Note 31 December 2022 31 December 2021AssetsIntangible fixed assets 72 134Tangible fixed assets 1,035 1,425Financial fixed assets 1 1,257,092 1,337,336Non-current assets 1,258,199 1,338,895Debtors and other receivables 457 456Derivative financial instruments 1,163Cash and cash equivalents 133 7,729Current assets 1,753 8,185Total assets 1,259,952 1,347,080Shareholders' equityIssued share capital 2 73,800 72,489Share premium reserve 2 915,447 916,768Participations reserve 2 206,861 271,047Retained earnings 2 -277,729 -432,809Total result for the year 2 -31,370 120,961Shareholders' equity 887,008 948,457LiabilitiesInterest bearing loans 285,984 389,096Derivative financial instruments 1,739Other non-current liabilities 151 388Non-current liabilities 286,135 391,223Redemption requirement interest bearing loans 65,656 700Debts to credit institutions 14,037Creditors and other payables 7,116 6,701Current liabilities 86,809 7,401Total liabilities 372,944 398,623Total shareholders' equity and liabilities 1,259,952 1,347,080The notes on pages 120 to 123 form an integral part of these company financial statements.COMPANY INCOME STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2022( x \u20ac 1,000)Note 2022 2021Administrative costs 3 -8,558 -7,626Other income and costs -12 -12Financing costs 4 -9,574 -9,789Movement in market value of financial derivatives 4 2,902 1,401Net financing result -6,672 -8,388Corporate result before tax -15,242 -16,026Corporate income taxCorporate result after tax -15,242 -16,026Result from participations -16,128 136,986Total result for the year -31,370 120,961The notes on pages 120 to 123 form an integral part of these company financial statements.NOTES TO THE COMPANY FINANCIAL STATEMENTSGENERALNSI N.V. exclusively performs holding activities. NSI\u2019s structure as described in the notes to the consolidated financial statements also applies to the company financial statements.The company financial statements have been prepared in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code regarding financial reporting. In the preparation of its financial statements, the company has also applied the provisions for the contents of financial reporting by investment institutions pursuant to the Dutch Financial Super- vision Act.PRINCIPLES OF DETERMINATION OF THE RESULTThe company financial statements have been prepared in accordance with Article 362 Paragraph 8 Book 2 of the Dutch Civil Code. This means that the principles for the processing and valuation of assets and liabilities and the determination of the result as described in the disclosure to the consolidated financial statements also apply to the company financial statements, unless stated otherwise. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities. For a description of these principles, please refer to pages 86 to 91. If required notes have been incorporated in the consolidated financial statements these notes have not been incorporated here.FINANCIAL FIXED ASSETSShares in group companies are valued at net asset value. In determining the net asset value, all assets, liabilities and profits and losses are subject to the accounting principles used for the consolidated financial statements, in accordance with the provisions of Article 362 Paragraph 8 (final sentence) of Book 2 of the Dutch Civil Code.All receivables from group companies are considered as an extension of net investments in group companies.1. FINANCIAL FIXED ASSETS31 December 2022 31 December 2021Balance as per 1 January 1,337,336 1,230,513Result from participations -16,128 136,986Changes in receivables from group companies -64,116 -30,164Balance as per 31 December 1,257,092 1,337,3362. SHAREHOLDERS EQUITY2022Issued share capitalShare premium reserve(Statutory) participations reserveRetained earningsResult for the yearShareholders' equityBalance as per 1 January 2022 72,489 916,768 271,047 -432,809 120,961 948,457Total result for the year -31,370 -31,370Other comprehensive income / expenseTotal comprehensive income / expense for the year-31,370 -31,370Profit appropriation - 2021 120,961 -120,961Distribution final dividend - 2021 398 -403 -17,464 -17,470Interim dividend - 2022 913 -918 -12,603 -12,608Subtraction from participations reserve -64,186 64,186Contributions from and to shareholders 1,310 -1,321 -64,186 155,080 -120,961 -30,078Balance as per 31 December 2022 73,800 915,447 206,861 -277,729 -31,370 887,0082021Issued share capital(Statutory) participations reserveRetained earningsResult for the yearShareholders' equityBalance as per 1 January 2021 70,992 918,275 211,889 -326,305 -20,414 854,438Total result for the year 120,961 120,961Other comprehensive income / expenseTotal comprehensive income / expense for the year120,961 120,961Profit appropriation - 2020 -20,414 20,414Distribution final dividend - 2020 687 -692 -14,917 -14,922Interim dividend - 2020 810 -815 -12,015 -12,020Addition to participations reserve 59,157 -59,157Contributions from and to shareholders 1,497 -1,507 59,157 -106,503 20,414 -26,942Balance as per 31 December 2021 72,489 916,768 271,047 -432,809 120,961 948,457Both the retained earnings reserve and the share premium reserve are available for distribution as dividend.For further details on movements in shareholders\u2019 equity, please refer to the consolidated financial statements (see disclosure 16 to the consolidated financial statements).STATUTORY RESERVES The statutory reserves in the company balance sheet are reserves which must be retained pursuant to the Dutch Civil Code and consist of the participation reserve and the reserve for foreign currency translation.PARTICIPATION RESERVE The participation reserve relates to a revaluation reserve on the investment properties in the subsidiaries and consists of the cumula-tive positive (unrealised) revaluations of these investments. This statutory reserve is a non-distributable reserve in accordance with the Dutch Civil Code. The revaluation reserve was determined at individual property level in 2021 and 2022, before appropriation of profits.DIVIDEND Taking into consideration the interim dividend of \u20ac 1.04 per share already distributed (2021: \u20ac 1.04; adjusted for stock consolidation), a final dividend of \u20ac 1.12 per share has been proposed (2021: \u20ac 1.12).PROPOSED PROFIT APPROPRIATION The Articles of Association of NSI N.V. stipulate that the allocation of the result after tax for the financial year is determined by the General Meeting of Shareholders. For the 2022 financial year the Management Board, with the approval of the Supervisory Board and in line with the applicable dividend policy (i.e. a pay-out of at least 75% of the direct result), has proposed a final dividend of \u20ac 1.12 per share.This puts the total dividend for 2022 at \u20ac 2.16 per share, of which \u20ac 1.04 per share was already distributed as an interim dividend in August 2022. Subject to the approval of the General Meeting of Shareholders, NSI will offer shareholders the option to receive the final dividend in cash and/or fully or partly in shares.Based on the number of outstanding shares eligible for dividend (20,054,241), the total amount of the final dividend is \u20ac 22.5m and will be withdrawn from the retained earnings (excluding dividend paid in shares).Provided that the General Meeting of Shareholders approves this dividend proposal, the