Aedifica Sicafi Bruxelle (AEDFF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. I hope everybody hears us loud and clear. Welcome to the annual results presentation for 2023. Starting first of all with some practical comments. We will walk you through a presentation as the first part of this conference, and then there will be time available for a Q&A after the presentation. The presentation itself will be based on a selected number of slides from the Roadshow slide deck. The full slide deck is available on the website as of now. So I think that we can start without further ado and I'll let Ingrid start with commenting on the 2023 results. Ingrid, it's yours. So good morning, probably already had the chance to have a look on our press release that was issued this morning, but we will quickly go to the income statement. So we reported EPRA earnings of 290 million, an increase of 21% compared to the previous year. When you take into account the increased number of shares following the capital increase, this leads to an EPRA earnings per share of 5.02 euros. compared to the 4.76 of previous year. So rental income was up with 15%. The EBIT margin slightly improved from 84.6% towards 84.9%, an increase of 16% in the operating results. Then there was an increase in the financial charges, taking into account the increased interest rates. but the average cost of debt remained at a very decent level of 1.9%. Then we have the current taxes, where we have some unusual movements this year related to the FBE status in the Netherlands. So we received a refund for the period 2016 to 2021, and this was reflecting an amount of 9 million. On top of that, also for 2023, no current taxes were booked in the Dutch entities. As most of you are aware, this regime is expected to disappear from the 1st of January 2025. Then we start including the ...