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"s4_notes__7__6": {
"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 Nieuwe Passeerdersstraat 1, 1016 XP Amsterdam, the Netherlands. The registration number at the Chamber of Commerce is 27083420. The shares of the Company are listed on the Euronext Stock Exchange of Amsterdam. The consolidated financial statements for the year ended 31 December 2023 were authorized for issue by the Supervisory Board on 13 March 2024 and will be presented to the shareholders for approval on 24 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
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"s4_notes__7__5": {
"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 Nieuwe Passeerdersstraat 1, 1016 XP Amsterdam, the Netherlands. The registration number at the Chamber of Commerce is 27083420. The shares of the Company are listed on the Euronext Stock Exchange of Amsterdam. The consolidated financial statements for the year ended 31 December 2023 were authorized for issue by the Supervisory Board on 13 March 2024 and will be presented to the shareholders for approval on 24 April 2024.2 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.In 2023, the Dutch government enacted a bill to amend the tax regime that is applicable to fiscal investment institutions (FBI regime). As a result of this amendment, Dutch real estate investors that previously benefited from the 0% corporate income tax rate under the FBI regime will become subject to the regular 25.8% Dutch corporate income tax rate as per 1 January 2025. Since the tax base of the real estate investment must be reset to fair market value as per 31 December 2024, we do not expect any current or deferred tax impact resulting from the amendment before 1 January 2025.The 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 2023.3 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, 21 and 22.Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2023 the following standards became effective but did not have an impact on the Company's consolidated financial statements:\u2022 IFRS 17 Insurance Contracts\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2023 and have not been applied in preparing the financial information:\u2022 Lease liability in a Sale and Leaseback \u2013 Amendments to IFRS 16\u2022 Classification of Liabilities as Current or Non-Current \u2013 Amendments to IAS 1\u2022 Sale or contribution of assets between an investor and its associate or joint venture \u2013 Amendments to IFRS 10 and IAS 28These amendments are not expected to have a significant impact on the Company's consolidated financial information.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 3 \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.The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill.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-end2023 2022 2023 2022GBP 1.14986 1.17287 1.15352 1.12951USD 0.92456 0.95007 0.90588 0.93414CAD 0.6852 0.72995 0.68465 0.689393.4 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 expected to 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 inputs and the fair Significant unobservable inputvalue measurementThe estimated fair value increases (decreases) if:\u2022 Growth forecast for market rent level \u2022 The expected growth of market rent levels is higher (lower)\u2022 Periods of vacancy following expiration of a lease \u2022 The periods of vacancy are shorter (longer)\u2022 Occupancy rate \u2022 The occupancy rate is higher (lower)\u2022 Rent-free periods and other lease incentives \u2022 The rent-free periods are shorter (longer)\u2022 Expected maintenance costs / investments \u2022 The estimated maintenance costs / investments are lower (higher)\u2022 Theoretical net yield \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. Payment of interest on lease liabilities are included in cash flows from operating activities.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.Group company is the lessor in an finance leaseLeases are considered finance leases where the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. The assessment considers various indicators including a comparison between the present value of future lease payments and the fair value of the underlying asset. Finance lease receivables are initially measured at the present value of future lease payments plus initial direct costs and any unguaranteed residual value accruing to the lessor discounted at the interest rate implicit in the lease. The finance lease receivable is subsequently increased by the interest income on the receivable and decreased for any lease payments received and loss allowances, if any.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 years Equipment: 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 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 are subsequently measured at amortized costs 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.For equity and debt investments measured at fair value through other comprehensive income the dividends received, 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.Net gains and losses of financial assets at fair value through profit or loss 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 liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue.Financial liabilities are subsequently 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 cash at banks. 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 recognized.in 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 receivedand 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 estimatedfuture 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 anytax 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 entitiesto 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 the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares 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 2023(x \u20ac 1,000) Belgium France Netherlands Head office TotalResultGross rental income 70,195 10,917 76,847 - 157,960Service costs charged 10,019 3,600 12,579 - 26,198Total revenue 80,214 14,517 89,426 - 184,158Service costs paid -15,145 -4,460 -14,869 - -34,475Property expenses -9,766 -1,960 -11,539 - -23,265Net rental income 55,303 8,096 63,019 - 126,418Valuation results -5,915 -8,352 31,726 - 17,459Results on disposals -122 - -16 - -137General costs -6,633 -681 -4,082 -7,246 -18,641Other income and expense 23 -128 -78 -457 -641Operating result 42,657 -1,065 90,569 -7,703 124,458Interest charges -7,793 -9,235 -19,120 5,127 -31,021Interest income - - 3 -3 -Other financial income and expense -5,570 - - 1,721 -3,848Income tax -73 -131 -77 - -280Result 29,221 -10,430 71,374 -857 89,309Total assetsInvestment properties in operation 936,164 175,842 1,030,470 - 2,142,476Investment properties under construction 14,335 - 260 - 14,595Assets held for sale - - - - -Other segment assets 64,539 4,071 263,749 882,125 1,214,484minus: intercompany - - - -1,094,030 -1,094,0301,015,038 179,913 1,294,479 -211,905 2,277,525Investments 16,474 9,198 127,958 - 153,630Gross rental income by type of propertyShopping centers 62,721 10,917 76,847 - 150,486Offices 7,474 - - - 7,47470,195 10,917 76,847 - 157,960Geographical segment information 2022(x \u20ac 1,000) Belgium France Netherlands Head office TotalResultGross rental income 61,963 10,385 68,572 - 140,921Service costs charged 10,075 1,827 9,843 - 21,745Total revenue 72,038 12,212 78,415 - 162,666Service costs paid -13,064 -4,164 -11,772 - -29,000Property expenses -5,991 -1,389 -11,118 - -18,498Net rental income 52,984 6,659 55,525 - 115,168Valuation results -1,679 523 -2,911 - -4,067Results on disposals -29 -4,457 -32 - -4,517General costs -6,061 -40 -3,371 -7,899 -17,370Other income and expense -885 -81 - -2,404 -3,370Operating result 44,331 2,604 49,211 -10,303 85,843Interest charges -4,541 -9,543 -18,644 9,173 -23,555Interest income 25 15 5 - 45Other financial income and expense 15,444 - - -1,636 13,807Income tax -46 -68 -65 45 -134Result 55,212 -6,992 30,508 -2,720 76,007Total assetsInvestment properties in operation 933,163 174,991 850,801 - 1,958,955Investment properties under construction 14,252 - 21,914 - 36,166Assets held for sale - - 688 - 688Other segment assets 45,085 8,738 355,024 843,897 1,252,744minus: intercompany -217 - -65,000 -1,085,281 -1,150,498992,283 183,729 1,163,427 -241,384 2,098,055Investments 24,760 5,483 33,576 - 63,819Gross rental income by type of propertyShopping centers 56,153 10,385 68,572 - 135,111Offices 5,810 - - - 5,81061,963 10,385 68,572 - 140,9215 Investment propertyInvestment Investment Total property in Lease property under Investment (x \u20ac 1,000)operationincentivesconstructionproperty2023Balance at 1 January 1,958,955 4,949 36,166 2,000,070Purchases 85,742 - - 85,742Investments 59,687 - 8,201 67,888From (to) development properties 29,772 - -29,772 -Disposals -9,123 - - -9,123Valuations 17,459 - - 17,459Other -16 391 - 375Balance at 31 December 2,142,476 5,340 14,595 2,162,4112022Balance at 1 January 1,907,015 5,738 26,587 1,939,340Investments 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 2,000,070In 2023 the Company acquired shopping center Polderplein in Hoofddorp for a total purchase price of \u20ac 82.3m including transaction costs. The acquisition was funded through the issuance of 3,605,208 shares for \u20ac 51.8m while the remainder of \u20ac 30.5m was paid in cash. In addition, the Company made two smaller acquisition for a total consideration of \u20ac 3.4m.The Company sold during 2023 a unit in Tilburg for \u20ac 1.6m as well as the shopping center \u2018The Box\u2019 in Gent for \u20ac 7.5m.Completed projects in 2023, amongst others in Vier Meren and Koperwiek, were transferred to investment property in operation.Overview of measurements of total Investment property(x \u20ac 1,000) 31 December 2023 31 December 2022Investment property in operation (including lease incentives) 2,132,472 1,948,567Investment property under construction (IPUC) 260 21,914Fair value as per external valuation reports 2,132,732 1,970,481Fair value of ground rent (leasehold) 15,344 15,337At cost less impairment (IPUC) 14,335 14,252Total 2,162,411 2,000,070Investment properties were valued externally at 31 December 2023 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield, KroesePaternotte and CBRE. In total 99.3% (2022: 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) 2023 2022Belgium -5,915 -1,679France -8,352 523Netherlands 31,726 -2,911Total 17,459 -4,067Direct operating expenses recognized in the income statement include \u20ac 3.7m (2022: \u20ac 2.6m) relating to investment property that was unlet.At 31 December 2023 no investment property is pledged as security for credit facilities (2022: nil).At 31 December 2023 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2023 31 December 2022Total value according to external valuation reports 2,132,472 1,948,567Add: Present value of future ground rent payments (leasehold) 15,344 15,337Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -5,339 -4,949Carrying amount 2,142,476 1,958,955Key assumptions relating to valuations (excluding developments):Belgium France Netherlands2023Total market rent per sqm (\u20ac) 216 277 223EPRA Net Initial Yield 6.5% 4.8% 6.3%EPRA vacancy rate 3.9% 3.4% 4.5%Average vacancy period (in months) 12 12 11Bandwidth vacancy (in months) 6-17 9-15 2-152022Total 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 0-16EPRA 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 2023 is 6.3% (2022: 6.4%).In case the yield changes with 0.25%, assuming stable market rents, it would result in a change of \u20ac 71.4m on shareholders\u2019 equity and result (\u20ac 1.63 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 101.0m (\u20ac 2.31 per share).Investment property in operation lease dataAverage 1Annual rent of lease expiring inlease lengthUntil Until Total first lease indefinite annual (x \u20ac 1,000)breakend date < 1 year 1-5 year > 5 yearcontractsrent2023Belgium 2.3 6.2 2,903 19,848 40,756 232 63,739France 2.2 4.8 1,202 3,480 6,415 0 11,097Netherlands 3.4 4.5 1,986 45,391 28,354 5,342 81,074Total portfolio 2.9 5.2 6,092 68,719 75,526 5,575 155,9112022Belgium 2.0 6.6 2,824 18,177 39,377 454 60,832France 1.9 5.2 1,290 3,105 6,928 0 11,323Netherlands 3.0 4.2 6,662 32,564 25,219 6,207 70,652Total portfolio 2.5 5.3 10,776 53,846 71,524 6,661 142,8072 Based on lease end date.All investment properties are valued based on Level 3 fair values. Fair value hierarchy disclosures for all assets and liabilities have been provided in Note 23.6 Property and equipmentOffice Right-of use Right-of-use (x \u20ac 1,000)equipmentofficescars TotalBalance at 1 January 2023 561 354 735 1,650Investments/purchases 1,150 3,237 709 5,096Disposals -13 - -45 -58Depreciation -235 -489 -509 -1,233Balance at 31 December 2023 1,463 3,102 890 5,455Balance 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 1,65031 December 2023Total acquisition at cost 6,516 7,085 3,442 17,043Total depreciation and impairment -5,053 -3,983 -2,552 -11,588Net book value 1,463 3,102 890 5,45531 December 2022Total acquisition at cost 5,379 3,848 2,778 12,005Total depreciation -4,818 -3,494 -2,043 -10,355Net book value 561 354 735 1,650The Company moved in 2023 to their new head office in Amsterdam which resulted in the recognition of a right-of-use asset of \u20ac 3.2m and office equipment of \u20ac 1.2m in 2023.7 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 2023 31 December 2022Balance at January 1 367 479Investments - 39Amortization -205 -151Balance at December 31 162 367(x \u20ac 1,000) 31 December 