Regulated information
6 March 2024 - after trading hours at 6 p.m.
Public limited liability company (société anonyme/naamloze vennootschap), Public Regulated Real Estate Company (Société Immobilière Réglementée (SIR) / Gereglementeerde Vastgoedvennootschap (GVV) under Belgian Law Office: 3 Horstebaan, 2900 Schoten Companies Registration No. 0456.378.070 (LPR Antwerp)
(the 'Company')
Press Release
Annual Results 2023 Financial year
PRESS RELEASE ANNUAL RESULTS 2023 FINANCIAL YEAR for the period from 1 January 2023 to 31 December 2023
AUDITED
The Dutch version as well as the English version of this press release annual results 2022 financial year are legally binding. Within the framework of their contractual relationship with the Company, investors can therefore always appeal to the translated versions. Care Property invest, represented by its responsible persons, is responsible for the translation and conformity of the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.
2023 AT A GLANCE
FINANCIAL HIGHLIGHTS
Key figure | 31 December 2023 | 31 December 2022 | Evolution | ||
Fair value real estate portfolio | €1,246.6 m | €1,131.3 m | +10% | ||
Market capitalisation | €527.5 m | €437.2 m | +21% | ||
Occupancy rate | 100% | 100% | = | ||
EPRA LTV | 43.55% | 51.34% | -15% | ||
Cost of debt | 3.15% | 2.14% | +47% | ||
Rental income | €65.9 m | €54.4 m | +21% | ||
OPERATIONAL KPIS
- Adjusted EPRA earnings amount to €38 million (+10.6% compared to 31 December 2022), or €1.03 per share
- Collection rate of rent due until 31 December 2023: 99%
- Indexation/ LfL growth: 10.46%
- Occupancy rate: 100%
- Distribution EBITDA by business model: 76.36% investment properties and 23.64% finance leases
SOLID SOLVENCY AND LIQUIDITY
- Debt ratio under control with an EPRA LTV of 43.55%
-
Limited liabilities from committed development projects: €23 million
(of which €20 million cash-out remains in 2024) - Stable valuation portfolio: -2.5% variation in FV between 31 December 2022 and 31 December 2023
- Available capacity on credit lines as at 31 December 2023: €106.5 million
RISK-AVERSE PROFILE
- 26% of rental income from local authorities with guarantee from the Flemish government
- Active in solid markets: Belgium (70.7%), The Netherlands (16.2%), Spain (6.9%) and Ireland (6.2%)
- Hedge ratio financial debts: 94%
- Average remaining maturity of financial debts (incl. CP): 5.42 years
- Average remaining maturity of interest rate swaps: 8.13 years
Middelkerke (BE) I De Stille Meers
The Company obtained an EPS of €1.03 and proposes to pay a DPS of €1.00.
SHAREHOLDERS
- Proposal to distribute a gross dividend of €1.00 per share for the entire 2023 financial year. This means, despite the increase in the number of shares entitled to dividend by 9,247,208, an equaling of the dividend paid out for the 2022 financial year. After deduction of the withholding tax rate of 15%, the proposed net dividend amounts to €0.85 per share.
- The Annual General Meeting of the Company will be held on 29 May 2024 at 11 a.m. at the registered office, Horstebaan 3, 2900 Schoten.
GENERAL HIGHLIGHTS 2023
- Successful capital increase in cash on 24 January 2023, at an issue price of €12.00 per share and gross proceeds of €110,966,496. For this purpose, 9,247,208 new shares were issued. As of this date, the Company's share capital amounts to €220,065,062 and is represented by a total of 36,988,833 fully paid-up shares with voting rights.
- Real estate portfolio was expanded with 5 acquired projects with a total investment value of €57 million.
-
Sustainability reporting was awarded the EPRA sBPR Gold Award and financial reporting was awarded the
EPRA BPR Gold Award. - In August 2023, Care Property Invest's short- and long-term emission reduction targets were approved by the Science Based Targets initiative (SBTi). This reflects Care Property Invest's commitment to sustainability.
4 | 5 |
HISTORY
1995 - 2023
19951995
Establishment of Serviceflats Invest nv
Recognition as a Belgian real estate investment fund, on the initiative of the Flemish government with the objective to build and finance 2,000 service flats for PCSW's and social non-profit organisations
in the Flemish and Brussels-Capital Region.
