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"value": "1 Reporting entityWereldhave N.V. (\u2018the Company\u2019) is an investment company that 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 2024 were authorized for issue by the Supervisory Board on 28 March 2025 and will be presented to the shareholders for approval on 9 May 2025. These financial statements cover the year 2024, which ended at the balance sheet date of 31 December 2024.",
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"value": "1 Reporting entityWereldhave N.V. (\u2018the Company\u2019) is an investment company that 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 2024 were authorized for issue by the Supervisory Board on 28 March 2025 and will be presented to the shareholders for approval on 9 May 2025. These financial statements cover the year 2024, which ended at the balance sheet date of 31 December 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. The tax base of the real estate investment is reset to fair market value as per 31 December 2024, therefore no temporary differences on valuation of assets or liabilities are recognized per 31 December 2024. The change enables the Company to recover fiscal losses carried forward for which a deferred tax asset is recognized in 2024.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. The Group\u2019s asset in Belgium, Belle-\u00cele, is below this threshold of 20% at 31 December 2024.3 Material 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 during which 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, 22 and 23. Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2024, the following standards became effective but did not have an impact on the Company\u2019s consolidated financial statements:\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 investor and its associate or joint venture \u2013 Amendments to IFRS 10 and IAS 28\u2022 Supplier Finance Agreements, impact on Statement of Cash Flows and Disclosures of Financial Instruments \u2013 Amendments to IAS 7 and IFRS 7New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2024 and have not been applied in preparing the financial information:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21\u2022 Presentation and Disclosure in Financial Statements \u2013 IFRS 18\u2022 Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19\u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7These amendments are not expected to have a significant impact on the Company\u2019s 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 \u2018Business Combinations\u2019 or IAS 40 \u2018Investment Property\u2019 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 \u2018functional currency\u2019). 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-end2024 2023 2024 2023GBP 1.19277 1.149861 1.20852 1.153522USD 0.924 0.9245554 0.96581 0.905879CAD 0.66863 0.685203 0.67161 0.6846453.4 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 (\u2018lease incentives\u2019) 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 a 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 less accumulated impairments, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Cost includes the cost of replacing part of existing plant and equipment at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an item of plant and equipment.Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 yearsThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the income statement.3.9 Intangible assetsComputer softwareAcquired computer software 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.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.OffsettingFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.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 relate.Service costs chargedWhere there are service contracts with third parties, service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant for the location. The services are included in the lease agreement and mainly relate to energy, cleaning and security services. The service charge income is recognized evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. Service charges are shown on a gross basis when Wereldhave acts as a principal.3.24 ExpensesService costs paidService costs are shown on a gross basis when Wereldhave acts as a principal. In the presentation on a gross basis, costs and charges are shown separately. In case Wereldhave acts as an agent only the non-recoverable amount of the service and operational costs is presented. Service charges in respect of vacant units or other irrecoverable service charges due to insolvency or contractual limitations are included in service costs paid.Property expensesProperty expenses consist of operational cost for the account of Wereldhave attributable to the accounting period, such as:\u2022 Maintenance;\u2022 Property tax;\u2022 Insurance premiums;\u2022 Property management; and\u2022 Letting expenses.Letting expenses include the depreciation of capitalized expenditure in connection with a letting, such as fit out contributions paid by Wereldhave. The expenditure is amortized over the term of the lease. Investment property depreciation charges are not recognized, because investment properties are valued at market value see paragraph 3.6. The market value calculation takes technical and economic obsolescence into account.General costsGeneral costs are expenses that are not directly attributable to the operation of properties (including salaries of staff not directly involved with properties, office overheads, advice, valuation and audit fees, listing costs and promotion costs). Direct staff costs relating to property management are included in property expenses. Direct staff costs relating to supervising and monitoring investment and development projects are capitalized as part of the investment property under construction on the basis of time spent.3.25 Results on disposalThe results on disposal are the differences between the realized selling prices, net of selling costs, and the carrying amount, based on the last reported fair value (mostly the latest appraisal).Results on disposal from the sale of investment property or fixed assets are processed if the following conditions are met:\u2022 The entity has transferred the rights to all major economic benefits and any significant risks to the buyer;\u2022 The legal entity does not keep possession of those goods and therefore cannot decide on its use;\u2022 The amount of revenue can be reliably determined;\u2022 It is probable that the economic benefits associated with the transaction will flow to the new legal owner; and\u2022 Costs already incurred and the potential future costs in respect to the transaction can be measured reliably.3.26 Interest charges and interest incomeInterest comprises the total of interest attributable to the accounting period on loans, other debts, accounts receivable and cash and bank balances and is split between interest received and interest paid. Interest income & charges is recognized in the income statement as it accrues. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition of the instrument. Interest attributable to the acquisition or construction of an asset that takes a substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting from preparation of the plan until completion. Capitalized interest is calculated using the Group\u2019s weighted average cost of debt or the borrowing cost of specific project financing.3.27 Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.Share-based payment arrangementsThe grant date fair value of equity-settled share-based payment arrangements granted to the employees, including Board of Management, is generally recognized as an expense, with a corresponding reserve in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. In case of a modification, any incremental fair value will be recognized as an expense over the period from the modification date to the end date of the vesting period.The fair value of the amount payable in respect of share-based payments arrangements, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the employee becomes unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the share-based payments arrangements. Any changes in the liability are recognized in profit or loss.3.28 Income taxTax charges on the income statement for a year comprise current and deferred tax and are calculated on results before taxes, considering any tax-exempt components of result and non-deductible costs. Losses to be offset against probable future results are recognized as deferred tax asset. Current tax is the expected tax payable or receivable on the taxable income or loss for the period. Deferred tax consists of the expected tax payable or receivable on changes in the value of assets or liabilities which will be realized at the time of sale. Tax charges are calculated using tax rates prevailing at the balance sheet date.Current tax and deferred tax are recognized in income statement except to the items recognized directly in equity or in other comprehensive income in which case, the tax is also recognized in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.3.29 Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing 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 and Netherlands. 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 2024(x \u20ac 1,000) Belgium France Netherlands TotalResultGross rental income 70,444 10,968 85,485 166,897Service costs charged 10,148 2,900 12,176 25,224Total revenue 80,592 13,868 97,661 192,121Service costs paid -14,125 -4,319 -13,431 -31,875Property expenses -9,255 -1,209 -11,366 -21,830Net rental income 57,212 8,340 72,864 138,416Valuation results 31,545 -4,879 26,236 52,902Results on disposals -95 - -2 -97Net result from investment properties 88,662 3,461 99,098 191,221General costs -14,174Other income and expense -73Operating result 176,974Net interest -36,584Other financial income and expense -4,266Income tax 3,640Result 139,764Investment propertiesInvestment properties 994,864 174,657 1,082,870 2,252,391Investments & purchases 11,424 3,400 22,258 37,082Gross rental income by type of propertyShopping centers 62,887 10,968 85,485 159,340Offices 7,557 - - 7,55770,444 10,968 85,485 166,897Geographical segment information 2023(x \u20ac 1,000) Belgium France Netherlands 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 -137Net result from investment properties 49,267 -255 94,729 143,740General costs -18,641Other income and expense -641Operating result 124,458Net interest -31,021Other financial income and expense -3,848Income tax -280Result 89,309Investment propertiesInvestment properties 952,363 176,235 1,033,813 2,162,411Investments & purchases 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 76,847 157,9605 Investment propertyInvestment Investment Total property in Lease property under Investment (x \u20ac 1,000)operationincentivesconstructionproperty2024Balance at 1 January 2,142,476 5,340 14,595 2,162,411Purchases 1,582 - - 1,582Investments 34,859 - 641 35,500From (to) development properties 809 - -809 - Revaluations 60,364 - -7,462 52,902Other 33 -37 - -4Balance at 31 December 2,240,123 5,303 6,965 2,252,3912023Balance 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 - - -9,123Revaluations 17,459 - - 17,459Other -16 391 - 375Balance at 31 December 2,142,476 5,340 14,595 2,162,411The Company made two small acquisitions in the Netherlands and Belgium for a total consideration of \u20ac 1.6m. The positive revaluation for the period is primarily driven by an increase of estimated rental values of our assets (\u20ac 9.0m) which was partly offset by a negative valuation result (\u20ac 7.5m) on developments in Belgium due to changes to these projects. Overview of measurements of total investment property(x \u20ac 1,000) 31 December 2024 31 December 2023Investment property in operation (including lease incentives) 2,229,581 2,132,472Investment property under construction (IPUC) - 260Fair value as per external valuation reports 2,229,581 2,132,732Fair value of ground rent (leasehold) 15,845 15,344At cost less impairment (IPUC) 6,965 14,335Total 2,252,391 2,162,411Investment properties were valued externally at 31 December 2024 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield, CBRE, KroesePaternotte and Stadim. In total 99.7% (2023: 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) 2024 2023Belgium 39,007 -5,915France -4,879 -8,352Netherlands 26,236 31,726Total 60,364 17,459Direct operating expenses recognized in the income statement include \u20ac 3.1m (2023: \u20ac 3.7m) relating to investment property that was unlet.At 31 December 2024 no investment property is pledged as security for credit facilities (2023: nil).At 31 December 2024 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023Total value according to external valuation reports 2,229,581 2,132,472Add: Present value of future ground rent payments (leasehold) 15,845 15,344Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -5,303 -5,340Carrying amount 2,240,123 2,142,476Key assumptions relating to valuations (excluding developments)Belgium France Netherlands2024Total market rent per sqm (\u20ac) 237 287 226EPRA Net Initial Yield 6.0% 5.1% 6.3%EPRA vacancy rate 3.0% 3.1% 3.8%Average vacancy period (in months) 11 12 11Bandwidth vacancy (in months) 8-24 6-18 0-182023Total 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 2-15EPRA Net Initial YieldThe total average EPRA Net Initial Yield at 31 December 2024 is 6.1% (2023: 6.3%).In case the yield changes with 0.25%, assuming stable market rents, it would result in a change of \u20ac 75.9m on shareholders\u2019 equity and result (\u20ac 1.74 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 105.9m (\u20ac 2.43 per share).Investment property in operation lease data Average lease 1Annual rent of lease expiring inlengthUntil Until Total first lease indefinite annual (x \u20ac 1,000)breakend date < 1 year 1-5 year > 5 yearcontractsrent2024Belgium 2.9 6.6 1,300 21,056 41,195 164 63,715France 1.9 4.3 1,151 3,111 4,965 1,504 10,731Netherlands 3.6 4.1 6,236 41,128 24,856 8,989 81,209Total portfolio 3.2 5.1 8,687 65,295 71,016 10,657 155,6552023Belgium 2.3 6.2 2,903 19,848 40,756 232 63,739France 2.2 4.8 1,202 3,480 6,415 - 11,097Netherlands 3.4 4.5 1,986 45,391 28,354 5,342 81,073Total portfolio 2.9 5.2 6,091 68,719 75,525 5,574 155,9091 Indefinite contracts are assumed to expire in one year as they usually have a one year notice period.2 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 2024 1,463 3,102 890 5,455Investments/purchases 103 - 1,154 1,257Depreciation -246 -323 -542 -1,111Balance at 31 December 2024 1,320 2,779 1,502 5,601Total acquisition at cost 6,619 7,085 4,596 18,300Total depreciation and impairment -5,299 -4,306 -3,094 -12,699Net book value 1,320 2,779 1,502 5,601Balance 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 5,455Total acquisition at cost 6,516 7,085 3,442 17,043Total depreciation -5,053 -3,983 -2,552 -11,588Net book value 1,463 3,102 890 5,4557 Intangible assetsThe intangible assets consist of acquired computer software licenses.Computer software(x \u20ac 1,000) 31 December 2024 31 December 2023Balance at January 1 162 367Investments 74 - Amortization -67 -205Balance at December 31 169 162(x \u20ac 1,000) 31 December 2024 31 December 2023Total acquisition at cost 497 423Cumulative amortization -328 -261Total 169 1628 Deferred tax assets(x \u20ac 1,000) 31 December 2024 31 December 2023Balance at January 1 - - Additions 3,903 - Balance at December 31 3,903 - The addition in 2024 is derived from the change in the fiscal regime in the Netherlands which enables the Company to recover existing fiscal losses carried forward through tax planning measures.9 Other financial assets(x \u20ac 1,000) IFRS Category 31 December 2024 31 December 2023Loans amortized cost 387 557Deposits paid amortized cost 2,063 2,063Finance lease receivable amortized cost 3,527 3,457Other financial assets Fair value through P&L 132 133Total 6,109 6,209Deposits 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.10 Trade and other receivables(x \u20ac 1,000) 31 December 2024 31 December 2023Tenant receivables 19,278 22,278Service charge receivable 2,693 1,557Prepayments 1,726 3,530Interest to be received 6,572 5,198Amounts to be invoiced 13,336 7,714Other 8,605 9,030Total 52,210 49,308The 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.Amounts to be invoiced relates to turnover-based rents and service charges to be invoiced to tenants. The increase is mostly due to timing differences.Interest to be received refers to interest receivable under interest rate swaps. Other includes expenses to be recharged (\u20ac 6.3m), service charge admin fees (\u20ac 1.0m) and receivables on suppliers (\u20ac 0.6m).Maturity of tenant receivables(x \u20ac 1,000) 31 December 2024 31 December 2023Due 17,755 17,571Past due less than 1 month 357 312Past due between 1 and 3 months 58 1,563Past due between 3 and 12 months 2,739 7,282Past due over 12 months 6,916 7,70027,825 34,427Deduct: provision -8,547 -12,149Total 19,278 22,278In 2024 an amount of \u20ac 0.9m was released from (2023: \u20ac 2.2m added to) the provision doubtful debt and an amount of \u20ac 2.7m (2023: \u20ac 0.5m) was withdrawn. Refer to note 22.11 Current tax assets(x \u20ac 1,000) 31 December 2024 31 December 2023Withholding tax 120 207Value added tax 659 6Dividend tax 2,699 341Total 3,478 55412 Cash and cash equivalents(x \u20ac 1,000) 31 December 2024 31 December 2023Bank balances 18,316 25,544Total 18,316 25,544Cash and cash equivalents are freely available to the Company.13 Share capitalAuthorized Number of Treasury Outstanding (number of shares)share capitalissued sharesshares number of sharesBalance at 1 January 2023 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 43,661,957Purchased treasury shares - - -41,992 -41,992Balance at 31 December 2024 75,000,000 43,876,129 -256,164 43,619,965Authorized 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. There were no other changes in share premium in 2024. The amount of share premium that is recognized for tax purposes is \u20ac 1,764m (2023: \u20ac 1,764m).15 General reserveIn April 2024, a final dividend relating to 2023 of \u20ac 52.5m (\u20ac 1.20 per share, based on 44m entitled shares) was paid. No interim dividends relating to 2024 were distributed in 2024. An amount of \u20ac 160m (2023: \u20ac 161m) has been designated as legal reserves, 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 2024 31 December 2023Bank loans 289,107 387,137Private placements 488,731 377,548Bonds 31,935 31,883Total non-current 809,773 796,568Bank loans 16,600 655Private placements 90,719 101,389Treasury notes 36,050 42,750Total current 143,369 144,794Total interest-bearing liabilities 953,142 941,362Movements in interest-bearing liabilitiesIncluding short-term portion of debt.