ReportEthicalProperty_2012:Mise en page 1

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Foreword - Managing Director . . . . . . . . . . . . . . . . . . . . . 03
z Préambule - Administrateur délégué . . . . . . . . . 04
z Inleiding - gedelegeerde bestuurder . . . . . . . . . 05
The company in a nutshell . . . . . . . . . . . . . . . . . . . . . . . . . . 06
z L’entreprise en bref . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06
z Het bedrijf in een notendop . . . . . . . . . . . . . . . . . . . . . . 06
Our development strategy in Belgium
..........
10
Other members of the family . . . . . . . . . . . . . . . . . . . . . . . . 11
In focus - Waste prevention and reuse
Our centres
.........
13
................................................
15
Social performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Environmental performance
........................
22
Our team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
The board of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Financial highlights
.....................................
29
Audited financial accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
EPE SA statutory accounts
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43
FOREWO
RD
PR ÉA MB UL E IN LE ID IN
G
FR ÉD ÉR IC AN CI ON
MANAG
ING
ADMIN
I S T R AT E D I R E C T O R
UR DÉL
GEDELE
ÉGUÉ
GEERDE
BESTUU
RDER
Dear shareholders, dear partners,
We are pleased to present you with our 2012 Annual Report. For us, this document is the culmination of a year's
work. It allows us to communicate in a fully open and transparent manner about our achievements, results and
plans. Over the past year, Ethical Property Europe has shored up its existing activities, while actively paving the way
for the opening of future association centres.
As far as our existing centres are concerned, Mundo-B and Mundo-Namur set up the standard among clusters that
pool the actors and activities of the voluntary sector and today house nearly 90 associations. Our conference and
seminar rooms have been leased to 240 associations, representing an increase of over 40% compared to the previous
year. Our centres regularly host famous names, with José Bové and Yann Arthus Bertrand featuring among this year’s
visitors. Last but not least, our offices boast an occupancy rate of 99% and we can report virtually no departures this
year, which testifies to the satisfaction of our member associations and their own stability. We test this satisfaction
through our annual survey. You will find a summary of the glowing findings of this survey in this report.
As for our environmental credentials, this year we installed an additional 60 sqm of solar panels at Mundo-Namur,
which should take its production to around 19.000 kWh per annum. At the request of our tenants, we have also built
showers for Mundo-B cyclists. I would like to take this opportunity to remind you that our centres have an energy
consumption that is 60% below average, that more than two-thirds of the waste generated is recycled or composted
and that barely one in every six comes to work by car. We are proud of these performances, made possible by our
members and by the management methods we have adopted.
Having strived since 2009 to consolidate our operations and improve their profitability, we look forward now
to be able to move ahead with the opening of new centres. 2013 will certainly be a pivotal year in this respect.
Indeed, the associations lined up to move into these centres have done a great deal of preparation and consolidation
work that is greatly appreciated. Similarly, we have made considerable progress in terms of our search for buildings.
We believe that we can achieve the project we have been working on for some time now to house around twenty
youth associations in Brussels (Mundo-J) and we are about to complete Mundo-Antwerpen with the construction of
a bio-climatic building on a plot donated by the city in the form of a long-lease. Finally, in Ghent, the project remains
active with a solid core of associations.
At international level, the Ethical Property family has adopted a model whereby each of the four countries where
operations have been rolled out has acquired its own autonomy. The four companies work closely together and
respect the same ethical framework: the "Quintessentials". EPE is particularly involved in supporting the French
company étic through our financial investment as well as the provision of our expertise for the creation of "MundoMontreuil", scheduled to open in 2014 near Paris.
Finally, as far as our finances are concerned, you will read that, this year, we made a statutory profit of 90.618€.
Property values have increased overall by 2,5 %, despite a slight downturn in Namur. As for the consolidated
accounts, they post a net profit of 64.001€ (group share), which allows the accounting value of the EPE share to reach
99 cents after the payments of a one cent dividend.This is less than expected back at our launch. However, in the
light of the crisis impacting the office property sector, and even more so for a young company, I consider that we
have held up quite well. We will of course make every effort to continue to improve our financial, social and
environmental results over the next year.
We hope that the report will make for an interesting read.
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Ethical Property Europe Annual Report 2012 3
,
AIRES
N
E
T
R
S PA
CHER
CH ER S AC TIO NN AIR ES,
Nous avons le plaisir de vous présenter notre rapport annuel 2012. Ce document est pour nous l’aboutissement
d’une année de travail. Il nous permet de communiquer en toute transparence sur nos réalisations, nos résultats,
nos projets. Au cours de l’année écoulée, Ethical Property Europe a renforcé ses activités existantes tout en
travaillant activement à la préparation de l’ouverture de futurs centres d’associations.
Nos centres existants, Mundo-B et Mundo-Namur, sont devenus des références en termes de regroupement
d’acteurs et d’activités du secteur associatif. Ce sont à présent près de 90 associations qui y disposent de bureaux.
Nos salles de conférence et de séminaire ont été louées à 240 associations, soit une augmentation de plus de 40%
par rapport à l’année précédente. Nos centres reçoivent régulièrement des visiteurs de renommée, dont entre
autres, cette année, José Bové et Yann Arthus Bertrand. Enfin, c’est sans doute le plus important pour nous, nos
bureaux affichent au taux de remplissage de 99% et nous n’avons eu quasiment aucun départ cette année, ce qui
est une preuve de la satisfaction de nos associations membres, ainsi que de leur stabilité propre. Nous vérifions ce
degré de satisfaction au travers de notre enquête annuelle, dont les résultats on progressé et dont vous trouverez
une synthèse dans ce rapport.