As of 30 October 1995
210 fully paid-up shares.
20162016
Inclusion in the Bel MID index.
Start of EPRA membership
2017
19961996
Capital increase in cash (IPO - Eurnext Brussels)
7 February 1996
Total amount of capital increase: approx. €59 million.
As of 7 February 1996
10,210 fully paid-up shares.
20152015
Capital increase in cash
22 June 2015
Total amount of capital increase: approx. €36 million.
As of 22 June 2015
13,184,720 fully paid-up shares.
Capital increase in kind
15 March 2017
Total amount of capital increase: approx. €34 million.
As of 15 March 2017
15,028,880 fully paid-up shares.
Capital increase in cash
27 October 2017
Total amount of capital increase: approx. €70 million.
As of 27 October 2017
19,322,845 fully paid-up shares.
20212021
Capital increase in kind
17 November 2021
Total amount of capital increase: approx. €26 million.
As of 17 November 2021
26,931,116 fully paid-up shares.
2017 | 2018 | |
2017 | 2018 | |
Acquisition of first | Entry onto the Dutch | |
projects in Walloon and | market | |
Brussels-Capital Regions | Acquisition of 100th | |
residential care project | ||
20212021
Capital increase in kind
20 January 2021
Total amount of capital increase: approx. €42 million.
As of 20 January 2021
25,806,148 fully paid-up shares.
20002000
Innovation award for 'Technology and housing of elderly people'
20152015
New address: Horstebaan 3 2900 Schoten
20122012
Initial investment programme 2,000
serviceflats
completed
20142014
Optional dividend
May-June 2014
Total amount of capital increase: approx. €2 million.
As of 20 June 2014
10,359,425 fully paid-up shares.
20132013-2014-2014
Amendments to the articles of association to expand the Company's objective
20142014
Serviceflats Invest nv becomes Care Property Invest nv Share split 1: 1,000
As of 24 March 2014
10,210,000 fully paid-up shares.
Acquisition of the status of a Public Regulated Real Estate Company (Public RREC)
20192019
Capital increase in kind
3 April 2019
Total amount of capital increase: approx. €16 million.
As of 3 April 2019
20,086,876 fully paid-up shares.
20192019
Optional dividend
May-June 2020
Total amount of capital increase: approx. €7 million.
As of 26 June 2019
20,394,746 fully paid-up shares.
20202020
Entry onto the Spanish market
20202020
Capital increase in cash (ABB)
June 2020
Total amount of capital increase: approx. €59 million.
As of 25 June 2020
24,110,034 fully paid-up shares.
20202020
Optional dividend
May-June 2020
Total amount of capital increase: approx. €7 million.
As of 19 June 2020
21,918,213 fully paid-up shares.
20202020
Capital increase in kind
15 January 2020
Total amount of capital increase: approx. €34 million.
As of 15 January 2020
21,645,122 fully paid-up shares.
20222022
Optional dividend
May-June 2022
Total amount capital increase: approx. €4 million.
As of 20 June 2022
27,102,910 fully paid-up shares.
20222022
Capital increase in kind
7 July 2022
Total amount of capital increase: approx. €14 million.
As of 7 July 2022
27,741,625 fully paid-up shares.
20222022
Entry onto the
Irish market
202023 | 20232023 |
Capital increase in cash | Acquisition of 150th |
24 January 2023 | residential care |
Total amount of capital increase: | project |
approx. €108 million. | |
As of 24 January 2023 | |
36,988,833 fully paid-up shares. |
Care Property Invest nv /
1. Summary of activities during the 2023 financial year
Strategy
Care Property Invest, founded on 30 October 1995 and the first listed property investor in Belgium in 1996, faced a significantly altered and volatile macroeconomic environment in 2023. This led to a limitation in the Company's growth during the past financial year.
Real estate
In response to the altered environment and to keep the debt ratio at an acceptable level, the Company added only
5 new projects with a total investment value of approximately €57 million to its real estate portfolio in the course of 2023. Combined with the completion of ongoing development projects, these acquisitions ensured that the total fair value of the real estate portfolio at 31 December 2023 amounted to approximately €1.247 million(1). Thereby, the
existing portfolio of investment properties experienced a slight depreciation on the one hand but the changed
calculation method for the fair value of financial leases caused an upward revaluation on the other.
