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"s12_notes__7__5": {
"value": "Notes to the consolidated fi1 Reporting entityWereldhave N.V. (\u2018the Company\u2019) is an investment company which invests in real estate (shopping centers and offices). The property portfolio of Wereldhave N.V. and its subsidiaries (\u2018the Group\u2019) is located in Belgium, France and the Netherlands. The Group is principally involved in leasing investment property under operating leases. The property management is performed by Group management companies. The Company is a limited liability company incorporated in the Netherlands and domiciled in the Netherlands. The address of the Company\u2019s registered office is Schiphol Boulevard 233, 1118 BH Schiphol, the Netherlands. The shares of the Company are listed on the Euronext Stock Exchange of Amsterdam. The consolidated financial statements for the year ended 31 December 2022 were authorized for issue by the Supervisory Board on 10 March 2023 and will be presented to the shareholders for approval on 21 April 2023.2 Tax statusWereldhave N.V. has the tax status of an investment company (FBI status) in accordance with section 28 of the Dutch \u2018Wet op de Vennootschapsbelasting 1969\u2019. This status assumes that the Group is (almost) exclusively engaged in portfolio investment activities. As a consequence, corporation tax is due at a rate of 0% in the Netherlands, provided that certain conditions are met. The main conditions concern the requirement to distribute the taxable result as dividend and restrictions with regard to the leverage. The taxable result of Wereldhave N.V. must be distributed as a dividend to its shareholders within eight months after the year during which the result was made. In general terms, the leverage restrictions imply that investments in real estate (including qualifying real estate companies) may only be financed through debt up to a maximum of 60% of their value. For investments in other assets the maximum level of debt allowed is only 20%. There is no requirement to include capital gains, arising on disposal of investments, in the result to be distributed.nancial statementsThe subsidiaries in Belgium (OGVV status) and France (SIIC status) have a similar status. In Belgium the net value of one single asset may not exceed 20% of the total Belgium portfolio. Our largest asset in Belgium, Belle-\u00cele, is below this threshold of 20% at 31 December 2022.3 Accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.3.1 Basis of accountingStatement of complianceThe consolidated financial statements of Wereldhave N.V. have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code.Income and cash flow statementThe Group presents a separate \u2018statement of profit or loss\u2019 and \u2018other comprehensive income\u2019. The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid is presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group\u2019s business activities.Preparation of the consolidated financial statementsThe consolidated financial statements have been prepared on a going concern basis, applying a historical cost convention, except for the measurement of investment property and derivative financial instruments that have been measured at fair value.Accounting estimatesThe preparation of consolidated financial statements in conformity with EU-IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate.The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.32, 5 and 22.Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2022 the following standards became effective but did not have an impact on the Company's consolidated financial statements:\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Onerous Contracts: Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018\u20132020 \u2013 Amendments to IFRS 1, IFRS 9, illustrative examples accompanying IFRS 16 and IAS 41New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2022 and have not been applied in preparing these consolidated financial statements:\u2022 IFRS 17 Insurance Contracts\u2022 Classification of Liabilities as Current or Noncurrent \u2013 Amendments to IAS 1\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12\u2022 Sale or contribution of assets between an investor and its associate or joint venture - Amendments to IFRS 10 and IAS 28These changes are not expected to have a material impact on the companyin the current or future reporting periods and on foreseeable future transactions.3.2 ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Wereldhave recognizes acquisitions if IFRS 3R \u201cBusiness Combinations\u201d or IAS 40 \u201cInvestment Property\u201d applies. Acquisitions are considered a business combination if there is an acquisition of assets, rental activities and such, a management organization, that the acquired entity can operate as an independent company with the aim of generating economic results. Wereldhave does not necessarily consider acquisitions of properties within a legal company as a business combination but evaluates these acquisitions individually for the above operational characteristics.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred.For acquisitions of subsidiaries not meeting the definition of a business, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions or events do not give rise to goodwill.Consolidated financial statements are prepared using uniform accounting policies for similar transactions. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.3.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement for the year.Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented net in the income statement within other financial income and expenses. The following exchange rates against the euro, were used for these consolidated financial statements:average year-end2022 2021 2022 2021GBP 1.17287 1.16341 1.12951 1.18859USD 0.95007 0.84596 0.93414 0.87951CAD 0.72995 0.67485 0.68939 0.695773.4 Comprehensive incomeIn the statement of comprehensive income, no separate line for tax is included as there are no taxable items. This is due to the tax status of the Group and some subsidiaries.3.5 Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments mainly to hedge exchange rate and interest rate risks arising from financing activities. The Group does not hold any derivatives for trading purposes. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.Derivatives are initially measured at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of the reporting period. Changes in the fair value of derivatives that are not designated as hedging instruments are recognized in the income statement as they arise.The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges) or hedges of the fair value of recognized assets and liabilities (fair value hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expectedto offset each other.The Group uses hedging instruments such as interest and cross currency swaps. Transactions are entered into with a limited number of counterparties with strong credit ratings. Hedging operations are governed by internal policies and rules approved and monitored by the Board of Management.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts is separately accounted for as a cost of hedging and recognized in a cost of hedging reserve within equity.When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs. When the transaction is no longer expected to occur, the cumulative gain or loss and costs of hedging that were reported in equity are immediately reclassified to profit or loss.Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other financial income and expense.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.3.6 Investment propertyProperty that is held for long-term rental income or for capital appreciation or both, and that is not occupied by the companies in the consolidated Group, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. Investment property is measured initially at its cost, including related transaction costs. After this initial recognition, investment property is carried at fair value.Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date and adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow or capitalization projections. Valuations are performed as of the financial position dates 30 June and 31 December by professional independent external valuers who hold recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. The independent, certified valuers are instructed to determine the fair value of the property in accordance with the valuation standards as published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards Council (IVSC). These guidelines contain mandatory rules and best practice guidelines for valuers. Remuneration of valuers is based on a fixed fee per property.The valuations form the basis for the carrying amounts in the consolidated financial statements. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value.Relationship between significant unobservable Significant unobservable inputinputs and the fair value measurement\u2022 Growth forecast for market rent level The estimated fair value increases (decreases) if:\u2022 Periods of vacancy following expiration \u2022 The expected growth of market rent levels is of a leasehigher (lower)\u2022 Occupancy rate \u2022 The periods of vacancy are shorter (longer)\u2022 Rent-free periods and other lease incentives \u2022 The occupancy rate is higher (lower)\u2022 Theoretical net yield \u2022 The rent-free periods are shorter (longer)\u2022 The estimated maintenance costs / investments are lower (higher)\u2022 The net-yield is lower (higher)The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.Subsequent expenditure is capitalized to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.Changes in fair values are recognized in the income statement. Investment properties are derecognized when they have been disposed.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within net gain from fair value adjustment on investment property.If an investment property becomes owner-occupied, it is reclassified as property and equipment. Its fair value at the date of reclassification becomes its cost for subsequent accounting purposes.Properties eligible for disposal are classified as assets held for sale. In the case of sale of properties, the difference between net proceeds and book value is recognized in the income statement under results of disposal.Lease incentives, rent-free periods and other leasing expensesRent-free periods and investments made, or allowances granted to tenants by Wereldhave (\u201clease incentives\u201d) are allocated on a linear basis over the lease term. The lease term consists of the period until the first break option for the tenants, which period can be extended by management with the expected prolongation of the leases. In determining the property at fair value capitalized lease incentives are adjusted for the valuation results, to avoid double counting.Investment property under constructionInvestment property under construction is measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the company expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed - whichever is earlier.It may sometimes be difficult to reliably determine the fair value of the investment property under construction. In order to evaluate whether the fair value of an investment property under construction can be determined reliably, management considers the following factors, among others:\u2022 The provisions of the construction contract\u2022 The stage of completion\u2022 Whether the project/property is standard (typical for the market) or non-standard\u2022 The level of reliability of expected cash inflows after completion\u2022 The development risk specific to the property\u2022 Past experience with similar constructions\u2022 Status of construction permitsCosts include the material and labor for the construction, costs of staff directly related to technical supervision, project management on the basis of time spent and finance costs. The finance cost are capitalized interest that is charged until the date of delivery and is based on the interest to be allocated to development or on the basis of the average effective rate of the Group, where no specific project financing is present. Interest charges include interest and all costs associated with Wereldhave raising funds.The fair value of development is determined on an identical basis as investment properties, with the understanding that the capitalization factor is adjusted to reflect development risks.Fair value changes and impairment losses are recognized in the income statement as valuation result. Investment property under construction are transferred to investment properties on the date of delivery.3.7 LeasesGroup company is the lessee in an operating leaseA right-of-use asset and a lease liability is recognized at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently at cost less any accumulated depreciation, impairment losses and adjusted for certain remeasurements of the lease liability. Right-of-use assets are presented under property and equipment. Right-of-use assets that meet the definition of investment property are presented under investment property and subsequently measured at fair value in accordance with the Group\u2019s accounting policies.The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date which are discounted using the Group\u2019s incremental borrowing rate, unless the interest rate implicit in the lease is available. The lease liability is subsequently increased by the interest costs on the lease liability and decreased by any lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or changes to the assessment whether a purchase or extension options is reasonably certain to be exercised. Judgement may need to be applied to determine the lease term for some lease contracts that contain renewal or termination options. The assessment may significantly affect the amount of lease liabilities and right-of-use assets recognized.Lease liabilities are included in other long-term liabilities in the statement of financial position. Payments of lease liabilities are presented as cash flows from financing activities in the cash flow statement.Group company is the lessor in an operating leaseProperties leased out under operating leases are included in investment property in the consolidated statement of financial position. See Note 24 for the recognition of rental income.3.8 Property and equipmentProperty and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Cost includes the cost of replacing part of existing plant and equipment at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an item of plant and equipment.Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 yearsThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the income statement.3.9 Intangible assetsComputer softwareAcquired computer software licenses and costs relating to internally developed software are capitalized at cost incurred to acquire, develop and implement the specific software. These costs are amortized over their estimated useful lives (5 to 10 years).3.10 Impairment of non-financial and financial assetsAssets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.3.11 Financial instrumentsWereldhave categorizes its financial instruments measured at fair value in three categories. Level 1 valuations are based on quoted market prices, level 2 inputs are inputs other than quoted prices included in level 1 that are observable for the asset or liability, either direct or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.3.12 Financial assetsThe Group classifies its financial assets in those to be measured subsequently at fair value and those to be measured at amortized cost. The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.Financial assets are not reclassified after their initial recognition unless the Group changes its business model for managing financial assets.Financial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.A financial asset is initially measured at fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.Subsequent measurement of financial assets depends on the business model for managing the asset and the cash flows characteristics of the asset. There are three measurement categories into which the Group classifies its financial assets:\u2022 Amortized cost is applied for financial assets held within a business model whose objective is to hold the assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\u2022 Fair value through other comprehensive income is applied for equity investments that are not held for trading or debt investments held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms give rise on specified dates to cash flows that are solely payments\u2022 of principal and interest on the principal amount outstanding.\u2022 Assets that do not meet the criteria for amortized costs or fair value through other comprehensive income are measured at fair value through profit or loss. Financial assets at amortized costs are subsequently measured at amortized cost using the effective interest method, reduced by impairment losses. Interest income and impairments are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.Equity and debt investments at fair value through other comprehensive income are subsequently measured at fair value. Dividends, interest income calculated using the effective interest method and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition of debt investments, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.Financial assets at fair value through profit or loss are subsequently measured at fair value. Net gains and losses are recognized in profit or loss unless item is designated as hedging instrument.An overview of the carrying amounts of the financial assets is set out in note 22.3.13 Financial liabilitiesA financial liability is initially measured at fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue.Financial liabilities are subsequently classified as measured at amortized cost or fair value through profit or loss.A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses are recognized in profit or loss.Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired.An overview of the carrying amounts of the financial liabilities is set out in note 22.3.14 Cash and cash equivalentsCash and cash equivalents includes cash in hand and bank overdrafts. Cash and cash equivalents are measured at nominal value.3.15 Non-current assets held for saleNon-current assets (or a disposal group) are held for sale in case the carrying amount will be recovered principally by means of a sale rather than by continuing use. This only applies if the asset (or disposal group) is available for immediate sale in its present condition. Furthermore, the sale must be highly probable, management must be committed to a plan to sell the asset and an active program to locate a buyer and complete the plan must have been initiated. The sale should be completed within one year from the date of classification.Non-current assets (or disposal group) classified as held for sale are measured at the lower of the carrying amount and fair value less cost to sell except for assets such as deferred tax assets and investment property that are carried at fair value. Non-current assets held for sale or the assets from a disposal group are presented separately from other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from the other liabilities. Assets and liabilities held for sale are not offset against each other.A disposal group is a group of assets and liabilities that is sold or intended to be sold in one transaction.3.16 Trade receivablesTrade receivables are amounts due from tenants under the lease agreements. Standard lease terms require upfront payment of rent and therefore trade receivables are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost less expected credit losses.The Group applies the simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables at each reporting date. The Group has established a provision matrix that is based on historical credit loss experience, adjusted for forward looking factors specific to the debtors and the economic environment.3.17 EquityOrdinary shares are classified as equity. External costs directly attributable to the issue of new shares are deducted from the proceeds. When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a change in the general reserve in equity. Repurchased shares are classified as treasury shares and deducted from total equity. When treasury shares are reissued the proceeds are credited to the treasury share reserve and any surplus is credited to the share premium reserve. Dividends are recognized as a liability in the period in which they are declared.3.18 Dividend policyAs an investment company in accordance with Article 28 of the Dutch \u2018Wet op de Vennootschapsbelasting 1969\u2019, the Company is required to distribute at least the taxable result as dividend.Wereldhave aims for a dividend pay-out ratio of 75% - 85% of its direct result (net rental income, general costs, other gains and losses, financial income and expense (other than the interest addition to the real value of the conversion rights of convertible bonds, premiums paid on repurchased interest-bearing debt and actuarial gains and losses on employee benefit plans) and tax charges on direct result.3.19 ProvisionsA provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. Any increase in the provision due to passage of time is recognized as interest charges.3.20 Non-current liabilitiesInterest-bearing debtInterest-bearing debt is initially recognized at fair value, minus transaction costs. Subsequently interest-bearing debt is measured at amortized cost. Any difference between the face value and the carrying amount is recognized in the income statement over the period of the interest-bearing debt on the basis of the effective interest per debt. The portion of debt outstanding to be repaid within twelve months is shown under current liabilities.3.21 Pension plansDefined contribution plansDefined contribution plans are pension schemes to which a Group company makes a fixed annual contribution and where the Company does not have a legal or constructive obligation to make further payments if the pension fund of the pension scheme does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense when they are due.Defined benefit plansThe liability or asset recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit or loss.Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.3.22 Trade and other payablesTrade and other payables are recognized initially at fair value and subsequently at amortized cost basis using the effective interest method.3.23 RevenueGross Rental incomeRental income from investment properties leased out under operating leases is recognizedin the income statement on a straight-line basis over the term of the lease. Lease incentives are recognized as a reduction of the rental income and are straight-lined over the minimum term of the lease. Rent adjustments due to indexation are recognized as they arise. Rental income does not include value added tax or amounts charged to tenants in respect of service and operating costs. Variable rental income, such as turnover related rent or income from specialty leasing is recognized in the income statement in the period to which it relates, if it can be estimated reliably. If a reliable estimate is not possible, recognition takes place at the time of realization.Revenue received from tenants for early termination of leases is directly recognized in the income statement in the period to which the revenues relates.Service costs chargedWhere there are service contracts with third parties, service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant for the location. The services are included in the lease agreement and mainly relate to energy, cleaning and security services. The service charge income is recognized evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. Service charges are shown on a gross basis when Wereldhave acts as a principal.3.24 ExpensesService costs paidService costs are shown on a gross basis when Wereldhave acts as a principal. In the presentation on a gross basis, costs and charges are shown separately. In case Wereldhave acts as an agent only the non-recoverable amount of the service and operational costs is presented. Service charges in respect of vacant units or other irrecoverable service charges due to insolvency or contractual limitations are included in service costs paid.Property expensesProperty expenses consist of operational cost for the account of Wereldhave attributable to the accounting period, such as:\u2022 Maintenance;\u2022 Property tax;\u2022 Insurance premiums;\u2022 Property management; and\u2022 Letting expenses.Letting expenses include the depreciation of capitalized expenditure in connection with a letting, such as fit out contributions paid by Wereldhave. The expenditure is amortized over the term of the lease. Investment property depreciation charges are not recognized, because investment properties are valued at market value see paragraph 3.6. The market value calculation takes technical and economic obsolescence into account.General costsGeneral costs are expenses that are not directly attributable to the operation of properties (including salaries of staff not directly involved with properties, office overheads, advice, valuation and audit fees, listing costs and promotion costs). Direct staff costs relating to property management are included in property expenses. Direct staff costs relating to supervising and monitoring investment and development projects are capitalized as part of the investment property under construction on the basis of time spent.3.25 Results on disposalThe results on disposal are the differences between the realized selling prices, net of selling costs, and the carrying amount, based on the last reported fair value (mostly the latest appraisal).Results on disposal from the sale of investment property or fixed assets are processed if the following conditions are met:\u2022 The entity has transferred the rights to all major economic benefits and any significant risks to the buyer;\u2022 The legal entity does not keep possession of those goods and therefore cannot decide on its use;\u2022 The amount of revenue can be reliably determined;\u2022 It is probable that the economic benefits associated with the transaction will flow to the new legal owner; and\u2022 Costs already incurred and the potential future costs in respect to the transaction can be measured reliably.3.26 Interest charges and interest incomeInterest comprises the total of interest attributable to the accounting period on loans, other debts, accounts receivable and cash and bank balances and is split between interest received and interest paid. Interest income & charges is recognized in the income statement as it accrues. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition of the instrument. Interest attributable to the acquisition or construction of an asset that takes a substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting from preparation of the plan until completion. Capitalized interest is calculated using the Group\u2019s weighted average cost of debt or the borrowing cost of specific project financing.3.27 Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.Share-based payment arrangementsThe grant date fair value of equity-settled share-based payment arrangements granted to the employees, including Board of Management, is generally recognized as an expense, with a corresponding reserve in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. In case of a modification, any incremental fair value will be recognized as an expense over the period from the modification date to the end date of the vesting period.The fair value of the amount payable in respect of share-based payments arrangements, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the employee becomes unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the share-based payments arrangements. Any changes in the liability are recognized in profit or loss.3.28 Income taxTax charges on the income statement for a year comprise current and deferred tax and are calculated on results before taxes, considering any tax-exempt components of result and non-deductible costs. Losses to be offset against probable future results are recognized as deferred tax asset. Current tax is the expected tax payable or receivable on the taxable income or loss for the period. Deferred tax consists of the expected tax payable or receivable on changes in the value of assets or liabilities which will be realized at the time of sale. Tax charges are calculated using tax rates prevailing at the balance sheet date.Current tax and deferred tax is recognized in income statement except to the items recognized directly in equity or in other comprehensive income in which case, the tax is also recognized in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.3.29 Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing:\u2022 The profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares by\u2022 By the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider:\u2022 The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and\u2022 The weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.3.30 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Chief Executive Officer (CEO) of the Company.The operating segments are based on a geographic perspective and therefore performance is assessed for Belgium, France, Netherlands and Head office. A segment consists of assets and activities with specific risks and results, differing from other sectors.3.31 Rounding of amountsAll amounts as disclosed in the financial statements and notes have been rounded off to the nearest thousand euros unless otherwise stated and may not add up exactly due to rounding.3.32 Significant estimates in the accountsInvestment propertyThe assets in the Company and its subsidiaries mainly consists of the property portfolio. The market value of these assets cannot be assessed using official quotations or listings.A valuation based on fair value is a time- and location-based estimate. The estimate is based on the price level on which two well-informed parties under normal market conditions would make a transaction for that specific property on the date of valuation. The fair value of a property in the market can only be determined accurately at the moment of the actual sale of the property.Twice a year (June 30 and December 31) the properties are valued by external valuers. The valuer appraises at fair value with his own market knowledge and information. The valuation is prepared by the valuer and verified and approved by Wereldhave.The fair value is based on a net yield calculation, where market rents are capitalized. Elements of this calculation include current and future rent levels, expected vacancy rates, rent indexations, turnover rents, lease incentives, etc. The yields and market rents used are specific for the country, the location, the type of property, the level of maintenance and the general rent ability of every single property. The determination of applicable yields is based upon comparable transactions, supplemented with market and building specific knowledge and remaining other assumptions, in which the professional judgment of the valuer will become more important if the available transaction information is not sufficient.Apart from assumptions with respect to yields, costs for future maintenance investments are also considered in the valuation. Furthermore, explicit assumptions are made per lettable location and per tenant with regard to (re)letting, the start date of such (re)letting and the costs related thereto. Also, adjustments are made for expected costs of vacancy (present and future) and for differences between the market rent and contractual rent. Sales costs at the expense of the buyer, including transfer tax payable, are deducted from the market value.General assumptions with regard to the valuation of investment property have been disclosed in paragraph 3.6 and in note 5.PensionsWith regard to the measurement of defined benefit plans, assumptions have been made with regard to interest rates, expected return on assets, mortality rates and future salary increases. Deviations from the assumptions will impact on assets, liabilities and results on future periods. In order to mitigate risks Wereldhave uses external experts for the measurement of defined benefit plans. Assumptions have been disclosed in note 18.4 Segment informationGeographical segment information 2022(x \u20ac 1,000) Belgium France Netherlands Headoffice TotalResultGross rental income 61,963\ue61d 10,385\ue61d 68,572\ue61d \ue61d-\ue61d 140,921\ue61dService costs charged 10,075\ue61d 1,827\ue61d 9,843\ue61d \ue61d-\ue61d 21,745\ue61dTotal revenue 72,038\ue614 12,212\ue614 78,415\ue614 \ue614-\ue614 162,666\ue614Service costs paid -13,064\ue61d -4,164\ue61d -11,772\ue61d \ue61d-\ue61d -29,000\ue61dProperty expenses -5,991\ue61d -1,389\ue61d -11,118\ue61d \ue61d-\ue61d -18,498\ue61dNet rental income 52,984\ue614 6,659\ue614 55,525\ue614 \ue614-\ue614 115,168\ue614Valuation results -1,679\ue61d 523\ue61d -2,911\ue61d \ue61d-\ue61d -4,067\ue61dResults on disposals -29\ue61d -4,457\ue61d -32\ue61d \ue61d-\ue61d -4,517\ue61dGeneral costs -6,061\ue61d -40\ue61d -3,371\ue61d -7,899\ue61d -17,370\ue61dOther income and expense -885\ue61d -81\ue61d \ue61d-\ue61d -2,404\ue61d -3,370\ue61dOperating result 44,331\ue614 2,604\ue614 49,211\ue614 -10,303\ue614 85,843\ue614Interest charges -4,541\ue61d -9,543\ue61d -18,644\ue61d 9,173\ue61d -23,555\ue61dInterest income 25\ue61d 15\ue61d 5\ue61d -\ue61d 45\ue61dOther financial income and expense 15,444\ue61d -\ue61d \ue61d-\ue61d -1,636\ue61d 13,807\ue61dIncome tax -46\ue61d -68\ue61d -65\ue61d 45\ue61d -134\ue61dResult 55,212\ue614 -6,992\ue614 30,508\ue614 -2,720\ue614 76,007\ue614Total assetsInvestment properties in operation 933,163\ue61d 174,991\ue61d 850,801\ue61d -\ue61d 1,958,955\ue61dInvestment properties under construction 14,252\ue61d -\ue61d 21,914\ue61d - 36,166\ue61dAssets held for sale -\ue61d -\ue61d 688\ue61d \ue61d-\ue61d 688\ue61dOther segment assets 45,085\ue61d 8,738\ue61d 355,024\ue61d 843,897\ue61d 1,252,744\ue61dminus: intercompany -217\ue61d -\ue61d -65,000\ue61d -1,085,281\ue61d -1,150,498\ue61d992,283\ue614 183,729\ue614 1,163,427\ue614 -241,384\ue614 2,098,055\ue614Investments\ue614 24,760\ue614 5,483\ue614 33,576\ue614 \ue614-\ue614 63,819\ue614Gross rental income by type of propertyShopping centers 56,153\ue61d 10,385\ue61d 68,572\ue61d \ue61d-\ue61d 135,111\ue61dO\ue61aces 5,810\ue61d -\ue61d \ue61d-\ue61d \ue61d-\ue61d 5,810\ue61d61,963\ue614 10,385\ue614 68,572\ue614 \ue614-\ue614 140,921\ue614Geographical segment information 2021(x \u20ac 1,000) Belgium France Netherlands Headoffice\ue61d TotalResultGross rental income 58,411\ue61d 33,336\ue61d 70,092\ue61d -\ue61d 161,840\ue61dService costs charged 8,951\ue61d 10,525\ue61d 9,456\ue61d -\ue61d 28,931\ue61dTotal revenue 67,362\ue614 43,861\ue614 79,548\ue614 -\ue614 190,771\ue614Service costs paid -11,836\ue61d -12,485\ue61d -10,452\ue61d -\ue61d -34,772\ue61dProperty expenses -8,272\ue61d -9,207\ue61d -13,850\ue61d -\ue61d -31,329\ue61dNet rental income 47,255\ue614 22,168\ue614 55,246\ue614 -\ue614 124,669\ue614Valuation results -4,188\ue61d -24,680\ue61d -37,012\ue61d -\ue61d -65,880\ue61dResults on disposals 63\ue61d -214,086\ue61d -14,417\ue61d -\ue61d -228,439\ue61dGeneral costs -3,374\ue61d -6,500\ue61d -2,444\ue61d -6,571\ue61d -18,888\ue61dOther income and expense 6\ue61d -7\ue61d -\ue61d -207\ue61d -208\ue61dOperating result 39,762\ue614 -223,105\ue614 1,375\ue614 -6,777\ue614 -188,745\ue614Interest charges -3,891\ue61d -14,669\ue61d -18,621\ue61d 12,418\ue61d -24,763\ue61dInterest income 3\ue61d 14\ue61d -4\ue61d \ue61d 13\ue61dOther financial income and expense 2,410\ue61d -\ue61d -\ue61d -3,543\ue61d -1,133\ue61dIncome tax -100\ue61d -107\ue61d 1,543\ue61d -\ue61d 1,336\ue61dResult 38,184\ue614 -237,866\ue614 -15,707\ue614 2,098\ue614 -213,292\ue614Total assetsInvestment properties in operation 910,796\ue61d 168,985\ue61d 827,235\ue61d -\ue61d 1,907,015\ue61dInvestment properties under construction 13,514\ue61d -\ue61d 13,072\ue61d - 26,587\ue61dAssets held for sale 3,325\ue61d -\ue61d 3,200\ue61d -\ue61d 6,525\ue61dOther segment assets 23,903\ue61d 17,698\ue61d 383,757\ue61d 882,890\ue61d 1,308,248\ue61dminus: intercompany -211\ue61d -\ue61d -65,000\ue61d -1,145,673\ue61d -1,210,884\ue61d951,327\ue614 186,683\ue614 1,162,265\ue614 -262,783\ue614 2,037,491\ue614Investments 12,310\ue614 10,987\ue614 20,126\ue614 -\ue614 43,423\ue614Gross rental income by type of propertyShopping centers 52,180\ue61d 33,336\ue61d 70,092\ue61d -\ue61d 155,609\ue61dO\ue61aces 6,231\ue61d -\ue61d -\ue61d -\ue61d 6,231\ue61d58,411\ue614 33,336\ue614 70,092\ue614 -\ue614 161,840\ue6145 Investment propertyInvestment Investment Total Invest-property in Lease incen-property under ment (x \u20ac 1,000)operationtivesconstructionproperty2022Balance at 1 January 1,907,015 5,738 26,587 1,939,340Purchases - - - -Investments 26,993 - 36,826 63,819From / to development properties 27,248 - -27,248 -To / from investments held for sale 2,537 - - 2,537Disposals -770 - - -770Valuations -4,067 - - -4,067Other - -789 - -789Balance at 31 December 1,958,955 4,949 36,166 2,000,0702021Balance at 1 January 2,513,429 5,482 58,669 2,577,580Purchases -1,010 - - -1,010Investments 27,568 - 16,865 44,433From / to development properties 48,947 - -48,947 -To / from investments held for sale -4,282 - - -4,282Disposals -611,773 - - -611,773Valuations -65,880 - - -65,880Other 16 256 - 272Balance at 31 December 1,907,015 5,738 26,587 1,939,340In 2022 the Company received the final proceeds from the 2018 sale of the parking in Tilburg (2021: In de Bogaard, Etten-Leur and Koningshoek in the Netherlands as well as Docks 76, Docks Vauban, Rivetoile and Saint Sever In France).The Company reached in February 2022 a settlement with Hudson\u2019s Bay Company ULC resulting in the repayment of capital expenditures previously paid by the Company. The proceeds were deducted from the investments in 2022.In 2022, the Company completed 3 Full Service Centers, Sterrenburg and City-Center Tilburg in the Netherlands as well as Ring Kortrijk in Belgium.Overview of measurements of total Investment property(x \u20ac 1,000) 31 December 2022 31 December 2021Investment property in operation (including lease incentives) 1,948,567 1,897,411Investment property under construction (IPUC) 21,914 13,073Fair value as per external valuation reports 1,970,481 1,910,484Fair value of ground rent (leasehold) 15,337 15,342At cost less impairment (IPUC) 14,252 13,514Total 2,000,070 1,939,340Investment properties were valued externally at 31 December 2022 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield and CBRE. In total 99.3% (2021: 99.3%) of the investment property portfolio was measured at fair value.Investment property in operationsThe change in valuation can be broken down as follows:(x \u20ac 1,000) 2022 2021Belgium -1,679 -4,188France 523 -24,680Netherlands -2,911 -37,012Total -4,067 -65,880At 31 December 2022 no investment property is pledged as security for credit facilities (2021: \u20ac 312.0m).At 31 December 2022 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2022 31 December 2021Total value according to external valuation reports 1,948,567 1,897,411Add: Present value of future ground rent payments (leasehold) 15,337 15,342Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -4,949 -5,738Carrying amount 1,958,955 1,907,015Key assumptions relating to valuations (excluding developments)Belgium France Netherlands2022Total market rent per sqm (\u20ac) 210 274 200EPRA Net Initial Yield 6.3% 4.7% 6.9%EPRA vacancy rate 4.8% 2.9% 3.9%Average vacancy period (in months) 11 12 8Bandwidth vacancy (in months) 6-18 9-15 0-162021Total market rent per sqm (\u20ac) 203 268 200EPRA Net Initial Yield 5.8% 4.6% 6.5%EPRA vacancy rate 6.1% 5.3% 4.3%Average vacancy period (in months) 13 12 9Bandwidth vacancy (in months) 9-18 9-15 0-17EPRA Net Initial YieldAnnualized rental income based on cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, including estimated purchasers\u2019 cost (EPRA Net Initial Yield = ((Annualized rent passing + other income + turnover rent -/- property expenses) / Gross Property Value)). The total average EPRA Net Initial Yield 2022 is 6.4% (2021: 6.0%).In case the yield changes with 0.25%, assuming stable market rents, it would result in a change of \u20ac 63.5m on shareholders\u2019 equity and result (\u20ac 1.58 per share). A 5% drop of the estimated market rent, assuming stable yields, has a negative impact on shareholders\u2019 equity and result of approximately \u20ac 92.4m (\u20ac 2.29 per share). Investment property in operation lease dataAverage lease length\ue612 Annual rent of lease expiring in\ue611Until Until lease indefinite (x \u20ac 1,000)first breakend date < 1 year 1-5 year > 5 yearcontracts2022Belgium 2.0 6.6 2,824 18,177 39,377 454France 1.9 5.2 1,290 3,105 6,928 -Netherlands 3.0 4.2 6,662 32,564 25,219 6,207Total portfolio 2.5 5.3 10,776 53,846 71,524 6,6612021Belgium 2.1 6.6 4,085 13,272 37,186 442France 2.2 5.1 505 4,017 5,863 341Netherlands 3.4 4.1 6,273 31,183 21,903 6,373Total portfolio 2.8 5.3 10,863 48,472 64,952 7,1561 Indefinite contracts are assumed to expire in one year as they usually have a one year notice period2 Based on lease end dateFair value hierarchy disclosures for investment properties have been provided in note 23.6 Property and equipmentOwned LeasedO\ue61ace (x \u20ac 1,000)equipment Cars O\ue61aces Cars TotalBalance at 1 January 2022 1,368 - 1,667 933 3,968Investments/purchases 40 - - 156 196Disposals - - - -70 -70Depreciation -310 - -406 -248 -964Impairment -537 - -907 -36 -1,480Balance at 31 December 2022 561 - 354 735 1,650Balance at 1 January 2021 1,668 - 2,378 1,373 5,419Investments/purchases 56 - - 82 138Disposals -28 - - -3 -31Depreciation -328 - -711 -519 -1,558Balance at 31 December 2021 1,368 - 1,667 933 3,96831 December 2022Total acquisition at cost 5,379 - 3,848 2,778 12,005Total depreciation and impairment -4,818 - -3,494 -2,043 -10,355Net book value 561 - 354 735 1,65031 December 2021Total acquisition at cost 5,339 110 3,848 2,692 11,989Total depreciation -3,971 -110 -2,181 -1,759 -8,021Net book value 1,368 - 1,667 933 3,9687 Intangible assetsThe intangible assets consist of computer software: acquired computer software licenses and costs relating to internally developed software.Computer software(x \u20ac 1,000) 31 December 2022 31 December 2021Balance at January1 479 273Investments 39 358Amortization -151 -152Balance at December 31 367 479(x \u20ac 1,000) 31 December 2022 31 December 2021Total acquisition at cost 2,997 2,958Total amortization -2,630 -2,479Total 367 4798 Non-current financial assets(x \u20ac 1,000) IFRS Category 31 December 2022 31 December 2021Loans amortized cost 602 1,169Deposits paid amortized cost 2,063 2,250Other financial assets Fair value through P&L 133 -Derivative financial instruments Fair value through P&L 37,972 16,398Total 40,769 19,818Derivative financial instrumentsFurther reference is made to note 21.9 Trade and other receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Tenant receivables 13,061 13,485Service charge receivable 1,878 2,688Prepayments 1,209 1,140Interest to be received 3,924 3,865Amounts to be invoiced 9,381 9,914Other 5,167 4,726Total 34,620 35,818The fair value of the trade and other receivables coincides with their carrying amount. Wereldhave holds tenant deposits, credit letters from banks and Group credit letters as collateral. Other receivables do not include amounts with a maturity of more than twelve months.Interest to be received refers to interest receivable under interest rate swaps. Other includes an amount of \u20ac 3.0m receivable from a French notary at 31 December 2022.Maturity of tenant receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Due 7,785 6,592Past due less than 1 month 1,718 2,292Past due between 1 and 3 months 1,895 1,181Past due between 3 and 12 months 3,549 6,681Past due over 12 months 8,529 8,70423,477 25,451Deduct: provision -10,415 -11,966Total 13,061 13,485In 2022 an amount of \u20ac 0.3m was released from (2021: \u20ac 10.6m added to) the provision doubtful debt and an amount of \u20ac 1.2m (2021: \u20ac 14.2m) was withdrawn. Refer to note 25.10 Tax receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Withholding tax 207 283Value added tax 1,221 845Dividend tax 2,250 3,450Corporate income tax 137 197Total 3,815 4,77511 Cash and cash equivalents(x \u20ac 1,000) 31 December 2022 31 December 2021Bank balances 14,353 26,769Total 14,353 26,76912 Investment held for saleDuring 2022 it was concluded that the completion of the transaction in Leiderdorp is likely to take more than 12 months and therefore the plot of land was transferred back to investment properties. At 31 December 2022 the investments held for sale includes a strip of smaller units in the Netherlands.13 Share capitalAuthorized Number of Shares for Outstanding (number of shares)share capitalissued sharesremuneration number of sharesBalance at 1 January 2021 75,000,000 40,270,921 -79,259 40,191,662Purchased treasury shares - - -67,335 -67,335Balance at 31 December 2021 75,000,000 40,270,921 -146,594 40,124,327Purchased treasury shares - - -77,187 -77,187Balance at 31 December 2022 75,000,000 40,270,921 -223,781 40,047,140The authorized ordinary shares have a par value of \u20ac 1 each. All issued ordinary share have been fully paid.Preference sharesThe authorized preference share capital amounts to a number of preference shares equal to the number of ordinary shares up to \u20ac 75m. The preference shares have a par value of \u20ac 1 each. No preference shares have been issued.Treasury sharesTreasury shares are purchased for the long-term incentive schemes of the Board of Management and employees as well as the share plan offered to employees. Refer to note 28 for further details.Capital managementThe objective of Wereldhave, when managing capital, is to safeguard the Group\u2019s continuity, to provide returns for its shareholders, benefits for other stakeholders and to maintain a capital structure as to optimize the cost of capital. Furthermore, Wereldhave manages its fiscal capital to ensure that it meets the requirements from fiscal laws and regulations. Wereldhave has the possibility to adjust the amount of dividends, return capital to shareholders, issue new shares or sell assets in order to maintain or adjust the capital structure.14 Share premiumShare premium is paid up share capital in excess of nominal value. There were no changes in share premium in 2022. The amount of share premium that is recognized for tax purposes is \u20ac 1,716m (2021: \u20ac 1,716m).15 General reserveIn May 2022, a final dividend relating to 2021 of \u20ac 1.10 was paid per qualifying ordinary share. No interim dividends relating to 2022 were distributed in 2022.An amount of \u20ac 159m (2021: \u20ac 167m) has been designated as legal reserves, mainly relating to the unrealized valuation adjustments of investment properties and cannot be distributed.16 Hedge reserve and cost of hedging reserveThe hedge reserve comprises the effective portion of the cumulative net change in fair value of hedging instruments designated as cash flow hedges where the hedged transaction has not yet occurred. The cost of hedging reserve comprises changes in the fair value of cross-currency interest rate swaps that are caused by the cross-currency basic spreads.17 Interest-bearing liabilitiesComposition(x \u20ac 1,000) 31 December 2022 31 December 2021Long termBank loans 227,880 109,355Private placements 459,149 531,245Bonds 32,000 32,000719,029 672,600Short termPrivate placements 78,024 75,000Treasury notes 59,750 67,250137,774 142,250Total interest bearing liabilities 856,803 814,850Movements in interest-bearing liabilitiesIncluding short-term portion of debt.(x \u20ac 1,000) 2022 2021Balance at 1 January 814,850 1,252,779New funding 118,188 31,316Repayments -82,500 -487,839Use of e\ue60dective interest method 611 961E\ue60dect of fair value hedges - -705Exchange rate di\ue60derences 5,654 18,338Balance at 31 December 856,803 814,850Private PlacementsThe Private Placement Notes issued in 2015 and 2017 contain embedded derivatives. The derivatives are recorded separately in the financial statements. As per 31 December 2022 the embedded derivatives have a negative value of \u20ac 1.8m (2021: \u20ac 0.2m positive).Secured interest-bearing liabilitiesAt 31 December 2022 none of our investment property is pledged as security for credit facilities (2021: \u20ac 312.0m).Unsecured interest-bearing liabilitiesUnsecured interest-bearing liabilities have financial covenants that include various clauses. As at 31 December 2022 Wereldhave complied with these clauses.CovenantsLoan-to-valueThe Loan-to-value ratio is calculated by dividing the debt by the investment properties.This ratio may not exceed 60%.Interest cover ratioThe interest cover ratio is calculated by dividing the net rental income by the net interest payable. This ratio may not be less than 2.SolvencyEquity (less intangible assets) and deferred tax liabilities should amount to at least 40% of total assets (less intangible assets).Covenants 31 December 2022 31 December 2021Loan-to-Value 60.0% 42.4% 41.0%Solvency 40.0% 53.5% 53.8%Interest coverage ratio 2.0 5.9 5.8The Company reports a net Loan-to-Value of 42.4% in its communication with investors. The Loan-to-Value definition in accordance with the covenants is a gross Loan-to-Value where the available cash and cash equivalents are not deducted from the debt and both the fair values of the assets and debt are adjusted for the secured debt in place. In accordance with this definition the Loan-to-Value is 43.1% at 31 December 2022 (2021: 50.6%).Average effective interest rateThe effective interest is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net book value of the financial asset or financial liability. Differences to the nominal interest rate may occur because of the amortization of interest charges and equity option components of convertible bonds over the remaining duration of the instrument.The average nominal interest based on nominal interest rates, without the effects of the effective interest rate method, is as follows:2022 2021Euro 2.1% 2.0%US dollar 2.8% 2.8%Pound sterling 3.0% 3.0%Canadian Dollar 2.3% 2.3%Total 2.5% 2.3%The average interest rate based on the effective interest method is as follows:2022EUR GBP USD CAD TotalShort term interest bearing debtBank loans and private placement 1.9% - 3.9% - 2.3%Interest rate swaps -2.1% - - - -2.1%Long term interest bearing debtBank loans and private placement 2.7% 4.1% 4.4% 4.0% 3.3%Interest rate swaps -1.0% - - - -1.0%Average 2.1% 4.1% 4.4% 4.0% 2.5%2021Short term interest bearing debtBank loans and private placement 1.5% 0.0% 0.0% - 1.5%Interest rate swaps 0.3% - - - 0.3%Long term interest bearing debtBank loans and private placement 2.2% 4.1% 4.4% 4.0% 3.1%Interest rate swaps -1.2% - - - -1.2%Average 2.0% 4.1% 4.4% 4.0% 2.3%Fair value of debtThe carrying amount and the fair value of interest-bearing debts may differ as a result of accounting adjustments, such as amortized costs and the result of differences in coupon interest versus market interest.The fair value of long-term interest-bearing debts is based on prices of these instruments available in the active open market. In the absence of such market prices, the fair value is calculated as the present value of cash flows discounted with the relevant market interest percentages, including a company specific surcharge. The fair value of short-term interest-bearing debts is equal to the book value.The carrying amount and fair value of long-term interest-bearing debt is as follows:31 December 2022 31 December 2021(x \u20ac 1,000) carrying amount fair value carrying amount fair valueBank loans and private placements 687,029 676,212 672,600 701,058Total 687,029 676,212 672,600 701,058CurrenciesThe carrying amount of interest-bearing debt of the Group (short- and long-term) are denominated in the following currencies:31 December 2022 31 December 2021currency EUR currency EUREuro 572,915 572,915 536,653 536,653US dollar 192,500 179,739 192,500 169,195Pound sterling 80,000 90,361 80,000 95,087Canadian dollar 20,000 13,788 20,000 13,915Total 856,803 814,850Interest-bearing debt in U.S. Dollars, British Pound and Canadian dollar were for an amount of USD 193m, GBP 80m and CAD 20m converted to EUR via multiple cross currency interest rate swaps.Credit facilities and bank loansAs at 31 December 2022, Wereldhave had \u20ac 385m (2021: \u20ac 525m) of revolving credit facilities. An amount of nil (2021: \u20ac 35m) will expire within 1 year, \u20ac 385m (2021: 490m) in 1 to 5 years and nil (2021: nil) expires after 5 years.As at 31 December 2022, Wereldhave had undrawn credit facilities to the amount of \u20ac 266m (2021: \u20ac 525m). The average maturity of the committed revolving credit facilities at 31 December 2022 was 4.3 years (2021: 2.1 years).18 Other long-term liabilities(x \u20ac 1,000) 31 December 2022 31 December 2021Pension plans 135 849Tenants deposits 5,911 5,757Lease liabilities 16,468 18,306Total 22,514 24,912Tenant deposits consists of amounts received from tenants as a guarantee for future rental payment obligations.Pension plansThe net liability from the defined benefit plan in Belgium is composed as follows:(x \u20ac 1,000) 2022 2021Fair value of plan assets 2,903 3,018Benefit obligations 3,038 3,867Net liability 135 849Reconciliation of net liability 2022 20211 January 849 1,102Charge recognized in P&L 349 355Remeasurement recognized in OCI (Income)/Loss -778 -269Employer contributions -285 -33931 December 135 849The movement of the defined benefit obligation in Belgium is as follows:(x \u20ac 1,000) 2022 2021Balance at 1 January 3,867 3,952Net service cost 343 351Interest cost 32 14Employee contributions 5 4Benefits paid -8 -80Experience (gains) / losses -1,135 -307Expenses -66 -67Balance at 31 December 3,038 3,867The movement of the fair value of plan asset in Belgium is as follows:(x \u20ac 1,000) 2022 2021Balance at 1 January 3,018 2,850Interest income on plan assets 26 10Return om scheme assets -357 -38Actual expenses -66 -67Employer contributions 285 339Employee contributions 5 4Benefits paid -8 -80Balance at 31 December 2,903 3,018The assumptions used:- discount rate obligations 3.10%-3.15% 0.80%-0.90%- rate of annual salary increases including in\ufb02ation 2.2% - 7.2% 1.7% - 6.7%Pension costsThe total cost for defined benefit plan in Belgium is as follows:(x \u20ac 1,000) 2022 2021Current service cost 343 351Net interest on Net Defined Benefit Liability (Asset) 6 4Total 349 355The following amounts have been recognized in other comprehensive income (OCI):(x \u20ac 1,000) 2022 2021Actuarial (gain)/loss due to liability expenses -778 -269Remeasurement e\ue60fect recognized in OCI -778 -269In total the following movements have been recognized in the income statement and OCI:(x \u20ac 1,000) 2022 2021Balance at January 1 3,867 3,952Net service cost 343 351Interest cost 32 14Employee contributions 5 4Benefits paid -8 -80Experience (gains) / losses -1,135 -307Expenses -66 -67Balance at December 31 3,038 3,867The fair value of the Belgian pension assets consists, as in 2021, for 100% of insurance contracts.Mortality ratesThe mortality rates used for Belgium are the MR/FR series with an age correction of -5 years. In 2022 and 2021 the plan asset in Belgium does not include shares issued by the Company. For the above-mentioned pension plan the expected employer\u2019s contribution is \u20ac 0.3m for 2023.LeasesWereldhave has entered into leasehold contracts as well as offices and car leases. During 2022 the following was recognized in the income statement:(x \u20ac 1,000) 2022 2021Interest on lease liabilities 932 1,027Variable lease payments not included in the measurement of lease liabilities 292 148Total 1,224 1,175The maturity of the lease liabilities is as follows:(x \u20ac 1,000) 31 December 2022- up to 1 year 1,597- between 1 and 2 years 1,058- between 2 and 5 years 2,700- more than 5 years 70,560Total 75,91519 Tax payable(x \u20ac 1,000) 31 December 2022 31 December 2021Value added tax 950 3,077Social security tax 211 341Company tax 29 174Other tax 199 743Total 1,389 4,33620 Other short-term liabilities(x \u20ac 1,000) 31 December 2022 31 December 2021Deferred rents 12,641 11,215Property expenses 14,525 13,290Interest 9,158 10,565General costs 7,333 12,265Capital commitments payable 12,321 9,525Other short-term liabilities 9,011 10,281Total 64,989 67,14121 Financial instrumentsDerivatives are used to hedge foreign currency and interest risks.Hedging instrumentsInterest and cross currency swaps can be classified as hedging instruments against foreign currency risk on loans in USD, GBP and CAD and interest rate risk. The fair value of these instruments breaks down as follows:Fair value Fair value (x \u20ac 1,000) Principal Interest rangeassetsliabilities2022Cash\ufb02ow hedgeUSD currency swap USD 192,500 2.2% - 3.2% 20,781 -GBP currency swap GBP 80,000 2.7% - 3.4% - -12,792CAD currency swap CAD 20,000 2.3% - -151No hedge accountingEUR Interest rate swap EUR 411,975 0.3% - 4.76% 16,207 -4,603EUR Interest cap EUR 90,000 0% - 0.5% 2,706 -Total 39,694 -17,5462021Cash\ufb02ow hedgeUSD currency swap USD 192,500 2.2% - 3.2% 14,442 -3,544GBP currency swap GBP 80,000 2.7% - 3.4% - -12,790CAD currency swap CAD 20,000 2.3% - -883EUR interest rate swap EUR 50,000 0.3% - -107No hedge accountingEUR Interest rate swap EUR 411,975 0.3% - 3.0% 1,650 -1,055EUR Interest cap EUR 90,000 0% - 0.5% 306 -Total 16,398 -18,379The fair value of a hedging derivative is classified as long-term if the remaining maturity of the hedged item is longer than 1 year and as a current asset or liability if the remaining maturity is less than 1 year.The remaining term of the derivatives for interest and currency conversion on a principal basis is as follows:31 December 2022(x \u20ac 1,000)EUR USD GBP CAD- up to 1 year 60,000 30,000 - -- between 1 and 5 years 376,975 162,500 15,000 20,000- more than 5 years 65,000 - 65,000 -Total 501,975 192,500 80,000 20,00031 December 2021- up to 1 year 50,000 - - -- between 1 and 5 years 269,000 192,500 15,000 -- more than 5 years 232,975 - 65,000 20,000Total 551,975 192,500 80,000 20,000The following amounts have been recognized in shareholders equity in relation to hedge accounting:31 December 2022(x \u20ac 1,000)EUR USD GBP CAD Total in EURE\ue60dective part fair value changes in cash\ufb02ow hedging 28 -391 4,672 1,184 5,493Changes in fair value of cost of hedging - -528 54 -325 -800Net e\ue60fect in equity 28 -920 4,726 859 4,69331 December 2021E\ue60dective part fair value changes in cash\ufb02ow hedging 55 -2,464 -3,546 -165 -6,120Changes in fair value of cost of hedging - 48 823 -190 681Net e\ue60fect in equity 55 -2,416 -2,723 -355 -5,439In 2022, a net expense of \u20ac 0.3m was recognized in the income statement as a result of ineffectiveness of hedges (2021: nil). The fair value