Nextensa: Half-year financial report 2023
REGULATED INFORMATION
Brussels, 17 August 2023
5:40 PM
NEXTENSA: HALF-YEAR FINANCIAL REPORT 2023
HIGHLIGHTS
For the first half of the financial year 2023, we note the following key information:
• Result: Net result (group share) amounts to €17.1M or €1.71 per share compared to €30.8M or €3.08 per share as at 30 June 2022. This difference is largely attributable to a substantially lower revaluation result on the financial assets and liabilities and to the (one-off) gain on the sale of the Monnet building in H1 of 2022.
• Strong investment portfolio: Nevertheless, rental income continues to increase with €1.9M in the first half of 2023 compared to the first half of 2022, despite the sales of several buildings in 2022. This increase is mainly due to the signing of new leases for vacant spaces in Belgium and Luxembourg, indexation in Belgium, Luxembourg and Austria, the 100% occupancy in Austria and the many events taking place at the Tour & Taxis site. These effects produced like-for-like rental growth of 13%. Only a slight devaluation by 0.43% of fair value was recorded.
• Successful sale of Treesquare: The Treesquare building located on the De Meeûssquare in the European district of Brussels was sold in early Q2 to the German KGAL Investment Management for a net price of €43.7 million, representing a capital gain of €2M and a yield of 4.23%.
• Rotation of investment portfolio: The portfolio was expanded with a building located at Avenue Monterey 18 in Luxembourg City, the neighbour of Nextensa’s office building Monterey 20. A sustainable redevelopment of both buildings into a wooden office building of about 3,000 m2 - inspired by the Monteco building in Brussels - is being prepared.
• Innovative developments: The operating result of the development projects amounts to €9.6 M, being only €2.2 M lower compared to H1 2022, despite the difficult market conditions. Of the 346 apartments of Park Lane phase II at Tour & Taxis, half have already been reserved or sold. Some 100 deeds have already been passed. Despite a decline in the sale of apartments in Luxembourg, the developments at Cloche d’Or make a positive contribution of € 8.0M.
• Active financial management: Only limited increase in financial costs (+ €1.9 M) given the active hedging strategy (hedge ratio of 71% on 30/06/2023). By reducing the debt ratio to 44.09%, the rising interest rates have less negative impact on the results. Several expired credit lines were successfully extended or will be extended.
• Active internal management: Decrease in overhead costs by €0.5M or 9% compared to H1 2022, against the background of a nonetheless inflationary environment.
FOR MORE INFORMATION
Michel Van Geyte | Chief Executive Officer
Gare Maritime, Rue Picard 11, B505, 1000 Brussels
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ABOUT NEXTENSA
Nextensa is a mixed-use real estate investor and developer.
The company’s investment portfolio is divided between the Grand Duchy of Luxembourg (44%), Belgium (41%) and Austria (15%); its total value as of 30/06/2023 was approximately € 1.27 billion.
As a developer, Nextensa is primarily active in shaping large urban developments. At Tour & Taxis (development of over 350,000 sqm) in Brussels, Nextensa is building a mixed neighbourhood consisting of a revaluation of iconic buildings and new constructions. In Luxembourg (Cloche d’Or), it is working in partnership on a major urban extension of more than 400,000 sqm consisting of offices, retail and residential buildings.
The company is listed on Euronext Brussels and has a market capitalization of €442.1 million (value 30/06/2023).
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