final dividend will be made payable from 16 May 2023.2022Total result for the year - 2022 -31,370Interim dividend - 2022 -20,598Proposed final dividend - 2022 -22,461On balance subtracted from the reserves -74,429NSI is offering shareholders the option to receive this final dividend in cash and / or partly in shares. In anticipation of a decision on the matter by the General Meeting of Shareholders the non-allocated result after tax for the financial year is accounted for separately in equity as the result for the financial year.3. ADMINISTRATIVE COSTS2022 2021Salaries and wages -5,195 -5,463Social security -620 -554Pensions -336 -324Depreciation right of use tangible fixed assets -284 -283Other staff costs -1,182 -1,088Staff costs -7,618 -7,712Compensation supervisory board -251 -273Depreciation and amortisation -445 -194Other office costs -1,476 -1,408Office costs -1,920 -1,602Audit, consultancy and valuation costs -1,269 -1,029Other administrative costs -1,332 -838Administrative costs -12,390 -11,454Allocated administrative costs 3,833 3,828Administrative costs -8,558 -7,6264. NET FINANCING RESULT2022 2021Interest costs -9,115 -8,325Other financing costs -459 -1,464Financing costs -9,574 -9,789Movement in market value of financial derivatives 2,902 1,401Net financing result -6,672 -8,3885. OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIESNSI N.V. has issued guarantees for its 100%-owned subsidiary companies in accordance with Article 403, Book 2 of the Dutch Civil Code.NSI N.V. is part of a tax group for corporate income tax and Dutch sales tax, and is therefore jointly and severally liable for the tax payable by the tax group as a whole.6. AUDIT FEESPricewaterhouseCoopers Accountants N.V. charged the following fees to NSI and its subsidiaries:2022 2021Audit financial statements -172 -263Other audit related services -55 -20Audit fees -227 -283In the 2022 financial year, an amount of \u20ac 172k of audit fees was charged by PricewaterhouseCoopers Accountants N.V. to the result in accordance with article 382a Title 9 Book 2 of the Dutch Civil Code (2021: \u20ac 263k).7. EVENTS AFTER BALANCE SHEET DATEThe sale of HNK Ede and HNK Den Bosch was completed in January 2023 for a total of \u20ac 23.2m (before transactions costs).", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__6__6-1": { "value": "NUMBER OF SHARES31 December 2022 31 December 2021Weighted average number of ordinary shares 19,869,975 19,499,825Number of ordinary shares entitled to dividend 20,054,241 19,698,207EARNINGS PER SHARE2022 2021Total result (\u20ac) -1.58 6.20The calculation of earnings per share at 31 December 2022 is based on the result attributable to ordinary shareholders of \u20ac 31.4m negative (2021: \u20ac 121.0m) and a weighted average number of outstanding ordinary shares during 2022 of 19,869,975 (2021: 19,499,825).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__6__9": { "value": "1.04", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s6_notes__6__11": { "value": "1.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s6_notes__6__10": { "value": "22461000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-184-2": { "value": "CAPITAL MANAGEMENTNSI manages equity attributable to shareholders as its capital. NSI prefers to work with a conservative capital structure to underpin its real estate activities, to secure the group\u2019s continuity in the long run. The benefit of a conservative capital structure is that it is possible to keep the overall cost of capital low. The aim is to have at any point in time sufficient balance sheet capacity to pay out dividends, honour all capital commitments and absorb a material fall in appraisal values, be able to fund investment opportunities and stay well within all loan covenants and so not having to resort to asset disposals or equity issue to restore the balance sheet.NSI prefers to finance itself mostly through unsecured financing to maintain optimal \ufb02exibility. It will also look to manage its balance sheet risk in relation to the other risks inherent to the business (economic cycle risk, leasing risk, development risk etc.). NSI also consistently monitors its fiscal capital base to make sure it meets and continues to meet all the requirements related to its FBI-status.Management seeks to achieve a balance between a higher return that could be achieved through a higher level of debt capital, on the one hand, and the benefits and security of a healthy financial position, on the other. In addition, management safeguards capital by monitoring the loan-to- value ratio and the debt owed to credit institutions / equity ratio. The ratio of debt owed to credit institutions / property investments was 28.7% on 31 December 2022 (31 December 2021: 28.2%). The ratio of debt owed to credit institutions / equity was 29.2% / 70.8% on 31 December 2022 (31 December 2021: 28.7% / 71.3%).All bank covenants are monitored proactively and periodically. The key covenants for NSI relate to:\u2013 Loan-to-value;\u2013 The interest coverage ratio; \u2013 Solvency.Furthermore, loans differ in the use or non-use of security, (public) transferability and other possible characteristics such as convertibility, affiliations with indices and in\ufb02ation.LOAN-TO-VALUENSI has two covenants relating to loan-to-value (LTV):\u2013 LTV of NSI units regarding independent financing arrangements with specific assets acting as security. The maximum individual LTV relating to this specific security must be below 60%; \u2013 LTV regarding NSI\u2019s entire portfolio. The maximum LTV must not exceed 60%.The following table provides an overview of the LTV at group level:LTV (%) as per 31 December Individual LTV's are compliant2022 2021 2022 2021NSI - group-level 28.7% 28.2% Yes YesIn 2022 NSI and its subsidiaries complied with the LTV requirements agreed with banks on both an individual and consolidated level.Furthermore, a number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such requirement relates to the maximum LTV (norm: \u2264 60%). The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter group NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in both 2021 and 2022.INTEREST COVERAGE RATIONSI has two covenants relating to the interest coverage ratio (ICR):\u2013 The interest coverage ratio for independently financed NSI subsidiaries must be at least 2.0;\u2013 Interest coverage ratio for NSI\u2019s entire portfolio must be at least 2.0.The table below shows the interest coverage ratio (ICR):ICR as per 31 December Individual ICR's are compliant2022 2021 2022 2021NSI - group-level 6.3 6.5 Ye s Ye sIn 2022 NSI and its subsidiaries complied with the independent and consolidated interest coverage ratio requirements agreed with the banks. Based on our ICR debt covenant of 2.0, NSI could absorb a net rental income decline of ca. 70% before breaching this covenant.SOLVENCYBased on the covenants, adjusted shareholders\u2019 equity at group level must be at least 40%. As per 31 December 2022 this was 69.6% (31 December 2021: 70.0%) in line with the covenants.Other than the requirements ensuing from its status as a fiscal investment institution, the company nor its subsidiaries are subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-187-2": { "value": "17. INTEREST BEARING LOANSThe development of the interest bearing loans in 2021 and 2022 was