2023 31 December 2022Total acquisition at cost 423 2,997Total amortization -261 -2,630Total 162 3678 Other financial assets(x \u20ac 1,000) IFRS Category 31 December 2023 31 December 2022Loans amortized cost 557 602Deposits paid amortized cost 2,063 2,063Finance lease receivable amortized cost 3,457 -Other financial assets Fair value through P&L 133 133Total 6,209 40,769Deposits relates to an escrow account which is to be released after the completion of certain conditions precedents in relation to the redevelopment in Tilburg. Finance lease receivables relates to a plot of land acquired in Belgium which is leased out under a long-term lease that classified as a finance lease.9 Trade and other receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Tenant receivables 22,278 13,061Service charge receivable 1,557 1,878Prepayments 3,530 1,209Interest to be received 5,198 3,924Amounts to be invoiced 7,714 9,381Other 9,030 5,167Total 49,308 34,620The 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.All rents were invoiced before the end of period and as a result the tenant receivables increased by \u20ac 11.0m, which also impacts the deferred rents with approximately the same amount. Refer to Note 20.Interest to be received refers to interest receivable under interest rate swaps.Other includes expenses to be recharged (\u20ac 2.8m) and receivables on vendors (\u20ac 2.0m).Maturity of tenant receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Due 17,571 7,785Past due less than 1 month 312 1,718Past due between 1 and 3 months 1,563 1,895Past due between 3 and 12 months 7,282 3,549Past due over 12 months 7,700 8,52934,427 23,477Deduct: provision -12,149 -10,415Total 22,278 13,061In 2023 an amount of \u20ac 2.2m was added to (2022: \u20ac 0.3m released from) the provision doubtful debt and an amount of \u20ac 0.5m (2022: \u20ac 1.3m) was withdrawn. Refer to Note 22.10 Tax receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Withholding tax 207 207Value added tax 6 1,221Dividend tax 341 2,250Corporate income tax - 137Total 554 3,81511 Cash and cash equivalents(x \u20ac 1,000) 31 December 2023 31 December 2022Bank balances 25,544 14,353Total 25,544 14,353Cash and cash equivalents are freely available to the Company.12 Investment held for saleDuring 2023 a strip of smaller units in the Netherlands was sold. At the end of the year there are no investments held for sale.13 Share capitalAuthorized Number of Outstanding (number of shares)share capitalissued shares Treasury sharesnumber of sharesBalance at 1 January 2022 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 40,047,140Issued shares - 3,605,208 - 3,605,208Purchased treasury shares - - 9,609 9,609Balance at 31 December 2023 75,000,000 43,876,129 -214,172 43,661,957Authorized sharesThe 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. Share premium increased in 2023 by \u20ac 48.2m following the issuance of shares for the acquisition of Polderplein. There were no other changes in share premium in 2023. The amount of share premium that is recognized for tax purposes is \u20ac 1,764m (2022: \u20ac 1,716m).15 General reserveIn April 2023, a final dividend relating to 2022 of \u20ac 43.6m (\u20ac 1.16 per share, based on 40m entitled shares) was paid. No interim dividends relating to 2023 were distributed in 2023.An amount of \u20ac 161m (2022: \u20ac 159m) has been designated as legal reserves, mainly relating to the unrealized valuation adjustments of investment properties and cannot be distributed.16 Other reservesHedge 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.Cost of hedging reserveThe 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 2023 31 December 2022Long termBank loans 387,137 228,049Private placements 377,548 459,149Bonds 31,883 31,831796,568 719,029Short termBank loans 655 78,024Private placements 101,389 -Treasury Notes 42,750 59,750144,794 137,774Total interest bearing liabilities 941,362 856,803Movements in interest-bearing liabilitiesIncluding short-term portion of debt.(x \u20ac 1,000) 2023 2022Balance at 1 January 856,803 814,850New funding 184,116 118,188Repayments -95,900 -82,500Use of effective interest method 707 611Exchange rate differences -4,364 5,654Balance at 31 December 941,362 856,803New fundingIn 2023, the Company drew \u20ac 160.6m from existing revolving credit facilities.Also, the Company signed new US Private Placement debt (USPP) totaling USD 50m for a term of five years. In November 2023, the Company signed similar transactions with two investors, totaling USD 50m for a term of seven years. An amount of USD 25m (\u20ac 22.9m) settled in 2023, the remaining USD 75m will settle in 2024.The proceeds have been swapped into competitive fixed euro interest rates.RepaymentsIn 2023, the Company repaid \u20ac 77.1m (\u20ac 50m and USD 30m) on the private placements, \u20ac 17m on the treasury notes and \u20ac 1.8m on the existing revolving credit facilities.Exchange rate differencesThe exchange rate differences are based on the loans outstanding in USD, GBP and CAD recalculated against the year-end currency rates. The impact of exchange rates on loans outstanding is swapped using currency derivates, refer to note 21.Private 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 2023 the embedded derivatives have a negative value of \u20ac 0.3m (2022: \u20ac 1.8m negative).Secured interest-bearing liabilitiesAt 31 December 2023 none of our investment property is pledged as security for credit facilities (2022: nil).Unsecured interest-bearing liabilitiesUnsecured interest-bearing liabilities have financial covenants that include various clauses. As at 31 December 2023 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 2023 31 December 2022Loan-to-Value 60.0% 42.7% 42.4%Solvency 40.0% 52.7% 53.5%Interest coverage ratio 2.0 4.6 5.9The Company reports a net Loan-to-Value of 42.7% 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 43.9% at 31 December 2023 (2022: 43.1%).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:2023 2022Euro 3.6% 2.1%US dollar 3.4% 2.8%Pound sterling 3.0% 3.0%Canadian Dollar 2.3% 2.3%Total 3.5% 2.5%The average interest rate based on the effective interest method is as follows:2023EUR GBP USD CAD TotalShort term interest bearing debtBank loans and private placement 3.7% - 4.3% - 3.9%Interest rate swaps -2.3% - - - -2.3%Long term interest bearing debtBank loans and private placement 4.3% 4.1% 5.1% 4.0% 4.4%Interest rate swaps -1.6% - - - -1.6%Average 3.6% 4.1% 4.8% 4.0% 3.5%2022Short 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%Fair value of debtThe carrying amount and the fair value of interest-bearing debts may differ as a result ofaccounting 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 2023 31 December 2022(x \u20ac 1,000) carrying amount fair value carrying amount fair valueBank loans, bonds and private placements 796,568 774,443 687,029 676,212Total 796,568 774,443 687,029 676,212CurrenciesThe carrying amount of interest-bearing debt of the Group (short- and long-term) are denominated in the following currencies:31 December 2023 31 December 2022currency EUR currency EUREuro 666,188 666,188 572,915 572,915US dollar 187,500 169,410 192,500 179,739Pound sterling 80,000 92,282 80,000 90,361Canadian dollar 20,000 13,482 20,000 13,788Total 941,362 856,803Interest-bearing debt in U.S. Dollars, British Pound and Canadian dollar were for an amount of USD 188m, GBP 80m and CAD 20m converted to EUR via multiple cross currency fixed interest rate swaps (100% of notional amount denominated in foreign currency).Credit facilities and bank loansAs at 31 December 2023, Wereldhave had \u20ac 405m (2022: \u20ac 385m) of revolving credit facilities. An amount of nil (2022: \u20ac nil) will expire within 1 year, \u20ac 370m (2022: \u20ac 385m) in 1 to 5 years and \u20ac 35m (2022: nil) expires after 5 years.As at 31 December 2023, Wereldhave had undrawn credit facilities to the amount of \u20ac 127m (2022: \u20ac 266m). The average maturity of the committed revolving credit facilities at 31 December 2023 was 3.7 years (2022: 4.3 years).18 Other long-term liabilities(x \u20ac 1,000) 31 December 2023 31 December 2022Pension plans 146 135Tenants deposits 8,458 5,911Lease liabilities 19,094 16,468Total 27,698 22,514Tenant deposits consists of amounts received from tenants as a guarantee for future rental payment obligations. The cash and non-cash movements in other long-term liabilities is as follows:Tenant (x \u20ac 1,000) Pension plansdeposits Lease liabilities TotalBalance at 1 January 135 5,911 16,468 22,514Cash received or paid -328 1,629 -2,307 -1,006Addition to lease liability - - 3,947 3,947Disposal of lease liability - - -54 -54Interest on lease liability - - 1,040 1,040Other non-cash movements 339 918 - 1,257Balance at 31 December 146 8,458 19,094 27,698The Company moved in 2023 to their new head office in Amsterdam which resulted in the addition of a new lease liability of \u20ac 3.2m. The remaining part is due to new car leases entered into in 2023.Pension plansThe net liability from the defined benefit plan in Belgium is composed as follows:(x \u20ac 1,000) 2023 2022Fair value of plan assets 3,068 2,903Benefit obligations 3,214 3,038Net liability 146 135Reconciliation of net liability 2023 20221 January 135 849Charge recognized in P&L 208 349Remeasurement recognized in OCI (Income)/Loss 131 -778Employer contributions -328 -28531 December 146 135The movement of the fair value of plan asset in Belgium is as follows:(x \u20ac 1,000) 2023 2022Balance at 1 January 2,903 3,018Interest income on plan assets 93 26Return om scheme assets -106 -357Actual expenses -60 -66Employer contributions 328 285Employee contributions 6 5Benefits paid -96 -8Balance at 31 December 3,068 2,903The movement of the defined benefit obligation in Belgium is as follows:(x \u20ac 1,000) 2023 2022Balance at 1 January 3,038 3,867Net service cost 206 343Interest cost 95 32Employee contributions 6 5Benefits paid -96 -8Experience (gains) / losses 25 -1,135Expenses -60 -66Balance at 31 December 3,214 3,038The assumptions used:- discount rate obligations 3.10%-3.20% 3.10%-3.15%- rate of annual salary increases including inflation 2.2% - 7.2% 2.2% - 7.2%Pension costsThe total cost for defined benefit plan in Belgium is as follows:(x \u20ac 1,000) 2023 2022Current service cost 206 343Net interest on Net Defined Benefit Liability (Asset) 2 6Total 208 349The following amounts have been recognized in other comprehensive income (OCI):(x \u20ac 1,000) 2023 2022Actuarial (gain)/loss due to liability expenses 131 -778Remeasurement effect recognized in OCI 131 -778In total the following movements have been recognized in the income statement and OCI:(x \u20ac 1,000) 2023 2022Balance at January 1 3,038 3,867Net service cost 206 343Interest cost 95 32Employee contributions 6 5Benefits paid -96 -8Experience (gains) / losses 25 -1,135Expenses -60 -66Balance at December 31 3,214 3,038The fair value of the Belgian pension assets consists, as in 2022, 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 2023 and 2022 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 2024.LeasesWereldhave has entered into leasehold contracts as well as offices and car leases. During 2023 the following was recognized in the income statement:(x \u20ac 1,000) 2023 2022Interest on lease liabilities 1,040 932Variable lease payments not included in the measurement of lease liabilities 409 292Total 1,449 1,224The maturity of the lease liabilities is as follows:(x \u20ac 1,000) 31 December 2023 31 December 2022- up to 1 year 1,648 1,597- between 1 and 2 years 1,528 1,058- between 2 and 5 years 4,125 2,700- more than 5 years 71,632 70,560Total 78,933 75,915The lease liability includes two contracts with 99-year period and one contract with an indefinite term, resulting in a higher nominal value of payments compared to the present value of the liabilities.19 Tax payable(x \u20ac 1,000) 31 December 2023 31 December 2022Value added tax 1,879 950Social security tax 718 211Company tax 52 29Other tax 430 199Total 3,079 1,38920 Other short-term liabilities(x \u20ac 1,000) 31 December 2023 31 December 2022Deferred rents 25,490 12,641Property expenses 16,304 14,525Interest 10,609 9,158General costs 6,085 7,333Capital commitments payable 13,133 12,321Other short-term liabilities 5,408 9,011Total 77,028 64,989Deferred rents relates to invoiced rents of future periods. Refer to note 9 for an explanation of the increase. Capital commitments payable relate to investments on the investment properties already performed, but for which no invoices were received yet.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 (refer to note 17) and interest rate risk. Cross currency swaps hedge 1:1 the debt denominated in foreign currency. The fair value of these instruments breaks down as follows:Fair value Fair value (x \u20ac 1,000) Principal Interest rangeassetsliabilities2023Cashflow hedgeUSD currency swap USD 262,500 2.2% - 6.1% 15,853 -3,108GBP currency swap GBP 80,000 2.7% - 3.4% - -14,698CAD currency swap CAD 20,000 2.3% - -737No hedge accountingEUR Interest rate swap EUR 361,975 (0.1%) - 7.5% 10,766 -1,790EUR Interest cap EUR 30,000 0.5% 1,263 -Total 27,882 -20,3342022Cashflow 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 -17,546The notional denominated in USD relates for USD 75m to financing settling in January 2024.The 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 2023(x \u20ac 1,000) EUR USD GBP CAD- up to 1 year - 80,000 - -- between 1 and 5 years 326,975 107,500 15,000 20,000- more than 5 years 65,000 75,000 65,000 -Total 391,975 262,500 80,000 20,00031 December 2022- up to 1 year 110,000 30,000 - -- between 1 and 5 years 326,975 162,500 15,000 20,000- more than 5 years 65,000 - 65,000 -Total 501,975 192,500 80,000 20,000The following amounts have been recognized in shareholders equity in relation to hedge accounting:31 December 2023(x \u20ac 1,000) EUR USD GBP CAD Total in EUREffective part fair value changes in cashflow hedging - -2,013 -3,744 -426 -6,183Changes in fair value of cost of hedging - -515 -84 -64 -663Net effect in equity - -2,528 -3,828 -491 -6,84631 December 2022Effective part fair value changes in cashflow hedging 28 -391 4,672 1,184 5,493Changes in fair value of cost of hedging - -528 54 -325 -800Net effect in equity 28 -920 4,726 859 4,693Hedge ineffectiveness may arise from changes in the credit risk of Wereldhave or the derivative counterparty. In 2023, a net income of \u20ac 0.3m was recognized in the income statement as a result of ineffectiveness of hedges (2022: \u20ac 0.3m expense).