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"pp-value-1-1": {
"value": "1. Principal accounting policies Eurocommercial Properties N.V. (the Company) domiciled at De Boelelaan 7, 1083 HJ Amsterdam, The Netherlands, is a closed end property investment company. The Company is registered with the Commercial Register under number 33230134 since 18 June 1991. The consolidated financial statements of the Company for the financial year starting 1 January 2023 and ending 31 December 2023 will comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). (b) Basis of preparation The financial statements are presented in euros, rounded to the nearest thousand euros unless stated otherwise. They are prepared on the historical cost basis except for the following assets and liabilities which are stated at fair value: property investments, property investments under development, property investments held for sale and derivative financial instruments. Borrowings and non-current creditors are stated at amortised costs. Going concern The financial statements are prepared on a going concern basis and have been authorised for issue on 17 April 2024. The Group have put in place several measures to preserve liquidity, amongst others in February 2024, a new three-year loan of \u20ac17.5 million (\u20ac8.8 million group share) was signed with Banco BPM to refinance the previous loan on the retail park of Fiordaliso that expired in January 2024 and was repaid. In March 2024, the Group closed three five-year sustainability linked loans for a total amount of \u20ac100 million with ABN AMRO Bank on the centres of I Portali and Il Castello in Italy. In April 2024, the Group also entered into a five-year green loan for a total amount of SEK 700 million (circa \u20ac62.5 million) with Skandinaviska Enskilda Banken AB on the Hallarna shopping centre. Based on this, our current knowledge and available information, we do consider the preparation of the financial statements based on the going concern assumption appropriate. (c) Change in accounting policies and reclassifications Deferred tax related to assets and liabilities arising from a single transaction The Group has adopted Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) from 1 January 2023. The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences - e.g. leases and decommissioning liabilities. There was no material impact on the financial statements. Material accounting policy information The Group also adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from 1 January 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed in this note (in 2022: Change in accounting policies and reclassifications) in certain instances in line with the amendments. The following new and amended standards, effective from 1 January 2024, are not expected to have a significant impact on the Group\u2019s consolidated financial statements: - Classification of Liabilities as Current or Non-Current and Non-current liabilities with covenants (Amendments to IAS 1) - Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) - Lack of Exchangeability (Amendments to IAS 21) (d) Critical accounting estimates and assumptions The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revisions affect only that period or in the year of the revisions and future periods if the revisions affect both current and future periods. (e) Critical accounting judgements in applying the Group\u2019s accounting policies The critical accounting judgements in applying the Group\u2019s accounting policies have been described in the property investment and financial instruments (accounting policy) notes. Most important is that all property investments and property investments under development are revalued every six months by qualified independent valuation experts. The Group uses a rotation scheme when instructing valuers. The fair value of the property portfolio is based upon the opinions of the external experts and not internal valuations made by the Company. The fair value of the derivative financial instruments is determined using a valuation model. (f) Basis of consolidation (i) Subsidiaries Subsidiaries are those entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, the exposure, or rights, to variable returns from its involvement and the ability to use its power to affect the amount of the returns of the entities. In assessing control, potential voting rights that are presently exercisable are taken into account. Some entities are classified as joint ventures when there is joint control in these entities and whereby the Group has rights to the net assets, rather than rights to its assets and obligations for its liabilities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceases. The consolidated financial statements include those of the holding company and its owned subsidiaries: Holgura B.V., Amsterdam AB Sk\u00f6vde K-mannen 2, Stockholm Sentinel Holdings B.V., Amsterdam Bergvik K\u00f6pet 3 KB, Stockholm Eurocommercial Properties Belgium S.A., Brussels C4 Shopping Fastighet 1 AB, Stockholm Eurocommercial Properties Ltd., London C4 Shopping Fastighet 2 AB, Stockholm ECP Collestrada S.r.l., Milan ECP Fastighet K\u00f6pet 1 KB, Stockholm ECP CremonaPo S.r.l., Milan ECP Kristianstad AB, Stockholm ECP Curno 2022 S.r.l., Milan ECP Moraberg Holding AB, Stockholm ECP I Portali S.r.l., Milan ECP Valbo Centrum AB, Stockholm ECP Il Castello S.r.l., Milan ECP Valbo Holding AB, Stockholm ECP Service S.r.l., Milan ECP Valbo\u00f6n-Fastigheten KB, Stockholm Eurocommercial Management Italia S.r.l., Milan Silvret Nio AB, Stockholm Eurocommercial Properties Italia S.r.l., Milan Eurocommercial Properties Sweden AB, Stockholm Immobiliare 2011 S.r.l., Milan Fastighets AB Juveleraren 11, Stockholm Eurocommercial Properties Caumartin S.N.C., Paris Fastighetsbolaget ES \u00d6rebro AB, Stockholm Eurocommercial Properties France S.A.S., Paris Lagergatan i V\u00e4xj\u00f6 AB, Stockholm Eurocommercial Properties Taverny S.N.C., Paris Premi Fastighets AB, Stockholm S.N.C. Val Commerces, Paris Samarkandfastigheter AB, Stockholm S.N.C. Winter, Paris SAR Degeln AB, Stockholm AB Norrk\u00f6ping Silvret 1, Stockholm Ugglum Fastigheter AB, Stockholm Unless otherwise stated, these subsidiaries are wholly owned. Furthermore, the consolidated financial statements include the joint venture Galleria Verde S.r.l. in Milan, Italy, reported as equity-accounted investee. (ii) Transactions eliminated on consolidation Intragroup balances and any (un)realised gains and losses arising from intragroup transactions are eliminated when preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Foreign currency translations The consolidated financial statements are presented in euros, which is the Company\u2019s functional and presentation currency. Assets and liabilities denominated in foreign currencies are translated into euros at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated at the average monthly exchange rate. Foreign exchange differences arising on translation are recognised in the statement of profit or loss. The functional currency of the Swedish and UK subsidiaries are SEK and GBP, respectively. As at the reporting date, the assets and liabilities of these Swedish and UK subsidiaries are translated into the presentation currency of the Company at the rate of exchange ruling at the balance sheet date and their profit or loss accounts are translated at the average monthly exchange rates for the period. The exchange differences arising on the translation are taken through the other comprehensive income to equity (currency translation reserve). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive income relating to that particular foreign operation will be recognised in the statement of profit or loss. 1. Principal accounting policies continued Property investments and property investments under development Property investments and property investments under development are stated at fair value. Property investments and property investments under development are held to earn rental income or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. It is the Company\u2019s policy that all property investments and property investments under development be valued semi-annually by qualified independent experts. Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). Both documents contain mandatory rules, best practice guidance and related commentary for all RICS members and appraisers undertaking property valuations. These revaluations represent the price, net of normal purchaser\u2019s costs, at which the property could be sold in the open market on the date of revaluation. At the balance sheet date the fair value of each property investment is based on comprehensive valuation reports from the independent experts. Valuations are prepared based on current prices for comparable investment properties in an active market. If, however, such information is not available, property valuations are prepared based on standard valuation techniques such as the capitalisation method and discounted cash flow method. Movements in the fair value of property investments and property investments under development are recognised in the statement of profit or loss in the period in which they occur. The carrying amount of accrued income from spreading of the lease incentives is reduced from the fair value of property investments or property investments under development. Any realised gains or losses from the sale of a property investment or a property investment under development are recognised at closing date as the balance between the net sale proceeds and the latest published fair value in the statement of profit or loss. Depreciation is not provided on property investments and property investments under development since these are stated at fair value in accordance with IAS 40. Property investments and property investments under development are initially brought to account at their full acquisition cost, including registration duties, legal and other consultants\u2019 fees until the first reporting date, when the fair value is presented. Any subsequent capital expenditure, including the aforesaid duties and fees and any directly attributable costs to bring the asset to working order for its intended use, is added to the cost of the property investment or the cost of the property investment under development respectively. The cost of financing the renovation or extension of property investments or the building of property investments under development is capitalised as part of the cost of the investment, the cost amount of which will be published in the notes in addition to the fair value. Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred taxation arises. Otherwise, acquisitions are accounted for as business combinations. A sensitivity analysis is carried out by the valuer with particular focus on the most important drivers, which are changes in the rental value and net initial yield, and their effect on the property investment valuation. Property investments held for sale Investment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss. Investments in joint ventures The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investments in joint ventures are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint ventures. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding. 1. Principal accounting policies continued Non-controlling interests Non-controlling interests (NCI) are initially measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. They are depreciated over the expected useful lives of the assets concerned varying from two to five years using the straight-line method taking into account the residual value of the respective assets. The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Receivables Receivables are recognised initially at fair value and subsequently at amortised cost, less allowance for expected credit losses. Cash and deposits Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Issued share capital The shares in the capital of the Company, are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction, net of tax, in equity from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from equity. Dividends are recognised as a liability in the period in which they are declared. Borrowings Borrowings are recognised initially at fair value, less attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the borrowings are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as net financing costs in the statement of profit or loss. Creditors Creditors are recognised initially at fair value and, for non-current creditors, subsequently at amortised cost basis using the effective interest method. Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. Put option liability non-controlling interest The financial liability related to the put option non-controlling interest capitalized is recognized initially at the present value and subsequently measured at amortized cost using the effective interest rate method. Any subsequent changes in the measurement of the put option non-controlling interest capitalized are recognized in the statement of profit or loss. The discount rate used in the amortised cost calculations is 4.1%. 1. Principal accounting policies continued Put option liability non-controlling interest continued If the Group has acquired a present ownership interest as part of a business combination, the present value of the redemption amount of the put option is recognised as a financial liability with any excess over the carrying amount of the non-controlling interest recognised as goodwill. In such a case, the non-controlling interest is deemed to have been acquired at the acquisition date and therefore any excess arising should follow the accounting treatment as in a business combination. All subsequent changes in the redemption value of the financial liability are recognised in the income statement and no earnings are attributed to the non-controlling interest. However, where the Group has not acquired a present ownership interest as part of a business combination, the non-controlling interest continues to receive an allocation of profit or loss and is reclassified as a financial liability at each reporting date as if the acquisition took place at that date. Any excess over the reclassified carrying amount of the non-controlling interest and all subsequent changes in the redemption value of the financial liability are recognised directly in retained earnings. Leases (i) Leases as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in tangible fixed assets and lease liabilities in creditors in the statement of financial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including office accommodation, office and IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (ii) Leases as a lessor The Group has entered into commercial leases on its investment property portfolio and therefore refers to the accounting policy for the rental income. Provisions A provision is recognised in the consolidated statement of financial position when a legal or constructive obligation would exist, as a result of a past event and when it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provision for pensions The Company has various defined contribution pension plans and only one defined benefit pension plan for a limited number of employees. The net receivable or liability in respect of the defined benefit plan is calculated by estimating the amount of future benefit that employees have earned for their service in the current and prior periods. That benefit is discounted to determine its present value and the fair value of the plan assets is deducted. The defined benefit obligation is calculated semi-annually by an independent external actuary using the projected unit credit method. Actuarial gains and losses arising from experience adjustments or changes in assumptions are recognised in other comprehensive income. The majority of the Company\u2019s employees are members of a defined contribution scheme for which the annual premiums are an expense of the period. Other assets and liabilities Unless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate. Rental income Rental income from property investments leased under operational leases is recognised in the profit or loss account on a straight-line basis over the term of the lease. Lease incentives, like rent-free periods, rent discounts and other rent concessions are recognised over the term of the lease, or over the period until the first break option if shorter, on a straight-line basis as a reduction of rental income. This applies mutatis mutandis for entry fees as an increase of rental income. Service charge income and service charge expenses Service charge is an integral, but separately identifiable, part of rental contracts. The Group has identified that the service charge is distinct from rentals and are therefore accounted separately. The service charge is priced and contracted based on market prices relevant for the region of operation. The service charge income is recognized evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service charges for which the Company acts as a principal are presented in the profit or loss account. Therefore, for those property investments for which the Company is in full control of the service charges, the service charges invoiced to tenants and the corresponding expenses are shown separately on an accrual basis. In addition, service charge expenses also include charges related to vacant units and/or other irrecoverable service charges due to contractual limits or insolvent tenants. Property expenses (direct and indirect) These expenses include costs directly related to the leasing of investment property, such as maintenance, insurance, management, property tax etc. and are expensed as incurred. These expenses at a property level are referred to as direct property expenses. Letting fees, relocation expenses, certain dispossession indemnities and other outgoings when a lease is concluded are recognised over the term of the lease on a straight-line basis as indirect property expenses. Property expenses also include expenses associated with non-Netherlands property-holding companies and their staff and offices and some local taxes, accounting, audit and advisory fees, which are charged to the relevant buildings rather than the general expense pool. These expenses at a Group level are referred to as indirect property expenses. Result in joint ventures Result in joint ventures reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint ventures are prepared for the same reporting period as the Group. Net financing income/cost Net financing income/cost comprises interest payable on borrowings calculated using the effective interest rate method net of interest capitalised, interest income, debt extinguishment and fair value movements of derivative financial instruments that are recognised in the profit or loss account. Interest income is recognised in the profit or loss account as it accrues. Company expenses and investment expenses Company expenses comprise general overheads such as advisory fees, office expenses, personnel costs and Directors\u2019 fees. Expenses relating to the investigation of potential property investments and the valuation of property investments, including the part of staff bonuses linked to property value performance, are recognised as investment expenses. Performance shares granted to employees Since the financial year 2011/2012 a Performance Share Plan (PSP) has been in place for Managing Directors and all employees of the Company. The cost of performance shares granted under these plans is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuer using a binomial model. The cost is recognised, together with a corresponding increase in shareholders\u2019 equity, over the period in which the performance and service conditions are fulfilled ending on the vesting date. Current tax and deferred tax As an Investment Institution under Netherlands tax law (fiscale beleggingsinstelling) the Company is subject to a nil rate of Netherlands corporate income tax, provided it meets certain conditions, notably the distribution of all taxable income (after permitted deductions) to shareholders within eight months of the end of each financial year. As of 1 July 2005, the Company has opted for the French tax regime applicable to \u201cSoci\u00e9t\u00e9s d\u2019investissements immobiliers cot\u00e9es\u201d (SIIC). As from that date the revenues and capital gains from the French portfolio of the Company are tax-exempt, provided it meets certain conditions, notably a listing at a stock exchange in an EU country and the distribution of at least 85% of French tax-exempt income and of at least 50% of tax-exempt capital gains to shareholders. 1. Principal accounting policies continued Current tax and deferred tax continued In Belgium, the Company incorporated a wholly owned FIIS/GVBF (\u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d/\u201cgespecialiseerd vastgoedbeleggingsfonds\u201d). The FIIS/GVBF will be subject to corporate income tax, but its taxable basis will be limited to disallowed expenses and abnormal or gratuitous advantages received. Rental income, capital gains on real estate assets, and dividend and interest income will remain untaxed as a matter of principle, provided that the fiscal result is distributed by way of a dividend. However, corporate income tax may be payable on the fiscal results of Netherlands and foreign subsidiaries which do not have the aforesaid special tax status. This tax on taxable income for the year is recognised in the profit or loss account. Tax on profit or loss for a year comprises current tax and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the period using tax rates prevailing at the balance sheet date and any adjustment to taxation in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the book value of assets and liabilities and their fiscal book value for tax purposes, taking into account the applicable taxation rate, any fiscal facilities available and recoverable tax losses which can probably be utilised. Deferred tax recognised in the profit or loss account is the movement in deferred tax assets and deferred tax liabilities, if any, during the period. Deferred tax assets and liabilities are netted if there is a legal enforceable right to offset, settlement dates are similar and tax is levied by the same tax authority on the same taxable entity. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Cash flow statement The cash flow statement is prepared according to the indirect method. Cash flows in foreign currencies are translated at average exchange rates. Exchange rate differences affecting cash items are shown separately in the cash flow statement. Cash and deposits include bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. Segment information Segment information is presented by country (Belgium, France, Italy, Sweden and The Netherlands). The segment information in the financial statements is in line with the segments used for internal reporting; however, joint ventures are presented in the internal reporting using proportional consolidation. The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. and its office in Amsterdam. ESEF Company information Name of reporting entity or other means of identification Eurocommercial Properties N.V. Domicile of entity The Netherlands Legal form of entity Public Limited Liability Company Country of incorporation The Netherlands Address of entity\u2019s registered office De Boelelaan 7, 1083 HJ Amsterdam Principal place of business Amsterdam Description of nature of entity\u2019s operations and principal activities The Company is a closed end property investment company 2. Segment information For the consolidated statement of financial position all items are allocated to the respective segments, whereas for the consolidated statement of profit or loss the items net financing result, company expenses, investment expenses, other income and taxation are not allocated to the respective segments. 2023 For the 12 months ended 31-12-23 \u20ac\u2019000 Belgium France Italy Sweden NThe etherlands* Total Aproportional consolidation djustments joint ventures Total IFRS Rental income 27,251 46,776 106,008 47,079 0 227,114 (11,835) 215,279 Service charge income 6,910 5,467 17,112 15,277 0 44,766 (3,188) 41,578 Service charge expenses (7,608) (5,403) (15,870) (17,746) 0 (46,627) 2,927 (43,700) Property expenses (2,746) (12,526) (14,822) (6,339) 0 (36,433) 845 (35,588) Net property income 23,807 34,314 92,428 38,271 0 188,820 (11,251) 177,569 Share of result of joint ventures 0 0 0 0 0 0 4,837 4,837 Investment revaluation and disposal of investment properties (62,723) (10,911) 17,750 (34,432) 205 (90,111) (4,933) (95,044) Segment result (38,916) 23,403 110,178 3,839 205 98,709 (11,347) 87,362 Net financing result (94,620) 8,927 (85,693) Company expenses (12,922) 0 (12,922) Investment expenses (2,728) 11 (2,717) Other income 914 648 1,562 Adjustment amortisation period put option liability (4,789) 0 (4,789) Result before taxation (15,436) (1,761) (17,197) Current tax (3,711) 167 (3,544) Deferred tax (6,949) 1,594 (5,355) Result after taxation (26,096) 0 (26,096) As per 31-12-23 \u20ac\u2019000 Belgium France Italy Sweden NThe etherlands* Total Aproportional consolidation djustments joint ventures Total IFRS Property investments 522,460 802,280 1,655,690 791,328 0 3,771,758 (195,860) 3,575,898 Investment in joint ventures 0 0 0 0 0 0 101,142 101,142 Tangible fixed assets 0 1,927 539 458 1,925 4,849 0 4,849 Receivables 6,973 39,993 11,866 4,037 659 63,528 (1,029) 62,499 Loan to Joint Venture 0 0 0 0 0 0 8,000 8,000 Derivative financial instruments 2,205 0 38,779 1,874 0 42,858 (9,583) 33,275 Cash and deposits 2,527 4,113 18,568 20,158 3,235 48,601 (8,083) 40,518 Total assets 534,165 848,313 1,725,442 817,855 5,819 3,931,594 (105,413) 3,826,181 Creditors 15,129 38,232 31,130 29,140 2,660 116,291 (3,834) 112,457 Non-current creditors 1,284 9,045 2,795 400 871 14,395 (411) 13,984 Borrowings 285,695 210,818 810,241 319,191 25,000 1,650,945 (97,797) 1,553,148 Derivative financial instruments 0 0 19,957 3,423 0 23,380 (820) 22,560 Deferred tax liabilities 0 0 44,831 74,572 0 119,403 (2,551) 116,852 Total liabilities 302,108 258,095 908,954 426,726 28,531 1,924,414 (105,413) 1,819,001 For the 12 months ended 31-12-2023 \u20ac\u2019000 Belgium France Italy Sweden NThe etherlands* Total Aproportional consolidation djustments joint ventures Total IFRS Acquisitions, divestments and capital expenditure (including capitalised interest) 7,220 3,504 8,515 10,317 0 29,556 (1,041) 28,515 * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. 2. Segment information continued 2022 For the 12 months ended 31-12-22 \u20ac\u2019000 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint ventures Total IFRS Rental income 26,572 45,075 91,564 46,364 0 209,575 (10,268) 199,307 Service charge income** 7,427 5,888 17,891 16,261 0 47,467 (3,266) 44,201 Service charge expenses (8,323) (5,099) (17,439) (18,551) 0 (49,412) 3,260 (46,152) Property expenses (1,690) (11,394) (13,671) (5,687) 0 (32,442) 484 (31,958) Net property income 23,986 34,470 78,345 38,387 0 175,188 (9,790) 165,398 Share of result of joint ventures 0 0 0 0 0 0 18,170 18,170 Investment revaluation and disposal of investment properties (4,712) (5,745) 14,769 (14,738) 24 (10,402) (2,809) (13,211) Segment result 19,274 28,725 93,114 23,649 24 164,786 5,571 170,357 Net financing result** 107,251 (12,056) 95,195 Company expenses (12,128) 4 (12,124) Investment expenses (2,471) 12 (2,459) Other income** 725 699 1,424 Profit before taxation 258,163 (5,770) 252,393 Current tax (2,335) 88 (2,247) Deferred tax (49,314) 5,682 (43,632) Profit after taxation 206,514 0 206,514 As per 31-12-22 \u20ac\u2019000 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint ventures Total IFRS Property investments 578,090 810,280 1,629,850 814,626 0 3,832,846 (189,900) 3,642,946 Investment in joint ventures 0 0 0 0 0 0 95,965 95,965 Tangible fixed assets 0 2,148 790 592 318 3,848 0 3,848 Deferred tax assets 9,080 33,292 11,034 6,358 588 60,352 (997) 59,355 Receivables 0 0 0 0 0 0 8,000 8,000 Derivative financial instruments 7,567 0 64,457 4,102 0 76,126 (14,120) 62,006 Cash and deposits 2,229 13,749 21,199 31,286 2,573 71,036 (5,729) 65,307 Total assets 596,966 859,469 1,727,330 856,964 3,479 4,044,208 (106,781) 3,937,427 Creditors 11,204 32,215 34,468 28,521 2,733 109,141 (4,861) 104,280 Non-current creditors 1,222 9,664 3,131 513 (7) 14,523 (453) 14,070 Borrowings 285,486 217,953 793,498 322,564 0 1,619,501 (100,439) 1,519,062 Derivative financial instruments 0 0 13,345 0 0 13,345 0 13,345 Deferred tax liabilities 0 0 33,172 79,338 0 112,510 (1,028) 111,482 Put option liability non-controlling interest 63,448 0 0 0 0 63,448 0 63,448 Provision for pensions 0 0 0 0 569 569 0 569 Total liabilities 361,360 259,832 877,614 430,936 3,295 1,933,037 (106,781) 1,826,256 For the 12 months ended 31-12-2022 (\u20ac\u2019000) Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint ventures Total IFRS Acquisitions, divestments and capital expenditure (including capitalised interest) 3,713 (75,021) 6,448 6,217 0 (58,643) (2,505) (61,148) * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. ** The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes as a result of the reclassification of \u2018Other income\u2019 into \u2018Service charge income\u2019 and \u2018Interest income\u2019. 3. Exchange rates It is generally the Company\u2019s policy for non-euro investments to use debt denominated in the currency of investment to provide a (partial) hedge against currency movements. Exceptionally, forward contracts may be entered into from time to time when debt instruments are inappropriate for cost or other reasons. The only non-euro investment assets and liabilities of the Company are in Sweden. As at 31 December 2023, \u20ac1 was SEK 11.0959 (31 December 2022: SEK 11.1218). The average \u20ac/SEK exchange rate during 2023 was SEK 11.4670 (2022: SEK 10.6232). 4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u2019000 2023 2022 Gross lease payments collected/accrued 215,191 205,420 Straight-lining of rent concessions 0 (2,309) One off amortization of rent concessions (150) (4,064) Entry fees received/accrued 238 260 215,279 199,307 The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u2019000 2023 2022 \u2013 less than one year 185,214 188,147 \u2013 between one and five years 317,935 371,734 \u2013 more than five years 105,412 138,445 608,561 698,325 Approximately 1.73% of the rental income for the financial year ended 31 December 2023 is turnover rent (2022: 1.69%). Service charge income and expenses Service charge income of \u20ac41.6 million (2022: \u20ac44.2 million) represents income from recharged service costs to tenants for the services of utilities, caretakers etc. when the Group acts as principal. Service charge expenses of \u20ac43.7 million (2022: \u20ac46.2 million) represent costs related to the services of utilities, caretakers etc. which are rendered to tenants. The service charge expenses can be higher than the service charge income as costs are not always fully recoverable from tenants. 