Financial
In 2023, Care Property Invest reached the threshold of approximately €65.9 million in rental income, an increase of approximately 21.2% compared to the previous financial year. As a result of this increase in rental income, the adjusted EPRA earnings increased from €34.3 million for the 2022 financial year to €38.0 million for the 2023 financial year, an increase of 10.6%. As a result of the capital increase of 24 January 2023 in which 9,247,208 new
shares were created, this increase did not translate into an increase in adjusted EPRA earnings per share, which
amounted to €1.03 for the 2023 financial year compared to €1.24 for the 2022 financial year.
Despite the increase in the number of shares entitled to dividend, a proposal will be made to the general meeting to pay out a gross dividend of €1.00 per share for the 2023 financial year. After deduction of withholding tax, this will mean a net dividend of €0.85 per share, matching the dividend for the 2022 financial year.
Transparency of financial and sustainability reporting
In September 2023, Care Property Invest's reporting efforts have been rewarded for the seventh consecutive time with an EPRA BPR Gold Award. The Company also received an EPRA sBPR Gold award for its sustainability
reporting for the second consecutive year.
Outlook
The Company continues to face a changing macroeconomic environment and will adjust its strategy accordingly. This means that the Company will limit its growth so that the debt ratio will not exceed 50% and the increased
cost of capital should also translate into higher returns, ensuring the accretive nature of new investments.
- (i) Investment properties are included in the balance sheet at fair value in accordance with IAS40, while finance lease receivables are included in the balance sheet at cost in accordance with IFRS 16. This figure also includes the book value of assets held for sale.
- The share in % on the total real estate portfolio of finance lease receivables (IFRS 16) according to balance sheet values amounts to 20% as at 31 December 2023, the share in % on the total real estate portfolio of investment properties (IAS40) according to balance sheet values amounts to 80% as at 31 December 2023.
- The value of finance lease receivables included in the balance sheet as at 31 December 2023 amounts to €175.673.276. The fair value of finance lease receivables amounted to €242,103,000 as at 31 December 2023. The fair value of finance lease receivables is a mandatory disclosure (IFRS 16).
- As of 30 June 2023, the fair value of finance leases is determined by the real estate expert Cushman & Wakefield. However,
the comparative figures were not adjusted based on this new calculation. For additional explanations regarding the different calculation methods, we refer to chapter '6. Synthesis of the consolidated balance sheet and the global result statement', under the
item 'Notes to the consolidated balance sheet' on page 32.
/ Care Property Invest nv
8 | Middelkerke (BE) I Assistentiewoningen De Stille Meers | 9 |
Care Property Invest nv / | / Care Property Invest nv |
2. Strategy
DEMOGRAPHIC EVOLUTION | 85+ | DEMOGRAPHIC EVOLUTION | 85+ | ||
B E LG I A N POPULATION | (1) | 66-85 | 65-85 | ||
0-65 | D U TC H POPULATION (2) | ||||
0-64 | |||||
REAL ESTATE STRATEGY
A growing market
The current strategy for residential healthcare
real estate for senior citizens is based on the progressive ageing of the population which, according to the Federal Planning Bureau,
will peak by 2070. Now and in the coming
decades, this will lead to an increasing
+15% |
+7% |
demand for healthcare real estate with social added value. A similar trend also applies to
The Netherlands, Spain and Ireland in terms of population ageing figures. For more details,
we refer to the graphs presented hereafter, which show the demographic evolution in Belgium, the Netherlands, Spain and Ireland.
This demographic evolution in combination
with the Company's growth strategy,
fulfilment of the corporate purpose and the
fact that as a RREC it invests for 100% in healthcare real estate that is let for a very long period of time, ensures that the share always provides a stable return for its shareholders, and this at a reduced withholding tax rate of
15% (instead of the general rate of 30%).