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 2023 a negative amount of \u20ac 4.1m was charged to the other financial income and expense (2022: \u20ac 13.4m positive) relating to these financial assets. In addition, net interest decreased by \u20ac 7.8m (2022: \u20ac 2.9m) as a result of derivative financial instruments for interest conversion.Credit riskDuring 2023 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 Wereldhave\u2019s policy to keep at least 50% of its borrowings at fixed rates of interest. In the current interest rate environment Wereldhave has fixed the interest rate for 72% (2022: 82%) of its debt.SensitivityA change in interest rate by 1% will impact the result and equity by \u20ac 3.7m (2022: \u20ac 1.5m) and earnings per share and asset value per share by \u20ac 0.08 (2022: \u20ac 0.03).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 405m. The facilities will expire for \u20ac 30m in 2025, \u20ac 45m in 2026, \u20ac 275m in 2027, \u20ac 20m in 2028 and \u20ac 35m in 2029.As at year-end 2023, \u20ac 278m was drawn under the committed facilities (2022: \u20ac 119m). The interest and repayment obligations for 2024 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 2023 interest cover ratio was 4.6 (2022: 5.9). 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 2023, the solvency was 52.7% (2022: 53.5%). 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 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 2023:2023(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,571 86Past due less than 1 month 0% 312 -Past due between 1 and 3 months 12% 1,563 188Past due between 3 and 12 months 73% 7,282 5,285Past due over 12 months 86% 7,700 6,591Total 34,427 12,149The movement in the loss allowance for trade receivables during the year was as follows:(x \u20ac 1,000) 2023 2022Balance at January 1 10,415 11,966Amounts written off -456 -1,278Net remeasurement of loss allowance 2,190 -273Balance at December 31 12,149 10,415Trade 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 1.5m (2022: \u20ac 1.4m) and \u20ac 0.04 (2022: \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 2.4m (2022: \u20ac 1.3m). As a result of such default, result per share would decrease by \u20ac 0.06 (2022 \u20ac 0.03).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 2023(x \u20ac 1,000)Principal Interest Total- up to 1 year 153,585 28,553 182,138- between 1 and 2 years 159,714 24,611 184,325- between 2 and 5 years 468,839 46,270 515,109- more than 5 years 169,979 7,359 177,338Total 952,117 106,793 1,058,91031 December 2022- 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 80,460 951,176The difference between the sum of the nominal principal values and the carrying amount of \u20ac 2.1m (2022: \u20ac 2.3m) 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 8m (2022: \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 fair value through (x \u20ac 1,000) Note Amortized costprofit and loss Total31 December 2023AssetsFinancial assets 8, 216,077 28,015 34,092Trade and other receivables 9 49,308 - 49,308Cash and cash equivalents 11 25,544 - 25,544Total 80,929 28,015 108,944LiabilitiesInterest bearing debts 17 941,362 - 941,362Tenants deposits 18 8,458 - 8,458Lease liabilities 18 19,094 - 19,094Derivative financial instruments 21 - 20,334 20,334Trade payables 8,791 - 8,791Total 977,705 20,334 998,03931 December 2022AssetsFinancial assets 8, 21 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 18 5,911 - 5,911Lease liabilities 18 16,468 - 16,468Derivative financial instruments 21 - 17,546 17,546Trade payables 11,571 - 11,571Total 890,753 17,546 908,299Fair 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 liabilitiesare discussed in the related Notes.Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 7m (2022: \u20ac 37m) with regard to investment properties under construction and nil (2022: \u20ac 4m) in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 127m (2022: \u20ac 266m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2023 2022- up to 1 year 7,001 36,670- between 1 and 5 years - 2,069- > year 5 - 2,350Total 7,001 41,08823 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)2023Assets measured at fair valueInvestment property in operation 2,147,816 - - 2,147,816Investment property under construction 260 - - 260Financial assetsDerivative financial instruments 27,882 - 27,882 -Liabilities for which the fair value has been disclosedInterest bearing debt 919,237 - 919,237 -Derivative financial instruments 20,334 - 20,334 -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 -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.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 7.2% in 2023 (2022: 7.4%).Rental income based on turnover of the tenant amounts to 5.1% (2022: 4.7%) of gross rental income. Lease incentives provided to tenants amounts to 2.6% (2022: 2.8%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.8m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2023 is shown in thefollowing table (lease contracts with turnover related clauses are accounted for assuming thebase rent only):(x \u20ac 1,000) 2023 2022- up to 1 year 150,732 138,124- between 1 and 2 years 134,778 118,935- between 2 and 3 years 121,269 105,987- between 3 and 4 years 103,746 94,084- between 4 and 5 years 86,369 79,539- more than 5 years 218,721 234,55225 Property expenses(x \u20ac 1,000) 2023 2022Property maintenance 735 1,007Property taxes 3,709 3,480Insurance premiums 1,141 822Property management 7,251 6,122Leasing expenses 835 606Doubtful debt 2,190 -273Promotion costs 5,524 5,551Other operating costs 1,880 1,183Total 23,265 18,498Doubtful debt expenses increased over 2023 as there was a slight increase in ageing of the receivables older than 3 months. Refer to note 9.Other operating costs includes amongst other parking costs.26 Valuation results(x \u20ac 1,000) 2023 2022Investment properties in operation and investments held for saleValuation gains 43,697 21,419Valuation losses -26,238 -25,486Total 17,459 -4,067Refer to note 5 for a split of the valuation result per country.27 Results on disposals(x \u20ac 1,000) 2023 2022Properties Subsidiaries Total Properties Subsidiaries TotalGross proceeds 9,863 - 9,863 4,050 - 4,050Selling costs -174 -15 -189 -40 -65 -105Net proceeds 9,688 -15 9,674 4,010 -65 3,945- -Book value -9,811 - -9,811 -4,070 -4,392 -8,462Total -122 -15 -137 -60 -4,457 -4,517The Company sold during 2023 the shopping center \u2018The Box\u2019 in Gent for \u20ac 7.5m, a unit in Tilburg for \u20ac 1.6m as well as a strip of smaller units in the Netherlands for \u20ac 0.7m.28 General costs(x \u20ac 1,000) 2023 2022Salaries and social security contributions 15,791 13,679Pension costs 1,421 1,294Other employee costs 2,373 2,366Audit and advisory fees 2,152 2,272Office costs 2,749 3,284Equity-settled share-based payments 1,752 1,421Other general costs 7,620 7,77733,856 32,092Allocated and recharged -15,215 -14,722Total 18,641 17,370The allocation and recharges relate to expenses charged to third parties (\u20ac 2.8m) and allocation of costs to property expenses (\u20ac 6.1m) and developments projects (\u20ac 6.3m).Salaries and social security contributions in 2023 includes severance payments following the organizational changes in the Netherlands and Belgium of \u20ac 2.2m. Other general costs includes amongst other expenses relating to implementation of new IT systems of \u20ac 2.9m, depreciation on right-of-use assets of \u20ac 1.0m and listing related costs of \u20ac 1.8m.During the year 2023 an average of 117 persons (2022: 118) based on full-time basis were employed by the Group, of which 61 (2022: 63) in the Netherlands and 56 (2022: 55) 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 Board of Management 2023 25-4-2023 25-4-2026 13.55 21.97LTI Key employees 2021 28-4-2021 28-4-2023 14.24 25.04LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18LTI Key employees 2023 25-4-2023 25-4-2025 13.55 21.83Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90Share plan employees 2023 24-4-2023 24-4-2025 14.74 14.74The movements in performance shares during the year is as follows:2023 2022Outstanding at 1 January 223,781 146,594Granted during the year 107,135 81,576Vested during the year -60,997 -4,389Forfeited during the year -55,747 -Outstanding at 31 December 214,172 223,781Audit feesIn 2023 Wereldhave N.V. and its subsidiaries have accounted for the following costs from the Group auditor KPMG:(x \u20ac 1,000) 2023 2022Audit of the Annual Accounts 754 620Other assurance services 10 195Total 764 815KPMG provided, in addition to the statutory audit of the financial statements, assurance services in relation to ground rent settlements and the contribution in kind for the acquisition of Polderplein. The other assurance services are in compliance with Independence Regulations.Of the total amount of audit fees \u20ac 425k (2022: \u20ac 406k) relates to the Netherlands. This consist of an amount of \u20ac 415k (2022: \u20ac 335k) for the audit of the Annual Accounts and \u20ac 10k (2022: \u20ac 71k) for other audit activities. All fees are in compliance with the Independence Regulations.29 Other income and expensesOther income and expenses \u20ac -0.6m (2022: \u20ac -3.4m) 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) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).31 Other financial income and expenses(x \u20ac 1,000) 2023 2022Exchange rate differences -55 113Fair value changes derivative instruments -3,793 13,694Total -3,848 13,807The change in fair value during 2023 was primarily driven by a combined effect changes in interest rates and passage of time.32 Income tax(x \u20ac 1,000) 2023 2022Result before tax 89,589 76,141Income 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 -268 -179Adjustment prior periods -12 45Income tax -280 -134Weighted average tax rate 0.3% 0.2%For 2023 the current tax charge is \u20ac -0.3m (2022: \u20ac -0.1m) and the deferred tax charge was nil (2022: nil). 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 (2022: 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 2023 amounts to \u20ac 234.8m (2022: \u20ac 237.6m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary ordinary held by non-Corporate shares held by shares held by controlling NameSeatparent (%)the group (%)interests (%)Amsterdam, West World Holding N.V.Netherlands 100.00 - -Amsterdam, N.V. Wereldhave InternationalNetherlands 100.00 - -Amsterdam, Wereldhave Nederland B.V.Netherlands - 100.00 -Amsterdam, Wereldhave Development B.V.Netherlands 100.00 - -Amsterdam, Relovast V B.V.Netherlands - 100.00 -Amsterdam, Wereldhave Management Holding B.V.Netherlands 100.00 - -Amsterdam, Wereldhave Management Nederland B.V.Netherlands - 100.00 -NODA SAS Paris, France 100.00 - -Wereldhave Retail France SAS Paris, France 100.00 - -SAS WH Meriadeck Paris, France - 100.00 -SCI du CC Bordeaux Prefecture Paris, France 0.01 99.99 -SAS WH Cot\u00e9 Seine Paris, France - 100.00 -SCI Marceau Cot\u00e9 Seine Paris, France 0.01 99.99 -Vilvoorde, Wereldhave Belgium N.V.Belgium 33.09 33.07 33.84Vilvoorde, J-II N.V.Belgium - 100.00 -Vilvoorde, Waterloo Shopping BVBABelgium - 100.00 -Vilvoorde, Ter Kamerenbos N.V.Belgium - 100.00 -Vilvoorde, Wereldhave Belgium Services N.V.Belgium - 100.00 -Vilvoorde, FD Company 5 B.V.Belgium - 100.00 -Madrid, Espamad SLUSpain 100.00 - -Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2023 31 December 2022Summarized balance sheetCurrent assets 45,700 24,605Current liabilities -75,599 -84,617Total current net assets -29,899 -60,012Non-current assets 969,168 968,693Non-current liabilities -245,570 -206,737Total non-current net assets 723,598 761,956Net assets 693,699 701,944(x \u20ac 1,000) 2023 2022Summarized income statementRevenue 64,343 60,846Profit before income tax 29,294 55,276Income tax expense/income -73 -46Post tax profit from continuing operations 29,221 55,230Other Comprehensive Income -131 839Total Comprehensive Income 29,090 56,069Total Comprehensive Income allocated to non-controlling interest 9,844 19,026Dividend paid to non-controlling interest 12,653 12,151Summarized cash flows(x \u20ac 1,000) 2023 2022Cash flows from operating activitiesCash generated from operations 45,456 48,921Interest paid -7,873 -4,611Net cash generated from operating activities 37,583 44,310Net cash used in investment activities -14,932 -21,321Net cash used in financing activities -15,374 -18,113Net increase in cash and cash equivalents and bank overdrafts 7,277 4,876Cash, cash equivalents and bank overdrafts at beginning of the year 10,415 5,539Cash and cash equivalents and bank overdrafts at end of the year 17,692 10,41534 Transactions with shareholdersIn 2023 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) 2023 2022Result attributable to shareholders of the company 79,421 57,265Number of issued shares as at January 1 40,167,756 40,270,921Effect of purchased shares for remuneration on weighted average -114,008 -199,039Effect of shares issued during the year 266,687Weighted average number of shares for fiscal year 40,320,434 40,071,882Potential ordinary shares to be issued 68,493 95,874Weighted average number of diluted shares for fiscal year 40,388,927 40,167,756Basic earnings per share 1.97 1.43Diluted earnings per share 1.97 1.43The 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 2023 and to the extent to which they are dilutive.See Note 37 for the proposed dividend for 2023.36 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 31 December and the number of shares issued as at that date.2023 2022Equity available for shareholders (x \u20ac 1,000) 964,481 885,682Number of ordinary shares per 31 December 43,876,129 40,270,921Purchased shares for remuneration -214,172 -223,781Number of ordinary shares per 31 December for calculation net asset value 43,661,957 40,047,140Potential ordinary shares to be issued 68,493 95,874Number of ordinary shares diluted per 31 December for calculation net asset value 43,730,450 40,143,014Net asset value per share (x \u20ac 1) 22.09 22.12Net asset value per share diluted (x \u20ac 1) 22.06 22.0637 DividendIt is proposed to distribute to holders of ordinary shares a dividend of \u20ac 52m or \u20ac 1.20 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.Remuneration of the members of the Supervisory BoardThe 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.