5. Property expenses Property expenses in the current financial year were: \u20ac\u2019000 2023 2022 Direct property expenses Bad debts (expected credit loss) 2,957 2,372 Centre marketing expenses 2,792 2,411 Impairment on tenant receivables (COVID-19 rent concessions) (358) (1,114) Insurance premiums 971 950 Managing agent fees 2,149 2,182 Property taxes 3,051 3,171 Repair and maintenance 929 1,096 Shortfall service charges 1,075 910 13,566 11,978 Indirect property expenses Accounting fees 693 817 Audit fees 677 531 Depreciation fixed assets 372 457 Depreciation right-of-use assets 912 897 Legal and other advisory fees 2,423 1,920 Letting fees and relocation expenses 1,507 955 Local office and accommodation expenses 1,788 1,698 Pension contributions 202 198 Salaries, wages and bonuses 8,185 7,650 Employer\u2019s tax and social security charges 3,709 3,469 Performance shares granted (IFRS 2) 158 (22) Travelling expenses 697 709 Other local taxes 613 667 Other expenses 86 34 22,022 19,980 35,588 31,958 Indirect property expenses include the expenses of the Brussels, Milan, Paris and Stockholm offices. Depreciation right-of-use assets includes the depreciation of right-of-use assets related to operating leases for the Company\u2019s Group offices in Milan for \u20ac427,000 (2022: \u20ac408,000), in Paris for \u20ac286,000 (2022: \u20ac297,000) and Stockholm for \u20ac199,000 (2022: \u20ac192,000). These leases are standard lease contracts with no contingent rents and sublease payments and expire in February 2024, September 2028 and September 2025 respectively. The depreciation of fixed assets for the financial year is \u20ac169,000 for the Paris office (2022: \u20ac171,000), \u20ac167,000 for the Milan office (2022: \u20ac262,000) and \u20ac36,000 for the Stockholm office (2022: \u20ac24,000). No depreciation is recorded for Brussels. 6. Investment revaluation and disposal of investment properties Realised and unrealised value movements on investments in the current financial year were: \u20ac\u2019000 2023 2022 Revaluation of property investments (90,183) (14,681) Revaluation of property investments under development 0 547 Divestment property sold 30 (1,499) Elimination of accrued entry fees 314 (134) Elimination of capitalised letting fees (6,170) (2,992) Elimination of COVID-19 rent discounts 0 6,373 Movement long-term creditors 774 (183) Foreign currency results 191 (642) (95,044) (13,211) The revaluation of property investments of negative \u20ac90,183,000 (2022: negative \u20ac14,681,000) relates to Belgium for an amount of negative \u20ac59,177,000 (2022: negative \u20ac2,587,000), Sweden for an amount of negative \u20ac34,360,000 (2022: negative \u20ac14,107,000), France for an amount of negative \u20ac8,577,000 (2022: negative \u20ac6,578,000) partially offset by a positive amount of \u20ac11,931,000 (2022: positive \u20ac8,993,000) in Italy. 7. Company expenses Company expenses in the current financial year comprised: \u20ac\u2019000 2023 2022 Audit fees 453 458 Depreciation fixed assets 191 277 Depreciation right-of-use assets 223 227 Directors\u2019 fees 2,250 2,735 IT expenses 2,063 1,098 Legal and other advisory fees 1,064 970 Marketing expenses 588 193 Office and accommodation expenses 1,538 1,361 Pension contributions 442 585 Salaries, wages and bonuses 2,156 2,540 Employer\u2019s tax and social security charges 365 366 Statutory costs 484 358 Performance shares granted (IFRS 2) 102 (15) Travelling expenses 307 251 Other expenses 696 720 12,922 12,124 Depreciation right-of-use assets includes the lease for the Company\u2019s head office at Herengracht 469, Amsterdam for the first half of this financial year and De Boelelaan 7, Amsterdam for the second half of this financial year. This lease is a standard lease contract with no contingent rents and sublease payments and expires in June 2028. The depreciation of fixed assets for this financial year is \u20ac191,000 (2022: \u20ac277,000). 8. Personnel costs Total personnel costs in the current financial year comprised: \u20ac\u2019000 2023 2022 Salaries and wages 10,982 10,474 Employer\u2019s tax and social security charges 4,777 4,540 Pension costs 813 1,023 Bonuses 2,451 3,108 Performance shares granted (IFRS 2) 673 (74) 19,696 19,071 Total personnel costs are partly presented under (indirect) property expenses \u20ac12,254,000 (2022: \u20ac11,295,000), partly under company expenses (remuneration of the members of the Board of Management inclusive) \u20ac5,136,000 (2022: \u20ac6,056,000) and partly under investment expenses \u20ac2,305,000 (2022: \u20ac1,720,000). These expenses do not include the remuneration of the members of the Supervisory Board. The pension costs consist of \u20ac644,000 of pension contributions (2022: \u20ac783,000). In accordance with the Company\u2019s remuneration policy the bonuses paid to senior executives are directly linked to the annual growth in the Company\u2019s adjusted net asset value, the annual absolute and the annual relative performance, as per the end of the financial year of the listed shares of the Company compared with a peer group of ten listed retail property companies as well as two ESG key performance indicators achieved for this financial year. For this financial year there was no growth of the net asset value per share. The Group employed an average of 92 full-time equivalent persons during the financial year (2022: 98), of whom 13 are resident in The Netherlands, 6 in the UK, 28 in France, 34 in Italy and 11 in Sweden. The Group staff (members of the Board of Management excluded) holds 75,673 shares, representing 0.14% of the issued share capital of the Company. 9. Investment expenses Investment expenses in the current financial year comprised: \u20ac\u2019000 2023 2022 Aborted acquisition costs 22 315 Bonuses (included in the bonus amounts as part of Personnel costs) 1,522 1,421 Employer\u2019s tax and social security charges related to bonuses (included in the amounts as part of Personnel costs) 370 336 Performance shares granted (IFRS 2) 413 (37) Property valuation fees 390 424 2,717 2,459 10. Other income Other income of \u20ac1,562,000 for the year ended 31 December 2023 (\u20ac1,424,000 for the year ended 31 December 2022) is related to advisory and management fees. In the financial year ended 31 December 2023, a reclassification from part of \u2018Other Income\u2019 to \u2018Service Charge Income\u2019 and \u2018Interest Income\u2019 was made. This reclassification was made to more accurately represent the nature of the accounting transactions. Correspondingly, the comparative figures for the financial year ended on 31 December 2022 have been adjusted for comparison purposes. 11. Net financing costs Net financing costs in the current financial year comprised: \u20ac\u2019000 2023 2022 Interest income* 1,576 931 Gross interest expenses (excluding interest expenses related to lease liabilities) (48,110) (37,307) Interest expenses on lease liabilities (71) (60) Interest on put option non-controlling interest (558) (2,377) Capitalised interest 122 19 Adjustment amortisation period put option non-controlling interest** (4,789) 0 Fair value movement derivative financial instruments*** (37,847) 139,290 Movement in present value put option (other than interest) (805) (5,301) (90,482) 95,195 * The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes as a result of the reclassification of parts of \u2018Other income\u2019 into \u2018Service charge income\u2019 and \u2018Interest income\u2019. ** The adjustment relates to the exercise of the put option for the minority interest in ECP Belgium. *** The fair value movement of derivative financial instruments is based on the fair value of the underlying financial instruments, which consists mainly of interest rate swaps. Gross interest expense consists of interest on lease liabilities, interest payable on loans calculated using the effective interest rate method and on derivative financial instruments. The interest payable to finance the extension/acquisition of an asset is capitalised until completion/acquisition date and is reported as capitalised interest. The interest rate used for capitalised interest during this financial year was 3.2% (2022: 2.1%). The fair value derivative financial instruments was negative \u20ac37,487 (2022: positive \u20ac139,290). The negative movement is due to the change in the Euribor and Stibor curves. 12. Taxation Total tax in the current financial year comprised: \u20ac\u2019000 2023 2022 Current tax Italy 1,876 920 Current tax Belgium 207 135 Current tax Sweden 1,454 1,183 Current tax United Kingdom 7 9 Current tax 3,544 2,247 Deferred tax on unrealized value movements investment property Italy and Sweden 12,050 15,302 Deferred tax on unrealized value movements derivative financial instruments Italy and Sweden (8,300) 24,345 Movement tax losses recognized Italy and Sweden 1,605 3,985 Deferred tax 5,355 43,632 Total tax 8,899 45,879 Tax-exempt income (including effect of FBI, FIIS and SIIC) (42,505) 45,212 Result before tax attributable to Swedish tax rate of 20.6% (26,022) 10,787 Result before tax attributable to Italian tax rate of 24.0% 46,213 178,286 Result before tax attributable to UK tax rate of 19.0% (2022: 19.0%) 281 (62) Result before taxation (22,033) 234,223 Tax on result before tax attributable to Swedish taxable subsidiaries at a tax rate of 20.6% (5,360) 2,222 Tax on result before tax attributable to Italian taxable subsidiaries at a tax rate of 24.0% 11,091 42,789 Tax on result before tax attributable to UK taxable subsidiary at a tax rate of 19.0% (2022: 19.0%) (2) (12) Correction prior years 55 0 Non-taxable income/expense Belgium, Italy, Sweden and UK 3,115 880 Total tax 8,899 45,879 The result before taxation does not include the share of the result from joint ventures. 12. Taxation continued As an Investment Institution under Dutch tax law (fiscale beleggingsinstelling), the Company is subject to a nil rate of Netherlands corporate income tax. In Belgium the revenues and capital gains are exempt as a \u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d (FIIS) and the revenues and capital gains from the French portfolio of the Company are tax-exempt as a \u201cSoci\u00e9t\u00e9 d\u2019investissements immobiliers cot\u00e9e\u201d (SIIC). In Italy and Sweden, the properties are held by taxable entities. In Italy, the nominal tax rate applied for deferred tax and corporate income tax is 24.0%, except a minor taxable amount for which the nominal tax rate is 27.9%. In Sweden the nominal tax rate of 20.6% has been applied for deferred tax. The nominal tax rate for the subsidiary in the United Kingdom is 19% (2022: 19%). The Italian Tax Authorities issued two notices of assessment on the property depreciation and the following use of the fiscal losses carry forward for the fiscal years 2014/2015 and 2015/2016 of the Italian subsidiary Eurocommercial Properties Italia S.r.l.. In October 2020 and April 2021 respectively, the Italian tax court rendered a decision in the second degree confirming the first degree decision in favour of the Company. The Italian tax authorities have appealed to the final court for both the notices. No provisions have been accounted for in the financial statements. 13. Property investments, property investments under development and property investments held for sale Property investments, property investments under development and property investments held for sale are stated at fair value. It is the Company\u2019s policy that all property investments and property investments under development be revalued semi-annually by qualified independent experts. The independent valuation figures for the Company\u2019s properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser\u2019s costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, among other activities, collect a variety of data, including general economic data, property-specific data and market supply and demand data. Property-specific data includes passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviews the valuation reports and determines that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports. All properties were revalued at 31 December 2023. Purchasers\u2019 costs The total purchasers\u2019 costs including registration tax, which are excluded from the fair value of the property investments, property investments under development and property investments held for sale, for the financial year ended 31 December 2023 were as follows: 31-12-2023 31-12-2022 Belgium France Italy Sweden TotalBelgium France Italy Sweden Total Purchasers\u2019 costs (%) 2.5% 6.9%-7.5% 1.0% 1.0% 2.6% 2.5% 6.9%-7.5% 1.0% 1.0% 2.6% Purchasers\u2019 costs (\u20ac\u2019000) 13,060 56,076 14,526 7,913 91,575 14,456 56,745 14,326 8,148 93,675 In France the purchasers\u2019 costs varies mainly from 6.9% to 7.5%. A percentage of 1.8% is applied as purchaser\u2019s costs on lands acquired in France. Fair value hierarchy Property investments, including property investments under development and property investments held for sale are at level 3. Property portfolio The current property portfolio is: 31-12-23 Net value \u20ac\u2019000 31-12-22 Net value \u20ac\u2019000 31-12-23 Costs to date \u20ac\u2019000 31-12-22 Costs to date \u20ac\u2019000 Belgium 522,460 578,090 664,174 658,953 France 802,280 810,280 605,622 602,119 Italy 1,459,830 1,439,950 1,058,552 1,051,079 Sweden 791,328 814,626 771,892 761,575 Property investments 3,575,898 3,642,946 3,102,240 3,073,726 13. Property investments, property investments under development and property investments held for sale continued Assumptions and sensitivity analysis The assumptions and sensitivity analysis of the valuations are made by the valuers and represent the property investments, excluding land and property held for development. The following assumptions were applied as per 31 December 2023: 31-12-23 B31-12-22 Belgium France Italy Swedenelgium France Italy Sweden Passing rent per m\u00b2 (\u20ac; average) 639 404 348 234 614 373 325 224 Estimated rent value per m\u00b2 (\u20ac; average) 638 421 354 253 586 397 331 224 Net initial yield (%; average) 5.2 5.3 6.2 5.9 4.7 5.0 6.0 5.6 Reversionary yield (%; average) 4.9 5.9 6.2 5.9 4.4 5.5 5.8 5.6 Inflation rate (%; min/max)* n.a. n.a. 2.3 2.1 n.a. n.a. 1.9/2.0 2.0/2.6 Long-term growth in rental value (%; min/max)* n.a. n.a. 2.3 2.0 n.a. n.a. 1.8/2.0 2.0 * When DCF method is used. The DCF valuation is used by all valuers, except in Belgium and France where the valuers use the capitalisation method. There were no changes in the valuation method compared to previous valuations. A sensitivity analysis of the valuations is based on the assumptions of 1) the increase/decrease in net initial yield (NIY) and 2) the increase/decrease of the estimated rental value (ERV). The amounts reflect the increase or decrease of the net value of the respective property portfolio. 31-12-23 31-12-22 Belgium \u20ac\u2019000 France \u20ac\u2019000 Italy S\u20ac\u2019000 weden \u20ac\u2019000 Total \u20ac\u2019000Belgium \u20ac\u2019000 France \u20ac\u2019000 Italy S\u20ac\u2019000 weden \u20ac\u2019000 Total \u20ac\u2019000 Increase average NIY by 25 bps (26,100) (33,789) (46,960) (29,999) (136,848) (29,940) (36,899) (47,310) (33,298) (147,447) Increase average NIY by 50 bps (49,780) (65,112) (88,570) (57,949) (261,411) (56,860) (70,673) (91,890) (65,375) (284,798) Decrease average NIY by 25 bps 28,910 37,254 50,190 33,089 149,443 33,470 40,591 52,270 37,386 163,717 Decrease average NIY by 50 bps 61,130 78,157 91,920 68,529 299,736 71,150 72,406 108,230 77,678 329,464 Increase ERV of 5% 26,120 28,099 42,680 33,829 130,728 27,660 34,455 42,330 34,841 139,286 Increase ERV of 10% 52,250 55,260 88,450 68,568 264,528 55,310 68,756 84,680 68,519 277,265 Decrease ERV of 5% (26,130) (27,091) (42,470) (33,829) (129,520) (27,670) (34,526) (42,000) (33,943) (138,139) Decrease ERV of 10% (52,260) (54,731) (84,830) (66,766) (258,587) (55,320) (69,086) (83,630) (69,419) (277,454) Changes in property investments and property investments held for sale for the financial year ended 31 December 2023 were as follows: Property investments i31-12-23 \u20ac\u2019000 Property nvestments held for sale 31-12-23 \u20ac\u2019000 Property investments i31-12-22 f\u20ac\u2019000 Property nvestments held or sale 31-12-22 \u20ac\u2019000 Book value at beginning of year 3,642,946 0 3,757,419 22,500 Capital expenditure \u2013 general 10,991 0 10,095 0 Capital expenditure \u2013 extensions and refurbishments 11,233 0 11,266 0 Capitalized interest 122 0 19 0 Capitalized letting fees/lease incentives/fit out costs* 12,627 0 8,281 0 Amortisation capitalized letting fees/lease incentives/fit out costs* (6,457) 0 (5,288) 0 Capitalized rent concessions 0 0 (6,373) 0 Elimination of net capitalized letting fees (6,170) 0 (2,993) 0 Elimination of net capitalized rent concessions 0 0 6,373 0 Revaluation of property investments (90,183) 0 (14,681) 0 Reallocation from property investments under development 0 0 7,000 0 Book value divestment property 0 0 (57,000) (22,500) Exchange rate movement 789 0 (71,172) 0 Book value at end of year 3,575,898 0 3,642,946 0 * The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes. 13. Property investments, property investments under development and property investments held for sale continued Changes in property investments under development for the financial year ended 31 December 2023 were as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 0 6,100 Capital expenditure 0 353 Revaluation property investments under development 0 547 Reallocation to property investments 0 (7,000) Book value at end of year 0 0 14. Investments in joint ventures Investments in joint ventures amounted to \u20ac101.1 million (\u20ac95.7 million at 31 December 2022) and refers to the Company\u2019s 50% stake in the Italian company Galleria Verde S.r.l. which owns the shopping centre Fiordaliso and the adjacent retail park in Milan. Galleria Verde S.r.l. has the same calendar year end as the Group. There are no contingent liabilities or other post balance sheet events in the joint venture other than mentioned below and no unrecognised losses. The payment of cash dividends and the repayment of intercompany loans and advances are allowed, subject to the conditions provided in the loans with the financing banks. During this financial year no dividend was paid by the joint venture (2022: \u20ac0). The Italian joint venture is financed at 31 December 2023 by four banks: a) ING and BNP Paribas, which granted a loan of \u20ac177 million, maturing in 2026 with a mortgage on the Fiordaliso gallery; b) Banca Intesa Sanpaolo, which granted a loan of \u20ac21 million with a mortgage on the retail park of Fiordaliso that has been fully repaid at the maturity date in January 2024; c) Banco BPM which granted in 2020 a loan of \u20ac21.5 million with a mortgage on the new portion of Fiordaliso gallery (ex-hypermarket) for a term of five years. Banco BPM had also provided in 2020 an unsecured facility (guaranteed by the Italian State) of \u20ac5.5 million that has been fully repaid at the maturity date on 30 June 2023. In addition, the two shareholders granted the joint venture two intercompany loans for a total amount of \u20ac16 million at 31 December 2022. In March 2024, a new loan amounting to \u20ac17.5 million with a maturity of three years was granted by Banco BPM with a mortgage on the retail park of Fiordaliso and the proceeds have been used to partially repay the intercompany loans provided by the two shareholders (now outstanding for a remaining total amount of \u20ac3 million). At 31 December 2023, the loans of the joint venture were hedged with interest rate swaps for a notional amount of \u20ac160 million. 14. Investments in joint ventures continued Property Fiordaliso Fiordaliso Country Italy Italy ECP ownership 50% 50% Company name Galleria Verde S.r.l. Galleria Verde S.r.l. Summarised profit or loss account Twelve months ended 31-12-23 \u20ac\u2019000 Twelve months ended 31-12-22 \u20ac\u2019000 Rental income 23,670 20,536 Property expenses (1,690) (968) Service charge income 6,376 6,530 Service charge expenses (5,854) (6,520) Investment revaluation 9,866 5,618 Net interest expenses (7,138) (3,888) Net derivatives movements (10,716) 29,646 Other expenses to Group companies (1,296) (3,042) Financial and investment expenses (22) (32) Deferred tax (3,188) (11,364) Corporate income tax (334) (176) Result after taxation 9,674 36,340 Total comprehensive income 9,674 36,340 ECP share of total comprehensive income 4,837 18,170 Property Fiordaliso Fiordaliso Country Italy Italy ECP ownership 50% 50% Company name Galleria Verde S.r.l. Galleria Verde Srl Summarised statement of financial position 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Property investments 391,720 379,800 Cash and deposits 16,166 11,458 Debtors 2,058 1,994 Derivatives financial instruments (non-current) 19,166 28,240 Total assets 429,110 421,492 Creditors (current) 7,668 9,722 Borrowings (current) 20,984 5,944 Loan from Group companies (current) 16,000 16,000 Creditors (non-current) 822 906 Borrowings (non-current) 174,610 194,934 Deferred tax liabilities 5,102 2,056 Derivatives financial instruments (non-current) 1,640 0 Total liabilities 226,826 229,562 Net assets 202,284 191,930 ECP share of net assets in joint ventures 101,142 95,965 15. Tangible fixed assets Tangible fixed assets represent office equipment and inventory for the Company\u2019s head office at De Boelelaan 7, Amsterdam and the Group offices at 200, rue Saint-Lambert, Brussels; Via della Moscova 3, Milan; 107, rue Saint Lazare, Paris and Kungsgatan 48, Stockholm as well as the right-of-use assets related to the lease of these offices. The costs for office equipment and inventory are depreciated over the expected useful lives of the assets concerned varying from two to five years. The movements in the current financial year and the previous financial year were: Right-of-use assets \u20ac\u2019000 Office equipment \u20ac\u2019000 Total \u20ac\u2019000 Book value at 1 January 2022 2,499 848 3,347 Additions 1,942 504 2,446 Disposals (49) (1) (50) Depreciation (1,124) (734) (1,858) Exchange rate movement (33) (4) (37) Book value at 31 December 2022 3,235 613 3,848 Additions 1,522 1,284 2,806 Disposals (146) (20) (166) Depreciation (1,135) (560) (1,695) Exchange rate movement (13) 69 56 Book value at 31 December 2023 3,463 1,386 4,849 Right-of-use assets O\u20ac\u2019000 ffice equipment \u20ac\u2019000 Total \u20ac\u2019000 Cost at 31 December 2023 8,477 9,145 17,622 Accumulated depreciation (4,982) (7,778) (12,760) Accumulated exchange rate movement (32) 19 (13) Book value at 31 December 2023 3,463 1,386 4,849 During the financial year ended 31 December 2023, tangible fixed assets with a total cost price of \u20ac1,241,000 were disposed of or out of use (31 December 2022: \u20ac1,271,000). 16. Receivables 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Trade receivables Rents receivable 36,252 43,063 Provisions for bad debts (expected credit losses) (13,541) (11,649) Provisions for bad debts (expected credit losses) \u2013 COVID-19 rent concessions (412) (1,195) 22,299 30,219 Other receivables Funds held by managing agents 16,558 9,697 Loan to joint venture 8,000 8,000 Prepaid acquisition costs 3,762 1,893 VAT receivable 3,663 2,414 Settlement service charges 511 674 Deposit gift cards 3,801 3,577 Escrow account sale Grenoble 1,900 1,900 Loan interest receivable 3,838 1,407 Other receivables and prepayments 5,607 5,441 47,640 35,003 Total trade and other receivables 69,939 65,222 Prepaid Tax Other prepaid tax 560 1,414 COVID-19 government support 0 719 560 2,133 16. Receivables continued Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses. The loan to joint venture is the shareholder loan granted to the joint venture Galleria Verde S.r.l. Receivables at 31 December 2023 include an amount of \u20ac1,084,000 (31 December 2022: \u20ac137,000) which is due after one year. 17. Cash and deposits Cash and deposits consist of amounts held as bank balances and other liquid assets. All bank balances and deposits are freely available. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Bank balances 40,461 56,119 Deposits 57 9,188 40,518 65,307 18. Trade and other payables and tax payable 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000* Current liabilities Interest payable 14,826 8,612 Lease liabilities 1,039 1,169 Local and property tax payable 1,623 1,149 Payable on purchased property/extensions 8,887 14,006 Rent received/invoiced in advance 32,816 27,983 Service charge accruals 8,987 4,833 VAT payable 4,343 4,393 Gift card debts 3,801 3,577 Amounts payable related to personnel 6,383 5,541 Trade payables and other credtors 27,892 22,569 110,597 93,832 Non-current liabilities Lease liabilities 2,502 2,165 Tenant rental deposits 11,482 11,905 13,984 14,070 Tax payable Current liabilities corporate tax payable 1,860 10,448 1,860 10,448 19. Borrowings 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 1,519,062 1,645,779 Drawdown of funds 381,531 145,215 Repayments (349,134) (245,347) Exchange rate movement 603 (27,519) Movement prepaid borrowing costs 1,086 934 Book value at end of year 1,553,148 1,519,062 19. Borrowings continued Borrowings \u20ac\u2019000 Borrowing cost \u20ac\u2019000 31-12-23 \u20ac\u2019000 Fair value \u20ac\u2019000 31-12-23 % 31-12-22 \u20ac\u2019000 Fair value 3\u20ac\u2019000 1-12-22 % Borrowings with floating interest rate 1,293,886 (4,800) 1,289,086 1,289,086 83 1,105,630 1,105,630 73 Borrowings with fixed interest rate 265,775 (1,713) 264,062 260,472 17 413,432 404,102 27 Total borrowings 1,559,661 (6,513) 1,553,148 1,549,558 100 1,519,062 1,509,732 100 The fair value of the borrowings with a fixed interest rate from drawdown date to maturity is based on a model taking into account the appropriate interest rate curve of the underlying loan. The fair value of the floating interest rate loans is considered equal to the relevant carrying value, as the impact of the margin of the loans is not material. The borrowings are all directly from major banks, with an average committed unexpired term of almost three years. Borrowings of \u20ac1,493 million are secured on property (31 December 2022: \u20ac1,516 million). The average interest rate during the financial year ended 31 December 2023 on non-current borrowings including hedges was 2.9% (2022: 2.2%). The average interest rate is calculated as the weighted average interest rate over the remaining principals until the respective interest maturity dates. There have been no defaults during the financial year in respect of any of the borrowings at 31 December 2023. Borrowings maturity profile 31-12-23 31-12-22 Secured \u20ac\u2019000 Unsecured \u20ac\u2019000 Total borrowings \u20ac\u2019000 Average interest rate as %Total borrowings \u20ac\u2019000 Current borrowings 173,614 60,008 233,622 3.0 196,339 Non-current borrowings: One to two years 405,940 0 405,940 n.a. 173,476 Two to five years 708,207 0 708,207 n.a. 931,602 Five to ten years 211,892 0 211,892 n.a. 225,245 More than ten years 0 0 0 n.a. 0 Total non-current borrowings 1,326,039 0 1,326,039 2.8 1,330,323 Borrowing costs (6,513) 0 (6,513) (7,600) Total borrowings 1,493,140 60,008 1,553,148 2.9 1,519,062 Currency and interest rate profile Fixed rate borrowings \u20ac\u2019000* Floating rate borrowings \u20ac\u2019000** Total borrowings \u20ac\u2019000 Average interest rate at 31 December % Average interest Amaturity in years verage maturity of borrowings in years 2023 Euro 212,468 1,026,986 1,239,454 4.7 5.7 2.9 Swedish krona 53,307 266,900 320,207 5.4 2.7 2.4 Borrowing costs (1,713) (4,800) (6,513) n.a. n.a. n.a. 264,062 1,289,086 1,553,148 4.8 5.1 2.8 2022 Euro 219,892 983,844 1,203,736 2.6 5.7 4.0 Swedish krona 195,517 127,409 322,926 2.7 2.0 1.4 Borrowing costs (1,977) (5,623) (7,600) n.a. n.a. n.a. 413,432 1,105,630 1,519,062 2.6 5.4 3.4 * Fixed rate borrowings consist of ten fixed rate loans and external floating interest rate financing for which fixed interest rate swaps are in place with a remaining term of more than one year. ** Floating rate borrowings consist of all external financing with a remaining interest period of less than one year taking into account the effect of interest rate swaps. The table above shows the average interest rate of the Group at December 2023 excluding the effect of the interest rate swaps (4.8%). The average interest rate at December 2023 including the effect of interest rate swaps was 3.2%. At 31 December 2023 the Group had in total green and sustainability loans for a nominal amount of \u20ac602.0 million (\u20ac522.8 million group share). There are four green loans for a total amount of \u20ac385.5 million (\u20ac306.3 million group share), three sustainability linked loans for a total amount of \u20ac 100 million and two green and sustainability linked loans for a total amount of \u20ac116.5 million. The Group aims to further increase the number of its green and sustainability linked loans, by upgrading the loans expiring at maturity. 20. Financial instruments Financial risks In the normal course of business the Group is exposed to credit risks, liquidity risks, interest rate risks and foreign currency risks. The overall risk management policy focuses on the unpredictable nature of the financial markets with emphasis on minimising any negative impact on the financial performance of the business. The Group closely monitors its financial risks linked to its activities and the financial instruments it uses. However, as the Group is a long-term property investor, it believes that the funding of its investments should also be planned on a long-term basis, reflecting the overall risk profile of the business. Credit risk The credit risk is defined as the unforeseen losses on assets if counterparties should default. The credit risk associated with lease debtors is determined through a detailed analysis of the outstanding debt and mitigated by requiring deposits, upfront payments or bank guarantees from tenants to cover rents for a limited period. The risk is further reduced by investing in mature markets and by choosing major tenants also on the basis of their financial strength. The carrying amounts of the financial assets represent the maximum credit risk and were made up as follows: Carrying amounts of financial assets Note 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Receivables 16 69,939 65,222 Derivative financial instruments 33,275 62,006 Cash and deposits 17 40,518 65,307 143,732 192,535 The ageing analysis of the receivables on the balance sheet date was as follows: 31-12-23 31-12-22 Rents receivable \u20ac\u2019000 Provision for bad debts (expected credit loss) re\u20ac\u2019000 Other ceivables \u20ac\u2019000 Receivables \u20ac\u2019000Rents receivable \u20ac\u2019000 Provision for bad debts re\u20ac\u2019000 Other ceivables \u20ac\u2019000 Receivables \u20ac\u2019000 Not due 21,582 (584) 0 20,998 24,213 0 0 24,213 Overdue by 0\u201390 days 606 (2,648) 47,370 45,328 5,263 (2,747) 35,003 37,519 Overdue by 90\u2013120 days 1,506 (1,760) 0 (254) 1,205 (1,092) 0 113 Overdue by more than 120 days 12,558 (8,691) 0 3,867 12,382 (9,005) 0 3,377 36,252 (13,683) 47,370 69,939 43,063 (12,844) 35,003 65,222 With respect to the rents receivable, the Group holds rental deposits from its tenants totalling \u20ac13.9 million (31 December 2022: \u20ac13.5 million) in addition to bank guarantees. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets at a reasonable price. In order to reduce liquidity risk, the repayment dates of borrowings are well spread over time and 85% of borrowings are long term, with 14% of borrowings with a remaining term of over five years. The Group aims to enter into long-term loans, preferably five to ten years or longer. At the balance sheet date the average maturity of the borrowings was almost over three years. Group net borrowings on a proportional consolidated basis will not exceed 60% of the fair value of the property portfolio on a proportional consolidated basis, which further mitigates risk. The ratios to which the Group has committed itself are monitored at regular intervals. The loan to value ratio at 31 December 2023 was 42.3% on IFRS basis and 42.5% on a proportional consolidated basis (31 December 2022: 39.9% and 40.4% respectively). Apart from these obligations and commitments, the Netherlands Fiscal Investment Institution status of the Company imposes borrowing limits and requires the Company to distribute its fiscal income as a dividend to the shareholders. The risk related to the possible defaults of the Group\u2019s counterparties is minimised by dealing directly with a number of reputable banks for all its borrowings, interest rate swaps, foreign exchange contracts and deposits. These banks in their position as lenders have a credit rating AA- (14%), A+ (16%), A (23%), A- (19%) BBB (19%), BBB- (2%), BB (4%) and 3% have no rating according to Fitch; and Aa3 (48%), A3 (12%), Baa1 (29%), Baa3 (4%), and 5% have no rating according to Moody\u2019s. The Group monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables and monitors rent collection and possible arrears. For further disclosures on the liquidity risk, we refer to the going concern paragraph in note 1b. Basis of preparation of the consolidated financial statements. 20. Financial instruments continued The following table shows the undiscounted contractual flows required to pay the Company\u2019s financial liabilities: Undiscounted cash flows 31-12-23 31-12-22 Total cash flows \u20ac\u2019000 Less than 1 year \u20ac\u2019000 1\u20135 years \u20ac\u2019000 More than \u20ac\u2019000Total cash flows \u20ac\u2019000 Less than 1 year \u20ac\u2019000 1\u20135 years \u20ac\u2019000 More than 5 years \u20ac\u2019000 Non-current borrowings 1,326,039 0 1,114,147 211,892 1,330,323 0 1,105,078 225,245 Current borrowings 233,622 233,622 0 0 196,339 196,339 0 0 Interest derivative financial instruments (10,715) (2,097) (18,552) 9,934 (48,148) (13,465) (42,731) 8,048 Financial liability related to put option non-controlling interest 0 0 0 0 67,000 0 67,000 0 Interest on borrowings 154,643 66,276 80,278 8,089 185,463 52,015 119,791 13,657 Non-current creditors 13,816 1,369 10,299 2,148 13,541 6,631 4,672 2,238 Current creditors 109,558 109,558 0 0 92,663 92,663 0 0 Current tax payable 1,860 1,860 0 0 10,448 10,448 0 0 1,828,823 410,588 1,186,172 232,063 1,847,629 344,631 1,253,810 249,188 Foreign currency risk Foreign exchange risk is the risk that the profitability and shareholders\u2019 equity of the Group might be affected by currency fluctuations. Individual subsidiaries primarily execute their operating activities in their respective functional currencies which primarily comprise the euro and the Swedish krona. As a result, the Company has only a rather limited foreign currency exposure related to its day-to-day operations in the various countries. Since the financial reporting currency of the Company is the euro, the financial statements of those non-euro operating subsidiaries are translated so that the financial results can be presented in the Company\u2019s consolidated financial statements. Due to Swedish property investments, the Group is exposed to the Swedish krona, the only material foreign currency exposure for the Group. However, due to SEK loan facilities, this exposure is partly hedged. SEK borrowings amount to \u20ac319 million (31 December 2022: \u20ac323 million). The total property investments in Sweden are \u20ac791 million (31 December 2022: \u20ac815 million). Therefore, about 40% of this SEK exposure is hedged through these borrowings at 31 December 2023 (31 December 2022: 40%). The remaining exposure is relatively limited compared with the total size of the portfolio and will, in principle, not be hedged. A weakening of this currency by 5% would result, for example, in a decrease of shareholders\u2019 equity of only 1% and in a decrease of only 1.1% of direct investment result. Interest rate risk The Company operates a defensive interest rate hedging policy by using derivatives to protect the Company against increases in interest rates. The Company intends to hedge the majority of its loans outstanding for the medium to long term (five to 15 years). The fair value (mark to market) of the current interest rate hedge instruments as at 31 December 2023 is a positive value of \u20ac10,7 million (31 December 2022: positive \u20ac48.6 million). The interest rate hedge instruments as at 31 December 2023 have a weighted average maturity of over five years and the Company is hedged at an average interest rate of 2.0% (31 December 2022: 1.6%). Only 21% (31 December 2022: 14%) of the total borrowings is at a floating rate without interest hedge. An increase in interest rates of 1% would therefore only have a limited negative impact of an additional annual interest expense of \u20ac3.3 million (31 December 2022: \u20ac2.1 million) or 2.6% (31 December 2022: 2%) of reported direct investment result. If at 31 December 2023, the euro interest curve and the Swedish krona interest curve were 50 basis points higher, the fair value movement for derivative financial instruments would have increased the shareholders\u2019 equity by \u20ac20.0 million. If the interest curves were 50 basis points lower, the fair value movement for derivative financial instruments would have decreased the shareholders\u2019 equity by \u20ac21.2 million. Both calculations assume that all other variables were held constant and do not take into account the impact of deferred taxes. Maturity profile derivative financial instruments 31-12-23 Notional amount \u20ac\u2019000 31-12-23 Fair value \u20ac\u2019000 31-12-22 Notional amount \u20ac\u2019000 31-12-22 Fair value \u20ac\u2019000 Up to one year 96,006 2,097 84,781 433 From one year to two years 140,400 4,922 135,911 5,093 From two years to five years 410,298 13,630 329,200 21,940 From five years to ten years 229,654 5,197 284,721 31,977 Over ten years 85,000 (15,131) 85,000 (10,782) 961,358 10,715 919,613 48,661 20. Financial instruments continued Derivative financial instruments comprise the fair value of interest rate swap contracts entered into to hedge the Group\u2019s interest rate exposure. In addition to the notional amounts of the derivative financial instruments presented in the previous table, the financial instruments portfolio as per the balance sheet date includes forward starting interest rate swaps to extend existing interest rate swaps then maturing for a notional amount of \u20ac105 million (31 December 2022: \u20ac20 million). Although the notional amounts of the aforesaid financial instruments are not included in the previous table, the fair value of these financial instruments is included. Moreover, the IFRS reporting does not include the additional interest rate swaps of the 50% owned Italian joint venture company Galleria Verde for a total notional amount of \u20ac95 million (Group share). The Company accounts for the purchase/sale of an interest rate swap at its transaction date. Changes in net derivative financial instruments for the financial year ended 31 December 2023 were as follows: Net derivative financial instruments 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 48,661 (90,444) Fair value movement derivative financial instruments (37,847) 139,290 Exchange rate movement (99) (185) Book value at end of year 10,715 48,661 Effective interest rate and ageing analysis The following table shows the effective interest rate (variable rate is based on Euribor/Stibor as at 31 December 2023) on financial assets on which interest is receivable and liabilities on which interest is payable as at the balance sheet date. This table also includes an ageing analysis according to interest rate revision dates of these assets and liabilities. 31-12-23 31-12-22 Borrowings floating rate Borrowings fixed rate Swaps fixed rate paid Swaps floating rate received Borrowings floating rate Borrowings fixed rate Swaps fixed rate paid Swaps floating rate received Effective interest rate (%) 5.42 1.87 1.37 4.00 2.86 2.00 1.13 1.53 Up to one year (\u20ac\u2019000) 224,886 8,736 96,006 96,006 46,581 149,758 84,781 84,781 From one year to two years (\u20ac\u2019000) 397,063 8,878 140,400 140,400 164,743 8,732 135,911 135,911 From two years to five years (\u20ac\u2019000) 633,237 74,969 410,298 410,298 856,028 75,574 329,200 329,200 From five years to ten years (\u20ac\u2019000) 38,700 173,192 229,654 229,654 43,900 181,345 284,721 284,721 Over ten years (\u20ac\u2019000) 0 0 85,000 85,000 0 0 85,000 85,000 1,293,886 265,775 961,358 961,358 1,111,252 415,409 919,613 919,613 The following table shows the periods in which the interest cash flows (variable interest is based on Euribor/Stibor as at 31 December 2023) on both borrowings and derivatives are expected to occur on the basis of the loan and interest rate swap agreements entered into by the Group, as per the balance sheet date: Interest cash flows 31-12-23 Borrowings floating rate \u20ac\u2019000 Borrowings fixed rate \u20ac\u2019000 Swaps fixed rate \u20ac\u2019000 Swaps floating rate \u20ac\u2019000 Total \u20ac\u2019000 Up to one year 61,343 4,933 12,904 (32,935) 46,245 From one year to two years 33,957 4,751 12,618 (16,784) 34,542 From two years to five years 30,266 11,304 30,598 (32,836) 39,332 From five years to ten years 1,384 6,705 19,020 (15,765) 11,344 Over ten years 0 0 37,328 (26,906) 10,422 126,950 27,693 112,468 (125,226) 141,885 Fair value of financial instruments The financial statements have been prepared on an historical cost basis, except for property investments, property investments under development, property investments held for sale and some of the financial instruments, which are carried at fair value. IFRS 9 contains the following principal classification categories for financial assets and liabilities: A. Financial assets and liabilities measured at amortised cost; and C. Financial assets at fair value through P&L. 20. Financial instruments continued The carrying amounts of the financial instruments and their fair values were as follows: Note Categories in accordance with IFRS 9 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Carrying amount Fair valueCarrying amount Fair value Receivables 16 A 69,939 69,939 65,222 65,222 Derivative financial instruments C 33,275 33,275 62,006 62,006 Cash and deposits 17 A 40,518 40,518 65,307 65,307 143,732 143,732 192,535 192,535 Creditors 18 A 126,442 126,442 118,348 118,348 Borrowings 19 A 1,559,661 1,549,558 1,519,062 1,509,732 Put option liability non-controlling interest 22 A 0 0 63,448 63,448 Derivative financial instruments C 22,560 22,560 13,345 13,345 1,708,663 1,698,560 1,714,203 1,704,873 The fair values of the financial instruments were determined as explained in the principal accounting policies (note 1) to the extent that for those borrowings with a fixed interest rate (carrying amount of \u20ac265,775,000), the fair value was based upon the relevant yield curves. For the borrowings with a floating interest rate (carrying amount of \u20ac1,293,886,000), the carrying amount is deemed to approximate the fair value because the floating interest rate approximates the market interest rate and own credit risk is not deemed material. Due to their short-term nature the carrying amount approximates to fair value for the other balance sheet items. Fair value hierarchy All derivative financial instruments are at level 2. For the level 2 derivative financial instruments the Group uses a model to determine the fair value with inputs that are directly or indirectly observable market data. 21. Deferred tax liabilities Deferred tax liabilities are attributable to the following items in the current financial year: 31-12-22 \u20ac\u2019000 Recognized in profit or loss \u20ac\u2019000 Release to profit or loss due to property sale t\u20ac\u2019000 Reallocation o tax payable \u20ac\u2019000 Exchange rate movement \u20ac\u2019000 31-12-23 \u20ac\u2019000 Investment property (100,182) (12,050) 0 0 (8) (112,240) Derivative financial instruments (23,540) 8,300 0 0 (6) (15,246) Tax value of loss carry-forwards recognized 12,240 (1,605) 0 0 (1) 10,634 Total deferred tax liabilities (111,482) (5,355) 0 0 (15) (116,852) As at 31 December 2023, the total amount of deferred tax liabilities of \u20ac116.9 million is for an amount of \u20ac74.6 million related to Sweden and for an amount of \u20ac42.3 million to Italy. Deferred tax liabilities were attributable to the following items in the previous reporting period : 31-12-21 \u20ac\u2019000 Recognized in profit or loss \u20ac\u2019000 Release to profit or loss due to Rproperty sale \u20ac\u2019000 eallocation to tax payable \u20ac\u2019000 Exchange rate movement \u20ac\u2019000 31-12-22 \u20ac\u2019000 Investment property (84,014) (23,016) 0 0 6,848 (100,182) Derivative financial instruments (4) (23,567) 0 0 31 (23,540) Tax value of loss carry-forwards recognized 0 12,240 0 0 12,240 Total deferred tax liabilities (84,018) (34,343) 0 0 6,879 (111,482) 22. Put option liability non-controlling interest Changes in put option liability non-controlling interest for the financial year ended 31 December 2023 were as follows: Financial liability related to the put option non-controlling interest 31-12-23\u20ac\u2019000 31-12-22\u20ac\u2019000 Book value at beginning of year (63,448) (55,769) Interest put option non-controlling interest (2,377) Movement of put option non-controlling interest Belgium (5,302) Exercise of put option non-controlling interest Belgium Book value at end of year 0 (63,448) In April 2023 AG Insurance, the minority shareholder of ECP Belgium, exercised the put option and Eurocommercial Properties N.V. purchased the remaining shares of ECP Belgium. As a result of the exercise of the put option and the settlement of the payment, the put option liability non-controlling interest no longer exists. 23. Provision for pensions The provision for pensions is related to one defined benefit plan in the United Kingdom. The plan has no active members, neither for the comparative figures and no new members have entered the scheme since 2001. The scheme is based on a final salary plan with a pensionable salary cap and the Company expects no new members in the scheme in the near future. In November 2023 the Trustee of the Scheme entered into a contract with Aviva Life & Pensions UK Limited for the purchase of a bulk annuity insurance policy to secure the benefits of all members of the Scheme with the insurance company. As a result of these transactions, the Scheme\u2019s assets as per 31 December 2023 consist of the bulk annuity policy from Aviva and a remaining cash amount of \u20ac330,000. A total amount of \u20ac4,085,000, consisting of the actuarial result (\u20ac3,080,000) and the effects of the asset ceiling (\u20ac382,000) recorded in the other comprehensive income in accordance with the actuarial report for the period ended 31 December 2023 and an amount of \u20ac623,000 for other movements including advisory fees are recorded in the Other Comprehensive Income. Reference is also made to note 27 Currency translation reserves and other reserves. The major categories of plan assets are as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Insured annuity policy 7,418 0 Cash and cash equivalents 330 246 Unquoted investment funds \u2013 mixed 0 7,125 7,748 7,371 23. Provision for pensions (continued) Changes in the defined benefit obligation and fair value of plan assets in the current and previous financial reporting year/period: Fair value of plan assets 31-12-23 \u20ac\u2019000 Defined benefit obligation 31-12-23 \u20ac\u2019000 Benefit liability 31-12-23 \u20ac\u2019000 Fair value of plan assets 31-12-22 \u20ac\u2019000 Defined benefit obligation 31-12-22 \u20ac\u2019000 Benefit liability 31-12-22 \u20ac\u2019000 Book value at beginning of year 7,371 (7,940) (569) 11,341 (12,503) (1,162) Interest income/(expenses) 459 (391) 68 202 (227) (25) Pension cost charged to profit or loss account 459 (391) 68 202 (227) (25) Return on plan assets (2,967) 0 (2,967) (4,167) 0 (4,167) Actuarial changes arising from changes in assumptions 0 43 43 0 4,593 4,593 Experience adjustments 0 (156) (156) 0 (420) (420) Actuarial result on pension scheme charged to OCI (2,967) (113) (3,080) (4,167) 4,173 6 Buy-in 3,970 0 3,970 564 0 564 Benefits paid (72) 72 0 (62) 62 0 Effects of asset ceiling 0 (382) (382) 0 0 0 Exchange rate movement (24) 17 (7) (507) 555 48 Book value at end of year 8,737 (8,737) 0 7,371 (7,940) (569) The principal assumptions used in determining the pension obligations for the Group\u2019s plan are set out as follows for the year ended 31 December 2023. The discount rate is 4.6% (31 December 2022: 4.8%) and pension increase is 3.1% (31 December 2022: 3.2%). The life expectancy for pensioners at the age of 60 is 25.9 years and 28.0 years for men and women respectively (31 December 2022: men 26.3 years and women 28.5 years). A quantitative sensitivity analysis for material assumptions as at 31 December 2023 is as shown below: Year Discount rate: 0.25% increase 0Discount rate: .25% decrease Rate of inflation: 0.25% increase Rate of inflation: 0.50% increase Life expectancy: 1 year increase 31 December 2023 Liabilities (\u20ac\u2019000) 8,364 8,099 8,629 8,112 8,572 The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The duration of the liabilities of the Scheme is approximately 18 years as at 31 December 2023 (31 December 2022: approximately 18 years). 24. Leases A. Leases as lessor (IFRS 16) The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. For the recognised rental income and the maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date, reference is made to note 4 of these statements. B. Leases as lessee (IFRS 16) The Group leases office space and company cars. i. Right-of-use assets Right\u2011of\u2011use assets related to leased properties that do not meet the definition of investment property are presented as tangible fixed assets (see Note 15). 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Balance at the beginning of year 3,235 2,499 Additions to right-of-use assets 1,522 1,942 Disposal of right-of-use assets (146) (49) Depreciation for the period (1,135) (1,124) Exchange rate movement (13) (33) Balance as at the end of year 3,463 3,235 ii. Lease liabilities The current and non-current portions of the Company\u2019s lease liabilities are presented as current liabilities and non-current liabilities respectively (see Note 18). 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Balance at the beginning of the financial year 3,334 2,580 Lease payments for the period (1,227) (1,167) Additions to lease liabilities 1,522 1,942 Disposal of lease liabilities (146) (49) Interest expenses 71 60 Exchange rate movement (13) (32) Balance as at the end of the financial year 3,541 3,334 During the financial year 2023, several additions or renewals of lease contracts have been taken up by Eurocommercial Properties N.V. to align with the prevailing market conditions, the IBR percentage was updated using the Country Risk Premium and an average company Credit Spread of 0.038%. The adjusted IBR percentage was implemented for leases which commenced in 2023. For leases that were previously recorded, the initial interest rate percentage remained at 2% as there were no substantial changes to the lease amounts or modifications to the lease terms. The Company uses a discount rate of 3% in France, 4.2% in Italy, 2.8% in Netherlands and 2.5% in Sweden. iii. Amounts recognised in profit or loss Twelve months ended 31-12-23 \u20ac\u2019000 Twelve months ended 31-12-22 \u20ac\u2019000 Interest from lease liabilities 71 60 Depreciation right-of-use assets 1,135 1,124 Expenses related to short-term and/or low-value leases 261 27 Total 1,467 1,211 iv. Amounts recognised in statement of cash flows Twelve months ended 31-12-23 \u20ac\u2019000 Twelve months ended 31-12-22 \u20ac\u2019000 Lease payments of lease liabilities 1,227 1,167 Interest expenses on lease liabilities 71 60 Total cash outflow for leases 1,298 1,227 25. Issued share capital Share capital comprises of 100,000,000 authorised shares of \u20ac10 par value, of which 53,781,691 shares are issued and fully paid as at 31 December 2023 and of which 506,924 were bought back as at 31 December 2023. The weighted average number of shares in issue in the current financial year is 53,060,280. The number of shares in issue (after deduction of shares bought back) as per 31 December 2023 is 53,274,767. The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders\u2019 meetings of the Company. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 533,492 526,539 Dividend paid in shares 4,325 6,953 Book value at end of year 537,817 533,492 On 7 July 2023 the Company paid a final cash dividend of \u20ac1.00 per share and shareholders were offered the option to choose for stock dividend instead of cash dividend, which gave 1 new share for every 24 existing shares. As a result of the aforementioned stock dividend 432,529 shares were issued with a nominal value of \u20ac 10 each, which increased the nominal share capital of the Company with \u20ac4,325,290. 2023 2022 No. of sharesNo. of shares Number of shares on issue at beginning of year 53,349,162 52,653,917 Shares issued for dividend paid in shares 432,529 695,245 Number of shares on issue at end of year 53,781,691 53,349,162 Number of shares bought back at beginning of year (506,924) (506,924) Number of shares bought back at end of year (506,924) (506,924) Number of shares at end of year after deduction of shares bought back 53,274,767 52,842,238 Net asset value per share The net asset value per share is \u20ac37.68 at 31 December 2023 (31 December 2022: \u20ac38.68). Shares bought back During the current financial year no shares were bought back and as per 31 December 2023 the number of shares bought back remains 506,924. Performance shares The Performance Share Plan (PSP) provides for an annual grant of free long-term performance shares for all employees and members of the Board of Management and is conditional upon the meeting of Company performance targets and that the employee remains with the Company for more than three years from the grant date of the performance shares and holds them from that vesting date for a further two years. All permanent employees and Directors of the Company are entitled to the scheme. The calculation is based on a Black, Scholes and Merton option valuation model. The fair value of the performance shares is based on the share price at grant date and a number of assumptions to be made relating to the expected volatility, risk free interest rate, dividend yield and the remaining life of the instruments. 25. Issued share capital continued Performance Share Plan (PSP) PSP 2023 PSP 2022 Total Grant date 15-06-2023 01-07-2022 Vesting date 15-06-2026 01-07-2025 Share price at grant date \u20ac21.06 \u20ac20.22 Dividend yield 7.32% 7.07% Fair value per performance share \u20ac15.38 \u20ac16.36 Performance shares granted 173,752 45,860 219,612 Performance shares forfeited (1,428) (2,713) (4,141) Outstanding performance shares at end of the year 172,324 43,147 215,471 Movements in the number of performance shares during the year PSP 2023 PSP 2022 Total Performance shares at beginning of year 0 45,860 45,860 Performance shares granted 173,752 0 173,752 Performance shares forfeited (1,428) (2,713) (4,141) Outstanding performance shares at end of year 172,324 43,147 215,471 The expenses for the performance shares granted (IFRS 2) are \u20ac799,029 positive (2022: \u20ac74,000 negative). The outstanding performance shares as per 31 December 2023: 215,381 (31 December 2022: 45,860). As at 31 December 2023, the outstanding performance shares represent 0.4% of the issued share capital (31 December 2022: 0.09%). 26. Share premium reserve 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 263,774 263,853 Performance shares granted (IFRS 2) 674 (75) Dividend paid in shares (4,325) 0 Cost for dividends paid (6) (4) Book value at end of year 260,117 263,774 27. Currency translation reserve and other reserves Other reserves 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 1,129,675 1,102,916 Profit previous financial year 116,190 4,221 Acquisition of put-option non-controlling interest 68,081 0 Dividend paid in shares 10,381 15,295 Buy-in (4,085) 6 Reallocation currency translation movements 0 7,237 Book value at end of year 1,320,242 1,129,675 Currency translation reserve 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year (83,812) (40,293) Foreign currency translation differences (312) (36,282) Reallocation currency translation movements 0 (7,237) Book value at end of year (84,124) (83,812) 28. Non-controlling interest Non-controlling interest was related to the 25.63% stake in Eurocommercial Properties Belgium S.A. owned by AG Insurance as a result of the contribution in kind made in 2019 of the Inno department store, which is part of the Woluwe shopping centre. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Non-current assets 0 578,090 Current assets 0 11,309 Non-current liabilities 0 (312,981) Current liabilities 0 (11,204) Net assets 0 265,214 Result after taxation 0 22,539 Total comprehensive income 0 22,539 Calculation value minority shares Balance at the beginning of the year 67,305 61,528 Profit after taxation contributable to non-controlling interest 776 5,777 Reallocation to equity after acquisition of non-controlling interest (68,081) 0 Equity attributable to non-controlling interest at the end of the year 0 67,305 29. Earnings per share Basic earnings per share The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The calculation of basic earnings per share of negative \u20ac0.51 at 31 December 2023 (2022: positive \u20ac3.80) was based on the result attributable to shareholders of negative \u20ac26.9 million (31 December 2022: positive \u20ac200.7 million) and the average number of shares on issue (after deduction of shares bought back) during the financial year was 53,060,280 as calculated below. Result attributable to shareholders: 31-12-23 \u20ac\u2019000 Result for the year (26,872) Average issued shares (after deduction of shares bought back) at beginning of the year 52,842,238 Effect of number of shares issued (dividend in shares) 218,042 Average number of shares on issue (after deduction of shares bought back) over the year 53,060,280 Diluted earnings per share The calculation of diluted earnings per share of negative \u20ac0.51 at 31 December 2023 (2022: positive \u20ac3.80) was based on the result attributable to holders of shares of negative \u20ac26.9 million (31 December 2022: positive \u20ac200.7 million) and the diluted average number of outstanding shares was 53,191,780 as calculated below. Result attributable to shareholders (diluted): 31-12-23 \u20ac\u2019000 Result for the year (26,872) Average number of shares on issue (after deduction of shares bought back) over the year 53,060,280 Effect of issued and forfeited performance shares 131,500 Average number of shares (diluted) over the year 53,191,780 30. Commitments not included in the balance sheet The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of \u20ac2.4 million for the refurbishment of shopping centre Fiordaliso. In addition, the Company is committed to complete some activities linked to the Curno extension project agreed with Municipality of Curno for an estimated residual amount \u20ac1.2 million. 31. Capital management The primary objective of the Company\u2019s capital management is to ensure that capital is available for the long term. No changes have been made to these objectives, policies or processes during the financial year ended 31 December 2023. The Company monitors capital primarily using a loan to value ratio. The loan to value (LTV) ratio is defined as the (net) borrowings expressed as a percentage of the total value of property investments, property investments under development, property investments in joint ventures and property investments held for sale, calculated on a proportionally consolidated basis. The total values are net of any (estimated) purchasers\u2019 costs. The net debt will not exceed 60 per cent, which is also a covenant agreed with a number of banks financing the Group. The calculation of the LTV is as follows: Loan to value (on a proportional consolidated basis) 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Net borrowings (total borrowings less cash and deposits) 1,602,344 1,548,465 Property investments 3,575,898 3,642,946 Property investments held by joint ventures 195,860 189,900 Total property investments 3,771,758 3,832,846 LTV (%) 42.5% 40.4% All bank covenants are monitored at regular intervals. During the year the Company complied with its banking covenants. The most frequently agreed covenants in the loan agreements are a loan to value ratio and an interest cover ratio. 32. Related parties Introduction Subsidiaries, minority shareholders and joint ventures of the Company, members of its Supervisory Board, Board of Management and the UK pension scheme are related parties. No transactions have been entered into with them other than those disclosed in this report. The Directors\u2019 fees recognised in the company expenses for the current financial year include an amount of \u20ac179,000 (2022: \u20ac155,000) in respect of gross remuneration paid to the members of the Supervisory Board to be specified as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 B.T.M. Steins Bisschop 61 61 E. Attout 47 47 K. Laglas 47 47 B.W. Roelvink 24 0 The Directors\u2019 fees also include salaries, bonuses, pension premiums and social security charges for the members of the Board of Management. The total remuneration for the members of the Board of Management for the current financial year can be specified as follows: E.J. van Garderen R. Fraticelli J.P.C. Mills 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Salary 475 475 508 508 460 469 Housing allowance 0 0 0 0 13 14 Bonus 189 332 202 356 185 322 Pension premiums (defined contribution plan) 75 82 0 70 94 88 Employers tax and social security charges 11 10 289 309 99 123 Performance shares granted (IFRS 2) 55 (5) 58 (5) 55 (5) 805 894 1,057 1,238 906 1,011 32. Related parties continued In accordance with the Company\u2019s remuneration policy the bonuses paid to members of the Board of Management are directly linked to the annual growth in the Company\u2019s adjusted net asset value, the annual absolute and the annual relative performance as per the end of the financial year of the listed shares of the Company compared with a peer group of ten listed retail property companies, as well as two ESG key performance indicators achieved for this financial year. For this financial year there was no growth of the adjusted net asset value per share. The total remuneration for the members of the Supervisory Board and the Board of Management for the financial year is \u20ac2,942,000 (2022: \u20ac3,298,000). The members of the Board of Supervisory Directors and the members of the Board of Management of Eurocommercial Properties N.V. have no personal interest in investments made by Eurocommercial Properties N.V. now nor at any time in the past year. The Company has no knowledge of property transactions taking place in the financial year under review with persons or institutions which can be considered to stand in a direct relationship to the Company. Performance shares In 2023, 56,905 performance shares have been granted to the Board of Management under the Performance Share Plan. At 31 December 2023, the outstanding performance shares held by the Board of Management represent 0.11% of the issued share capital. For more information about the Performance Share Plan, reference is made to note 25. 24.90% (\u20ac168,000) of the amount included in the consolidated statement of profit or loss (\u20ac674,000) as performance shares granted (IFRS 2) is related to the performance shares granted to the members of the Board of Management. Shareholdings As per 31 December 2023, E.J. van Garderen holds 35,000 shares, which includes 11,706 vested performance shares, in total representing 0.07% of the issued share capital of the Company. R. Fraticelli holds 31,637 shares, which includes 8,843 vested performance shares, in total representing 0.06% of the issued share capital of the Company. J.P.C. Mills holds 36,655 shares, which includes 12,602 vested performance shares, in total representing 0.07% of the issued share capital of the Company. None of the members of the Board of Supervisory Directors has any holdings in the Company with the exception of B.W. Roelvink, who holds 2,006 shares in the capital of the Company. Loans There are no loans granted to members of the Supervisory Board or members of the Board of Management. 33. Auditor\u2019s fee The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other consolidated companies, as referred to in section 2:382a(1) and (2) of the Netherlands Civil Code. KPMG Accountants N.V. 2023 N\u20ac\u2019000 Other KPMG etwork 2023 \u20ac\u2019000 Total KPMG 2023 \u20ac\u2019000 KPMG Accountants N.V. 2022 \u20ac\u2019000 Other KPMG Network 2022 \u20ac\u2019000 Total KPMG 2022 \u20ac\u2019000 Audit of the financial statements 349 526 875 331 499 830 Other audit engagements 9 24 33 17 21 38 Total audit fees 358 550 908 348 520 868 34. Post balance sheet events In February 2024, a new three-year loan of \u20ac17.5 million (\u20ac8.8 million group share) was signed with Banco BPM to refinance the previous loan on the retail park of Fiordaliso that expired in January 2024 and was repaid. In March 2024, the Company closed three five-year sustainability linked loans for a total amount of \u20ac100 million with ABN AMRO Bank on the centres of I Portali and Il Castello in Italy. In April 2024, the Company also entered into a five-year green loan for a total amount of SEK 700 million (circa \u20ac62.5 million) with Skandiviska Enskilda Banken AB on the Hallarna shopping centre. 35. Dividend distribution The Board of Management and the Board of Supervisory Directors propose to the Annual General Meeting of Shareholders, to be held on 11 June 2024 at 13.30 hours (CET), to declare a total dividend of \u20ac1.70 per share for the financial year ended 31 December 2023. A cash interim dividend of \u20ac0.64 per share was already paid on 30 January 2024 (31 December 2022: \u20ac1.60 total cash dividend per share). The distribution date of the final dividend of \u20ac1.06 per share will be Friday 5 July 2024. Holders of shares will also be offered the option of taking new shares from the Company\u2019s fiscal share premium reserve, instead of the final cash dividend payable. The price of these new shares will be announced on Friday 7 June 2024. ",