as follows:2022 2021Balance as per 1 January 389,796 365,960Drawn interest bearing loans 5,000 140,000Transaction costs paid -339 -744Amortisation transaction costs 383 280Repayment of interest bearing loans -43,200 -115,700Balance as per 31 December 351,640 389,796Redemption requirement interest bearing loans 65,656 700Balance as per 31 December 285,984 389,096The maturities of the loans at 31 December 2021 and 31 December 2022 were as follows:31 December 2022 31 December 2021Fixed interest Variable interest Total Fixed interest Variable interest TotalUp to 1 year 65,656 65,656 700 700From 1 to 2 years 145,529 145,529From 2 to 5 years 39,928 66,359 106,287 39,904 24,015 63,919From 5 to 10 years 179,697 179,697 179,648 179,648Total 219,624 132,016 351,640 219,552 170,244 389,796Average interest rate (excl. interest-rate swaps) 2.0% 4.0% 2.0% 1.6%In 2023 \u20ac 65.7m (2022: \u20ac 0.7m) of financing will expire. The amount concerns the amortisation requirement of one loan due and will be covered by retained cash or the available financing facilities.Loans outstanding have a remaining average maturity of 4.7 years (31 December 2021: 4.9 years) The weighted average annual interest rate on the loans and interest-rate swaps at the end of 2022 was 2.0% (31 December 2021: 2.2%). These include margin, utilisation fees and amortised costs and exclude commitment fees.31 December 2022 31 December 2021Secured loansUnsecured loansTotal Secured loansUnsecured loansTotalInterest bearing loans - nominal value 65,700 287,500 353,200 66,400 325,000 391,400Amortised costs -44 -1,516 -1,560 -96 -1,508 -1,604Total 65,656 285,984 351,640 66,304 323,492 389,796During 2022 \u20ac 0.3m of financing costs were capitalised (2021: \u20ac 0.7m). The financing costs are recognised in the profit and loss account using the effective interest method. As security for loans (up to \u20ac 65.7m), mortgages were pledged against investment property valued at \u20ac 230.0m (31 December 2021: \u20ac 248.4m), combined with pledges on rental income and maximum LTV requirements.On 31 December 2022 the company\u2019s undrawn committed credit facilities totalled \u20ac 282.5m (31 December 2021: \u20ac 275.0m). Taking into account the cash and cash equivalents and debts to credit institutions, the remaining undrawn committed credit facility is \u20ac 268.7m. The fair value of the loans on 31 December 2022 was \u20ac 322.1m (31 December 2021: \u20ac 393.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-188-2": { "value": "18. OTHER NON-CURRENT LIABILITIES31 December 2022 31 December 2021Security deposits 2,764 2,551Lease liabilities 980 1,191Other non-current accounts payable 3,744 3,742The average term of the leases relating to the security deposits is 2.3 years (31 December 2021: 2.4 years). The net present value of non-current future lease obligations amounts to \u20ac 1.1m, consisting of leasehold obligations (\u20ac 0.8m) and car lease obligations (\u20ac 0.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-188-3": { "value": "18. OTHER NON-CURRENT LIABILITIES31 December 2022 31 December 2021Security deposits 2,764 2,551Lease liabilities 980 1,191Other non-current accounts payable 3,744 3,742The average term of the leases relating to the security deposits is 2.3 years (31 December 2021: 2.4 years). The net present value of non-current future lease obligations amounts to \u20ac 1.1m, consisting of leasehold obligations (\u20ac 0.8m) and car lease obligations (\u20ac 0.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-190-2": { "value": "20. CREDITORS AND OTHER PAYABLES31 December 2022 31 December 2021Creditors 3,178 2,627Taxes 1,918 1,587Interest 1,357 721Security deposits 1,994 2,059Lease liabilities 373 413Deferred income 6,129 7,848Accruals 8,254 9,147Other current payables 158 84Creditors and other payables 23,361 24,485As per 31 December 2022, the net present value included for leasehold obligations amounts to \u20ac 0.1m and for car lease obligations \u20ac 0.3m.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-191-2": { "value": "The different levels are defined as follows:\u2013 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information; \u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable marketdata. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash \ufb02ows based onobservable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterpartiesThese quotes are regularly tested for adequacy by discounting cash \ufb02ows using the market interest rate for a similar instrument at themeasurement date. Fair values re\ufb02ect the credit risk of the instrument and include adjustments that take into account the credit risk ofthe group entity and the counterparty, when appropriate.FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.31 December 2022 31 December 2021NoteFair value levelAmortised cost priceFair value Fair value levelAmortised cost priceFair valueFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 1,163 2Financial assets valued at amortised cost priceFinancial fixed assets 3 0 2 0Debtors and other receivables 14 2 852 2 3,398Cash and cash equivalents 15 1 196 1 7,729Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 2 1,739Financial liabilities valued at amortised cost priceInterest bearing loans 17 2 351,640 2 389,796Other non-current liabilities 18 2 3,744 2 3,742Debts to credit institutions 19 1 14,037 2 7Creditors and other payables 20 2 15,314 2 15,051FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2013 AC: Amortised Cost; \u2013 FVPL: Fair Value through Profit or Loss;\u2013 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory IAS3931 December 2022 Book value Fair value 31 December 2021Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 14 AC 852 852 3,398 3,398Cash and cash equivalents 15 AC 196 196 7,729 7,729Financial assets 2,211 2,211 11,127 11,127Interest bearing loans 17 AC 351,640 322,124 389,796 393,853Derivative financial instruments FVPL 1,739 1,739Other non-current liabilities 18 AC 3,744 3,744 3,742 3,742Debts to credit institutions 19 AC 14,037 14,037 7 7Creditors and other payables 20 AC 15,314 15,314 15,051 15,051Financial liabilities 384,735 355,219 410,334 414,392On the balance sheet date the derivative financial instruments had the following maturity:31 December 2022 31 December 2021# contractsNominal valueFair value assetsFair value liabilities# contractsNominal valueFair value assetsUp to 1 year 9 147,500 1,163From 1 to 5 years 9 147,500 1,739Total 9 147,500 1,163 9 147,500 1,739NSI minimises its interest rate risk by swapping the variable interest it pays on the majority of its loans for a fixed interest rate by means of contracts with fixed interest rates varying from -0.11% to 0.73% (2021: -0.11% to 0.73%) and with maturity dates in 2023 (2021: 2023). The weighted average remaining maturity of the derivatives 0.4 years (2021: 1.4 years). NSI is hedged at a weighted average interest rate of 0.4% (2021: 0.4%), excluding margin, 4.0% of the total outstanding variable interest loans are now over hedged (2021: under hedged 6.1%), 104.0% of the total volume are hedged (2021: 93.9%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-191-3": { "value": "The different levels are defined as follows:\u2013 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information; \u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable marketdata. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash \ufb02ows based onobservable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterpartiesThese quotes are regularly tested for adequacy by discounting cash \ufb02ows using the market interest rate for a similar instrument at themeasurement date. Fair values re\ufb02ect the credit risk of the instrument and include adjustments that take into account the credit risk ofthe group entity and the counterparty, when appropriate.FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-191-4": { "value": "The different levels are defined as follows:\u2013 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2013 Level 2: valuation of assets or liabilities based on (external) observable information; \u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable marketdata. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash \ufb02ows based onobservable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterpartiesThese quotes are regularly tested for adequacy by discounting cash \ufb02ows using the market interest rate for a similar instrument at themeasurement date. Fair values re\ufb02ect the credit risk of the instrument and include adjustments that take into account the credit risk ofthe group entity and the counterparty, when appropriate.21. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTRECOGNITION CATEGORIES AND FAIR VALUESThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their applicable level within the fair value hierarchy. FAIR VALUE HIERARCHYFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.31 December 2022 31 December 2021NoteFair value levelAmortised cost priceFair value Fair value levelAmortised cost priceFair valueFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 1,163 2Financial assets valued at amortised cost priceFinancial fixed assets 3 0 2 0Debtors and other receivables 14 2 852 2 3,398Cash and cash equivalents 15 1 196 1 7,729Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 2 1,739Financial liabilities valued at amortised cost priceInterest bearing loans 17 2 351,640 2 389,796Other non-current liabilities 18 2 3,744 2 3,742Debts to credit institutions 19 1 14,037 2 7Creditors and other payables 20 2 15,314 2 15,051FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2013 AC: Amortised Cost; \u2013 FVPL: Fair Value through Profit or Loss;\u2013 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory IAS3931 December 2022 Book value Fair value 31 December 2021Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 14 AC 852 852 3,398 3,398Cash and cash equivalents 15 AC 196 196 7,729 7,729Financial assets 2,211 2,211 11,127 11,127Interest bearing loans 17 AC 351,640 322,124 389,796 393,853Derivative financial instruments FVPL 1,739 1,739Other non-current liabilities 18 AC 3,744 3,744 3,742 3,742Debts to credit institutions 19 AC 14,037 14,037 7 7Creditors and other payables 20 AC 15,314 15,314 15,051 15,051Financial liabilities 384,735 355,219 410,334 414,392On the balance sheet date the derivative financial instruments had the following maturity:31 December 2022 31 December 2021# contractsNominal valueFair value assetsFair value liabilities# contractsNominal valueFair value assetsUp to 1 year 9 147,500 1,163From 1 to 5 years 9 147,500 1,739Total 9 147,500 1,163 9 147,500 1,739NSI minimises its interest rate risk by swapping the variable interest it pays on the majority of its loans for a fixed interest rate by means of contracts with fixed interest rates varying from -0.11% to 0.73% (2021: -0.11% to 0.73%) and with maturity dates in 2023 (2021: 2023). The weighted average remaining maturity of the derivatives 0.4 years (2021: 1.4 years). NSI is hedged at a weighted average interest rate of 0.4% (2021: 0.4%), excluding margin, 4.0% of the total outstanding variable interest loans are now over hedged (2021: under hedged 6.1%), 104.0% of the total volume are hedged (2021: 93.9%).FINANCIAL RISK MANAGEMENTIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instru-ments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to re\ufb02ect changes in market conditions and the group\u2019s operations.LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 282.5m (maturity: 3.9 years; 2021: \u20ac 275.0m, maturity: 4.9 years).The interest and repayment obligations were safeguarded for 2022 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.7 years (2021: 4.9 years).At year-end 2022 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 14.0m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 293.5m at 31 December 2022. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2022. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 293.7m at 31 December 2022.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2022Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,3892021Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 389,796 425,541 3,713 3,731 151,110 77,782 189,205Other non-current liabilities 3,742 4,311 862 1,785 1,664Debts to credit institutions 7 7 7Creditors and other payables 15,051 15,062 14,439 623Non-derivative financial liabilities408,596 444,920 18,158 4,354 151,972 79,567 190,870Derivative financial instruments 1,739 2,020 753 765 501Derivative financial instruments 1,739 2,020 753 765 501Total 410,334 446,940 18,911 5,119 152,473 79,567 190,870The gross in\ufb02ow / out\ufb02ow re\ufb02ected in these table shows the non-discounted contractual cash \ufb02ows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash \ufb02ow amounts for derivatives settled net in cash and the gross cash in\ufb02ows and out\ufb02ows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash \ufb02ows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses deriva-tives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2022.INTEREST RATE RISKNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2022 the interest coverage ratio was 6.3 (31 December 2021: 6.5), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2022 NSI held financial derivatives with a nominal value of \u20ac 147.5m (31 December 2021: \u20ac 147.5m) for the purpose of managing the interest rate risk on its loans.SENSITIVITY OF INTEREST RATEIf the variable interest rate were to rise 100 basis points compared to 31 December 2022, the theoretical interest expenses for 2022 would decrease by \u20ac 0.1m (2021: decrease by \u20ac 0.7m), due to the effect of interest rate swaps based on three-months Euribor with no \ufb02oor against loans with a Euribor \ufb02oor of zero, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would increase by \u20ac 0.1m (2021: increase by \u20ac 1.5m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.ANALYSIS OF EFFECTIVE INTEREST RATES AND INTEREST RATE REVISIONSThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2022Effective interest Total < 1 year 1 - 2 years 2 - 5 years > 5 yearFixed interest loans 2.0% 219,624 39,928 179,697Variable interest loans 4.0%Fixed interest as a result of swaps 2.1% 132,016 65,656 66,359Total 2.0% 351,640 65,656 106,287 179,697Redemption obligations 65,656 65,656Balance as per 31 December 2022 285,984 106,287 179,6972021Effective interest Total < 1 year 1 - 2 years 2 - 5 years > 5 yearFixed interest loans 2.0% 219,552 39,904 179,648Variable interest loans 1.6% 22,744 700 22,044Fixed interest as a result of swaps 2.7% 147,500 123,485 