(x \u20ac 1,000) 2023 2022F. Dechesne 82 60H. Brand 69 57W. Bontes 42 -A. N\u00fchn - 68Total 193 185The 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.Remuneration of the members of the Board of ManagementThe remuneration of the Board of Management consists of a fixed component and a variable component. The variable component consist out of a short-term incentive (\u201cSTI\u201d) and long-term incentive (\u201cLTI\u201d). Refer for further details to the remuneration report on page 74 to 93.2023 2022A.W. A.W. (x \u20ac 1,000) M. Stormde Vreede Total M. Stormde Vreede TotalFixed income 641 483 1,124 578 417 995STI 368 265 633 277 200 4771LTI574 415 989 408 294 702Pension and pension compensation 89 75 164 80 67 147Company car and other fringe benefits 24 20 44 24 20 44Extraordinary items 64 53 117 22 16 38Social charges 15 15 29 13 13 26Total 1,775 1,326 3,100 1,402 1,027 2,4291 Expense during period for equity-settled share-based payments in accordance with accounting policiesMr. Storm holds a total of 96,316 shares at 31 December 2023, of which 10,061 are unconditional or private investment and 6,980 are subject to a holding period. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,392,729 based on the closing stock exchange price of \u20ac 14.46 per share as per 29 December 2023.Mr. de Vreede holds a total of 70,261 shares at 31 December 2023, of which 8,000 are unconditional or private investment and 5,038 are subject to a holding period. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 1,015,974 based on the closing stock exchange price of \u20ac 14.46 per share as per 29 December 2023.The Company has not granted loans, advances or financial guarantees to members of the Board of Management. Related party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions.39 Events after balance sheet dateThere are no events after balance sheet date.",
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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": "Nieuwe Passeerdersstraat 1, 1016 XP Amsterdam, the Netherlands.",
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"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, 21 and 22.Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2023 the following standards became effective but did not have an impact on the Company's consolidated financial statements:\u2022 IFRS 17 Insurance Contracts\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2023 and have not been applied in preparing the financial information:\u2022 Lease liability in a Sale and Leaseback \u2013 Amendments to IFRS 16\u2022 Classification of Liabilities as Current or Non-Current \u2013 Amendments to IAS 1\u2022 Sale or contribution of assets between an investor and its associate or joint venture \u2013 Amendments to IFRS 10 and IAS 28These amendments are not expected to have a significant impact on the Company's consolidated financial information.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 3 \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.The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill.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-end2023 2022 2023 2022GBP 1.14986 1.17287 1.15352 1.12951USD 0.92456 0.95007 0.90588 0.93414CAD 0.6852 0.72995 0.68465 0.689393.4 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 expected to 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 inputs and the fair Significant unobservable inputvalue measurementThe estimated fair value increases (decreases) if:\u2022 Growth forecast for market rent level \u2022 The expected growth of market rent levels is higher (lower)\u2022 Periods of vacancy following expiration of a lease \u2022 The periods of vacancy are shorter (longer)\u2022 Occupancy rate \u2022 The occupancy rate is higher (lower)\u2022 Rent-free periods and other lease incentives \u2022 The rent-free periods are shorter (longer)\u2022 Expected maintenance costs / investments \u2022 The estimated maintenance costs / investments are lower (higher)\u2022 Theoretical net yield \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. Payment of interest on lease liabilities are included in cash flows from operating activities.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.Group company is the lessor in an finance leaseLeases are considered finance leases where the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. The assessment considers various indicators including a comparison between the present value of future lease payments and the fair value of the underlying asset. Finance lease receivables are initially measured at the present value of future lease payments plus initial direct costs and any unguaranteed residual value accruing to the lessor discounted at the interest rate implicit in the lease. The finance lease receivable is subsequently increased by the interest income on the receivable and decreased for any lease payments received and loss allowances, if any.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 years Equipment: 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 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 are subsequently measured at amortized costs 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.For equity and debt investments measured at fair value through other comprehensive income the dividends received, 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.Net gains and losses of financial assets at fair value through profit or loss 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 liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue.Financial liabilities are subsequently 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 cash at banks. 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 recognized.in 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 receivedand 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 estimatedfuture 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 anytax 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 entitiesto 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 the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s4_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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__24": {
"value": "Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2023 the following standards became effective but did not have an impact on the Company's consolidated financial statements:\u2022 IFRS 17 Insurance Contracts\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2023 and have not been applied in preparing the financial information:\u2022 Lease liability in a Sale and Leaseback \u2013 Amendments to IFRS 16\u2022 Classification of Liabilities as Current or Non-Current \u2013 Amendments to IAS 1\u2022 Sale or contribution of assets between an investor and its associate or joint venture \u2013 Amendments to IFRS 10 and IAS 28These amendments are not expected to have a significant impact on the Company's consolidated financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 3 \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.The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 3 \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.The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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-end2023 2022 2023 2022GBP 1.14986 1.17287 1.15352 1.12951USD 0.92456 0.95007 0.90588 0.93414CAD 0.6852 0.72995 0.68465 0.68939",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 expected to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 expected to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 inputs and the fair Significant unobservable inputvalue measurementThe estimated fair value increases (decreases) if:\u2022 Growth forecast for market rent level \u2022 The expected growth of market rent levels is higher (lower)\u2022 Periods of vacancy following expiration of a lease \u2022 The periods of vacancy are shorter (longer)\u2022 Occupancy rate \u2022 The occupancy rate is higher (lower)\u2022 Rent-free periods and other lease incentives \u2022 The rent-free periods are shorter (longer)\u2022 Expected maintenance costs / investments \u2022 The estimated maintenance costs / investments are lower (higher)\u2022 Theoretical net yield \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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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. Payment of interest on lease liabilities are included in cash flows from operating activities.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.Group company is the lessor in an finance leaseLeases are considered finance leases where the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. The assessment considers various indicators including a comparison between the present value of future lease payments and the fair value of the underlying asset. Finance lease receivables are initially measured at the present value of future lease payments plus initial direct costs and any unguaranteed residual value accruing to the lessor discounted at the interest rate implicit in the lease. The finance lease receivable is subsequently increased by the interest income on the receivable and decreased for any lease payments received and loss allowances, if any.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 years Equipment: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 years Equipment: 5 yearsCars: 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 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 are subsequently measured at amortized costs 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.For equity and debt investments measured at fair value through other comprehensive income the dividends received, 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.Net gains and losses of financial assets at fair value through profit or loss 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__51": {
"value": "3.13 Financial liabilitiesA financial liability is initially measured at fair value plus, in case of liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue.Financial liabilities are subsequently 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__52": {
"value": "3.14 Cash and cash equivalentsCash and cash equivalents includes cash in hand and cash at banks. Cash and cash equivalents are measured at nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 is credited to the share premium",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__65": {
"value": "3.23 RevenueGross Rental incomeRental income from investment properties leased out under operating leases is recognized.in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 receivedand 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 estimatedfuture 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 anytax 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 entitiesto 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 entitiesto 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__79": {
"value": "3.29 Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__87": {