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"value": "1. Principal accounting policies Eurocommercial Properties N.V. (the Company) domiciled at De Boelelaan 7, 1083 HJ Amsterdam, The Netherlands, is a closed end property investment company. The Company is registered with the Commercial Register under number 33230134 since 18 June 1991. The consolidated financial statements of the Company for the financial year starting 1 January 2023 and ending 31 December 2023 will comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). ESEF Company information Name of reporting entity or other means of identification Eurocommercial Properties N.V. Domicile of entity The Netherlands Legal form of entity Public Limited Liability Company Country of incorporation The Netherlands Address of entity\u2019s registered office De Boelelaan 7, 1083 HJ Amsterdam Principal place of business Amsterdam Description of nature of entity\u2019s operations and principal activities The Company is a closed end property investment company ",
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"value": "1. Principal accounting policies Eurocommercial Properties N.V. (the Company) domiciled at De Boelelaan 7, 1083 HJ Amsterdam, The Netherlands, is a closed end property investment company. The Company is registered with the Commercial Register under number 33230134 since 18 June 1991. The consolidated financial statements of the Company for the financial year starting 1 January 2023 and ending 31 December 2023 will comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). ESEF Company information Name of reporting entity or other means of identification Eurocommercial Properties N.V. Domicile of entity The Netherlands Legal form of entity Public Limited Liability Company Country of incorporation The Netherlands Address of entity\u2019s registered office De Boelelaan 7, 1083 HJ Amsterdam Principal place of business Amsterdam Description of nature of entity\u2019s operations and principal activities The Company is a closed end property investment company ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-6-1": {
"value": "(a) Statement of compliance The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) as per 1 January 2023 and Part 9 of Book 2, section 2:362(9) of the Netherlands Civil Code. Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the Group\u2019s accounting periods beginning on or after 1 January 2024. The Group has decided not to immediately adopt such standards, amendments and interpretations. Standards that are mandatory for the Group\u2019s accounting periods beginning on 1 January 2023 are adopted as such by the Group. Additional information on new standards, amendments, interpretations and the relating effect on the financial statements, if material and applicable to the Company, has been disclosed in note 1c. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "(b) Basis of preparation The financial statements are presented in euros, rounded to the nearest thousand euros unless stated otherwise. They are prepared on the historical cost basis except for the following assets and liabilities which are stated at fair value: property investments, property investments under development, property investments held for sale and derivative financial instruments. Borrowings and non-current creditors are stated at amortised costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-2": {
"value": "Going concern The financial statements are prepared on a going concern basis and have been authorised for issue on 17 April 2024. The Group have put in place several measures to preserve liquidity, amongst others in February 2024, a new three-year loan of \u20ac17.5 million (\u20ac8.8 million group share) was signed with Banco BPM to refinance the previous loan on the retail park of Fiordaliso that expired in January 2024 and was repaid. In March 2024, the Group closed three five-year sustainability linked loans for a total amount of \u20ac100 million with ABN AMRO Bank on the centres of I Portali and Il Castello in Italy. In April 2024, the Group also entered into a five-year green loan for a total amount of SEK 700 million (circa \u20ac62.5 million) with Skandinaviska Enskilda Banken AB on the Hallarna shopping centre. Based on this, our current knowledge and available information, we do consider the preparation of the financial statements based on the going concern assumption appropriate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "(c) Change in accounting policies and reclassifications Deferred tax related to assets and liabilities arising from a single transaction The Group has adopted Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) from 1 January 2023. The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences - e.g. leases and decommissioning liabilities. There was no material impact on the financial statements. Material accounting policy information The Group also adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) from 1 January 2023. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policy information disclosed in the financial statements. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. Management reviewed the accounting policies and made updates to the information disclosed in this note (in 2022: Change in accounting policies and reclassifications) in certain instances in line with the amendments. The following new and amended standards, effective from 1 January 2024, are not expected to have a significant impact on the Group\u2019s consolidated financial statements: - Classification of Liabilities as Current or Non-Current and Non-current liabilities with covenants (Amendments to IAS 1) - Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) - Lack of Exchangeability (Amendments to IAS 21) (d) Critical accounting estimates and assumptions The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised if the revisions affect only that period or in the year of the revisions and future periods if the revisions affect both current and future periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "(e) Critical accounting judgements in applying the Group\u2019s accounting policies The critical accounting judgements in applying the Group\u2019s accounting policies have been described in the property investment and financial instruments (accounting policy) notes. Most important is that all property investments and property investments under development are revalued every six months by qualified independent valuation experts. The Group uses a rotation scheme when instructing valuers. The fair value of the property portfolio is based upon the opinions of the external experts and not internal valuations made by the Company. The fair value of the derivative financial instruments is determined using a valuation model. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "(f) Basis of consolidation (i) Subsidiaries Subsidiaries are those entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, the exposure, or rights, to variable returns from its involvement and the ability to use its power to affect the amount of the returns of the entities. In assessing control, potential voting rights that are presently exercisable are taken into account. Some entities are classified as joint ventures when there is joint control in these entities and whereby the Group has rights to the net assets, rather than rights to its assets and obligations for its liabilities. (ii) Transactions eliminated on consolidation Intragroup balances and any (un)realised gains and losses arising from intragroup transactions are eliminated when preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-70-2": {
"value": "The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceases. Foreign currency translations The consolidated financial statements are presented in euros, which is the Company\u2019s functional and presentation currency. Assets and liabilities denominated in foreign currencies are translated into euros at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated at the average monthly exchange rate. Foreign exchange differences arising on translation are recognised in the statement of profit or loss. The functional currency of the Swedish and UK subsidiaries are SEK and GBP, respectively. As at the reporting date, the assets and liabilities of these Swedish and UK subsidiaries are translated into the presentation currency of the Company at the rate of exchange ruling at the balance sheet date and their profit or loss accounts are translated at the average monthly exchange rates for the period. The exchange differences arising on the translation are taken through the other comprehensive income to equity (currency translation reserve). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive income relating to that particular foreign operation will be recognised in the statement of profit or loss. 1. Principal accounting policies continued Property investments and property investments under development Property investments and property investments under development are stated at fair value. Property investments and property investments under development are held to earn rental income or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. It is the Company\u2019s policy that all property investments and property investments under development be valued semi-annually by qualified independent experts. Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). Both documents contain mandatory rules, best practice guidance and related commentary for all RICS members and appraisers undertaking property valuations. These revaluations represent the price, net of normal purchaser\u2019s costs, at which the property could be sold in the open market on the date of revaluation. At the balance sheet date the fair value of each property investment is based on comprehensive valuation reports from the independent experts. Valuations are prepared based on current prices for comparable investment properties in an active market. If, however, such information is not available, property valuations are prepared based on standard valuation techniques such as the capitalisation method and discounted cash flow method. Movements in the fair value of property investments and property investments under development are recognised in the statement of profit or loss in the period in which they occur. The carrying amount of accrued income from spreading of the lease incentives is reduced from the fair value of property investments or property investments under development. Any realised gains or losses from the sale of a property investment or a property investment under development are recognised at closing date as the balance between the net sale proceeds and the latest published fair value in the statement of profit or loss. Depreciation is not provided on property investments and property investments under development since these are stated at fair value in accordance with IAS 40. Property investments and property investments under development are initially brought to account at their full acquisition cost, including registration duties, legal and other consultants\u2019 fees until the first reporting date, when the fair value is presented. Any subsequent capital expenditure, including the aforesaid duties and fees and any directly attributable costs to bring the asset to working order for its intended use, is added to the cost of the property investment or the cost of the property investment under development respectively. The cost of financing the renovation or extension of property investments or the building of property investments under development is capitalised as part of the cost of the investment, the cost amount of which will be published in the notes in addition to the fair value. Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred taxation arises. Otherwise, acquisitions are accounted for as business combinations. A sensitivity analysis is carried out by the valuer with particular focus on the most important drivers, which are changes in the rental value and net initial yield, and their effect on the property investment valuation. Property investments held for sale Investment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss. Investments in joint ventures The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investments in joint ventures are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint ventures. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding. 1. Principal accounting policies continued Non-controlling interests Non-controlling interests (NCI) are initially measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. They are depreciated over the expected useful lives of the assets concerned varying from two to five years using the straight-line method taking into account the residual value of the respective assets. The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Receivables Receivables are recognised initially at fair value and subsequently at amortised cost, less allowance for expected credit losses. Cash and deposits Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Issued share capital The shares in the capital of the Company, are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction, net of tax, in equity from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from equity. Dividends are recognised as a liability in the period in which they are declared. Borrowings Borrowings are recognised initially at fair value, less attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the borrowings are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as net financing costs in the statement of profit or loss. Creditors Creditors are recognised initially at fair value and, for non-current creditors, subsequently at amortised cost basis using the effective interest method. Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. Put option liability non-controlling interest The financial liability related to the put option non-controlling interest capitalized is recognized initially at the present value and subsequently measured at amortized cost using the effective interest rate method. Any subsequent changes in the measurement of the put option non-controlling interest capitalized are recognized in the statement of profit or loss. The discount rate used in the amortised cost calculations is 4.1%. 1. Principal accounting policies continued Put option liability non-controlling interest continued If the Group has acquired a present ownership interest as part of a business combination, the present value of the redemption amount of the put option is recognised as a financial liability with any excess over the carrying amount of the non-controlling interest recognised as goodwill. In such a case, the non-controlling interest is deemed to have been acquired at the acquisition date and therefore any excess arising should follow the accounting treatment as in a business combination. All subsequent changes in the redemption value of the financial liability are recognised in the income statement and no earnings are attributed to the non-controlling interest. However, where the Group has not acquired a present ownership interest as part of a business combination, the non-controlling interest continues to receive an allocation of profit or loss and is reclassified as a financial liability at each reporting date as if the acquisition took place at that date. Any excess over the reclassified carrying amount of the non-controlling interest and all subsequent changes in the redemption value of the financial liability are recognised directly in retained earnings. Leases (i) Leases as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in tangible fixed assets and lease liabilities in creditors in the statement of financial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including office accommodation, office and IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (ii) Leases as a lessor The Group has entered into commercial leases on its investment property portfolio and therefore refers to the accounting policy for the rental income. Provisions A provision is recognised in the consolidated statement of financial position when a legal or constructive obligation would exist, as a result of a past event and when it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provision for pensions The Company has various defined contribution pension plans and only one defined benefit pension plan for a limited number of employees. The net receivable or liability in respect of the defined benefit plan is calculated by estimating the amount of future benefit that employees have earned for their service in the current and prior periods. That benefit is discounted to determine its present value and the fair value of the plan assets is deducted. The defined benefit obligation is calculated semi-annually by an independent external actuary using the projected unit credit method. Actuarial gains and losses arising from experience adjustments or changes in assumptions are recognised in other comprehensive income. The majority of the Company\u2019s employees are members of a defined contribution scheme for which the annual premiums are an expense of the period. Other assets and liabilities Unless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate. Rental income Rental income from property investments leased under operational leases is recognised in the profit or loss account on a straight-line basis over the term of the lease. Lease incentives, like rent-free periods, rent discounts and other rent concessions are recognised over the term of the lease, or over the period until the first break option if shorter, on a straight-line basis as a reduction of rental income. This applies mutatis mutandis for entry fees as an increase of rental income. Service charge income and service charge expenses Service charge is an integral, but separately identifiable, part of rental contracts. The Group has identified that the service charge is distinct from rentals and are therefore accounted separately. The service charge is priced and contracted based on market prices relevant for the region of operation. The service charge income is recognized evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service charges for which the Company acts as a principal are presented in the profit or loss account. Therefore, for those property investments for which the Company is in full control of the service charges, the service charges invoiced to tenants and the corresponding expenses are shown separately on an accrual basis. In addition, service charge expenses also include charges related to vacant units and/or other irrecoverable service charges due to contractual limits or insolvent tenants. Property expenses (direct and indirect) These expenses include costs directly related to the leasing of investment property, such as maintenance, insurance, management, property tax etc. and are expensed as incurred. These expenses at a property level are referred to as direct property expenses. Letting fees, relocation expenses, certain dispossession indemnities and other outgoings when a lease is concluded are recognised over the term of the lease on a straight-line basis as indirect property expenses. Property expenses also include expenses associated with non-Netherlands property-holding companies and their staff and offices and some local taxes, accounting, audit and advisory fees, which are charged to the relevant buildings rather than the general expense pool. These expenses at a Group level are referred to as indirect property expenses. Result in joint ventures Result in joint ventures reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint ventures are prepared for the same reporting period as the Group. Net financing income/cost Net financing income/cost comprises interest payable on borrowings calculated using the effective interest rate method net of interest capitalised, interest income, debt extinguishment and fair value movements of derivative financial instruments that are recognised in the profit or loss account. Interest income is recognised in the profit or loss account as it accrues. Company expenses and investment expenses Company expenses comprise general overheads such as advisory fees, office expenses, personnel costs and Directors\u2019 fees. Expenses relating to the investigation of potential property investments and the valuation of property investments, including the part of staff bonuses linked to property value performance, are recognised as investment expenses. Performance shares granted to employees Since the financial year 2011/2012 a Performance Share Plan (PSP) has been in place for Managing Directors and all employees of the Company. The cost of performance shares granted under these plans is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuer using a binomial model. The cost is recognised, together with a corresponding increase in shareholders\u2019 equity, over the period in which the performance and service conditions are fulfilled ending on the vesting date. Current tax and deferred tax As an Investment Institution under Netherlands tax law (fiscale beleggingsinstelling) the Company is subject to a nil rate of Netherlands corporate income tax, provided it meets certain conditions, notably the distribution of all taxable income (after permitted deductions) to shareholders within eight months of the end of each financial year. As of 1 July 2005, the Company has opted for the French tax regime applicable to \u201cSoci\u00e9t\u00e9s d\u2019investissements immobiliers cot\u00e9es\u201d (SIIC). As from that date the revenues and capital gains from the French portfolio of the Company are tax-exempt, provided it meets certain conditions, notably a listing at a stock exchange in an EU country and the distribution of at least 85% of French tax-exempt income and of at least 50% of tax-exempt capital gains to shareholders. 1. Principal accounting policies continued Current tax and deferred tax continued In Belgium, the Company incorporated a wholly owned FIIS/GVBF (\u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d/\u201cgespecialiseerd vastgoedbeleggingsfonds\u201d). The FIIS/GVBF will be subject to corporate income tax, but its taxable basis will be limited to disallowed expenses and abnormal or gratuitous advantages received. Rental income, capital gains on real estate assets, and dividend and interest income will remain untaxed as a matter of principle, provided that the fiscal result is distributed by way of a dividend. However, corporate income tax may be payable on the fiscal results of Netherlands and foreign subsidiaries which do not have the aforesaid special tax status. This tax on taxable income for the year is recognised in the profit or loss account. Tax on profit or loss for a year comprises current tax and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the period using tax rates prevailing at the balance sheet date and any adjustment to taxation in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the book value of assets and liabilities and their fiscal book value for tax purposes, taking into account the applicable taxation rate, any fiscal facilities available and recoverable tax losses which can probably be utilised. Deferred tax recognised in the profit or loss account is the movement in deferred tax assets and deferred tax liabilities, if any, during the period. Deferred tax assets and liabilities are netted if there is a legal enforceable right to offset, settlement dates are similar and tax is levied by the same tax authority on the same taxable entity. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Cash flow statement The cash flow statement is prepared according to the indirect method. Cash flows in foreign currencies are translated at average exchange rates. Exchange rate differences affecting cash items are shown separately in the cash flow statement. Cash and deposits include bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. Segment information Segment information is presented by country (Belgium, France, Italy, Sweden and The Netherlands). The segment information in the financial statements is in line with the segments used for internal reporting; however, joint ventures are presented in the internal reporting using proportional consolidation. The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. and its office in Amsterdam. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-70-3": {
"value": "The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-2": {
"value": "The consolidated financial statements include those of the holding company and its owned subsidiaries: Holgura B.V., Amsterdam AB Sk\u00f6vde K-mannen 2, Stockholm Sentinel Holdings B.V., Amsterdam Bergvik K\u00f6pet 3 KB, Stockholm Eurocommercial Properties Belgium S.A., Brussels C4 Shopping Fastighet 1 AB, Stockholm Eurocommercial Properties Ltd., London C4 Shopping Fastighet 2 AB, Stockholm ECP Collestrada S.r.l., Milan ECP Fastighet K\u00f6pet 1 KB, Stockholm ECP CremonaPo S.r.l., Milan ECP Kristianstad AB, Stockholm ECP Curno 2022 S.r.l., Milan ECP Moraberg Holding AB, Stockholm ECP I Portali S.r.l., Milan ECP Valbo Centrum AB, Stockholm ECP Il Castello S.r.l., Milan ECP Valbo Holding AB, Stockholm ECP Service S.r.l., Milan ECP Valbo\u00f6n-Fastigheten KB, Stockholm Eurocommercial Management Italia S.r.l., Milan Silvret Nio AB, Stockholm Eurocommercial Properties Italia S.r.l., Milan Eurocommercial Properties Sweden AB, Stockholm Immobiliare 2011 S.r.l., Milan Fastighets AB Juveleraren 11, Stockholm Eurocommercial Properties Caumartin S.N.C., Paris Fastighetsbolaget ES \u00d6rebro AB, Stockholm Eurocommercial Properties France S.A.S., Paris Lagergatan i V\u00e4xj\u00f6 AB, Stockholm Eurocommercial Properties Taverny S.N.C., Paris Premi Fastighets AB, Stockholm S.N.C. Val Commerces, Paris Samarkandfastigheter AB, Stockholm S.N.C. Winter, Paris SAR Degeln AB, Stockholm AB Norrk\u00f6ping Silvret 1, Stockholm Ugglum Fastigheter AB, Stockholm Unless otherwise stated, these subsidiaries are wholly owned. Furthermore, the consolidated financial statements include the joint venture Galleria Verde S.r.l. in Milan, Italy, reported as equity-accounted investee. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-119-3": {
"value": "Foreign currency translations The consolidated financial statements are presented in euros, which is the Company\u2019s functional and presentation currency. Assets and liabilities denominated in foreign currencies are translated into euros at the rate of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are translated at the average monthly exchange rate. Foreign exchange differences arising on translation are recognised in the statement of profit or loss. The functional currency of the Swedish and UK subsidiaries are SEK and GBP, respectively. As at the reporting date, the assets and liabilities of these Swedish and UK subsidiaries are translated into the presentation currency of the Company at the rate of exchange ruling at the balance sheet date and their profit or loss accounts are translated at the average monthly exchange rates for the period. The exchange differences arising on the translation are taken through the other comprehensive income to equity (currency translation reserve). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive income relating to that particular foreign operation will be recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-130-3": {
