A N N U A L R E P O R T
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Content
01.
LETTER TO THE
SHAREHOLDERS 03
02.
ABOUT | |
ASCENCIO | 04 |
A · Profile | 05 |
B · History | 10 |
C · Strategy | 12 |
CO N T E N T
03.
MANAGEMENT REPORT | 14 |
A · Key figures | 15 |
B · Activity of the financial year | 19 |
Macro-economic context | 19 |
Operational activity | 19 |
Consolidated annual results | 23 |
Consolidated balance sheet | 25 |
Equity and liabilities | 26 |
Consolidated data per share | 27 |
Proposed appropriation of results | 28 |
Financing & interest rate hedging | 30 |
C · Corporate governance declaration | 33 |
Corporate governance | 34 |
Remuneration report | 50 |
D · Real estate report | 69 |
Retail property market | 69 |
Real estate portfolio | 94 |
Experts' report | 110 |
E · ESG report | 113 |
F · EPRA | 145 |
G · Ascencio on the stock exchange | 155 |
H · Outlook | 159 |
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04.
FINANCIAL REPORT | 160 |
A · Consolidated financial statements | 163 |
B · Abridged statutory accounts | 216 |
C · Statutory auditor's report | 224 |
D · Alternative performance measures | 229 |
05.
RISK FACTORS | 233 |
06.
GENERAL INFORMATION | 242 |
A · Identification | 243 |
B · Legal framework | 251 |
C · Declarations | 255 |
07.
DISCLAIMER | 257 |
08.
GLOSSARY | 258 |
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Letter to
the shareholders
Dear shareholders,
We are delighted to close the 2023/2024 financial year with excellent results, despite an unstable international political, economic and financial environment.
At the forthcoming Annual General Meeting, we will be proposing a gross dividend of EUR 4.30, an increase for the tenth consecutive year.
This dividend, up 3.6%, is based on the solid performance of the portfolio and very good management of the balance sheet, with a pay-out ratio of 79%.
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The year saw us successfully implement a programme to improve our IT tools and our ESG strategy, including a project to renovate our offices in line with the quality and ambitions of our team.
We are starting our new financial year with the determination to seize any growth opportunities that may arise in a particularly difficult market. However, this will not take us away from our selective and prudent investment strategy.
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SHAREHOLDERS
LETTER TO THE
2
- dividend on the rise for 10th consecutive consecutive year.
While keeping our interest rate hedging policy firmly in place, we have kept our financing costs under control. Our debt level is currently 42%.
The performance indicators for our property portfolio are all in the green, with an occupancy rate of 98%, rental income up 4% and the fair value of the portfolio also up slightly.
Once again, we would like to express our sincere thanks for your confidence in our company.
Thank you.
2 Vincent H. Querton Chief Executive Officer
1 Carl Mestdagh
Chairman of
the board of directors
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ABOUT | A. PROFIL | B. HISTORY | C. STRATEGY | |||
02 ASCENCIO | ||||||
About
Ascencio
02
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A. PROFIL B. HISTORY C. STRATEGY
ABOUT ASCENCIO
- Profile
442,454 m2 | €748.6 M I L L I O N |
P O R T F O L I O | V A L U E O F T H E |
S U R F A C E A R E A | P O R T F O L I O |
€320 M I L L I O N | 97.8% |
M A R K E T | E P R A |
C A P I TA L I S AT I O N | O C C U P A N C Y R AT E |
A C T I V E I N 3 C O U N T R I E S
Belgium,
France
& Spain
L I S T E D O N
E U R O N E X T
B R U S S E L S
2007S I N C E
5
€53.3 M I L L I O N
R E N TA L
I N C O M E
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A. PROFIL B. HISTORY C. STRATEGY
ABOUT ASCENCIO
Our focus: supermarkets and retail parks
Ascencio invests1 in a niche sector: out-of-town retail and more specifically, supermarkets and retail parks.
The Company strives for excellence in the management of its property portfolio, with the aim of optimising its operating performance and creating long-term value.
This is why Ascencio invests in food supermarkets or retail parks benefiting from an excellent location, paying particular attention to the mix of stores, the flexibility of the spaces, their ability to respond to the omnichannel nature of shopping and offering easy access and parking. Ascencio is also careful to apply its ESG policy within its real estate portfolio but also in local communities.