"value": "4 Segment informationGeographical segment information 2023(x \u20ac 1,000) Belgium France Netherlands Head office TotalResultGross rental income 70,195 10,917 76,847 - 157,960Service costs charged 10,019 3,600 12,579 - 26,198Total revenue 80,214 14,517 89,426 - 184,158Service costs paid -15,145 -4,460 -14,869 - -34,475Property expenses -9,766 -1,960 -11,539 - -23,265Net rental income 55,303 8,096 63,019 - 126,418Valuation results -5,915 -8,352 31,726 - 17,459Results on disposals -122 - -16 - -137General costs -6,633 -681 -4,082 -7,246 -18,641Other income and expense 23 -128 -78 -457 -641Operating result 42,657 -1,065 90,569 -7,703 124,458Interest charges -7,793 -9,235 -19,120 5,127 -31,021Interest income - - 3 -3 -Other financial income and expense -5,570 - - 1,721 -3,848Income tax -73 -131 -77 - -280Result 29,221 -10,430 71,374 -857 89,309Total assetsInvestment properties in operation 936,164 175,842 1,030,470 - 2,142,476Investment properties under construction 14,335 - 260 - 14,595Assets held for sale - - - - -Other segment assets 64,539 4,071 263,749 882,125 1,214,484minus: intercompany - - - -1,094,030 -1,094,0301,015,038 179,913 1,294,479 -211,905 2,277,525Investments 16,474 9,198 127,958 - 153,630Gross rental income by type of propertyShopping centers 62,721 10,917 76,847 - 150,486Offices 7,474 - - - 7,47470,195 10,917 76,847 - 157,960Geographical segment information 2022(x \u20ac 1,000) Belgium France Netherlands Head office TotalResultGross rental income 61,963 10,385 68,572 - 140,921Service costs charged 10,075 1,827 9,843 - 21,745Total revenue 72,038 12,212 78,415 - 162,666Service costs paid -13,064 -4,164 -11,772 - -29,000Property expenses -5,991 -1,389 -11,118 - -18,498Net rental income 52,984 6,659 55,525 - 115,168Valuation results -1,679 523 -2,911 - -4,067Results on disposals -29 -4,457 -32 - -4,517General costs -6,061 -40 -3,371 -7,899 -17,370Other income and expense -885 -81 - -2,404 -3,370Operating result 44,331 2,604 49,211 -10,303 85,843Interest charges -4,541 -9,543 -18,644 9,173 -23,555Interest income 25 15 5 - 45Other financial income and expense 15,444 - - -1,636 13,807Income tax -46 -68 -65 45 -134Result 55,212 -6,992 30,508 -2,720 76,007Total assetsInvestment properties in operation 933,163 174,991 850,801 - 1,958,955Investment properties under construction 14,252 - 21,914 - 36,166Assets held for sale - - 688 - 688Other segment assets 45,085 8,738 355,024 843,897 1,252,744minus: intercompany -217 - -65,000 -1,085,281 -1,150,498992,283 183,729 1,163,427 -241,384 2,098,055Investments 24,760 5,483 33,576 - 63,819Gross rental income by type of propertyShopping centers 56,153 10,385 68,572 - 135,111Offices 5,810 - - - 5,81061,963 10,385 68,572 - 140,921",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__88": {
"value": "5 Investment propertyInvestment Investment Total property in Lease property under Investment (x \u20ac 1,000)operationincentivesconstructionproperty2023Balance at 1 January 1,958,955 4,949 36,166 2,000,070Purchases 85,742 - - 85,742Investments 59,687 - 8,201 67,888From (to) development properties 29,772 - -29,772 -Disposals -9,123 - - -9,123Valuations 17,459 - - 17,459Other -16 391 - 375Balance at 31 December 2,142,476 5,340 14,595 2,162,4112022Balance at 1 January 1,907,015 5,738 26,587 1,939,340Investments 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 2,000,070In 2023 the Company acquired shopping center Polderplein in Hoofddorp for a total purchase price of \u20ac 82.3m including transaction costs. The acquisition was funded through the issuance of 3,605,208 shares for \u20ac 51.8m while the remainder of \u20ac 30.5m was paid in cash. In addition, the Company made two smaller acquisition for a total consideration of \u20ac 3.4m.The Company sold during 2023 a unit in Tilburg for \u20ac 1.6m as well as the shopping center \u2018The Box\u2019 in Gent for \u20ac 7.5m.Completed projects in 2023, amongst others in Vier Meren and Koperwiek, were transferred to investment property in operation.Overview of measurements of total Investment property(x \u20ac 1,000) 31 December 2023 31 December 2022Investment property in operation (including lease incentives) 2,132,472 1,948,567Investment property under construction (IPUC) 260 21,914Fair value as per external valuation reports 2,132,732 1,970,481Fair value of ground rent (leasehold) 15,344 15,337At cost less impairment (IPUC) 14,335 14,252Total 2,162,411 2,000,070Investment properties were valued externally at 31 December 2023 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield, KroesePaternotte and CBRE. In total 99.3% (2022: 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) 2023 2022Belgium -5,915 -1,679France -8,352 523Netherlands 31,726 -2,911Total 17,459 -4,067Direct operating expenses recognized in the income statement include \u20ac 3.7m (2022: \u20ac 2.6m) relating to investment property that was unlet.At 31 December 2023 no investment property is pledged as security for credit facilities (2022: nil).At 31 December 2023 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2023 31 December 2022Total value according to external valuation reports 2,132,472 1,948,567Add: Present value of future ground rent payments (leasehold) 15,344 15,337Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -5,339 -4,949Carrying amount 2,142,476 1,958,955Key assumptions relating to valuations (excluding developments):Belgium France Netherlands2023Total market rent per sqm (\u20ac) 216 277 223EPRA Net Initial Yield 6.5% 4.8% 6.3%EPRA vacancy rate 3.9% 3.4% 4.5%Average vacancy period (in months) 12 12 11Bandwidth vacancy (in months) 6-17 9-15 2-152022Total 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 0-16EPRA 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 2023 is 6.3% (2022: 6.4%).In case the yield changes with 0.25%, assuming stable market rents, it would result in a change of \u20ac 71.4m on shareholders\u2019 equity and result (\u20ac 1.63 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 101.0m (\u20ac 2.31 per share).Investment property in operation lease dataAverage 1Annual rent of lease expiring inlease lengthUntil Until Total first lease indefinite annual (x \u20ac 1,000)breakend date < 1 year 1-5 year > 5 yearcontractsrent2023Belgium 2.3 6.2 2,903 19,848 40,756 232 63,739France 2.2 4.8 1,202 3,480 6,415 0 11,097Netherlands 3.4 4.5 1,986 45,391 28,354 5,342 81,074Total portfolio 2.9 5.2 6,092 68,719 75,526 5,575 155,9112022Belgium 2.0 6.6 2,824 18,177 39,377 454 60,832France 1.9 5.2 1,290 3,105 6,928 0 11,323Netherlands 3.0 4.2 6,662 32,564 25,219 6,207 70,652Total portfolio 2.5 5.3 10,776 53,846 71,524 6,661 142,8072 Based on lease end date.All investment properties are valued based on Level 3 fair values. Fair value hierarchy disclosures for all assets and liabilities have been provided in Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__89-1": {
"value": "Overview of measurements of total Investment property(x \u20ac 1,000) 31 December 2023 31 December 2022Investment property in operation (including lease incentives) 2,132,472 1,948,567Investment property under construction (IPUC) 260 21,914Fair value as per external valuation reports 2,132,732 1,970,481Fair value of ground rent (leasehold) 15,344 15,337At cost less impairment (IPUC) 14,335 14,252Total 2,162,411 2,000,070Investment properties were valued externally at 31 December 2023 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield, KroesePaternotte and CBRE. In total 99.3% (2022: 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) 2023 2022Belgium -5,915 -1,679France -8,352 523Netherlands 31,726 -2,911Total 17,459 -4,067Direct operating expenses recognized in the income statement include \u20ac 3.7m (2022: \u20ac 2.6m) relating to investment property that was unlet.At 31 December 2023 no investment property is pledged as security for credit facilities (2022: nil).At 31 December 2023 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2023 31 December 2022Total value according to external valuation reports 2,132,472 1,948,567Add: Present value of future ground rent payments (leasehold) 15,344 15,337Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -5,339 -4,949Carrying amount 2,142,476 1,958,955Key assumptions relating to valuations (excluding developments):Belgium France Netherlands2023Total market rent per sqm (\u20ac) 216 277 223EPRA Net Initial Yield 6.5% 4.8% 6.3%EPRA vacancy rate 3.9% 3.4% 4.5%Average vacancy period (in months) 12 12 11Bandwidth vacancy (in months) 6-17 9-15 2-152022Total 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 0-1623 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)2023Assets measured at fair valueInvestment property in operation 2,147,816 - - 2,147,816Investment property under construction 260 - - 260Financial assetsDerivative financial instruments 27,882 - 27,882 -Liabilities for which the fair value has been disclosedInterest bearing debt 919,237 - 919,237 -Derivative financial instruments 20,334 - 20,334 -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 -26 Valuation results(x \u20ac 1,000) 2023 2022Investment properties in operation and investments held for saleValuation gains 43,697 21,419Valuation losses -26,238 -25,486Total 17,459 -4,067Refer to note 5 for a split of the valuation result per country.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__90": {
"value": "6 Property and equipmentOffice Right-of use Right-of-use (x \u20ac 1,000)equipmentofficescars TotalBalance at 1 January 2023 561 354 735 1,650Investments/purchases 1,150 3,237 709 5,096Disposals -13 - -45 -58Depreciation -235 -489 -509 -1,233Balance at 31 December 2023 1,463 3,102 890 5,455Balance 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 1,65031 December 2023Total acquisition at cost 6,516 7,085 3,442 17,043Total depreciation and impairment -5,053 -3,983 -2,552 -11,588Net book value 1,463 3,102 890 5,45531 December 2022Total acquisition at cost 5,379 3,848 2,778 12,005Total depreciation -4,818 -3,494 -2,043 -10,355Net book value 561 354 735 1,650The Company moved in 2023 to their new head office in Amsterdam which resulted in the recognition of a right-of-use asset of \u20ac 3.2m and office equipment of \u20ac 1.2m in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 2023 31 December 2022Balance at January 1 367 479Investments - 39Amortization -205 -151Balance at December 31 162 367(x \u20ac 1,000) 31 December 2023 31 December 2022Total acquisition at cost 423 2,997Total amortization -261 -2,630Total 162 367",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 2023 31 December 2022Balance at January 1 367 479Investments - 39Amortization -205 -151Balance at December 31 162 367(x \u20ac 1,000) 31 December 2023 31 December 2022Total acquisition at cost 423 2,997Total amortization -261 -2,630Total 162 367",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__94": {
"value": "8 Other financial assets(x \u20ac 1,000) IFRS Category 31 December 2023 31 December 2022Loans amortized cost 557 602Deposits paid amortized cost 2,063 2,063Finance lease receivable amortized cost 3,457 -Other financial assets Fair value through P&L 133 133Total 6,209 40,769Deposits relates to an escrow account which is to be released after the completion of certain conditions precedents in relation to the redevelopment in Tilburg. Finance lease receivables relates to a plot of land acquired in Belgium which is leased out under a long-term lease that classified as a finance lease.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__93": {
"value": "8 Other financial assets(x \u20ac 1,000) IFRS Category 31 December 2023 31 December 2022Loans amortized cost 557 602Deposits paid amortized cost 2,063 2,063Finance lease receivable amortized cost 3,457 -Other financial assets Fair value through P&L 133 133Total 6,209 40,769Deposits relates to an escrow account which is to be released after the completion of certain conditions precedents in relation to the redevelopment in Tilburg. Finance lease receivables relates to a plot of land acquired in Belgium which is leased out under a long-term lease that classified as a finance lease.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__96": {
"value": "9 Trade and other receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Tenant receivables 22,278 13,061Service charge receivable 1,557 1,878Prepayments 3,530 1,209Interest to be received 5,198 3,924Amounts to be invoiced 7,714 9,381Other 9,030 5,167Total 49,308 34,620The 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.All rents were invoiced before the end of period and as a result the tenant receivables increased by \u20ac 11.0m, which also impacts the deferred rents with approximately the same amount. Refer to Note 20.Interest to be received refers to interest receivable under interest rate swaps.Other includes expenses to be recharged (\u20ac 2.8m) and receivables on vendors (\u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__95": {
"value": "9 Trade and other receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Tenant receivables 22,278 13,061Service charge receivable 1,557 1,878Prepayments 3,530 1,209Interest to be received 5,198 3,924Amounts to be invoiced 7,714 9,381Other 9,030 5,167Total 49,308 34,620The 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.All rents were invoiced before the end of period and as a result the tenant receivables increased by \u20ac 11.0m, which also impacts the deferred rents with approximately the same amount. Refer to Note 20.Interest to be received refers to interest receivable under interest rate swaps.Other includes expenses to be recharged (\u20ac 2.8m) and receivables on vendors (\u20ac 2.0m).Maturity of tenant receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Due 17,571 7,785Past due less than 1 month 312 1,718Past due between 1 and 3 months 1,563 1,895Past due between 3 and 12 months 7,282 3,549Past due over 12 months 7,700 8,52934,427 23,477Deduct: provision -12,149 -10,415Total 22,278 13,061In 2023 an amount of \u20ac 2.2m was added to (2022: \u20ac 0.3m released from) the provision doubtful debt and an amount of \u20ac 0.5m (2022: \u20ac 1.3m) was withdrawn. Refer to Note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__97-1": {
"value": "10 Tax receivables(x \u20ac 1,000) 31 December 2023 31 December 2022Withholding tax 207 207Value added tax 6 1,221Dividend tax 341 2,250Corporate income tax - 137Total 554 3,81519 Tax payable(x \u20ac 1,000) 31 December 2023 31 December 2022Value added tax 1,879 950Social security tax 718 211Company tax 52 29Other tax 430 199Total 3,079 1,389",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__98": {