"value": "1. Principal accounting policies continued Property investments and property investments under development Property investments and property investments under development are stated at fair value. Property investments and property investments under development are held to earn rental income or for capital appreciation or both, rather than for sale in the ordinary course of business or for use in production or administrative functions. It is the Company\u2019s policy that all property investments and property investments under development be valued semi-annually by qualified independent experts. Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). Both documents contain mandatory rules, best practice guidance and related commentary for all RICS members and appraisers undertaking property valuations. These revaluations represent the price, net of normal purchaser\u2019s costs, at which the property could be sold in the open market on the date of revaluation. At the balance sheet date the fair value of each property investment is based on comprehensive valuation reports from the independent experts. Valuations are prepared based on current prices for comparable investment properties in an active market. If, however, such information is not available, property valuations are prepared based on standard valuation techniques such as the capitalisation method and discounted cash flow method. Movements in the fair value of property investments and property investments under development are recognised in the statement of profit or loss in the period in which they occur. The carrying amount of accrued income from spreading of the lease incentives is reduced from the fair value of property investments or property investments under development. Any realised gains or losses from the sale of a property investment or a property investment under development are recognised at closing date as the balance between the net sale proceeds and the latest published fair value in the statement of profit or loss. Depreciation is not provided on property investments and property investments under development since these are stated at fair value in accordance with IAS 40. Property investments and property investments under development are initially brought to account at their full acquisition cost, including registration duties, legal and other consultants\u2019 fees until the first reporting date, when the fair value is presented. Any subsequent capital expenditure, including the aforesaid duties and fees and any directly attributable costs to bring the asset to working order for its intended use, is added to the cost of the property investment or the cost of the property investment under development respectively. The cost of financing the renovation or extension of property investments or the building of property investments under development is capitalised as part of the cost of the investment, the cost amount of which will be published in the notes in addition to the fair value. Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Accordingly, no goodwill or additional deferred taxation arises. Otherwise, acquisitions are accounted for as business combinations. A sensitivity analysis is carried out by the valuer with particular focus on the most important drivers, which are changes in the rental value and net initial yield, and their effect on the property investment valuation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-168-3": {
"value": "Property investments held for sale Investment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-168-4": {
"value": "Property investments held for sale Investment property is transferred to property investments held for sale when it is expected that the carrying amount will be recovered principally through sale rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such property and its sale must be highly probable. On re-classification, investment property continues to be measured at fair value, less cost to sell and any movements in the fair value are recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-174-3": {
"value": "Investments in joint ventures The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investments in joint ventures are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint ventures. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding. Result in joint ventures Result in joint ventures reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint ventures are prepared for the same reporting period as the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-174-4": {
"value": "Investments in joint ventures The Group\u2019s investments in joint ventures are accounted for using the equity method. Under the equity method, the investments in joint ventures are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint venture since the acquisition date, measured in accordance with the Group\u2019s accounting policies. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment individually. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint venture. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the difference in the statement of profit or loss account. Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in the statement of profit or loss. In case of a purchase of the remaining 50% of the shares of the joint venture during the financial year, the balance sheet items will be reported as a 100% subsidiary. With regard to the items in the statement of income and expense, the result up to and including the date of purchase of the remaining 50% of the shares will be reported as income joint ventures. The result after the date of purchase of the remaining 50% of the shares will be reported as a 100% shareholding. Result in joint ventures Result in joint ventures reflects the Group\u2019s share of the results of operations of the joint venture. Any change in other comprehensive income (OCI) of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture. The aggregate of the Group\u2019s share of the result of a joint venture is shown in the profit or loss account and represents the result after tax and non-controlling interests in the subsidiaries of the joint venture. The financial statements of the joint ventures are prepared for the same reporting period as the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-188-3": {
"value": "1. Principal accounting policies continued Non-controlling interests Non-controlling interests (NCI) are initially measured at their proportionate share of the acquiree's identifiable net assets at the acquisition date. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-192-3": {
"value": "Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. They are depreciated over the expected useful lives of the assets concerned varying from two to five years using the straight-line method taking into account the residual value of the respective assets. The carrying value of tangible fixed assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-197-3": {
"value": "Receivables Receivables are recognised initially at fair value and subsequently at amortised cost, less allowance for expected credit losses. Other assets and liabilities Unless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-199-3": {
"value": "Cash and deposits Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-203-3": {
"value": "Issued share capital The shares in the capital of the Company, are classified as equity. External costs directly attributable to the issue of new shares are shown as a deduction, net of tax, in equity from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are classified as treasury shares and presented as a deduction from equity. Dividends are recognised as a liability in the period in which they are declared. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-208-3": {
"value": "Borrowings Borrowings are recognised initially at fair value, less attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the borrowings are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as net financing costs in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-214-3": {
"value": "Creditors Creditors are recognised initially at fair value and, for non-current creditors, subsequently at amortised cost basis using the effective interest method. Other assets and liabilities Unless stated otherwise, assets and liabilities are shown at the amounts at which they were acquired or incurred. Bad debts (expected credit losses) for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets, if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-217-3": {
"value": "Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. Put option liability non-controlling interest The financial liability related to the put option non-controlling interest capitalized is recognized initially at the present value and subsequently measured at amortized cost using the effective interest rate method. Any subsequent changes in the measurement of the put option non-controlling interest capitalized are recognized in the statement of profit or loss. The discount rate used in the amortised cost calculations is 4.1%. 1. Principal accounting policies continued Put option liability non-controlling interest continued If the Group has acquired a present ownership interest as part of a business combination, the present value of the redemption amount of the put option is recognised as a financial liability with any excess over the carrying amount of the non-controlling interest recognised as goodwill. In such a case, the non-controlling interest is deemed to have been acquired at the acquisition date and therefore any excess arising should follow the accounting treatment as in a business combination. All subsequent changes in the redemption value of the financial liability are recognised in the income statement and no earnings are attributed to the non-controlling interest. However, where the Group has not acquired a present ownership interest as part of a business combination, the non-controlling interest continues to receive an allocation of profit or loss and is reclassified as a financial liability at each reporting date as if the acquisition took place at that date. Any excess over the reclassified carrying amount of the non-controlling interest and all subsequent changes in the redemption value of the financial liability are recognised directly in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-217-4": {
"value": "Derivative financial instruments The Company and its subsidiaries use derivative financial instruments to hedge (part of) their exposure to foreign exchange (if any instruments at year end date) and interest rate risks arising from operational, financing and investment activities. Derivative financial instruments will not be held or issued for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivatives are on the balance sheet at their fair value and the value changes are recognised immediately in the statement of profit or loss. The Company does not apply hedge accounting. Derivative financial instruments are recognised initially at trade date at fair value (cost price). Subsequent to initial recognition, derivative financial instruments are stated at their fair value. The gain or loss on measurement to fair value is recognised in the statement of profit or loss. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the balance sheet date, taking into account current interest rates, the current creditworthiness of the swap counterparties and the Group\u2019s own creditworthiness. Derivative financial instruments concern only derivative interest rate swap contracts. The fair value of the derivatives is estimated using a valuation technique and discounting expected future cash flows using current market interest rates and the yield curve over the remaining term of the instrument that are directly or indirectly observable market data. In connection with the non-current borrowings the derivative financial instruments are presented as non-current assets and non-current liabilities. Put option liability non-controlling interest The financial liability related to the put option non-controlling interest capitalized is recognized initially at the present value and subsequently measured at amortized cost using the effective interest rate method. Any subsequent changes in the measurement of the put option non-controlling interest capitalized are recognized in the statement of profit or loss. The discount rate used in the amortised cost calculations is 4.1%. 1. Principal accounting policies continued Put option liability non-controlling interest continued If the Group has acquired a present ownership interest as part of a business combination, the present value of the redemption amount of the put option is recognised as a financial liability with any excess over the carrying amount of the non-controlling interest recognised as goodwill. In such a case, the non-controlling interest is deemed to have been acquired at the acquisition date and therefore any excess arising should follow the accounting treatment as in a business combination. All subsequent changes in the redemption value of the financial liability are recognised in the income statement and no earnings are attributed to the non-controlling interest. However, where the Group has not acquired a present ownership interest as part of a business combination, the non-controlling interest continues to receive an allocation of profit or loss and is reclassified as a financial liability at each reporting date as if the acquisition took place at that date. Any excess over the reclassified carrying amount of the non-controlling interest and all subsequent changes in the redemption value of the financial liability are recognised directly in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-249-3": {
"value": "Leases (i) Leases as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the statement of profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in tangible fixed assets and lease liabilities in creditors in the statement of financial position. The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including office accommodation, office and IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (ii) Leases as a lessor The Group has entered into commercial leases on its investment property portfolio and therefore refers to the accounting policy for the rental income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-275-3": {
"value": "Provisions A provision is recognised in the consolidated statement of financial position when a legal or constructive obligation would exist, as a result of a past event and when it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provision for pensions The Company has various defined contribution pension plans and only one defined benefit pension plan for a limited number of employees. The net receivable or liability in respect of the defined benefit plan is calculated by estimating the amount of future benefit that employees have earned for their service in the current and prior periods. That benefit is discounted to determine its present value and the fair value of the plan assets is deducted. The defined benefit obligation is calculated semi-annually by an independent external actuary using the projected unit credit method. Actuarial gains and losses arising from experience adjustments or changes in assumptions are recognised in other comprehensive income. The majority of the Company\u2019s employees are members of a defined contribution scheme for which the annual premiums are an expense of the period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-292-3": {
"value": "Rental income Rental income from property investments leased under operational leases is recognised in the profit or loss account on a straight-line basis over the term of the lease. Lease incentives, like rent-free periods, rent discounts and other rent concessions are recognised over the term of the lease, or over the period until the first break option if shorter, on a straight-line basis as a reduction of rental income. This applies mutatis mutandis for entry fees as an increase of rental income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-297-3": {
"value": "Service charge income and service charge expenses Service charge is an integral, but separately identifiable, part of rental contracts. The Group has identified that the service charge is distinct from rentals and are therefore accounted separately. The service charge is priced and contracted based on market prices relevant for the region of operation. The service charge income is recognized evenly over time of the service rendered as the customer simultaneously receives and consumes the benefits from the provided service. Service charges for which the Company acts as a principal are presented in the profit or loss account. Therefore, for those property investments for which the Company is in full control of the service charges, the service charges invoiced to tenants and the corresponding expenses are shown separately on an accrual basis. In addition, service charge expenses also include charges related to vacant units and/or other irrecoverable service charges due to contractual limits or insolvent tenants. Property expenses (direct and indirect) These expenses include costs directly related to the leasing of investment property, such as maintenance, insurance, management, property tax etc. and are expensed as incurred. These expenses at a property level are referred to as direct property expenses. Letting fees, relocation expenses, certain dispossession indemnities and other outgoings when a lease is concluded are recognised over the term of the lease on a straight-line basis as indirect property expenses. Property expenses also include expenses associated with non-Netherlands property-holding companies and their staff and offices and some local taxes, accounting, audit and advisory fees, which are charged to the relevant buildings rather than the general expense pool. These expenses at a Group level are referred to as indirect property expenses. Company expenses and investment expenses Company expenses comprise general overheads such as advisory fees, office expenses, personnel costs and Directors\u2019 fees. Expenses relating to the investigation of potential property investments and the valuation of property investments, including the part of staff bonuses linked to property value performance, are recognised as investment expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-322-3": {
"value": "Net financing income/cost Net financing income/cost comprises interest payable on borrowings calculated using the effective interest rate method net of interest capitalised, interest income, debt extinguishment and fair value movements of derivative financial instruments that are recognised in the profit or loss account. Interest income is recognised in the profit or loss account as it accrues. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-330-3": {
"value": "Performance shares granted to employees Since the financial year 2011/2012 a Performance Share Plan (PSP) has been in place for Managing Directors and all employees of the Company. The cost of performance shares granted under these plans is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an external valuer using a binomial model. The cost is recognised, together with a corresponding increase in shareholders\u2019 equity, over the period in which the performance and service conditions are fulfilled ending on the vesting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-335-3": {
"value": "Current tax and deferred tax As an Investment Institution under Netherlands tax law (fiscale beleggingsinstelling) the Company is subject to a nil rate of Netherlands corporate income tax, provided it meets certain conditions, notably the distribution of all taxable income (after permitted deductions) to shareholders within eight months of the end of each financial year. As of 1 July 2005, the Company has opted for the French tax regime applicable to \u201cSoci\u00e9t\u00e9s d\u2019investissements immobiliers cot\u00e9es\u201d (SIIC). As from that date the revenues and capital gains from the French portfolio of the Company are tax-exempt, provided it meets certain conditions, notably a listing at a stock exchange in an EU country and the distribution of at least 85% of French tax-exempt income and of at least 50% of tax-exempt capital gains to shareholders. 1. Principal accounting policies continued Current tax and deferred tax continued In Belgium, the Company incorporated a wholly owned FIIS/GVBF (\u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d/\u201cgespecialiseerd vastgoedbeleggingsfonds\u201d). The FIIS/GVBF will be subject to corporate income tax, but its taxable basis will be limited to disallowed expenses and abnormal or gratuitous advantages received. Rental income, capital gains on real estate assets, and dividend and interest income will remain untaxed as a matter of principle, provided that the fiscal result is distributed by way of a dividend. However, corporate income tax may be payable on the fiscal results of Netherlands and foreign subsidiaries which do not have the aforesaid special tax status. This tax on taxable income for the year is recognised in the profit or loss account. Tax on profit or loss for a year comprises current tax and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the period using tax rates prevailing at the balance sheet date and any adjustment to taxation in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the book value of assets and liabilities and their fiscal book value for tax purposes, taking into account the applicable taxation rate, any fiscal facilities available and recoverable tax losses which can probably be utilised. Deferred tax recognised in the profit or loss account is the movement in deferred tax assets and deferred tax liabilities, if any, during the period. Deferred tax assets and liabilities are netted if there is a legal enforceable right to offset, settlement dates are similar and tax is levied by the same tax authority on the same taxable entity. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-379-3": {
"value": "Cash flow statement The cash flow statement is prepared according to the indirect method. Cash flows in foreign currencies are translated at average exchange rates. Exchange rate differences affecting cash items are shown separately in the cash flow statement. Cash and deposits include bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-383-3": {
"value": "Segment information Segment information is presented by country (Belgium, France, Italy, Sweden and The Netherlands). The segment information in the financial statements is in line with the segments used for internal reporting; however, joint ventures are presented in the internal reporting using proportional consolidation. The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. and its office in Amsterdam. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-404-2": {
"value": "2. Segment information For the consolidated statement of financial position all items are allocated to the respective segments, whereas for the consolidated statement of profit or loss the items net financing result, company expenses, investment expenses, other income and taxation are not allocated to the respective segments. 2023 For the 12 months ended 31-12-23 \u20ac\u2019000 Belgium France Italy Sweden NThe etherlands* Total Aproportional consolidation djustments joint ventures Total IFRS Rental income 27,251 46,776 106,008 47,079 0 227,114 (11,835) 215,279 Service charge income 6,910 5,467 17,112 15,277 0 44,766 (3,188) 41,578 Service charge expenses (7,608) (5,403) (15,870) (17,746) 0 (46,627) 2,927 (43,700) Property expenses (2,746) (12,526) (14,822) (6,339) 0 (36,433) 845 (35,588) Net property income 23,807 34,314 92,428 38,271 0 188,820 (11,251) 177,569 Share of result of joint ventures 0 0 0 0 0 0 4,837 4,837 Investment revaluation and disposal of investment properties (62,723) (10,911) 17,750 (34,432) 205 (90,111) (4,933) (95,044) Segment result (38,916) 23,403 110,178 3,839 205 98,709 (11,347) 87,362 Net financing result (94,620) 8,927 (85,693) Company expenses (12,922) 0 (12,922) Investment expenses (2,728) 11 (2,717) Other income 914 648 1,562 Adjustment amortisation period put option liability (4,789) 0 (4,789) Result before taxation (15,436) (1,761) (17,197) Current tax (3,711) 167 (3,544) Deferred tax (6,949) 1,594 (5,355) Result after taxation (26,096) 0 (26,096) As per 31-12-23 \u20ac\u2019000 Belgium France Italy Sweden NThe etherlands* Total Aproportional consolidation djustments joint ventures Total IFRS Property investments 522,460 802,280 1,655,690 791,328 0 3,771,758 (195,860) 3,575,898 Investment in joint ventures 0 0 0 0 0 0 101,142 101,142 Tangible fixed assets 0 1,927 539 458 1,925 4,849 0 4,849 Receivables 6,973 39,993 11,866 4,037 659 63,528 (1,029) 62,499 Loan to Joint Venture 0 0 0 0 0 0 8,000 8,000 Derivative financial instruments 2,205 0 38,779 1,874 0 42,858 (9,583) 33,275 Cash and deposits 2,527 4,113 18,568 20,158 3,235 48,601 (8,083) 40,518 Total assets 534,165 848,313 1,725,442 817,855 5,819 3,931,594 (105,413) 3,826,181 Creditors 15,129 38,232 31,130 29,140 2,660 116,291 (3,834) 112,457 Non-current creditors 1,284 9,045 2,795 400 871 14,395 (411) 13,984 Borrowings 285,695 210,818 810,241 319,191 25,000 1,650,945 (97,797) 1,553,148 Derivative financial instruments 0 0 19,957 3,423 0 23,380 (820) 22,560 Deferred tax liabilities 0 0 44,831 74,572 0 119,403 (2,551) 116,852 Total liabilities 302,108 258,095 908,954 426,726 28,531 1,924,414 (105,413) 1,819,001 For the 12 months ended 31-12-2023 \u20ac\u2019000 Belgium France Italy Sweden NThe etherlands* Total Aproportional consolidation djustments joint ventures Total IFRS Acquisitions, divestments and capital expenditure (including capitalised interest) 7,220 3,504 8,515 10,317 0 29,556 (1,041) 28,515 * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. 2. Segment information continued 2022 For the 12 months ended 31-12-22 \u20ac\u2019000 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint ventures Total IFRS Rental income 26,572 45,075 91,564 46,364 0 209,575 (10,268) 199,307 Service charge income** 7,427 5,888 17,891 16,261 0 47,467 (3,266) 44,201 Service charge expenses (8,323) (5,099) (17,439) (18,551) 0 (49,412) 3,260 (46,152) Property expenses (1,690) (11,394) (13,671) (5,687) 0 (32,442) 484 (31,958) Net property income 23,986 34,470 78,345 38,387 0 175,188 (9,790) 165,398 Share of result of joint ventures 0 0 0 0 0 0 18,170 18,170 Investment revaluation and disposal of investment properties (4,712) (5,745) 14,769 (14,738) 24 (10,402) (2,809) (13,211) Segment result 19,274 28,725 93,114 23,649 24 164,786 5,571 170,357 Net financing result** 107,251 (12,056) 95,195 Company expenses (12,128) 4 (12,124) Investment expenses (2,471) 12 (2,459) Other income** 725 699 1,424 Profit before taxation 258,163 (5,770) 252,393 Current tax (2,335) 88 (2,247) Deferred tax (49,314) 5,682 (43,632) Profit after taxation 206,514 0 206,514 As per 31-12-22 \u20ac\u2019000 Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint ventures Total IFRS Property investments 578,090 810,280 1,629,850 814,626 0 3,832,846 (189,900) 3,642,946 Investment in joint ventures 0 0 0 0 0 0 95,965 95,965 Tangible fixed assets 0 2,148 790 592 318 3,848 0 3,848 Deferred tax assets 9,080 33,292 11,034 6,358 588 60,352 (997) 59,355 Receivables 0 0 0 0 0 0 8,000 8,000 Derivative financial instruments 7,567 0 64,457 4,102 0 76,126 (14,120) 62,006 Cash and deposits 2,229 13,749 21,199 31,286 2,573 71,036 (5,729) 65,307 Total assets 596,966 859,469 1,727,330 856,964 3,479 4,044,208 (106,781) 3,937,427 Creditors 11,204 32,215 34,468 28,521 2,733 109,141 (4,861) 104,280 Non-current creditors 1,222 9,664 3,131 513 (7) 14,523 (453) 14,070 Borrowings 285,486 217,953 793,498 322,564 0 1,619,501 (100,439) 1,519,062 Derivative financial instruments 0 0 13,345 0 0 13,345 0 13,345 Deferred tax liabilities 0 0 33,172 79,338 0 112,510 (1,028) 111,482 Put option liability non-controlling interest 63,448 0 0 0 0 63,448 0 63,448 Provision for pensions 0 0 0 0 569 569 0 569 Total liabilities 361,360 259,832 877,614 430,936 3,295 1,933,037 (106,781) 1,826,256 For the 12 months ended 31-12-2022 (\u20ac\u2019000) Belgium France Italy Sweden The Netherlands* Total proportional consolidation Adjustments joint ventures Total IFRS Acquisitions, divestments and capital expenditure (including capitalised interest) 3,713 (75,021) 6,448 6,217 0 (58,643) (2,505) (61,148) * The Netherlands represents assets and liabilities of Eurocommercial Properties N.V. ** The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes as a result of the reclassification of \u2018Other income\u2019 into \u2018Service charge income\u2019 and \u2018Interest income\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1203-2": {
"value": "3. Exchange rates It is generally the Company\u2019s policy for non-euro investments to use debt denominated in the currency of investment to provide a (partial) hedge against currency movements. Exceptionally, forward contracts may be entered into from time to time when debt instruments are inappropriate for cost or other reasons. The only non-euro investment assets and liabilities of the Company are in Sweden. As at 31 December 2023, \u20ac1 was SEK 11.0959 (31 December 2022: SEK 11.1218). The average \u20ac/SEK exchange rate during 2023 was SEK 11.4670 (2022: SEK 10.6232). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1208-2": {
"value": "4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u2019000 2023 2022 Gross lease payments collected/accrued 215,191 205,420 Straight-lining of rent concessions 0 (2,309) One off amortization of rent concessions (150) (4,064) Entry fees received/accrued 238 260 215,279 199,307 The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u2019000 2023 2022 \u2013 less than one year 185,214 188,147 \u2013 between one and five years 317,935 371,734 \u2013 more than five years 105,412 138,445 608,561 698,325 Approximately 1.73% of the rental income for the financial year ended 31 December 2023 is turnover rent (2022: 1.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1208-3": {
"value": "4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u2019000 2023 2022 Gross lease payments collected/accrued 215,191 205,420 Straight-lining of rent concessions 0 (2,309) One off amortization of rent concessions (150) (4,064) Entry fees received/accrued 238 260 215,279 199,307 The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u2019000 2023 2022 \u2013 less than one year 185,214 188,147 \u2013 between one and five years 317,935 371,734 \u2013 more than five years 105,412 138,445 608,561 698,325 Approximately 1.73% of the rental income for the financial year ended 31 December 2023 is turnover rent (2022: 1.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1208-4": {