24,015Total 2.2% 389,796 700 145,529 63,919 179,648Redemption obligations 700 700Balance as per 31 December 2021 389,096 145,529 63,919 179,648Swaps in the table above for 2022 are to expire in Q2 2023; NSI plans to enter into new swap agreements after this period.CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2022 31 December 2021Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 852 3,398Cash and cash equivalents 196 7,729Credit risk 2,211 11,127BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least AA1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2022 31 December 2021Up to 1 month expired 254 207From 1 to 3 months expired 34 40From 3 months to 1 year expired 135 95More than 1 year expired 480 441Gross debtors 904 782Aside from bank guarantees, security deposits for \u20ac 4.8m (2021: \u20ac 4.6m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 2.0m (2021: \u20ac 2.1m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2022 2021Balance as per 1 January 300 454Addition to / release of provision 52 -130Write-off bad debts -2 -24Balance as per 31 December 349 300Impairment losses recognised at 31 December 2022 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-193-5": { "value": "\u2013 Level 2: valuation of assets or liabilities based on (external) observable information; \u2013 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable marketdata. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash \ufb02ows based onobservable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterpartiesThese quotes are regularly tested for adequacy by discounting cash \ufb02ows using the market interest rate for a similar instrument at themeasurement date. Fair values re\ufb02ect the credit risk of the instrument and include adjustments that take into account the credit risk ofthe group entity and the counterparty, when appropriate.31 December 2022 31 December 2021NoteFair value levelAmortised cost priceFair value Fair value levelAmortised cost priceFair valueFinancial assets valued at fair value through profit or lossDerivative financial instruments 2 1,163 2Financial assets valued at amortised cost priceFinancial fixed assets 3 0 2 0Debtors and other receivables 14 2 852 2 3,398Cash and cash equivalents 15 1 196 1 7,729Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 2 1,739Financial liabilities valued at amortised cost priceInterest bearing loans 17 2 351,640 2 389,796Other non-current liabilities 18 2 3,744 2 3,742Debts to credit institutions 19 1 14,037 2 7Creditors and other payables 20 2 15,314 2 15,051FAIR VALUE HIERARCHYThe categories of financial instruments are: \u2013 AC: Amortised Cost; \u2013 FVPL: Fair Value through Profit or Loss;\u2013 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:NoteCategory IAS3931 December 2022 Book value Fair value 31 December 2021Book value Fair valueFinancial fixed assets AC 0 0 0 0Derivative financial instruments FVPL 1,163 1,163Debtors and other receivables 14 AC 852 852 3,398 3,398Cash and cash equivalents 15 AC 196 196 7,729 7,729Financial assets 2,211 2,211 11,127 11,127Interest bearing loans 17 AC 351,640 322,124 389,796 393,853Derivative financial instruments FVPL 1,739 1,739Other non-current liabilities 18 AC 3,744 3,744 3,742 3,742Debts to credit institutions 19 AC 14,037 14,037 7 7Creditors and other payables 20 AC 15,314 15,314 15,051 15,051Financial liabilities 384,735 355,219 410,334 414,392On the balance sheet date the derivative financial instruments had the following maturity:31 December 2022 31 December 2021# contractsNominal valueFair value assetsFair value liabilities# contractsNominal valueFair value assetsUp to 1 year 9 147,500 1,163From 1 to 5 years 9 147,500 1,739Total 9 147,500 1,163 9 147,500 1,739NSI minimises its interest rate risk by swapping the variable interest it pays on the majority of its loans for a fixed interest rate by means of contracts with fixed interest rates varying from -0.11% to 0.73% (2021: -0.11% to 0.73%) and with maturity dates in 2023 (2021: 2023). The weighted average remaining maturity of the derivatives 0.4 years (2021: 1.4 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-235-3": { "value": "FINANCIAL RISK MANAGEMENTIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instru-ments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to re\ufb02ect changes in market conditions and the group\u2019s operations.LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 282.5m (maturity: 3.9 years; 2021: \u20ac 275.0m, maturity: 4.9 years).The interest and repayment obligations were safeguarded for 2022 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.7 years (2021: 4.9 years).At year-end 2022 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 14.0m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 293.5m at 31 December 2022. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2022. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 293.7m at 31 December 2022.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2022Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,3892021Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 389,796 425,541 3,713 3,731 151,110 77,782 189,205Other non-current liabilities 3,742 4,311 862 1,785 1,664Debts to credit institutions 7 7 7Creditors and other payables 15,051 15,062 14,439 623Non-derivative financial liabilities408,596 444,920 18,158 4,354 151,972 79,567 190,870Derivative financial instruments 1,739 2,020 753 765 501Derivative financial instruments 1,739 2,020 753 765 501Total 410,334 446,940 18,911 5,119 152,473 79,567 190,870The gross in\ufb02ow / out\ufb02ow re\ufb02ected in these table shows the non-discounted contractual cash \ufb02ows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash \ufb02ow amounts for derivatives settled net in cash and the gross cash in\ufb02ows and out\ufb02ows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash \ufb02ows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses deriva-tives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2022.INTEREST RATE RISKNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2022 the interest coverage ratio was 6.3 (31 December 2021: 6.5), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2022 NSI held financial derivatives with a nominal value of \u20ac 147.5m (31 December 2021: \u20ac 147.5m) for the purpose of managing the interest rate risk on its loans.SENSITIVITY OF INTEREST RATEIf the variable interest rate were to rise 100 basis points compared to 31 December 2022, the theoretical interest expenses for 2022 would decrease by \u20ac 0.1m (2021: decrease by \u20ac 0.7m), due to the effect of interest rate swaps based on three-months Euribor with no \ufb02oor against loans with a Euribor \ufb02oor of zero, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would increase by \u20ac 0.1m (2021: increase by \u20ac 1.5m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.ANALYSIS OF EFFECTIVE INTEREST RATES AND INTEREST RATE REVISIONSThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2022Effective interest Total < 1 year 1 - 2 years 2 - 5 years > 5 yearFixed interest loans 2.0% 219,624 39,928 179,697Variable interest loans 4.0%Fixed interest as a result of swaps 2.1% 132,016 65,656 66,359Total 2.0% 351,640 65,656 106,287 179,697Redemption obligations 65,656 65,656Balance as per 31 December 2022 