(x \u20ac 1,000) 2024 2023Balance at 1 January 941,362 856,803New funding 278,193 184,116Repayments -267,220 -95,900Use of effective interest method 585 707Exchange rate differences 222 -4,364Balance at 31 December 953,142 941,362New fundingIn 2024, the Company closed on 2 US Private Placements (USPP) totaling \u20ac 188m, new bank loans for \u20ac 80m and has drawn \u20ac 10m on existing revolving credit facilities.RepaymentsIn 2024, the Company repaid \u20ac 87m on the US Private Placements, \u20ac 50m on bank loans, \u20ac 7m on the treasury notes and \u20ac 123m on the existing revolving credit facilities.CurrenciesAt 31 December 2024 the Company has interest-bearing liabilities outstanding in foreign currencies for USD 198.5m, GBP 80m and CAD 20m. Exchange rate differences arise on interest-bearing liabilities in foreign currencies that are recalculated to EUR using the year-end currency rates. Currency risk on interest-bearing liabilities is fully hedged as further disclosed in the note 22 under paragraph Currency risk.Private PlacementsThe Private Placement Notes issued in 2015, 2017 and 2024 contain embedded derivatives. The derivatives are recorded separately in the financial statements. As per 31 December 2024 the embedded derivatives have a negative value of \u20ac 0.9m (2023: \u20ac 0.3m negative).Secured interest-bearing liabilitiesAt 31 December 2024 none of our investment property is pledged as security for credit facilities (2023: nil).Unsecured interest-bearing liabilitiesUnsecured interest-bearing liabilities have financial covenants that include various clauses. As at 31 December 2024 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 2024 31 December 2023Loan-to-Value 60.0% 41.8% 42.7%Solvency 40.0% 53.7% 52.7%Interest coverage ratio 2.0 4.1 4.6The Company reports a net Loan-to-Value of 41.8% 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 42.7% at 31 December 2024 (2023: 43.9%).Wereldhave must at all times meet its obligations under the interest-bearing liabilities 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 2024 interest cover ratio was 4.1 (2023: 4.6). 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 2024, the solvency was 53.7% (2023: 52.7%). 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. 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:2024 2023Euro 3.3% 3.6%US dollar 4.6% 3.4%Pound sterling 3.0% 3.0%Canadian Dollar 2.3% 2.3%Total 3.5% 3.5%The average interest rate based on the effective interest method is as follows:2024EUR GBP USD CAD TotalShort term interest bearing debtBank loans and private placement 3.6% 4.1% 4.6% - 4.2%Interest rate swaps -2.8% - - - -2.8%Long term interest bearing debtBank loans and private placement 3.8% 4.1% 6.9% 4.0% 4.3%Interest rate swaps -1.2% - - - -1.2%Average 3.3% 4.1% 6.1% 4.0% 3.5%2023Short 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%Fair value of debtThe carrying amount and the fair value of interest-bearing debts may differ as a result of accounting adjustments, such as amortized costs and the result of differences in coupon interest versus market interest.The fair value of long-term interest-bearing debts is based on prices of these instruments available in the active open market. In the absence of such market prices, the fair value is calculated as the present value of cash flows discounted with the relevant market interest percentages, including a company specific surcharge. The fair value of short-term interest-bearing debts is equal to the book value.The carrying amount and fair value of long-term interest-bearing debt is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023carrying carrying amount fair valueamount fair valueBank loans, bonds and private placements 809,773 803,668 796,568 774,443Total 809,773 803,668 796,568 774,443Credit facilitiesAt the end of 2024 the Company has access to committed revolving credit facilities of \u20ac 460m (2023: \u20ac 405m) to manage its liquidity requirements. Refer for further details to note 22 under paragraph Liquidity risk.18 Other long-term liabilities(x \u20ac 1,000) 31 December 2024 31 December 2023Pension plans 138 146Tenants deposits 9,500 8,458Lease liabilities 20,164 19,094Total 29,802 27,698Tenant 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 146 8,458 19,094 27,698Cash received or paid -629 1,042 -1,269 -856Addition to lease liability - - 1,154 1,154Interest on lease liability - - 1,183 1,183Other non-cash movements 621 - 2 623Balance at 31 December 138 9,500 20,164 29,802Pension plansThe net liability from the defined benefit plan in Belgium is composed as follows:(x \u20ac 1,000) 2024 2023Fair value of plan assets 3,549 3,068Benefit obligations 3,687 3,214Net liability 138 146Reconciliation of net liability 2024 2023Balance at 1 January 146 135Charge recognized in P&L 284 208Remeasurement recognized in OCI (Income)/Loss 337 131Employer contributions -629 -328Balance at 31 December 138 146The movement of the fair value of plan asset in Belgium is as follows:(x \u20ac 1,000) 2024 2023Balance at 1 January 3,068 2,903Interest income on plan assets 100 93Return om scheme assets -92 -106Actual expenses -142 -60Employer contributions 629 328Employee contributions 11 6Benefits paid -25 -96Balance at 31 December 3,549 3,068The movement of the defined benefit obligation in Belgium is as follows:(x \u20ac 1,000) 2024 2023Balance at 1 January 3,214 3,038Net service cost 284 206Interest cost 99 95Employee contributions 11 6Benefits paid -25 -96Experience (gains) / losses 246 25Expenses -142 -60Balance at 31 December 3,687 3,214The assumptions used:- discount rate obligations 3.30%-3.40% 3.10%-3.20%- rate of annual salary increases including inflation 3.6% - 8.6% 2.2% - 7.2%Pension costsThe total cost for defined benefit plan in Belgium is as follows:(x \u20ac 1,000) 2024 2023Current service cost 284 206Net interest on Net Defined Benefit Liability (Asset) -1 2Total 283 208The following amounts have been recognized in other comprehensive income (OCI):(x \u20ac 1,000) 2024 2023Actuarial (gain)/loss due to liability expenses 337 131Remeasurement effect recognized in OCI 337 131In total the following movements have been recognized in the income statement and OCI:(x \u20ac 1,000) 2024 2023Balance at January 1 3,214 3,038Net service cost 284 206Interest cost 99 95Employee contributions 11 6Benefits paid -25 -96Experience (gains) / losses 246 25Expenses -142 -60Balance at December 31 3,687 3,214The fair value of the Belgian pension assets consists, as in 2023, 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 2024 and 2023 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 0.7m for 2025.LeasesWereldhave has entered into leasehold contracts as well as offices and car leases. During 2024 the following was recognized in the income statement:(x \u20ac 1,000) 2024 2023Interest on lease liabilities 1,183 1,040Variable lease payments not included in the measurement of lease liabilities -49 409Total 1,134 1,449The maturity of lease liabilities is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023- up to 1 year 1,365 1,648- between 1 and 2 years 1,266 1,528- between 2 and 5 years 3,827 4,125- more than 5 years 76,465 71,632Total 82,923 78,933The 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 Trade and other payables(x \u20ac 1,000) 31 December 2024 31 December 2023Trade payables 7,648 8,791Deferred rents 25,990 25,490Property expenses 17,403 16,304Interest 14,745 10,609General costs 5,851 6,085Capital commitments payable 8,602 13,133Other short-term liabilities 4,889 5,408Total 85,128 85,819Deferred rents relates to invoiced rents of future periods. Capital commitments payable relate to investments on the investment properties already performed, but for which no invoices were received yet.20 Current tax liabilities(x \u20ac 1,000) 31 December 2024 31 December 2023Value added tax 3,899 1,879Dividend tax 2,700 - Social security tax 192 718Company tax 56 52Other tax 656 430Total 7,503 3,079Value added tax relates to the sales tax, invoiced to our tenants and payable to the tax authorities. The increase is due to timing of received invoices on CAPEX.The dividend tax is relating to an interim dividend paid by one of the companies within the Group.21 Derivative financial instrumentsDerivative financial instruments are used to hedge foreign currency risks, interest rate risks or both and are not held for trading purposes.The Group uses cross currency interest swaps to hedge the foreign currency risk of interest-bearing liabilities denominated in foreign currency. These derivative financial instruments have been designated as hedging instruments in a cash flow hedge relationship for which hedge accounting is applied. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognized in other comprehensive income and included within the cash flow hedge reserve in equity. Refer to note 22 for further details.The Group uses floating-to-fixed interest rate swaps, fixed-to-floating interest rate swaps or interest rate caps to hedge the exposure to interest rate risk. These derivative financial instruments are not designated as a hedging instrument and therefore accounted for at fair value through profit and loss. In 2024 a negative amount of \u20ac 3.9m was charged to the other financial income and expense (2023: \u20ac 4.1m negative) for the derivatives that were not designated as hedging instrument.All derivative financial instruments are stated at fair value at the end of the reporting period. The fair value has been determined by a calculation model based on contractual and market interest rates and classified as level 2 in the fair value hierarchy. In the models the counterparty risk has been considered via the non-current exposure method. The derivative financial instruments are considered short-term or long-term based on their settlement dates.The fair value of derivative financial instruments as included in the statement of financial position breaks down as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023Interest rate swaps - cash flow hedge 4,515 2,077Interest rate swaps 6,125 10,646Interest rate caps - 1,264Embedded derivatives - 120Total non-current derivative financial instrument assets 10,640 14,107Interest rate swaps - cash flow hedge 2,324 13,775Interest rate swaps 938 - Interest rate caps 515 - Total current derivative financial instrument assets 3,777 13,775Total derivative financial instrument assets 14,417 27,882Interest rate swaps - cash flow hedge 12,068 18,543Interest rate swaps 367 1,326Embedded derivatives 879 465Total non-current derivative financial instrument liabilities 13,314 20,334Interest rate swaps - cash flow hedge 3,239 - Total current derivative financial instrument liabilities 3,239 - Total derivative financial instrument liabilities 16,553 20,334The Group held the following derivative financial instruments on reporting date:Effective interest Effective interest Fair value Fair value (x \u20ac 1,000) Currency Nominal amountreceivedpaidassets (EUR)liabilities (EUR)up to between between more than 1 year1 and 2 years2 and 5 years5 years2024Interest rate swaps - cash flow hedge USD 70,000 12,500 66,000 50,000 6.1% 4.6% 6,839 - Interest rate swaps - cash flow hedge GBP 15,000 - 30,000 35,000 4.1% 3.0% - 14,317Interest rate swaps - cash flow hedge CAD - - 20,000 - 4.0% 2.3% - 989Interest rate swaps EUR 40,000 89,000 182,000 55,000 0.7% 3.4% 7,063 367Interest rate caps EUR 30,000 - - - 2.2% - 515 - Embedded derivatives EUR - - 75,975 169,000 - 3.4% - 879Total 14,417 16,5522023Interest rate swaps - cash flow hedge USD 80,000 70,000 37,500 75,000 5.5% 4.2% 15,853 3,108Interest rate swaps - cash flow hedge GBP - 15,000 - 65,000 4.1% 3.0% - 14,698Interest rate swaps - cash flow hedge CAD - - 20,000 - 4.0% 2.3% - 737Interest rate swaps EUR - - - - 0.8% 3.9% 10,646 1,326Interest rate caps EUR - 30,000 - - 3.4% - 1,263 - Embedded derivatives EUR - - 75,975 65,000 - 2.3% 120 465Total 27,882 20,334In case of a floating rate, the effective interest is based on the last published interest rate for the period. 22 Financial risk managementWereldhave\u2019s financial risk management focuses on the unpredictable nature of the financial markets and aims to minimize adverse effects on the Group\u2019s financial position and performance. Financial risk management is predominantly managed by the Treasury department under policies approved by the Board of Management.Market 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.Interest rate riskThe interest rate risk arises from interest-bearing liabilities with floating interest rates and exposes the Group to cash flow interest rate risk. The policy is to maintain at least 50% of the total notional value of outstanding interest-bearing liabilities at fixed interest rates. The Group uses interest rate swaps or caps to hedge its exposure to floating interest rates to fixed interest rates. The unhedged portion of floating interest-bearing liabilities is exposed to the risk of changes in market interest rates. The exposure of the notional value of interest-bearing liabilities to interest rate changes at the end of the period is as follows:31 December 2024 31 December 2023(x \u20ac 1,000) Floating Fixed Floating Fixed- up to 1 year 36,050 90,735 42,750 101,470- between 1 and 2 years 56,600 73,072 50,000 85,714- between 2 and 5 years 220,000 296,406 248,200 244,639- more than 5 years - 182,589 30,000 139,978Notional interest-bearing liabilities 312,650 642,802 370,950 571,801% floating/fixed before hedging 33% 67% 39% 61%Hedging from floating to fixed -138,000 138,000 -108,000 108,000% floating/fixed after hedging 18% 82% 28% 72%Hedge accounting is not applied to derivates used for hedging the exposure to floating interest rates or embedded derivatives. These derivatives are accounted for at fair value through profit and loss. Refer to note 21 for further details.In addition, net interest decreased by \u20ac 8.8m (2023: \u20ac 7.8m) as a result of the derivative financial instruments for interest conversion.SensitivityAn increase in interest rate by 1% will impact the result and equity by \u20ac 3.1m (2023: \u20ac 3.7m) and earnings per share and asset value per share by \u20ac 0.06 (2023: \u20ac 0.08).Currency riskThe Groups functional currency is the Euro. Currency risk predominantly arises from interest-bearing liabilities denominated in a currency that is not the functional currency of the Group. The policy is to hedge 100% of the exposure to currency risk on interest-bearing liabilities. The Group uses cross currency interest rate swaps to hedge its exposure to foreign currencies. These derivative financial instruments have been designated as hedging instruments in a cash flow hedge relationship for which hedge accounting is applied. The exposure to other foreign exchange movements is not significant for the Group. Refer to note 31 for further details.The exposure of the notional value of interest-bearing liabilities to currency risk at the end of the period is as follows (excluding forward hedging instruments):up to between between more than (x \u20ac 1,000)1 year1 and 2 years2 and 5 years5 years Total31 December 2024Notional interest-bearing liabilitiesUSD 70,000 12,500 66,000 50,000 198,500GBP 15,000 - 30,000 35,000 80,000CAD - - 20,000 - 20,000Notional cross currency interest rate swapsUSD 70,000 12,500 66,000 50,000 198,500GBP 15,000 - 30,000 35,000 80,000CAD - - 20,000 - 20,000Hedge ratio 100% 100% 100% 100% 100%31 December 2023Notional interest-bearing liabilitiesUSD 80,000 70,000 37,500 - 187,500GBP - 15,000 - 65,000 80,000CAD - - 20,000 - 20,000Notional cross currency interest rate swapsUSD 80,000 70,000 37,500 - 187,500GBP - 15,000 - 65,000 80,000CAD - - 20,000 - 20,000Hedge ratio 100% 100% 100% 100% 100%The notional for cross currency interest rate swaps denominated in USD for 2023 excludes USD 75m relating to financing that settled in January 2024.Cash flow hedgesThe amounts at the reporting date relating to interest-bearing liabilities denominated in foreign currency and designated as hedged items were as follows:31 December 2024 31 December 2023Balance remaining Balance remaining in the cash flow hedge in the cash flow hedge reserve from hedging reserve from hedging relationships for which relationships for which Change in fair value for Balance of Cash flow Balance of Cost of hedge accounting is no Change in fair value for Balance of Cash flow Balance of Cost of hedge accounting is no (x \u20ac 1,000)measuring ineffectivenesshedge reservehedging reservelonger appliedmeasuring ineffectivenesshedge reservehedging reservelonger appliedUSD -5,906.00 -3,940 249 - -7,116 -1,625 -446 - GBP 381.00 -3,349 305 - -1,907 877 99 - CAD -252.00 -162 522 - -585 -298 650 - Total -5,777.00 -7,451 1,076 - -9,608 -1,046 303 - The amounts at the reporting date relating to derivative financial instruments designated as hedging instruments were as follows:31 December 2024Change of the value of Hedge ineffectiveness Amount reclassified from Amount reclassified from the hedging instrument recognized in profit Cost of hedging hedging reserve to profit cost of hedging reserve (x \u20ac 1,000) Nominal amount Carrying amount assets Carrying amount liabilitiesrecognized in OCIor lossrecognized in OCIor lossto profit or lossUSD 198,500 6,839 - -6,233 - 694 3,917 - GBP 80,000 - 14,317 175 - 207 -4,400 - CAD 20,000 - 989 -125 - -128 261 - Total 6,839 15,306 -6,183 - 773 -222 - 31 December 2023Change of the value of Hedge ineffectiveness Amount reclassified from Amount reclassified from the hedging instrument recognized in profit Cost of hedging hedging reserve to profit cost of hedging reserve (x \u20ac 1,000) Nominal amount Carrying amount assets Carrying amount liabilitiesrecognized in OCIor lossrecognized in OCIor lossto profit or lossUSD 262,500 15,853 3,108 4,162 278 -516 -6,175 - GBP 80,000 - 14,698 -5,665 - -84 1,921 - CAD 20,000 - 737 -331 - -64 -95 - Total 15,853 18,543 -1,834 278 -664 -4,349 - The following table provides the reconciliation by risk category of components of equity and analysis of other comprehensive income items resulting from cash flow hedge accounting:Cost of (x \u20ac 1,000) Hedging reservehedging reserveBalance at 1 January 2023 5,137 967Changes in fair value -1,834 -664Amounts reclassified to profit or loss -4,349 - Balance at 31 December 2023 -1,046 303Balance at 1 January 2024 -1,046 303Changes in fair value -6,183 773Amounts reclassified to profit or loss -222 - Balance at 31 December 2024 -7,451 1,076Hedge effectiveness measurementCumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk within the hedged item. In case of a perfect hedge all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. Hedge ineffectiveness may arise from changes in the credit risk of Wereldhave or the derivative counterparty.Liquidity riskThe Group manages its liquidity risk on a consolidated basis with cash generated from leases being a primary source of liquidity. The Board of Management monitors the liquidity headroom using a consolidated rolling forecast of expected cash flows which considers, amongst others, the income generated from in-place leases, projected capital expenditures, maturing interest-bearing liabilities as well as dividend distribution requirements and financing limits to comply with our fiscal status. Our liquidity headroom, consisting