"value": "4. Rental income and service charge income and expenses Rental income Rental income in the current financial year comprised: \u20ac\u2019000 2023 2022 Gross lease payments collected/accrued 215,191 205,420 Straight-lining of rent concessions 0 (2,309) One off amortization of rent concessions (150) (4,064) Entry fees received/accrued 238 260 215,279 199,307 The Group leases out its property investments under operating leases of various expiry terms. The leases specify the space, the rent, the other rights and obligations of the landlord and the tenant, including notice periods, renewal options and service charge arrangements. In general, the rent is indexed annually over the term of the lease. Entry fees are defined as non-recurring amounts received from a new or existing tenant in connection with a new or renewed lease. Such proceeds must be straight-lined over the term of the lease. This term is defined as the period to the first possible date the tenant can terminate the lease. The future aggregated minimum guaranteed rent (turnover rent not included) receivable under non-cancellable operating leases and to the first possible tenant break option amounts approximately to: \u20ac\u2019000 2023 2022 \u2013 less than one year 185,214 188,147 \u2013 between one and five years 317,935 371,734 \u2013 more than five years 105,412 138,445 608,561 698,325 Approximately 1.73% of the rental income for the financial year ended 31 December 2023 is turnover rent (2022: 1.69%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1257-2": {
"value": "Service charge income and expenses Service charge income of \u20ac41.6 million (2022: \u20ac44.2 million) represents income from recharged service costs to tenants for the services of utilities, caretakers etc. when the Group acts as principal. Service charge expenses of \u20ac43.7 million (2022: \u20ac46.2 million) represent costs related to the services of utilities, caretakers etc. which are rendered to tenants. The service charge expenses can be higher than the service charge income as costs are not always fully recoverable from tenants. 5. Property expenses Property expenses in the current financial year were: \u20ac\u2019000 2023 2022 Direct property expenses Bad debts (expected credit loss) 2,957 2,372 Centre marketing expenses 2,792 2,411 Impairment on tenant receivables (COVID-19 rent concessions) (358) (1,114) Insurance premiums 971 950 Managing agent fees 2,149 2,182 Property taxes 3,051 3,171 Repair and maintenance 929 1,096 Shortfall service charges 1,075 910 13,566 11,978 Indirect property expenses Accounting fees 693 817 Audit fees 677 531 Depreciation fixed assets 372 457 Depreciation right-of-use assets 912 897 Legal and other advisory fees 2,423 1,920 Letting fees and relocation expenses 1,507 955 Local office and accommodation expenses 1,788 1,698 Pension contributions 202 198 Salaries, wages and bonuses 8,185 7,650 Employer\u2019s tax and social security charges 3,709 3,469 Performance shares granted (IFRS 2) 158 (22) Travelling expenses 697 709 Other local taxes 613 667 Other expenses 86 34 22,022 19,980 35,588 31,958 Indirect property expenses include the expenses of the Brussels, Milan, Paris and Stockholm offices. Depreciation right-of-use assets includes the depreciation of right-of-use assets related to operating leases for the Company\u2019s Group offices in Milan for \u20ac427,000 (2022: \u20ac408,000), in Paris for \u20ac286,000 (2022: \u20ac297,000) and Stockholm for \u20ac199,000 (2022: \u20ac192,000). These leases are standard lease contracts with no contingent rents and sublease payments and expire in February 2024, September 2028 and September 2025 respectively. The depreciation of fixed assets for the financial year is \u20ac169,000 for the Paris office (2022: \u20ac171,000), \u20ac167,000 for the Milan office (2022: \u20ac262,000) and \u20ac36,000 for the Stockholm office (2022: \u20ac24,000). No depreciation is recorded for Brussels. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1357-2": {
"value": "6. Investment revaluation and disposal of investment properties Realised and unrealised value movements on investments in the current financial year were: \u20ac\u2019000 2023 2022 Revaluation of property investments (90,183) (14,681) Revaluation of property investments under development 0 547 Divestment property sold 30 (1,499) Elimination of accrued entry fees 314 (134) Elimination of capitalised letting fees (6,170) (2,992) Elimination of COVID-19 rent discounts 0 6,373 Movement long-term creditors 774 (183) Foreign currency results 191 (642) (95,044) (13,211) The revaluation of property investments of negative \u20ac90,183,000 (2022: negative \u20ac14,681,000) relates to Belgium for an amount of negative \u20ac59,177,000 (2022: negative \u20ac2,587,000), Sweden for an amount of negative \u20ac34,360,000 (2022: negative \u20ac14,107,000), France for an amount of negative \u20ac8,577,000 (2022: negative \u20ac6,578,000) partially offset by a positive amount of \u20ac11,931,000 (2022: positive \u20ac8,993,000) in Italy. 7. Company expenses Company expenses in the current financial year comprised: \u20ac\u2019000 2023 2022 Audit fees 453 458 Depreciation fixed assets 191 277 Depreciation right-of-use assets 223 227 Directors\u2019 fees 2,250 2,735 IT expenses 2,063 1,098 Legal and other advisory fees 1,064 970 Marketing expenses 588 193 Office and accommodation expenses 1,538 1,361 Pension contributions 442 585 Salaries, wages and bonuses 2,156 2,540 Employer\u2019s tax and social security charges 365 366 Statutory costs 484 358 Performance shares granted (IFRS 2) 102 (15) Travelling expenses 307 251 Other expenses 696 720 12,922 12,124 Depreciation right-of-use assets includes the lease for the Company\u2019s head office at Herengracht 469, Amsterdam for the first half of this financial year and De Boelelaan 7, Amsterdam for the second half of this financial year. This lease is a standard lease contract with no contingent rents and sublease payments and expires in June 2028. The depreciation of fixed assets for this financial year is \u20ac191,000 (2022: \u20ac277,000). 9. Investment expenses Investment expenses in the current financial year comprised: \u20ac\u2019000 2023 2022 Aborted acquisition costs 22 315 Bonuses (included in the bonus amounts as part of Personnel costs) 1,522 1,421 Employer\u2019s tax and social security charges related to bonuses (included in the amounts as part of Personnel costs) 370 336 Performance shares granted (IFRS 2) 413 (37) Property valuation fees 390 424 2,717 2,459 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1357-3": {
"value": "6. Investment revaluation and disposal of investment properties Realised and unrealised value movements on investments in the current financial year were: \u20ac\u2019000 2023 2022 Revaluation of property investments (90,183) (14,681) Revaluation of property investments under development 0 547 Divestment property sold 30 (1,499) Elimination of accrued entry fees 314 (134) Elimination of capitalised letting fees (6,170) (2,992) Elimination of COVID-19 rent discounts 0 6,373 Movement long-term creditors 774 (183) Foreign currency results 191 (642) (95,044) (13,211) The revaluation of property investments of negative \u20ac90,183,000 (2022: negative \u20ac14,681,000) relates to Belgium for an amount of negative \u20ac59,177,000 (2022: negative \u20ac2,587,000), Sweden for an amount of negative \u20ac34,360,000 (2022: negative \u20ac14,107,000), France for an amount of negative \u20ac8,577,000 (2022: negative \u20ac6,578,000) partially offset by a positive amount of \u20ac11,931,000 (2022: positive \u20ac8,993,000) in Italy. 7. Company expenses Company expenses in the current financial year comprised: \u20ac\u2019000 2023 2022 Audit fees 453 458 Depreciation fixed assets 191 277 Depreciation right-of-use assets 223 227 Directors\u2019 fees 2,250 2,735 IT expenses 2,063 1,098 Legal and other advisory fees 1,064 970 Marketing expenses 588 193 Office and accommodation expenses 1,538 1,361 Pension contributions 442 585 Salaries, wages and bonuses 2,156 2,540 Employer\u2019s tax and social security charges 365 366 Statutory costs 484 358 Performance shares granted (IFRS 2) 102 (15) Travelling expenses 307 251 Other expenses 696 720 12,922 12,124 Depreciation right-of-use assets includes the lease for the Company\u2019s head office at Herengracht 469, Amsterdam for the first half of this financial year and De Boelelaan 7, Amsterdam for the second half of this financial year. This lease is a standard lease contract with no contingent rents and sublease payments and expires in June 2028. The depreciation of fixed assets for this financial year is \u20ac191,000 (2022: \u20ac277,000). 9. Investment expenses Investment expenses in the current financial year comprised: \u20ac\u2019000 2023 2022 Aborted acquisition costs 22 315 Bonuses (included in the bonus amounts as part of Personnel costs) 1,522 1,421 Employer\u2019s tax and social security charges related to bonuses (included in the amounts as part of Personnel costs) 370 336 Performance shares granted (IFRS 2) 413 (37) Property valuation fees 390 424 2,717 2,459 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1449-2": {
"value": "8. Personnel costs Total personnel costs in the current financial year comprised: \u20ac\u2019000 2023 2022 Salaries and wages 10,982 10,474 Employer\u2019s tax and social security charges 4,777 4,540 Pension costs 813 1,023 Bonuses 2,451 3,108 Performance shares granted (IFRS 2) 673 (74) 19,696 19,071 Total personnel costs are partly presented under (indirect) property expenses \u20ac12,254,000 (2022: \u20ac11,295,000), partly under company expenses (remuneration of the members of the Board of Management inclusive) \u20ac5,136,000 (2022: \u20ac6,056,000) and partly under investment expenses \u20ac2,305,000 (2022: \u20ac1,720,000). These expenses do not include the remuneration of the members of the Supervisory Board. The pension costs consist of \u20ac644,000 of pension contributions (2022: \u20ac783,000). In accordance with the Company\u2019s remuneration policy the bonuses paid to senior executives are directly linked to the annual growth in the Company\u2019s adjusted net asset value, the annual absolute and the annual relative performance, as per the end of the financial year of the listed shares of the Company compared with a peer group of ten listed retail property companies as well as two ESG key performance indicators achieved for this financial year. For this financial year there was no growth of the net asset value per share. The Group employed an average of 92 full-time equivalent persons during the financial year (2022: 98), of whom 13 are resident in The Netherlands, 6 in the UK, 28 in France, 34 in Italy and 11 in Sweden. The Group staff (members of the Board of Management excluded) holds 75,673 shares, representing 0.14% of the issued share capital of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1449-3": {
"value": "8. Personnel costs Total personnel costs in the current financial year comprised: \u20ac\u2019000 2023 2022 Salaries and wages 10,982 10,474 Employer\u2019s tax and social security charges 4,777 4,540 Pension costs 813 1,023 Bonuses 2,451 3,108 Performance shares granted (IFRS 2) 673 (74) 19,696 19,071 Total personnel costs are partly presented under (indirect) property expenses \u20ac12,254,000 (2022: \u20ac11,295,000), partly under company expenses (remuneration of the members of the Board of Management inclusive) \u20ac5,136,000 (2022: \u20ac6,056,000) and partly under investment expenses \u20ac2,305,000 (2022: \u20ac1,720,000). These expenses do not include the remuneration of the members of the Supervisory Board. The pension costs consist of \u20ac644,000 of pension contributions (2022: \u20ac783,000). In accordance with the Company\u2019s remuneration policy the bonuses paid to senior executives are directly linked to the annual growth in the Company\u2019s adjusted net asset value, the annual absolute and the annual relative performance, as per the end of the financial year of the listed shares of the Company compared with a peer group of ten listed retail property companies as well as two ESG key performance indicators achieved for this financial year. For this financial year there was no growth of the net asset value per share. The Group employed an average of 92 full-time equivalent persons during the financial year (2022: 98), of whom 13 are resident in The Netherlands, 6 in the UK, 28 in France, 34 in Italy and 11 in Sweden. The Group staff (members of the Board of Management excluded) holds 75,673 shares, representing 0.14% of the issued share capital of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1508-2": {
"value": "10. Other income Other income of \u20ac1,562,000 for the year ended 31 December 2023 (\u20ac1,424,000 for the year ended 31 December 2022) is related to advisory and management fees. In the financial year ended 31 December 2023, a reclassification from part of \u2018Other Income\u2019 to \u2018Service Charge Income\u2019 and \u2018Interest Income\u2019 was made. This reclassification was made to more accurately represent the nature of the accounting transactions. Correspondingly, the comparative figures for the financial year ended on 31 December 2022 have been adjusted for comparison purposes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1513-2": {
"value": "11. Net financing costs Net financing costs in the current financial year comprised: \u20ac\u2019000 2023 2022 Interest income* 1,576 931 Gross interest expenses (excluding interest expenses related to lease liabilities) (48,110) (37,307) Interest expenses on lease liabilities (71) (60) Interest on put option non-controlling interest (558) (2,377) Capitalised interest 122 19 Adjustment amortisation period put option non-controlling interest** (4,789) 0 Fair value movement derivative financial instruments*** (37,847) 139,290 Movement in present value put option (other than interest) (805) (5,301) (90,482) 95,195 * The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes as a result of the reclassification of parts of \u2018Other income\u2019 into \u2018Service charge income\u2019 and \u2018Interest income\u2019. ** The adjustment relates to the exercise of the put option for the minority interest in ECP Belgium. *** The fair value movement of derivative financial instruments is based on the fair value of the underlying financial instruments, which consists mainly of interest rate swaps. Gross interest expense consists of interest on lease liabilities, interest payable on loans calculated using the effective interest rate method and on derivative financial instruments. The interest payable to finance the extension/acquisition of an asset is capitalised until completion/acquisition date and is reported as capitalised interest. The interest rate used for capitalised interest during this financial year was 3.2% (2022: 2.1%). The fair value derivative financial instruments was negative \u20ac37,487 (2022: positive \u20ac139,290). The negative movement is due to the change in the Euribor and Stibor curves. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1556-2": {
"value": "12. Taxation Total tax in the current financial year comprised: \u20ac\u2019000 2023 2022 Current tax Italy 1,876 920 Current tax Belgium 207 135 Current tax Sweden 1,454 1,183 Current tax United Kingdom 7 9 Current tax 3,544 2,247 Deferred tax on unrealized value movements investment property Italy and Sweden 12,050 15,302 Deferred tax on unrealized value movements derivative financial instruments Italy and Sweden (8,300) 24,345 Movement tax losses recognized Italy and Sweden 1,605 3,985 Deferred tax 5,355 43,632 Total tax 8,899 45,879 Tax-exempt income (including effect of FBI, FIIS and SIIC) (42,505) 45,212 Result before tax attributable to Swedish tax rate of 20.6% (26,022) 10,787 Result before tax attributable to Italian tax rate of 24.0% 46,213 178,286 Result before tax attributable to UK tax rate of 19.0% (2022: 19.0%) 281 (62) Result before taxation (22,033) 234,223 Tax on result before tax attributable to Swedish taxable subsidiaries at a tax rate of 20.6% (5,360) 2,222 Tax on result before tax attributable to Italian taxable subsidiaries at a tax rate of 24.0% 11,091 42,789 Tax on result before tax attributable to UK taxable subsidiary at a tax rate of 19.0% (2022: 19.0%) (2) (12) Correction prior years 55 0 Non-taxable income/expense Belgium, Italy, Sweden and UK 3,115 880 Total tax 8,899 45,879 The result before taxation does not include the share of the result from joint ventures. 12. Taxation continued As an Investment Institution under Dutch tax law (fiscale beleggingsinstelling), the Company is subject to a nil rate of Netherlands corporate income tax. In Belgium the revenues and capital gains are exempt as a \u201cFonds d\u2019investissement immobilier sp\u00e9cialis\u00e9\u201d (FIIS) and the revenues and capital gains from the French portfolio of the Company are tax-exempt as a \u201cSoci\u00e9t\u00e9 d\u2019investissements immobiliers cot\u00e9e\u201d (SIIC). In Italy and Sweden, the properties are held by taxable entities. In Italy, the nominal tax rate applied for deferred tax and corporate income tax is 24.0%, except a minor taxable amount for which the nominal tax rate is 27.9%. In Sweden the nominal tax rate of 20.6% has been applied for deferred tax. The nominal tax rate for the subsidiary in the United Kingdom is 19% (2022: 19%). The Italian Tax Authorities issued two notices of assessment on the property depreciation and the following use of the fiscal losses carry forward for the fiscal years 2014/2015 and 2015/2016 of the Italian subsidiary Eurocommercial Properties Italia S.r.l.. In October 2020 and April 2021 respectively, the Italian tax court rendered a decision in the second degree confirming the first degree decision in favour of the Company. The Italian tax authorities have appealed to the final court for both the notices. No provisions have been accounted for in the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1648-2": {
"value": "13. Property investments, property investments under development and property investments held for sale Property investments, property investments under development and property investments held for sale are stated at fair value. It is the Company\u2019s policy that all property investments and property investments under development be revalued semi-annually by qualified independent experts. The independent valuation figures for the Company\u2019s properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser\u2019s costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, among other activities, collect a variety of data, including general economic data, property-specific data and market supply and demand data. Property-specific data includes passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviews the valuation reports and determines that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports. All properties were revalued at 31 December 2023. Purchasers\u2019 costs The total purchasers\u2019 costs including registration tax, which are excluded from the fair value of the property investments, property investments under development and property investments held for sale, for the financial year ended 31 December 2023 were as follows: 31-12-2023 31-12-2022 Belgium France Italy Sweden TotalBelgium France Italy Sweden Total Purchasers\u2019 costs (%) 2.5% 6.9%-7.5% 1.0% 1.0% 2.6% 2.5% 6.9%-7.5% 1.0% 1.0% 2.6% Purchasers\u2019 costs (\u20ac\u2019000) 13,060 56,076 14,526 7,913 91,575 14,456 56,745 14,326 8,148 93,675 In France the purchasers\u2019 costs varies mainly from 6.9% to 7.5%. A percentage of 1.8% is applied as purchaser\u2019s costs on lands acquired in France. Property portfolio The current property portfolio is: 31-12-23 Net value \u20ac\u2019000 31-12-22 Net value \u20ac\u2019000 31-12-23 Costs to date \u20ac\u2019000 31-12-22 Costs to date \u20ac\u2019000 Belgium 522,460 578,090 664,174 658,953 France 802,280 810,280 605,622 602,119 Italy 1,459,830 1,439,950 1,058,552 1,051,079 Sweden 791,328 814,626 771,892 761,575 Property investments 3,575,898 3,642,946 3,102,240 3,073,726 13. Property investments, property investments under development and property investments held for sale continued Assumptions and sensitivity analysis The assumptions and sensitivity analysis of the valuations are made by the valuers and represent the property investments, excluding land and property held for development. The following assumptions were applied as per 31 December 2023: 31-12-23 B31-12-22 Belgium France Italy Swedenelgium France Italy Sweden Passing rent per m\u00b2 (\u20ac; average) 639 404 348 234 614 373 325 224 Estimated rent value per m\u00b2 (\u20ac; average) 638 421 354 253 586 397 331 224 Net initial yield (%; average) 5.2 5.3 6.2 5.9 4.7 5.0 6.0 5.6 Reversionary yield (%; average) 4.9 5.9 6.2 5.9 4.4 5.5 5.8 5.6 Inflation rate (%; min/max)* n.a. n.a. 2.3 2.1 n.a. n.a. 1.9/2.0 2.0/2.6 Long-term growth in rental value (%; min/max)* n.a. n.a. 2.3 2.0 n.a. n.a. 1.8/2.0 2.0 * When DCF method is used. The DCF valuation is used by all valuers, except in Belgium and France where the valuers use the capitalisation method. There were no changes in the valuation method compared to previous valuations. A sensitivity analysis of the valuations is based on the assumptions of 1) the increase/decrease in net initial yield (NIY) and 2) the increase/decrease of the estimated rental value (ERV). The amounts reflect the increase or decrease of the net value of the respective property portfolio. 31-12-23 31-12-22 Belgium \u20ac\u2019000 France \u20ac\u2019000 Italy S\u20ac\u2019000 weden \u20ac\u2019000 Total \u20ac\u2019000Belgium \u20ac\u2019000 France \u20ac\u2019000 Italy S\u20ac\u2019000 weden \u20ac\u2019000 Total \u20ac\u2019000 Increase average NIY by 25 bps (26,100) (33,789) (46,960) (29,999) (136,848) (29,940) (36,899) (47,310) (33,298) (147,447) Increase average NIY by 50 bps (49,780) (65,112) (88,570) (57,949) (261,411) (56,860) (70,673) (91,890) (65,375) (284,798) Decrease average NIY by 25 bps 28,910 37,254 50,190 33,089 149,443 33,470 40,591 52,270 37,386 163,717 Decrease average NIY by 50 bps 61,130 78,157 91,920 68,529 299,736 71,150 72,406 108,230 77,678 329,464 Increase ERV of 5% 26,120 28,099 42,680 33,829 130,728 27,660 34,455 42,330 34,841 139,286 Increase ERV of 10% 52,250 55,260 88,450 68,568 264,528 55,310 68,756 84,680 68,519 277,265 Decrease ERV of 5% (26,130) (27,091) (42,470) (33,829) (129,520) (27,670) (34,526) (42,000) (33,943) (138,139) Decrease ERV of 10% (52,260) (54,731) (84,830) (66,766) (258,587) (55,320) (69,086) (83,630) (69,419) (277,454) Changes in property investments and property investments held for sale for the financial year ended 31 December 2023 were as follows: Property investments i31-12-23 \u20ac\u2019000 Property nvestments held for sale 31-12-23 \u20ac\u2019000 Property investments i31-12-22 f\u20ac\u2019000 Property nvestments held or sale 31-12-22 \u20ac\u2019000 Book value at beginning of year 3,642,946 0 3,757,419 22,500 Capital expenditure \u2013 general 10,991 0 10,095 0 Capital expenditure \u2013 extensions and refurbishments 11,233 0 11,266 0 Capitalized interest 122 0 19 0 Capitalized letting fees/lease incentives/fit out costs* 12,627 0 8,281 0 Amortisation capitalized letting fees/lease incentives/fit out costs* (6,457) 0 (5,288) 0 Capitalized rent concessions 0 0 (6,373) 0 Elimination of net capitalized letting fees (6,170) 0 (2,993) 0 Elimination of net capitalized rent concessions 0 0 6,373 0 Revaluation of property investments (90,183) 0 (14,681) 0 Reallocation from property investments under development 0 0 7,000 0 Book value divestment property 0 0 (57,000) (22,500) Exchange rate movement 789 0 (71,172) 0 Book value at end of year 3,575,898 0 3,642,946 0 * The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes. 13. Property investments, property investments under development and property investments held for sale continued Changes in property investments under development for the financial year ended 31 December 2023 were as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 0 6,100 Capital expenditure 0 353 Revaluation property investments under development 0 547 Reallocation to property investments 0 (7,000) Book value at end of year 0 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1648-3": {
"value": "13. Property investments, property investments under development and property investments held for sale Property investments, property investments under development and property investments held for sale are stated at fair value. It is the Company\u2019s policy that all property investments and property investments under development be revalued semi-annually by qualified independent experts. The independent valuation figures for the Company\u2019s properties represent the net price expected to be received by the Company from a notional purchaser who would deduct any purchaser\u2019s costs including registration tax. All properties in the Group are freehold. The qualified independent valuers have prepared their appraisals in accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards published by the International Valuation Standards Committee (IVSC). These standards require that valuers, among other activities, collect a variety of data, including general economic data, property-specific data and market supply and demand data. Property-specific data includes passing rent and future rent, expenses, lease terms, lease incentives, vacancies, rent concessions, etc. The Board of Management reviews the valuation reports and determines that the source data provided by the Company is processed correctly. The data and valuation methodologies used are set out in the independent valuation reports. All properties were revalued at 31 December 2023. Purchasers\u2019 costs The total purchasers\u2019 costs including registration tax, which are excluded from the fair value of the property investments, property investments under development and property investments held for sale, for the financial year ended 31 December 2023 were as follows: 31-12-2023 31-12-2022 Belgium France Italy Sweden TotalBelgium France Italy Sweden Total Purchasers\u2019 costs (%) 2.5% 6.9%-7.5% 1.0% 1.0% 2.6% 2.5% 6.9%-7.5% 1.0% 1.0% 2.6% Purchasers\u2019 costs (\u20ac\u2019000) 13,060 56,076 14,526 7,913 91,575 14,456 56,745 14,326 8,148 93,675 In France the purchasers\u2019 costs varies mainly from 6.9% to 7.5%. A percentage of 1.8% is applied as purchaser\u2019s costs on lands acquired in France. Property portfolio The current property portfolio is: 31-12-23 Net value \u20ac\u2019000 31-12-22 Net value \u20ac\u2019000 31-12-23 Costs to date \u20ac\u2019000 31-12-22 Costs to date \u20ac\u2019000 Belgium 522,460 578,090 664,174 658,953 France 802,280 810,280 605,622 602,119 Italy 1,459,830 1,439,950 1,058,552 1,051,079 Sweden 791,328 814,626 771,892 761,575 Property investments 3,575,898 3,642,946 3,102,240 3,073,726 13. Property investments, property investments under development and property investments held for sale continued Assumptions and sensitivity analysis The assumptions and sensitivity analysis of the valuations are made by the valuers and represent the property investments, excluding land and property held for development. The following assumptions were applied as per 31 December 2023: 31-12-23 B31-12-22 Belgium France Italy Swedenelgium France Italy Sweden Passing rent per m\u00b2 (\u20ac; average) 639 404 348 234 614 373 325 224 Estimated rent value per m\u00b2 (\u20ac; average) 638 421 354 253 586 397 331 224 Net initial yield (%; average) 5.2 5.3 6.2 5.9 4.7 5.0 6.0 5.6 Reversionary yield (%; average) 4.9 5.9 6.2 5.9 4.4 5.5 5.8 5.6 Inflation rate (%; min/max)* n.a. n.a. 2.3 2.1 n.a. n.a. 1.9/2.0 2.0/2.6 Long-term growth in rental value (%; min/max)* n.a. n.a. 2.3 2.0 n.a. n.a. 1.8/2.0 2.0 * When DCF method is used. The DCF valuation is used by all valuers, except in Belgium and France where the valuers use the capitalisation method. There were no changes in the valuation method compared to previous valuations. A sensitivity analysis of the valuations is based on the assumptions of 1) the increase/decrease in net initial yield (NIY) and 2) the increase/decrease of the estimated rental value (ERV). The amounts reflect the increase or decrease of the net value of the respective property portfolio. 31-12-23 31-12-22 Belgium \u20ac\u2019000 France \u20ac\u2019000 Italy S\u20ac\u2019000 weden \u20ac\u2019000 Total \u20ac\u2019000Belgium \u20ac\u2019000 France \u20ac\u2019000 Italy S\u20ac\u2019000 weden \u20ac\u2019000 Total \u20ac\u2019000 Increase average NIY by 25 bps (26,100) (33,789) (46,960) (29,999) (136,848) (29,940) (36,899) (47,310) (33,298) (147,447) Increase average NIY by 50 bps (49,780) (65,112) (88,570) (57,949) (261,411) (56,860) (70,673) (91,890) (65,375) (284,798) Decrease average NIY by 25 bps 28,910 37,254 50,190 33,089 149,443 33,470 40,591 52,270 37,386 163,717 Decrease average NIY by 50 bps 61,130 78,157 91,920 68,529 299,736 71,150 72,406 108,230 77,678 329,464 Increase ERV of 5% 26,120 28,099 42,680 33,829 130,728 27,660 34,455 42,330 34,841 139,286 Increase ERV of 10% 52,250 55,260 88,450 68,568 264,528 55,310 68,756 84,680 68,519 277,265 Decrease ERV of 5% (26,130) (27,091) (42,470) (33,829) (129,520) (27,670) (34,526) (42,000) (33,943) (138,139) Decrease ERV of 10% (52,260) (54,731) (84,830) (66,766) (258,587) (55,320) (69,086) (83,630) (69,419) (277,454) Changes in property investments and property investments held for sale for the financial year ended 31 December 2023 were as follows: Property investments i31-12-23 \u20ac\u2019000 Property nvestments held for sale 31-12-23 \u20ac\u2019000 Property investments i31-12-22 f\u20ac\u2019000 Property nvestments held or sale 31-12-22 \u20ac\u2019000 Book value at beginning of year 3,642,946 0 3,757,419 22,500 Capital expenditure \u2013 general 10,991 0 10,095 0 Capital expenditure \u2013 extensions and refurbishments 11,233 0 11,266 0 Capitalized interest 122 0 19 0 Capitalized letting fees/lease incentives/fit out costs* 12,627 0 8,281 0 Amortisation capitalized letting fees/lease incentives/fit out costs* (6,457) 0 (5,288) 0 Capitalized rent concessions 0 0 (6,373) 0 Elimination of net capitalized letting fees (6,170) 0 (2,993) 0 Elimination of net capitalized rent concessions 0 0 6,373 0 Revaluation of property investments (90,183) 0 (14,681) 0 Reallocation from property investments under development 0 0 7,000 0 Book value divestment property 0 0 (57,000) (22,500) Exchange rate movement 789 0 (71,172) 0 Book value at end of year 3,575,898 0 3,642,946 0 * The comparative figures for the financial year ended 31 December 2022 have been adjusted for comparison purposes. 13. Property investments, property investments under development and property investments held for sale continued Changes in property investments under development for the financial year ended 31 December 2023 were as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 0 6,100 Capital expenditure 0 353 Revaluation property investments under development 0 547 Reallocation to property investments 0 (7,000) Book value at end of year 0 0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1708-2": {
"value": "Fair value hierarchy Property investments, including property investments under development and property investments held for sale are at level 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2071-2": {