hedge matured in 2021.DerivativesDerivatives include (cross currency) interest rate swaps whose fair value has been determined by a calculation model based on contractual and market interest rates (level 2). In the models the counter party risk has been considered via the non-current exposure method.Changes in the fair value of derivative financial instruments for interest conversion (no hedge accounting) are accounted for as financial assets at fair value through profit and loss. During 2022 a positive amount of \u20ac 13.4m was charged to the other financial income and expense (2021: \u20ac 1.2m negative) relating to these financial assets. In addition, net interest decreased by \u20ac 2.9m (2021: \u20ac 3.5m) as a result of derivative financial instruments for interest conversion.Credit riskDuring 2022 the market value of the interest swaps changed as a result of movement in underlying interest rates. The full value of the derivative financial instruments is exposed to credit risk and is not mitigated by other instruments. The credit risk of counter parties is monitored on a continuous basis.22 Financial assets and liabilitiesFinancial risksWereldhave\u2019s financial risks management focuses on the unpredictable nature of the financial markets and aims to minimize adverse effects on the Group\u2019s financial position and performance. Wereldhave is exposed to the following financial risks:Market and interest riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s market risks arise from open positions in foreign currencies and interest-bearing liabilities, to the extent that these are exposed to general and specific market movements. Management sets limits on the exposure to currency and interest rate risk that may be accepted, which are monitored on a monthly basis. However, the use of this approach does not prevent losses outside of these limits in the event of more significant market movements.The Group\u2019s interest rate risk is monitored by the Group\u2019s management on a monthly basis. The interest rate risk policy has been approved by the Board of Management. Management analyses the Group\u2019s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. The simulation is done on a monthly basis to verify that the maximum potential loss is within the limits set by management. Trade receivables and payables (other than tenant deposits) are interest-free and have settlement dates within one year.The Group manages its exposure to changes in interest rates and its overall cost of financing by using interest rate swap agreements. These interest rate swap agreements are used to transform the interest rate exposure on the underlying liability from a floating interest rate into a fixed interest rate. It is the Wereldhave\u2019s policy to keep at least 50% of its borrowings at fixed rates of interest. In the current low interest rate environment Wereldhave has fixed the interest rate for 82% (2021: 88%) of its debt.SensitivityA change in interest rate by 1% will impact the result and equity by \u20ac 1.5m (2021: \u20ac 1.0m) and earnings per share and asset value per share by \u20ac 0.03 (2021: \u20ac 0.02).Currency riskWereldhave operates in euro countries only. The currency risks relate to USD, GBP and CAD denominated US Private Placement Notes and have been fully hedged to euro through cross currency swaps. Refer to note 17 for an overview of loans denominated in foreign currencies.Liquidity riskWereldhave manages its liquidity risk on a consolidated basis with cash provided from rental income being a primary source of liquidity. The Group manages short-term liquidity based on a rolling forecast for projected cash flows for a twelve-month period.Besides the cash from operations, fluctuations in the liquidity requirements are accommodated by means of several committed revolving credit facilities of in total \u20ac 385m. The facilities will expire for \u20ac 35m in 2024, \u20ac 20m in 2025, \u20ac 55m in 2026 and \u20ac 275m in 2027.As at year-end 2022, \u20ac 119m was drawn under the committed facilities (2021: nil). The interest and repayment obligations for 2023 are covered by means of cashflow and available facilities.Liquidity risk is furthermore managed by maintaining strong capital ratios, keeping strong relationships with various international banks and financial markets, and maintaining sufficient credit facilities (committed and uncommitted), see note 17.Wereldhave must at all times meet its obligations under the loans it has taken out, including the interest cover ratio. The interest cover ratio is calculated by dividing the net rental income by the net interest payable. This ratio must not be less than 2. The 2022 interest cover ratio was 5.9 (2021: 5.8). Wereldhave must also meet solvency requirements: equity (less intangible assets) and deferred tax liabilities should amount to at least 40% of total assets (less intangible assets). At year-end 2022, the solvency was 53.5% (2021: 53.8%). During the period, the Group did not breach any of its loan covenants, nor did it default on any other of its obligations under its loan agreements. Apart from these obligations and commitments, Wereldhave\u2019s tax status imposes financing limits.Wereldhave is funded with a diversity of financing instruments in money markets and capital markets. Debt maturities are chosen in line with the long-term character of Wereldhave\u2019s assets. Consequently, Wereldhave has a well-spread maturity profile.Financial transactions are only concluded with the prior approval of the Board of Management and the Supervisory Board for bonds and other tradable debt instruments.Credit riskWereldhave\u2019s maximum exposure to credit risk in the event that a counterparty fails to fulfil its obligations in relation to each class of recognized financial asset, including derivatives, is the carrying amount of those assets in the consolidated statement of financial position. Reference relating to the credit risk in the derivatives is made in note 8 and 21.Standard lease terms include that rent has to be paid upfront and every tenant\u2019s creditworthiness is verified before entering a new lease. The credit risk related to lease contracts is mitigated by bank guarantees and deposits received from tenants. The maximum credit risk is the carrying amount less bank warranties and deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and determines via management reports the adequacy of the provision for doubtful debtors.The Group uses a provision matrix to measure the expected credit losses on trade receivables. Trade receivables have been grouped based on shared credit risk characteristics and the days past due to measure the expected credit losses. The provision matrix is initially based on the Group\u2019s historical observed loss rates and adjusted to reflect current and forward-looking information, such as macroeconomic factors.The following table provides information about the exposure to credit risk and expected credit losses for trade receivables at 31 December 2022:2022(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 1% 7,785 81Past due less than 1 month 22% 1,718 377Past due between 1 and 3 months 29% 1,895 544Past due between 3 and 12 months 63% 3,549 2,230Past due over 12 months 84% 8,529 7,183Total 23,477 10,415The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2022 2021Balance at January 1 11,966 25,891Disposals - -10,339Amounts written o\ue60d -1,278 -14,155Net remeasurement of loss allowance -273 10,568Balance at December 31 10,415 11,966Trade receivables are written off when there is no reasonable expectation of recovery while taking into consideration deposits, guarantees and recoverable taxes. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure to make contractual payments for a period of greater than 90 days past due.Sensitivity of credit risk on lease incomeIn case 1% of the annual rent is not paid, the effect on the gross rental income amounts to \u20ac 1.4m (2021: \u20ac 1.3m) and \u20ac 0.03 (2021: \u20ac 0.03) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 1.3m (2021: \u20ac 1.6m). As a result of such default, result per share would decrease by \u20ac 0.03 (2021 \u20ac 0.04).Wereldhave\u2019s maximum exposure to credit risk in the event that a counterparty fails to fulfil its obligations in relation to each class of recognized financial asset, including derivatives, is the carrying amount of those assets in the consolidated statement of financial position.To limit credit or counterparty risk, only financial institutions with an investment grade credit rating are eligible as counterparties for financial transactions.Concentration of credit riskConcentration of risk occurs when a single financial risk is borne by one party or when several financial risks are concentrated within one or a few parties. Wereldhave mitigates the concentration risk with regard to interest, currency and liquidity risk by concluding interest and currency derivatives and loans with several financial parties. The credit risk further reduced by the size and diversification of the tenant portfolio as a result of which there is no concentration of risk.Maturity of and interest payable on debtThe maturity and interest payable of debt (up to 12 months including trade payables and derivative financial liabilities) and future contractual interest payments is as follows:31 December 2022(x \u20ac 1,000)Principal Interest Total- up to 1 year 149,345 18,991 168,336- between 1 and 2 years 133,731 17,229 150,960- between 2 and 5 years 449,222 33,156 482,378- more than 5 years 138,418 11,084 149,502Total 870,716 80,460 951,17631 December 2021- up to 1 year 154,694 15,708 170,402- between 1 and 2 years 106,385 13,318 119,703- between 2 and 5 years 335,749 24,338 360,087- more than 5 years 232,149 11,084 243,233Total 828,977 64,448 893,425The difference between the sum of the nominal principal values and the carrying amount of \u20ac 2.3m (2021: \u20ac 1.7m) consists of the amortized costs.With regard to the interest on debt with variable interest rates, the rates prevailing at the balance sheet date have been used to determine the future outgoing cash flow. In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 6m (2021: \u20ac 6m). Tenants are obliged to deposit cash or give a guarantee when entering a lease contract.Financial assets and liabilitiesThe table below gives an overview of financial assets and liabilities discussed in previous notes. The first column shows the IFRS categories and subsequent columns the IFRS classes of financial instruments are shown.Financial assets at amortized fair value through (x \u20ac 1,000) Notecostprofit and loss Total31 December 2022AssetsFinancial assets 8 2,665 39,694 42,359Trade and other receivables 9 34,620 - 34,620Cash and cash equivalents 11 14,353 - 14,353Total 51,639 39,694 91,333LiabilitiesInterest bearing debts 17 856,803 - 856,803Tenants deposits 19 5,911 - 5,911Lease liabilities 19 16,468 - 16,468Derivative financial instruments 22 - 17,546 17,546Trade payables 11,571 - 11,571Total 890,753 17,546 908,29931 December 2021AssetsFinancial assets 8 3,419 16,398 19,818Trade and other receivables 9 35,818 - 35,818Cash and cash equivalents 11 26,769 - 26,769Total 66,006 16,398 82,404LiabilitiesInterest bearing debts 17 814,850 - 814,850Tenants deposits 19 5,757 - 5,757Lease liabilities 19 18,306 - 18,306Derivative financial instruments 22 - 18,379 18,379Trade payables 12,337 - 12,337Total 851,250 18,379 869,629Fair values of financial assets and liabilities are equal to the carrying amounts, unless mentioned otherwise in the separate notes. There are no financial assets and liabilities held for trading at fair value that are accounted for through profit and loss.Where applicable, specific risks and further characteristics per financial assets and liabilities are discussed in the related notes.Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 37m (2021: \u20ac 18m) with regard to investment properties under construction and \u20ac 4m in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 266m (2021: \u20ac 525m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2022 2021- up to 1 year 36,670 18,268- between 1 and 5 years 2,069 -- > year 5 2,350 Total 41,088 18,26823 Fair value measurementThe following table analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows:Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).Level 3Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).There were no transfers between levels during the year under review.The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingQuoted Observable Unobservable (x \u20ac 1,000) Totalprices (Level 1)input (Level 2)input (Level 3)2022Assets measured at fair valueInvestment property in operation 1,963,904 - - 1,963,904Investment property under construction 21,914 - - 21,914Investments held for sale 688 - - 688Financial assetsDerivative financial instruments 39,694 - 39,694 -Liabilities for which the fair value has been disclosedInterest bearing debt 813,986 - 813,986 -Derivative financial instruments 17,546 - 17,546 -2021Assets measured at fair valueInvestment property in operation 1,912,753 - - 1,912,753Investment property under construction 13,073 - - 13,073Investments held for sale 6,525 - - 6,525Financial assetsDerivative financial instruments 16,398 - 16,398 -Liabilities for which the fair value has been disclosedInterest bearing debt 843,308 - 843,308 -Derivative financial instruments 18,379 - 18,379 -24 Gross rental income and service costsLease contracts specify the rent, the other rights and obligations of the lessor and the lessee, including notice and renewal options as well as service and operating cost charges. Lease contracts have various expiry terms and break clauses. Rent indexation is agreed in countries where indexation is usual or legally permitted.The disposals in 2021 of In de Bogaard, Etten-Leur and Koningshoek in the Netherlands as well as Docks 76, Docks Vauban, Rivetoile and Saint Sever shopping centers in France reduced our gross rental income for 2022 with \u20ac 26.0m.Service cost paid relate mainly to energy, cleaning and security services provided to tenants. Service cost charged relates to the portion recovered from tenants. The service cost paid can be higher than service costs charged as costs are not always fully recoverable.Rental losses as a result of vacancy, expressed as a percentage of theoretical rent, amounted to 7.4% in 2022 (2021: 10.1%).Rental income based on turnover of the tenant amounts to 4.7% (2021: 3.8%) of gross rental income. Lease incentives provided to tenants amounts to 2.8% (2021: 2.2%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.7m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2022 is shown in the following table (lease contracts with turnover related clauses are accounted for assuming the base rent only):(x \u20ac 1,000) 2022 2021- up to 1 year 138,124 128,872- between 1 and 2 years 118,935 110,896- between 2 and 3 years 105,987 97,450- between 3 and 4 years 94,084 84,729- between 4 and 5 years 79,539 72,472- more than 5 years 234,552 225,38125 Property expenses(x \u20ac 1,000) 2022 2021Property maintenance 1,007 762Property taxes 3,480 3,571Insurance premiums 822 869Property management 6,122 5,825Leasing expenses 606 1,553Doubtful debt -273 10,568Other operating costs 6,734 8,182Total 18,498 31,329Doubtful debt expenses decreased mainly as the impact of covid-19 arrangements and provisions were less severe than in 2021. Other operating costs includes amongst other parking costs as well as promotion and marketing costs.26 Valuation results(x \u20ac 1,000) 2022 2021Investment properties in operation and investments held forsaleValuation gains 21,419 9,639Valuation losses -25,486 -75,519Total -4,067 -65,880Investment properties under constructionValuation gains - -Valuation losses - -- -Total -4,067 -65,88027 Results on disposals(x \u20ac 1,000) 2022 2021Properties Subsidiaries Total Properties Subsidiaries TotalGross proceeds 4,050 - 4,050 92,441 302,956 395,397Selling costs -40 -65 -105 -514 -5,965 -6,479Net proceeds 4,010 -65 3,945 91,927 296,991 388,918Book value -4,070 -4,392 -8,462 -106,280 -511,077 -617,357Total -60 -4,457 -4,517 -14,353 -214,086 -228,439In 2022 the Company finalized the sale of 2 plots of land in Tournai and a parking in Tilburg. In addition, the Company completed the working capital settlement in accordance with the sale and purchase agreement with Lighthouse.28 General costs(x \u20ac 1,000) 2022 2021Salaries and social security contributions 13,679 22,025Pension costs 1,294 1,282Other employee costs 2,366 1,842Audit and advisory fees 2,272 2,132O\ue61ace costs 3,284 4,141Equity-settled share-based payments 1,421 153Other general costs 7,777 5,78832,092 37,362Allocated and recharged -14,722 -18,474Total 17,370 18,888The allocation and recharges relate to expenses charged to third parties and allocation of costs to property expenses and developments projects. Employee costs reduced compared to 2021 as result of the closure of the French management office and outsourcing to external service providers. In 2021, the general costs included a total of \u20ac 5.8m which mainly relates the closure of the French management office. An amount of \u20ac 4.1m is included in salaries and social security contributions, \u20ac 0.5m in office costs and \u20ac 1.2m in other general costs. In 2022, an amount of \u20ac 3.4m is included relating to the implementation of our new ERP system.During the year 2022 an average of 118 persons (2021: 173) based on full-time basis were employed by the Group, of which 63 (2021: 71) in the Netherlands and 55 (2021: 102) abroad.Share schemesThe Company grants to the Board of Management and key employees a long-term incentive (\u201cLTI\u201d) in the form of performance shares. The performance shares are equity-settled. Vesting of these shares is conditional for 75% on the Relative Total Shareholder Returns and 25% on the GRESB score. The vesting and performance period is two years for employees and three years for the Board of Management. For the Board of Management a two year holding period is applicable after vesting.The Company offers a share plan to employees which allows them to use their annual net short-term incentive amount to purchase shares of the Company. Bonus shares are granted to participating employees for which vesting is subject to continuous employment for two years after the grant date.The performance and bonus shares are acquired on the market at grant date and held as treasury shares until such time the shares are vested. Forfeited shares are used for subsequent grants.The fair value of the performance shares is determined using a Monte Carlo simulation. The fair value takes into consideration the share price at grant date, expected volatility, risk-free interest rate, dividend yield, TSR correlation to peer group, performance period and vesting period. Non-market performance conditions in the schemes were not taken into account in measuring fair value.The following schemes are in place at the end of the year:Share price at Fair value per Grant date Vesting dategrant dateshareLTI Board of Management 2020 28-4-2020 28-4-2023 7.20 3.02LTI Board of Management 2021 28-4-2021 28-4-2024 14.24 25.21LTI Board of Management 2022 27-4-2022 27-4-2025 15.96 28.84LTI Key employees 2021 28-4-2021 28-4-2023 14.24 25.04LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90The movements in performance shares during the year is as follows:2022 Opening 2021Outstanding at 1 January 146,594 79,259Granted during the year 81,576 67,335Vested during the year -4,389 -Forfeited during the year - -Outstanding at 31 December 223,781 146,594Remuneration of the members of the Supervisory Board and the Board of ManagementThe Supervisory Board members and the members of the Board of Management are considered to be key management personnel. The remuneration policy was last approved at the Annual General Meeting of Shareholders on 24 April 2020. Remuneration is indexed annually with the consumer price index.Supervisory Board: 2022 2021A. N\u00fchn 68 68H. Brand 57 56F. Dechesne 60 57Total 185 181The members of the Supervisory Board do not hold shares or options in Wereldhave N.V. The Company has not issued loans, advances or financial guarantees to members of the Supervisory Board. Shares or options on shares have not been and will not be awarded to members of the Supervisory Board.Board of Management:Pension Fixed and pension Social (x \u20ac 1,000)income STI LTI\ue619compensationcharges Total2022M. Storm 578 277 347 80 13 1,295A.W. de Vreede 417 200 250 67 13 947Total 995 477 597 147 26 2,2422021M. Storm 559 325 335 78 13 1,310A.W. de Vreede 403 235 242 65 13 958Total 962 560 577 143 26 2,2681 Amount for which conditional shares were purchased in accordance with LTI schemeShort-term incentiveThe short-term incentive (\u201cSTI\u201d) is based on performance against the following targets:\u2022 50% is based on the Total Property Return in the Benelux compared to the MSCI index for retail property returns in the Benelux;\u2022 20% is based on the Net Promoter Score (\u201cNPS\u201d);\u2022 20% is based on the average footfall increase for the Benelux; and\u2022 10% is determined by achievement of individual targes of Board members.The STI is based on 40% of the fixed annual income. A minimum of zero and a maximum of 1.5 times the STI may become payable depending on performance. A pro rata pay-out applies between the threshold of 50% of target and the maximum of 150% of target.The performance for 2022 resulted in an STI of \u20ac 277,260 for Mr. Storm and \u20ac 200,134 for Mr. de Vreede.Long-term incentiveThe long-term incentive (\u201cLTI\u201d) is based on performance against the following targets:\u2022 75% is based on Relative Total Shareholder Returns; and\u2022 25% is based on GRESB score.The LTI is based on 60% of the fixed annual income. A minimum of zero and a maximum of 2.5 times the LTI may become payable depending on performance.Mr. Storm holds a total of 107,867 shares at 31 December 2022, of which 10,061 are unconditional or private investment. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,346,180 based on the stock exchange price of \u20ac 12.48 per share as per 31 December 2022.Mr. de Vreede holds a total of 78,598 shares at 31 December 2022, of which 8,000 are unconditional or private investment. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 980,903 based on the stock exchange price of \u20ac 12.48 per share as per 31 December 2022.The Company has not granted loans, advances or financial guarantees to members of the Board of Management.Audit feesIn 2022 Wereldhave N.V. and its subsidiaries have accounted for the following costs from the Group auditor KPMG:(x \u20ac 1,000) 2022 2021Audit of the Annual Accounts 620\ue61d 492\ue61dOther assurance services 195\ue61d 28\ue61dTax advisory services - - Total 815\ue614 520\ue614KPMG provided, in addition to the statutory audit of the financial statements, assurance services in relation to financing transactions, ground rent settlements and issuance of stock dividend. The other assurance services are in compliance with Independence Regulations.Of the total amount of audit fees \u20ac 406k (2021: \u20ac 271k) relates to the Netherlands. This consist of an amount of \u20ac 335k (2021: \u20ac 265k) for the audit of the Annual Accounts and \u20ac 71k (2021: \u20ac 6k) for other audit activities. All fees are in compliance with the Independence Regulations.29 Other income and expensesOther income and expenses \u20ac -3.4m (2021: \u20ac -0.2m) relates to investment and divestment activities, project related and other costs that cannot be directly linked to the operational activities. In 2022 the cost mainly related to an aborted M&A transaction.30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).31 Other financial income and expenses(x \u20ac 1,000) 2022 2021Exchange rate di\ue60derences 113 65Fair value changes derivative instruments 13,694 -1,198Other - -Total 13,807 -1,133The change in fair value during 2022 was primarily driven by changes in interest rates.32 Income tax(x \u20ac 1,000) 2022 2021Result before tax 76,141 -214,628Income tax rate for REIT 0% 0%Expected income tax for REIT - -Tax effect of amounts not deductible (taxable) in calculating taxable incomeTax on non-REIT income -179 -53Tax benefit resulting from current year loss - 1,483Adjustment prior periods 45 -35Other - -60Income tax -134 1,336Weighted average tax rate 0.2% 0.6%For 2022 the current tax charge is \u20ac -0.1m (2021: \u20ac 0.3m) and the deferred tax charge was nil (2021: \u20ac 1.0m). The applicable tax rates for Group companies vary from 0% for tax-exempt entities up to 26%.The weighted average tax rate varies yearly, mainly because the valuation results are taxed differently for the tax-exempt and tax-based countries. There are no tax effects relating to other comprehensive income or amounts directly credited to equity (2021: none).33 Summarized financial information on subsidiariesAll subsidiaries are included in the consolidation. The proportion of voting rights held by the parent or by the Group companies in the subsidiaries do not differ from the proportion of ordinary shares held. The parent does not have any shareholding in preference shares of subsidiaries in the Group.The total amount of non-controlling interest at year-end 2022 amounts to \u20ac 237.6m (2021: 228.7m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary shares ordinary shares Corporate Held by parent Held by the Held by non-con-NameSeat(%)group (%)trolling interests (%)West World Holding N.V. Schiphol, Netherlands 100.00N.V. Wereldhave International Schiphol, Netherlands 100.00Wereldhave Nederland B.V. Schiphol, Netherlands 100.00Wereldhave Development B.V. Schiphol, Netherlands 100.00Relovast V B.V. Schiphol, Netherlands 100.00Wereldhave Management Holding B.V. Schiphol, Netherlands 100.00Wereldhave Management Nederland B.V. Schiphol, Netherlands 100.00NODA SAS Paris, France 100.00Wereldhave Retail France SAS Paris, France 100.00SCI Bordeaux Bonnac Paris, France 0.01 99.99SAS WH Meriadeck Paris, France 100.00SCI du CC Bordeaux Prefecture Paris, France 0.01 99.99SAS WH Cot\u00e9 Seine Paris, France 100.00SCI Marceau Cot\u00e9 Seine Paris, France 0.01 99.99Wereldhave Management France SAS Paris, France 100.00Wereldhave Belgium N.V. Vilvoorde, Belgium 33.09 33.07 33.84J-II N.V. Vilvoorde, Belgium 100.00Waterloo Shopping BVBA Vilvoorde, Belgium 100.00Ter Kamerenbos N.V. Vilvoorde, Belgium 100.00Wereldhave Belgium Services N.V. Vilvoorde, Belgium 100.00Espamad SLU Madrid, Spain 100.00Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2022 31 December 2021Summarized balance sheetCurrent assets 24,605 21,928Current liabilities -84,617 -88,439Total current net assets -60,012 -66,511Non-current assets 968,693 928,607Non-current liabilities -206,737 -191,199Total non-current net assets 761,956 737,408Net assets 701,944 670,897(x \u20ac 1,000) 2022 2021Summarized income statementRevenue 60,846 54,753Profit before income tax 55,276 38,291Income tax expense/income -46 -100Post tax profit from continuing operations 55,230 38,191Other Comprehensive Income 839 348Total Comprehensive Income 56,069 38,539Total Comprehensive Income allocated to non-controlling interest 19,026 13,071Dividend paid to non-controlling interest 12,151 11,491Summarized cash flows(x \u20ac 1,000) 2022 2021Cash \ufb02ows from operating activitiesCash generated from operations 48,921 47,474Interest paid -4,611 -3,959Net cash generated from operating activities 44,310 43,515Net cash used in investment activities -21,321 -9,163Net cash used in financing activities -18,113 -31,843Net increase in cash and cash equivalents and bank overdrafts 4,876 2,509Cash, cash equivalents and bank overdrafts at beginning of the year 5,539 3,030Cash and cash equivalents and bank overdrafts at end of the year 10,415 5,53934 Transactions with shareholdersIn 2022 there were no transactions with shareholders that affected profit and loss.35 Result and diluted result per share upon full conversionResult per shareThe results per share are calculated based on the total result after tax, attributable to holders of ordinary shares and the average number of ordinary shares in issue during the year.(x \u20ac 1,000) 2022 2021Result attributable to shareholders of the company 57,265 -226,250Number of issued shares as at January 1 40,270,921 40,270,921E\ue60dect of purchased shares for remuneration on weighted average -199,039 -124,460Weighted average number of shares for fiscal year 40,071,882 40,146,461Potential ordinary shares to be issued 95,874 58,500Weighted average number of diluted shares for fiscal year 40,167,756 40,204,961Basic earnings per share 1.43 -5.64Diluted earnings per share 1.43 -5.64The shares under the long-term incentive schemes are considered to be potential ordinary shares. These shares are included in the determination of diluted earnings per share if the required hurdles for Total Shareholders Return (\u201cTSR\u201d) and GRESB would have been met based on the company\u2019s performance at 31 December 2022 and to the extent to which they are dilutive.See note 37 for the proposed dividend for 2022.36 Net asset value per shareNet asset value per shareThe net asset value per share is calculated based on equity as presented in the balance sheet as at December 31 and the number of shares issued as at that date.2022 2021Equity available for shareholders (x \u20ac 1,000) 885,682 866,823Number of ordinary shares per 31 December 40,270,921 40,270,921Purchased shares for remuneration -223,781 -146,594Number of ordinary shares per 31 December for calculation net asset value 40,047,140 40,124,327Net asset value per share (x \u20ac 1) 22.12 21.6037 DividendIt is proposed to distribute to holders of ordinary shares a dividend of \u20ac 46m or \u20ac 1.16 per share in cash in order to meet the distribution obligations under Dutch tax law, subject to dividend withholding tax.38 Related partiesThe Board of Management, the Supervisory Board and subsidiaries of Wereldhave N.V. are considered to be related parties. The members of the Supervisory Board and of the Board of Management had no personal interest in any of the Company\u2019s investments during the year. For information about the directors\u00b4 remuneration and shareholding reference is made to note 28.Related party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions if such terms can be substantiated.39 Events after balance sheet dateThere are no events after balance sheet date.",