out of committed credit facilities and cash and cash equivalents, needs to ensure the Group can cover all obligations for at least 12-month period. Liquidity risk is furthermore managed by maintaining strong capital ratios in line with covenants (see note 17), keeping strong relationships with various international banks and financial markets and maintaining sufficient access to several committed credit facilities. Funding is spread across a diversity of financing instruments in both money markets and capital markets. Debt maturities are chosen in line with the long-term character of our assets. Consequently, the Group 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.Committed credit facilitiesAt the end of 2024 the Group has access to committed revolving credit facilities of \u20ac 460m (2023: \u20ac 405m) to manage its liquidity requirements.31 December 2024 31 December 2023(x \u20ac 1,000)Total Undrawn Total Undrawn- up to 1 year 30,000 13,000 - - - between 1 and 2 years 45,000 5,000 30,000 6,000- between 2 and 5 years 385,000 245,000 340,000 115,800- more than 5 years - - 35,000 5,000Undrawn on committed revolving credit facilities 460,000 263,000 405,000 126,800The average maturity of the committed revolving credit facilities at 31 December 2024 was 2.7 years (2023: 3.7 years).Maturities of financial liabilitiesThe amounts in the table are the contractual undiscounted cash flows. Amounts in foreign The following table shows the contractually agreed interest payments and principal currency are translated using the spot rate at the reporting date. The payment of floating repayments of non-derivative financial liabilities and the derivative financial instruments. rate interests have been calculated using the last published interest rate for the period. between between 31 December 2024up to 1 and 2 and more than Total contractual 1 year2 years5 years5 yearscash flow Carrying amount(x \u20ac 1,000)Trade payables 7,648 - - - 7,648 7,648Interest-bearing liabilities 183,250 146,479 578,554 192,224 1,100,507 953,142Lease liabilities 1,365 1,266 3,827 76,465 82,923 20,164Non-derivative financial liabilities 192,263 147,745 582,381 268,689 1,191,078 980,954Derivative financial instruments -7,039 -7,932 -8,637 3,959 -19,649 2,135Total 185,224 139,813 573,744 272,648 1,171,429 983,08931 December 2023Trade payables 8,791 - - - 8,791 8,791Interest-bearing liabilities 179,704 190,448 515,109 177,338 1,062,599 941,362Lease liabilities 1,648 1,528 4,125 71,632 78,933 19,094Non-derivative financial liabilities 190,143 191,976 519,234 248,970 1,150,323 969,247Derivative financial instruments -20,944 -517 -8,514 11,153 -18,822 -7,548Total 169,199 191,459 510,720 260,123 1,131,501 961,698The difference between the sum of the nominal principal values and the carrying amount For banks and financial institutions, the Group requires and investment grade credit rating to interest-bearing liabilities of \u20ac 2.3m (2023: \u20ac 2.1m) is due to the amortized costs. minimize the counterparty risk. In addition, the Group limits its credit exposure to a maximum of 20% of the outstanding interest-bearing liabilities from one single counterparty.In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 9m (2023: \u20ac 8m). Tenants are obliged to deposit cash or give Tenant receivablesa guarantee when entering a lease contract.For tenants the standard lease terms require that rent is being paid upfront, and every tenant\u2019s creditworthiness is verified as part of the lease approval process. The credit risk Credit riskrelated to lease contracts is further mitigated by bank guarantees or cash deposits received Credit risk arises from each class of financial assets in the event that a counterparty fails to fulfil from tenants. The maximum credit risk is the carrying amount less bank guarantees and its obligations, including derivatives and outstanding receivables from customers. The maximum deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and exposure is the carrying amount of these financial assets in our consolidated statement of determines via management reports the adequacy of the provision for doubtful debtors.financial position. Reference relating to the credit risk in the derivatives is made in note 21.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 2024:2024(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,755 43Past due less than 1 month 20% 357 72Past due between 1 and 3 months 55% 58 32Past due between 3 and 12 months 89% 2,739 2,436Past due over 12 months 86% 6,916 5,964Total 27,825 8,547The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2024 2023Balance at January 1 12,149 10,415Amounts written off -2,697 -456Net remeasurement of loss allowance -905 2,190Balance at December 31 8,547 12,149Trade 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 1.6m (2023: \u20ac 1.5m) and \u20ac 0.04 (2023: \u20ac 0.04) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 2.2m (2023: \u20ac 2.4m). As a result of such default, result per share would decrease by \u20ac 0.05 (2023 \u20ac 0.06).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.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 2024AssetsFinancial assets 9, 21 5,977 14,549 20,526Trade and other receivables 10 52,210 - 52,210Cash and cash equivalents 12 18,316 - 18,316Total 76,503 14,549 91,052LiabilitiesInterest bearing debts 17 953,142 - 953,142Tenants deposits 18 9,500 - 9,500Lease liabilities 18 20,164 - 20,164Derivative financial instruments 21 - 16,553 16,553Trade payables 85,128 - 85,128Total 1,067,934 16,553 1,084,48731 December 2023AssetsFinancial assets 9, 21 6,077 28,015 34,092Trade and other receivables 10 49,308 - 49,308Cash and cash equivalents 12 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 20,334 998,039Fair values of financial assets and liabilities are equal to the carrying amounts, unless mentioned otherwise in the separate notes. There are no financial assets and liabilities held for trading at fair value that are accounted for through profit and loss.Where applicable, specific risks and further characteristics per financial assets and liabilities are discussed in the related notes.Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 17m (2023: \u20ac 7m) with regard to investment properties under construction. The Group has undrawn committed credit facilities for an amount of \u20ac 263m (2023: \u20ac 127m).The maturity of the off-balance sheet liabilities is as follows:(x \u20ac 1,000) 2024 2023- up to 1 year 17,367 7,001Total 17,367 7,00123 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)2024Assets measured at fair valueInvestment property in operation 2,245,426 - - 2,245,426Investment property under construction - - - - Financial assetsDerivative financial instruments 14,417 - 14,417 - Liabilities for which the fair value has been disclosedInterest bearing debt 947,037 - 947,037 - Derivative financial instruments 16,553 - 16,553 - 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 -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 6.4% in 2024 (2023: 7.2%).Rental income based on turnover of the tenant amounts to 5.3% (2023: 5.1%) of gross rental income. Lease incentives provided to tenants amounts to 2.3% (2023: 2.6%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.9m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2024 is shown in the following table (lease contracts with turnover related clauses are accounted for assuming the base rent only):(x \u20ac 1,000) 2024 2023- up to 1 year 148,615 150,732- between 1 and 2 years 131,662 134,778- between 2 and 3 years 116,918 121,269- between 3 and 4 years 101,473 103,746- between 4 and 5 years 80,440 86,369- more than 5 years 221,470 218,72125 Property expenses(x \u20ac 1,000) 2024 2023Property maintenance 534 735Property taxes 4,077 3,709Insurance premiums 1,002 1,141Property management 8,573 7,251Leasing expenses 747 835Doubtful debt -441 2,190Promotion costs 6,171 5,524Other operating costs 1,167 1,880Total 21,830 23,265Doubtful debt expenses decreased over 2024 as there was a slight improvement in the ageing of the receivables, various settlements of old balances and a low impact of bankruptcies in 2024 on doubtful debt. Other operating costs includes amongst other parking costs.26 Valuation results(x \u20ac 1,000) 2024 2023Investment properties in operation and investments held for saleValuation gains 75,611 43,697Valuation losses -22,709 -26,238Total 52,902 17,459Refer to note 5 for a split of the valuation result per country.27 Results on disposals(x \u20ac 1,000) 2024 2023Properties Subsidiaries Total Properties Subsidiaries TotalGross proceeds - - - 9,863 - 9,863Selling costs -95 -2 -97 -174 -15 -189Net proceeds -95 -2 -97 9,688 -15 9,674Book value - - - -9,811 - -9,811Total -95 -2 -97 -122 -15 -137The Company did not sell any (in)direct investment properties during 2024. Selling costs incurred in 2024 fully relate to previous completed transactions.28 General costs(x \u20ac 1,000) 2024 2023Salaries and social security contributions 15,128 15,791Pension costs 1,681 1,421Other employee costs 1,960 2,373Audit and advisory fees 2,287 2,429Office costs 1,493 1,228Equity-settled share-based payments 1,740 1,752IT Costs 1,758 4,035Depreciation fixed assets 1,178 1,338Other general costs 4,047 3,48931,272 33,856Allocated and recharged -17,098 -15,215Total 14,174 18,641The allocation and recharges relate to expenses charged to third parties (\u20ac 2.9m) and allocation of costs to property expenses (\u20ac 7.4m) and developments projects (\u20ac 6.8m).Salaries and social security contributions in 2024 includes severance payments following organizational changes in the Netherlands and Belgium of \u20ac 0.9m. During the year 2024 an average of 122 persons (2023: 117) based on full-time basis were employed by the Group, of which 64 (2023: 61) in the Netherlands and 58 (2023: 56) abroad.Share schemesThe Company grants to the Board of Management and key employees a long-term incentive (\u2018LTI\u2019) 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 vested shares are partially subject to holding period of maximum of two years. For the Board of Management, the vesting and performance period is three years and vested shares are subject to a two year holding period.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 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 Board of Management 2024 26-4-2024 26-4-2027 13.10 14.76LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18LTI Key employees 2023 25-4-2023 25-4-2025 13.55 21.83LTI Key employees 2024 26-4-2024 26-4-2026 13.10 13.47Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90Share plan employees 2023 24-4-2023 24-4-2025 14.74 14.74Share plan employees 2024 25-4-2024 25-4-2026 14.18 14.18The movements in performance shares during the year is as follows:2024 2023Outstanding at 1 January 214,172 223,781Granted during the year 234,196 107,135Vested during the year -191,999 -60,997Forfeited during the year -205 -55,747Outstanding at 31 December 256,164 214,172Audit feesIn 2024 Wereldhave N.V. and its subsidiaries have accounted for the following costs from the Group auditor KPMG:(x \u20ac 1,000) 2024 2024 2023 2023KPMG KPMG Accountants Other KPMG Accountants Other KPMG N.V.networkN.V.networkAudit of the Annual Accounts 423 320 415 327Other assurance services 9 14 10 12Total 432 334 425 339KPMG 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. The fees mentioned in the table for the audit of the financial statements (and other audit engagements) are related to the work performed during the reporting period by the external auditor.29 Other income and expensesOther income and expenses \u20ac -0.1m (2023: \u20ac -0.6m) relates to investment and divestment activities, project related and other costs that cannot be directly linked to the operational activities (\u20ac -0.5m) and the proceeds from liquidation distribution of a former investment in Belgium (\u20ac 0.4m).30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).31 Other financial income and expenses(x \u20ac 1,000) 2024 2023Exchange rate differences 10 -55Fair value changes derivative instruments -4,276 -3,793Total -4,266 -3,848The change in fair value of derivative instruments during 2024 was primarily driven by a combined effect of changes in interest rates and the passage of time.32 Income tax(x \u20ac 1,000) 2024 2023Result before tax 136,124 89,589Income tax rate for REIT 0% 0%Expected income tax for REIT - - Tax effect of amounts not deductible (taxable) in calculating taxable incomeRecognition of fiscal losses 3,903 -Tax on non-REIT income -262 -268Adjustment prior periods -1 -12Income tax 3,640 -280Weighted average tax rate -2.7% 0.3%For 2024 the current tax charge is \u20ac -0.3m (2023: \u20ac -0.3m) and the deferred tax charge is \u20ac 3.9m (2023: 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 (2023: 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 2024 amounts to \u20ac 242.6m (2023: \u20ac 234.8m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary shares ordinary shares held by Corporate held by parent held by the non-controlling NameSeat(%)group (%)interests (%)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, 1Wereldhave Management Holding B.V.Netherlands 100.00 - - Amsterdam, 1Wereldhave 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 33.65 33.07 33.28Vilvoorde, 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 - - 1 Entities merged with effective date of January 1st, 2025.Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2024 31 December 2023Summarized balance sheetCurrent assets 41,051 45,700Current liabilities -85,972 -75,599Total current net assets -44,921 -29,899Non-current assets 1,005,920 969,168Non-current liabilities -232,183 -245,570Total non-current net assets 773,737 723,598Net assets 728,816 693,699(x \u20ac 1,000) 2024 2023Summarized income statementRevenue 68,240 64,343Profit before income tax 71,989 29,294Income tax expense/income -101 -73Post tax profit from continuing operations 71,888 29,221Other Comprehensive Income -337 -131Total Comprehensive Income 71,551 29,090Total Comprehensive Income allocated to non-controlling interest 23,812 9,884Dividend paid to non-controlling interest 12,329 12,653Summarized cash flows(x \u20ac 1,000) 2024 2023Cash flows from operating activitiesCash generated from operations 49,267 45,456Interest paid -8,721 -7,675Net cash generated from operating activities 40,546 37,583Net cash used in investment activities -9,282 -14,932Net cash used in financing activities -39,732 -15,571Net increase in cash and cash equivalents and bank overdrafts -8,468 7,277Cash, cash equivalents and bank overdrafts at beginning of the year 17,693 10,415Cash and cash equivalents and bank overdrafts at end of the year 9,225 17,69334 Transactions with shareholdersIn 2024 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 holdersof ordinary shares and the average number of ordinary shares in issue during the year.(x \u20ac 1,000) 2024 2023Result attributable to shareholders of the company 115,840 79,421Number of issued shares as at January 1 43,661,957 40,167,756Effect of purchased shares for remuneration on weighted average -28,683 -114,008Effect of shares issued during the year - 266,687Weighted average number of shares for fiscal year 43,633,274 40,320,434Potential ordinary shares to be issued 84,105 68,493Weighted average number of diluted shares for fiscal year 43,717,379 40,388,927Basic earnings per share 2.66 1.97Diluted earnings per share 2.65 1.97The 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 (\u2018TSR\u2019) and GRESB would have been met based on the company\u2019s performance at 31 December 2024 and to the extent to which they are dilutive. See note 37 for the proposed dividend for 2024.36 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.2024 2023Equity available for shareholders (x \u20ac 1,000)1,021,916 964,481Number of ordinary shares per 31 December 43,876,129 43,876,129Purchased shares for remuneration -256,164 -214,172Number of ordinary shares per 31 December for calculation net asset value 43,619,965 43,661,957Potential ordinary shares to be issued 84,105 68,493Number of ordinary shares diluted per 31 December for calcu-lation net asset value 43,704,070 43,730,450Net asset value per share (x \u20ac 1) 23.43 22.09Net asset value per share diluted (x \u20ac 1) 23.38 22.0637 DividendIt is proposed to distribute to holders of ordinary shares a dividend of \u20ac 55m or \u20ac 1.25 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 for members of the Supervisory Board was last approved by the Annual General Meeting on 24 April 2024. Remuneration is indexed annually with the consumer price index.(x \u20ac 1,000) 2024 2023F. Dechesne 78 82H. Brand 64 69W. Bontes 66 42Total 208 193The 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 policy for the Board of Management was last approved by the General Meeting of Shareholders on 24 April 2020. The remuneration of the Board of Management consists of a fixed component and a variable component. The variable component consists of a short-term incentive (\u2018STI\u2019) and long-term incentive (\u2018LTI\u2019). Refer for further details to the remuneration policy as published on the website seperately.2024 2023A.W. A.W. (x \u20ac 1,000) M. Stormde Vreede Total M. Stormde Vreede TotalFixed income 641 463 1,104 641 463 1,104STI 351 259 610 368 265 6331LTI581 419 1,000 574 415 989Other compensation 100 37 137 - - - Pension and pension compensation 94 74 168 89 75 164Company car and other fringe benefits 24 19 43 24 20 44Extraordinary items 2 - 2 64 53 117Social charges 16 16 32 15 15 30Total 1,809 1,287 3,096 1,775 1,306 3,0811 Expense during period for equity-settled share-based payments in accordance with accounting policies.Mr. Storm holds a total of 128,197 shares at 31 December 2024 of which 86,088 from the unvested long-term incentive plans and 42,109 vested shares subject to a holding period. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,763,991 based on the closing stock exchange price of \u20ac 13.76 per share as per 31 December 2024.Mr. de Vreede holds a total of 100,534 shares at 31 December 2024, of which 62,139 from the unvested long-term incentive plans, 30,395 vested shares that are subject to a holding period and 8,000 shares that are unconditional due to private investment. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 1,383,348 based on the closing stock exchange price of \u20ac 13.76 per share as per 31 December 2024.The other compensation is received for positions held at Wereldhave Belgium N.V. in 2024. Mr. Storm receives a fixed remuneration of \u20ac 100,000 as CEO and Mr. de Vreede receives a remuneration of \u20ac 36,500 as non-executive board member and member of the audit as well as remuneration committee. The Supervisory Board has approved the separate appointments, also in view of the contractual right of members of the Board of Management to accept a limited number of third-party board positions.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 dateIn January 2025, the Group renewed a revolving credit facility of \u20ac 50m, which matures in 2030 now. On 10 February 2025, the Company executed the sale agreement for Winkelhof in Leiderdorp. The gross proceeds amount to \u20ac 56m and transfer of the asset is scheduled to be completed in the second quarter of 2025.On 13 February 2025, the Company acquired two shopping centers in Luxembourg from Nextensa N.V. The 67% owned subsidiary Wereldhave Belgium N.V. acquired Knauf Shopping Pommerloch and Wereldhave N.V. acquired Knauf Shopping Schmiede. The total purchase price for the two centers amounts to \u20ac 167m, including transaction costs. The transaction in Belgium was financed through \u20ac 100m newly raised unsecured debt. The acquisition by Wereldhave N.V. was partially settled by issuance of \u20ac 35m in 2,206,838 new ordinary shares via a contribution in kind and partially with \u20ac 28m drawn from existing credit facilities.",