285,984 106,287 179,6972021Effective interest Total < 1 year 1 - 2 years 2 - 5 years > 5 yearFixed interest loans 2.0% 219,552 39,904 179,648Variable interest loans 1.6% 22,744 700 22,044Fixed interest as a result of swaps 2.7% 147,500 123,485 24,015Total 2.2% 389,796 700 145,529 63,919 179,648Redemption obligations 700 700Balance as per 31 December 2021 389,096 145,529 63,919 179,648Swaps in the table above for 2022 are to expire in Q2 2023; NSI plans to enter into new swap agreements after this period.CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2022 31 December 2021Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 852 3,398Cash and cash equivalents 196 7,729Credit risk 2,211 11,127BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least AA1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2022 31 December 2021Up to 1 month expired 254 207From 1 to 3 months expired 34 40From 3 months to 1 year expired 135 95More than 1 year expired 480 441Gross debtors 904 782Aside from bank guarantees, security deposits for \u20ac 4.8m (2021: \u20ac 4.6m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 2.0m (2021: \u20ac 2.1m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2022 2021Balance as per 1 January 300 454Addition to / release of provision 52 -130Write-off bad debts -2 -24Balance as per 31 December 349 300Impairment losses recognised at 31 December 2022 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-236-4": { "value": "LIQUIDITY RISKInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt. Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the company\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obliga-tions. The basic principle of liquidity risk management is that sufficient resources should be kept available, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 282.5m (maturity: 3.9 years; 2021: \u20ac 275.0m, maturity: 4.9 years).The interest and repayment obligations were safeguarded for 2022 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 4.7 years (2021: 4.9 years).At year-end 2022 NSI had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 14.0m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 293.5m at 31 December 2022. Furthermore, cash and cash equivalents amounted to \u20ac 0.2m at 31 December 2022. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 293.7m at 31 December 2022.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2022Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 351,640 390,124 69,955 3,232 7,680 123,316 185,941Other non-current liabilities 3,744 4,154 1,144 1,562 1,448Debts to credit institutions 14,037 14,037 14,037Creditors and other payables 15,314 15,324 14,812 511Non-derivative financial liabilities384,735 423,639 98,804 3,743 8,825 124,878 187,389Derivative financial instrumentsTotal 384,735 423,639 98,804 3,743 8,825 124,878 187,3892021Contractual cash \ufb02owBook valueTotal < 6 months 6 - 12 months 1 - 2 years 2 - 5 years > 5 yearLoans 389,796 425,541 3,713 3,731 151,110 77,782 189,205Other non-current liabilities 3,742 4,311 862 1,785 1,664Debts to credit institutions 7 7 7Creditors and other payables 15,051 15,062 14,439 623Non-derivative financial liabilities408,596 444,920 18,158 4,354 151,972 79,567 190,870Derivative financial instruments 1,739 2,020 753 765 501Derivative financial instruments 1,739 2,020 753 765 501Total 410,334 446,940 18,911 5,119 152,473 79,567 190,870The gross in\ufb02ow / out\ufb02ow re\ufb02ected in these table shows the non-discounted contractual cash \ufb02ows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash \ufb02ow amounts for derivatives settled net in cash and the gross cash in\ufb02ows and out\ufb02ows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash \ufb02ows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-238-4": { "value": "MARKET RISKMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses deriva-tives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no currency risk exposure at the end of December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-242-4": { "value": "CREDIT RISKCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2022 31 December 2021Financial fixed assets 0 0Derivative financial instruments 1,163Debtors and other receivables 852 3,398Cash and cash equivalents 196 7,729Credit risk 2,211 11,127BANKSThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least AA1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2022 31 December 2021Up to 1 month expired 254 207From 1 to 3 months expired 34 40From 3 months to 1 year expired 135 95More than 1 year expired 480 441Gross debtors 904 782Aside from bank guarantees, security deposits for \u20ac 4.8m (2021: \u20ac 4.6m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 2.0m (2021: \u20ac 2.1m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2022 2021Balance as per 1 January 300 454Addition to / release of provision 52 -130Write-off bad debts -2 -24Balance as per 31 December 349 300Impairment losses recognised at 31 December 2022 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-243-5": { "value": "TENANTSThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively moni-toring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2022 31 December 2021Up to 1 month expired 254 207From 1 to 3 months expired 34 40From 3 months to 1 year expired 135 95More than 1 year expired 480 441Gross debtors 904 782Aside from bank guarantees, security deposits for \u20ac 4.8m (2021: \u20ac 4.6m) were obtained to cover for potential loss of creditworthiness of tenants with regard to the receivables, of which \u20ac 2.0m (2021: \u20ac 2.1m) is relating to expiring lease contracts within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-244-5": { "value": "Movement in the provision for impairment of doubtful debts was as follows:2022 2021Balance as per 1 January 300 454Addition to / release of provision 52 -130Write-off bad debts -2 -24Balance as per 31 December 349 300Impairment losses recognised at 31 December 2022 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared characteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.5% and for trade receivables more than 90 days expired these rates per segment are:> 90 days expiredAmsterdam 51.26%Other G4 73.61%Other Netherlands 39.74%", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-247-2": { "value": "OTHERThe company has entered into investment commitments for an amount of \u20ac 1.8m (31 December 2021: \u20ac 2.4m) relating to investment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contractual obliga-tions for \u20ac 5.0m (31 December 2021: \u20ac 8.6m).The company has unused credit facilities amounting to \u20ac 282.5m (31 December 2021: 275.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-247-3": { "value": "OTHERThe company has entered into investment commitments for an amount of \u20ac 1.8m (31 December 2021: \u20ac 2.4m) relating to investment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contractual obliga-tions for \u20ac 5.0m (31 December 2021: \u20ac 8.6m).The company has unused credit facilities amounting to \u20ac 282.5m (31 December 2021: 275.