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"value": "1 Reporting entityWereldhave N.V. (\u2018the Company\u2019) is an investment company which invests in real estate (shopping centers and offices). The property portfolio of Wereldhave N.V. and its subsidiaries (\u2018the Group\u2019) is located in Belgium, France and the Netherlands. The Group is principally involved in leasing investment property under operating leases. The property management is performed by Group management companies. The Company is a limited liability company incorporated in the Netherlands and domiciled in the Netherlands. The address of the Company\u2019s registered office is Schiphol Boulevard 233, 1118 BH Schiphol, the Netherlands. The shares of the Company are listed on the Euronext Stock Exchange of Amsterdam. The consolidated financial statements for the year ended 31 December 2022 were authorized for issue by the Supervisory Board on 10 March 2023 and will be presented to the shareholders for approval on 21 April 2023.",
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"value": "The property portfolio of Wereldhave N.V. and its subsidiaries (\u2018the Group\u2019) is located in Belgium, France and the Netherlands. The Group is principally involved in leasing investment property under operating leases.",
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"value": "Schiphol Boulevard 233, 1118 BH Schiphol, the Netherlands.",
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},
"s12_notes__7__18": {
"value": "3 Accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.3.1 Basis of accountingStatement of complianceThe consolidated financial statements of Wereldhave N.V. have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code.Income and cash flow statementThe Group presents a separate \u2018statement of profit or loss\u2019 and \u2018other comprehensive income\u2019. The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid is presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group\u2019s business activities.Preparation of the consolidated financial statementsThe consolidated financial statements have been prepared on a going concern basis, applying a historical cost convention, except for the measurement of investment property and derivative financial instruments that have been measured at fair value.Accounting estimatesThe preparation of consolidated financial statements in conformity with EU-IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate.The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.32, 5 and 22.Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2022 the following standards became effective but did not have an impact on the Company's consolidated financial statements:\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Onerous Contracts: Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018\u20132020 \u2013 Amendments to IFRS 1, IFRS 9, illustrative examples accompanying IFRS 16 and IAS 41New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2022 and have not been applied in preparing these consolidated financial statements:\u2022 IFRS 17 Insurance Contracts\u2022 Classification of Liabilities as Current or Noncurrent \u2013 Amendments to IAS 1\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12\u2022 Sale or contribution of assets between an investor and its associate or joint venture - Amendments to IFRS 10 and IAS 28These changes are not expected to have a material impact on the companyin the current or future reporting periods and on foreseeable future transactions.3.2 ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Wereldhave recognizes acquisitions if IFRS 3R \u201cBusiness Combinations\u201d or IAS 40 \u201cInvestment Property\u201d applies. Acquisitions are considered a business combination if there is an acquisition of assets, rental activities and such, a management organization, that the acquired entity can operate as an independent company with the aim of generating economic results. Wereldhave does not necessarily consider acquisitions of properties within a legal company as a business combination but evaluates these acquisitions individually for the above operational characteristics.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred.For acquisitions of subsidiaries not meeting the definition of a business, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions or events do not give rise to goodwill.Consolidated financial statements are prepared using uniform accounting policies for similar transactions. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.3.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement for the year.Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented net in the income statement within other financial income and expenses. The following exchange rates against the euro, were used for these consolidated financial statements:average year-end2022 2021 2022 2021GBP 1.17287 1.16341 1.12951 1.18859USD 0.95007 0.84596 0.93414 0.87951CAD 0.72995 0.67485 0.68939 0.695773.4 Comprehensive incomeIn the statement of comprehensive income, no separate line for tax is included as there are no taxable items. This is due to the tax status of the Group and some subsidiaries.3.5 Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments mainly to hedge exchange rate and interest rate risks arising from financing activities. The Group does not hold any derivatives for trading purposes. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.Derivatives are initially measured at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of the reporting period. Changes in the fair value of derivatives that are not designated as hedging instruments are recognized in the income statement as they arise.The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges) or hedges of the fair value of recognized assets and liabilities (fair value hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expectedto offset each other.The Group uses hedging instruments such as interest and cross currency swaps. Transactions are entered into with a limited number of counterparties with strong credit ratings. Hedging operations are governed by internal policies and rules approved and monitored by the Board of Management.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts is separately accounted for as a cost of hedging and recognized in a cost of hedging reserve within equity.When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs. When the transaction is no longer expected to occur, the cumulative gain or loss and costs of hedging that were reported in equity are immediately reclassified to profit or loss.Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other financial income and expense.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.3.6 Investment propertyProperty that is held for long-term rental income or for capital appreciation or both, and that is not occupied by the companies in the consolidated Group, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. Investment property is measured initially at its cost, including related transaction costs. After this initial recognition, investment property is carried at fair value.Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date and adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow or capitalization projections. Valuations are performed as of the financial position dates 30 June and 31 December by professional independent external valuers who hold recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. The independent, certified valuers are instructed to determine the fair value of the property in accordance with the valuation standards as published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards Council (IVSC). These guidelines contain mandatory rules and best practice guidelines for valuers. Remuneration of valuers is based on a fixed fee per property.The valuations form the basis for the carrying amounts in the consolidated financial statements. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value.Relationship between significant unobservable Significant unobservable inputinputs and the fair value measurement\u2022 Growth forecast for market rent level The estimated fair value increases (decreases) if:\u2022 Periods of vacancy following expiration \u2022 The expected growth of market rent levels is of a leasehigher (lower)\u2022 Occupancy rate \u2022 The periods of vacancy are shorter (longer)\u2022 Rent-free periods and other lease incentives \u2022 The occupancy rate is higher (lower)\u2022 Theoretical net yield \u2022 The rent-free periods are shorter (longer)\u2022 The estimated maintenance costs / investments are lower (higher)\u2022 The net-yield is lower (higher)The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.Subsequent expenditure is capitalized to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.Changes in fair values are recognized in the income statement. Investment properties are derecognized when they have been disposed.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within net gain from fair value adjustment on investment property.If an investment property becomes owner-occupied, it is reclassified as property and equipment. Its fair value at the date of reclassification becomes its cost for subsequent accounting purposes.Properties eligible for disposal are classified as assets held for sale. In the case of sale of properties, the difference between net proceeds and book value is recognized in the income statement under results of disposal.Lease incentives, rent-free periods and other leasing expensesRent-free periods and investments made, or allowances granted to tenants by Wereldhave (\u201clease incentives\u201d) are allocated on a linear basis over the lease term. The lease term consists of the period until the first break option for the tenants, which period can be extended by management with the expected prolongation of the leases. In determining the property at fair value capitalized lease incentives are adjusted for the valuation results, to avoid double counting.Investment property under constructionInvestment property under construction is measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the company expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed - whichever is earlier.It may sometimes be difficult to reliably determine the fair value of the investment property under construction. In order to evaluate whether the fair value of an investment property under construction can be determined reliably, management considers the following factors, among others:\u2022 The provisions of the construction contract\u2022 The stage of completion\u2022 Whether the project/property is standard (typical for the market) or non-standard\u2022 The level of reliability of expected cash inflows after completion\u2022 The development risk specific to the property\u2022 Past experience with similar constructions\u2022 Status of construction permitsCosts include the material and labor for the construction, costs of staff directly related to technical supervision, project management on the basis of time spent and finance costs. The finance cost are capitalized interest that is charged until the date of delivery and is based on the interest to be allocated to development or on the basis of the average effective rate of the Group, where no specific project financing is present. Interest charges include interest and all costs associated with Wereldhave raising funds.The fair value of development is determined on an identical basis as investment properties, with the understanding that the capitalization factor is adjusted to reflect development risks.Fair value changes and impairment losses are recognized in the income statement as valuation result. Investment property under construction are transferred to investment properties on the date of delivery.3.7 LeasesGroup company is the lessee in an operating leaseA right-of-use asset and a lease liability is recognized at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently at cost less any accumulated depreciation, impairment losses and adjusted for certain remeasurements of the lease liability. Right-of-use assets are presented under property and equipment. Right-of-use assets that meet the definition of investment property are presented under investment property and subsequently measured at fair value in accordance with the Group\u2019s accounting policies.The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date which are discounted using the Group\u2019s incremental borrowing rate, unless the interest rate implicit in the lease is available. The lease liability is subsequently increased by the interest costs on the lease liability and decreased by any lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or changes to the assessment whether a purchase or extension options is reasonably certain to be exercised. Judgement may need to be applied to determine the lease term for some lease contracts that contain renewal or termination options. The assessment may significantly affect the amount of lease liabilities and right-of-use assets recognized.Lease liabilities are included in other long-term liabilities in the statement of financial position. Payments of lease liabilities are presented as cash flows from financing activities in the cash flow statement.Group company is the lessor in an operating leaseProperties leased out under operating leases are included in investment property in the consolidated statement of financial position. See Note 24 for the recognition of rental income.3.8 Property and equipmentProperty and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Cost includes the cost of replacing part of existing plant and equipment at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an item of plant and equipment.Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 yearsThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the income statement.3.9 Intangible assetsComputer softwareAcquired computer software licenses and costs relating to internally developed software are capitalized at cost incurred to acquire, develop and implement the specific software. These costs are amortized over their estimated useful lives (5 to 10 years).3.10 Impairment of non-financial and financial assetsAssets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.3.11 Financial instrumentsWereldhave categorizes its financial instruments measured at fair value in three categories. Level 1 valuations are based on quoted market prices, level 2 inputs are inputs other than quoted prices included in level 1 that are observable for the asset or liability, either direct or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.3.12 Financial assetsThe Group classifies its financial assets in those to be measured subsequently at fair value and those to be measured at amortized cost. The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.Financial assets are not reclassified after their initial recognition unless the Group changes its business model for managing financial assets.Financial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.A financial asset is initially measured at fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.Subsequent measurement of financial assets depends on the business model for managing the asset and the cash flows characteristics of the asset. There are three measurement categories into which the Group classifies its financial assets:\u2022 Amortized cost is applied for financial assets held within a business model whose objective is to hold the assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\u2022 Fair value through other comprehensive income is applied for equity investments that are not held for trading or debt investments held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms give rise on specified dates to cash flows that are solely payments\u2022 of principal and interest on the principal amount outstanding.\u2022 Assets that do not meet the criteria for amortized costs or fair value through other comprehensive income are measured at fair value through profit or loss. Financial assets at amortized costs are subsequently measured at amortized cost using the effective interest method, reduced by impairment losses. Interest income and impairments are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.Equity and debt investments at fair value through other comprehensive income are subsequently measured at fair value. Dividends, interest income calculated using the effective interest method and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition of debt investments, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.Financial assets at fair value through profit or loss are subsequently measured at fair value. Net gains and losses are recognized in profit or loss unless item is designated as hedging instrument.An overview of the carrying amounts of the financial assets is set out in note 22.3.13 Financial liabilitiesA financial liability is initially measured at fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue.Financial liabilities are subsequently classified as measured at amortized cost or fair value through profit or loss.A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses are recognized in profit or loss.Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired.An overview of the carrying amounts of the financial liabilities is set out in note 22.3.14 Cash and cash equivalentsCash and cash equivalents includes cash in hand and bank overdrafts. Cash and cash equivalents are measured at nominal value.3.15 Non-current assets held for saleNon-current assets (or a disposal group) are held for sale in case the carrying amount will be recovered principally by means of a sale rather than by continuing use. This only applies if the asset (or disposal group) is available for immediate sale in its present condition. Furthermore, the sale must be highly probable, management must be committed to a plan to sell the asset and an active program to locate a buyer and complete the plan must have been initiated. The sale should be completed within one year from the date of classification.Non-current assets (or disposal group) classified as held for sale are measured at the lower of the carrying amount and fair value less cost to sell except for assets such as deferred tax assets and investment property that are carried at fair value. Non-current assets held for sale or the assets from a disposal group are presented separately from other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from the other liabilities. Assets and liabilities held for sale are not offset against each other.A disposal group is a group of assets and liabilities that is sold or intended to be sold in one transaction.3.16 Trade receivablesTrade receivables are amounts due from tenants under the lease agreements. Standard lease terms require upfront payment of rent and therefore trade receivables are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost less expected credit losses.The Group applies the simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables at each reporting date. The Group has established a provision matrix that is based on historical credit loss experience, adjusted for forward looking factors specific to the debtors and the economic environment.3.17 EquityOrdinary shares are classified as equity. External costs directly attributable to the issue of new shares are deducted from the proceeds. When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a change in the general reserve in equity. Repurchased shares are classified as treasury shares and deducted from total equity. When treasury shares are reissued the proceeds are credited to the treasury share reserve and any surplus is credited to the share premium reserve. Dividends are recognized as a liability in the period in which they are declared.3.18 Dividend policyAs an investment company in accordance with Article 28 of the Dutch \u2018Wet op de Vennootschapsbelasting 1969\u2019, the Company is required to distribute at least the taxable result as dividend.Wereldhave aims for a dividend pay-out ratio of 75% - 85% of its direct result (net rental income, general costs, other gains and losses, financial income and expense (other than the interest addition to the real value of the conversion rights of convertible bonds, premiums paid on repurchased interest-bearing debt and actuarial gains and losses on employee benefit plans) and tax charges on direct result.3.19 ProvisionsA provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. Any increase in the provision due to passage of time is recognized as interest charges.3.20 Non-current liabilitiesInterest-bearing debtInterest-bearing debt is initially recognized at fair value, minus transaction costs. Subsequently interest-bearing debt is measured at amortized cost. Any difference between the face value and the carrying amount is recognized in the income statement over the period of the interest-bearing debt on the basis of the effective interest per debt. The portion of debt outstanding to be repaid within twelve months is shown under current liabilities.3.21 Pension plansDefined contribution plansDefined contribution plans are pension schemes to which a Group company makes a fixed annual contribution and where the Company does not have a legal or constructive obligation to make further payments if the pension fund of the pension scheme does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense when they are due.Defined benefit plansThe liability or asset recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit or loss.Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs.3.22 Trade and other payablesTrade and other payables are recognized initially at fair value and subsequently at amortized cost basis using the effective interest method.3.23 RevenueGross Rental incomeRental income from investment properties leased out under operating leases is recognizedin the income statement on a straight-line basis over the term of the lease. Lease incentives are recognized as a reduction of the rental income and are straight-lined over the minimum term of the lease. Rent adjustments due to indexation are recognized as they arise. Rental income does not include value added tax or amounts charged to tenants in respect of service and operating costs. Variable rental income, such as turnover related rent or income from specialty leasing is recognized in the income statement in the period to which it relates, if it can be estimated reliably. If a reliable estimate is not possible, recognition takes place at the time of realization.Revenue received from tenants for early termination of leases is directly recognized in the income statement in the period to which the revenues relates.Service costs chargedWhere there are service contracts with third parties, service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant for the location. The services are included in the lease agreement and mainly relate to energy, cleaning and security services. The service charge income is recognized evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. Service charges are shown on a gross basis when Wereldhave acts as a principal.3.24 ExpensesService costs paidService costs are shown on a gross basis when Wereldhave acts as a principal. In the presentation on a gross basis, costs and charges are shown separately. In case Wereldhave acts as an agent only the non-recoverable amount of the service and operational costs is presented. Service charges in respect of vacant units or other irrecoverable service charges due to insolvency or contractual limitations are included in service costs paid.Property expensesProperty expenses consist of operational cost for the account of Wereldhave attributable to the accounting period, such as:\u2022 Maintenance;\u2022 Property tax;\u2022 Insurance premiums;\u2022 Property management; and\u2022 Letting expenses.Letting expenses include the depreciation of capitalized expenditure in connection with a letting, such as fit out contributions paid by Wereldhave. The expenditure is amortized over the term of the lease. Investment property depreciation charges are not recognized, because investment properties are valued at market value see paragraph 3.6. The market value calculation takes technical and economic obsolescence into account.General costsGeneral costs are expenses that are not directly attributable to the operation of properties (including salaries of staff not directly involved with properties, office overheads, advice, valuation and audit fees, listing costs and promotion costs). Direct staff costs relating to property management are included in property expenses. Direct staff costs relating to supervising and monitoring investment and development projects are capitalized as part of the investment property under construction on the basis of time spent.3.25 Results on disposalThe results on disposal are the differences between the realized selling prices, net of selling costs, and the carrying amount, based on the last reported fair value (mostly the latest appraisal).Results on disposal from the sale of investment property or fixed assets are processed if the following conditions are met:\u2022 The entity has transferred the rights to all major economic benefits and any significant risks to the buyer;\u2022 The legal entity does not keep possession of those goods and therefore cannot decide on its use;\u2022 The amount of revenue can be reliably determined;\u2022 It is probable that the economic benefits associated with the transaction will flow to the new legal owner; and\u2022 Costs already incurred and the potential future costs in respect to the transaction can be measured reliably.3.26 Interest charges and interest incomeInterest comprises the total of interest attributable to the accounting period on loans, other debts, accounts receivable and cash and bank balances and is split between interest received and interest paid. Interest income & charges is recognized in the income statement as it accrues. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition of the instrument. Interest attributable to the acquisition or construction of an asset that takes a substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting from preparation of the plan until completion. Capitalized interest is calculated using the Group\u2019s weighted average cost of debt or the borrowing cost of specific project financing.3.27 Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.Share-based payment arrangementsThe grant date fair value of equity-settled share-based payment arrangements granted to the employees, including Board of Management, is generally recognized as an expense, with a corresponding reserve in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. In case of a modification, any incremental fair value will be recognized as an expense over the period from the modification date to the end date of the vesting period.The fair value of the amount payable in respect of share-based payments arrangements, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the employee becomes unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the share-based payments arrangements. Any changes in the liability are recognized in profit or loss.3.28 Income taxTax charges on the income statement for a year comprise current and deferred tax and are calculated on results before taxes, considering any tax-exempt components of result and non-deductible costs. Losses to be offset against probable future results are recognized as deferred tax asset. Current tax is the expected tax payable or receivable on the taxable income or loss for the period. Deferred tax consists of the expected tax payable or receivable on changes in the value of assets or liabilities which will be realized at the time of sale. Tax charges are calculated using tax rates prevailing at the balance sheet date.Current tax and deferred tax is recognized in income statement except to the items recognized directly in equity or in other comprehensive income in which case, the tax is also recognized in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.3.29 Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing:\u2022 The profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares by\u2022 By the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider:\u2022 The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and\u2022 The weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.3.30 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Chief Executive Officer (CEO) of the Company.The operating segments are based on a geographic perspective and therefore performance is assessed for Belgium, France, Netherlands and Head office. A segment consists of assets and activities with specific risks and results, differing from other sectors.3.31 Rounding of amountsAll amounts as disclosed in the financial statements and notes have been rounded off to the nearest thousand euros unless otherwise stated and may not add up exactly due to rounding.3.32 Significant estimates in the accountsInvestment propertyThe assets in the Company and its subsidiaries mainly consists of the property portfolio. The market value of these assets cannot be assessed using official quotations or listings.A valuation based on fair value is a time- and location-based estimate. The estimate is based on the price level on which two well-informed parties under normal market conditions would make a transaction for that specific property on the date of valuation. The fair value of a property in the market can only be determined accurately at the moment of the actual sale of the property.Twice a year (June 30 and December 31) the properties are valued by external valuers. The valuer appraises at fair value with his own market knowledge and information. The valuation is prepared by the valuer and verified and approved by Wereldhave.The fair value is based on a net yield calculation, where market rents are capitalized. Elements of this calculation include current and future rent levels, expected vacancy rates, rent indexations, turnover rents, lease incentives, etc. The yields and market rents used are specific for the country, the location, the type of property, the level of maintenance and the general rent ability of every single property. The determination of applicable yields is based upon comparable transactions, supplemented with market and building specific knowledge and remaining other assumptions, in which the professional judgment of the valuer will become more important if the available transaction information is not sufficient.Apart from assumptions with respect to yields, costs for future maintenance investments are also considered in the valuation. Furthermore, explicit assumptions are made per lettable location and per tenant with regard to (re)letting, the start date of such (re)letting and the costs related thereto. Also, adjustments are made for expected costs of vacancy (present and future) and for differences between the market rent and contractual rent. Sales costs at the expense of the buyer, including transfer tax payable, are deducted from the market value.General assumptions with regard to the valuation of investment property have been disclosed in paragraph 3.6 and in note 5.PensionsWith regard to the measurement of defined benefit plans, assumptions have been made with regard to interest rates, expected return on assets, mortality rates and future salary increases. Deviations from the assumptions will impact on assets, liabilities and results on future periods. In order to mitigate risks Wereldhave uses external experts for the measurement of defined benefit plans. Assumptions have been disclosed in note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__20": {