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"value": "3 Material 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 during which 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, 22 and 23. Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2024, the following standards became effective but did not have an impact on the Company\u2019s consolidated financial statements:\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 investor and its associate or joint venture \u2013 Amendments to IFRS 10 and IAS 28\u2022 Supplier Finance Agreements, impact on Statement of Cash Flows and Disclosures of Financial Instruments \u2013 Amendments to IAS 7 and IFRS 7New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2024 and have not been applied in preparing the financial information:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21\u2022 Presentation and Disclosure in Financial Statements \u2013 IFRS 18\u2022 Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19\u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7These amendments are not expected to have a significant impact on the Company\u2019s 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 \u2018Business Combinations\u2019 or IAS 40 \u2018Investment Property\u2019 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 \u2018functional currency\u2019). 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-end2024 2023 2024 2023GBP 1.19277 1.149861 1.20852 1.153522USD 0.924 0.9245554 0.96581 0.905879CAD 0.66863 0.685203 0.67161 0.6846453.4 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 (\u2018lease incentives\u2019) 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 a 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 less accumulated impairments, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Cost includes the cost of replacing part of existing plant and equipment at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an item of plant and equipment.Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 yearsThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the income statement.3.9 Intangible assetsComputer softwareAcquired computer software 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.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.OffsettingFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.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 relate.Service costs chargedWhere there are service contracts with third parties, service charges are recovered from tenants. The service charge is priced and contracted based on market prices relevant for the location. The services are included in the lease agreement and mainly relate to energy, cleaning and security services. The service charge income is recognized evenly over time of the service rendered as the tenant simultaneously receives and consumes the benefits from the provided service. Service charges are shown on a gross basis when Wereldhave acts as a principal.3.24 ExpensesService costs paidService costs are shown on a gross basis when Wereldhave acts as a principal. In the presentation on a gross basis, costs and charges are shown separately. In case Wereldhave acts as an agent only the non-recoverable amount of the service and operational costs is presented. Service charges in respect of vacant units or other irrecoverable service charges due to insolvency or contractual limitations are included in service costs paid.Property expensesProperty expenses consist of operational cost for the account of Wereldhave attributable to the accounting period, such as:\u2022 Maintenance;\u2022 Property tax;\u2022 Insurance premiums;\u2022 Property management; and\u2022 Letting expenses.Letting expenses include the depreciation of capitalized expenditure in connection with a letting, such as fit out contributions paid by Wereldhave. The expenditure is amortized over the term of the lease. Investment property depreciation charges are not recognized, because investment properties are valued at market value see paragraph 3.6. The market value calculation takes technical and economic obsolescence into account.General costsGeneral costs are expenses that are not directly attributable to the operation of properties (including salaries of staff not directly involved with properties, office overheads, advice, valuation and audit fees, listing costs and promotion costs). Direct staff costs relating to property management are included in property expenses. Direct staff costs relating to supervising and monitoring investment and development projects are capitalized as part of the investment property under construction on the basis of time spent.3.25 Results on disposalThe results on disposal are the differences between the realized selling prices, net of selling costs, and the carrying amount, based on the last reported fair value (mostly the latest appraisal).Results on disposal from the sale of investment property or fixed assets are processed if the following conditions are met:\u2022 The entity has transferred the rights to all major economic benefits and any significant risks to the buyer;\u2022 The legal entity does not keep possession of those goods and therefore cannot decide on its use;\u2022 The amount of revenue can be reliably determined;\u2022 It is probable that the economic benefits associated with the transaction will flow to the new legal owner; and\u2022 Costs already incurred and the potential future costs in respect to the transaction can be measured reliably.3.26 Interest charges and interest incomeInterest comprises the total of interest attributable to the accounting period on loans, other debts, accounts receivable and cash and bank balances and is split between interest received and interest paid. Interest income & charges is recognized in the income statement as it accrues. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition of the instrument. Interest attributable to the acquisition or construction of an asset that takes a substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting from preparation of the plan until completion. Capitalized interest is calculated using the Group\u2019s weighted average cost of debt or the borrowing cost of specific project financing.3.27 Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.Share-based payment arrangementsThe grant date fair value of equity-settled share-based payment arrangements granted to the employees, including Board of Management, is generally recognized as an expense, with a corresponding reserve in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. In case of a modification, any incremental fair value will be recognized as an expense over the period from the modification date to the end date of the vesting period.The fair value of the amount payable in respect of share-based payments arrangements, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities, over the period during which the employee becomes unconditionally entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the share-based payments arrangements. Any changes in the liability are recognized in profit or loss.3.28 Income taxTax charges on the income statement for a year comprise current and deferred tax and are calculated on results before taxes, considering any tax-exempt components of result and non-deductible costs. Losses to be offset against probable future results are recognized as deferred tax asset. Current tax is the expected tax payable or receivable on the taxable income or loss for the period. Deferred tax consists of the expected tax payable or receivable on changes in the value of assets or liabilities which will be realized at the time of sale. Tax charges are calculated using tax rates prevailing at the balance sheet date.Current tax and deferred tax are recognized in income statement except to the items recognized directly in equity or in other comprehensive income in which case, the tax is also recognized in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.3.29 Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing 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 and Netherlands. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s8__6__18": {
"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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"f0__s8__6__21": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__20-1": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__19": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__22": {
"value": "Change in accounting policy and disclosuresNew and amended standards adopted by the GroupAs of 1 January 2024, the following standards became effective but did not have an impact on the Company\u2019s consolidated financial statements:\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 investor and its associate or joint venture \u2013 Amendments to IFRS 10 and IAS 28\u2022 Supplier Finance Agreements, impact on Statement of Cash Flows and Disclosures of Financial Instruments \u2013 Amendments to IAS 7 and IFRS 7New standards and interpretations not yet adoptedA number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2024 and have not been applied in preparing the financial information:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21\u2022 Presentation and Disclosure in Financial Statements \u2013 IFRS 18\u2022 Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19\u2022 Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7These amendments are not expected to have a significant impact on the Company\u2019s consolidated financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__24": {
"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 \u2018Business Combinations\u2019 or IAS 40 \u2018Investment Property\u2019 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__23": {
"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 \u2018Business Combinations\u2019 or IAS 40 \u2018Investment Property\u2019 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__25": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__26": {
"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 \u2018functional currency\u2019). 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-end2024 2023 2024 2023GBP 1.19277 1.149861 1.20852 1.153522USD 0.924 0.9245554 0.96581 0.905879CAD 0.66863 0.685203 0.67161 0.684645",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__27": {
"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 \u2018functional currency\u2019). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__29": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__30": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__31": {
"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 (\u2018lease incentives\u2019) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__32": {
"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 a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__34": {
"value": "3.8 Property and equipmentProperty and equipment is stated at historical cost less depreciation less accumulated impairments, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Cost includes the cost of replacing part of existing plant and equipment at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an item of plant and equipment.Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 yearsThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each financial year-end. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__35": {
"value": "Depreciation, is calculated using the straight-line method to allocate the cost over the assets\u2019 estimated useful lives, as follows:Office Furniture: 10 yearsEquipment: 5 yearsCars: 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__36": {
"value": "3.9 Intangible assetsComputer softwareAcquired computer software 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__39": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__38": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__37": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__40": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__41": {
"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.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__42": {
"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.OffsettingFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__43": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__44": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__45": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__46": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__47": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__48": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__49": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__50": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__51": {
"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 relate.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__52": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__53": {
"value": "3.26 Interest charges and interest incomeInterest comprises the total of interest attributable to the accounting period on loans, other debts, accounts receivable and cash and bank balances and is split between interest received and interest paid. Interest income & charges is recognized in the income statement as it accrues. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, to the fair value of the financial asset or financial liability as at the recognition of the instrument. Interest attributable to the acquisition or construction of an asset that takes a substantial period of time to complete, is capitalized as part of the cost of the respective assets, starting from preparation of the plan until completion. Capitalized interest is calculated using the Group\u2019s weighted average cost of debt or the borrowing cost of specific project financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__54": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__55": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__56": {
"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 are recognized in income statement except to the items recognized directly in equity or in other comprehensive income in which case, the tax is also recognized in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__57": {
"value": "Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are stated at nominal value.Deferred tax is not recognized for:\u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income statement;\u2022 Temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.The carrying value of the Group\u2019s investment property is assumed to be realized by sale at the end of use.A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable results will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__58": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__59": {
"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 and Netherlands. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__60": {
"value": "4 Segment informationGeographical segment information 2024(x \u20ac 1,000) Belgium France Netherlands TotalResultGross rental income 70,444 10,968 85,485 166,897Service costs charged 10,148 2,900 12,176 25,224Total revenue 80,592 13,868 97,661 192,121Service costs paid -14,125 -4,319 -13,431 -31,875Property expenses -9,255 -1,209 -11,366 -21,830Net rental income 57,212 8,340 72,864 138,416Valuation results 31,545 -4,879 26,236 52,902Results on disposals -95 - -2 -97Net result from investment properties 88,662 3,461 99,098 191,221General costs -14,174Other income and expense -73Operating result 176,974Net interest -36,584Other financial income and expense -4,266Income tax 3,640Result 139,764Investment propertiesInvestment properties 994,864 174,657 1,082,870 2,252,391Investments & purchases 11,424 3,400 22,258 37,082Gross rental income by type of propertyShopping centers 62,887 10,968 85,485 159,340Offices 7,557 - - 7,55770,444 10,968 85,485 166,897Geographical segment information 2023(x \u20ac 1,000) Belgium France Netherlands 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 -137Net result from investment properties 49,267 -255 94,729 143,740General costs -18,641Other income and expense -641Operating result 124,458Net interest -31,021Other financial income and expense -3,848Income tax -280Result 89,309Investment propertiesInvestment properties 952,363 176,235 1,033,813 2,162,411Investments & purchases 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 76,847 157,960",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__61": {
