Ascencio : Annual report 2021/2022

ANNUAL

REPORT

Contents

06  ―Letter to the shareholders 08  ―About Ascencio

1. A - Profile

1. B - History

1. C - Strategy

18  ―Management report

20. A - Key figures

24. B - Activity report 2021/2022

24. Highlights of the financial year

1. Comments on the consolidated accounts

1. Financing & interest rate hedging

42. C - Corporate governance declaration

83. D - Real estate report

1. Retail property market

1. Real estate portfolio
2. • Consolidated portfolio
   • Insured value
   • Operational management

1. Experts' report

1. E - ESG report

1. F - EPRA

1. G - Ascencio on the stock exchange
2. H - Outlook

156  ―Financial report

1. A - Consolidated financial statements

1. B - Statutory accounts

1. C - Statutory auditor's report

1. D - Alternative performance measures

228  ―Risk factors

238  ―General information

1. A - Identification

1. B - Legal framework

1. C- Declarations

254  ―Glossary

  05

C O N T E N T S

l e	t t	e		r
		t	o	t h e
s h
a r e	h o l d e r s

Dear shareholders,

It was such a pleasure during this past financial year to have been able once again to have family gatherings, meet up with friends and resume one's social activities.

The new normal…

The Covid crisis has led to some changes and accelerated some new trends.

The retail sector, which had already been undergoing a structural transformation for some years with the development of e-commerce, was also affected by the Covid crisis.

With Ascencio we have come through this period not just unscathed but actually strengthened by it.

Strengthened in terms of the pertinence of our strategy. Investing in the food sector and retail parks has enabled us to put together a resilient real estate portfolio offering our retailer tenants the necessary flexibility and an appropriate affordability ratio for the development of their activities. We are happy with the quality of our retailer tenants, who have shown agility in their business model and loyalty to our particularly well-located retail spaces.

Strengthened also by the development of our

Company's human capital.

Our team grew during the trial that was Covid. It developed its skills, garnered experience and strengthened its ties with our clients.

Vincent H. Querton		Carl Mestdagh
	Chairman of
Chief Executive Officer		the board of directors

1 Environmental, Social and Governance criteria of an organization.

Apart from this, the performance indicators for the management of our portfolio are all green, and the financial management of our balance sheet is excellent.

We would point out the occupancy rate of our real estate portfolio, which is close to 97%, the increase in its fair value, the issue of a first bond borrowing, the excellent interest rate hedging, and the reasonable level of indebtedness which will allow us to seize new opportunities.

During this past financial year, our team also launched a project to digitise our activities in order to increase our management efficiency and value creation still further.

In addition, defined an "ESG"1 programme which we are deploying as an environmentally responsible company attentive to the challenges of our planet, the financial markets and the regulators.

Conscious as we are of the geopolitical difficulties and the current economic crisis, we believe we are armed to face the new challenges, relying on the indexation of rents, an essential characteristic of real estate in- vestment.

Also, we will continue to optimise the management of our portfolio and will seize investment opportunities in line with our selective, value-creating strategy.

For the eighth year in a row, our dividend has increased. This year by 6.9%.

We thank you for the trust you have placed in us!

06				07
	L E T T E R T O T H E S H A R E H O L D E R S

About Ascencio

09

A B O U T A S C E N C I O