"value": "14. Investments in joint ventures Investments in joint ventures amounted to \u20ac101.1 million (\u20ac95.7 million at 31 December 2022) and refers to the Company\u2019s 50% stake in the Italian company Galleria Verde S.r.l. which owns the shopping centre Fiordaliso and the adjacent retail park in Milan. Galleria Verde S.r.l. has the same calendar year end as the Group. There are no contingent liabilities or other post balance sheet events in the joint venture other than mentioned below and no unrecognised losses. The payment of cash dividends and the repayment of intercompany loans and advances are allowed, subject to the conditions provided in the loans with the financing banks. During this financial year no dividend was paid by the joint venture (2022: \u20ac0). The Italian joint venture is financed at 31 December 2023 by four banks: a) ING and BNP Paribas, which granted a loan of \u20ac177 million, maturing in 2026 with a mortgage on the Fiordaliso gallery; b) Banca Intesa Sanpaolo, which granted a loan of \u20ac21 million with a mortgage on the retail park of Fiordaliso that has been fully repaid at the maturity date in January 2024; c) Banco BPM which granted in 2020 a loan of \u20ac21.5 million with a mortgage on the new portion of Fiordaliso gallery (ex-hypermarket) for a term of five years. Banco BPM had also provided in 2020 an unsecured facility (guaranteed by the Italian State) of \u20ac5.5 million that has been fully repaid at the maturity date on 30 June 2023. In addition, the two shareholders granted the joint venture two intercompany loans for a total amount of \u20ac16 million at 31 December 2022. In March 2024, a new loan amounting to \u20ac17.5 million with a maturity of three years was granted by Banco BPM with a mortgage on the retail park of Fiordaliso and the proceeds have been used to partially repay the intercompany loans provided by the two shareholders (now outstanding for a remaining total amount of \u20ac3 million). At 31 December 2023, the loans of the joint venture were hedged with interest rate swaps for a notional amount of \u20ac160 million. 14. Investments in joint ventures continued Property Fiordaliso Fiordaliso Country Italy Italy ECP ownership 50% 50% Company name Galleria Verde S.r.l. Galleria Verde S.r.l. Summarised profit or loss account Twelve months ended 31-12-23 \u20ac\u2019000 Twelve months ended 31-12-22 \u20ac\u2019000 Rental income 23,670 20,536 Property expenses (1,690) (968) Service charge income 6,376 6,530 Service charge expenses (5,854) (6,520) Investment revaluation 9,866 5,618 Net interest expenses (7,138) (3,888) Net derivatives movements (10,716) 29,646 Other expenses to Group companies (1,296) (3,042) Financial and investment expenses (22) (32) Deferred tax (3,188) (11,364) Corporate income tax (334) (176) Result after taxation 9,674 36,340 Total comprehensive income 9,674 36,340 ECP share of total comprehensive income 4,837 18,170 Property Fiordaliso Fiordaliso Country Italy Italy ECP ownership 50% 50% Company name Galleria Verde S.r.l. Galleria Verde Srl Summarised statement of financial position 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Property investments 391,720 379,800 Cash and deposits 16,166 11,458 Debtors 2,058 1,994 Derivatives financial instruments (non-current) 19,166 28,240 Total assets 429,110 421,492 Creditors (current) 7,668 9,722 Borrowings (current) 20,984 5,944 Loan from Group companies (current) 16,000 16,000 Creditors (non-current) 822 906 Borrowings (non-current) 174,610 194,934 Deferred tax liabilities 5,102 2,056 Derivatives financial instruments (non-current) 1,640 0 Total liabilities 226,826 229,562 Net assets 202,284 191,930 ECP share of net assets in joint ventures 101,142 95,965 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2219-2": {
"value": "15. Tangible fixed assets Tangible fixed assets represent office equipment and inventory for the Company\u2019s head office at De Boelelaan 7, Amsterdam and the Group offices at 200, rue Saint-Lambert, Brussels; Via della Moscova 3, Milan; 107, rue Saint Lazare, Paris and Kungsgatan 48, Stockholm as well as the right-of-use assets related to the lease of these offices. The costs for office equipment and inventory are depreciated over the expected useful lives of the assets concerned varying from two to five years. The movements in the current financial year and the previous financial year were: Right-of-use assets \u20ac\u2019000 Office equipment \u20ac\u2019000 Total \u20ac\u2019000 Book value at 1 January 2022 2,499 848 3,347 Additions 1,942 504 2,446 Disposals (49) (1) (50) Depreciation (1,124) (734) (1,858) Exchange rate movement (33) (4) (37) Book value at 31 December 2022 3,235 613 3,848 Additions 1,522 1,284 2,806 Disposals (146) (20) (166) Depreciation (1,135) (560) (1,695) Exchange rate movement (13) 69 56 Book value at 31 December 2023 3,463 1,386 4,849 Right-of-use assets O\u20ac\u2019000 ffice equipment \u20ac\u2019000 Total \u20ac\u2019000 Cost at 31 December 2023 8,477 9,145 17,622 Accumulated depreciation (4,982) (7,778) (12,760) Accumulated exchange rate movement (32) 19 (13) Book value at 31 December 2023 3,463 1,386 4,849 During the financial year ended 31 December 2023, tangible fixed assets with a total cost price of \u20ac1,241,000 were disposed of or out of use (31 December 2022: \u20ac1,271,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2302-2": {
"value": "16. Receivables 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Trade receivables Rents receivable 36,252 43,063 Provisions for bad debts (expected credit losses) (13,541) (11,649) Provisions for bad debts (expected credit losses) \u2013 COVID-19 rent concessions (412) (1,195) 22,299 30,219 Other receivables Funds held by managing agents 16,558 9,697 Loan to joint venture 8,000 8,000 Prepaid acquisition costs 3,762 1,893 VAT receivable 3,663 2,414 Settlement service charges 511 674 Deposit gift cards 3,801 3,577 Escrow account sale Grenoble 1,900 1,900 Loan interest receivable 3,838 1,407 Other receivables and prepayments 5,607 5,441 47,640 35,003 Total trade and other receivables 69,939 65,222 Prepaid Tax Other prepaid tax 560 1,414 COVID-19 government support 0 719 560 2,133 16. Receivables continued Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses. The loan to joint venture is the shareholder loan granted to the joint venture Galleria Verde S.r.l. Receivables at 31 December 2023 include an amount of \u20ac1,084,000 (31 December 2022: \u20ac137,000) which is due after one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2302-3": {
"value": "16. Receivables 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Trade receivables Rents receivable 36,252 43,063 Provisions for bad debts (expected credit losses) (13,541) (11,649) Provisions for bad debts (expected credit losses) \u2013 COVID-19 rent concessions (412) (1,195) 22,299 30,219 Other receivables Funds held by managing agents 16,558 9,697 Loan to joint venture 8,000 8,000 Prepaid acquisition costs 3,762 1,893 VAT receivable 3,663 2,414 Settlement service charges 511 674 Deposit gift cards 3,801 3,577 Escrow account sale Grenoble 1,900 1,900 Loan interest receivable 3,838 1,407 Other receivables and prepayments 5,607 5,441 47,640 35,003 Total trade and other receivables 69,939 65,222 Prepaid Tax Other prepaid tax 560 1,414 COVID-19 government support 0 719 560 2,133 16. Receivables continued Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses. The loan to joint venture is the shareholder loan granted to the joint venture Galleria Verde S.r.l. Receivables at 31 December 2023 include an amount of \u20ac1,084,000 (31 December 2022: \u20ac137,000) which is due after one year. 18. Trade and other payables and tax payable 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000* Current liabilities Interest payable 14,826 8,612 Lease liabilities 1,039 1,169 Local and property tax payable 1,623 1,149 Payable on purchased property/extensions 8,887 14,006 Rent received/invoiced in advance 32,816 27,983 Service charge accruals 8,987 4,833 VAT payable 4,343 4,393 Gift card debts 3,801 3,577 Amounts payable related to personnel 6,383 5,541 Trade payables and other credtors 27,892 22,569 110,597 93,832 Non-current liabilities Lease liabilities 2,502 2,165 Tenant rental deposits 11,482 11,905 13,984 14,070 Tax payable Current liabilities corporate tax payable 1,860 10,448 1,860 10,448 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2302-4": {
"value": "16. Receivables 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Trade receivables Rents receivable 36,252 43,063 Provisions for bad debts (expected credit losses) (13,541) (11,649) Provisions for bad debts (expected credit losses) \u2013 COVID-19 rent concessions (412) (1,195) 22,299 30,219 Other receivables Funds held by managing agents 16,558 9,697 Loan to joint venture 8,000 8,000 Prepaid acquisition costs 3,762 1,893 VAT receivable 3,663 2,414 Settlement service charges 511 674 Deposit gift cards 3,801 3,577 Escrow account sale Grenoble 1,900 1,900 Loan interest receivable 3,838 1,407 Other receivables and prepayments 5,607 5,441 47,640 35,003 Total trade and other receivables 69,939 65,222 Prepaid Tax Other prepaid tax 560 1,414 COVID-19 government support 0 719 560 2,133 16. Receivables continued Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses. The loan to joint venture is the shareholder loan granted to the joint venture Galleria Verde S.r.l. Receivables at 31 December 2023 include an amount of \u20ac1,084,000 (31 December 2022: \u20ac137,000) which is due after one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2302-5": {
"value": "16. Receivables 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Trade receivables Rents receivable 36,252 43,063 Provisions for bad debts (expected credit losses) (13,541) (11,649) Provisions for bad debts (expected credit losses) \u2013 COVID-19 rent concessions (412) (1,195) 22,299 30,219 Other receivables Funds held by managing agents 16,558 9,697 Loan to joint venture 8,000 8,000 Prepaid acquisition costs 3,762 1,893 VAT receivable 3,663 2,414 Settlement service charges 511 674 Deposit gift cards 3,801 3,577 Escrow account sale Grenoble 1,900 1,900 Loan interest receivable 3,838 1,407 Other receivables and prepayments 5,607 5,441 47,640 35,003 Total trade and other receivables 69,939 65,222 Prepaid Tax Other prepaid tax 560 1,414 COVID-19 government support 0 719 560 2,133 16. Receivables continued Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses. The loan to joint venture is the shareholder loan granted to the joint venture Galleria Verde S.r.l. Receivables at 31 December 2023 include an amount of \u20ac1,084,000 (31 December 2022: \u20ac137,000) which is due after one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2302-6": {
"value": "16. Receivables 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Trade receivables Rents receivable 36,252 43,063 Provisions for bad debts (expected credit losses) (13,541) (11,649) Provisions for bad debts (expected credit losses) \u2013 COVID-19 rent concessions (412) (1,195) 22,299 30,219 Other receivables Funds held by managing agents 16,558 9,697 Loan to joint venture 8,000 8,000 Prepaid acquisition costs 3,762 1,893 VAT receivable 3,663 2,414 Settlement service charges 511 674 Deposit gift cards 3,801 3,577 Escrow account sale Grenoble 1,900 1,900 Loan interest receivable 3,838 1,407 Other receivables and prepayments 5,607 5,441 47,640 35,003 Total trade and other receivables 69,939 65,222 Prepaid Tax Other prepaid tax 560 1,414 COVID-19 government support 0 719 560 2,133 16. Receivables continued Under IFRS 9, the lease receivables are subject to impairment testing. When the landlord has invoiced the rent as defined according to the existing contract and the tenant does not pay, the (expected) risk related losses are fully recognised in property expenses. The loan to joint venture is the shareholder loan granted to the joint venture Galleria Verde S.r.l. Receivables at 31 December 2023 include an amount of \u20ac1,084,000 (31 December 2022: \u20ac137,000) which is due after one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2383-2": {
"value": "17. Cash and deposits Cash and deposits consist of amounts held as bank balances and other liquid assets. All bank balances and deposits are freely available. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Bank balances 40,461 56,119 Deposits 57 9,188 40,518 65,307 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2401-3": {
"value": "18. Trade and other payables and tax payable 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000* Current liabilities Interest payable 14,826 8,612 Lease liabilities 1,039 1,169 Local and property tax payable 1,623 1,149 Payable on purchased property/extensions 8,887 14,006 Rent received/invoiced in advance 32,816 27,983 Service charge accruals 8,987 4,833 VAT payable 4,343 4,393 Gift card debts 3,801 3,577 Amounts payable related to personnel 6,383 5,541 Trade payables and other credtors 27,892 22,569 110,597 93,832 Non-current liabilities Lease liabilities 2,502 2,165 Tenant rental deposits 11,482 11,905 13,984 14,070 Tax payable Current liabilities corporate tax payable 1,860 10,448 1,860 10,448 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2401-4": {
"value": "18. Trade and other payables and tax payable 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000* Current liabilities Interest payable 14,826 8,612 Lease liabilities 1,039 1,169 Local and property tax payable 1,623 1,149 Payable on purchased property/extensions 8,887 14,006 Rent received/invoiced in advance 32,816 27,983 Service charge accruals 8,987 4,833 VAT payable 4,343 4,393 Gift card debts 3,801 3,577 Amounts payable related to personnel 6,383 5,541 Trade payables and other credtors 27,892 22,569 110,597 93,832 Non-current liabilities Lease liabilities 2,502 2,165 Tenant rental deposits 11,482 11,905 13,984 14,070 Tax payable Current liabilities corporate tax payable 1,860 10,448 1,860 10,448 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2401-5": {
"value": "18. Trade and other payables and tax payable 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000* Current liabilities Interest payable 14,826 8,612 Lease liabilities 1,039 1,169 Local and property tax payable 1,623 1,149 Payable on purchased property/extensions 8,887 14,006 Rent received/invoiced in advance 32,816 27,983 Service charge accruals 8,987 4,833 VAT payable 4,343 4,393 Gift card debts 3,801 3,577 Amounts payable related to personnel 6,383 5,541 Trade payables and other credtors 27,892 22,569 110,597 93,832 Non-current liabilities Lease liabilities 2,502 2,165 Tenant rental deposits 11,482 11,905 13,984 14,070 Tax payable Current liabilities corporate tax payable 1,860 10,448 1,860 10,448 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2466-2": {
"value": "19. Borrowings 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 1,519,062 1,645,779 Drawdown of funds 381,531 145,215 Repayments (349,134) (245,347) Exchange rate movement 603 (27,519) Movement prepaid borrowing costs 1,086 934 Book value at end of year 1,553,148 1,519,062 19. Borrowings continued Borrowings \u20ac\u2019000 Borrowing cost \u20ac\u2019000 31-12-23 \u20ac\u2019000 Fair value \u20ac\u2019000 31-12-23 % 31-12-22 \u20ac\u2019000 Fair value 3\u20ac\u2019000 1-12-22 % Borrowings with floating interest rate 1,293,886 (4,800) 1,289,086 1,289,086 83 1,105,630 1,105,630 73 Borrowings with fixed interest rate 265,775 (1,713) 264,062 260,472 17 413,432 404,102 27 Total borrowings 1,559,661 (6,513) 1,553,148 1,549,558 100 1,519,062 1,509,732 100 The fair value of the borrowings with a fixed interest rate from drawdown date to maturity is based on a model taking into account the appropriate interest rate curve of the underlying loan. The fair value of the floating interest rate loans is considered equal to the relevant carrying value, as the impact of the margin of the loans is not material. The borrowings are all directly from major banks, with an average committed unexpired term of almost three years. Borrowings of \u20ac1,493 million are secured on property (31 December 2022: \u20ac1,516 million). The average interest rate during the financial year ended 31 December 2023 on non-current borrowings including hedges was 2.9% (2022: 2.2%). The average interest rate is calculated as the weighted average interest rate over the remaining principals until the respective interest maturity dates. There have been no defaults during the financial year in respect of any of the borrowings at 31 December 2023. Borrowings maturity profile 31-12-23 31-12-22 Secured \u20ac\u2019000 Unsecured \u20ac\u2019000 Total borrowings \u20ac\u2019000 Average interest rate as %Total borrowings \u20ac\u2019000 Current borrowings 173,614 60,008 233,622 3.0 196,339 Non-current borrowings: One to two years 405,940 0 405,940 n.a. 173,476 Two to five years 708,207 0 708,207 n.a. 931,602 Five to ten years 211,892 0 211,892 n.a. 225,245 More than ten years 0 0 0 n.a. 0 Total non-current borrowings 1,326,039 0 1,326,039 2.8 1,330,323 Borrowing costs (6,513) 0 (6,513) (7,600) Total borrowings 1,493,140 60,008 1,553,148 2.9 1,519,062 Currency and interest rate profile Fixed rate borrowings \u20ac\u2019000* Floating rate borrowings \u20ac\u2019000** Total borrowings \u20ac\u2019000 Average interest rate at 31 December % Average interest Amaturity in years verage maturity of borrowings in years 2023 Euro 212,468 1,026,986 1,239,454 4.7 5.7 2.9 Swedish krona 53,307 266,900 320,207 5.4 2.7 2.4 Borrowing costs (1,713) (4,800) (6,513) n.a. n.a. n.a. 264,062 1,289,086 1,553,148 4.8 5.1 2.8 2022 Euro 219,892 983,844 1,203,736 2.6 5.7 4.0 Swedish krona 195,517 127,409 322,926 2.7 2.0 1.4 Borrowing costs (1,977) (5,623) (7,600) n.a. n.a. n.a. 413,432 1,105,630 1,519,062 2.6 5.4 3.4 * Fixed rate borrowings consist of ten fixed rate loans and external floating interest rate financing for which fixed interest rate swaps are in place with a remaining term of more than one year. ** Floating rate borrowings consist of all external financing with a remaining interest period of less than one year taking into account the effect of interest rate swaps. The table above shows the average interest rate of the Group at December 2023 excluding the effect of the interest rate swaps (4.8%). The average interest rate at December 2023 including the effect of interest rate swaps was 3.2%. At 31 December 2023 the Group had in total green and sustainability loans for a nominal amount of \u20ac602.0 million (\u20ac522.8 million group share). There are four green loans for a total amount of \u20ac385.5 million (\u20ac306.3 million group share), three sustainability linked loans for a total amount of \u20ac 100 million and two green and sustainability linked loans for a total amount of \u20ac116.5 million. The Group aims to further increase the number of its green and sustainability linked loans, by upgrading the loans expiring at maturity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2726-2": {
"value": "20. Financial instruments Financial risks In the normal course of business the Group is exposed to credit risks, liquidity risks, interest rate risks and foreign currency risks. The overall risk management policy focuses on the unpredictable nature of the financial markets with emphasis on minimising any negative impact on the financial performance of the business. The Group closely monitors its financial risks linked to its activities and the financial instruments it uses. However, as the Group is a long-term property investor, it believes that the funding of its investments should also be planned on a long-term basis, reflecting the overall risk profile of the business. Foreign currency risk Foreign exchange risk is the risk that the profitability and shareholders\u2019 equity of the Group might be affected by currency fluctuations. Individual subsidiaries primarily execute their operating activities in their respective functional currencies which primarily comprise the euro and the Swedish krona. As a result, the Company has only a rather limited foreign currency exposure related to its day-to-day operations in the various countries. Since the financial reporting currency of the Company is the euro, the financial statements of those non-euro operating subsidiaries are translated so that the financial results can be presented in the Company\u2019s consolidated financial statements. Due to Swedish property investments, the Group is exposed to the Swedish krona, the only material foreign currency exposure for the Group. However, due to SEK loan facilities, this exposure is partly hedged. SEK borrowings amount to \u20ac319 million (31 December 2022: \u20ac323 million). The total property investments in Sweden are \u20ac791 million (31 December 2022: \u20ac815 million). Therefore, about 40% of this SEK exposure is hedged through these borrowings at 31 December 2023 (31 December 2022: 40%). The remaining exposure is relatively limited compared with the total size of the portfolio and will, in principle, not be hedged. A weakening of this currency by 5% would result, for example, in a decrease of shareholders\u2019 equity of only 1% and in a decrease of only 1.1% of direct investment result. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2733-2": {
"value": "Credit risk The credit risk is defined as the unforeseen losses on assets if counterparties should default. The credit risk associated with lease debtors is determined through a detailed analysis of the outstanding debt and mitigated by requiring deposits, upfront payments or bank guarantees from tenants to cover rents for a limited period. The risk is further reduced by investing in mature markets and by choosing major tenants also on the basis of their financial strength. The carrying amounts of the financial assets represent the maximum credit risk and were made up as follows: Carrying amounts of financial assets Note 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Receivables 16 69,939 65,222 Derivative financial instruments 33,275 62,006 Cash and deposits 17 40,518 65,307 143,732 192,535 The ageing analysis of the receivables on the balance sheet date was as follows: 31-12-23 31-12-22 Rents receivable \u20ac\u2019000 Provision for bad debts (expected credit loss) re\u20ac\u2019000 Other ceivables \u20ac\u2019000 Receivables \u20ac\u2019000Rents receivable \u20ac\u2019000 Provision for bad debts re\u20ac\u2019000 Other ceivables \u20ac\u2019000 Receivables \u20ac\u2019000 Not due 21,582 (584) 0 20,998 24,213 0 0 24,213 Overdue by 0\u201390 days 606 (2,648) 47,370 45,328 5,263 (2,747) 35,003 37,519 Overdue by 90\u2013120 days 1,506 (1,760) 0 (254) 1,205 (1,092) 0 113 Overdue by more than 120 days 12,558 (8,691) 0 3,867 12,382 (9,005) 0 3,377 36,252 (13,683) 47,370 69,939 43,063 (12,844) 35,003 65,222 With respect to the rents receivable, the Group holds rental deposits from its tenants totalling \u20ac13.9 million (31 December 2022: \u20ac13.5 million) in addition to bank guarantees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2844-2": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets at a reasonable price. In order to reduce liquidity risk, the repayment dates of borrowings are well spread over time and 85% of borrowings are long term, with 14% of borrowings with a remaining term of over five years. The Group aims to enter into long-term loans, preferably five to ten years or longer. At the balance sheet date the average maturity of the borrowings was almost over three years. Group net borrowings on a proportional consolidated basis will not exceed 60% of the fair value of the property portfolio on a proportional consolidated basis, which further mitigates risk. The ratios to which the Group has committed itself are monitored at regular intervals. The loan to value ratio at 31 December 2023 was 42.3% on IFRS basis and 42.5% on a proportional consolidated basis (31 December 2022: 39.9% and 40.4% respectively). Apart from these obligations and commitments, the Netherlands Fiscal Investment Institution status of the Company imposes borrowing limits and requires the Company to distribute its fiscal income as a dividend to the shareholders. The risk related to the possible defaults of the Group\u2019s counterparties is minimised by dealing directly with a number of reputable banks for all its borrowings, interest rate swaps, foreign exchange contracts and deposits. These banks in their position as lenders have a credit rating AA- (14%), A+ (16%), A (23%), A- (19%) BBB (19%), BBB- (2%), BB (4%) and 3% have no rating according to Fitch; and Aa3 (48%), A3 (12%), Baa1 (29%), Baa3 (4%), and 5% have no rating according to Moody\u2019s. The Group monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables and monitors rent collection and possible arrears. For further disclosures on the liquidity risk, we refer to the going concern paragraph in note 1b. Basis of preparation of the consolidated financial statements. 20. Financial instruments continued The following table shows the undiscounted contractual flows required to pay the Company\u2019s financial liabilities: Undiscounted cash flows 31-12-23 31-12-22 Total cash flows \u20ac\u2019000 Less than 1 year \u20ac\u2019000 1\u20135 years \u20ac\u2019000 More than \u20ac\u2019000Total cash flows \u20ac\u2019000 Less than 1 year \u20ac\u2019000 1\u20135 years \u20ac\u2019000 More than 5 years \u20ac\u2019000 Non-current borrowings 1,326,039 0 1,114,147 211,892 1,330,323 0 1,105,078 225,245 Current borrowings 233,622 233,622 0 0 196,339 196,339 0 0 Interest derivative financial instruments (10,715) (2,097) (18,552) 9,934 (48,148) (13,465) (42,731) 8,048 Financial liability related to put option non-controlling interest 0 0 0 0 67,000 0 67,000 0 Interest on borrowings 154,643 66,276 80,278 8,089 185,463 52,015 119,791 13,657 Non-current creditors 13,816 1,369 10,299 2,148 13,541 6,631 4,672 2,238 Current creditors 109,558 109,558 0 0 92,663 92,663 0 0 Current tax payable 1,860 1,860 0 0 10,448 10,448 0 0 1,828,823 410,588 1,186,172 232,063 1,847,629 344,631 1,253,810 249,188 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2997-2": {
"value": "Interest rate risk The Company operates a defensive interest rate hedging policy by using derivatives to protect the Company against increases in interest rates. The Company intends to hedge the majority of its loans outstanding for the medium to long term (five to 15 years). The fair value (mark to market) of the current interest rate hedge instruments as at 31 December 2023 is a positive value of \u20ac10,7 million (31 December 2022: positive \u20ac48.6 million). The interest rate hedge instruments as at 31 December 2023 have a weighted average maturity of over five years and the Company is hedged at an average interest rate of 2.0% (31 December 2022: 1.6%). Only 21% (31 December 2022: 14%) of the total borrowings is at a floating rate without interest hedge. An increase in interest rates of 1% would therefore only have a limited negative impact of an additional annual interest expense of \u20ac3.3 million (31 December 2022: \u20ac2.1 million) or 2.6% (31 December 2022: 2%) of reported direct investment result. If at 31 December 2023, the euro interest curve and the Swedish krona interest curve were 50 basis points higher, the fair value movement for derivative financial instruments would have increased the shareholders\u2019 equity by \u20ac20.0 million. If the interest curves were 50 basis points lower, the fair value movement for derivative financial instruments would have decreased the shareholders\u2019 equity by \u20ac21.2 million. Both calculations assume that all other variables were held constant and do not take into account the impact of deferred taxes. Maturity profile derivative financial instruments 31-12-23 Notional amount \u20ac\u2019000 31-12-23 Fair value \u20ac\u2019000 31-12-22 Notional amount \u20ac\u2019000 31-12-22 Fair value \u20ac\u2019000 Up to one year 96,006 2,097 84,781 433 From one year to two years 140,400 4,922 135,911 5,093 From two years to five years 410,298 13,630 329,200 21,940 From five years to ten years 229,654 5,197 284,721 31,977 Over ten years 85,000 (15,131) 85,000 (10,782) 961,358 10,715 919,613 48,661 20. Financial instruments continued Derivative financial instruments comprise the fair value of interest rate swap contracts entered into to hedge the Group\u2019s interest rate exposure. In addition to the notional amounts of the derivative financial instruments presented in the previous table, the financial instruments portfolio as per the balance sheet date includes forward starting interest rate swaps to extend existing interest rate swaps then maturing for a notional amount of \u20ac105 million (31 December 2022: \u20ac20 million). Although the notional amounts of the aforesaid financial instruments are not included in the previous table, the fair value of these financial instruments is included. Moreover, the IFRS reporting does not include the additional interest rate swaps of the 50% owned Italian joint venture company Galleria Verde for a total notional amount of \u20ac95 million (Group share). The Company accounts for the purchase/sale of an interest rate swap at its transaction date. Effective interest rate and ageing analysis The following table shows the effective interest rate (variable rate is based on Euribor/Stibor as at 31 December 2023) on financial assets on which interest is receivable and liabilities on which interest is payable as at the balance sheet date. This table also includes an ageing analysis according to interest rate revision dates of these assets and liabilities. 31-12-23 31-12-22 Borrowings floating rate Borrowings fixed rate Swaps fixed rate paid Swaps floating rate received Borrowings floating rate Borrowings fixed rate Swaps fixed rate paid Swaps floating rate received Effective interest rate (%) 5.42 1.87 1.37 4.00 2.86 2.00 1.13 1.53 Up to one year (\u20ac\u2019000) 224,886 8,736 96,006 96,006 46,581 149,758 84,781 84,781 From one year to two years (\u20ac\u2019000) 397,063 8,878 140,400 140,400 164,743 8,732 135,911 135,911 From two years to five years (\u20ac\u2019000) 633,237 74,969 410,298 410,298 856,028 75,574 329,200 329,200 From five years to ten years (\u20ac\u2019000) 38,700 173,192 229,654 229,654 43,900 181,345 284,721 284,721 Over ten years (\u20ac\u2019000) 0 0 85,000 85,000 0 0 85,000 85,000 1,293,886 265,775 961,358 961,358 1,111,252 415,409 919,613 919,613 The following table shows the periods in which the interest cash flows (variable interest is based on Euribor/Stibor as at 31 December 2023) on both borrowings and derivatives are expected to occur on the basis of the loan and interest rate swap agreements entered into by the Group, as per the balance sheet date: Interest cash flows 31-12-23 Borrowings floating rate \u20ac\u2019000 Borrowings fixed rate \u20ac\u2019000 Swaps fixed rate \u20ac\u2019000 Swaps floating rate \u20ac\u2019000 Total \u20ac\u2019000 Up to one year 61,343 4,933 12,904 (32,935) 46,245 From one year to two years 33,957 4,751 12,618 (16,784) 34,542 From two years to five years 30,266 11,304 30,598 (32,836) 39,332 From five years to ten years 1,384 6,705 19,020 (15,765) 11,344 Over ten years 0 0 37,328 (26,906) 10,422 126,950 27,693 112,468 (125,226) 141,885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3064-2": {
"value": "Changes in net derivative financial instruments for the financial year ended 31 December 2023 were as follows: Net derivative financial instruments 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 48,661 (90,444) Fair value movement derivative financial instruments (37,847) 139,290 Exchange rate movement (99) (185) Book value at end of year 10,715 48,661 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3235-2": {