"value": "Statement of complianceThe consolidated financial statements of Wereldhave N.V. have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__23": {
"value": "Income and cash flow statementThe Group presents a separate \u2018statement of profit or loss\u2019 and \u2018other comprehensive income\u2019. The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid is presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group\u2019s business activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__22-1": {
"value": "Income and cash flow statementThe Group presents a separate \u2018statement of profit or loss\u2019 and \u2018other comprehensive income\u2019. The Group reports cash flows from operating activities using the indirect method. Interest received and interest paid is presented within operating cash flows. The acquisitions of investment properties are disclosed as cash flows from investing activities as this most appropriately reflects the Group\u2019s business activities.Payments of lease liabilities are presented as cash flows from financing activities in the cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__21": {
"value": "Preparation of the consolidated financial statementsThe consolidated financial statements have been prepared on a going concern basis, applying a historical cost convention, except for the measurement of investment property and derivative financial instruments that have been measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__24": {
"value": "Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2022 the following standards became effective but did not have an impact on the Company's consolidated financial statements:\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Onerous Contracts: Cost of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 Annual Improvements to IFRS Standards 2018\u20132020 \u2013 Amendments to IFRS 1, IFRS 9, illustrative examples accompanying IFRS 16 and IAS 41New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2022 and have not been applied in preparing these consolidated financial statements:\u2022 IFRS 17 Insurance Contracts\u2022 Classification of Liabilities as Current or Noncurrent \u2013 Amendments to IAS 1\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Definition of Accounting Estimate \u2013 Amendments to IAS 8\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12\u2022 Sale or contribution of assets between an investor and its associate or joint venture - Amendments to IFRS 10 and IAS 28These changes are not expected to have a material impact on the companyin the current or future reporting periods and on foreseeable future transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__26": {
"value": "3.2 ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Wereldhave recognizes acquisitions if IFRS 3R \u201cBusiness Combinations\u201d or IAS 40 \u201cInvestment Property\u201d applies. Acquisitions are considered a business combination if there is an acquisition of assets, rental activities and such, a management organization, that the acquired entity can operate as an independent company with the aim of generating economic results. Wereldhave does not necessarily consider acquisitions of properties within a legal company as a business combination but evaluates these acquisitions individually for the above operational characteristics.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred.For acquisitions of subsidiaries not meeting the definition of a business, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions or events do not give rise to goodwill.Consolidated financial statements are prepared using uniform accounting policies for similar transactions. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__25": {
"value": "3.2 ConsolidationSubsidiariesSubsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Wereldhave recognizes acquisitions if IFRS 3R \u201cBusiness Combinations\u201d or IAS 40 \u201cInvestment Property\u201d applies. Acquisitions are considered a business combination if there is an acquisition of assets, rental activities and such, a management organization, that the acquired entity can operate as an independent company with the aim of generating economic results. Wereldhave does not necessarily consider acquisitions of properties within a legal company as a business combination but evaluates these acquisitions individually for the above operational characteristics.The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred.For acquisitions of subsidiaries not meeting the definition of a business, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions or events do not give rise to goodwill.Consolidated financial statements are prepared using uniform accounting policies for similar transactions. Accounting policies of subsidiaries are consistent with the policies adopted by the Group. Inter-company transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__27": {
"value": "Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__28": {
"value": "3.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement for the year.Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented net in the income statement within other financial income and expenses. The following exchange rates against the euro, were used for these consolidated financial statements:average year-end2022 2021 2022 2021GBP 1.17287 1.16341 1.12951 1.18859USD 0.95007 0.84596 0.93414 0.87951CAD 0.72995 0.67485 0.68939 0.69577",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__29": {
"value": "Functional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in euros, which is the Company\u2019s functional currency and the Group\u2019s presentation currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__32": {
"value": "3.5 Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments mainly to hedge exchange rate and interest rate risks arising from financing activities. The Group does not hold any derivatives for trading purposes. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.Derivatives are initially measured at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of the reporting period. Changes in the fair value of derivatives that are not designated as hedging instruments are recognized in the income statement as they arise.The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges) or hedges of the fair value of recognized assets and liabilities (fair value hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expectedto offset each other.The Group uses hedging instruments such as interest and cross currency swaps. Transactions are entered into with a limited number of counterparties with strong credit ratings. Hedging operations are governed by internal policies and rules approved and monitored by the Board of Management.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts is separately accounted for as a cost of hedging and recognized in a cost of hedging reserve within equity.When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs. When the transaction is no longer expected to occur, the cumulative gain or loss and costs of hedging that were reported in equity are immediately reclassified to profit or loss.Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other financial income and expense.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__33": {
"value": "The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges) or hedges of the fair value of recognized assets and liabilities (fair value hedges).At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expectedto offset each other.The Group uses hedging instruments such as interest and cross currency swaps. Transactions are entered into with a limited number of counterparties with strong credit ratings. Hedging operations are governed by internal policies and rules approved and monitored by the Board of Management.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts is separately accounted for as a cost of hedging and recognized in a cost of hedging reserve within equity.When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs. When the transaction is no longer expected to occur, the cumulative gain or loss and costs of hedging that were reported in equity are immediately reclassified to profit or loss.Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other financial income and expense.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__36": {
"value": "3.6 Investment propertyProperty that is held for long-term rental income or for capital appreciation or both, and that is not occupied by the companies in the consolidated Group, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property. Investment property is measured initially at its cost, including related transaction costs. After this initial recognition, investment property is carried at fair value.Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date and adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow or capitalization projections. Valuations are performed as of the financial position dates 30 June and 31 December by professional independent external valuers who hold recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. The independent, certified valuers are instructed to determine the fair value of the property in accordance with the valuation standards as published by the Royal Institute of Chartered Surveyors (RICS) and the International Valuation Standards Council (IVSC). These guidelines contain mandatory rules and best practice guidelines for valuers. Remuneration of valuers is based on a fixed fee per property.The valuations form the basis for the carrying amounts in the consolidated financial statements. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value.Relationship between significant unobservable Significant unobservable inputinputs and the fair value measurement\u2022 Growth forecast for market rent level The estimated fair value increases (decreases) if:\u2022 Periods of vacancy following expiration \u2022 The expected growth of market rent levels is of a leasehigher (lower)\u2022 Occupancy rate \u2022 The periods of vacancy are shorter (longer)\u2022 Rent-free periods and other lease incentives \u2022 The occupancy rate is higher (lower)\u2022 Theoretical net yield \u2022 The rent-free periods are shorter (longer)\u2022 The estimated maintenance costs / investments are lower (higher)\u2022 The net-yield is lower (higher)The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.Subsequent expenditure is capitalized to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized.Changes in fair values are recognized in the income statement. Investment properties are derecognized when they have been disposed.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within net gain from fair value adjustment on investment property.If an investment property becomes owner-occupied, it is reclassified as property and equipment. Its fair value at the date of reclassification becomes its cost for subsequent accounting purposes.Properties eligible for disposal are classified as assets held for sale. In the case of sale of properties, the difference between net proceeds and book value is recognized in the income statement under results of disposal.Lease incentives, rent-free periods and other leasing expensesRent-free periods and investments made, or allowances granted to tenants by Wereldhave (\u201clease incentives\u201d) are allocated on a linear basis over the lease term. The lease term consists of the period until the first break option for the tenants, which period can be extended by management with the expected prolongation of the leases. In determining the property at fair value capitalized lease incentives are adjusted for the valuation results, to avoid double counting.Investment property under constructionInvestment property under construction is measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the company expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed - whichever is earlier.It may sometimes be difficult to reliably determine the fair value of the investment property under construction. In order to evaluate whether the fair value of an investment property under construction can be determined reliably, management considers the following factors, among others:\u2022 The provisions of the construction contract\u2022 The stage of completion\u2022 Whether the project/property is standard (typical for the market) or non-standard\u2022 The level of reliability of expected cash inflows after completion\u2022 The development risk specific to the property\u2022 Past experience with similar constructions\u2022 Status of construction permitsCosts include the material and labor for the construction, costs of staff directly related to technical supervision, project management on the basis of time spent and finance costs. The finance cost are capitalized interest that is charged until the date of delivery and is based on the interest to be allocated to development or on the basis of the average effective rate of the Group, where no specific project financing is present. Interest charges include interest and all costs associated with Wereldhave raising funds.The fair value of development is determined on an identical basis as investment properties, with the understanding that the capitalization factor is adjusted to reflect development risks.Fair value changes and impairment losses are recognized in the income statement as valuation result. Investment property under construction are transferred to investment properties on the date of delivery.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__40": {
"value": "3.7 LeasesGroup company is the lessee in an operating leaseA right-of-use asset and a lease liability is recognized at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently at cost less any accumulated depreciation, impairment losses and adjusted for certain remeasurements of the lease liability. Right-of-use assets are presented under property and equipment. Right-of-use assets that meet the definition of investment property are presented under investment property and subsequently measured at fair value in accordance with the Group\u2019s accounting policies.The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date which are discounted using the Group\u2019s incremental borrowing rate, unless the interest rate implicit in the lease is available. The lease liability is subsequently increased by the interest costs on the lease liability and decreased by any lease payments made. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or changes to the assessment whether a purchase or extension options is reasonably certain to be exercised. Judgement may need to be applied to determine the lease term for some lease contracts that contain renewal or termination options. The assessment may significantly affect the amount of lease liabilities and right-of-use assets recognized.Lease liabilities are included in other long-term liabilities in the statement of financial position. Payments of lease liabilities are presented as cash flows from financing activities in the cash flow statement.Group company is the lessor in an operating leaseProperties leased out under operating leases are included in investment property in the consolidated statement of financial position. See Note 24 for the recognition of rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__43": {
"value": "3.8 Property and equipmentProperty and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Cost includes the cost of replacing part of existing plant and equipment at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an item of plant and equipment.Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 yearsThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__44": {
"value": "Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__45": {
"value": "3.9 Intangible assetsComputer softwareAcquired computer software licenses and costs relating to internally developed software are capitalized at cost incurred to acquire, develop and implement the specific software. These costs are amortized over their estimated useful lives (5 to 10 years).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__48": {
"value": "3.10 Impairment of non-financial and financial assetsAssets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__47": {
"value": "3.10 Impairment of non-financial and financial assetsAssets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__46": {
"value": "3.10 Impairment of non-financial and financial assetsAssets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__49": {
"value": "3.11 Financial instrumentsWereldhave categorizes its financial instruments measured at fair value in three categories. Level 1 valuations are based on quoted market prices, level 2 inputs are inputs other than quoted prices included in level 1 that are observable for the asset or liability, either direct or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__50": {
"value": "3.12 Financial assetsThe Group classifies its financial assets in those to be measured subsequently at fair value and those to be measured at amortized cost. The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.Financial assets are not reclassified after their initial recognition unless the Group changes its business model for managing financial assets.Financial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.A financial asset is initially measured at fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.Subsequent measurement of financial assets depends on the business model for managing the asset and the cash flows characteristics of the asset. There are three measurement categories into which the Group classifies its financial assets:\u2022 Amortized cost is applied for financial assets held within a business model whose objective is to hold the assets to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\u2022 Fair value through other comprehensive income is applied for equity investments that are not held for trading or debt investments held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms give rise on specified dates to cash flows that are solely payments\u2022 of principal and interest on the principal amount outstanding.\u2022 Assets that do not meet the criteria for amortized costs or fair value through other comprehensive income are measured at fair value through profit or loss. Financial assets at amortized costs are subsequently measured at amortized cost using the effective interest method, reduced by impairment losses. Interest income and impairments are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.Equity and debt investments at fair value through other comprehensive income are subsequently measured at fair value. Dividends, interest income calculated using the effective interest method and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition of debt investments, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.Financial assets at fair value through profit or loss are subsequently measured at fair value. Net gains and losses are recognized in profit or loss unless item is designated as hedging instrument.An overview of the carrying amounts of the financial assets is set out in note 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__51": {
"value": "3.13 Financial liabilitiesA financial liability is initially measured at fair value plus, in case of assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue.Financial liabilities are subsequently classified as measured at amortized cost or fair value through profit or loss.A financial liability is classified as at fair value through profit or loss if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses are recognized in profit or loss.Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired.An overview of the carrying amounts of the financial liabilities is set out in note 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__52": {
"value": "3.14 Cash and cash equivalentsCash and cash equivalents includes cash in hand and bank overdrafts. Cash and cash equivalents are measured at nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__53": {
"value": "3.15 Non-current assets held for saleNon-current assets (or a disposal group) are held for sale in case the carrying amount will be recovered principally by means of a sale rather than by continuing use. This only applies if the asset (or disposal group) is available for immediate sale in its present condition. Furthermore, the sale must be highly probable, management must be committed to a plan to sell the asset and an active program to locate a buyer and complete the plan must have been initiated. The sale should be completed within one year from the date of classification.Non-current assets (or disposal group) classified as held for sale are measured at the lower of the carrying amount and fair value less cost to sell except for assets such as deferred tax assets and investment property that are carried at fair value. Non-current assets held for sale or the assets from a disposal group are presented separately from other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from the other liabilities. Assets and liabilities held for sale are not offset against each other.A disposal group is a group of assets and liabilities that is sold or intended to be sold in one transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__54": {
"value": "3.16 Trade receivablesTrade receivables are amounts due from tenants under the lease agreements. Standard lease terms require upfront payment of rent and therefore trade receivables are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost less expected credit losses.The Group applies the simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables at each reporting date. The Group has established a provision matrix that is based on historical credit loss experience, adjusted for forward looking factors specific to the debtors and the economic environment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__55": {
"value": "3.17 EquityOrdinary shares are classified as equity. External costs directly attributable to the issue of new shares are deducted from the proceeds. When share capital recognized as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a change in the general reserve in equity. Repurchased shares are classified as treasury shares and deducted from total equity. When treasury shares are reissued the proceeds are credited to the treasury share reserve and any surplus is credited to the share premium reserve. Dividends are recognized as a liability in the period in which they are declared.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__56": {
"value": "Repurchased shares are classified as treasury shares and deducted from total equity. When treasury shares are reissued the proceeds are credited to the treasury share reserve and any surplus ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__57": {
"value": "Dividends are recognized as a liability in the period in which they are declared.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__59": {
"value": "3.19 ProvisionsA provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. Any increase in the provision due to passage of time is recognized as interest charges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__64": {
"value": "3.22 Trade and other payablesTrade and other payables are recognized initially at fair value and subsequently at amortized cost basis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__65": {
"value": "3.23 RevenueGross Rental incomeRental income from investment properties leased out under operating leases is recognizedin the income statement on a straight-line basis over the term of the lease. Lease incentives are recognized as a reduction of the rental income and are straight-lined over the minimum term of the lease. Rent adjustments due to indexation are recognized as they arise. Rental income does not include value added tax or amounts charged to tenants in respect of service and operating costs. Variable rental income, such as turnover related rent or income from specialty leasing is recognized in the income statement in the period to which it relates, if it can be estimated reliably. If a reliable estimate is not possible, recognition takes place at the time of realization.Revenue received from tenants for early termination of leases is directly recognized in the income statement in the period to which the revenues relates.Service costs chargedWhere there are service contracts with third parties, service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant for the location. The services are included in the lease agreement and mainly relate to energy, cleaning and security services. The service charge income is recognized evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. Service charges are shown on a gross basis when Wereldhave acts as a principal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__68": {
"value": "3.24 ExpensesService costs paidService costs are shown on a gross basis when Wereldhave acts as a principal. In the presentation on a gross basis, costs and charges are shown separately. In case Wereldhave acts as an agent only the non-recoverable amount of the service and operational costs is presented. Service charges in respect of vacant units or other irrecoverable service charges due to insolvency or contractual limitations are included in service costs paid.Property expensesProperty expenses consist of operational cost for the account of Wereldhave attributable to the accounting period, such as:\u2022 Maintenance;\u2022 Property tax;\u2022 Insurance premiums;\u2022 Property management; and\u2022 Letting expenses.Letting expenses include the depreciation of capitalized expenditure in connection with a letting, such as fit out contributions paid by Wereldhave. The expenditure is amortized over the term of the lease. Investment property depreciation charges are not recognized, because investment properties are valued at market value see paragraph 3.6. The market value calculation takes technical and economic obsolescence into account.General costsGeneral costs are expenses that are not directly attributable to the operation of properties (including salaries of staff not directly involved with properties, office overheads, advice, valuation and audit fees, listing costs and promotion costs). Direct staff costs relating to property management are included in property expenses. Direct staff costs relating to supervising and monitoring investment and development projects are capitalized as part of the investment property under construction on the basis of time spent.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__73": {
"value": "3.26 Interest charges and interest incomeInterest comprises the total of interest attributable to the accounting period on loans, other debts, accounts receivable and cash and bank balances and is split between interest received and interest paid. Interest income & charges is recognized in the income statement as it accrues. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition of the instrument. Interest attributable to the acquisition or construction of an asset that takes a substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting from preparation of the plan until completion. Capitalized interest is calculated using the Group\u2019s weighted average cost of debt or the borrowing cost of specific project financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__74": {
"value": "3.27 Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.Share-based payment arrangementsThe grant date fair value of equity-settled share-based payment arrangements granted to the employees, including Board of Management, is generally recognized as an expense, with a corresponding reserve in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. In case of a modification, any incremental fair value will be recognized as an expense over the period from the modification date to the end date of the vesting period.The fair value of the amount payable in respect of share-based payments arrangements, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the employee becomes unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the share-based payments arrangements. Any changes in the liability are recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__76": {
"value": "Share-based payment arrangementsThe grant date fair value of equity-settled share-based payment arrangements granted to the employees, including Board of Management, is generally recognized as an expense, with a corresponding reserve in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. In case of a modification, any incremental fair value will be recognized as an expense over the period from the modification date to the end date of the vesting period.The fair value of the amount payable in respect of share-based payments arrangements, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the employee becomes unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the share-based payments arrangements. Any changes in the liability are recognized in profit or loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__77": {
"value": "3.28 Income taxTax charges on the income statement for a year comprise current and deferred tax and are calculated on results before taxes, considering any tax-exempt components of result and non-deductible costs. Losses to be offset against probable future results are recognized as deferred tax asset. Current tax is the expected tax payable or receivable on the taxable income or loss for the period. Deferred tax consists of the expected tax payable or receivable on changes in the value of assets or liabilities which will be realized at the time of sale. Tax charges are calculated using tax rates prevailing at the balance sheet date.Current tax and deferred tax is recognized in income statement except to the items recognized directly in equity or in other comprehensive income in which case, the tax is also recognized in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__78": {
"value": "Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__79": {
"value": "3.29 Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing:\u2022 The profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares by\u2022 By the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to consider:\u2022 The after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and\u2022 The weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__82": {
"value": "3.30 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has determined that its chief operating decision maker is the Chief Executive Officer (CEO) of the Company.The operating segments are based on a geographic perspective and therefore performance is assessed for Belgium, France, Netherlands and Head office. A segment consists of assets and activities with specific risks and results, differing from other sectors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__87": {
"value": "4 Segment informationGeographical segment information 2022(x \u20ac 1,000) Belgium France Netherlands Headoffice TotalResultGross rental income 61,963\ue61d 10,385\ue61d 68,572\ue61d \ue61d-\ue61d 140,921\ue61dService costs charged 10,075\ue61d 1,827\ue61d 9,843\ue61d \ue61d-\ue61d 21,745\ue61dTotal revenue 72,038\ue614 12,212\ue614 78,415\ue614 \ue614-\ue614 162,666\ue614Service costs paid -13,064\ue61d -4,164\ue61d -11,772\ue61d \ue61d-\ue61d -29,000\ue61dProperty expenses -5,991\ue61d -1,389\ue61d -11,118\ue61d \ue61d-\ue61d -18,498\ue61dNet rental income 52,984\ue614 6,659\ue614 55,525\ue614 \ue614-\ue614 115,168\ue614Valuation results -1,679\ue61d 523\ue61d -2,911\ue61d \ue61d-\ue61d -4,067\ue61dResults on disposals -29\ue61d -4,457\ue61d -32\ue61d \ue61d-\ue61d -4,517\ue61dGeneral costs -6,061\ue61d -40\ue61d -3,371\ue61d -7,899\ue61d -17,370\ue61dOther income and expense -885\ue61d -81\ue61d \ue61d-\ue61d -2,404\ue61d -3,370\ue61dOperating result 44,331\ue614 2,604\ue614 49,211\ue614 -10,303\ue614 85,843\ue614Interest charges -4,541\ue61d -9,543\ue61d -18,644\ue61d 9,173\ue61d -23,555\ue61dInterest income 25\ue61d 15\ue61d 5\ue61d -\ue61d 45\ue61dOther financial income and expense 15,444\ue61d -\ue61d \ue61d-\ue61d -1,636\ue61d 13,807\ue61dIncome tax -46\ue61d -68\ue61d -65\ue61d 45\ue61d -134\ue61dResult 55,212\ue614 -6,992\ue614 30,508\ue614 -2,720\ue614 76,007\ue614Total assetsInvestment properties in operation 933,163\ue61d 174,991\ue61d 850,801\ue61d -\ue61d 1,958,955\ue61dInvestment properties under construction 14,252\ue61d -\ue61d 21,914\ue61d - 36,166\ue61dAssets held for sale -\ue61d -\ue61d 688\ue61d \ue61d-\ue61d 688\ue61dOther segment assets 45,085\ue61d 8,738\ue61d 355,024\ue61d 843,897\ue61d 1,252,744\ue61dminus: intercompany -217\ue61d -\ue61d -65,000\ue61d -1,085,281\ue61d -1,150,498\ue61d992,283\ue614 183,729\ue614 1,163,427\ue614 -241,384\ue614 2,098,055\ue614Investments\ue614 24,760\ue614 5,483\ue614 33,576\ue614 \ue614-\ue614 63,819\ue614Gross rental income by type of propertyShopping centers 56,153\ue61d 10,385\ue61d 68,572\ue61d \ue61d-\ue61d 135,111\ue61dO\ue61aces 5,810\ue61d -\ue61d \ue61d-\ue61d \ue61d-\ue61d 5,810\ue61d61,963\ue614 10,385\ue614 68,572\ue614 \ue614-\ue614 140,921\ue614Geographical segment information 2021(x \u20ac 1,000) Belgium France Netherlands Headoffice\ue61d TotalResultGross rental income 58,411\ue61d 33,336\ue61d 70,092\ue61d -\ue61d 161,840\ue61dService costs charged 8,951\ue61d 10,525\ue61d 9,456\ue61d -\ue61d 28,931\ue61dTotal revenue 67,362\ue614 43,861\ue614 79,548\ue614 -\ue614 190,771\ue614Service costs paid -11,836\ue61d -12,485\ue61d -10,452\ue61d -\ue61d -34,772\ue61dProperty expenses -8,272\ue61d -9,207\ue61d -13,850\ue61d -\ue61d -31,329\ue61dNet rental income 47,255\ue614 22,168\ue614 55,246\ue614 -\ue614 124,669\ue614Valuation results -4,188\ue61d -24,680\ue61d -37,012\ue61d -\ue61d -65,880\ue61dResults on disposals 63\ue61d -214,086\ue61d -14,417\ue61d -\ue61d -228,439\ue61dGeneral costs -3,374\ue61d -6,500\ue61d -2,444\ue61d -6,571\ue61d -18,888\ue61dOther income and expense 6\ue61d -7\ue61d -\ue61d -207\ue61d -208\ue61dOperating result 39,762\ue614 -223,105\ue614 1,375\ue614 -6,777\ue614 -188,745\ue614Interest charges -3,891\ue61d -14,669\ue61d -18,621\ue61d 12,418\ue61d -24,763\ue61dInterest income 3\ue61d 14\ue61d -4\ue61d \ue61d 13\ue61dOther financial income and expense 2,410\ue61d -\ue61d -\ue61d -3,543\ue61d -1,133\ue61dIncome tax -100\ue61d -107\ue61d 1,543\ue61d -\ue61d 1,336\ue61dResult 38,184\ue614 -237,866\ue614 -15,707\ue614 2,098\ue614 -213,292\ue614Total assetsInvestment properties in operation 910,796\ue61d 168,985\ue61d 827,235\ue61d -\ue61d 1,907,015\ue61dInvestment properties under construction 13,514\ue61d -\ue61d 13,072\ue61d - 26,587\ue61dAssets held for sale 3,325\ue61d -\ue61d 3,200\ue61d -\ue61d 6,525\ue61dOther segment assets 23,903\ue61d 17,698\ue61d 383,757\ue61d 882,890\ue61d 1,308,248\ue61dminus: intercompany -211\ue61d -\ue61d -65,000\ue61d -1,145,673\ue61d -1,210,884\ue61d951,327\ue614 186,683\ue614 1,162,265\ue614 -262,783\ue614 2,037,491\ue614Investments 12,310\ue614 10,987\ue614 20,126\ue614 -\ue614 43,423\ue614Gross rental income by type of propertyShopping centers 52,180\ue61d 33,336\ue61d 70,092\ue61d -\ue61d 155,609\ue61dO\ue61aces 6,231\ue61d -\ue61d -\ue61d -\ue61d 6,231\ue61d58,411\ue614 33,336\ue614 70,092\ue614 -\ue614 161,840\ue614",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__88": {
"value": "5 Investment propertyInvestment Investment Total Invest-property in Lease incen-property under ment (x \u20ac 1,000)operationtivesconstructionproperty2022Balance at 1 January 1,907,015 5,738 26,587 1,939,340Purchases - - - -Investments 26,993 - 36,826 63,819From / to development properties 27,248 - -27,248 -To / from investments held for sale 2,537 - - 2,537Disposals -770 - - -770Valuations -4,067 - - -4,067Other - -789 - -789Balance at 31 December 1,958,955 4,949 36,166 2,000,0702021Balance at 1 January 2,513,429 5,482 58,669 2,577,580Purchases -1,010 - - -1,010Investments 27,568 - 16,865 44,433From / to development properties 48,947 - -48,947 -To / from investments held for sale -4,282 - - -4,282Disposals -611,773 - - -611,773Valuations -65,880 - - -65,880Other 16 256 - 272Balance at 31 December 1,907,015 5,738 26,587 1,939,340In 2022 the Company received the final proceeds from the 2018 sale of the parking in Tilburg (2021: In de Bogaard, Etten-Leur and Koningshoek in the Netherlands as well as Docks 76, Docks Vauban, Rivetoile and Saint Sever In France).The Company reached in February 2022 a settlement with Hudson\u2019s Bay Company ULC resulting in the repayment of capital expenditures previously paid by the Company. The proceeds were deducted from the investments in 2022.In 2022, the Company completed 3 Full Service Centers, Sterrenburg and City-Center Tilburg in the Netherlands as well as Ring Kortrijk in Belgium.Overview of measurements of total Investment property(x \u20ac 1,000) 31 December 2022 31 December 2021Investment property in operation (including lease incentives) 1,948,567 1,897,411Investment property under construction (IPUC) 21,914 13,073Fair value as per external valuation reports 1,970,481 1,910,484Fair value of ground rent (leasehold) 15,337 15,342At cost less impairment (IPUC) 14,252 13,514Total 2,000,070 1,939,340Investment properties were valued externally at 31 December 2022 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield and CBRE. In total 99.3% (2021: 99.3%) of the investment property portfolio was measured at fair value.Investment property in operationsThe change in valuation can be broken down as follows:(x \u20ac 1,000) 2022 2021Belgium -1,679 -4,188France 523 -24,680Netherlands -2,911 -37,012Total -4,067 -65,880At 31 December 2022 no investment property is pledged as security for credit facilities (2021: \u20ac 312.0m).At 31 December 2022 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2022 31 December 2021Total value according to external valuation reports 1,948,567 1,897,411Add: Present value of future ground rent payments (leasehold) 15,337 15,342Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -4,949 -5,738Carrying amount 1,958,955 1,907,015Key assumptions relating to valuations (excluding developments)Belgium France Netherlands2022Total market rent per sqm (\u20ac) 210 274 200EPRA Net Initial Yield 6.3% 4.7% 6.9%EPRA vacancy rate 4.8% 2.9% 3.9%Average vacancy period (in months) 11 12 8Bandwidth vacancy (in months) 6-18 9-15 0-162021Total market rent per sqm (\u20ac) 203 268 200EPRA Net Initial Yield 5.8% 4.6% 6.5%EPRA vacancy rate 6.1% 5.3% 4.3%Average vacancy period (in months) 13 12 9Bandwidth vacancy (in months) 9-18 9-15 0-17EPRA Net Initial YieldAnnualized rental income based on cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, including estimated purchasers\u2019 cost (EPRA Net Initial Yield = ((Annualized rent passing + other income + turnover rent -/- property expenses) / Gross Property Value)). The total average EPRA Net Initial Yield 2022 is 6.4% (2021: 6.0%).In case the yield changes with 0.25%, assuming stable market rents, it would result in a change of \u20ac 63.5m on shareholders\u2019 equity and result (\u20ac 1.58 per share). A 5% drop of the estimated market rent, assuming stable yields, has a negative impact on shareholders\u2019 equity and result of approximately \u20ac 92.4m (\u20ac 2.29 per share). Investment property in operation lease dataAverage lease length\ue612 Annual rent of lease expiring in\ue611Until Until lease indefinite (x \u20ac 1,000)first breakend date < 1 year 1-5 year > 5 yearcontracts2022Belgium 2.0 6.6 2,824 18,177 39,377 454France 1.9 5.2 1,290 3,105 6,928 -Netherlands 3.0 4.2 6,662 32,564 25,219 6,207Total portfolio 2.5 5.3 10,776 53,846 71,524 6,6612021Belgium 2.1 6.6 4,085 13,272 37,186 442France 2.2 5.1 505 4,017 5,863 341Netherlands 3.4 4.1 6,273 31,183 21,903 6,373Total portfolio 2.8 5.3 10,863 48,472 64,952 7,1561 Indefinite contracts are assumed to expire in one year as they usually have a one year notice period2 Based on lease end dateFair value hierarchy disclosures for investment properties have been provided in note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__89-1": {
"value": "Overview of measurements of total Investment property(x \u20ac 1,000) 31 December 2022 31 December 2021Investment property in operation (including lease incentives) 1,948,567 1,897,411Investment property under construction (IPUC) 21,914 13,073Fair value as per external valuation reports 1,970,481 1,910,484Fair value of ground rent (leasehold) 15,337 15,342At cost less impairment (IPUC) 14,252 13,514Total 2,000,070 1,939,340Investment properties were valued externally at 31 December 2022 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield and CBRE. In total 99.3% (2021: 99.3%) of the investment property portfolio was measured at fair value.Investment property in operationsThe change in valuation can be broken down as follows:(x \u20ac 1,000) 2022 2021Belgium -1,679 -4,188France 523 -24,680Netherlands -2,911 -37,012Total -4,067 -65,880At 31 December 2022 no investment property is pledged as security for credit facilities (2021: \u20ac 312.0m).At 31 December 2022 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2022 31 December 2021Total value according to external valuation reports 1,948,567 1,897,411Add: Present value of future ground rent payments (leasehold) 15,337 15,342Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -4,949 -5,738Carrying amount 1,958,955 1,907,015Key assumptions relating to valuations (excluding developments)Belgium France Netherlands2022Total market rent per sqm (\u20ac) 210 274 200EPRA Net Initial Yield 6.3% 4.7% 6.9%EPRA vacancy rate 4.8% 2.9% 3.9%Average vacancy period (in months) 11 12 8Bandwidth vacancy (in months) 6-18 9-15 0-162021Total market rent per sqm (\u20ac) 203 268 200EPRA Net Initial Yield 5.8% 4.6% 6.5%EPRA vacancy rate 6.1% 5.3% 4.3%Average vacancy period (in months) 13 12 9Bandwidth vacancy (in months) 9-18 9-15 0-1723 Fair value measurementThe following table analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows:Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).Level 3Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).There were no transfers between levels during the year under review.The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingQuoted Observable Unobservable (x \u20ac 1,000) Totalprices (Level 1)input (Level 2)input (Level 3)2022Assets measured at fair valueInvestment property in operation 1,963,904 - - 1,963,904Investment property under construction 21,914 - - 21,914Investments held for sale 688 - - 688Financial assetsDerivative financial instruments 39,694 - 39,694 -Liabilities for which the fair value has been disclosedInterest bearing debt 813,986 - 813,986 -Derivative financial instruments 17,546 - 17,546 -2021Assets measured at fair valueInvestment property in operation 1,912,753 - - 1,912,753Investment property under construction 13,073 - - 13,073Investments held for sale 6,525 - - 6,525Financial assetsDerivative financial instruments 16,398 - 16,398 -Liabilities for which the fair value has been disclosedInterest bearing debt 843,308 - 843,308 -Derivative financial instruments 18,379 - 18,379 -26 Valuation results(x \u20ac 1,000) 2022 2021Investment properties in operation and investments held forsaleValuation gains 21,419 9,639Valuation losses -25,486 -75,519Total -4,067 -65,880Investment properties under constructionValuation gains - -Valuation losses - -- -Total -4,067 -65,880",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__90": {
"value": "6 Property and equipmentOwned LeasedO\ue61ace (x \u20ac 1,000)equipment Cars O\ue61aces Cars TotalBalance at 1 January 2022 1,368 - 1,667 933 3,968Investments/purchases 40 - - 156 196Disposals - - - -70 -70Depreciation -310 - -406 -248 -964Impairment -537 - -907 -36 -1,480Balance at 31 December 2022 561 - 354 735 1,650Balance at 1 January 2021 1,668 - 2,378 1,373 5,419Investments/purchases 56 - - 82 138Disposals -28 - - -3 -31Depreciation -328 - -711 -519 -1,558Balance at 31 December 2021 1,368 - 1,667 933 3,96831 December 2022Total acquisition at cost 5,379 - 3,848 2,778 12,005Total depreciation and impairment -4,818 - -3,494 -2,043 -10,355Net book value 561 - 354 735 1,65031 December 2021Total acquisition at cost 5,339 110 3,848 2,692 11,989Total depreciation -3,971 -110 -2,181 -1,759 -8,021Net book value 1,368 - 1,667 933 3,968",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__92": {
"value": "7 Intangible assetsThe intangible assets consist of computer software: acquired computer software licenses and costs relating to internally developed software.Computer software(x \u20ac 1,000) 31 December 2022 31 December 2021Balance at January1 479 273Investments 39 358Amortization -151 -152Balance at December 31 367 479(x \u20ac 1,000) 31 December 2022 31 December 2021Total acquisition at cost 2,997 2,958Total amortization -2,630 -2,479Total 367 479",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__91": {
"value": "7 Intangible assetsThe intangible assets consist of computer software: acquired computer software licenses and costs relating to internally developed software.Computer software(x \u20ac 1,000) 31 December 2022 31 December 2021Balance at January1 479 273Investments 39 358Amortization -151 -152Balance at December 31 367 479(x \u20ac 1,000) 31 December 2022 31 December 2021Total acquisition at cost 2,997 2,958Total amortization -2,630 -2,479Total 367 479",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__94": {
"value": "8 Non-current financial assets(x \u20ac 1,000) IFRS Category 31 December 2022 31 December 2021Loans amortized cost 602 1,169Deposits paid amortized cost 2,063 2,250Other financial assets Fair value through P&L 133 -Derivative financial instruments Fair value through P&L 37,972 16,398Total 40,769 19,818Derivative financial instrumentsFurther reference is made to note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__93": {
"value": "8 Non-current financial assets(x \u20ac 1,000) IFRS Category 31 December 2022 31 December 2021Loans amortized cost 602 1,169Deposits paid amortized cost 2,063 2,250Other financial assets Fair value through P&L 133 -Derivative financial instruments Fair value through P&L 37,972 16,398Total 40,769 19,818Derivative financial instrumentsFurther reference is made to note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__96": {
"value": "9 Trade and other receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Tenant receivables 13,061 13,485Service charge receivable 1,878 2,688Prepayments 1,209 1,140Interest to be received 3,924 3,865Amounts to be invoiced 9,381 9,914Other 5,167 4,726Total 34,620 35,818The fair value of the trade and other receivables coincides with their carrying amount. Wereldhave holds tenant deposits, credit letters from banks and Group credit letters as collateral. Other receivables do not include amounts with a maturity of more than twelve months.Interest to be received refers to interest receivable under interest rate swaps. Other includes an amount of \u20ac 3.0m receivable from a French notary at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__95": {
"value": "9 Trade and other receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Tenant receivables 13,061 13,485Service charge receivable 1,878 2,688Prepayments 1,209 1,140Interest to be received 3,924 3,865Amounts to be invoiced 9,381 9,914Other 5,167 4,726Total 34,620 35,818The fair value of the trade and other receivables coincides with their carrying amount. Wereldhave holds tenant deposits, credit letters from banks and Group credit letters as collateral. Other receivables do not include amounts with a maturity of more than twelve months.Interest to be received refers to interest receivable under interest rate swaps. Other includes an amount of \u20ac 3.0m receivable from a French notary at 31 December 2022.Maturity of tenant receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Due 7,785 6,592Past due less than 1 month 1,718 2,292Past due between 1 and 3 months 1,895 1,181Past due between 3 and 12 months 3,549 6,681Past due over 12 months 8,529 8,70423,477 25,451Deduct: provision -10,415 -11,966Total 13,061 13,485In 2022 an amount of \u20ac 0.3m was released from (2021: \u20ac 10.6m added to) the provision doubtful debt and an amount of \u20ac 1.2m (2021: \u20ac 14.2m) was withdrawn. Refer to note 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__97-1": {
"value": "10 Tax receivables(x \u20ac 1,000) 31 December 2022 31 December 2021Withholding tax 207 283Value added tax 1,221 845Dividend tax 2,250 3,450Corporate income tax 137 197Total 3,815 4,77519 Tax payable(x \u20ac 1,000) 31 December 2022 31 December 2021Value added tax 950 3,077Social security tax 211 341Company tax 29 174Other tax 199 743Total 1,389 4,336",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__98": {
"value": "11 Cash and cash equivalents(x \u20ac 1,000) 31 December 2022 31 December 2021Bank balances 14,353 26,769Total 14,353 26,769",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__99": {
"value": "12 Investment held for saleDuring 2022 it was concluded that the completion of the transaction in Leiderdorp is likely to take more than 12 months and therefore the plot of land was transferred back to investment properties. At 31 December 2022 the investments held for sale includes a strip of smaller units in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__101": {
"value": "13 Share capitalAuthorized Number of Shares for Outstanding (number of shares)share capitalissued sharesremuneration number of sharesBalance at 1 January 2021 75,000,000 40,270,921 -79,259 40,191,662Purchased treasury shares - - -67,335 -67,335Balance at 31 December 2021 75,000,000 40,270,921 -146,594 40,124,327Purchased treasury shares - - -77,187 -77,187Balance at 31 December 2022 75,000,000 40,270,921 -223,781 40,047,140The authorized ordinary shares have a par value of \u20ac 1 each. All issued ordinary share have been fully paid.Preference sharesThe authorized preference share capital amounts to a number of preference shares equal to the number of ordinary shares up to \u20ac 75m. The preference shares have a par value of \u20ac 1 each. No preference shares have been issued.Treasury sharesTreasury shares are purchased for the long-term incentive schemes of the Board of Management and employees as well as the share plan offered to employees. Refer to note 28 for further details.Capital managementThe objective of Wereldhave, when managing capital, is to safeguard the Group\u2019s continuity, to provide returns for its shareholders, benefits for other stakeholders and to maintain a capital structure as to optimize the cost of capital. Furthermore, Wereldhave manages its fiscal capital to ensure that it meets the requirements from fiscal laws and regulations. Wereldhave has the possibility to adjust the amount of dividends, return capital to shareholders, issue new shares or sell assets in order to maintain or adjust the capital structure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__100": {
"value": "13 Share capitalAuthorized Number of Shares for Outstanding (number of shares)share capitalissued sharesremuneration number of sharesBalance at 1 January 2021 75,000,000 40,270,921 -79,259 40,191,662Purchased treasury shares - - -67,335 -67,335Balance at 31 December 2021 75,000,000 40,270,921 -146,594 40,124,327Purchased treasury shares - - -77,187 -77,187Balance at 31 December 2022 75,000,000 40,270,921 -223,781 40,047,140The authorized ordinary shares have a par value of \u20ac 1 each. All issued ordinary share have been fully paid.Preference sharesThe authorized preference share capital amounts to a number of preference shares equal to the number of ordinary shares up to \u20ac 75m. The preference shares have a par value of \u20ac 1 each. No preference shares have been issued.Treasury sharesTreasury shares are purchased for the long-term incentive schemes of the Board of Management and employees as well as the share plan offered to employees. Refer to note 28 for further details.Capital managementThe objective of Wereldhave, when managing capital, is to safeguard the Group\u2019s continuity, to provide returns for its shareholders, benefits for other stakeholders and to maintain a capital structure as to optimize the cost of capital. Furthermore, Wereldhave manages its fiscal capital to ensure that it meets the requirements from fiscal laws and regulations. Wereldhave has the possibility to adjust the amount of dividends, return capital to shareholders, issue new shares or sell assets in order to maintain or adjust the capital structure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__102": {
"value": "Capital managementThe objective of Wereldhave, when managing capital, is to safeguard the Group\u2019s continuity, to provide returns for its shareholders, benefits for other stakeholders and to maintain a capital structure as to optimize the cost of capital. Furthermore, Wereldhave manages its fiscal capital to ensure that it meets the requirements from fiscal laws and regulations. Wereldhave has the possibility to adjust the amount of dividends, return capital to shareholders, issue new shares or sell assets in order to maintain or adjust the capital structure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__104": {
"value": "14 Share premiumShare premium is paid up share capital in excess of nominal value. There were no changes in share premium in 2022. The amount of share premium that is recognized for tax purposes is \u20ac 1,716m (2021: \u20ac 1,716m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__103-1": {
"value": "14 Share premiumShare premium is paid up share capital in excess of nominal value. There were no changes in share premium in 2022. The amount of share premium that is recognized for tax purposes is \u20ac 1,716m (2021: \u20ac 1,716m).15 General reserveIn May 2022, a final dividend relating to 2021 of \u20ac 1.10 was paid per qualifying ordinary share. No interim dividends relating to 2022 were distributed in 2022.An amount of \u20ac 159m (2021: \u20ac 167m) has been designated as legal reserves, mainly relating to the unrealized valuation adjustments of investment properties and cannot be distributed.16 Hedge reserve and cost of hedging reserveThe hedge reserve comprises the effective portion of the cumulative net change in fair value of hedging instruments designated as cash flow hedges where the hedged transaction has not yet occurred. The cost of hedging reserve comprises changes in the fair value of cross-currency interest rate swaps that are caused by the cross-currency basic spreads.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s12_notes__7__106-1": {
"value": "In May 2022, a final dividend relating to 2021 of \u20ac 1.10 was paid per qualifying ordinary share. No interim dividends relating to 2022 were distributed in 2022.37 DividendIt is proposed to distribute to holders of ordinary shares a dividend of \u20ac 46m or \u20ac 1.16 per share in cash in order to meet the distribution obligations under Dutch tax law, subject to dividend withholding tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__108": {
"value": "17 Interest-bearing liabilitiesComposition(x \u20ac 1,000) 31 December 2022 31 December 2021Long termBank loans 227,880 109,355Private placements 459,149 531,245Bonds 32,000 32,000719,029 672,600Short termPrivate placements 78,024 75,000Treasury notes 59,750 67,250137,774 142,250Total interest bearing liabilities 856,803 814,850Movements in interest-bearing liabilitiesIncluding short-term portion of debt.(x \u20ac 1,000) 2022 2021Balance at 1 January 814,850 1,252,779New funding 118,188 31,316Repayments -82,500 -487,839Use of e\ue60dective interest method 611 961E\ue60dect of fair value hedges - -705Exchange rate di\ue60derences 5,654 18,338Balance at 31 December 856,803 814,850Private PlacementsThe Private Placement Notes issued in 2015 and 2017 contain embedded derivatives. The derivatives are recorded separately in the financial statements. As per 31 December 2022 the embedded derivatives have a negative value of \u20ac 1.8m (2021: \u20ac 0.2m positive).Secured interest-bearing liabilitiesAt 31 December 2022 none of our investment property is pledged as security for credit facilities (2021: \u20ac 312.0m).Unsecured interest-bearing liabilitiesUnsecured interest-bearing liabilities have financial covenants that include various clauses. As at 31 December 2022 Wereldhave complied with these clauses.CovenantsLoan-to-valueThe Loan-to-value ratio is calculated by dividing the debt by the investment properties.This ratio may not exceed 60%.Interest cover ratioThe interest cover ratio is calculated by dividing the net rental income by the net interest payable. This ratio may not be less than 2.SolvencyEquity (less intangible assets) and deferred tax liabilities should amount to at least 40% of total assets (less intangible assets).Covenants 31 December 2022 31 December 2021Loan-to-Value 60.0% 42.4% 41.0%Solvency 40.0% 53.5% 53.8%Interest coverage ratio 2.0 5.9 5.8The Company reports a net Loan-to-Value of 42.4% in its communication with investors. The Loan-to-Value definition in accordance with the covenants is a gross Loan-to-Value where the available cash and cash equivalents are not deducted from the debt and both the fair values of the assets and debt are adjusted for the secured debt in place. In accordance with this definition the Loan-to-Value is 43.1% at 31 December 2022 (2021: 50.6%).Average effective interest rateThe effective interest is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net book value of the financial asset or financial liability. Differences to the nominal interest rate may occur because of the amortization of interest charges and equity option components of convertible bonds over the remaining duration of the instrument.The average nominal interest based on nominal interest rates, without the effects of the effective interest rate method, is as follows:2022 2021Euro 2.1% 2.0%US dollar 2.8% 2.8%Pound sterling 3.0% 3.0%Canadian Dollar 2.3% 2.3%Total 2.5% 2.3%The average interest rate based on the effective interest method is as follows:2022EUR GBP USD CAD TotalShort term interest bearing debtBank loans and private placement 1.9% - 3.9% - 2.3%Interest rate swaps -2.1% - - - -2.1%Long term interest bearing debtBank loans and private placement 2.7% 4.1% 4.4% 4.0% 3.3%Interest rate swaps -1.0% - - - -1.0%Average 2.1% 4.1% 4.4% 4.0% 2.5%2021Short term interest bearing debtBank loans and private placement 1.5% 0.0% 0.0% - 1.5%Interest rate swaps 0.3% - - - 0.3%Long term interest bearing debtBank loans and private placement 2.2% 4.1% 4.4% 4.0% 3.1%Interest rate swaps -1.2% - - - -1.2%Average 2.0% 4.1% 4.4% 4.0% 2.3%Fair value of debtThe carrying amount and the fair value of interest-bearing debts may differ as a result of accounting adjustments, such as amortized costs and the result of differences in coupon interest versus market interest.The fair value of long-term interest-bearing debts is based on prices of these instruments available in the active open market. In the absence of such market prices, the fair value is calculated as the present value of cash flows discounted with the relevant market interest percentages, including a company specific surcharge. The fair value of short-term interest-bearing debts is equal to the book value.The carrying amount and fair value of long-term interest-bearing debt is as follows:31 December 2022 31 December 2021(x \u20ac 1,000) carrying amount fair value carrying amount fair valueBank loans and private placements 687,029 676,212 672,600 701,058Total 687,029 676,212 672,600 701,058CurrenciesThe carrying amount of interest-bearing debt of the Group (short- and long-term) are denominated in the following currencies:31 December 2022 31 December 2021currency EUR currency EUREuro 572,915 572,915 536,653 536,653US dollar 192,500 179,739 192,500 169,195Pound sterling 80,000 90,361 80,000 95,087Canadian dollar 20,000 13,788 20,000 13,915Total 856,803 814,850Interest-bearing debt in U.S. Dollars, British Pound and Canadian dollar were for an amount of USD 193m, GBP 80m and CAD 20m converted to EUR via multiple cross currency interest rate swaps.Credit facilities and bank loansAs at 31 December 2022, Wereldhave had \u20ac 385m (2021: \u20ac 525m) of revolving credit facilities. An amount of nil (2021: \u20ac 35m) will expire within 1 year, \u20ac 385m (2021: 490m) in 1 to 5 years and nil (2021: nil) expires after 5 years.As at 31 December 2022, Wereldhave had undrawn credit facilities to the amount of \u20ac 266m (2021: \u20ac 525m). The average maturity of the committed revolving credit facilities at 31 December 2022 was 4.3 years (2021: 2.1 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s12_notes__7__110": {
"value": "18 Other long-term liabilities(x \u20ac 1,000) 31 December 2022 31 December 2021Pension plans 135 849Tenants deposits 5,911 5,757Lease liabilities 16,468 18,306Total 22,514 24,912Tenant deposits consists of amounts received from tenants as a guarantee for future rental payment obligations.Pension plansThe net liability from the defined benefit plan in Belgium is composed as follows:(x \u20ac 1,000) 2022 2021Fair value of plan assets 2,903 3,018Benefit obligations 3,038 3,867Net liability 135 849Reconciliation of net liability 2022 20211 January 849 1,102Charge recognized in P&L 349 355Remeasurement recognized in OCI (Income)/Loss -778 -269Employer contributions -285 -33931 December 135 849The movement of the defined benefit obligation in Belgium is as follows:(x \u20ac 1,000) 2022 2021Balance at 1 January 3,867 3,952Net service cost 343 351Interest cost 32 14Employee contributions 5 4Benefits paid -8 -80Experience (gains) / losses -1,135 -307Expenses -66 -67Balance at 31 December 3,038 3,867The movement of the fair value of plan asset in Belgium is as follows:(x \u20ac 1,000) 2022 2021Balance at 1 January 3,018 2,850Interest income on plan assets 26 10Return om scheme assets -357 -38Actual expenses -66 -67Employer contributions 285 339Employee contributions 5 4Benefits paid -8 -80Balance at 31 December 2,903 3,018The assumptions used:- discount rate obligations 3.10%-3.15% 0.80%-0.90%- rate of annual salary increases including in\ufb02ation 2.2% - 7.2% 1.7% - 6.7%Pension costsThe total cost for defined benefit plan in Belgium is as follows:(x \u20ac 1,000) 2022 2021Current service cost 343 351Net interest on Net Defined Benefit Liability (Asset) 6 4Total 349 355The following amounts have been recognized in other comprehensive income (OCI):(x \u20ac 1,000) 2022 2021Actuarial (gain)/loss due to liability expenses -778 -269Remeasurement e\ue60fect recognized in OCI -778 -269In total the following movements have been recognized in the income statement and OCI:(x \u20ac 1,000) 2022 2021Balance at January 1 3,867 3,952Net service cost 343 351Interest cost 32 14Employee contributions 5 4Benefits paid -8 -80Experience (gains) / losses -1,135 -307Expenses -66 -67Balance at December 31 3,038 3,867The fair value of the Belgian pension assets consists, as in 2021, for 100% of insurance contracts.Mortality ratesThe mortality rates used for Belgium are the MR/FR series with an age correction of -5 years. In 2022 and 2021 the plan asset in Belgium does not include shares issued by the Company. For the above-mentioned pension plan the expected employer\u2019s contribution is \u20ac 0.3m for 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__109": {
"value": "Tenant deposits consists of amounts received from tenants as a guarantee for future rental payment obligations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__111": {
"value": "LeasesWereldhave has entered into leasehold contracts as well as offices and car leases. During 2022 the following was recognized in the income statement:(x \u20ac 1,000) 2022 2021Interest on lease liabilities 932 1,027Variable lease payments not included in the measurement of lease liabilities 292 148Total 1,224 1,175The maturity of the lease liabilities is as follows:(x \u20ac 1,000) 31 December 2022- up to 1 year 1,597- between 1 and 2 years 1,058- between 2 and 5 years 2,700- more than 5 years 70,560Total 75,915",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__113": {
"value": "20 Other short-term liabilities(x \u20ac 1,000) 31 December 2022 31 December 2021Deferred rents 12,641 11,215Property expenses 14,525 13,290Interest 9,158 10,565General costs 7,333 12,265Capital commitments payable 12,321 9,525Other short-term liabilities 9,011 10,281Total 64,989 67,141",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__114": {
"value": "21 Financial instrumentsDerivatives are used to hedge foreign currency and interest risks.Hedging instrumentsInterest and cross currency swaps can be classified as hedging instruments against foreign currency risk on loans in USD, GBP and CAD and interest rate risk. The fair value of these instruments breaks down as follows:Fair value Fair value (x \u20ac 1,000) Principal Interest rangeassetsliabilities2022Cash\ufb02ow hedgeUSD currency swap USD 192,500 2.2% - 3.2% 20,781 -GBP currency swap GBP 80,000 2.7% - 3.4% - -12,792CAD currency swap CAD 20,000 2.3% - -151No hedge accountingEUR Interest rate swap EUR 411,975 0.3% - 4.76% 16,207 -4,603EUR Interest cap EUR 90,000 0% - 0.5% 2,706 -Total 39,694 -17,5462021Cash\ufb02ow hedgeUSD currency swap USD 192,500 2.2% - 3.2% 14,442 -3,544GBP currency swap GBP 80,000 2.7% - 3.4% - -12,790CAD currency swap CAD 20,000 2.3% - -883EUR interest rate swap EUR 50,000 0.3% - -107No hedge accountingEUR Interest rate swap EUR 411,975 0.3% - 3.0% 1,650 -1,055EUR Interest cap EUR 90,000 0% - 0.5% 306 -Total 16,398 -18,379The fair value of a hedging derivative is classified as long-term if the remaining maturity of the hedged item is longer than 1 year and as a current asset or liability if the remaining maturity is less than 1 year.The remaining term of the derivatives for interest and currency conversion on a principal basis is as follows:31 December 2022(x \u20ac 1,000)EUR USD GBP CAD- up to 1 year 60,000 30,000 - -- between 1 and 5 years 376,975 162,500 15,000 20,000- more than 5 years 65,000 - 65,000 -Total 501,975 192,500 80,000 20,00031 December 2021- up to 1 year 50,000 - - -- between 1 and 5 years 269,000 192,500 15,000 -- more than 5 years 232,975 - 65,000 20,000Total 551,975 192,500 80,000 20,000The following amounts have been recognized in shareholders equity in relation to hedge accounting:31 December 2022(x \u20ac 1,000)EUR USD GBP CAD Total in EURE\ue60dective part fair value changes in cash\ufb02ow hedging 28 -391 4,672 1,184 5,493Changes in fair value of cost of hedging - -528 54 -325 -800Net e\ue60fect in equity 28 -920 4,726 859 4,69331 December 2021E\ue60dective part fair value changes in cash\ufb02ow hedging 55 -2,464 -3,546 -165 -6,120Changes in fair value of cost of hedging - 48 823 -190 681Net e\ue60fect in equity 55 -2,416 -2,723 -355 -5,439In 2022, a net expense of \u20ac 0.3m was recognized in the income statement as a result of ineffectiveness of hedges (2021: nil). The fair value hedge matured in 2021.DerivativesDerivatives include (cross currency) interest rate swaps whose fair value has been determined by a calculation model based on contractual and market interest rates (level 2). In the models the counter party risk has been considered via the non-current exposure method.Changes in the fair value of derivative financial instruments for interest conversion (no hedge accounting) are accounted for as financial assets at fair value through profit and loss. During 2022 a positive amount of \u20ac 13.4m was charged to the other financial income and expense (2021: \u20ac 1.2m negative) relating to these financial assets. In addition, net interest decreased by \u20ac 2.9m (2021: \u20ac 3.5m) as a result of derivative financial instruments for interest conversion.Credit riskDuring 2022 the market value of the interest swaps changed as a result of movement in underlying interest rates. The full value of the derivative financial instruments is exposed to credit risk and is not mitigated by other instruments. The credit risk of counter parties is monitored on a continuous basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__115": {
"value": "22 Financial assets and liabilitiesFinancial risksWereldhave\u2019s financial risks management focuses on the unpredictable nature of the financial markets and aims to minimize adverse effects on the Group\u2019s financial position and performance. Wereldhave is exposed to the following financial risks:Market and interest riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s market risks arise from open positions in foreign currencies and interest-bearing liabilities, to the extent that these are exposed to general and specific market movements. Management sets limits on the exposure to currency and interest rate risk that may be accepted, which are monitored on a monthly basis. However, the use of this approach does not prevent losses outside of these limits in the event of more significant market movements.The Group\u2019s interest rate risk is monitored by the Group\u2019s management on a monthly basis. The interest rate risk policy has been approved by the Board of Management. Management analyses the Group\u2019s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. The simulation is done on a monthly basis to verify that the maximum potential loss is within the limits set by management. Trade receivables and payables (other than tenant deposits) are interest-free and have settlement dates within one year.The Group manages its exposure to changes in interest rates and its overall cost of financing by using interest rate swap agreements. These interest rate swap agreements are used to transform the interest rate exposure on the underlying liability from a floating interest rate into a fixed interest rate. It is the Wereldhave\u2019s policy to keep at least 50% of its borrowings at fixed rates of interest. In the current low interest rate environment Wereldhave has fixed the interest rate for 82% (2021: 88%) of its debt.SensitivityA change in interest rate by 1% will impact the result and equity by \u20ac 1.5m (2021: \u20ac 1.0m) and earnings per share and asset value per share by \u20ac 0.03 (2021: \u20ac 0.02).Currency riskWereldhave operates in euro countries only. The currency risks relate to USD, GBP and CAD denominated US Private Placement Notes and have been fully hedged to euro through cross currency swaps. Refer to note 17 for an overview of loans denominated in foreign currencies.Liquidity riskWereldhave manages its liquidity risk on a consolidated basis with cash provided from rental income being a primary source of liquidity. The Group manages short-term liquidity based on a rolling forecast for projected cash flows for a twelve-month period.Besides the cash from operations, fluctuations in the liquidity requirements are accommodated by means of several committed revolving credit facilities of in total \u20ac 385m. The facilities will expire for \u20ac 35m in 2024, \u20ac 20m in 2025, \u20ac 55m in 2026 and \u20ac 275m in 2027.As at year-end 2022, \u20ac 119m was drawn under the committed facilities (2021: nil). The interest and repayment obligations for 2023 are covered by means of cashflow and available facilities.Liquidity risk is furthermore managed by maintaining strong capital ratios, keeping strong relationships with various international banks and financial markets, and maintaining sufficient credit facilities (committed and uncommitted), see note 17.Wereldhave must at all times meet its obligations under the loans it has taken out, including the interest cover ratio. The interest cover ratio is calculated by dividing the net rental income by the net interest payable. This ratio must not be less than 2. The 2022 interest cover ratio was 5.9 (2021: 5.8). Wereldhave must also meet solvency requirements: equity (less intangible assets) and deferred tax liabilities should amount to at least 40% of total assets (less intangible assets). At year-end 2022, the solvency was 53.5% (2021: 53.8%). During the period, the Group did not breach any of its loan covenants, nor did it default on any other of its obligations under its loan agreements. Apart from these obligations and commitments, Wereldhave\u2019s tax status imposes financing limits.Wereldhave is funded with a diversity of financing instruments in money markets and capital markets. Debt maturities are chosen in line with the long-term character of Wereldhave\u2019s assets. Consequently, Wereldhave has a well-spread maturity profile.Financial transactions are only concluded with the prior approval of the Board of Management and the Supervisory Board for bonds and other tradable debt instruments.Credit riskWereldhave\u2019s maximum exposure to credit risk in the event that a counterparty fails to fulfil its obligations in relation to each class of recognized financial asset, including derivatives, is the carrying amount of those assets in the consolidated statement of financial position. Reference relating to the credit risk in the derivatives is made in note 8 and 21.Standard lease terms include that rent has to be paid upfront and every tenant\u2019s creditworthiness is verified before entering a new lease. The credit risk related to lease contracts is mitigated by bank guarantees and deposits received from tenants. The maximum credit risk is the carrying amount less bank warranties and deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and determines via management reports the adequacy of the provision for doubtful debtors.The Group uses a provision matrix to measure the expected credit losses on trade receivables. Trade receivables have been grouped based on shared credit risk characteristics and the days past due to measure the expected credit losses. The provision matrix is initially based on the Group\u2019s historical observed loss rates and adjusted to reflect current and forward-looking information, such as macroeconomic factors.The following table provides information about the exposure to credit risk and expected credit losses for trade receivables at 31 December 2022:2022(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 1% 7,785 81Past due less than 1 month 22% 1,718 377Past due between 1 and 3 months 29% 1,895 544Past due between 3 and 12 months 63% 3,549 2,230Past due over 12 months 84% 8,529 7,183Total 23,477 10,415The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2022 2021Balance at January 1 11,966 25,891Disposals - -10,339Amounts written o\ue60d -1,278 -14,155Net remeasurement of loss allowance -273 10,568Balance at December 31 10,415 11,966Trade receivables are written off when there is no reasonable expectation of recovery while taking into consideration deposits, guarantees and recoverable taxes. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure to make contractual payments for a period of greater than 90 days past due.Sensitivity of credit risk on lease incomeIn case 1% of the annual rent is not paid, the effect on the gross rental income amounts to \u20ac 1.4m (2021: \u20ac 1.3m) and \u20ac 0.03 (2021: \u20ac 0.03) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 1.3m (2021: \u20ac 1.6m). As a result of such default, result per share would decrease by \u20ac 0.03 (2021 \u20ac 0.04).Wereldhave\u2019s maximum exposure to credit risk in the event that a counterparty fails to fulfil its obligations in relation to each class of recognized financial asset, including derivatives, is the carrying amount of those assets in the consolidated statement of financial position.To limit credit or counterparty risk, only financial institutions with an investment grade credit rating are eligible as counterparties for financial transactions.Concentration of credit riskConcentration of risk occurs when a single financial risk is borne by one party or when several financial risks are concentrated within one or a few parties. Wereldhave mitigates the concentration risk with regard to interest, currency and liquidity risk by concluding interest and currency derivatives and loans with several financial parties. The credit risk further reduced by the size and diversification of the tenant portfolio as a result of which there is no concentration of risk.Maturity of and interest payable on debtThe maturity and interest payable of debt (up to 12 months including trade payables and derivative financial liabilities) and future contractual interest payments is as follows:31 December 2022(x \u20ac 1,000)Principal Interest Total- up to 1 year 149,345 18,991 168,336- between 1 and 2 years 133,731 17,229 150,960- between 2 and 5 years 449,222 33,156 482,378- more than 5 years 138,418 11,084 149,502Total 870,716 80,460 951,17631 December 2021- up to 1 year 154,694 15,708 170,402- between 1 and 2 years 106,385 13,318 119,703- between 2 and 5 years 335,749 24,338 360,087- more than 5 years 232,149 11,084 243,233Total 828,977 64,448 893,425The difference between the sum of the nominal principal values and the carrying amount of \u20ac 2.3m (2021: \u20ac 1.7m) consists of the amortized costs.With regard to the interest on debt with variable interest rates, the rates prevailing at the balance sheet date have been used to determine the future outgoing cash flow. In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 6m (2021: \u20ac 6m). Tenants are obliged to deposit cash or give a guarantee when entering a lease contract.Financial assets and liabilitiesThe table below gives an overview of financial assets and liabilities discussed in previous notes. The first column shows the IFRS categories and subsequent columns the IFRS classes of financial instruments are shown.Financial assets at amortized fair value through (x \u20ac 1,000) Notecostprofit and loss Total31 December 2022AssetsFinancial assets 8 2,665 39,694 42,359Trade and other receivables 9 34,620 - 34,620Cash and cash equivalents 11 14,353 - 14,353Total 51,639 39,694 91,333LiabilitiesInterest bearing debts 17 856,803 - 856,803Tenants deposits 19 5,911 - 5,911Lease liabilities 19 16,468 - 16,468Derivative financial instruments 22 - 17,546 17,546Trade payables 11,571 - 11,571Total 890,753 17,546 908,29931 December 2021AssetsFinancial assets 8 3,419 16,398 19,818Trade and other receivables 9 35,818 - 35,818Cash and cash equivalents 11 26,769 - 26,769Total 66,006 16,398 82,404LiabilitiesInterest bearing debts 17 814,850 - 814,850Tenants deposits 19 5,757 - 5,757Lease liabilities 19 18,306 - 18,306Derivative financial instruments 22 - 18,379 18,379Trade payables 12,337 - 12,337Total 851,250 18,379 869,629Fair values of financial assets and liabilities are equal to the carrying amounts, unless mentioned otherwise in the separate notes. There are no financial assets and liabilities held for trading at fair value that are accounted for through profit and loss.Where applicable, specific risks and further characteristics per financial assets and liabilities are discussed in the related notes.Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 37m (2021: \u20ac 18m) with regard to investment properties under construction and \u20ac 4m in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 266m (2021: \u20ac 525m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2022 2021- up to 1 year 36,670 18,268- between 1 and 5 years 2,069 -- > year 5 2,350 Total 41,088 18,268",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__123": {
"value": "Market and interest riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Group\u2019s market risks arise from open positions in foreign currencies and interest-bearing liabilities, to the extent that these are exposed to general and specific market movements. Management sets limits on the exposure to currency and interest rate risk that may be accepted, which are monitored on a monthly basis. However, the use of this approach does not prevent losses outside of these limits in the event of more significant market movements.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__122": {
"value": "Liquidity riskWereldhave manages its liquidity risk on a consolidated basis with cash provided from rental income being a primary source of liquidity. The Group manages short-term liquidity based on a rolling forecast for projected cash flows for a twelve-month period.Besides the cash from operations, fluctuations in the liquidity requirements are accommodated by means of several committed revolving credit facilities of in total \u20ac 385m. The facilities will expire for \u20ac 35m in 2024, \u20ac 20m in 2025, \u20ac 55m in 2026 and \u20ac 275m in 2027.As at year-end 2022, \u20ac 119m was drawn under the committed facilities (2021: nil). The interest and repayment obligations for 2023 are covered by means of cashflow and available facilities.Liquidity risk is furthermore managed by maintaining strong capital ratios, keeping strong relationships with various international banks and financial markets, and maintaining sufficient credit facilities (committed and uncommitted), see note 17.Wereldhave must at all times meet its obligations under the loans it has taken out, including the interest cover ratio. The interest cover ratio is calculated by dividing the net rental income by the net interest payable. This ratio must not be less than 2. The 2022 interest cover ratio was 5.9 (2021: 5.8). Wereldhave must also meet solvency requirements: equity (less intangible assets) and deferred tax liabilities should amount to at least 40% of total assets (less intangible assets). At year-end 2022, the solvency was 53.5% (2021: 53.8%). During the period, the Group did not breach any of its loan covenants, nor did it default on any other of its obligations under its loan agreements. Apart from these obligations and commitments, Wereldhave\u2019s tax status imposes financing limits.Wereldhave is funded with a diversity of financing instruments in money markets and capital markets. Debt maturities are chosen in line with the long-term character of Wereldhave\u2019s assets. Consequently, Wereldhave has a well-spread maturity profile.Financial transactions are only concluded with the prior approval of the Board of ",
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__121": {
"value": "Credit riskWereldhave\u2019s maximum exposure to credit risk in the event that a counterparty fails to fulfil its obligations in relation to each class of recognized financial asset, including derivatives, is the carrying amount of those assets in the consolidated statement of financial position. Reference relating to the credit risk in the derivatives is made in note 8 and 21.Standard lease terms include that rent has to be paid upfront and every tenant\u2019s creditworthiness is verified before entering a new lease. The credit risk related to lease contracts is mitigated by bank guarantees and deposits received from tenants. The maximum credit risk is the carrying amount less bank warranties and deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and determines via management reports the adequacy of the provision for doubtful debtors.The Group uses a provision matrix to measure the expected credit losses on trade receivables. Trade receivables have been grouped based on shared credit risk characteristics and the days past due to measure the expected credit losses. The provision matrix is initially based on the Group\u2019s historical observed loss rates and adjusted to reflect current and forward-looking information, such as macroeconomic factors.The following table provides information about the exposure to credit risk and expected credit losses for trade receivables at 31 December 2022:2022(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 1% 7,785 81Past due less than 1 month 22% 1,718 377Past due between 1 and 3 months 29% 1,895 544Past due between 3 and 12 months 63% 3,549 2,230Past due over 12 months 84% 8,529 7,183Total 23,477 10,415The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2022 2021Balance at January 1 11,966 25,891Disposals - -10,339Amounts written o\ue60d -1,278 -14,155Net remeasurement of loss allowance -273 10,568Balance at December 31 10,415 11,966Trade receivables are written off when there is no reasonable expectation of recovery while taking into consideration deposits, guarantees and recoverable taxes. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure to make contractual payments for a period of greater than 90 days past due.Sensitivity of credit risk on lease incomeIn case 1% of the annual rent is not paid, the effect on the gross rental income amounts to \u20ac 1.4m (2021: \u20ac 1.3m) and \u20ac 0.03 (2021: \u20ac 0.03) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 1.3m (2021: \u20ac 1.6m). As a result of such default, result per share would decrease by \u20ac 0.03 (2021 \u20ac 0.04).Wereldhave\u2019s maximum exposure to credit risk in the event that a counterparty fails to fulfil its obligations in relation to each class of recognized financial asset, including derivatives, is the carrying amount of those assets in the consolidated statement of financial position.To limit credit or counterparty risk, only financial institutions with an investment grade credit rating are eligible as counterparties for financial transactions.Concentration of credit riskConcentration of risk occurs when a single financial risk is borne by one party or when several financial risks are concentrated within one or a few parties. Wereldhave mitigates the concentration risk with regard to interest, currency and liquidity risk by concluding interest and currency derivatives and loans with several financial parties. The credit risk further reduced by the size and diversification of the tenant portfolio as a result of which there is no concentration of risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__117": {
"value": "In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 6m (2021: \u20ac 6m). Tenants are obliged to deposit cash or give a guarantee when entering a lease contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__120": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 37m (2021: \u20ac 18m) with regard to investment properties under construction and \u20ac 4m in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 266m (2021: \u20ac 525m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2022 2021- up to 1 year 36,670 18,268- between 1 and 5 years 2,069 -- > year 5 2,350 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__119": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 37m (2021: \u20ac 18m) with regard to investment properties under construction and \u20ac 4m in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 266m (2021: \u20ac 525m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2022 2021- up to 1 year 36,670 18,268- between 1 and 5 years 2,069 -- > year 5 2,350 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__118": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 37m (2021: \u20ac 18m) with regard to investment properties under construction and \u20ac 4m in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 266m (2021: \u20ac 525m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2022 2021- up to 1 year 36,670 18,268- between 1 and 5 years 2,069 -- > year 5 2,350 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__124": {
"value": "23 Fair value measurementThe following table analyses financial instruments carried at fair value, by valuation method. The different levels are defined as follows:Level 1Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).Level 3Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).There were no transfers between levels during the year under review.The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:Fair value measurement usingQuoted Observable Unobservable (x \u20ac 1,000) Totalprices (Level 1)input (Level 2)input (Level 3)2022Assets measured at fair valueInvestment property in operation 1,963,904 - - 1,963,904Investment property under construction 21,914 - - 21,914Investments held for sale 688 - - 688Financial assetsDerivative financial instruments 39,694 - 39,694 -Liabilities for which the fair value has been disclosedInterest bearing debt 813,986 - 813,986 -Derivative financial instruments 17,546 - 17,546 -2021Assets measured at fair valueInvestment property in operation 1,912,753 - - 1,912,753Investment property under construction 13,073 - - 13,073Investments held for sale 6,525 - - 6,525Financial assetsDerivative financial instruments 16,398 - 16,398 -Liabilities for which the fair value has been disclosedInterest bearing debt 843,308 - 843,308 -Derivative financial instruments 18,379 - 18,379 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__127": {
"value": "24 Gross rental income and service costsLease contracts specify the rent, the other rights and obligations of the lessor and the lessee, including notice and renewal options as well as service and operating cost charges. Lease contracts have various expiry terms and break clauses. Rent indexation is agreed in countries where indexation is usual or legally permitted.The disposals in 2021 of In de Bogaard, Etten-Leur and Koningshoek in the Netherlands as well as Docks 76, Docks Vauban, Rivetoile and Saint Sever shopping centers in France reduced our gross rental income for 2022 with \u20ac 26.0m.Service cost paid relate mainly to energy, cleaning and security services provided to tenants. Service cost charged relates to the portion recovered from tenants. The service cost paid can be higher than service costs charged as costs are not always fully recoverable.Rental losses as a result of vacancy, expressed as a percentage of theoretical rent, amounted to 7.4% in 2022 (2021: 10.1%).Rental income based on turnover of the tenant amounts to 4.7% (2021: 3.8%) of gross rental income. Lease incentives provided to tenants amounts to 2.8% (2021: 2.2%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.7m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2022 is shown in the following table (lease contracts with turnover related clauses are accounted for assuming the base rent only):(x \u20ac 1,000) 2022 2021- up to 1 year 138,124 128,872- between 1 and 2 years 118,935 110,896- between 2 and 3 years 105,987 97,450- between 3 and 4 years 94,084 84,729- between 4 and 5 years 79,539 72,472- more than 5 years 234,552 225,381",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__126": {
"value": "24 Gross rental income and service costsLease contracts specify the rent, the other rights and obligations of the lessor and the lessee, including notice and renewal options as well as service and operating cost charges. Lease contracts have various expiry terms and break clauses. Rent indexation is agreed in countries where indexation is usual or legally permitted.The disposals in 2021 of In de Bogaard, Etten-Leur and Koningshoek in the Netherlands as well as Docks 76, Docks Vauban, Rivetoile and Saint Sever shopping centers in France reduced our gross rental income for 2022 with \u20ac 26.0m.Service cost paid relate mainly to energy, cleaning and security services provided to tenants. Service cost charged relates to the portion recovered from tenants. The service cost paid can be higher than service costs charged as costs are not always fully recoverable.Rental losses as a result of vacancy, expressed as a percentage of theoretical rent, amounted to 7.4% in 2022 (2021: 10.1%).Rental income based on turnover of the tenant amounts to 4.7% (2021: 3.8%) of gross rental income. Lease incentives provided to tenants amounts to 2.8% (2021: 2.2%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.7m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2022 is shown in the following table (lease contracts with turnover related clauses are accounted for assuming the base rent only):(x \u20ac 1,000) 2022 2021- up to 1 year 138,124 128,872- between 1 and 2 years 118,935 110,896- between 2 and 3 years 105,987 97,450- between 3 and 4 years 94,084 84,729- between 4 and 5 years 79,539 72,472- more than 5 years 234,552 225,381",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__129": {
"value": "25 Property expenses(x \u20ac 1,000) 2022 2021Property maintenance 1,007 762Property taxes 3,480 3,571Insurance premiums 822 869Property management 6,122 5,825Leasing expenses 606 1,553Doubtful debt -273 10,568Other operating costs 6,734 8,182Total 18,498 31,329Doubtful debt expenses decreased mainly as the impact of covid-19 arrangements and provisions were less severe than in 2021. Other operating costs includes amongst other parking costs as well as promotion and marketing costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s12_notes__7__128": {
"value": "25 Property expenses(x \u20ac 1,000) 2022 2021Property maintenance 1,007 762Property taxes 3,480 3,571Insurance premiums 822 869Property management 6,122 5,825Leasing expenses 606 1,553Doubtful debt -273 10,568Other operating costs 6,734 8,182Total 18,498 31,329Doubtful debt expenses decreased mainly as the impact of covid-19 arrangements and provisions were less severe than in 2021. Other operating costs includes amongst other parking costs as well as promotion and marketing costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__132": {
"value": "28 General costs(x \u20ac 1,000) 2022 2021Salaries and social security contributions 13,679 22,025Pension costs 1,294 1,282Other employee costs 2,366 1,842Audit and advisory fees 2,272 2,132O\ue61ace costs 3,284 4,141Equity-settled share-based payments 1,421 153Other general costs 7,777 5,78832,092 37,362Allocated and recharged -14,722 -18,474Total 17,370 18,888The allocation and recharges relate to expenses charged to third parties and allocation of costs to property expenses and developments projects. Employee costs reduced compared to 2021 as result of the closure of the French management office and outsourcing to external service providers. In 2021, the general costs included a total of \u20ac 5.8m which mainly relates the closure of the French management office. An amount of \u20ac 4.1m is included in salaries and social security contributions, \u20ac 0.5m in office costs and \u20ac 1.2m in other general costs. In 2022, an amount of \u20ac 3.4m is included relating to the implementation of our new ERP system.During the year 2022 an average of 118 persons (2021: 173) based on full-time basis were employed by the Group, of which 63 (2021: 71) in the Netherlands and 55 (2021: 102) abroad.Share schemesThe Company grants to the Board of Management and key employees a long-term incentive (\u201cLTI\u201d) in the form of performance shares. The performance shares are equity-settled. Vesting of these shares is conditional for 75% on the Relative Total Shareholder Returns and 25% on the GRESB score. The vesting and performance period is two years for employees and three years for the Board of Management. For the Board of Management a two year holding period is applicable after vesting.The Company offers a share plan to employees which allows them to use their annual net short-term incentive amount to purchase shares of the Company. Bonus shares are granted to participating employees for which vesting is subject to continuous employment for two years after the grant date.The performance and bonus shares are acquired on the market at grant date and held as treasury shares until such time the shares are vested. Forfeited shares are used for subsequent grants.The fair value of the performance shares is determined using a Monte Carlo simulation. The fair value takes into consideration the share price at grant date, expected volatility, risk-free interest rate, dividend yield, TSR correlation to peer group, performance period and vesting period. Non-market performance conditions in the schemes were not taken into account in measuring fair value.The following schemes are in place at the end of the year:Share price at Fair value per Grant date Vesting dategrant dateshareLTI Board of Management 2020 28-4-2020 28-4-2023 7.20 3.02LTI Board of Management 2021 28-4-2021 28-4-2024 14.24 25.21LTI Board of Management 2022 27-4-2022 27-4-2025 15.96 28.84LTI Key employees 2021 28-4-2021 28-4-2023 14.24 25.04LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90The movements in performance shares during the year is as follows:2022 Opening 2021Outstanding at 1 January 146,594 79,259Granted during the year 81,576 67,335Vested during the year -4,389 -Forfeited during the year - -Outstanding at 31 December 223,781 146,594Remuneration of the members of the Supervisory Board and the Board of ManagementThe Supervisory Board members and the members of the Board of Management are considered to be key management personnel. The remuneration policy was last approved at the Annual General Meeting of Shareholders on 24 April 2020. Remuneration is indexed annually with the consumer price index.Supervisory Board: 2022 2021A. N\u00fchn 68 68H. Brand 57 56F. Dechesne 60 57Total 185 181The members of the Supervisory Board do not hold shares or options in Wereldhave N.V. The Company has not issued loans, advances or financial guarantees to members of the Supervisory Board. Shares or options on shares have not been and will not be awarded to members of the Supervisory Board.Board of Management:Pension Fixed and pension Social (x \u20ac 1,000)income STI LTI\ue619compensationcharges Total2022M. Storm 578 277 347 80 13 1,295A.W. de Vreede 417 200 250 67 13 947Total 995 477 597 147 26 2,2422021M. Storm 559 325 335 78 13 1,310A.W. de Vreede 403 235 242 65 13 958Total 962 560 577 143 26 2,2681 Amount for which conditional shares were purchased in accordance with LTI schemeShort-term incentiveThe short-term incentive (\u201cSTI\u201d) is based on performance against the following targets:\u2022 50% is based on the Total Property Return in the Benelux compared to the MSCI index for retail property returns in the Benelux;\u2022 20% is based on the Net Promoter Score (\u201cNPS\u201d);\u2022 20% is based on the average footfall increase for the Benelux; and\u2022 10% is determined by achievement of individual targes of Board members.The STI is based on 40% of the fixed annual income. A minimum of zero and a maximum of 1.5 times the STI may become payable depending on performance. A pro rata pay-out applies between the threshold of 50% of target and the maximum of 150% of target.The performance for 2022 resulted in an STI of \u20ac 277,260 for Mr. Storm and \u20ac 200,134 for Mr. de Vreede.Long-term incentiveThe long-term incentive (\u201cLTI\u201d) is based on performance against the following targets:\u2022 75% is based on Relative Total Shareholder Returns; and\u2022 25% is based on GRESB score.The LTI is based on 60% of the fixed annual income. A minimum of zero and a maximum of 2.5 times the LTI may become payable depending on performance.Mr. Storm holds a total of 107,867 shares at 31 December 2022, of which 10,061 are unconditional or private investment. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,346,180 based on the stock exchange price of \u20ac 12.48 per share as per 31 December 2022.Mr. de Vreede holds a total of 78,598 shares at 31 December 2022, of which 8,000 are unconditional or private investment. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 980,903 based on the stock exchange price of \u20ac 12.48 per share as per 31 December 2022.The Company has not granted loans, advances or financial guarantees to members of the Board of Management.Audit feesIn 2022 Wereldhave N.V. and its subsidiaries have accounted for the following costs from the Group auditor KPMG:(x \u20ac 1,000) 2022 2021Audit of the Annual Accounts 620\ue61d 492\ue61dOther assurance services 195\ue61d 28\ue61dTax advisory services - - Total 815\ue614 520\ue614KPMG provided, in addition to the statutory audit of the financial statements, assurance services in relation to financing transactions, ground rent settlements and issuance of stock dividend. The other assurance services are in compliance with Independence Regulations.Of the total amount of audit fees \u20ac 406k (2021: \u20ac 271k) relates to the Netherlands. This consist of an amount of \u20ac 335k (2021: \u20ac 265k) for the audit of the Annual Accounts and \u20ac 71k (2021: \u20ac 6k) for other audit activities. All fees are in compliance with the Independence Regulations.",
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"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__133": {
"value": "During the year 2022 an average of 118 persons (2021: 173) based on full-time basis were employed by the Group, of which 63 (2021: 71) in the Netherlands and 55 (2021: 102) abroad.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__135": {
"value": "Share schemesThe Company grants to the Board of Management and key employees a long-term incentive (\u201cLTI\u201d) in the form of performance shares. The performance shares are equity-settled. Vesting of these shares is conditional for 75% on the Relative Total Shareholder Returns and 25% on the GRESB score. The vesting and performance period is two years for employees and three years for the Board of Management. For the Board of Management a two year holding period is applicable after vesting.The Company offers a share plan to employees which allows them to use their annual net short-term incentive amount to purchase shares of the Company. Bonus shares are granted to participating employees for which vesting is subject to continuous employment for two years after the grant date.The performance and bonus shares are acquired on the market at grant date and held as treasury shares until such time the shares are vested. Forfeited shares are used for subsequent grants.The fair value of the performance shares is determined using a Monte Carlo simulation. The fair value takes into consideration the share price at grant date, expected volatility, risk-free interest rate, dividend yield, TSR correlation to peer group, performance period and vesting period. Non-market performance conditions in the schemes were not taken into account in measuring fair value.The following schemes are in place at the end of the year:Share price at Fair value per Grant date Vesting dategrant dateshareLTI Board of Management 2020 28-4-2020 28-4-2023 7.20 3.02LTI Board of Management 2021 28-4-2021 28-4-2024 14.24 25.21LTI Board of Management 2022 27-4-2022 27-4-2025 15.96 28.84LTI Key employees 2021 28-4-2021 28-4-2023 14.24 25.04LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90The movements in performance shares during the year is as follows:2022 Opening 2021Outstanding at 1 January 146,594 79,259Granted during the year 81,576 67,335Vested during the year -4,389 -Forfeited during the year - -Outstanding at 31 December 223,781 146,594",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__134": {
"value": "Board of Management:Pension Fixed and pension Social (x \u20ac 1,000)income STI LTI\ue619compensationcharges Total2022M. Storm 578 277 347 80 13 1,295A.W. de Vreede 417 200 250 67 13 947Total 995 477 597 147 26 2,2422021M. Storm 559 325 335 78 13 1,310A.W. de Vreede 403 235 242 65 13 958Total 962 560 577 143 26 2,2681 Amount for which conditional shares were purchased in accordance with LTI schemeShort-term incentiveThe short-term incentive (\u201cSTI\u201d) is based on performance against the following targets:\u2022 50% is based on the Total Property Return in the Benelux compared to the MSCI index for retail property returns in the Benelux;\u2022 20% is based on the Net Promoter Score (\u201cNPS\u201d);\u2022 20% is based on the average footfall increase for the Benelux; and\u2022 10% is determined by achievement of individual targes of Board members.The STI is based on 40% of the fixed annual income. A minimum of zero and a maximum of 1.5 times the STI may become payable depending on performance. A pro rata pay-out applies between the threshold of 50% of target and the maximum of 150% of target.The performance for 2022 resulted in an STI of \u20ac 277,260 for Mr. Storm and \u20ac 200,134 for Mr. de Vreede.Long-term incentiveThe long-term incentive (\u201cLTI\u201d) is based on performance against the following targets:\u2022 75% is based on Relative Total Shareholder Returns; and\u2022 25% is based on GRESB score.The LTI is based on 60% of the fixed annual income. A minimum of zero and a maximum of 2.5 times the LTI may become payable depending on performance.Mr. Storm holds a total of 107,867 shares at 31 December 2022, of which 10,061 are unconditional or private investment. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,346,180 based on the stock exchange price of \u20ac 12.48 per share as per 31 December 2022.Mr. de Vreede holds a total of 78,598 shares at 31 December 2022, of which 8,000 are unconditional or private investment. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 980,903 based on the stock exchange price of \u20ac 12.48 per share as per 31 December 2022.The Company has not granted loans, advances or financial guarantees to members of the Board of Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__136": {
"value": "29 Other income and expensesOther income and expenses \u20ac -3.4m (2021: \u20ac -0.2m) relates to investment and divestment activities, project related and other costs that cannot be directly linked to the operational activities. In 2022 the cost mainly related to an aborted M&A transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__143": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__142": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__141": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__140": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__139": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__138": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__137": {
"value": "30 Net interest(x \u20ac 1,000) 2022 2021Interest paid -22,984 -23,856Interest on lease liability -932 -1,027Capitalized interest 811 726Amortized costs loans -450 -605Total interest charges -23,555 -24,762Interest received 45 13Total -23,510 -24,749Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2022, the range of weighted average interest rates used was 2.2% - 2.3% (2021: 1.9% - 2.3%). The average nominal interest rate at year end 2022 was 2.5% (2021: 2.3%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 2.0m (2021: \u20ac 1.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__144": {
"value": "31 Other financial income and expenses(x \u20ac 1,000) 2022 2021Exchange rate di\ue60derences 113 65Fair value changes derivative instruments 13,694 -1,198Other - -Total 13,807 -1,133The change in fair value during 2022 was primarily driven by changes in interest rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__145": {
"value": "32 Income tax(x \u20ac 1,000) 2022 2021Result before tax 76,141 -214,628Income tax rate for REIT 0% 0%Expected income tax for REIT - -Tax effect of amounts not deductible (taxable) in calculating taxable incomeTax on non-REIT income -179 -53Tax benefit resulting from current year loss - 1,483Adjustment prior periods 45 -35Other - -60Income tax -134 1,336Weighted average tax rate 0.2% 0.6%For 2022 the current tax charge is \u20ac -0.1m (2021: \u20ac 0.3m) and the deferred tax charge was nil (2021: \u20ac 1.0m). The applicable tax rates for Group companies vary from 0% for tax-exempt entities up to 26%.The weighted average tax rate varies yearly, mainly because the valuation results are taxed differently for the tax-exempt and tax-based countries. There are no tax effects relating to other comprehensive income or amounts directly credited to equity (2021: none).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__147": {
"value": "33 Summarized financial information on subsidiariesAll subsidiaries are included in the consolidation. The proportion of voting rights held by the parent or by the Group companies in the subsidiaries do not differ from the proportion of ordinary shares held. The parent does not have any shareholding in preference shares of subsidiaries in the Group.The total amount of non-controlling interest at year-end 2022 amounts to \u20ac 237.6m (2021: 228.7m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary shares ordinary shares Corporate Held by parent Held by the Held by non-con-NameSeat(%)group (%)trolling interests (%)West World Holding N.V. Schiphol, Netherlands 100.00N.V. Wereldhave International Schiphol, Netherlands 100.00Wereldhave Nederland B.V. Schiphol, Netherlands 100.00Wereldhave Development B.V. Schiphol, Netherlands 100.00Relovast V B.V. Schiphol, Netherlands 100.00Wereldhave Management Holding B.V. Schiphol, Netherlands 100.00Wereldhave Management Nederland B.V. Schiphol, Netherlands 100.00NODA SAS Paris, France 100.00Wereldhave Retail France SAS Paris, France 100.00SCI Bordeaux Bonnac Paris, France 0.01 99.99SAS WH Meriadeck Paris, France 100.00SCI du CC Bordeaux Prefecture Paris, France 0.01 99.99SAS WH Cot\u00e9 Seine Paris, France 100.00SCI Marceau Cot\u00e9 Seine Paris, France 0.01 99.99Wereldhave Management France SAS Paris, France 100.00Wereldhave Belgium N.V. Vilvoorde, Belgium 33.09 33.07 33.84J-II N.V. Vilvoorde, Belgium 100.00Waterloo Shopping BVBA Vilvoorde, Belgium 100.00Ter Kamerenbos N.V. Vilvoorde, Belgium 100.00Wereldhave Belgium Services N.V. Vilvoorde, Belgium 100.00Espamad SLU Madrid, Spain 100.00Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2022 31 December 2021Summarized balance sheetCurrent assets 24,605 21,928Current liabilities -84,617 -88,439Total current net assets -60,012 -66,511Non-current assets 968,693 928,607Non-current liabilities -206,737 -191,199Total non-current net assets 761,956 737,408Net assets 701,944 670,897(x \u20ac 1,000) 2022 2021Summarized income statementRevenue 60,846 54,753Profit before income tax 55,276 38,291Income tax expense/income -46 -100Post tax profit from continuing operations 55,230 38,191Other Comprehensive Income 839 348Total Comprehensive Income 56,069 38,539Total Comprehensive Income allocated to non-controlling interest 19,026 13,071Dividend paid to non-controlling interest 12,151 11,491Summarized cash flows(x \u20ac 1,000) 2022 2021Cash \ufb02ows from operating activitiesCash generated from operations 48,921 47,474Interest paid -4,611 -3,959Net cash generated from operating activities 44,310 43,515Net cash used in investment activities -21,321 -9,163Net cash used in financing activities -18,113 -31,843Net increase in cash and cash equivalents and bank overdrafts 4,876 2,509Cash, cash equivalents and bank overdrafts at beginning of the year 5,539 3,030Cash and cash equivalents and bank overdrafts at end of the year 10,415 5,539",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__146": {
"value": "33 Summarized financial information on subsidiariesAll subsidiaries are included in the consolidation. The proportion of voting rights held by the parent or by the Group companies in the subsidiaries do not differ from the proportion of ordinary shares held. The parent does not have any shareholding in preference shares of subsidiaries in the Group.The total amount of non-controlling interest at year-end 2022 amounts to \u20ac 237.6m (2021: 228.7m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary shares ordinary shares Corporate Held by parent Held by the Held by non-con-NameSeat(%)group (%)trolling interests (%)West World Holding N.V. Schiphol, Netherlands 100.00N.V. Wereldhave International Schiphol, Netherlands 100.00Wereldhave Nederland B.V. Schiphol, Netherlands 100.00Wereldhave Development B.V. Schiphol, Netherlands 100.00Relovast V B.V. Schiphol, Netherlands 100.00Wereldhave Management Holding B.V. Schiphol, Netherlands 100.00Wereldhave Management Nederland B.V. Schiphol, Netherlands 100.00NODA SAS Paris, France 100.00Wereldhave Retail France SAS Paris, France 100.00SCI Bordeaux Bonnac Paris, France 0.01 99.99SAS WH Meriadeck Paris, France 100.00SCI du CC Bordeaux Prefecture Paris, France 0.01 99.99SAS WH Cot\u00e9 Seine Paris, France 100.00SCI Marceau Cot\u00e9 Seine Paris, France 0.01 99.99Wereldhave Management France SAS Paris, France 100.00Wereldhave Belgium N.V. Vilvoorde, Belgium 33.09 33.07 33.84J-II N.V. Vilvoorde, Belgium 100.00Waterloo Shopping BVBA Vilvoorde, Belgium 100.00Ter Kamerenbos N.V. Vilvoorde, Belgium 100.00Wereldhave Belgium Services N.V. Vilvoorde, Belgium 100.00Espamad SLU Madrid, Spain 100.00Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2022 31 December 2021Summarized balance sheetCurrent assets 24,605 21,928Current liabilities -84,617 -88,439Total current net assets -60,012 -66,511Non-current assets 968,693 928,607Non-current liabilities -206,737 -191,199Total non-current net assets 761,956 737,408Net assets 701,944 670,897(x \u20ac 1,000) 2022 2021Summarized income statementRevenue 60,846 54,753Profit before income tax 55,276 38,291Income tax expense/income -46 -100Post tax profit from continuing operations 55,230 38,191Other Comprehensive Income 839 348Total Comprehensive Income 56,069 38,539Total Comprehensive Income allocated to non-controlling interest 19,026 13,071Dividend paid to non-controlling interest 12,151 11,491Summarized cash flows(x \u20ac 1,000) 2022 2021Cash \ufb02ows from operating activitiesCash generated from operations 48,921 47,474Interest paid -4,611 -3,959Net cash generated from operating activities 44,310 43,515Net cash used in investment activities -21,321 -9,163Net cash used in financing activities -18,113 -31,843Net increase in cash and cash equivalents and bank overdrafts 4,876 2,509Cash, cash equivalents and bank overdrafts at beginning of the year 5,539 3,030Cash and cash equivalents and bank overdrafts at end of the year 10,415 5,539",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__148": {
"value": "The total amount of non-controlling interest at year-end 2022 amounts to \u20ac 237.6m (2021: 228.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__150": {
"value": "35 Result and diluted result per share upon full conversionResult per shareThe results per share are calculated based on the total result after tax, attributable to holders of ordinary shares and the average number of ordinary shares in issue during the year.(x \u20ac 1,000) 2022 2021Result attributable to shareholders of the company 57,265 -226,250Number of issued shares as at January 1 40,270,921 40,270,921E\ue60dect of purchased shares for remuneration on weighted average -199,039 -124,460Weighted average number of shares for fiscal year 40,071,882 40,146,461Potential ordinary shares to be issued 95,874 58,500Weighted average number of diluted shares for fiscal year 40,167,756 40,204,961Basic earnings per share 1.43 -5.64Diluted earnings per share 1.43 -5.64The shares under the long-term incentive schemes are considered to be potential ordinary shares. These shares are included in the determination of diluted earnings per share if the required hurdles for Total Shareholders Return (\u201cTSR\u201d) and GRESB would have been met based on the company\u2019s performance at 31 December 2022 and to the extent to which they are dilutive.See note 37 for the proposed dividend for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__153": {
"value": "38 Related partiesThe Board of Management, the Supervisory Board and subsidiaries of Wereldhave N.V. are considered to be related parties. The members of the Supervisory Board and of the Board of Management had no personal interest in any of the Company\u2019s investments during the year. For information about the directors\u00b4 remuneration and shareholding reference is made to note 28.Related party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions if such terms can be substantiated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s12_notes__7__154": {
"value": "39 Events after balance sheet dateThere are no events after balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}