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-248-2": { "value": "23. RELATED PARTIESThe following parties qualify as related parties: \u2013 The company and its group companies;\u2013 Its Supervisory Board members and;\u2013 Management Board members. NSI defines its statutory Management Board as \u201ckey management personnel\u201d. INTERESTS OF MAJOR INVESTORSNotifications of shareholdings of more than 3% are disclosed under the Dutch Disclosure of Major Holdings in Listed Companies Act. According to the Dutch Authority for the Financial Markets (AFM) the following shareholders hold a stake of more than 3% on 31 December:31 December 2022 31 December 2021ICAMAP Investments SARL 10.0% 10.0%BlackRock, Inc. 5.8% 5.8%Ameriprise Financial 5.0% < 3.0%APG Asset Management N.V. - 3.2%Clearance Capital Ltd. 3.1% 3.1%SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERSThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. REMUNERATION OF THE SUPERVISORY BOARD2022 2021Luurt van der Ploeg 32Jan-Willem de Geus 62 6Jan-Willem Dockheer 44 44Margreet Haandrikman 43 43Karin Koks - Van der Sluis 54 56Harm Me\u0133er 45 42Remuneration Supervisory Board 247 222The schedule above includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remuneration Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2022 (2021: 0), except for Mrs. Koks - van der Sluis who holds 163 shares (2021: 159 shares). Furthermore, Mr. Meijer is one of the shareholders at ICAMAP Investments SARL, holding more than 10% of NSI shares as per 31 December 2022 (31 December 2021: 10.0%).REMUNERATION OF THE MANAGEMENT BOARD2022Salary VariableLong term Short termSocial securityPension OtherTotalEquity holding # sharesBernd Stahli 436 45 91 13 18 -5 598 17,000Alianne de Jong 341 22 107 13 14 1 499 7,722Remuneration Management Board 777 68 198 27 32 -4 1,097 24,722Salary VariableLong term Short termSocial securityPension OtherTotalEquity holding # sharesBernd Stahli 415 72 92 13 17 6 614 17,000Alianne de Jong 310 53 101 13 14 1 491 6,447Remuneration Management Board 725 124 193 25 30 7 1,105 23,447NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addi-tion, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel retention rate and sustain-ability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2022, the variable remuneration paid to the CEO amounted to \u20ac 203k, consisting of an LTI of \u20ac 107k and an STI of \u20ac 95k. The variable remuneration of the CFO amounted to \u20ac 176k, consisting of an LTI of \u20ac 69k and an STI of \u20ac 107k. The provision included in the balance sheet as per end of December 2022 amounts to \u20ac 189k. The provisions for the CEO and CFO on 31 December 2022 amount to respectively \u20ac 87k (STI) and \u20ac 102k (STI); no provisions for LTI are taken.The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2022.NO SHARE OPTIONS AND NO LOANSNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-249-3": { "value": "SUPERVISORY BOARD AND MANAGEMENT BOARD MEMBERSThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. REMUNERATION OF THE SUPERVISORY BOARD2022 2021Luurt van der Ploeg 32Jan-Willem de Geus 62 6Jan-Willem Dockheer 44 44Margreet Haandrikman 43 43Karin Koks - Van der Sluis 54 56Harm Me\u0133er 45 42Remuneration Supervisory Board 247 222The schedule above includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remuneration Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2022 (2021: 0), except for Mrs. Koks - van der Sluis who holds 163 shares (2021: 159 shares). Furthermore, Mr. Meijer is one of the shareholders at ICAMAP Investments SARL, holding more than 10% of NSI shares as per 31 December 2022 (31 December 2021: 10.0%).REMUNERATION OF THE MANAGEMENT BOARD2022Salary VariableLong term Short termSocial securityPension OtherTotalEquity holding # sharesBernd Stahli 436 45 91 13 18 -5 598 17,000Alianne de Jong 341 22 107 13 14 1 499 7,722Remuneration Management Board 777 68 198 27 32 -4 1,097 24,722Salary VariableLong term Short termSocial securityPension OtherTotalEquity holding # sharesBernd Stahli 415 72 92 13 17 6 614 17,000Alianne de Jong 310 53 101 13 14 1 491 6,447Remuneration Management Board 725 124 193 25 30 7 1,105 23,447NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addi-tion, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel retention rate and sustain-ability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2022, the variable remuneration paid to the CEO amounted to \u20ac 203k, consisting of an LTI of \u20ac 107k and an STI of \u20ac 95k. The variable remuneration of the CFO amounted to \u20ac 176k, consisting of an LTI of \u20ac 69k and an STI of \u20ac 107k. The provision included in the balance sheet as per end of December 2022 amounts to \u20ac 189k. The provisions for the CEO and CFO on 31 December 2022 amount to respectively \u20ac 87k (STI) and \u20ac 102k (STI); no provisions for LTI are taken.The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2022.NO SHARE OPTIONS AND NO LOANSNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-273-2": { "value": "COMPANY BALANCE SHEET (BEFORE PROPOSED PROFIT APPROPRIATION)FOR THE YEAR ENDED 31 DECEMBER 2022( x \u20ac 1,000)Note 31 December 2022 31 December 2021AssetsIntangible fixed assets 72 134Tangible fixed assets 1,035 1,425Financial fixed assets 1 1,257,092 1,337,336Non-current assets 1,258,199 1,338,895Debtors and other receivables 457 456Derivative financial instruments 1,163Cash and cash equivalents 133 7,729Current assets 1,753 8,185Total assets 1,259,952 1,347,080Shareholders' equityIssued share capital 2 73,800 72,489Share premium reserve 2 915,447 916,768Participations reserve 2 206,861 271,047Retained earnings 2 -277,729 -432,809Total result for the year 2 -31,370 120,961Shareholders' equity 887,008 948,457LiabilitiesInterest bearing loans 285,984 389,096Derivative financial instruments 1,739Other non-current liabilities 151 388Non-current liabilities 286,135 391,223Redemption requirement interest bearing loans 65,656 700Debts to credit institutions 14,037Creditors and other payables 7,116 6,701Current liabilities 86,809 7,401Total liabilities 372,944 398,623Total shareholders' equity and liabilities 1,259,952 1,347,080The notes on pages 120 to 123 form an integral part of these company financial statements.COMPANY INCOME STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2022( x \u20ac 1,000)Note 2022 2021Administrative costs 3 -8,558 -7,626Other income and costs -12 -12Financing costs 4 -9,574 -9,789Movement in market value of financial derivatives 4 2,902 1,401Net financing result -6,672 -8,388Corporate result before tax -15,242 -16,026Corporate income taxCorporate result after tax -15,242 -16,026Result from participations -16,128 136,986Total result for the year -31,370 120,961The notes on pages 120 to 123 form an integral part of these company financial statements.NOTES TO THE COMPANY FINANCIAL STATEMENTSGENERALNSI N.V. exclusively performs holding activities. NSI\u2019s structure as described in the notes to the consolidated financial statements also applies to the company financial statements.The company financial statements have been prepared in accordance with the provisions of Title 9, Book 2 of the Dutch Civil Code regarding financial reporting. In the preparation of its financial statements, the company has also applied the provisions for the contents of financial reporting by investment institutions pursuant to the Dutch Financial Super- vision Act.PRINCIPLES OF DETERMINATION OF THE RESULTThe company financial statements have been prepared in accordance with Article 362 Paragraph 8 Book 2 of the Dutch Civil Code. This means that the principles for the processing and valuation of assets and liabilities and the determination of the result as described in the disclosure to the consolidated financial statements also apply to the company financial statements, unless stated otherwise. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities. For a description of these principles, please refer to pages 86 to 91. If required notes have been incorporated in the consolidated financial statements these notes have not been incorporated here.FINANCIAL FIXED ASSETSShares in group companies are valued at net asset value. In determining the net asset value, all assets, liabilities and profits and losses are subject to the accounting principles used for the consolidated financial statements, in accordance with the provisions of Article 362 Paragraph 8 (final sentence) of Book 2 of the Dutch Civil Code.All receivables from group companies are considered as an extension of net investments in group companies.1. FINANCIAL FIXED ASSETS31 December 2022 31 December 2021Balance as per 1 January 1,337,336 1,230,513Result from participations -16,128 136,986Changes in receivables from group companies -64,116 -30,164Balance as per 31 December 1,257,092 1,337,3362. SHAREHOLDERS EQUITY2022Issued share capitalShare premium reserve(Statutory) participations reserveRetained earningsResult for the yearShareholders' equityBalance as per 1 January 2022 72,489 916,768 271,047 -432,809 120,961 948,457Total result for the year -31,370 -31,370Other comprehensive income / expenseTotal comprehensive income / expense for the year-31,370 -31,370Profit appropriation - 2021 120,961 -120,961Distribution final dividend - 2021 398 -403 -17,464 -17,470Interim dividend - 2022 913 -918 -12,603 -12,608Subtraction from participations reserve -64,186 64,186Contributions from and to shareholders 1,310 -1,321 -64,186 155,080 -120,961 -30,078Balance as per 31 December 2022 73,800 915,447 206,861 -277,729 -31,370 887,0082021Issued share capital(Statutory) participations reserveRetained earningsResult for the yearShareholders' equityBalance as per 1 January 2021 70,992 918,275 211,889 -326,305 -20,414 854,438Total result for the year 120,961 120,961Other comprehensive income / expenseTotal comprehensive income / expense for the year120,961 120,961Profit appropriation - 2020 -20,414 20,414Distribution final dividend - 2020 687 -692 -14,917 -14,922Interim dividend - 2020 810 -815 -12,015 -12,020Addition to participations reserve 59,157 -59,157Contributions from and to shareholders 1,497 -1,507 59,157 -106,503 20,414 -26,942Balance as per 31 December 2021 72,489 916,768 271,047 -432,809 120,961 948,457Both the retained earnings reserve and the share premium reserve are available for distribution as dividend.For further details on movements in shareholders\u2019 equity, please refer to the consolidated financial statements (see disclosure 16 to the consolidated financial statements).STATUTORY RESERVES The statutory reserves in the company balance sheet are reserves which must be retained pursuant to the Dutch Civil Code and consist of the participation reserve and the reserve for foreign currency translation.PARTICIPATION RESERVE The participation reserve relates to a revaluation reserve on the investment properties in the subsidiaries and consists of the cumula-tive positive (unrealised) revaluations of these investments. This statutory reserve is a non-distributable reserve in accordance with the Dutch Civil Code. The revaluation reserve was determined at individual property level in 2021 and 2022, before appropriation of profits.DIVIDEND Taking into consideration the interim dividend of \u20ac 1.04 per share already distributed (2021: \u20ac 1.04; adjusted for stock consolidation), a final dividend of \u20ac 1.12 per share has been proposed (2021: \u20ac 1.12).PROPOSED PROFIT APPROPRIATION The Articles of Association of NSI N.V. stipulate that the allocation of the result after tax for the financial year is determined by the General Meeting of Shareholders. For the 2022 financial year the Management Board, with the approval of the Supervisory Board and in line with the applicable dividend policy (i.e. a pay-out of at least 75% of the direct result), has proposed a final dividend of \u20ac 1.12 per share.This puts the total dividend for 2022 at \u20ac 2.16 per share, of which \u20ac 1.04 per share was already distributed as an interim dividend in August 2022. Subject to the approval of the General Meeting of Shareholders, NSI will offer shareholders the option to receive the final dividend in cash and/or fully or partly in shares.Based on the number of outstanding shares eligible for dividend (20,054,241), the total amount of the final dividend is \u20ac 22.5m and will be withdrawn from the retained earnings (excluding dividend paid in shares).Provided that the General Meeting of Shareholders approves this dividend proposal, the final dividend will be made payable from 16 May 2023.2022Total result for the year - 2022 -31,370Interim dividend - 2022 -20,598Proposed final dividend - 2022 -22,461On balance subtracted from the reserves -74,429NSI is offering shareholders the option to receive this final dividend in cash and / or partly in shares. In anticipation of a decision on the matter by the General Meeting of Shareholders the non-allocated result after tax for the financial year is accounted for separately in equity as the result for the financial year.3. ADMINISTRATIVE COSTS2022 2021Salaries and wages -5,195 -5,463Social security -620 -554Pensions -336 -324Depreciation right of use tangible fixed assets -284 -283Other staff costs -1,182 -1,088Staff costs -7,618 -7,712Compensation supervisory board -251 -273Depreciation and amortisation -445 -194Other office costs -1,476 -1,408Office costs -1,920 -1,602Audit, consultancy and valuation costs -1,269 -1,029Other administrative costs -1,332 -838Administrative costs -12,390 -11,454Allocated administrative costs 3,833 3,828Administrative costs -8,558 -7,6264. NET FINANCING RESULT2022 2021Interest costs -9,115 -8,325Other financing costs -459 -1,464Financing costs -9,574 -9,789Movement in market value of financial derivatives 2,902 1,401Net financing result -6,672 -8,3885. OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIESNSI N.V. has issued guarantees for its 100%-owned subsidiary companies in accordance with Article 403, Book 2 of the Dutch Civil Code.NSI N.V. is part of a tax group for corporate income tax and Dutch sales tax, and is therefore jointly and severally liable for the tax payable by the tax group as a whole.6. AUDIT FEESPricewaterhouseCoopers Accountants N.V. charged the following fees to NSI and its subsidiaries:2022 2021Audit financial statements -172 -263Other audit related services -55 -20Audit fees -227 -283In the 2022 financial year, an amount of \u20ac 172k of audit fees was charged by PricewaterhouseCoopers Accountants N.V. to the result in accordance with article 382a Title 9 Book 2 of the Dutch Civil Code (2021: \u20ac 263k).7. EVENTS AFTER BALANCE SHEET DATEThe sale of HNK Ede and HNK Den Bosch was completed in January 2023 for a total of \u20ac 23.2m (before transactions costs).", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500I77C30W2LZZJ03", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }