Content
Atenor at a glance 3
Key Figures 4
Letter to the shareholders 7
Who we are 9
Vision 10
Values 10
Mission 11
Archilab 11
Projects overview 13
Administration 49
Information for shareholders and investors 57
Corporate governance statement 60
Audited financial statements 2024 88
Sustainability report 164
General information 303
In view of the location of Atenor's registered office, the official language of its corporate documents is French. Consequently, the Dutch and English versions are re- garded as unofficial translations.
The activity report presents all the projects in the port- folio, under development, or completed (sold or unsold).
The surface areas mentioned in this report are the gross above-ground surface areas, taking into account only Atenor's share as of December 31, 2024, and are sub- ject to the urban planning developments of the various projects.
Dit jaarverslag is ook verkrijgbaar in het Nederlands.
Ce rapport annuel est également disponible en français.
Atenor at a glance
International and sustainable real estate developer
Atenor is a leading real estate developer, listed on Eu- ronext Brussels (ATEB). Committed to sustainable de- velopment, Atenor applies an innovative approach to mixed-use projects (offices, housing, retail, amenities) that contribute to essential urban resilience. Each proj- ect benefits, from its inception, from the expertise of the company's Research and Development department, Archilab. With an international presence and a diversi- fied portfolio, Atenor transforms obsolete buildings and brownfields into dynamic spaces, through a complete value creation cycle.
Key figures
IFRS (IN MILLIONS OF €)
Net results (group share) Current cash Flow(1) Capital and reserves Market capitalization
(1) Net profits + depreciation, provisions and reductions in value.
2020
2021
24.13 30.24 261.21 401.21
38.07 38.51 301.04 399.81
2022
-0.84 -11.58 273.62 340.68
2023
-107.13 -48.10 344.31 325.42
2024
The 2024 consolidated financial statements were drawn up in accordance with the IFRS standards as adopted in the European Union.
Comparative evolution of Atenor stock with the Belgian All Shares
(taking into account the reinvestment of dividends)
250 250
200 200
150 150
100100
50
Belgian All Shares
Atenor 50
0 0
2015
2016
2017
2018
2019 2020 2021 2022 2023 2024
Comparative evolution of Atenor stock with the EPRA Europe
(taking into account the reinvestment of dividends)
2015
2016
2017
2018
2019 2020 2021 2022 2023 2024
FIGURES PER SHARE (IN €)
Capital and reserves
Current cash flow
Net consolidated results (group share) Dividend
Gross dividend
Net ordinary dividend Number of shares
2020
37.11 4.30 3.43
2.42 1.70 7,038,845
2021
42.77 5.47 5.41
2.54 1.78 7,038,845
2022
- 7,038,845 43,739,703 43,739,703
38.87 -1.65 -0.12
2.67 1.87
2023
7.87 -1.10 -2.45
-
2024
Net consolidated results
(in millions of €)
40
0
-120
-40
-80
2015
2015
2016
2017
2018
2019 2020 2021 2022 2023 2024
STOCK MARKET RATIOS
List price/book value
List price on 31 December (€) Gross return for 1 year Gross return
Net ordinary dividend/list price
Glossary:
2020
1.54
57.00
-17.85%
4.26%
2.98%
2021
1.33
56.80
3.90%
4.47%
3.13%
2022
1.25
48.40
-10.32%
5.52%
3.86%
2023
0.95 7.44 -79.11%
- -
2024
Gross return for 1 year: (last closing price + adjusted dividends paid during the last 12 months - last list price of the previous period) / last list price of the previous period
Return: dividend for the last full financial year / last list price
Capitalisation: number of shares x last list price of the financial year concerned
Consolidated capital and reserves
(in millions of €)
350
Current cash flow
(in millions of €)
50
30
10
-10
-30
-50
2016
2017
2018
2019 2020 2021 2022 2023 2024
Net results and gross dividend per share
(in €)
2015
280
210
140
70
0
2016
2017
2018
2019 2020 2021 2022 2023 2024
8
7
6
5
4
3
2
1
0 -1 -2 -3
EPRA Europe
Atenor
Gross dividend per share
Net result per share
Breakdown of
PROJECTS UNDER DEVELOPMENT
Breakdown by country
Belgium 287,655m² | Hungary 228,316m² | Poland 207,745m² |
Netherlands 95,886m² | France 72,847m² | Portugal 42,571m² |
Romania 91,066m² | Luxembourg 66,118m² | United Kingdom 25,143m² |
Germany 15,189m² |
Breakdown by function
Esch-sur-Alzette
Others
2%
Retail
3%
Amenities
3%
Offices
36%
Residential
56%
Belval
1.4%
Düsseldorf
2.7%
1.3%
1,131,536m2
Total gross surface area (1)
(1) Atenor's share
Letter to the shareholders
Dear shareholders,
For the real estate sector, 2024 was a continuation of 2023. Although interest rates began to fall, capital remained very reluctant to invest in real estate. Office rents rose, driven by inflation and a lack of qual- ity space, but number of investment transactions was fairly limited. Investment in Central Europe continued to suffer from the war in Ukraine and the uncertainty hanging over the region. As for the resi- dential market, transactions were lower than expected by the sector.
Against this backdrop, we continued to implement the priority choice we had announced: reducing our consolidated net debt. And we did better than announced, since our debt was reduced by € 153 million! What's more, we ended the year with € 59.5 million in cash on our balance sheet. We have therefore improved our solvency ratio despite difficult market conditions. This reduction in consolidated net debt is all the more remarkable given that we spent more than € 188 million on developing projects in our port- folio. We have therefore continued to prepare for the future.
The decision to sell quality projects to opportunistic buyers forced us to accept prices below our expectations, resulting in write-downs on some projects. Nevertheless, as we wish to continue reducing our exposure to the Central European office market in 2025 - a market which is profitable in the long term, but which does not offer sufficient liquidity for a real estate developer like Atenor in the short term - we have taken further write-downs on targeted projects in our portfolio.
Financial markets will not be the same in the future as they have been in the past. Over the past 15 years, Atenor has benefited from a source of low-cost financing through bond issues. In two years, we will have repaid over 32% of the bonds that were issued by December 31, 2022. Our operations will now be financed by alternative financing and partnerships, or other co-developments, particularly in the residential market. In this respect, we would like to point out that at December 31, 2024, 56% of our portfolio made up residential projects, following the sale of office space and the ongoing conversion of office space into residential units.
In this context, on March 2, 2025, the company recorded a cap- ital increase by its reference shareholders of €45.3 million. This liquidity injection puts Atenor in a better position to achieve the objectives set out above.
In favor of our balance sheet structure, we will not be proposing the payment of a dividend this year.
We would like to conclude by thanking our shareholders for their support, and all our employees for their hard work in difficult cir- cumstances.
The Group's net results should not overshadow the excellent op- erating results, underpinned by the judicious strategic choices of geographic diversification and positioning in the sustainable economy. These are some 50% higher than in the pre-Covid peri- od, despite the health and political events of the past five years. Our leadership in sustainable development has once again been validated by the award and a five-star GRESB score.
These high operating results were impacted by record financial expenses, all the more justifying in hindsight our decision to give priority to debt reduction.
We are confident that the markets will perceive the company's earn- ings power more frankly if we can, as we hope, return to an era of new projects to develop. Whether for sustainable offices or afford- able housing, demand is strong, and our international, sustainable positioning in urban areas holds great potential for new growth.
Over the next 3 years, we will implement a plan focusing on the following areas:
1. Implementation of the residential portfolio through targeted partnerships;
2. Continued development of our office projects in Western Europe;
3. Reduced exposure to offices in Central Europe.
Stéphan Sonneville SA Chief Executive Officer Frank Donck Chairman of the Board of Directors
WHO WE ARE
Who we are
Who we are
Vision
Firmly anchored in our European roots, Atenor aims to play a key role in the necessary transformation of the urban fabric. Our ambi- tion in the medium and long term is to turn cities into resilient liv- ing spaces. The architectural quality we offer and the integration of sustainability into all phases of our projects enable us to tackle environmental, economic, and social challenges with confidence.
Values
• Excellence : We strive for excellence. Our teams' rigor, bold- ness, and open-mindedness enable us to innovate and create value for our stakeholders.
• European commitment : Atenor believes in a prosperous future for European cities. We aspire to participate in the necessary transition of the urban environment and to improve the lives of citizens.
• Transparency : Atenor acts through a clear and transparent communication policy. We engage in dialogue with our stake- holders.
• Integrity : Atenor's ethical principles shape its culture and reputation. Integrity in management, respect for the envi- ronment, and a sustainable approach to business are the fundamental rules.
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