Care Property Invest spreads its risks by ensuring a good geographic market distribution of its real estate, diversifying between the operators of its real estate and by creating a good balance between public-
private and private partnerships. These
EXPECTED | +168% in age |
GROWTH | category 85+ |
total Belgian population of | +63% in age | |||
+15% | ||||
category 66-85 | ||||
DEMOGRAPHIC EVOLUTION | 80+ | |||
S PA N I S H POPULATION (3) | 66-80 | |||
0-65 | ||||
+182% | 100 | |||
+44% | 80 | |||
60 | ||||
+5% | 40 | |||
-15% | 20 | |||
0 | ||||
EXPECTED | +182% in age | |||
GROWTH | category 80+ |
total Spanish population of | +44% in age |
+5% | |
category 66-80 |
EXPECTED | +206% in age | |||||||||
GROWTH | category 85+ | |||||||||
total Dutch population of | +38% in age | |||||||||
+7% | ||||||||||
category 65-85 | ||||||||||
85+ | ||||||||||
DEMOGRAPHIC EVOLUTION | ||||||||||
65-85 | ||||||||||
I R I S H POPULATION (4) | ||||||||||
0-64 | ||||||||||
+252% | ||||||||||
+76% | ||||||||||
+20% | ||||||||||
2016 2021 2026 2031 2036 2041 2046 2051
EXPECTED | +252% in age | |
GROWTH | category 85+ | |
total Irish population of | +76% in age | |
+20% | ||
category 65-85 | ||
issues have therefore been some key drivers for the Company to look geographically
across national borders. Thus, in September 2018 the Company took the step towards the Dutch healthcare real estate market, in June
2020 towards the Spanish healthcare real
estate and finally in 2022 the Company also
continued its strategy by investing in the Irish healthcare real estate market.
CUSTOMISED QUALITY REAL ESTATE
The careful selection of new projects for the Company always takes place after a detailed risk analysis with a well-founded assessment of the investment file by the Executive Committee, subject to positive advice from the Investment Committee or by the Board of Directors of the Company.
This may involve the Company developing the property itself, or building and funding the construction, but may also involve refinancing or acquiring existing buildings, with an option of renovation or expansion, both in the
private and the public market.
(1) | Based on data from the Federal Planning Bureau - Report on demographic projections 2017-2070. | |
(2) | Based on the following data source: 'Projections of population intervals; age group, 2018-2060', CBS - 19 December 2017. | |
Genval (BE) I La résidence du Lac | (3) | Based on data from the Organisation for Economic Cooperation and Development (OECD), http://stats.oecd.org. |
(4) | Based on data from the Irish Central Statistics Office: 'Projected population, 2016 - 2051', https://www.cso.ie. |
10 | 11 |
Care Property Invest nv / | / Care Property Invest nv |
The main selection criteria are presented below:
- Correct price-quality ratio of the project in view of long-term value creation;
- Potential returns of the project;
- Solvency, reputation and spread of operators;
- Good location of the project: easy access, both by car and by public transport and absence of other healthcare real estate. For this purpose, an extensive market research is always carried out.
- Environment: in the immediate vicinity of a village/city centre with shops, pharmacies and catering facilities;
- The property complies with high quality standards in combination with advanced technological equipment and perfectly meets the needs of the Care Property Invest target public while also evaluating its compliance with certain ESG criteria.
In essence, Care Property Invest's strategy is of the 'buy and hold' type, and as such, is
by definition aimed at keeping the property
in the long term.
FINANCIAL STRATEGY
The Company aligns its financial
strategy with the growth it achieves. By continuously expanding its scale, the Company strives for a competitive distribution of debt and capital costs and an improvement of its operating margin.
Origin of financial sources
Care Property Invest aims to finance itself
in the best possible way, making use of
shareholders' equity and borrowed funds.
Equity
For equity, Care Property Invest relies
on the capital market. By means of capital increases in cash and in kind,
counterbalanced by immediately profitable
assets and/or a concrete pipeline, the Company can achieve and maintain earnings per share growth.
As a RREC, Care Property Invest is fully aware of the importance of its dividend
policy for its shareholders. The Company
therefore endeavours to increase its dividend whenever this is sustainably
possible. This prevents the Company
from having to reduce this again in a later
financial year.
Given the Company's growth, management
wants to reserve as much of the profit
as possible to be able to reinvest within the statutory framework. In doing so, the Company aims for a pay-out ratio (pay-out ratio of dividend per share compared to earnings per share) as close as possible to
the statutory minimum of 80%. In addition,
the Company aims to sustainably increase the dividend, and annually explores the possibility of an optional dividend.
Despite the already improved liquidity of
its share, Care Property Invest is still in the process of increasing this further in order to boost the attractiveness of its share by
appointing a liquidity provider.
Borrowed funds
Care Property Invest aims to raise
borrowed funds as diversified as possible.
In doing so, it aims to further diversify its credit providers in Belgium but also abroad
and has a €300 million MTN programme
with the obligation that all outstanding commercial paper is covered by unused capacity on credit lines.
Care Property Invest limits its liquidity risk by keeping sufficient credit lines available for its short-term needs and the financing
of additional investments the next 12 months.
In addition, there is also a liquidity risk
if the Company would no longer respect the covenants linked to these credit
agreements. These covenants contain
market-based provisions on, among other things, the debt ratio and compliance with the provisions of the RREC Legislation.
Care Property Invest monitors the parameters of these covenants on a regular basis and whenever a new investment is being considered.
At the end of the financial year, Care
Property Invest did not mortgage or pledge any building in its real estate portfolio.
Correct financing is necessary for a profitable and solid business model, in
view of the capital-intensive character of the sector in which the Company operates and the Company's buy-and-hold strategy. As a result, the Company has a structural debt position with mainly bullet loans.
The Company's long-term objective is to have a debt ratio below 50%. This debt ratio allows for an optimal ratio of equity to debt.
Also, such a debt ratio offers the possibility to respond to investment opportunities that create value for the Company. In the short term, the level of the debt ratio is partly determined by the then prevailing
economic and financial conditions.
In addition, the Company also tries to limit the interest rate risk on its debts by striving for a hedging percentage of its
debts between 75% and 80%. Care Property
Invest closely monitors developments on
the financial markets in order to optimise its financial structure and to obtain a
good composition of short and long-term
financing and the conclusion of derivative
contracts in order to achieve the desired
hedging percentage. The Company also
takes into account the long-term income from its investments in the average duration of its loans.
12 | 13 |
Care Property Invest nv / | / Care Property Invest nv |
Low risk and resilient sources of income through long-term leasehold and rental contracts
By contracting long-term leasehold and rental agreements, Care Property Invest
creates long-term cash flows. Through the
triple net character(1) of these contracts with solid operators and the transfer of the vacancy risk to the operator(2), the Company succeeds in maintaining a low
risk profile.
(1) With the exception of the project 'Les Terrasses du Bois' in Watermaal Bosvoorde, for which a long-termagreement of the 'double net' type has been concluded and the project 'Tillia' in Gullegem for which a long-termagreement of the 'single net' type has been concluded.
- With the exception of the project 'Tillia' at
Gullegem, for which the Company bears the vacancy risk itself.
In addition, the annual indexation of the
rent provides protection against inflation. The fact that on 31 December 2023 about a quarter of the rental income still comes
from agreements with local authorities
reinforced the low risk profile and made the Company unique compared to other
RRECs.
This applies all the more since the
healthcare real estate is linked to the demographic factors which, in view of the underlying demographic trend of the ageing of the population, are favourable, rather than to economic trends.
FINANCIAL RESULT
Vision for the future
Broadening the Company objectives
Care Property Invest positions itself as an investor in elderly care and adapted
infrastructure for the disabled. The objectives stated in the Articles of Association
are set as broadly as possible. Priorities are set within the care and welfare property segment.
Expansion of service portfolio
Care Property Invest focuses on investments in care and welfare and has also devoted opportunity-driven attention to concept development.
Strategic objectives
- Market expansion and (internal) service portfolio in care and welfare.
- Managing investor and stakeholder relations.
- Internationalisation.
- Follow-upand influencing of the regulatory framework.
- Coordination of resources with growth (growth management).
- Alignment required return on investment to cost of capital for value creation.
The realisation and speed of growth is partly determined by the economic and financial conditions in which the Company operates.
Care Property Invest is a highly dynamic player in its market, which generates innovation in property for care and well-being for seniors and people with disabilities. Care Property Invest would like to achieve this independently.
Turnhout (BE) I De Nieuwe Kaai
14 | 15 |
Care Property Invest nv / | / Care Property Invest nv |
3. Important events
3.1 Important events during the 2023 financial year
Below is a brief overview of acquisitions, new projects under development, ongoing projects under development and completed projects during the 2023 financial year.