"value": "5 Investment propertyInvestment Investment Total property in Lease property under Investment (x \u20ac 1,000)operationincentivesconstructionproperty2024Balance at 1 January 2,142,476 5,340 14,595 2,162,411Purchases 1,582 - - 1,582Investments 34,859 - 641 35,500From (to) development properties 809 - -809 - Revaluations 60,364 - -7,462 52,902Other 33 -37 - -4Balance at 31 December 2,240,123 5,303 6,965 2,252,3912023Balance 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 - - -9,123Revaluations 17,459 - - 17,459Other -16 391 - 375Balance at 31 December 2,142,476 5,340 14,595 2,162,411The Company made two small acquisitions in the Netherlands and Belgium for a total consideration of \u20ac 1.6m. The positive revaluation for the period is primarily driven by an increase of estimated rental values of our assets (\u20ac 9.0m) which was partly offset by a negative valuation result (\u20ac 7.5m) on developments in Belgium due to changes to these projects. Overview of measurements of total investment property(x \u20ac 1,000) 31 December 2024 31 December 2023Investment property in operation (including lease incentives) 2,229,581 2,132,472Investment property under construction (IPUC) - 260Fair value as per external valuation reports 2,229,581 2,132,732Fair value of ground rent (leasehold) 15,845 15,344At cost less impairment (IPUC) 6,965 14,335Total 2,252,391 2,162,411Investment properties were valued externally at 31 December 2024 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield, CBRE, KroesePaternotte and Stadim. In total 99.7% (2023: 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) 2024 2023Belgium 39,007 -5,915France -4,879 -8,352Netherlands 26,236 31,726Total 60,364 17,459Direct operating expenses recognized in the income statement include \u20ac 3.1m (2023: \u20ac 3.7m) relating to investment property that was unlet.At 31 December 2024 no investment property is pledged as security for credit facilities (2023: nil).At 31 December 2024 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023Total value according to external valuation reports 2,229,581 2,132,472Add: Present value of future ground rent payments (leasehold) 15,845 15,344Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -5,303 -5,340Carrying amount 2,240,123 2,142,476Key assumptions relating to valuations (excluding developments)Belgium France Netherlands2024Total market rent per sqm (\u20ac) 237 287 226EPRA Net Initial Yield 6.0% 5.1% 6.3%EPRA vacancy rate 3.0% 3.1% 3.8%Average vacancy period (in months) 11 12 11Bandwidth vacancy (in months) 8-24 6-18 0-182023Total 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 2-15EPRA Net Initial YieldThe total average EPRA Net Initial Yield at 31 December 2024 is 6.1% (2023: 6.3%).In case the yield changes with 0.25%, assuming stable market rents, it would result in a change of \u20ac 75.9m on shareholders\u2019 equity and result (\u20ac 1.74 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 105.9m (\u20ac 2.43 per share).Investment property in operation lease data Average lease 1Annual rent of lease expiring inlengthUntil Until Total first lease indefinite annual (x \u20ac 1,000)breakend date < 1 year 1-5 year > 5 yearcontractsrent2024Belgium 2.9 6.6 1,300 21,056 41,195 164 63,715France 1.9 4.3 1,151 3,111 4,965 1,504 10,731Netherlands 3.6 4.1 6,236 41,128 24,856 8,989 81,209Total portfolio 3.2 5.1 8,687 65,295 71,016 10,657 155,6552023Belgium 2.3 6.2 2,903 19,848 40,756 232 63,739France 2.2 4.8 1,202 3,480 6,415 - 11,097Netherlands 3.4 4.5 1,986 45,391 28,354 5,342 81,073Total portfolio 2.9 5.2 6,091 68,719 75,525 5,574 155,9091 Indefinite contracts are assumed to expire in one year as they usually have a one year notice period.2 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__62-1": {
"value": "Overview of measurements of total investment property(x \u20ac 1,000) 31 December 2024 31 December 2023Investment property in operation (including lease incentives) 2,229,581 2,132,472Investment property under construction (IPUC) - 260Fair value as per external valuation reports 2,229,581 2,132,732Fair value of ground rent (leasehold) 15,845 15,344At cost less impairment (IPUC) 6,965 14,335Total 2,252,391 2,162,411Investment properties were valued externally at 31 December 2024 by independent external property valuators Jones Lang LaSalle, Cushman & Wakefield, CBRE, KroesePaternotte and Stadim. In total 99.7% (2023: 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) 2024 2023Belgium 39,007 -5,915France -4,879 -8,352Netherlands 26,236 31,726Total 60,364 17,459Direct operating expenses recognized in the income statement include \u20ac 3.1m (2023: \u20ac 3.7m) relating to investment property that was unlet.At 31 December 2024 no investment property is pledged as security for credit facilities (2023: nil).At 31 December 2024 the carrying amount of investment property in operation is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023Total value according to external valuation reports 2,229,581 2,132,472Add: Present value of future ground rent payments (leasehold) 15,845 15,344Deduct: carrying amount of rent free periods and other leasing expenses to be amortized -5,303 -5,340Carrying amount 2,240,123 2,142,476Key assumptions relating to valuations (excluding developments)Belgium France Netherlands2024Total market rent per sqm (\u20ac) 237 287 226EPRA Net Initial Yield 6.0% 5.1% 6.3%EPRA vacancy rate 3.0% 3.1% 3.8%Average vacancy period (in months) 11 12 11Bandwidth vacancy (in months) 8-24 6-18 0-182023Total 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 2-1523 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)2024Assets measured at fair valueInvestment property in operation 2,245,426 - - 2,245,426Investment property under construction - - - - Financial assetsDerivative financial instruments 14,417 - 14,417 - Liabilities for which the fair value has been disclosedInterest bearing debt 947,037 - 947,037 - Derivative financial instruments 16,553 - 16,553 - 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 -26 Valuation results(x \u20ac 1,000) 2024 2023Investment properties in operation and investments held for saleValuation gains 75,611 43,697Valuation losses -22,709 -26,238Total 52,902 17,459Refer to note 5 for a split of the valuation result per country.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__63": {
"value": "6 Property and equipmentOffice Right-of use Right-of-use (x \u20ac 1,000) equipmentofficescars TotalBalance at 1 January 2024 1,463 3,102 890 5,455Investments/purchases 103 - 1,154 1,257Depreciation -246 -323 -542 -1,111Balance at 31 December 2024 1,320 2,779 1,502 5,601Total acquisition at cost 6,619 7,085 4,596 18,300Total depreciation and impairment -5,299 -4,306 -3,094 -12,699Net book value 1,320 2,779 1,502 5,601Balance 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 5,455Total acquisition at cost 6,516 7,085 3,442 17,043Total depreciation -5,053 -3,983 -2,552 -11,588Net book value 1,463 3,102 890 5,455",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__65": {
"value": "7 Intangible assetsThe intangible assets consist of acquired computer software licenses.Computer software(x \u20ac 1,000) 31 December 2024 31 December 2023Balance at January 1 162 367Investments 74 - Amortization -67 -205Balance at December 31 169 162(x \u20ac 1,000) 31 December 2024 31 December 2023Total acquisition at cost 497 423Cumulative amortization -328 -261Total 169 162",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__64": {
"value": "7 Intangible assetsThe intangible assets consist of acquired computer software licenses.Computer software(x \u20ac 1,000) 31 December 2024 31 December 2023Balance at January 1 162 367Investments 74 - Amortization -67 -205Balance at December 31 169 162(x \u20ac 1,000) 31 December 2024 31 December 2023Total acquisition at cost 497 423Cumulative amortization -328 -261Total 169 162",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__66": {
"value": "8 Deferred tax assets(x \u20ac 1,000) 31 December 2024 31 December 2023Balance at January 1 - - Additions 3,903 - Balance at December 31 3,903 - The addition in 2024 is derived from the change in the fiscal regime in the Netherlands which enables the Company to recover existing fiscal losses carried forward through tax planning measures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__68": {
"value": "9 Other financial assets(x \u20ac 1,000) IFRS Category 31 December 2024 31 December 2023Loans amortized cost 387 557Deposits paid amortized cost 2,063 2,063Finance lease receivable amortized cost 3,527 3,457Other financial assets Fair value through P&L 132 133Total 6,109 6,209Deposits 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__67": {
"value": "9 Other financial assets(x \u20ac 1,000) IFRS Category 31 December 2024 31 December 2023Loans amortized cost 387 557Deposits paid amortized cost 2,063 2,063Finance lease receivable amortized cost 3,527 3,457Other financial assets Fair value through P&L 132 133Total 6,109 6,209Deposits 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__70": {
"value": "10 Trade and other receivables(x \u20ac 1,000) 31 December 2024 31 December 2023Tenant receivables 19,278 22,278Service charge receivable 2,693 1,557Prepayments 1,726 3,530Interest to be received 6,572 5,198Amounts to be invoiced 13,336 7,714Other 8,605 9,030Total 52,210 49,308The 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.Amounts to be invoiced relates to turnover-based rents and service charges to be invoiced to tenants. The increase is mostly due to timing differences.Interest to be received refers to interest receivable under interest rate swaps. Other includes expenses to be recharged (\u20ac 6.3m), service charge admin fees (\u20ac 1.0m) and receivables on suppliers (\u20ac 0.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__69": {
"value": "10 Trade and other receivables(x \u20ac 1,000) 31 December 2024 31 December 2023Tenant receivables 19,278 22,278Service charge receivable 2,693 1,557Prepayments 1,726 3,530Interest to be received 6,572 5,198Amounts to be invoiced 13,336 7,714Other 8,605 9,030Total 52,210 49,308The 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.Amounts to be invoiced relates to turnover-based rents and service charges to be invoiced to tenants. The increase is mostly due to timing differences.Interest to be received refers to interest receivable under interest rate swaps. Other includes expenses to be recharged (\u20ac 6.3m), service charge admin fees (\u20ac 1.0m) and receivables on suppliers (\u20ac 0.6m).Maturity of tenant receivables(x \u20ac 1,000) 31 December 2024 31 December 2023Due 17,755 17,571Past due less than 1 month 357 312Past due between 1 and 3 months 58 1,563Past due between 3 and 12 months 2,739 7,282Past due over 12 months 6,916 7,70027,825 34,427Deduct: provision -8,547 -12,149Total 19,278 22,278In 2024 an amount of \u20ac 0.9m was released from (2023: \u20ac 2.2m added to) the provision doubtful debt and an amount of \u20ac 2.7m (2023: \u20ac 0.5m) was withdrawn. Refer to note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__71-1": {
"value": "11 Current tax assets(x \u20ac 1,000) 31 December 2024 31 December 2023Withholding tax 120 207Value added tax 659 6Dividend tax 2,699 341Total 3,478 55419 Trade and other payables(x \u20ac 1,000) 31 December 2024 31 December 2023Trade payables 7,648 8,791Deferred rents 25,990 25,490Property expenses 17,403 16,304Interest 14,745 10,609General costs 5,851 6,085Capital commitments payable 8,602 13,133Other short-term liabilities 4,889 5,408Total 85,128 85,819Deferred rents relates to invoiced rents of future periods. Capital commitments payable relate to investments on the investment properties already performed, but for which no invoices were received yet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__72": {
"value": "12 Cash and cash equivalents(x \u20ac 1,000) 31 December 2024 31 December 2023Bank balances 18,316 25,544Total 18,316 25,544Cash and cash equivalents are freely available to the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__73": {
"value": "13 Share capitalAuthorized Number of Treasury Outstanding (number of shares)share capitalissued sharesshares number of sharesBalance at 1 January 2023 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 43,661,957Purchased treasury shares - - -41,992 -41,992Balance at 31 December 2024 75,000,000 43,876,129 -256,164 43,619,965Authorized 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__74": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__75": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__77": {
"value": "14 Share premiumShare premium is paid up share capital in excess of nominal value. There were no other changes in share premium in 2024. The amount of share premium that is recognized for tax purposes is \u20ac 1,764m (2023: \u20ac 1,764m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__76-1": {
"value": "14 Share premiumShare premium is paid up share capital in excess of nominal value. There were no other changes in share premium in 2024. The amount of share premium that is recognized for tax purposes is \u20ac 1,764m (2023: \u20ac 1,764m).15 General reserveIn April 2024, a final dividend relating to 2023 of \u20ac 52.5m (\u20ac 1.20 per share, based on 44m entitled shares) was paid. No interim dividends relating to 2024 were distributed in 2024. An amount of \u20ac 160m (2023: \u20ac 161m) has been designated as legal reserves, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__79-1": {
"value": "In April 2024, a final dividend relating to 2023 of \u20ac 52.5m (\u20ac 1.20 per share, based on 44m entitled shares) was paid. No interim dividends relating to 2024 were distributed in 2024.37 DividendIt is proposed to distribute to holders of ordinary shares a dividend of \u20ac 55m or \u20ac 1.25 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__81": {
"value": "17 Interest-bearing liabilitiesComposition(x \u20ac 1,000) 31 December 2024 31 December 2023Bank loans 289,107 387,137Private placements 488,731 377,548Bonds 31,935 31,883Total non-current 809,773 796,568Bank loans 16,600 655Private placements 90,719 101,389Treasury notes 36,050 42,750Total current 143,369 144,794Total interest-bearing liabilities 953,142 941,362Movements in interest-bearing liabilitiesIncluding short-term portion of debt.(x \u20ac 1,000) 2024 2023Balance at 1 January 941,362 856,803New funding 278,193 184,116Repayments -267,220 -95,900Use of effective interest method 585 707Exchange rate differences 222 -4,364Balance at 31 December 953,142 941,362New fundingIn 2024, the Company closed on 2 US Private Placements (USPP) totaling \u20ac 188m, new bank loans for \u20ac 80m and has drawn \u20ac 10m on existing revolving credit facilities.RepaymentsIn 2024, the Company repaid \u20ac 87m on the US Private Placements, \u20ac 50m on bank loans, \u20ac 7m on the treasury notes and \u20ac 123m on the existing revolving credit facilities.CurrenciesAt 31 December 2024 the Company has interest-bearing liabilities outstanding in foreign currencies for USD 198.5m, GBP 80m and CAD 20m. Exchange rate differences arise on interest-bearing liabilities in foreign currencies that are recalculated to EUR using the year-end currency rates. Currency risk on interest-bearing liabilities is fully hedged as further disclosed in the note 22 under paragraph Currency risk.Private PlacementsThe Private Placement Notes issued in 2015, 2017 and 2024 contain embedded derivatives. The derivatives are recorded separately in the financial statements. As per 31 December 2024 the embedded derivatives have a negative value of \u20ac 0.9m (2023: \u20ac 0.3m negative).Secured interest-bearing liabilitiesAt 31 December 2024 none of our investment property is pledged as security for credit facilities (2023: nil).Unsecured interest-bearing liabilitiesUnsecured interest-bearing liabilities have financial covenants that include various clauses. As at 31 December 2024 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 2024 31 December 2023Loan-to-Value 60.0% 41.8% 42.7%Solvency 40.0% 53.7% 52.7%Interest coverage ratio 2.0 4.1 4.6The Company reports a net Loan-to-Value of 41.8% 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 42.7% at 31 December 2024 (2023: 43.9%).Wereldhave must at all times meet its obligations under the interest-bearing liabilities 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 2024 interest cover ratio was 4.1 (2023: 4.6). 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 2024, the solvency was 53.7% (2023: 52.7%). 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. 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:2024 2023Euro 3.3% 3.6%US dollar 4.6% 3.4%Pound sterling 3.0% 3.0%Canadian Dollar 2.3% 2.3%Total 3.5% 3.5%The average interest rate based on the effective interest method is as follows:2024EUR GBP USD CAD TotalShort term interest bearing debtBank loans and private placement 3.6% 4.1% 4.6% - 4.2%Interest rate swaps -2.8% - - - -2.8%Long term interest bearing debtBank loans and private placement 3.8% 4.1% 6.9% 4.0% 4.3%Interest rate swaps -1.2% - - - -1.2%Average 3.3% 4.1% 6.1% 4.0% 3.5%2023Short 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%Fair value of debtThe carrying amount and the fair value of interest-bearing debts may differ as a result of accounting adjustments, such as amortized costs and the result of differences in coupon interest versus market interest.The fair value of long-term interest-bearing debts is based on prices of these instruments available in the active open market. In the absence of such market prices, the fair value is calculated as the present value of cash flows discounted with the relevant market interest percentages, including a company specific surcharge. The fair value of short-term interest-bearing debts is equal to the book value.The carrying amount and fair value of long-term interest-bearing debt is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023carrying carrying amount fair valueamount fair valueBank loans, bonds and private placements 809,773 803,668 796,568 774,443Total 809,773 803,668 796,568 774,443Credit facilitiesAt the end of 2024 the Company has access to committed revolving credit facilities of \u20ac 460m (2023: \u20ac 405m) to manage its liquidity requirements. Refer for further details to note 22 under paragraph Liquidity risk.",
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"value": "18 Other long-term liabilities(x \u20ac 1,000) 31 December 2024 31 December 2023Pension plans 138 146Tenants deposits 9,500 8,458Lease liabilities 20,164 19,094Total 29,802 27,698Tenant 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 146 8,458 19,094 27,698Cash received or paid -629 1,042 -1,269 -856Addition to lease liability - - 1,154 1,154Interest on lease liability - - 1,183 1,183Other non-cash movements 621 - 2 623Balance at 31 December 138 9,500 20,164 29,802Pension plansThe net liability from the defined benefit plan in Belgium is composed as follows:(x \u20ac 1,000) 2024 2023Fair value of plan assets 3,549 3,068Benefit obligations 3,687 3,214Net liability 138 146Reconciliation of net liability 2024 2023Balance at 1 January 146 135Charge recognized in P&L 284 208Remeasurement recognized in OCI (Income)/Loss 337 131Employer contributions -629 -328Balance at 31 December 138 146The movement of the fair value of plan asset in Belgium is as follows:(x \u20ac 1,000) 2024 2023Balance at 1 January 3,068 2,903Interest income on plan assets 100 93Return om scheme assets -92 -106Actual expenses -142 -60Employer contributions 629 328Employee contributions 11 6Benefits paid -25 -96Balance at 31 December 3,549 3,068The movement of the defined benefit obligation in Belgium is as follows:(x \u20ac 1,000) 2024 2023Balance at 1 January 3,214 3,038Net service cost 284 206Interest cost 99 95Employee contributions 11 6Benefits paid -25 -96Experience (gains) / losses 246 25Expenses -142 -60Balance at 31 December 3,687 3,214The assumptions used:- discount rate obligations 3.30%-3.40% 3.10%-3.20%- rate of annual salary increases including inflation 3.6% - 8.6% 2.2% - 7.2%Pension costsThe total cost for defined benefit plan in Belgium is as follows:(x \u20ac 1,000) 2024 2023Current service cost 284 206Net interest on Net Defined Benefit Liability (Asset) -1 2Total 283 208The following amounts have been recognized in other comprehensive income (OCI):(x \u20ac 1,000) 2024 2023Actuarial (gain)/loss due to liability expenses 337 131Remeasurement effect recognized in OCI 337 131In total the following movements have been recognized in the income statement and OCI:(x \u20ac 1,000) 2024 2023Balance at January 1 3,214 3,038Net service cost 284 206Interest cost 99 95Employee contributions 11 6Benefits paid -25 -96Experience (gains) / losses 246 25Expenses -142 -60Balance at December 31 3,687 3,214The fair value of the Belgian pension assets consists, as in 2023, 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 2024 and 2023 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 0.7m for 2025.",