"value": "11 Cash and cash equivalents(x \u20ac 1,000) 31 December 2023 31 December 2022Bank balances 25,544 14,353Total 25,544 14,353Cash and cash equivalents are freely available to the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__99": {
"value": "12 Investment held for saleDuring 2023 a strip of smaller units in the Netherlands was sold. At the end of the year there are no investments held for sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__101": {
"value": "13 Share capitalAuthorized Number of Outstanding (number of shares)share capitalissued shares Treasury sharesnumber of sharesBalance at 1 January 2022 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 40,047,140Issued shares - 3,605,208 - 3,605,208Purchased treasury shares - - 9,609 9,609Balance at 31 December 2023 75,000,000 43,876,129 -214,172 43,661,957Authorized sharesThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__100": {
"value": "13 Share capitalAuthorized Number of Outstanding (number of shares)share capitalissued shares Treasury sharesnumber of sharesBalance at 1 January 2022 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 40,047,140Issued shares - 3,605,208 - 3,605,208Purchased treasury shares - - 9,609 9,609Balance at 31 December 2023 75,000,000 43,876,129 -214,172 43,661,957Authorized sharesThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__104": {
"value": "14 Share premiumShare premium is paid up share capital in excess of nominal value. Share premium increased in 2023 by \u20ac 48.2m following the issuance of shares for the acquisition of Polderplein. There were no other changes in share premium in 2023. The amount of share premium that is recognized for tax purposes is \u20ac 1,764m (2022: \u20ac 1,716m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s4_notes__7__103-1": {
"value": "14 Share premiumShare premium is paid up share capital in excess of nominal value. Share premium increased in 2023 by \u20ac 48.2m following the issuance of shares for the acquisition of Polderplein. There were no other changes in share premium in 2023. The amount of share premium that is recognized for tax purposes is \u20ac 1,764m (2022: \u20ac 1,716m).15 General reserveIn April 2023, a final dividend relating to 2022 of \u20ac 43.6m (\u20ac 1.16 per share, based on 40m entitled shares) was paid. No interim dividends relating to 2023 were distributed in 2023.An amount of \u20ac 161m (2022: \u20ac 159m) has been designated as legal reserves, mainly relating to the unrealized valuation adjustments of investment properties and cannot be distributed.16 Other reservesHedge 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.Cost of hedging reserveThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__106-1": {
"value": "In April 2023, a final dividend relating to 2022 of \u20ac 43.6m (\u20ac 1.16 per share, based on 40m entitled shares) was paid. No interim dividends relating to 2023 were distributed in 2023.37 DividendIt is proposed to distribute to holders of ordinary shares a dividend of \u20ac 52m or \u20ac 1.20 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__108": {
"value": "17 Interest-bearing liabilitiesComposition(x \u20ac 1,000) 31 December 2023 31 December 2022Long termBank loans 387,137 228,049Private placements 377,548 459,149Bonds 31,883 31,831796,568 719,029Short termBank loans 655 78,024Private placements 101,389 -Treasury Notes 42,750 59,750144,794 137,774Total interest bearing liabilities 941,362 856,803Movements in interest-bearing liabilitiesIncluding short-term portion of debt.(x \u20ac 1,000) 2023 2022Balance at 1 January 856,803 814,850New funding 184,116 118,188Repayments -95,900 -82,500Use of effective interest method 707 611Exchange rate differences -4,364 5,654Balance at 31 December 941,362 856,803New fundingIn 2023, the Company drew \u20ac 160.6m from existing revolving credit facilities.Also, the Company signed new US Private Placement debt (USPP) totaling USD 50m for a term of five years. In November 2023, the Company signed similar transactions with two investors, totaling USD 50m for a term of seven years. An amount of USD 25m (\u20ac 22.9m) settled in 2023, the remaining USD 75m will settle in 2024.The proceeds have been swapped into competitive fixed euro interest rates.RepaymentsIn 2023, the Company repaid \u20ac 77.1m (\u20ac 50m and USD 30m) on the private placements, \u20ac 17m on the treasury notes and \u20ac 1.8m on the existing revolving credit facilities.Exchange rate differencesThe exchange rate differences are based on the loans outstanding in USD, GBP and CAD recalculated against the year-end currency rates. The impact of exchange rates on loans outstanding is swapped using currency derivates, refer to note 21.Private 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 2023 the embedded derivatives have a negative value of \u20ac 0.3m (2022: \u20ac 1.8m negative).Secured interest-bearing liabilitiesAt 31 December 2023 none of our investment property is pledged as security for credit facilities (2022: nil).Unsecured interest-bearing liabilitiesUnsecured interest-bearing liabilities have financial covenants that include various clauses. As at 31 December 2023 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 2023 31 December 2022Loan-to-Value 60.0% 42.7% 42.4%Solvency 40.0% 52.7% 53.5%Interest coverage ratio 2.0 4.6 5.9The Company reports a net Loan-to-Value of 42.7% 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 43.9% at 31 December 2023 (2022: 43.1%).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:2023 2022Euro 3.6% 2.1%US dollar 3.4% 2.8%Pound sterling 3.0% 3.0%Canadian Dollar 2.3% 2.3%Total 3.5% 2.5%The average interest rate based on the effective interest method is as follows:2023EUR GBP USD CAD TotalShort term interest bearing debtBank loans and private placement 3.7% - 4.3% - 3.9%Interest rate swaps -2.3% - - - -2.3%Long term interest bearing debtBank loans and private placement 4.3% 4.1% 5.1% 4.0% 4.4%Interest rate swaps -1.6% - - - -1.6%Average 3.6% 4.1% 4.8% 4.0% 3.5%2022Short 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%Fair value of debtThe carrying amount and the fair value of interest-bearing debts may differ as a result ofaccounting 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 2023 31 December 2022(x \u20ac 1,000) carrying amount fair value carrying amount fair valueBank loans, bonds and private placements 796,568 774,443 687,029 676,212Total 796,568 774,443 687,029 676,212CurrenciesThe carrying amount of interest-bearing debt of the Group (short- and long-term) are denominated in the following currencies:31 December 2023 31 December 2022currency EUR currency EUREuro 666,188 666,188 572,915 572,915US dollar 187,500 169,410 192,500 179,739Pound sterling 80,000 92,282 80,000 90,361Canadian dollar 20,000 13,482 20,000 13,788Total 941,362 856,803Interest-bearing debt in U.S. Dollars, British Pound and Canadian dollar were for an amount of USD 188m, GBP 80m and CAD 20m converted to EUR via multiple cross currency fixed interest rate swaps (100% of notional amount denominated in foreign currency).Credit facilities and bank loansAs at 31 December 2023, Wereldhave had \u20ac 405m (2022: \u20ac 385m) of revolving credit facilities. An amount of nil (2022: \u20ac nil) will expire within 1 year, \u20ac 370m (2022: \u20ac 385m) in 1 to 5 years and \u20ac 35m (2022: nil) expires after 5 years.As at 31 December 2023, Wereldhave had undrawn credit facilities to the amount of \u20ac 127m (2022: \u20ac 266m). The average maturity of the committed revolving credit facilities at 31 December 2023 was 3.7 years (2022: 4.3 years).",
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"s4_notes__7__110": {
"value": "18 Other long-term liabilities(x \u20ac 1,000) 31 December 2023 31 December 2022Pension plans 146 135Tenants deposits 8,458 5,911Lease liabilities 19,094 16,468Total 27,698 22,514Tenant deposits consists of amounts received from tenants as a guarantee for future rental payment obligations. The cash and non-cash movements in other long-term liabilities is as follows:Tenant (x \u20ac 1,000) Pension plansdeposits Lease liabilities TotalBalance at 1 January 135 5,911 16,468 22,514Cash received or paid -328 1,629 -2,307 -1,006Addition to lease liability - - 3,947 3,947Disposal of lease liability - - -54 -54Interest on lease liability - - 1,040 1,040Other non-cash movements 339 918 - 1,257Balance at 31 December 146 8,458 19,094 27,698The Company moved in 2023 to their new head office in Amsterdam which resulted in the",
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"s4_notes__7__109": {
"value": "Tenant deposits consists of amounts received from tenants as a guarantee for future rental payment obligations. The cash and non-cash movements in other long-term liabilities is as follows:Tenant",
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"s4_notes__7__111": {
"value": "leases entered into in 2023.Pension plansThe net liability from the defined benefit plan in Belgium is composed as follows:(x \u20ac 1,000) 2023 2022Fair value of plan assets 3,068 2,903Benefit obligations 3,214 3,038Net liability 146 135Reconciliation of net liability 2023 20221 January 135 849Charge recognized in P&L 208 349Remeasurement recognized in OCI (Income)/Loss 131 -778Employer contributions -328 -28531 December 146 135The movement of the fair value of plan asset in Belgium is as follows:(x \u20ac 1,000) 2023 2022Balance at 1 January 2,903 3,018Interest income on plan assets 93 26Return om scheme assets -106 -357Actual expenses -60 -66Employer contributions 328 285Employee contributions 6 5Benefits paid -96 -8Balance at 31 December 3,068 2,903The movement of the defined benefit obligation in Belgium is as follows:(x \u20ac 1,000) 2023 2022Balance at 1 January 3,038 3,867Net service cost 206 343Interest cost 95 32Employee contributions 6 5Benefits paid -96 -8Experience (gains) / losses 25 -1,135Expenses -60 -66Balance at 31 December 3,214 3,038The assumptions used:- discount rate obligations 3.10%-3.20% 3.10%-3.15%- rate of annual salary increases including inflation 2.2% - 7.2% 2.2% - 7.2%Pension costsThe total cost for defined benefit plan in Belgium is as follows:(x \u20ac 1,000) 2023 2022Current service cost 206 343Net interest on Net Defined Benefit Liability (Asset) 2 6Total 208 349The following amounts have been recognized in other comprehensive income (OCI):(x \u20ac 1,000) 2023 2022Actuarial (gain)/loss due to liability expenses 131 -778Remeasurement effect recognized in OCI 131 -778In total the following movements have been recognized in the income statement and OCI:(x \u20ac 1,000) 2023 2022Balance at January 1 3,038 3,867Net service cost 206 343Interest cost 95 32Employee contributions 6 5Benefits paid -96 -8Experience (gains) / losses 25 -1,135Expenses -60 -66Balance at December 31 3,214 3,038The fair value of the Belgian pension assets consists, as in 2022, 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 2023 and 2022 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 2024.LeasesWereldhave has entered into leasehold contracts as well as offices and car leases. During 2023 the following was recognized in the income statement:(x \u20ac 1,000) 2023 2022Interest on lease liabilities 1,040 932Variable lease payments not included in the measurement of lease liabilities 409 292Total 1,449 1,224The maturity of the lease liabilities is as follows:(x \u20ac 1,000) 31 December 2023 31 December 2022- up to 1 year 1,648 1,597- between 1 and 2 years 1,528 1,058- between 2 and 5 years 4,125 2,700- more than 5 years 71,632 70,560Total 78,933 75,915",
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"s4_notes__7__113": {
"value": "20 Other short-term liabilities(x \u20ac 1,000) 31 December 2023 31 December 2022Deferred rents 25,490 12,641Property expenses 16,304 14,525Interest 10,609 9,158General costs 6,085 7,333Capital commitments payable 13,133 12,321Other short-term liabilities 5,408 9,011Total 77,028 64,989Deferred rents relates to invoiced rents of future periods. Refer to note 9 for an explanation of the increase. Capital commitments payable relate to investments on the investment properties already performed, but for which no invoices were received yet.",
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"s4_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 (refer to note 17) and interest rate risk. Cross currency swaps hedge 1:1 the debt denominated in foreign currency. The fair value of these instruments breaks down as follows:Fair value Fair value (x \u20ac 1,000) Principal Interest rangeassetsliabilities2023Cashflow hedgeUSD currency swap USD 262,500 2.2% - 6.1% 15,853 -3,108GBP currency swap GBP 80,000 2.7% - 3.4% - -14,698CAD currency swap CAD 20,000 2.3% - -737No hedge accountingEUR Interest rate swap EUR 361,975 (0.1%) - 7.5% 10,766 -1,790EUR Interest cap EUR 30,000 0.5% 1,263 -Total 27,882 -20,3342022Cashflow 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 -17,546The notional denominated in USD relates for USD 75m to financing settling in January 2024.The 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 2023(x \u20ac 1,000) EUR USD GBP CAD- up to 1 year - 80,000 - -- between 1 and 5 years 326,975 107,500 15,000 20,000- more than 5 years 65,000 75,000 65,000 -Total 391,975 262,500 80,000 20,00031 December 2022- up to 1 year 110,000 30,000 - -- between 1 and 5 years 326,975 162,500 15,000 20,000- more than 5 years 65,000 - 65,000 -Total 501,975 192,500 80,000 20,000The following amounts have been recognized in shareholders equity in relation to hedge accounting:31 December 2023(x \u20ac 1,000) EUR USD GBP CAD Total in EUREffective part fair value changes in cashflow hedging - -2,013 -3,744 -426 -6,183Changes in fair value of cost of hedging - -515 -84 -64 -663Net effect in equity - -2,528 -3,828 -491 -6,84631 December 2022Effective part fair value changes in cashflow hedging 28 -391 4,672 1,184 5,493Changes in fair value of cost of hedging - -528 54 -325 -800Net effect in equity 28 -920 4,726 859 4,693Hedge ineffectiveness may arise from changes in the credit risk of Wereldhave or the derivative counterparty. In 2023, a net income of \u20ac 0.3m was recognized in the income statement as a result of ineffectiveness of hedges (2022: \u20ac 0.3m expense).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 2023 a negative amount of \u20ac 4.1m was charged to the other financial income and expense (2022: \u20ac 13.4m positive) relating to these financial assets. In addition, net interest decreased by \u20ac 7.8m (2022: \u20ac 2.9m) as a result of derivative financial instruments for interest conversion.Credit riskDuring 2023 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.",