"value": "Fair value of financial instruments The financial statements have been prepared on an historical cost basis, except for property investments, property investments under development, property investments held for sale and some of the financial instruments, which are carried at fair value. IFRS 9 contains the following principal classification categories for financial assets and liabilities: A. Financial assets and liabilities measured at amortised cost; and C. Financial assets at fair value through P&L. 20. Financial instruments continued The carrying amounts of the financial instruments and their fair values were as follows: Note Categories in accordance with IFRS 9 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Carrying amount Fair valueCarrying amount Fair value Receivables 16 A 69,939 69,939 65,222 65,222 Derivative financial instruments C 33,275 33,275 62,006 62,006 Cash and deposits 17 A 40,518 40,518 65,307 65,307 143,732 143,732 192,535 192,535 Creditors 18 A 126,442 126,442 118,348 118,348 Borrowings 19 A 1,559,661 1,549,558 1,519,062 1,509,732 Put option liability non-controlling interest 22 A 0 0 63,448 63,448 Derivative financial instruments C 22,560 22,560 13,345 13,345 1,708,663 1,698,560 1,714,203 1,704,873 The fair values of the financial instruments were determined as explained in the principal accounting policies (note 1) to the extent that for those borrowings with a fixed interest rate (carrying amount of \u20ac265,775,000), the fair value was based upon the relevant yield curves. For the borrowings with a floating interest rate (carrying amount of \u20ac1,293,886,000), the carrying amount is deemed to approximate the fair value because the floating interest rate approximates the market interest rate and own credit risk is not deemed material. Due to their short-term nature the carrying amount approximates to fair value for the other balance sheet items. Fair value hierarchy All derivative financial instruments are at level 2. For the level 2 derivative financial instruments the Group uses a model to determine the fair value with inputs that are directly or indirectly observable market data. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3338-2": {
"value": "21. Deferred tax liabilities Deferred tax liabilities are attributable to the following items in the current financial year: 31-12-22 \u20ac\u2019000 Recognized in profit or loss \u20ac\u2019000 Release to profit or loss due to property sale t\u20ac\u2019000 Reallocation o tax payable \u20ac\u2019000 Exchange rate movement \u20ac\u2019000 31-12-23 \u20ac\u2019000 Investment property (100,182) (12,050) 0 0 (8) (112,240) Derivative financial instruments (23,540) 8,300 0 0 (6) (15,246) Tax value of loss carry-forwards recognized 12,240 (1,605) 0 0 (1) 10,634 Total deferred tax liabilities (111,482) (5,355) 0 0 (15) (116,852) As at 31 December 2023, the total amount of deferred tax liabilities of \u20ac116.9 million is for an amount of \u20ac74.6 million related to Sweden and for an amount of \u20ac42.3 million to Italy. Deferred tax liabilities were attributable to the following items in the previous reporting period : 31-12-21 \u20ac\u2019000 Recognized in profit or loss \u20ac\u2019000 Release to profit or loss due to Rproperty sale \u20ac\u2019000 eallocation to tax payable \u20ac\u2019000 Exchange rate movement \u20ac\u2019000 31-12-22 \u20ac\u2019000 Investment property (84,014) (23,016) 0 0 6,848 (100,182) Derivative financial instruments (4) (23,567) 0 0 31 (23,540) Tax value of loss carry-forwards recognized 0 12,240 0 0 12,240 Total deferred tax liabilities (84,018) (34,343) 0 0 6,879 (111,482) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3436-2": {
"value": "22. Put option liability non-controlling interest Changes in put option liability non-controlling interest for the financial year ended 31 December 2023 were as follows: Financial liability related to the put option non-controlling interest 31-12-23\u20ac\u2019000 31-12-22\u20ac\u2019000 Book value at beginning of year (63,448) (55,769) Interest put option non-controlling interest (2,377) Movement of put option non-controlling interest Belgium (5,302) Exercise of put option non-controlling interest Belgium Book value at end of year 0 (63,448) In April 2023 AG Insurance, the minority shareholder of ECP Belgium, exercised the put option and Eurocommercial Properties N.V. purchased the remaining shares of ECP Belgium. As a result of the exercise of the put option and the settlement of the payment, the put option liability non-controlling interest no longer exists. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3458-2": {
"value": "23. Provision for pensions The provision for pensions is related to one defined benefit plan in the United Kingdom. The plan has no active members, neither for the comparative figures and no new members have entered the scheme since 2001. The scheme is based on a final salary plan with a pensionable salary cap and the Company expects no new members in the scheme in the near future. In November 2023 the Trustee of the Scheme entered into a contract with Aviva Life & Pensions UK Limited for the purchase of a bulk annuity insurance policy to secure the benefits of all members of the Scheme with the insurance company. As a result of these transactions, the Scheme\u2019s assets as per 31 December 2023 consist of the bulk annuity policy from Aviva and a remaining cash amount of \u20ac330,000. A total amount of \u20ac4,085,000, consisting of the actuarial result (\u20ac3,080,000) and the effects of the asset ceiling (\u20ac382,000) recorded in the other comprehensive income in accordance with the actuarial report for the period ended 31 December 2023 and an amount of \u20ac623,000 for other movements including advisory fees are recorded in the Other Comprehensive Income. Reference is also made to note 27 Currency translation reserves and other reserves. The major categories of plan assets are as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Insured annuity policy 7,418 0 Cash and cash equivalents 330 246 Unquoted investment funds \u2013 mixed 0 7,125 7,748 7,371 23. Provision for pensions (continued) Changes in the defined benefit obligation and fair value of plan assets in the current and previous financial reporting year/period: Fair value of plan assets 31-12-23 \u20ac\u2019000 Defined benefit obligation 31-12-23 \u20ac\u2019000 Benefit liability 31-12-23 \u20ac\u2019000 Fair value of plan assets 31-12-22 \u20ac\u2019000 Defined benefit obligation 31-12-22 \u20ac\u2019000 Benefit liability 31-12-22 \u20ac\u2019000 Book value at beginning of year 7,371 (7,940) (569) 11,341 (12,503) (1,162) Interest income/(expenses) 459 (391) 68 202 (227) (25) Pension cost charged to profit or loss account 459 (391) 68 202 (227) (25) Return on plan assets (2,967) 0 (2,967) (4,167) 0 (4,167) Actuarial changes arising from changes in assumptions 0 43 43 0 4,593 4,593 Experience adjustments 0 (156) (156) 0 (420) (420) Actuarial result on pension scheme charged to OCI (2,967) (113) (3,080) (4,167) 4,173 6 Buy-in 3,970 0 3,970 564 0 564 Benefits paid (72) 72 0 (62) 62 0 Effects of asset ceiling 0 (382) (382) 0 0 0 Exchange rate movement (24) 17 (7) (507) 555 48 Book value at end of year 8,737 (8,737) 0 7,371 (7,940) (569) The principal assumptions used in determining the pension obligations for the Group\u2019s plan are set out as follows for the year ended 31 December 2023. The discount rate is 4.6% (31 December 2022: 4.8%) and pension increase is 3.1% (31 December 2022: 3.2%). The life expectancy for pensioners at the age of 60 is 25.9 years and 28.0 years for men and women respectively (31 December 2022: men 26.3 years and women 28.5 years). A quantitative sensitivity analysis for material assumptions as at 31 December 2023 is as shown below: Year Discount rate: 0.25% increase 0Discount rate: .25% decrease Rate of inflation: 0.25% increase Rate of inflation: 0.50% increase Life expectancy: 1 year increase 31 December 2023 Liabilities (\u20ac\u2019000) 8,364 8,099 8,629 8,112 8,572 The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. The duration of the liabilities of the Scheme is approximately 18 years as at 31 December 2023 (31 December 2022: approximately 18 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3641-2": {
"value": "24. Leases A. Leases as lessor (IFRS 16) The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. For the recognised rental income and the maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date, reference is made to note 4 of these statements. B. Leases as lessee (IFRS 16) The Group leases office space and company cars. i. Right-of-use assets Right\u2011of\u2011use assets related to leased properties that do not meet the definition of investment property are presented as tangible fixed assets (see Note 15). 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Balance at the beginning of year 3,235 2,499 Additions to right-of-use assets 1,522 1,942 Disposal of right-of-use assets (146) (49) Depreciation for the period (1,135) (1,124) Exchange rate movement (13) (33) Balance as at the end of year 3,463 3,235 ii. Lease liabilities The current and non-current portions of the Company\u2019s lease liabilities are presented as current liabilities and non-current liabilities respectively (see Note 18). 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Balance at the beginning of the financial year 3,334 2,580 Lease payments for the period (1,227) (1,167) Additions to lease liabilities 1,522 1,942 Disposal of lease liabilities (146) (49) Interest expenses 71 60 Exchange rate movement (13) (32) Balance as at the end of the financial year 3,541 3,334 During the financial year 2023, several additions or renewals of lease contracts have been taken up by Eurocommercial Properties N.V. to align with the prevailing market conditions, the IBR percentage was updated using the Country Risk Premium and an average company Credit Spread of 0.038%. The adjusted IBR percentage was implemented for leases which commenced in 2023. For leases that were previously recorded, the initial interest rate percentage remained at 2% as there were no substantial changes to the lease amounts or modifications to the lease terms. The Company uses a discount rate of 3% in France, 4.2% in Italy, 2.8% in Netherlands and 2.5% in Sweden. iii. Amounts recognised in profit or loss Twelve months ended 31-12-23 \u20ac\u2019000 Twelve months ended 31-12-22 \u20ac\u2019000 Interest from lease liabilities 71 60 Depreciation right-of-use assets 1,135 1,124 Expenses related to short-term and/or low-value leases 261 27 Total 1,467 1,211 iv. Amounts recognised in statement of cash flows Twelve months ended 31-12-23 \u20ac\u2019000 Twelve months ended 31-12-22 \u20ac\u2019000 Lease payments of lease liabilities 1,227 1,167 Interest expenses on lease liabilities 71 60 Total cash outflow for leases 1,298 1,227 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3752-2": {
"value": "25. Issued share capital Share capital comprises of 100,000,000 authorised shares of \u20ac10 par value, of which 53,781,691 shares are issued and fully paid as at 31 December 2023 and of which 506,924 were bought back as at 31 December 2023. The weighted average number of shares in issue in the current financial year is 53,060,280. The number of shares in issue (after deduction of shares bought back) as per 31 December 2023 is 53,274,767. The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders\u2019 meetings of the Company. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 533,492 526,539 Dividend paid in shares 4,325 6,953 Book value at end of year 537,817 533,492 On 7 July 2023 the Company paid a final cash dividend of \u20ac1.00 per share and shareholders were offered the option to choose for stock dividend instead of cash dividend, which gave 1 new share for every 24 existing shares. As a result of the aforementioned stock dividend 432,529 shares were issued with a nominal value of \u20ac 10 each, which increased the nominal share capital of the Company with \u20ac4,325,290. 2023 2022 No. of sharesNo. of shares Number of shares on issue at beginning of year 53,349,162 52,653,917 Shares issued for dividend paid in shares 432,529 695,245 Number of shares on issue at end of year 53,781,691 53,349,162 Number of shares bought back at beginning of year (506,924) (506,924) Number of shares bought back at end of year (506,924) (506,924) Number of shares at end of year after deduction of shares bought back 53,274,767 52,842,238 Net asset value per share The net asset value per share is \u20ac37.68 at 31 December 2023 (31 December 2022: \u20ac38.68). Shares bought back During the current financial year no shares were bought back and as per 31 December 2023 the number of shares bought back remains 506,924. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3752-3": {
"value": "25. Issued share capital Share capital comprises of 100,000,000 authorised shares of \u20ac10 par value, of which 53,781,691 shares are issued and fully paid as at 31 December 2023 and of which 506,924 were bought back as at 31 December 2023. The weighted average number of shares in issue in the current financial year is 53,060,280. The number of shares in issue (after deduction of shares bought back) as per 31 December 2023 is 53,274,767. The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The shareholders are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders\u2019 meetings of the Company. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 533,492 526,539 Dividend paid in shares 4,325 6,953 Book value at end of year 537,817 533,492 On 7 July 2023 the Company paid a final cash dividend of \u20ac1.00 per share and shareholders were offered the option to choose for stock dividend instead of cash dividend, which gave 1 new share for every 24 existing shares. As a result of the aforementioned stock dividend 432,529 shares were issued with a nominal value of \u20ac 10 each, which increased the nominal share capital of the Company with \u20ac4,325,290. 2023 2022 No. of sharesNo. of shares Number of shares on issue at beginning of year 53,349,162 52,653,917 Shares issued for dividend paid in shares 432,529 695,245 Number of shares on issue at end of year 53,781,691 53,349,162 Number of shares bought back at beginning of year (506,924) (506,924) Number of shares bought back at end of year (506,924) (506,924) Number of shares at end of year after deduction of shares bought back 53,274,767 52,842,238 Net asset value per share The net asset value per share is \u20ac37.68 at 31 December 2023 (31 December 2022: \u20ac38.68). Shares bought back During the current financial year no shares were bought back and as per 31 December 2023 the number of shares bought back remains 506,924. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3822-2": {
"value": "Performance shares The Performance Share Plan (PSP) provides for an annual grant of free long-term performance shares for all employees and members of the Board of Management and is conditional upon the meeting of Company performance targets and that the employee remains with the Company for more than three years from the grant date of the performance shares and holds them from that vesting date for a further two years. All permanent employees and Directors of the Company are entitled to the scheme. The calculation is based on a Black, Scholes and Merton option valuation model. The fair value of the performance shares is based on the share price at grant date and a number of assumptions to be made relating to the expected volatility, risk free interest rate, dividend yield and the remaining life of the instruments. 25. Issued share capital continued Performance Share Plan (PSP) PSP 2023 PSP 2022 Total Grant date 15-06-2023 01-07-2022 Vesting date 15-06-2026 01-07-2025 Share price at grant date \u20ac21.06 \u20ac20.22 Dividend yield 7.32% 7.07% Fair value per performance share \u20ac15.38 \u20ac16.36 Performance shares granted 173,752 45,860 219,612 Performance shares forfeited (1,428) (2,713) (4,141) Outstanding performance shares at end of the year 172,324 43,147 215,471 Movements in the number of performance shares during the year PSP 2023 PSP 2022 Total Performance shares at beginning of year 0 45,860 45,860 Performance shares granted 173,752 0 173,752 Performance shares forfeited (1,428) (2,713) (4,141) Outstanding performance shares at end of year 172,324 43,147 215,471 The expenses for the performance shares granted (IFRS 2) are \u20ac799,029 positive (2022: \u20ac74,000 negative). The outstanding performance shares as per 31 December 2023: 215,381 (31 December 2022: 45,860). As at 31 December 2023, the outstanding performance shares represent 0.4% of the issued share capital (31 December 2022: 0.09%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3890-2": {
"value": "26. Share premium reserve 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 263,774 263,853 Performance shares granted (IFRS 2) 674 (75) Dividend paid in shares (4,325) 0 Cost for dividends paid (6) (4) Book value at end of year 260,117 263,774 27. Currency translation reserve and other reserves Other reserves 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 1,129,675 1,102,916 Profit previous financial year 116,190 4,221 Acquisition of put-option non-controlling interest 68,081 0 Dividend paid in shares 10,381 15,295 Buy-in (4,085) 6 Reallocation currency translation movements 0 7,237 Book value at end of year 1,320,242 1,129,675 Currency translation reserve 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year (83,812) (40,293) Foreign currency translation differences (312) (36,282) Reallocation currency translation movements 0 (7,237) Book value at end of year (84,124) (83,812) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3890-3": {
"value": "26. Share premium reserve 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 263,774 263,853 Performance shares granted (IFRS 2) 674 (75) Dividend paid in shares (4,325) 0 Cost for dividends paid (6) (4) Book value at end of year 260,117 263,774 27. Currency translation reserve and other reserves Other reserves 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year 1,129,675 1,102,916 Profit previous financial year 116,190 4,221 Acquisition of put-option non-controlling interest 68,081 0 Dividend paid in shares 10,381 15,295 Buy-in (4,085) 6 Reallocation currency translation movements 0 7,237 Book value at end of year 1,320,242 1,129,675 Currency translation reserve 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Book value at beginning of year (83,812) (40,293) Foreign currency translation differences (312) (36,282) Reallocation currency translation movements 0 (7,237) Book value at end of year (84,124) (83,812) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3957-2": {
"value": "28. Non-controlling interest Non-controlling interest was related to the 25.63% stake in Eurocommercial Properties Belgium S.A. owned by AG Insurance as a result of the contribution in kind made in 2019 of the Inno department store, which is part of the Woluwe shopping centre. 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Non-current assets 0 578,090 Current assets 0 11,309 Non-current liabilities 0 (312,981) Current liabilities 0 (11,204) Net assets 0 265,214 Result after taxation 0 22,539 Total comprehensive income 0 22,539 Calculation value minority shares Balance at the beginning of the year 67,305 61,528 Profit after taxation contributable to non-controlling interest 776 5,777 Reallocation to equity after acquisition of non-controlling interest (68,081) 0 Equity attributable to non-controlling interest at the end of the year 0 67,305 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4007-2": {
"value": "29. Earnings per share Basic earnings per share The Company\u2019s shares are listed on Euronext Amsterdam, Brussels and Milan. The calculation of basic earnings per share of negative \u20ac0.51 at 31 December 2023 (2022: positive \u20ac3.80) was based on the result attributable to shareholders of negative \u20ac26.9 million (31 December 2022: positive \u20ac200.7 million) and the average number of shares on issue (after deduction of shares bought back) during the financial year was 53,060,280 as calculated below. Result attributable to shareholders: 31-12-23 \u20ac\u2019000 Result for the year (26,872) Average issued shares (after deduction of shares bought back) at beginning of the year 52,842,238 Effect of number of shares issued (dividend in shares) 218,042 Average number of shares on issue (after deduction of shares bought back) over the year 53,060,280 Diluted earnings per share The calculation of diluted earnings per share of negative \u20ac0.51 at 31 December 2023 (2022: positive \u20ac3.80) was based on the result attributable to holders of shares of negative \u20ac26.9 million (31 December 2022: positive \u20ac200.7 million) and the diluted average number of outstanding shares was 53,191,780 as calculated below. Result attributable to shareholders (diluted): 31-12-23 \u20ac\u2019000 Result for the year (26,872) Average number of shares on issue (after deduction of shares bought back) over the year 53,060,280 Effect of issued and forfeited performance shares 131,500 Average number of shares (diluted) over the year 53,191,780 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4049-2": {
"value": "30. Commitments not included in the balance sheet The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of \u20ac2.4 million for the refurbishment of shopping centre Fiordaliso. In addition, the Company is committed to complete some activities linked to the Curno extension project agreed with Municipality of Curno for an estimated residual amount \u20ac1.2 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4049-3": {
"value": "30. Commitments not included in the balance sheet The Company is committed to contribute to its Italian joint venture company Galleria Verde S.r.l. a residual amount of \u20ac2.4 million for the refurbishment of shopping centre Fiordaliso. In addition, the Company is committed to complete some activities linked to the Curno extension project agreed with Municipality of Curno for an estimated residual amount \u20ac1.2 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4053-2": {
"value": "31. Capital management The primary objective of the Company\u2019s capital management is to ensure that capital is available for the long term. No changes have been made to these objectives, policies or processes during the financial year ended 31 December 2023. The Company monitors capital primarily using a loan to value ratio. The loan to value (LTV) ratio is defined as the (net) borrowings expressed as a percentage of the total value of property investments, property investments under development, property investments in joint ventures and property investments held for sale, calculated on a proportionally consolidated basis. The total values are net of any (estimated) purchasers\u2019 costs. The net debt will not exceed 60 per cent, which is also a covenant agreed with a number of banks financing the Group. The calculation of the LTV is as follows: Loan to value (on a proportional consolidated basis) 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Net borrowings (total borrowings less cash and deposits) 1,602,344 1,548,465 Property investments 3,575,898 3,642,946 Property investments held by joint ventures 195,860 189,900 Total property investments 3,771,758 3,832,846 LTV (%) 42.5% 40.4% All bank covenants are monitored at regular intervals. During the year the Company complied with its banking covenants. The most frequently agreed covenants in the loan agreements are a loan to value ratio and an interest cover ratio. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4087-2": {
"value": "32. Related parties Introduction Subsidiaries, minority shareholders and joint ventures of the Company, members of its Supervisory Board, Board of Management and the UK pension scheme are related parties. No transactions have been entered into with them other than those disclosed in this report. The Directors\u2019 fees recognised in the company expenses for the current financial year include an amount of \u20ac179,000 (2022: \u20ac155,000) in respect of gross remuneration paid to the members of the Supervisory Board to be specified as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 B.T.M. Steins Bisschop 61 61 E. Attout 47 47 K. Laglas 47 47 B.W. Roelvink 24 0 The Directors\u2019 fees also include salaries, bonuses, pension premiums and social security charges for the members of the Board of Management. The total remuneration for the members of the Board of Management for the current financial year can be specified as follows: E.J. van Garderen R. Fraticelli J.P.C. Mills 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Salary 475 475 508 508 460 469 Housing allowance 0 0 0 0 13 14 Bonus 189 332 202 356 185 322 Pension premiums (defined contribution plan) 75 82 0 70 94 88 Employers tax and social security charges 11 10 289 309 99 123 Performance shares granted (IFRS 2) 55 (5) 58 (5) 55 (5) 805 894 1,057 1,238 906 1,011 32. Related parties continued In accordance with the Company\u2019s remuneration policy the bonuses paid to members of the Board of Management are directly linked to the annual growth in the Company\u2019s adjusted net asset value, the annual absolute and the annual relative performance as per the end of the financial year of the listed shares of the Company compared with a peer group of ten listed retail property companies, as well as two ESG key performance indicators achieved for this financial year. For this financial year there was no growth of the adjusted net asset value per share. The total remuneration for the members of the Supervisory Board and the Board of Management for the financial year is \u20ac2,942,000 (2022: \u20ac3,298,000). The members of the Board of Supervisory Directors and the members of the Board of Management of Eurocommercial Properties N.V. have no personal interest in investments made by Eurocommercial Properties N.V. now nor at any time in the past year. The Company has no knowledge of property transactions taking place in the financial year under review with persons or institutions which can be considered to stand in a direct relationship to the Company. Performance shares In 2023, 56,905 performance shares have been granted to the Board of Management under the Performance Share Plan. At 31 December 2023, the outstanding performance shares held by the Board of Management represent 0.11% of the issued share capital. For more information about the Performance Share Plan, reference is made to note 25. 24.90% (\u20ac168,000) of the amount included in the consolidated statement of profit or loss (\u20ac674,000) as performance shares granted (IFRS 2) is related to the performance shares granted to the members of the Board of Management. Shareholdings As per 31 December 2023, E.J. van Garderen holds 35,000 shares, which includes 11,706 vested performance shares, in total representing 0.07% of the issued share capital of the Company. R. Fraticelli holds 31,637 shares, which includes 8,843 vested performance shares, in total representing 0.06% of the issued share capital of the Company. J.P.C. Mills holds 36,655 shares, which includes 12,602 vested performance shares, in total representing 0.07% of the issued share capital of the Company. None of the members of the Board of Supervisory Directors has any holdings in the Company with the exception of B.W. Roelvink, who holds 2,006 shares in the capital of the Company. Loans There are no loans granted to members of the Supervisory Board or members of the Board of Management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4087-3": {
"value": "32. Related parties Introduction Subsidiaries, minority shareholders and joint ventures of the Company, members of its Supervisory Board, Board of Management and the UK pension scheme are related parties. No transactions have been entered into with them other than those disclosed in this report. The Directors\u2019 fees recognised in the company expenses for the current financial year include an amount of \u20ac179,000 (2022: \u20ac155,000) in respect of gross remuneration paid to the members of the Supervisory Board to be specified as follows: 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 B.T.M. Steins Bisschop 61 61 E. Attout 47 47 K. Laglas 47 47 B.W. Roelvink 24 0 The Directors\u2019 fees also include salaries, bonuses, pension premiums and social security charges for the members of the Board of Management. The total remuneration for the members of the Board of Management for the current financial year can be specified as follows: E.J. van Garderen R. Fraticelli J.P.C. Mills 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 31-12-23 \u20ac\u2019000 31-12-22 \u20ac\u2019000 Salary 475 475 508 508 460 469 Housing allowance 0 0 0 0 13 14 Bonus 189 332 202 356 185 322 Pension premiums (defined contribution plan) 75 82 0 70 94 88 Employers tax and social security charges 11 10 289 309 99 123 Performance shares granted (IFRS 2) 55 (5) 58 (5) 55 (5) 805 894 1,057 1,238 906 1,011 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4236-2": {
"value": "33. Auditor\u2019s fee The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other consolidated companies, as referred to in section 2:382a(1) and (2) of the Netherlands Civil Code. KPMG Accountants N.V. 2023 N\u20ac\u2019000 Other KPMG etwork 2023 \u20ac\u2019000 Total KPMG 2023 \u20ac\u2019000 KPMG Accountants N.V. 2022 \u20ac\u2019000 Other KPMG Network 2022 \u20ac\u2019000 Total KPMG 2022 \u20ac\u2019000 Audit of the financial statements 349 526 875 331 499 830 Other audit engagements 9 24 33 17 21 38 Total audit fees 358 550 908 348 520 868 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4279-2": {
"value": "34. Post balance sheet events In February 2024, a new three-year loan of \u20ac17.5 million (\u20ac8.8 million group share) was signed with Banco BPM to refinance the previous loan on the retail park of Fiordaliso that expired in January 2024 and was repaid. In March 2024, the Company closed three five-year sustainability linked loans for a total amount of \u20ac100 million with ABN AMRO Bank on the centres of I Portali and Il Castello in Italy. In April 2024, the Company also entered into a five-year green loan for a total amount of SEK 700 million (circa \u20ac62.5 million) with Skandiviska Enskilda Banken AB on the Hallarna shopping centre. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-4285-2": {
"value": "35. Dividend distribution The Board of Management and the Board of Supervisory Directors propose to the Annual General Meeting of Shareholders, to be held on 11 June 2024 at 13.30 hours (CET), to declare a total dividend of \u20ac1.70 per share for the financial year ended 31 December 2023. A cash interim dividend of \u20ac0.64 per share was already paid on 30 January 2024 (31 December 2022: \u20ac1.60 total cash dividend per share). The distribution date of the final dividend of \u20ac1.06 per share will be Friday 5 July 2024. Holders of shares will also be offered the option of taking new shares from the Company\u2019s fiscal share premium reserve, instead of the final cash dividend payable. The price of these new shares will be announced on Friday 7 June 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:724500SFK53FPNM68L95",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}
}