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"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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"value": "LeasesWereldhave has entered into leasehold contracts as well as offices and car leases. During 2024 the following was recognized in the income statement:(x \u20ac 1,000) 2024 2023Interest on lease liabilities 1,183 1,040Variable lease payments not included in the measurement of lease liabilities -49 409Total 1,134 1,449The maturity of lease liabilities is as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023- up to 1 year 1,365 1,648- between 1 and 2 years 1,266 1,528- between 2 and 5 years 3,827 4,125- more than 5 years 76,465 71,632Total 82,923 78,933The 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.",
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"value": "20 Current tax liabilities(x \u20ac 1,000) 31 December 2024 31 December 2023Value added tax 3,899 1,879Dividend tax 2,700 - Social security tax 192 718Company tax 56 52Other tax 656 430Total 7,503 3,079Value added tax relates to the sales tax, invoiced to our tenants and payable to the tax authorities. The increase is due to timing of received invoices on CAPEX.The dividend tax is relating to an interim dividend paid by one of the companies within the Group.",
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"value": "21 Derivative financial instrumentsDerivative financial instruments are used to hedge foreign currency risks, interest rate risks or both and are not held for trading purposes.The Group uses cross currency interest swaps to hedge the foreign currency risk of interest-bearing liabilities denominated in foreign currency. These derivative financial instruments have been designated as hedging instruments in a cash flow hedge relationship for which hedge accounting is applied. To the extent that the hedge is effective, changes in the fair value of derivatives designated as hedging instruments in cash flow hedges are recognized in other comprehensive income and included within the cash flow hedge reserve in equity. Refer to note 22 for further details.The Group uses floating-to-fixed interest rate swaps, fixed-to-floating interest rate swaps or interest rate caps to hedge the exposure to interest rate risk. These derivative financial instruments are not designated as a hedging instrument and therefore accounted for at fair value through profit and loss. In 2024 a negative amount of \u20ac 3.9m was charged to the other financial income and expense (2023: \u20ac 4.1m negative) for the derivatives that were not designated as hedging instrument.All derivative financial instruments are stated at fair value at the end of the reporting period. The fair value has been determined by a calculation model based on contractual and market interest rates and classified as level 2 in the fair value hierarchy. In the models the counterparty risk has been considered via the non-current exposure method. The derivative financial instruments are considered short-term or long-term based on their settlement dates.The fair value of derivative financial instruments as included in the statement of financial position breaks down as follows:(x \u20ac 1,000) 31 December 2024 31 December 2023Interest rate swaps - cash flow hedge 4,515 2,077Interest rate swaps 6,125 10,646Interest rate caps - 1,264Embedded derivatives - 120Total non-current derivative financial instrument assets 10,640 14,107Interest rate swaps - cash flow hedge 2,324 13,775Interest rate swaps 938 - Interest rate caps 515 - Total current derivative financial instrument assets 3,777 13,775Total derivative financial instrument assets 14,417 27,882Interest rate swaps - cash flow hedge 12,068 18,543Interest rate swaps 367 1,326Embedded derivatives 879 465Total non-current derivative financial instrument liabilities 13,314 20,334Interest rate swaps - cash flow hedge 3,239 - Total current derivative financial instrument liabilities 3,239 - Total derivative financial instrument liabilities 16,553 20,334The Group held the following derivative financial instruments on reporting date:Effective interest Effective interest Fair value Fair value (x \u20ac 1,000) Currency Nominal amountreceivedpaidassets (EUR)liabilities (EUR)up to between between more than 1 year1 and 2 years2 and 5 years5 years2024Interest rate swaps - cash flow hedge USD 70,000 12,500 66,000 50,000 6.1% 4.6% 6,839 - Interest rate swaps - cash flow hedge GBP 15,000 - 30,000 35,000 4.1% 3.0% - 14,317Interest rate swaps - cash flow hedge CAD - - 20,000 - 4.0% 2.3% - 989Interest rate swaps EUR 40,000 89,000 182,000 55,000 0.7% 3.4% 7,063 367Interest rate caps EUR 30,000 - - - 2.2% - 515 - Embedded derivatives EUR - - 75,975 169,000 - 3.4% - 879Total 14,417 16,5522023Interest rate swaps - cash flow hedge USD 80,000 70,000 37,500 75,000 5.5% 4.2% 15,853 3,108Interest rate swaps - cash flow hedge GBP - 15,000 - 65,000 4.1% 3.0% - 14,698Interest rate swaps - cash flow hedge CAD - - 20,000 - 4.0% 2.3% - 737Interest rate swaps EUR - - - - 0.8% 3.9% 10,646 1,326Interest rate caps EUR - 30,000 - - 3.4% - 1,263 - Embedded derivatives EUR - - 75,975 65,000 - 2.3% 120 465Total 27,882 20,334In case of a floating rate, the effective interest is based on the last published interest rate for the period.",
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"value": "22 Financial risk managementWereldhave\u2019s financial risk management focuses on the unpredictable nature of the financial markets and aims to minimize adverse effects on the Group\u2019s financial position and performance. Financial risk management is predominantly managed by the Treasury department under policies approved by the Board of Management.Market 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.Interest rate riskThe interest rate risk arises from interest-bearing liabilities with floating interest rates and exposes the Group to cash flow interest rate risk. The policy is to maintain at least 50% of the total notional value of outstanding interest-bearing liabilities at fixed interest rates. The Group uses interest rate swaps or caps to hedge its exposure to floating interest rates to fixed interest rates. The unhedged portion of floating interest-bearing liabilities is exposed to the risk of changes in market interest rates. The exposure of the notional value of interest-bearing liabilities to interest rate changes at the end of the period is as follows:31 December 2024 31 December 2023(x \u20ac 1,000) Floating Fixed Floating Fixed- up to 1 year 36,050 90,735 42,750 101,470- between 1 and 2 years 56,600 73,072 50,000 85,714- between 2 and 5 years 220,000 296,406 248,200 244,639- more than 5 years - 182,589 30,000 139,978Notional interest-bearing liabilities 312,650 642,802 370,950 571,801% floating/fixed before hedging 33% 67% 39% 61%Hedging from floating to fixed -138,000 138,000 -108,000 108,000% floating/fixed after hedging 18% 82% 28% 72%Hedge accounting is not applied to derivates used for hedging the exposure to floating interest rates or embedded derivatives. These derivatives are accounted for at fair value through profit and loss. Refer to note 21 for further details.In addition, net interest decreased by \u20ac 8.8m (2023: \u20ac 7.8m) as a result of the derivative financial instruments for interest conversion.SensitivityAn increase in interest rate by 1% will impact the result and equity by \u20ac 3.1m (2023: \u20ac 3.7m) and earnings per share and asset value per share by \u20ac 0.06 (2023: \u20ac 0.08).Currency riskThe Groups functional currency is the Euro. Currency risk predominantly arises from interest-bearing liabilities denominated in a currency that is not the functional currency of the Group. The policy is to hedge 100% of the exposure to currency risk on interest-bearing liabilities. The Group uses cross currency interest rate swaps to hedge its exposure to foreign currencies. These derivative financial instruments have been designated as hedging instruments in a cash flow hedge relationship for which hedge accounting is applied. The exposure to other foreign exchange movements is not significant for the Group. Refer to note 31 for further details.The exposure of the notional value of interest-bearing liabilities to currency risk at the end of the period is as follows (excluding forward hedging instruments):up to between between more than (x \u20ac 1,000)1 year1 and 2 years2 and 5 years5 years Total31 December 2024Notional interest-bearing liabilitiesUSD 70,000 12,500 66,000 50,000 198,500GBP 15,000 - 30,000 35,000 80,000CAD - - 20,000 - 20,000Notional cross currency interest rate swapsUSD 70,000 12,500 66,000 50,000 198,500GBP 15,000 - 30,000 35,000 80,000CAD - - 20,000 - 20,000Hedge ratio 100% 100% 100% 100% 100%31 December 2023Notional interest-bearing liabilitiesUSD 80,000 70,000 37,500 - 187,500GBP - 15,000 - 65,000 80,000CAD - - 20,000 - 20,000Notional cross currency interest rate swapsUSD 80,000 70,000 37,500 - 187,500GBP - 15,000 - 65,000 80,000CAD - - 20,000 - 20,000Hedge ratio 100% 100% 100% 100% 100%The notional for cross currency interest rate swaps denominated in USD for 2023 excludes USD 75m relating to financing that settled in January 2024.Cash flow hedgesThe amounts at the reporting date relating to interest-bearing liabilities denominated in foreign currency and designated as hedged items were as follows:31 December 2024 31 December 2023Balance remaining Balance remaining in the cash flow hedge in the cash flow hedge reserve from hedging reserve from hedging relationships for which relationships for which Change in fair value for Balance of Cash flow Balance of Cost of hedge accounting is no Change in fair value for Balance of Cash flow Balance of Cost of hedge accounting is no (x \u20ac 1,000)measuring ineffectivenesshedge reservehedging reservelonger appliedmeasuring ineffectivenesshedge reservehedging reservelonger appliedUSD -5,906.00 -3,940 249 - -7,116 -1,625 -446 - GBP 381.00 -3,349 305 - -1,907 877 99 - CAD -252.00 -162 522 - -585 -298 650 - Total -5,777.00 -7,451 1,076 - -9,608 -1,046 303 - The amounts at the reporting date relating to derivative financial instruments designated as hedging instruments were as follows:31 December 2024Change of the value of Hedge ineffectiveness Amount reclassified from Amount reclassified from the hedging instrument recognized in profit Cost of hedging hedging reserve to profit cost of hedging reserve (x \u20ac 1,000) Nominal amount Carrying amount assets Carrying amount liabilitiesrecognized in OCIor lossrecognized in OCIor lossto profit or lossUSD 198,500 6,839 - -6,233 - 694 3,917 - GBP 80,000 - 14,317 175 - 207 -4,400 - CAD 20,000 - 989 -125 - -128 261 - Total 6,839 15,306 -6,183 - 773 -222 - 31 December 2023Change of the value of Hedge ineffectiveness Amount reclassified from Amount reclassified from the hedging instrument recognized in profit Cost of hedging hedging reserve to profit cost of hedging reserve (x \u20ac 1,000) Nominal amount Carrying amount assets Carrying amount liabilitiesrecognized in OCIor lossrecognized in OCIor lossto profit or lossUSD 262,500 15,853 3,108 4,162 278 -516 -6,175 - GBP 80,000 - 14,698 -5,665 - -84 1,921 - CAD 20,000 - 737 -331 - -64 -95 - Total 15,853 18,543 -1,834 278 -664 -4,349 - The following table provides the reconciliation by risk category of components of equity and analysis of other comprehensive income items resulting from cash flow hedge accounting:Cost of (x \u20ac 1,000) Hedging reservehedging reserveBalance at 1 January 2023 5,137 967Changes in fair value -1,834 -664Amounts reclassified to profit or loss -4,349 - Balance at 31 December 2023 -1,046 303Balance at 1 January 2024 -1,046 303Changes in fair value -6,183 773Amounts reclassified to profit or loss -222 - Balance at 31 December 2024 -7,451 1,076Hedge effectiveness measurementCumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk within the hedged item. In case of a perfect hedge all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. Hedge ineffectiveness may arise from changes in the credit risk of Wereldhave or the derivative counterparty.Liquidity riskThe Group manages its liquidity risk on a consolidated basis with cash generated from leases being a primary source of liquidity. The Board of Management monitors the liquidity headroom using a consolidated rolling forecast of expected cash flows which considers, amongst others, the income generated from in-place leases, projected capital expenditures, maturing interest-bearing liabilities as well as dividend distribution requirements and financing limits to comply with our fiscal status. Our liquidity headroom, consisting out of committed credit facilities and cash and cash equivalents, needs to ensure the Group can cover all obligations for at least 12-month period. Liquidity risk is furthermore managed by maintaining strong capital ratios in line with covenants (see note 17), keeping strong relationships with various international banks and financial markets and maintaining sufficient access to several committed credit facilities. Funding is spread across a diversity of financing instruments in both money markets and capital markets. Debt maturities are chosen in line with the long-term character of our assets. Consequently, the Group 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.Committed credit facilitiesAt the end of 2024 the Group has access to committed revolving credit facilities of \u20ac 460m (2023: \u20ac 405m) to manage its liquidity requirements.31 December 2024 31 December 2023(x \u20ac 1,000)Total Undrawn Total Undrawn- up to 1 year 30,000 13,000 - - - between 1 and 2 years 45,000 5,000 30,000 6,000- between 2 and 5 years 385,000 245,000 340,000 115,800- more than 5 years - - 35,000 5,000Undrawn on committed revolving credit facilities 460,000 263,000 405,000 126,800The average maturity of the committed revolving credit facilities at 31 December 2024 was 2.7 years (2023: 3.7 years).Maturities of financial liabilitiesThe amounts in the table are the contractual undiscounted cash flows. Amounts in foreign The following table shows the contractually agreed interest payments and principal currency are translated using the spot rate at the reporting date. The payment of floating repayments of non-derivative financial liabilities and the derivative financial instruments. rate interests have been calculated using the last published interest rate for the period. between between 31 December 2024up to 1 and 2 and more than Total contractual 1 year2 years5 years5 yearscash flow Carrying amount(x \u20ac 1,000)Trade payables 7,648 - - - 7,648 7,648Interest-bearing liabilities 183,250 146,479 578,554 192,224 1,100,507 953,142Lease liabilities 1,365 1,266 3,827 76,465 82,923 20,164Non-derivative financial liabilities 192,263 147,745 582,381 268,689 1,191,078 980,954Derivative financial instruments -7,039 -7,932 -8,637 3,959 -19,649 2,135Total 185,224 139,813 573,744 272,648 1,171,429 983,08931 December 2023Trade payables 8,791 - - - 8,791 8,791Interest-bearing liabilities 179,704 190,448 515,109 177,338 1,062,599 941,362Lease liabilities 1,648 1,528 4,125 71,632 78,933 19,094Non-derivative financial liabilities 190,143 191,976 519,234 248,970 1,150,323 969,247Derivative financial instruments -20,944 -517 -8,514 11,153 -18,822 -7,548Total 169,199 191,459 510,720 260,123 1,131,501 961,698The difference between the sum of the nominal principal values and the carrying amount For banks and financial institutions, the Group requires and investment grade credit rating to interest-bearing liabilities of \u20ac 2.3m (2023: \u20ac 2.1m) is due to the amortized costs. minimize the counterparty risk. In addition, the Group limits its credit exposure to a maximum of 20% of the outstanding interest-bearing liabilities from one single counterparty.In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 9m (2023: \u20ac 8m). Tenants are obliged to deposit cash or give Tenant receivablesa guarantee when entering a lease contract.For tenants the standard lease terms require that rent is being paid upfront, and every tenant\u2019s creditworthiness is verified as part of the lease approval process. The credit risk Credit riskrelated to lease contracts is further mitigated by bank guarantees or cash deposits received Credit risk arises from each class of financial assets in the event that a counterparty fails to fulfil from tenants. The maximum credit risk is the carrying amount less bank guarantees and its obligations, including derivatives and outstanding receivables from customers. The maximum deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and exposure is the carrying amount of these financial assets in our consolidated statement of determines via management reports the adequacy of the provision for doubtful debtors.financial position. Reference relating to the credit risk in the derivatives is made in note 21.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 2024:2024(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,755 43Past due less than 1 month 20% 357 72Past due between 1 and 3 months 55% 58 32Past due between 3 and 12 months 89% 2,739 2,436Past due over 12 months 86% 6,916 5,964Total 27,825 8,547The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2024 2023Balance at January 1 12,149 10,415Amounts written off -2,697 -456Net remeasurement of loss allowance -905 2,190Balance at December 31 8,547 12,149Trade 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 1.6m (2023: \u20ac 1.5m) and \u20ac 0.04 (2023: \u20ac 0.04) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 2.2m (2023: \u20ac 2.4m). As a result of such default, result per share would decrease by \u20ac 0.05 (2023 \u20ac 0.06).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.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 2024AssetsFinancial assets 9, 21 5,977 14,549 20,526Trade and other receivables 10 52,210 - 52,210Cash and cash equivalents 12 18,316 - 18,316Total 76,503 14,549 91,052LiabilitiesInterest bearing debts 17 953,142 - 953,142Tenants deposits 18 9,500 - 9,500Lease liabilities 18 20,164 - 20,164Derivative financial instruments 21 - 16,553 16,553Trade payables 85,128 - 85,128Total 1,067,934 16,553 1,084,48731 December 2023AssetsFinancial assets 9, 21 6,077 28,015 34,092Trade and other receivables 10 49,308 - 49,308Cash and cash equivalents 12 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 20,334 998,039Fair values of financial assets and liabilities are equal to the carrying amounts, unless mentioned otherwise in the separate notes. There are no financial assets and liabilities held for trading at fair value that are accounted for through profit and loss.Where applicable, specific risks and further characteristics per financial assets and liabilities are discussed in the related notes.Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 17m (2023: \u20ac 7m) with regard to investment properties under construction. The Group has undrawn committed credit facilities for an amount of \u20ac 263m (2023: \u20ac 127m).The maturity of the off-balance sheet liabilities is as follows:(x \u20ac 1,000) 2024 2023- up to 1 year 17,367 7,001Total 17,367 7,001",