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"s4_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 Wereldhave\u2019s policy to keep at least 50% of its borrowings at fixed rates of interest. In the current interest rate environment Wereldhave has fixed the interest rate for 72% (2022: 82%) of its debt.SensitivityA change in interest rate by 1% will impact the result and equity by \u20ac 3.7m (2022: \u20ac 1.5m) and earnings per share and asset value per share by \u20ac 0.08 (2022: \u20ac 0.03).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 405m. The facilities will expire for \u20ac 30m in 2025, \u20ac 45m in 2026, \u20ac 275m in 2027, \u20ac 20m in 2028 and \u20ac 35m in 2029.As at year-end 2023, \u20ac 278m was drawn under the committed facilities (2022: \u20ac 119m). The interest and repayment obligations for 2024 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 2023 interest cover ratio was 4.6 (2022: 5.9). 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 2023, the solvency was 52.7% (2022: 53.5%). 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 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 2023:2023(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,571 86Past due less than 1 month 0% 312 -Past due between 1 and 3 months 12% 1,563 188Past due between 3 and 12 months 73% 7,282 5,285Past due over 12 months 86% 7,700 6,591Total 34,427 12,149The movement in the loss allowance for trade receivables during the year was as follows:(x \u20ac 1,000) 2023 2022Balance at January 1 10,415 11,966Amounts written off -456 -1,278Net remeasurement of loss allowance 2,190 -273Balance at December 31 12,149 10,415Trade 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 1.5m (2022: \u20ac 1.4m) and \u20ac 0.04 (2022: \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 2.4m (2022: \u20ac 1.3m). As a result of such default, result per share would decrease by \u20ac 0.06 (2022 \u20ac 0.03).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 2023(x \u20ac 1,000)Principal Interest Total- up to 1 year 153,585 28,553 182,138- between 1 and 2 years 159,714 24,611 184,325- between 2 and 5 years 468,839 46,270 515,109- more than 5 years 169,979 7,359 177,338Total 952,117 106,793 1,058,91031 December 2022- 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 80,460 951,176The difference between the sum of the nominal principal values and the carrying amount of \u20ac 2.1m (2022: \u20ac 2.3m) 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 8m (2022: \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 fair value through (x \u20ac 1,000) Note Amortized costprofit and loss Total31 December 2023AssetsFinancial assets 8, 216,077 28,015 34,092Trade and other receivables 9 49,308 - 49,308Cash and cash equivalents 11 25,544 - 25,544Total 80,929 28,015 108,944LiabilitiesInterest bearing debts 17 941,362 - 941,362Tenants deposits 18 8,458 - 8,458Lease liabilities 18 19,094 - 19,094Derivative financial instruments 21 - 20,334 20,334Trade payables 8,791 - 8,791Total 977,705 20,334 998,03931 December 2022AssetsFinancial assets 8, 21 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 18 5,911 - 5,911Lease liabilities 18 16,468 - 16,468Derivative financial instruments 21 - 17,546 17,546Trade payables 11,571 - 11,571Total 890,753 17,546 908,299Fair 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 liabilitiesare discussed in the related Notes.Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 7m (2022: \u20ac 37m) with regard to investment properties under construction and nil (2022: \u20ac 4m) in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 127m (2022: \u20ac 266m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2023 2022- up to 1 year 7,001 36,670- between 1 and 5 years - 2,069- > year 5 - 2,350Total 7,001 41,088",
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"s4_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.",
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"s4_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 405m. The facilities will expire for \u20ac 30m in 2025, \u20ac 45m in 2026, \u20ac 275m in 2027, \u20ac 20m in 2028 and \u20ac 35m in 2029.As at year-end 2023, \u20ac 278m was drawn under the committed facilities (2022: \u20ac 119m). The interest and repayment obligations for 2024 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 2023 interest cover ratio was 4.6 (2022: 5.9). 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 2023, the solvency was 52.7% (2022: 53.5%). 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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},
"s4_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 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 2023:2023(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,571 86Past due less than 1 month 0% 312 -Past due between 1 and 3 months 12% 1,563 188Past due between 3 and 12 months 73% 7,282 5,285Past due over 12 months 86% 7,700 6,591Total 34,427 12,149The movement in the loss allowance for trade receivables during the year was as follows:(x \u20ac 1,000) 2023 2022Balance at January 1 10,415 11,966Amounts written off -456 -1,278Net remeasurement of loss allowance 2,190 -273Balance at December 31 12,149 10,415Trade 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 1.5m (2022: \u20ac 1.4m) and \u20ac 0.04 (2022: \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 2.4m (2022: \u20ac 1.3m). As a result of such default, result per share would decrease by \u20ac 0.06 (2022 \u20ac 0.03).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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__117": {
"value": "In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 8m (2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__120": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 7m (2022: \u20ac 37m) with regard to investment properties under construction and nil (2022: \u20ac 4m) in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 127m (2022: \u20ac 266m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2023 2022- up to 1 year 7,001 36,670- between 1 and 5 years - 2,069- > year 5 - 2,350Total 7,001 41,088",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__119": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 7m (2022: \u20ac 37m) with regard to investment properties under construction and nil (2022: \u20ac 4m) in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 127m (2022: \u20ac 266m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2023 2022- up to 1 year 7,001 36,670- between 1 and 5 years - 2,069- > year 5 - 2,350Total 7,001 41,088",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__118": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 7m (2022: \u20ac 37m) with regard to investment properties under construction and nil (2022: \u20ac 4m) in regards to an office lease. The Group has undrawn committed credit facilities for an amount of \u20ac 127m (2022: \u20ac 266m).The maturity of the off balance sheet liabilities is as follows:(x \u20ac 1,000) 2023 2022- up to 1 year 7,001 36,670- between 1 and 5 years - 2,069- > year 5 - 2,350Total 7,001 41,088",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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)2023Assets measured at fair valueInvestment property in operation 2,147,816 - - 2,147,816Investment property under construction 260 - - 260Financial assetsDerivative financial instruments 27,882 - 27,882 -Liabilities for which the fair value has been disclosedInterest bearing debt 919,237 - 919,237 -Derivative financial instruments 20,334 - 20,334 -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 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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.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 7.2% in 2023 (2022: 7.4%).Rental income based on turnover of the tenant amounts to 5.1% (2022: 4.7%) of gross rental income. Lease incentives provided to tenants amounts to 2.6% (2022: 2.8%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.8m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2023 is shown in thefollowing table (lease contracts with turnover related clauses are accounted for assuming thebase rent only):(x \u20ac 1,000) 2023 2022- up to 1 year 150,732 138,124- between 1 and 2 years 134,778 118,935- between 2 and 3 years 121,269 105,987- between 3 and 4 years 103,746 94,084- between 4 and 5 years 86,369 79,539- more than 5 years 218,721 234,552",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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.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 7.2% in 2023 (2022: 7.4%).Rental income based on turnover of the tenant amounts to 5.1% (2022: 4.7%) of gross rental income. Lease incentives provided to tenants amounts to 2.6% (2022: 2.8%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.8m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2023 is shown in thefollowing table (lease contracts with turnover related clauses are accounted for assuming thebase rent only):(x \u20ac 1,000) 2023 2022- up to 1 year 150,732 138,124- between 1 and 2 years 134,778 118,935- between 2 and 3 years 121,269 105,987- between 3 and 4 years 103,746 94,084- between 4 and 5 years 86,369 79,539- more than 5 years 218,721 234,552",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__129": {
"value": "25 Property expenses(x \u20ac 1,000) 2023 2022Property maintenance 735 1,007Property taxes 3,709 3,480Insurance premiums 1,141 822Property management 7,251 6,122Leasing expenses 835 606Doubtful debt 2,190 -273Promotion costs 5,524 5,551Other operating costs 1,880 1,183Total 23,265 18,498Doubtful debt expenses increased over 2023 as there was a slight increase in ageing of the receivables older than 3 months. Refer to note 9.Other operating costs includes amongst other parking costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__128": {
"value": "25 Property expenses(x \u20ac 1,000) 2023 2022Property maintenance 735 1,007Property taxes 3,709 3,480Insurance premiums 1,141 822Property management 7,251 6,122Leasing expenses 835 606Doubtful debt 2,190 -273Promotion costs 5,524 5,551Other operating costs 1,880 1,183Total 23,265 18,498Doubtful debt expenses increased over 2023 as there was a slight increase in ageing of the receivables older than 3 months. Refer to note 9.Other operating costs includes amongst other parking costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__132": {
"value": "28 General costs(x \u20ac 1,000) 2023 2022Salaries and social security contributions 15,791 13,679Pension costs 1,421 1,294Other employee costs 2,373 2,366Audit and advisory fees 2,152 2,272Office costs 2,749 3,284Equity-settled share-based payments 1,752 1,421Other general costs 7,620 7,77733,856 32,092Allocated and recharged -15,215 -14,722Total 18,641 17,370The allocation and recharges relate to expenses charged to third parties (\u20ac 2.8m) and allocation of costs to property expenses (\u20ac 6.1m) and developments projects (\u20ac 6.3m).Salaries and social security contributions in 2023 includes severance payments following the organizational changes in the Netherlands and Belgium of \u20ac 2.2m. Other general costs includes amongst other expenses relating to implementation of new IT systems of \u20ac 2.9m, depreciation on right-of-use assets of \u20ac 1.0m and listing related costs of \u20ac 1.8m.During the year 2023 an average of 117 persons (2022: 118) based on full-time basis were employed by the Group, of which 61 (2022: 63) in the Netherlands and 56 (2022: 55) 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 Board of Management 2023 25-4-2023 25-4-2026 13.55 21.97LTI Key employees 2021 28-4-2021 28-4-2023 14.24 25.04LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18LTI Key employees 2023 25-4-2023 25-4-2025 13.55 21.83Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90Share plan employees 2023 24-4-2023 24-4-2025 14.74 14.74The movements in performance shares during the year is as follows:2023 2022Outstanding at 1 January 223,781 146,594Granted during the year 107,135 81,576Vested during the year -60,997 -4,389Forfeited during the year -55,747 -Outstanding at 31 December 214,172 223,781Audit feesIn 2023 Wereldhave N.V. and its subsidiaries have accounted for the following costs from the Group auditor KPMG:(x \u20ac 1,000) 2023 2022Audit of the Annual Accounts 754 620Other assurance services 10 195Total 764 815KPMG provided, in addition to the statutory audit of the financial statements, assurance services in relation to ground rent settlements and the contribution in kind for the acquisition of Polderplein. The other assurance services are in compliance with Independence Regulations.Of the total amount of audit fees \u20ac 425k (2022: \u20ac 406k) relates to the Netherlands. This consist of an amount of \u20ac 415k (2022: \u20ac 335k) for the audit of the Annual Accounts and \u20ac 10k (2022: \u20ac 71k) for other audit activities. All fees are in compliance with the Independence Regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__133": {