1. Ascencio is a Société Immobilière Réglementée Publique ("SIRP") (public regulated real estate company ("public B-REIT")) incorporated under Belgian law, subject to the Law of 12/05/2014 on regulated real estate companies as amended by the Law of 22/10/2017 and to the Royal Decree of 13/07/2014 as amended by the Royal Decree of 23/04/2018 (the "B-REITs Law").
In France, the branch of Ascencio SA and its subsidiaries have opted for a SIIC regime (Société d'Investissements Immobiliers Cotée) while in Spain, Ascencio SA has opted for the SOCIMI status (Sociedad Anónima Cotizada de Inversión en el Mercado Immobiliario).
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CHARACTERISTICS
OF OUT - OF - TOWN RETAIL
RETAIL PARKS | SUPERMARKETS |
Retail mix | Good conversion | Strategic | 40% of Ascencio's |
rate | locations | income |
Meeting consumers'
primary needs
Accessibility | Size and flexibility | Ascencio's | Limited impact |
in periphery | of retail spaces | DNA | of e-commerce |
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Evolution
of the portfolio
800 |
700 |
600 |
500 |
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Growth of the gross dividend per share
4.5
4.30*
4.15
4 | |||||
3.95 | |||||
€/share | 3.65 | 3.70 | |||
3.50 | |||||
3.5 | 3.40 | ||||
3.30 | |||||
STRATEGY | €million | 400 |
300 | ||
3 2.94
3.20
3.00 3.00 3.05
C. | ||||||||||||||||||||||||||||||||||||
B. HISTORY | 200 | |||||||||||||||||||||||||||||||||||
100 | ||||||||||||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||||||||||
IPO 2/07 | 09/07 | 09/08 | 09/09 | 09/10 | 09/11 | 09/12 | 09/13 | 09/14 | 09/15 | 09/16 | 09/17 | 09/18 | 09/19 | 09/20 | 09/21 | 09/22 | 09/23 | 09/24 | ||||||||||||||||||
PROFIL | ||||||||||||||||||||||||||||||||||||
A. | ||||||||||||||||||||||||||||||||||||
Belgium | France | Spain |
ASCENCIO
ABOUT
2.72 2.72
2.72 2.72
2.5 2.48
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
* For 2023/2024, this is the dividend proposal submitted for approval at the general meeting to be held on 31/01/2025.
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A. PROFIL B. HISTORY C. STRATEGY
ABOUT 02 ASCENCIO
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Our values
Ambition | Positive mind | |
are constantly enhanced by the | ||
Since our projects and adventures | ||
Connected | To grow, while respecting | positive energy brought to them by |
market cycles | our talented team | |
With our customers, our employees, | ||
our partners and our markets |
A. PROFIL B. HISTORY C. STRATEGY
ABOUT ASCENCIO
9
Our presence | |
Retail park | 0.8% |
Others | |
Cluster + others | 23.2% |
Stand alone food | Cluster |
41.9% | |
Retail | |
Park | |
34.1% | |
Stand alone | |
food |
Zaragoza
Our team
21 team members
62% women
38% men
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b. History | 2023 |
- Mestdagh supermarkets taken over by Intermarché.
- Acquisition of 3 retail units in the "Bellefleur" retail park in Couillet (Belgium).
- Change in the Company's legal structure (from SCA to SA).
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2020
A. PROFIL B. HISTORY C. STRATEGY
ABOUT ASCENCIO
2024
- Sale of the shopping complex in Jemappes (Belgium).
- Renovation of head office workspaces (Bel- gium) and implementation of a new rental management and accounting system.
- Partnerships signed for the installation of charging stations (470 across the port- folio).
- Takeover of the 5 Casino supermarkets of Ascencio's portfolio by Intermarché and Auchan for respectively 4 and 1 stores (France).
2022
- Completion of a first bond issue in the form of a private place- ment for a total amount of €25 million with an average ma- turity of 4 years.
- Ascencio opted for the SOCIMI status in Spain.
2021
- Acquisition of a supermar- ket and 4 adjacent retail units in the "Bellefleur" retail park in Couillet (Bel- gium).
- Acquisition of 5 Casino super- markets in France for €85.2 mil- lion.
2019
- Acquisition of 3 retail spaces in the "Le Parc des Drapeaux" retail park in Caen (France).
- Ascencio entered the "FTSE EPRA Nareit Developed Europe Index".
2018 | 2017 |
• Acquisition of 6 | • Acquisition of a supermarket in |
retail units in the | Anderlecht (Belgium). |
"Le Parc des Dra- | |
peaux" retail park | |
in Caen (France). |
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