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"f0__s8__6__96": {
"value": "Market 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.Interest rate riskThe interest rate risk arises from interest-bearing liabilities with floating interest rates and exposes the Group to cash flow interest rate risk. The policy is to maintain at least 50% of the total notional value of outstanding interest-bearing liabilities at fixed interest rates. The Group uses interest rate swaps or caps to hedge its exposure to floating interest rates to fixed interest rates. The unhedged portion of floating interest-bearing liabilities is exposed to the risk of changes in market interest rates. The exposure of the notional value of interest-bearing liabilities to interest rate changes at the end of the period is as follows:31 December 2024 31 December 2023(x \u20ac 1,000) Floating Fixed Floating Fixed- up to 1 year 36,050 90,735 42,750 101,470- between 1 and 2 years 56,600 73,072 50,000 85,714- between 2 and 5 years 220,000 296,406 248,200 244,639- more than 5 years - 182,589 30,000 139,978Notional interest-bearing liabilities 312,650 642,802 370,950 571,801% floating/fixed before hedging 33% 67% 39% 61%Hedging from floating to fixed -138,000 138,000 -108,000 108,000% floating/fixed after hedging 18% 82% 28% 72%Hedge accounting is not applied to derivates used for hedging the exposure to floating interest rates or embedded derivatives. These derivatives are accounted for at fair value through profit and loss. Refer to note 21 for further details.In addition, net interest decreased by \u20ac 8.8m (2023: \u20ac 7.8m) as a result of the derivative financial instruments for interest conversion.SensitivityAn increase in interest rate by 1% will impact the result and equity by \u20ac 3.1m (2023: \u20ac 3.7m) and earnings per share and asset value per share by \u20ac 0.06 (2023: \u20ac 0.08).Currency riskThe Groups functional currency is the Euro. Currency risk predominantly arises from interest-bearing liabilities denominated in a currency that is not the functional currency of the Group. The policy is to hedge 100% of the exposure to currency risk on interest-bearing liabilities. The Group uses cross currency interest rate swaps to hedge its exposure to foreign currencies. These derivative financial instruments have been designated as hedging instruments in a cash flow hedge relationship for which hedge accounting is applied. The exposure to other foreign exchange movements is not significant for the Group. Refer to note 31 for further details.The exposure of the notional value of interest-bearing liabilities to currency risk at the end of the period is as follows (excluding forward hedging instruments):up to between between more than (x \u20ac 1,000)1 year1 and 2 years2 and 5 years5 years Total31 December 2024Notional interest-bearing liabilitiesUSD 70,000 12,500 66,000 50,000 198,500GBP 15,000 - 30,000 35,000 80,000CAD - - 20,000 - 20,000Notional cross currency interest rate swapsUSD 70,000 12,500 66,000 50,000 198,500GBP 15,000 - 30,000 35,000 80,000CAD - - 20,000 - 20,000Hedge ratio 100% 100% 100% 100% 100%31 December 2023Notional interest-bearing liabilitiesUSD 80,000 70,000 37,500 - 187,500GBP - 15,000 - 65,000 80,000CAD - - 20,000 - 20,000Notional cross currency interest rate swapsUSD 80,000 70,000 37,500 - 187,500GBP - 15,000 - 65,000 80,000CAD - - 20,000 - 20,000Hedge ratio 100% 100% 100% 100% 100%The notional for cross currency interest rate swaps denominated in USD for 2023 excludes USD 75m relating to financing that settled in January 2024.Cash flow hedgesThe amounts at the reporting date relating to interest-bearing liabilities denominated in foreign currency and designated as hedged items were as follows:31 December 2024 31 December 2023Balance remaining Balance remaining in the cash flow hedge in the cash flow hedge reserve from hedging reserve from hedging relationships for which relationships for which Change in fair value for Balance of Cash flow Balance of Cost of hedge accounting is no Change in fair value for Balance of Cash flow Balance of Cost of hedge accounting is no (x \u20ac 1,000)measuring ineffectivenesshedge reservehedging reservelonger appliedmeasuring ineffectivenesshedge reservehedging reservelonger appliedUSD -5,906.00 -3,940 249 - -7,116 -1,625 -446 - GBP 381.00 -3,349 305 - -1,907 877 99 - CAD -252.00 -162 522 - -585 -298 650 - Total -5,777.00 -7,451 1,076 - -9,608 -1,046 303 - The amounts at the reporting date relating to derivative financial instruments designated as hedging instruments were as follows:31 December 2024Change of the value of Hedge ineffectiveness Amount reclassified from Amount reclassified from the hedging instrument recognized in profit Cost of hedging hedging reserve to profit cost of hedging reserve (x \u20ac 1,000) Nominal amount Carrying amount assets Carrying amount liabilitiesrecognized in OCIor lossrecognized in OCIor lossto profit or lossUSD 198,500 6,839 - -6,233 - 694 3,917 - GBP 80,000 - 14,317 175 - 207 -4,400 - CAD 20,000 - 989 -125 - -128 261 - Total 6,839 15,306 -6,183 - 773 -222 - 31 December 2023Change of the value of Hedge ineffectiveness Amount reclassified from Amount reclassified from the hedging instrument recognized in profit Cost of hedging hedging reserve to profit cost of hedging reserve (x \u20ac 1,000) Nominal amount Carrying amount assets Carrying amount liabilitiesrecognized in OCIor lossrecognized in OCIor lossto profit or lossUSD 262,500 15,853 3,108 4,162 278 -516 -6,175 - GBP 80,000 - 14,698 -5,665 - -84 1,921 - CAD 20,000 - 737 -331 - -64 -95 - Total 15,853 18,543 -1,834 278 -664 -4,349 - The following table provides the reconciliation by risk category of components of equity and analysis of other comprehensive income items resulting from cash flow hedge accounting:Cost of (x \u20ac 1,000) Hedging reservehedging reserveBalance at 1 January 2023 5,137 967Changes in fair value -1,834 -664Amounts reclassified to profit or loss -4,349 - Balance at 31 December 2023 -1,046 303Balance at 1 January 2024 -1,046 303Changes in fair value -6,183 773Amounts reclassified to profit or loss -222 - Balance at 31 December 2024 -7,451 1,076Hedge effectiveness measurementCumulative change in fair value of the hedged item will be measured by a so-called hypothetical derivative. This hypothetical derivative has a zero fair value at the hedge inception and represents hedged risk within the hedged item. In case of a perfect hedge all parameters of the hedging instrument match the parameters of the hedged item and the hedging instrument\u2019s fair value is zero at the hedge inception, the hypothetical derivative is a mirror to the hedging instrument. Hedge ineffectiveness may arise from changes in the credit risk of Wereldhave or the derivative counterparty.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__95": {
"value": "Liquidity riskThe Group manages its liquidity risk on a consolidated basis with cash generated from leases being a primary source of liquidity. The Board of Management monitors the liquidity headroom using a consolidated rolling forecast of expected cash flows which considers, amongst others, the income generated from in-place leases, projected capital expenditures, maturing interest-bearing liabilities as well as dividend distribution requirements and financing limits to comply with our fiscal status. Our liquidity headroom, consisting out of committed credit facilities and cash and cash equivalents, needs to ensure the Group can cover all obligations for at least 12-month period. Liquidity risk is furthermore managed by maintaining strong capital ratios in line with covenants (see note 17), keeping strong relationships with various international banks and financial markets and maintaining sufficient access to several committed credit facilities. Funding is spread across a diversity of financing instruments in both money markets and capital markets. Debt maturities are chosen in line with the long-term character of our assets. Consequently, the Group 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.Committed credit facilitiesAt the end of 2024 the Group has access to committed revolving credit facilities of \u20ac 460m (2023: \u20ac 405m) to manage its liquidity requirements.31 December 2024 31 December 2023(x \u20ac 1,000)Total Undrawn Total Undrawn- up to 1 year 30,000 13,000 - - - between 1 and 2 years 45,000 5,000 30,000 6,000- between 2 and 5 years 385,000 245,000 340,000 115,800- more than 5 years - - 35,000 5,000Undrawn on committed revolving credit facilities 460,000 263,000 405,000 126,800The average maturity of the committed revolving credit facilities at 31 December 2024 was 2.7 years (2023: 3.7 years).Maturities of financial liabilitiesThe amounts in the table are the contractual undiscounted cash flows. Amounts in foreign The following table shows the contractually agreed interest payments and principal currency are translated using the spot rate at the reporting date. The payment of floating repayments of non-derivative financial liabilities and the derivative financial instruments. rate interests have been calculated using the last published interest rate for the period. between between 31 December 2024up to 1 and 2 and more than Total contractual 1 year2 years5 years5 yearscash flow Carrying amount(x \u20ac 1,000)Trade payables 7,648 - - - 7,648 7,648Interest-bearing liabilities 183,250 146,479 578,554 192,224 1,100,507 953,142Lease liabilities 1,365 1,266 3,827 76,465 82,923 20,164Non-derivative financial liabilities 192,263 147,745 582,381 268,689 1,191,078 980,954Derivative financial instruments -7,039 -7,932 -8,637 3,959 -19,649 2,135Total 185,224 139,813 573,744 272,648 1,171,429 983,08931 December 2023Trade payables 8,791 - - - 8,791 8,791Interest-bearing liabilities 179,704 190,448 515,109 177,338 1,062,599 941,362Lease liabilities 1,648 1,528 4,125 71,632 78,933 19,094Non-derivative financial liabilities 190,143 191,976 519,234 248,970 1,150,323 969,247Derivative financial instruments -20,944 -517 -8,514 11,153 -18,822 -7,548Total 169,199 191,459 510,720 260,123 1,131,501 961,698The difference between the sum of the nominal principal values and the carrying amount For banks and financial institutions, the Group requires and investment grade credit rating to interest-bearing liabilities of \u20ac 2.3m (2023: \u20ac 2.1m) is due to the amortized costs. minimize the counterparty risk. In addition, the Group limits its credit exposure to a maximum of 20% of the outstanding interest-bearing liabilities from one single counterparty.In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 9m (2023: \u20ac 8m). Tenants are obliged to deposit cash or give Tenant receivablesa guarantee when entering a lease contract.For tenants the standard lease terms require that rent is being paid upfront, and every",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__90": {
"value": "In addition to the financial liabilities mentioned above Wereldhave has a tenant deposit liability for an amount of \u20ac 9m (2023: \u20ac 8m). Tenants are obliged to deposit cash or give Tenant receivablesa guarantee when entering a lease contract.For tenants the standard lease terms require that rent is being paid upfront, and every tenant\u2019s creditworthiness is verified as part of the lease approval process. The credit risk Credit riskrelated to lease contracts is further mitigated by bank guarantees or cash deposits received Credit risk arises from each class of financial assets in the event that a counterparty fails to fulfil from tenants. The maximum credit risk is the carrying amount less bank guarantees and its obligations, including derivatives and outstanding receivables from customers. The maximum deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and exposure is the carrying amount of these financial assets in our consolidated statement of determines via management reports the adequacy of the provision for doubtful debtors.financial position. Reference relating to the credit risk in the derivatives is made in note 21.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 2024:2024(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,755 43Past due less than 1 month 20% 357 72Past due between 1 and 3 months 55% 58 32Past due between 3 and 12 months 89% 2,739 2,436Past due over 12 months 86% 6,916 5,964Total 27,825 8,547The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2024 2023Balance at January 1 12,149 10,415Amounts written off -2,697 -456Net remeasurement of loss allowance -905 2,190Balance at December 31 8,547 12,149Trade 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 1.6m (2023: \u20ac 1.5m) and \u20ac 0.04 (2023: \u20ac 0.04) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 2.2m (2023: \u20ac 2.4m). As a result of such default, result per share would decrease by \u20ac 0.05 (2023 \u20ac 0.06).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:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__94": {
"value": "credit risk Credit riskrelated to lease contracts is further mitigated by bank guarantees or cash deposits received Credit risk arises from each class of financial assets in the event that a counterparty fails to fulfil from tenants. The maximum credit risk is the carrying amount less bank guarantees and its obligations, including derivatives and outstanding receivables from customers. The maximum deposits received from tenants. Wereldhave monitors this creditworthiness per tenant and exposure is the carrying amount of these financial assets in our consolidated statement of determines via management reports the adequacy of the provision for doubtful debtors.financial position. Reference relating to the credit risk in the derivatives is made in note 21.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 2024:2024(x \u20ac 1,000) Expected loss rate Gross carrying amount ProvisionDue 0% 17,755 43Past due less than 1 month 20% 357 72Past due between 1 and 3 months 55% 58 32Past due between 3 and 12 months 89% 2,739 2,436Past due over 12 months 86% 6,916 5,964Total 27,825 8,547The movement in the loss allowance for trade receivables during the year was as follows.(x \u20ac 1,000) 2024 2023Balance at January 1 12,149 10,415Amounts written off -2,697 -456Net remeasurement of loss allowance -905 2,190Balance at December 31 8,547 12,149Trade 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 1.6m (2023: \u20ac 1.5m) and \u20ac 0.04 (2023: \u20ac 0.04) on the result per share. If 10% of debtors would default on payment, this would impact results by a maximum of \u20ac 2.2m (2023: \u20ac 2.4m). As a result of such default, result per share would decrease by \u20ac 0.05 (2023 \u20ac 0.06).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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__93": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 17m (2023: \u20ac 7m) with regard to investment properties under construction. The Group has undrawn committed credit facilities for an amount of \u20ac 263m (2023: \u20ac 127m).The maturity of the off-balance sheet liabilities is as follows:(x \u20ac 1,000) 2024 2023- up to 1 year 17,367 7,001Total 17,367 7,001",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__92": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 17m (2023: \u20ac 7m) with regard to investment properties under construction. The Group has undrawn committed credit facilities for an amount of \u20ac 263m (2023: \u20ac 127m).The maturity of the off-balance sheet liabilities is as follows:(x \u20ac 1,000) 2024 2023- up to 1 year 17,367 7,001Total 17,367 7,001",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__91": {
"value": "Off balance sheet assets and liabilitiesThe Group has contracted capital commitments for an amount of \u20ac 17m (2023: \u20ac 7m) with regard to investment properties under construction. The Group has undrawn committed credit facilities for an amount of \u20ac 263m (2023: \u20ac 127m).The maturity of the off-balance sheet liabilities is as follows:(x \u20ac 1,000) 2024 2023- up to 1 year 17,367 7,001Total 17,367 7,001",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__97": {
"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)2024Assets measured at fair valueInvestment property in operation 2,245,426 - - 2,245,426Investment property under construction - - - - Financial assetsDerivative financial instruments 14,417 - 14,417 - Liabilities for which the fair value has been disclosedInterest bearing debt 947,037 - 947,037 - Derivative financial instruments 16,553 - 16,553 - 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 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__100": {
"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 6.4% in 2024 (2023: 7.2%).Rental income based on turnover of the tenant amounts to 5.3% (2023: 5.1%) of gross rental income. Lease incentives provided to tenants amounts to 2.3% (2023: 2.6%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.9m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2024 is shown in the following table (lease contracts with turnover related clauses are accounted for assuming the base rent only):(x \u20ac 1,000) 2024 2023- up to 1 year 148,615 150,732- between 1 and 2 years 131,662 134,778- between 2 and 3 years 116,918 121,269- between 3 and 4 years 101,473 103,746- between 4 and 5 years 80,440 86,369- more than 5 years 221,470 218,721",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__99": {
"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 6.4% in 2024 (2023: 7.2%).Rental income based on turnover of the tenant amounts to 5.3% (2023: 5.1%) of gross rental income. Lease incentives provided to tenants amounts to 2.3% (2023: 2.6%) of gross rental income.A change in the average occupancy rate by 0.5% results in a change of gross rental income by \u20ac 0.9m (excluding impact service costs).The aggregate contractual rent from lease contracts as at 31 December 2024 is shown in the following table (lease contracts with turnover related clauses are accounted for assuming the base rent only):(x \u20ac 1,000) 2024 2023- up to 1 year 148,615 150,732- between 1 and 2 years 131,662 134,778- between 2 and 3 years 116,918 121,269- between 3 and 4 years 101,473 103,746- between 4 and 5 years 80,440 86,369- more than 5 years 221,470 218,721",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__102": {
"value": "25 Property expenses(x \u20ac 1,000) 2024 2023Property maintenance 534 735Property taxes 4,077 3,709Insurance premiums 1,002 1,141Property management 8,573 7,251Leasing expenses 747 835Doubtful debt -441 2,190Promotion costs 6,171 5,524Other operating costs 1,167 1,880Total 21,830 23,265Doubtful debt expenses decreased over 2024 as there was a slight improvement in the ageing of the receivables, various settlements of old balances and a low impact of bankruptcies in 2024 on doubtful debt. Other operating costs includes amongst other parking costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__101": {