"value": "During the year 2023 an average of 117 persons (2022: 118) based on full-time basis were employed by the Group, of which 61 (2022: 63) in the Netherlands and 56 (2022: 55) abroad.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__134": {
"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 Board of Management 2023 25-4-2023 25-4-2026 13.55 21.97LTI Key employees 2021 28-4-2021 28-4-2023 14.24 25.04LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18LTI Key employees 2023 25-4-2023 25-4-2025 13.55 21.83Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90Share plan employees 2023 24-4-2023 24-4-2025 14.74 14.74The movements in performance shares during the year is as follows:2023 2022Outstanding at 1 January 223,781 146,594Granted during the year 107,135 81,576Vested during the year -60,997 -4,389Forfeited during the year -55,747 -Outstanding at 31 December 214,172 223,781",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__135": {
"value": "29 Other income and expensesOther income and expenses \u20ac -0.6m (2022: \u20ac -3.4m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__142": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__141": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__140": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__139": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__138": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__137": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__136": {
"value": "30 Net interest(x \u20ac 1,000) 2023 2022Interest paid -29,876 -22,984Interest on lease liability -1,040 -932Capitalized interest 601 811Amortized costs loans -707 -450Total interest charges -31,021 -23,555Interest received - 45Total -31,021 -23,510Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2023, the range of weighted average interest rates used was 2.5% - 3.4% (2022: 2.2% - 2.3%). The average nominal interest rate at year end 2023 was 3.5% (2022: 2.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.7m (2022: \u20ac 2.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__143": {
"value": "31 Other financial income and expenses(x \u20ac 1,000) 2023 2022Exchange rate differences -55 113Fair value changes derivative instruments -3,793 13,694Total -3,848 13,807The change in fair value during 2023 was primarily driven by a combined effect changes in interest rates and passage of time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__144": {
"value": "32 Income tax(x \u20ac 1,000) 2023 2022Result before tax 89,589 76,141Income 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 -268 -179Adjustment prior periods -12 45Income tax -280 -134Weighted average tax rate 0.3% 0.2%For 2023 the current tax charge is \u20ac -0.3m (2022: \u20ac -0.1m) and the deferred tax charge was nil (2022: nil). 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 (2022: none).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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 2023 amounts to \u20ac 234.8m (2022: \u20ac 237.6m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary ordinary held by non-Corporate shares held by shares held by controlling NameSeatparent (%)the group (%)interests (%)Amsterdam, West World Holding N.V.Netherlands 100.00 - -Amsterdam, N.V. Wereldhave InternationalNetherlands 100.00 - -Amsterdam, Wereldhave Nederland B.V.Netherlands - 100.00 -Amsterdam, Wereldhave Development B.V.Netherlands 100.00 - -Amsterdam, Relovast V B.V.Netherlands - 100.00 -Amsterdam, Wereldhave Management Holding B.V.Netherlands 100.00 - -Amsterdam, Wereldhave Management Nederland B.V.Netherlands - 100.00 -NODA SAS Paris, France 100.00 - -Wereldhave Retail France SAS Paris, France 100.00 - -SAS WH Meriadeck Paris, France - 100.00 -SCI du CC Bordeaux Prefecture Paris, France 0.01 99.99 -SAS WH Cot\u00e9 Seine Paris, France - 100.00 -SCI Marceau Cot\u00e9 Seine Paris, France 0.01 99.99 -Vilvoorde, Wereldhave Belgium N.V.Belgium 33.09 33.07 33.84Vilvoorde, J-II N.V.Belgium - 100.00 -Vilvoorde, Waterloo Shopping BVBABelgium - 100.00 -Vilvoorde, Ter Kamerenbos N.V.Belgium - 100.00 -Vilvoorde, Wereldhave Belgium Services N.V.Belgium - 100.00 -Vilvoorde, FD Company 5 B.V.Belgium - 100.00 -Madrid, Espamad SLUSpain 100.00 - -Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2023 31 December 2022Summarized balance sheetCurrent assets 45,700 24,605Current liabilities -75,599 -84,617Total current net assets -29,899 -60,012Non-current assets 969,168 968,693Non-current liabilities -245,570 -206,737Total non-current net assets 723,598 761,956Net assets 693,699 701,944(x \u20ac 1,000) 2023 2022Summarized income statementRevenue 64,343 60,846Profit before income tax 29,294 55,276Income tax expense/income -73 -46Post tax profit from continuing operations 29,221 55,230Other Comprehensive Income -131 839Total Comprehensive Income 29,090 56,069Total Comprehensive Income allocated to non-controlling interest 9,844 19,026Dividend paid to non-controlling interest 12,653 12,151Summarized cash flows(x \u20ac 1,000) 2023 2022Cash flows from operating activitiesCash generated from operations 45,456 48,921Interest paid -7,873 -4,611Net cash generated from operating activities 37,583 44,310Net cash used in investment activities -14,932 -21,321Net cash used in financing activities -15,374 -18,113Net increase in cash and cash equivalents and bank overdrafts 7,277 4,876Cash, cash equivalents and bank overdrafts at beginning of the year 10,415 5,539Cash and cash equivalents and bank overdrafts at end of the year 17,692 10,415",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__145": {
"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 2023 amounts to \u20ac 234.8m (2022: \u20ac 237.6m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary ordinary held by non-Corporate shares held by shares held by controlling NameSeatparent (%)the group (%)interests (%)Amsterdam, West World Holding N.V.Netherlands 100.00 - -Amsterdam, N.V. Wereldhave InternationalNetherlands 100.00 - -Amsterdam, Wereldhave Nederland B.V.Netherlands - 100.00 -Amsterdam, Wereldhave Development B.V.Netherlands 100.00 - -Amsterdam, Relovast V B.V.Netherlands - 100.00 -Amsterdam, Wereldhave Management Holding B.V.Netherlands 100.00 - -Amsterdam, Wereldhave Management Nederland B.V.Netherlands - 100.00 -NODA SAS Paris, France 100.00 - -Wereldhave Retail France SAS Paris, France 100.00 - -SAS WH Meriadeck Paris, France - 100.00 -SCI du CC Bordeaux Prefecture Paris, France 0.01 99.99 -SAS WH Cot\u00e9 Seine Paris, France - 100.00 -SCI Marceau Cot\u00e9 Seine Paris, France 0.01 99.99 -Vilvoorde, Wereldhave Belgium N.V.Belgium 33.09 33.07 33.84Vilvoorde, J-II N.V.Belgium - 100.00 -Vilvoorde, Waterloo Shopping BVBABelgium - 100.00 -Vilvoorde, Ter Kamerenbos N.V.Belgium - 100.00 -Vilvoorde, Wereldhave Belgium Services N.V.Belgium - 100.00 -Vilvoorde, FD Company 5 B.V.Belgium - 100.00 -Madrid, Espamad SLUSpain 100.00 - -Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2023 31 December 2022Summarized balance sheetCurrent assets 45,700 24,605Current liabilities -75,599 -84,617Total current net assets -29,899 -60,012Non-current assets 969,168 968,693Non-current liabilities -245,570 -206,737Total non-current net assets 723,598 761,956Net assets 693,699 701,944(x \u20ac 1,000) 2023 2022Summarized income statementRevenue 64,343 60,846Profit before income tax 29,294 55,276Income tax expense/income -73 -46Post tax profit from continuing operations 29,221 55,230Other Comprehensive Income -131 839Total Comprehensive Income 29,090 56,069Total Comprehensive Income allocated to non-controlling interest 9,844 19,026Dividend paid to non-controlling interest 12,653 12,151Summarized cash flows(x \u20ac 1,000) 2023 2022Cash flows from operating activitiesCash generated from operations 45,456 48,921Interest paid -7,873 -4,611Net cash generated from operating activities 37,583 44,310Net cash used in investment activities -14,932 -21,321Net cash used in financing activities -15,374 -18,113Net increase in cash and cash equivalents and bank overdrafts 7,277 4,876Cash, cash equivalents and bank overdrafts at beginning of the year 10,415 5,539Cash and cash equivalents and bank overdrafts at end of the year 17,692 10,415",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__147": {
"value": "The total amount of non-controlling interest at year-end 2023 amounts to \u20ac 234.8m (2022: \u20ac 237.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__149": {
"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) 2023 2022Result attributable to shareholders of the company 79,421 57,265Number of issued shares as at January 1 40,167,756 40,270,921Effect of purchased shares for remuneration on weighted average -114,008 -199,039Effect of shares issued during the year 266,687Weighted average number of shares for fiscal year 40,320,434 40,071,882Potential ordinary shares to be issued 68,493 95,874Weighted average number of diluted shares for fiscal year 40,388,927 40,167,756Basic earnings per share 1.97 1.43Diluted earnings per share 1.97 1.43The 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 2023 and to the extent to which they are dilutive.See Note 37 for the proposed dividend for 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__152": {
"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.Remuneration of the members of the Supervisory BoardThe 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.(x \u20ac 1,000) 2023 2022F. Dechesne 82 60H. Brand 69 57W. Bontes 42 -A. N\u00fchn - 68Total 193 185The 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.Remuneration of the members of the Board of ManagementThe remuneration of the Board of Management consists of a fixed component and a variable component. The variable component consist out of a short-term incentive (\u201cSTI\u201d) and long-term incentive (\u201cLTI\u201d). Refer for further details to the remuneration report on page 74 to 93.2023 2022A.W. A.W. (x \u20ac 1,000) M. Stormde Vreede Total M. Stormde Vreede TotalFixed income 641 483 1,124 578 417 995STI 368 265 633 277 200 4771LTI574 415 989 408 294 702Pension and pension compensation 89 75 164 80 67 147Company car and other fringe benefits 24 20 44 24 20 44Extraordinary items 64 53 117 22 16 38Social charges 15 15 29 13 13 26Total 1,775 1,326 3,100 1,402 1,027 2,4291 Expense during period for equity-settled share-based payments in accordance with accounting policiesMr. Storm holds a total of 96,316 shares at 31 December 2023, of which 10,061 are unconditional or private investment and 6,980 are subject to a holding period. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,392,729 based on the closing stock exchange price of \u20ac 14.46 per share as per 29 December 2023.Mr. de Vreede holds a total of 70,261 shares at 31 December 2023, of which 8,000 are unconditional or private investment and 5,038 are subject to a holding period. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 1,015,974 based on the closing stock exchange price of \u20ac 14.46 per share as per 29 December 2023.The Company has not granted loans, advances or financial guarantees to members of the Board of Management. Related party transactions were made on terms equivalent to those that prevail in arm\u2019s length transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_notes__7__153": {
"value": "Remuneration of the members of the Board of ManagementThe remuneration of the Board of Management consists of a fixed component and a variable component. The variable component consist out of a short-term incentive (\u201cSTI\u201d) and long-term incentive (\u201cLTI\u201d). Refer for further details to the remuneration report on page 74 to 93.2023 2022A.W. A.W. (x \u20ac 1,000) M. Stormde Vreede Total M. Stormde Vreede TotalFixed income 641 483 1,124 578 417 995STI 368 265 633 277 200 4771LTI574 415 989 408 294 702Pension and pension compensation 89 75 164 80 67 147Company car and other fringe benefits 24 20 44 24 20 44Extraordinary items 64 53 117 22 16 38Social charges 15 15 29 13 13 26Total 1,775 1,326 3,100 1,402 1,027 2,4291 Expense during period for equity-settled share-based payments in accordance with accounting policiesMr. Storm holds a total of 96,316 shares at 31 December 2023, of which 10,061 are unconditional or private investment and 6,980 are subject to a holding period. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,392,729 based on the closing stock exchange price of \u20ac 14.46 per share as per 29 December 2023.Mr. de Vreede holds a total of 70,261 shares at 31 December 2023, of which 8,000 are unconditional or private investment and 5,038 are subject to a holding period. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 1,015,974 based on the closing stock exchange price of \u20ac 14.46 per share as per 29 December 2023.The Company has not granted loans, advances or financial guarantees to members of the",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s4_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}