Aedifica Sicafi Bruxelle (AEDFF) Q2 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

You will find the full slide deck on the website as usual, but we will walk you through, of course, the financial slides and then add some more color to some of the portfolio slides. So I suggest that without further ado, I can pass on to Ingrid and she'll explain to you the financials that we made public this morning. Okay, good morning. So first of all, the income statement and the APRA earnings. So we reported APRA earnings of 85.8 million. When you express that on the denominator, it's still standing at 36 million of average shares over the first six months of this financial year. This will give you an APRA EPS of 2.36 euros per share. So the nominal amount of the upper earnings, the 85.8, is an increase of 27% compared to the previous year. When we look a little bit more into detail, rental income went up with 21%, so standing at 130 million. The operating charges were well under control, as demonstrated by an increasing EBIT margin of 84%. Then we have the financial charges, 15.6 million, a bit below the amount of last year, on the back of an average cost of debt that also went down and that stands at 1.3% at the end of June. There's an increasing impact of the corporate taxes related to the fact that the portfolio is growing outside of Belgium, where corporate taxes are paid. And the net result, a net result of 239 million, mainly driven by the changes in fair value of the investment properties of 160 million. On a like-for-like basis, there's an increase in the fair value of the investment properties of 2.5%. This half year, we also noted the impact of the increase of the long-term interest rates on the fair value changes in the financial assets and liability that went up with 65 million. So the net result per share stands at 6.57 euros per share. And a littl...