"value": "25 Property expenses(x \u20ac 1,000) 2024 2023Property maintenance 534 735Property taxes 4,077 3,709Insurance premiums 1,002 1,141Property management 8,573 7,251Leasing expenses 747 835Doubtful debt -441 2,190Promotion costs 6,171 5,524Other operating costs 1,167 1,880Total 21,830 23,265Doubtful debt expenses decreased over 2024 as there was a slight improvement in the ageing of the receivables, various settlements of old balances and a low impact of bankruptcies in 2024 on doubtful debt. Other operating costs includes amongst other parking costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__105": {
"value": "28 General costs(x \u20ac 1,000) 2024 2023Salaries and social security contributions 15,128 15,791Pension costs 1,681 1,421Other employee costs 1,960 2,373Audit and advisory fees 2,287 2,429Office costs 1,493 1,228Equity-settled share-based payments 1,740 1,752IT Costs 1,758 4,035Depreciation fixed assets 1,178 1,338Other general costs 4,047 3,48931,272 33,856Allocated and recharged -17,098 -15,215Total 14,174 18,641The allocation and recharges relate to expenses charged to third parties (\u20ac 2.9m) and allocation of costs to property expenses (\u20ac 7.4m) and developments projects (\u20ac 6.8m).Salaries and social security contributions in 2024 includes severance payments following organizational changes in the Netherlands and Belgium of \u20ac 0.9m. During the year 2024 an average of 122 persons (2023: 117) based on full-time basis were employed by the Group, of which 64 (2023: 61) in the Netherlands and 58 (2023: 56) abroad.Share schemesThe Company grants to the Board of Management and key employees a long-term incentive (\u2018LTI\u2019) 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 vested shares are partially subject to holding period of maximum of two years. For the Board of Management, the vesting and performance period is three years and vested shares are subject to a two year holding period.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 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 Board of Management 2024 26-4-2024 26-4-2027 13.10 14.76LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18LTI Key employees 2023 25-4-2023 25-4-2025 13.55 21.83LTI Key employees 2024 26-4-2024 26-4-2026 13.10 13.47Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90Share plan employees 2023 24-4-2023 24-4-2025 14.74 14.74Share plan employees 2024 25-4-2024 25-4-2026 14.18 14.18The movements in performance shares during the year is as follows:2024 2023Outstanding at 1 January 214,172 223,781Granted during the year 234,196 107,135Vested during the year -191,999 -60,997Forfeited during the year -205 -55,747Outstanding at 31 December 256,164 214,172Audit feesIn 2024 Wereldhave N.V. and its subsidiaries have accounted for the following costs from the Group auditor KPMG:(x \u20ac 1,000) 2024 2024 2023 2023KPMG KPMG Accountants Other KPMG Accountants Other KPMG N.V.networkN.V.networkAudit of the Annual Accounts 423 320 415 327Other assurance services 9 14 10 12Total 432 334 425 339KPMG 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. The fees mentioned in the table for the audit of the financial statements (and other audit engagements) are related to the work performed during the reporting period by the external auditor.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__106": {
"value": "During the year 2024 an average of 122 persons (2023: 117) based on full-time basis were employed by the Group, of which 64 (2023: 61) in the Netherlands and 58 (2023: 56) abroad.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__107": {
"value": "Share schemesThe Company grants to the Board of Management and key employees a long-term incentive (\u2018LTI\u2019) 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 vested shares are partially subject to holding period of maximum of two years. For the Board of Management, the vesting and performance period is three years and vested shares are subject to a two year holding period.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 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 Board of Management 2024 26-4-2024 26-4-2027 13.10 14.76LTI Key employees 2022 27-4-2022 27-4-2024 15.96 29.18LTI Key employees 2023 25-4-2023 25-4-2025 13.55 21.83LTI Key employees 2024 26-4-2024 26-4-2026 13.10 13.47Share plan employees 2022 26-4-2022 26-4-2024 16.90 16.90Share plan employees 2023 24-4-2023 24-4-2025 14.74 14.74Share plan employees 2024 25-4-2024 25-4-2026 14.18 14.18The movements in performance shares during the year is as follows:2024 2023Outstanding at 1 January 214,172 223,781Granted during the year 234,196 107,135Vested during the year -191,999 -60,997Forfeited during the year -205 -55,747Outstanding at 31 December 256,164 214,172",
"dimensions": {
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s8__6__108": {
"value": "29 Other income and expensesOther income and expenses \u20ac -0.1m (2023: \u20ac -0.6m) relates to investment and divestment activities, project related and other costs that cannot be directly linked to the operational activities (\u20ac -0.5m) and the proceeds from liquidation distribution of a former investment in Belgium (\u20ac 0.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__115": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__114": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__113": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__112": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__111": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s8__6__110": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s8__6__109": {
"value": "30 Net interest(x \u20ac 1,000) 2024 2023Interest paid -36,032 -29,876Interest on lease liability -1,183 -1,040Capitalized interest 940 601Amortized costs loans -585 -707Total interest charges -36,860 -31,021Interest received 276 - Total -36,584 -31,021Capitalized interest in connection with developments is based on the Group\u2019s weighted average cost of debt. During 2024, the range of weighted average interest rates used was 3.4% - 3.6% (2023: 2.5% - 3.4%). The average nominal interest rate at year end 2024 was 3.5% (2023: 3.5%). The line item \u2018interest paid\u2019 includes costs related to fees paid for undrawn parts of committed financing facilities amounting to \u20ac 1.8m (2023: \u20ac 1.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__116": {
"value": "31 Other financial income and expenses(x \u20ac 1,000) 2024 2023Exchange rate differences 10 -55Fair value changes derivative instruments -4,276 -3,793Total -4,266 -3,848The change in fair value of derivative instruments during 2024 was primarily driven by a combined effect of changes in interest rates and the passage of time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s8__6__117": {
"value": "32 Income tax(x \u20ac 1,000) 2024 2023Result before tax 136,124 89,589Income tax rate for REIT 0% 0%Expected income tax for REIT - - Tax effect of amounts not deductible (taxable) in calculating taxable incomeRecognition of fiscal losses 3,903 -Tax on non-REIT income -262 -268Adjustment prior periods -1 -12Income tax 3,640 -280Weighted average tax rate -2.7% 0.3%For 2024 the current tax charge is \u20ac -0.3m (2023: \u20ac -0.3m) and the deferred tax charge is \u20ac 3.9m (2023: 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 (2023: none).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__119": {
"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 2024 amounts to \u20ac 242.6m (2023: \u20ac 234.8m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary shares ordinary shares held by Corporate held by parent held by the non-controlling NameSeat(%)group (%)interests (%)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, 1Wereldhave Management Holding B.V.Netherlands 100.00 - - Amsterdam, 1Wereldhave 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 33.65 33.07 33.28Vilvoorde, 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 - - 1 Entities merged with effective date of January 1st, 2025.Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2024 31 December 2023Summarized balance sheetCurrent assets 41,051 45,700Current liabilities -85,972 -75,599Total current net assets -44,921 -29,899Non-current assets 1,005,920 969,168Non-current liabilities -232,183 -245,570Total non-current net assets 773,737 723,598Net assets 728,816 693,699(x \u20ac 1,000) 2024 2023Summarized income statementRevenue 68,240 64,343Profit before income tax 71,989 29,294Income tax expense/income -101 -73Post tax profit from continuing operations 71,888 29,221Other Comprehensive Income -337 -131Total Comprehensive Income 71,551 29,090Total Comprehensive Income allocated to non-controlling interest 23,812 9,884Dividend paid to non-controlling interest 12,329 12,653Summarized cash flows(x \u20ac 1,000) 2024 2023Cash flows from operating activitiesCash generated from operations 49,267 45,456Interest paid -8,721 -7,675Net cash generated from operating activities 40,546 37,583Net cash used in investment activities -9,282 -14,932Net cash used in financing activities -39,732 -15,571Net increase in cash and cash equivalents and bank overdrafts -8,468 7,277Cash, cash equivalents and bank overdrafts at beginning of the year 17,693 10,415Cash and cash equivalents and bank overdrafts at end of the year 9,225 17,693",
"dimensions": {
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s8__6__118": {
"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 2024 amounts to \u20ac 242.6m (2023: \u20ac 234.8m).List of SubsidiariesProportion of Proportion of Proportion of ordinary shares ordinary shares ordinary shares held by Corporate held by parent held by the non-controlling NameSeat(%)group (%)interests (%)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, 1Wereldhave Management Holding B.V.Netherlands 100.00 - - Amsterdam, 1Wereldhave 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 33.65 33.07 33.28Vilvoorde, 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 - - 1 Entities merged with effective date of January 1st, 2025.Summarized financial information for Wereldhave Belgium(x \u20ac 1,000) 31 December 2024 31 December 2023Summarized balance sheetCurrent assets 41,051 45,700Current liabilities -85,972 -75,599Total current net assets -44,921 -29,899Non-current assets 1,005,920 969,168Non-current liabilities -232,183 -245,570Total non-current net assets 773,737 723,598Net assets 728,816 693,699(x \u20ac 1,000) 2024 2023Summarized income statementRevenue 68,240 64,343Profit before income tax 71,989 29,294Income tax expense/income -101 -73Post tax profit from continuing operations 71,888 29,221Other Comprehensive Income -337 -131Total Comprehensive Income 71,551 29,090Total Comprehensive Income allocated to non-controlling interest 23,812 9,884Dividend paid to non-controlling interest 12,329 12,653Summarized cash flows(x \u20ac 1,000) 2024 2023Cash flows from operating activitiesCash generated from operations 49,267 45,456Interest paid -8,721 -7,675Net cash generated from operating activities 40,546 37,583Net cash used in investment activities -9,282 -14,932Net cash used in financing activities -39,732 -15,571Net increase in cash and cash equivalents and bank overdrafts -8,468 7,277Cash, cash equivalents and bank overdrafts at beginning of the year 17,693 10,415Cash and cash equivalents and bank overdrafts at end of the year 9,225 17,693",
"dimensions": {
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"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__120": {
"value": "The total amount of non-controlling interest at year-end 2024 amounts to \u20ac 242.6m (2023: \u20ac 234.8m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s8__6__122": {
"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 holdersof ordinary shares and the average number of ordinary shares in issue during the year.(x \u20ac 1,000) 2024 2023Result attributable to shareholders of the company 115,840 79,421Number of issued shares as at January 1 43,661,957 40,167,756Effect of purchased shares for remuneration on weighted average -28,683 -114,008Effect of shares issued during the year - 266,687Weighted average number of shares for fiscal year 43,633,274 40,320,434Potential ordinary shares to be issued 84,105 68,493Weighted average number of diluted shares for fiscal year 43,717,379 40,388,927Basic earnings per share 2.66 1.97Diluted earnings per share 2.65 1.97The 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 (\u2018TSR\u2019) and GRESB would have been met based on the company\u2019s performance at 31 December 2024 and to the extent to which they are dilutive. See note 37 for the proposed dividend for 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__125": {
"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 for members of the Supervisory Board was last approved by the Annual General Meeting on 24 April 2024. Remuneration is indexed annually with the consumer price index.(x \u20ac 1,000) 2024 2023F. Dechesne 78 82H. Brand 64 69W. Bontes 66 42Total 208 193The 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 policy for the Board of Management was last approved by the General Meeting of Shareholders on 24 April 2020. The remuneration of the Board of Management consists of a fixed component and a variable component. The variable component consists of a short-term incentive (\u2018STI\u2019) and long-term incentive (\u2018LTI\u2019). Refer for further details to the remuneration policy as published on the website seperately.2024 2023A.W. A.W. (x \u20ac 1,000) M. Stormde Vreede Total M. Stormde Vreede TotalFixed income 641 463 1,104 641 463 1,104STI 351 259 610 368 265 6331LTI581 419 1,000 574 415 989Other compensation 100 37 137 - - - Pension and pension compensation 94 74 168 89 75 164Company car and other fringe benefits 24 19 43 24 20 44Extraordinary items 2 - 2 64 53 117Social charges 16 16 32 15 15 30Total 1,809 1,287 3,096 1,775 1,306 3,0811 Expense during period for equity-settled share-based payments in accordance with accounting policies.Mr. Storm holds a total of 128,197 shares at 31 December 2024 of which 86,088 from the unvested long-term incentive plans and 42,109 vested shares subject to a holding period. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,763,991 based on the closing stock exchange price of \u20ac 13.76 per share as per 31 December 2024.Mr. de Vreede holds a total of 100,534 shares at 31 December 2024, of which 62,139 from the unvested long-term incentive plans, 30,395 vested shares that are subject to a holding period and 8,000 shares that are unconditional due to private investment. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 1,383,348 based on the closing stock exchange price of \u20ac 13.76 per share as per 31 December 2024.The other compensation is received for positions held at Wereldhave Belgium N.V. in 2024. Mr. Storm receives a fixed remuneration of \u20ac 100,000 as CEO and Mr. de Vreede receives a remuneration of \u20ac 36,500 as non-executive board member and member of the audit as well as remuneration committee. The Supervisory Board has approved the separate appointments, also in view of the contractual right of members of the Board of Management to accept a limited number of third-party board positions.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__126": {
"value": "Remuneration of the members of the Board of ManagementThe remuneration policy for the Board of Management was last approved by the General Meeting of Shareholders on 24 April 2020. The remuneration of the Board of Management consists of a fixed component and a variable component. The variable component consists of a short-term incentive (\u2018STI\u2019) and long-term incentive (\u2018LTI\u2019). Refer for further details to the remuneration policy as published on the website seperately.2024 2023A.W. A.W. (x \u20ac 1,000) M. Stormde Vreede Total M. Stormde Vreede TotalFixed income 641 463 1,104 641 463 1,104STI 351 259 610 368 265 6331LTI581 419 1,000 574 415 989Other compensation 100 37 137 - - - Pension and pension compensation 94 74 168 89 75 164Company car and other fringe benefits 24 19 43 24 20 44Extraordinary items 2 - 2 64 53 117Social charges 16 16 32 15 15 30Total 1,809 1,287 3,096 1,775 1,306 3,0811 Expense during period for equity-settled share-based payments in accordance with accounting policies.Mr. Storm holds a total of 128,197 shares at 31 December 2024 of which 86,088 from the unvested long-term incentive plans and 42,109 vested shares subject to a holding period. The current value of the shares owned by Mr. Storm amounts to \u20ac 1,763,991 based on the closing stock exchange price of \u20ac 13.76 per share as per 31 December 2024.Mr. de Vreede holds a total of 100,534 shares at 31 December 2024, of which 62,139 from the unvested long-term incentive plans, 30,395 vested shares that are subject to a holding period and 8,000 shares that are unconditional due to private investment. The current fair value of the shares owned by Mr. de Vreede amounts to \u20ac 1,383,348 based on the closing stock exchange price of \u20ac 13.76 per share as per 31 December 2024.The other compensation is received for positions held at Wereldhave Belgium N.V. in 2024. Mr. Storm receives a fixed remuneration of \u20ac 100,000 as CEO and Mr. de Vreede receives a remuneration of \u20ac 36,500 as non-executive board member and member of the audit as well as remuneration committee. The Supervisory Board has approved the separate appointments, also in view of the contractual right of members of the Board of Management to accept a limited number of third-party board positions.The Company has not granted loans, advances or financial guarantees to members of the Board of Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__127": {
"value": "39 Events after balance sheet dateIn January 2025, the Group renewed a revolving credit facility of \u20ac 50m, which matures in 2030 now. On 10 February 2025, the Company executed the sale agreement for Winkelhof in Leiderdorp. The gross proceeds amount to \u20ac 56m and transfer of the asset is scheduled to be completed in the second quarter of 2025.On 13 February 2025, the Company acquired two shopping centers in Luxembourg from Nextensa N.V. The 67% owned subsidiary Wereldhave Belgium N.V. acquired Knauf Shopping Pommerloch and Wereldhave N.V. acquired Knauf Shopping Schmiede. The total purchase price for the two centers amounts to \u20ac 167m, including transaction costs. The transaction in Belgium was financed through \u20ac 100m newly raised unsecured debt. The acquisition by Wereldhave N.V. was partially settled by issuance of \u20ac 35m in 2,206,838 new ordinary shares via a contribution in kind and partially with \u20ac 28m drawn from existing credit facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500YRQCY3BD9RJZ92",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}