For further information regarding the real estate of the acquired projects, please see the individual press releases on the website, https://carepropertyinvest.be/en/investments/press-releases/
3.1.1 Projects 2023 financial year in Belgium
Name | Operator | Acquisition | Location | Year of | Contract | Conv. Value |
date | construction | (in € million) | ||||
/ renovation | ||||||
or expected | ||||||
completion | ||||||
New projects with an immediate return | ||||||
BoCaSa | Vulpia | 26/04/2023 | Bolderberg | 2013 | 19 years | €24.2 |
remaining | ||||||
(triple net) |
3.1.2 Projects 2023 financial year in The Netherlands
Name | Operator | Acquisition | Location | Year of | Contract | Conv. Value |
date | construction | (in € million) | ||||
/ renovation | ||||||
or expected | ||||||
completion | ||||||
New projects with an immediate return | ||||||
Huize Willibrordus | Saamborgh | 17/05/2023 | Ruurlo | 2023 | 20 years | €5.3 |
(triple net) | ||||||
Residence Oldenbarnevelt | Golden Years | 16/06/2023 | Rotterdam | building: 2016 | 20 years | building: €5.8 |
development: | (triple net) | development: | ||||
Q2 2024 | €1.6 | |||||
New projects under development | ||||||
Wolfsbergen | Golden Years | 08/08/2023 | 's-Graveland | Q2 2024 | 25 years | €11.2 |
(triple net) | ||||||
Saamborgh Almelo | Saamborgh | 30/11/2023 | Almelo | Q2 2025 | 20 years | €8.9 |
(triple net) | ||||||
Ongoing projects under development | ||||||
St. Josephkerk | Korian | 26/09/2019 | Hillegom | Q2 2025 | 20 years | €9.1 |
(triple net) | ||||||
Completed projects | ||||||
Warm Hart Zuidwolde | Warm Hart Zorghuizen (1) | 03/02/2022 | Zuidwolde | Q2 2023 | 20 years | €10.4 |
(triple net) | ||||||
Villa Stella | Korian | 12/06/2019 | Middelburg | Q2 2023 | 20 years | €6.5 |
(triple net) | ||||||
Warm Hart Ulestraten | Warm Hart Zorghuizen | 28/04/2022 | Ulestraten | Q4 2023 | 20 years | €6.5 |
(triple net) |
- On 12 February 2024, the operation of this project was taken over by De Familie.
3.1.3 Projects 2023 financial year in Spain
Name | Operator | Acquisition | Location | Year of | Contract | Conv. Value |
date | construction | (in € million) | ||||
/ renovation | ||||||
or expected | ||||||
completion | ||||||
Ongoing projects under development | ||||||
Solimar Tavernes Blanques | Vivalto | 11/03/2022 | Tavernes | Q3 2024 | 20 years | €10.6 |
Blanques | (triple net) | |||||
Solimar Elche | Vivalto | 28/09/2022 | Elche | Q3 2024 | 20 years | €10.8 |
(triple net) | ||||||
Marina Del Port | La Vostra Llar | 01/12/2022 | Barcelona | Q2 2024 | 20 years | €7.0 |
(triple net) | ||||||
Completed projects | ||||||
Emera Mostoles | Emera | 21/06/2021 | Mostoles | Q2 2023 | 15 years | €12.1 |
(Madrid) | (triple net) |
3.1.4 Projects 2023 financial year in Ireland
Name | Operator | Acquisition | Location | Year of | Contract | Conv. Value |
date | construction | (in € million) | ||||
/ renovation | ||||||
or expected | ||||||
completion | ||||||
Ongoing projects under development | ||||||
Sugarloaf Care Centre | Silver Stream Healthcare | 16/12/2022 | Kilmacanogue | Q2 2024 | 25 years | €23.4 |
South | (triple net) |
3.1.5 Other events during the 2023 financial year
3.1.5.1 Mergers
Merging company | Absorbing company | Date effective | Date of deed | Date official publi- |
absorption | cation | |||
B.E.R.L. International nv | Care Property Invest nv | 01/01/2023 | 14/07/2023 | 08/08/2023 |
Igor Haacht nv | Care Property Invest nv | 01/01/2023 | 14/07/2023 | 08/08/2023 |
For more information on the merger proposals, see www.carepropertyinvest.be/en/investments/mergers/.
3.1.5.2 Establishment/ acquisition of subsidiaries
Name acquired subsidiary | Date of acquisition of control | Purpose |
Het Gehucht | 26/04/2023 | Acquiring healthcare real estate sites in Belgium |
Care Property Invest.NL11 B.V. | 17/05/2023 | Acquiring healthcare real estate sites in The |
(ex-Gaudium Ruurlo I B.V.) | Netherlands |
16 | 17 |
Care Property Invest nv / | / Care Property Invest nv |
3.1.5.3 Capital increase in cash
Care Property Invest launched a capital increase by means of contribution in cash within the authorised capital on 11
January 2023 with the removal of the
statutory preferential right and the grant of irreducible allocation rights to all existing shareholders.
The main objective of this capital increase
was to allow the Company to raise new
financial resources while increasing its equity.
Following the public offering to subscribe for new shares and the successful private placement of scrips, the Company
announced on 20 January 2023 that
existing shareholders and new investors have subscribed to 100% of the offered new
shares for a gross amount of €110,966,496
of which €55,016,264 will be allocated to
the item capital and €55,950,232 to the item
share premium. Following this transaction,
the Company's capital will be represented by 36,988,833 fully paid-up shares.
3.1.5.4 Authorised capital
At the Extraordinary General Meeting of
shareholders held on 26 April 2023, it was decided by a large majority of 93.21% to
renew the authorisation on authorised capital.
The extraordinary general meeting of
shareholders decided to renew and replace the authorisation on the authorised capital
as follows:
-
For a maximum amount of €110,032,531 for capital increases in cash involving planned exercise of the statutory preferential subscription right or irreducible allocation right by the
Company's shareholders. - For a maximum amount of €44,013,012 for capital increases within the framework of the payment of an optional dividend.
- For a maximum amount of €22,006,506 for (i) capital increases in kind, (ii) capital increases in cash without the possibility of exercising the preferential subscription right or irreducible allocation right by the Company's shareholders, or (iii) any other form of capital increase.
The authorisation is valid for a period of
two years starting from the publication of the resolution of the extraordinary general meeting of shareholders and was granted under the condition that the capital within the framework of the authorised capital shall never be increased by an amount exceeding €220,065,062. In other words, the sum of the capital increases with application of the above authorisations may not exceed €220,065,062 in total.
Given the specific modalities, this will
never be the case, as they only allow up to
€176,052,049.
For the documentation relating to this extraordinary general meeting of shareholders and for more information,
please consult the Company's website
(www.carepropertyinvest.be/en/ investments/general-meeting/).
3.1.5.5 Awards for financial and sustainability reporting
Care Property Invest was awarded the EPRA sBPR Gold Award for the
second time in September 2023. The Company is delighted with
this recognition for its efforts in sustainability reporting.
The Company also received the EPRA BPR Gold Award in September 2023 for the
seventh consecutive time for its continued
high transparency in financial reporting.
3.1.5.6 SBTi approval of Care Property
Invest's short- and long-term emission reduction targets
In August 2023, Care Property Invest achieved a significant milestone in its
commitment to sustainability. We are pleased to announce that our near-term and net-zeroscience-based emissions
reduction targets were officially approved by the Science Based Targets initiative (SBTi). Care Property Invest's commitment is reflected in our validated targets,
which include a 42% reduction in scope 1 and scope 2 greenhouse gas emissions
by 2030, measured against a 2022 base
year. Furthermore, we have set a net-zero objective for 2050, with a commitment
to reduce scope 1, scope 2, and scope 3 emissions by 90% by 2050 compared to our 2022 base year. These targets demonstrate
our commitment to addressing the global climate challenge.
As we move forward, Care Property Invest remains dedicated to implementing strategies that will enable us to meet these science-based targets.
We will continue to report our progress transparently and keep our stakeholders updated on our ongoing efforts to achieve these goals.
About the Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling
businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world
to halve emissions before 2030 and
achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, United Nations Global Compact, the
World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition
commitments. The SBTi defines and
promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption and independently assesses and approves
companies' targets.
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Care Property Invest NV published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 16:49:07 UTC.