En ce qui concerne les aspects environnementaux, nous avons installé cette année 60 m2 supplémentaires de
panneaux solaires photovoltaïques à Mundo-Namur, soit une production escomptée totale d’environ 19.000kWh
par an. Nous avons également construit des douches pour les cyclistes de Mundo-B, souhaitées par nos locataires.
J’en profite pour rappeler que nos centres ont une consommation énergétique de 60% inférieure à la moyenne, que
plus de deux tiers des déchets produits sont recyclés ou compostés, et qu’à peine une personne sur six vient au
travail en voiture. Nous sommes fiers des ces performances, rendues possibles par nos membres ainsi que par nos
modes de gestions engagés.
Ayant travaillé depuis 2009 à la consolidation de nos activités et à l’amélioration de leur rentabilité, il nous
tarde à présent de pouvoir concrétiser l’ouverture de nouveaux centres. 2013 sera certainement une année
charnière en ce sens. En effet, les associations qui seront les futurs locataires de ces centres ont réalisé un travail
de préparation et de consolidation très appréciable. De même, nos avancées en termes de recherche d’immeubles
ont bien avancé. Nous pensons pouvoir concrétiser notre projet mené de longue date pour une vingtaine
d’associations de jeunesse à Bruxelles, (Mundo-J) et nous sommes sur le point de concrétiser Mundo-Antwerpen
avec la construction d’un bâtiment bio-climatique, sur une parcelle cédée par la ville sous forme de bail
emphytéotique. Enfin, à Gand, le projet reste actif avec un noyau d’associations solide.
Au niveau international, la famille Ethical Property s’est orientée vers un modèle par lequel chacun des 4 pays dans
lesquels des activités ont été développées a acquis une autonomie propre. Les 4 sociétés ont des collaborations
renforcées et suivent un même référentiel éthique : les « Quintessentielles ». EPE est plus particulièrement investi
dans le soutien à la société française étic, de par notre investissement financier ainsi que par la mise à disposition
de nos compétences pour la création de « Mundo-Montreuil » qui ouvrira ses portes en 2014 à côté de Paris.
Enfin, au niveau financier, vous lirez que, cette année, nous avons dégagé un bénéfice statutaire de 90.618€. La
valeur des immeubles a augmenté globalement de 2,5 %, malgré une légère baisse à Namur. Quant aux comptes
consolidés, il montrent un bénéfice net de 64.001€ (part du groupe), ce qui permet à la valeur comptable de l’action
EPE d’atteindre 99 cents après paiement d’un dividende d’un cent. C’est moins qu’escompté au démarrage de
l’activité. Toutefois, en cette période de crise qui affecte le secteur de l’immobilier de bureaux, et d’autant plus pour
une jeune entreprise, je pense que nous n’avons pas trop mal résisté. Nous mettrons bien entendu tout en œuvre
pour continuer à améliorer nos résultats, financiers, sociaux et environnementaux au cours de cette année.
Bonne lecture.
l
4 Ethical Property Europe Annual Report 2012
GEAC
A
HTE A
LHO
NDEE
UDER
S,
GE AC HT E PA RT NE RS,
Wij hebben het genoegen om u ons jaarverslag van 2012 voor te leggen. Dit document is voor ons de kroon op
een jaar lang hard werken. We kunnen er op transparante wijze onze verwezenlijkingen, resultaten en projecten in
uiteenzetten. Ethical Property Europe heeft het afgelopen jaar zijn bestaande activiteiten uitgebreid en ook de
opening van nieuwe verenigingencentra actief voorbereid.
Een woordje over onze bestaande centra: Mundo-B en Mundo-Namen zijn referenties geworden voor het groeperen
van verenigingen en hun activiteiten. Momenteel hebben in deze centra bijna 90 verenigingen een eigen kantoor. Onze
vergader- en seminariezalen werden aan 240 verenigingen verhuurd, wat een toename vertegenwoordigt van meer dan
40% ten opzichte van het voorgaande jaar. We ontvangen in onze centra vaak ook beroemde gasten, zoals dit jaar
onder andere José Bové en Yann Arthus Bertrand. Tot slot, en dit is ongetwijfeld het allerbelangrijkste voor ons, kennen
onze kantoren een bezettingsgraad van 99% en hebben we het afgelopen jaar zo goed als geen klanten zien
vertrekken. Dat bewijst dat onze leden-verenigingen tevreden zijn over onze dienstverlening en dat ze zelf ook stabiel
zijn. We onderzoeken de tevredenheidsgraad via onze jaarlijkse enquête, waarvan de resultaten tonen dat we
vooruitgang hebben geboekt. U vindt een samenvatting van deze enquête in dit verslag.
Op milieugebied hebben we dit jaar 60 m² extra fotovoltaïsche zonnepanelen geïnstalleerd in Mundo-Namen, wat
naar verwachting een jaarlijkse productie van 19.000 kWh zou moeten opleveren. Op vraag van onze gebruikers
hebben we ook douches gebouwd voor de fietsers van Mundo-B. Ik maak van de gelegenheid gebruik om u te
vertellen dat onze centra 60% minder energie verbruiken dan het gemiddelde, dat meer dan twee derde van het
geproduceerde afval gerecycleerd of gecomposteerd wordt en dat nauwelijks één persoon op zes met de auto
naar het werk komt. Wij zijn trots op deze prestaties, die we te danken hebben aan onze leden en ons engagement
voor duurzaamheid.
We zetten ons sinds 2009 in voor de consolidering van onze activiteiten en de verhoging van hun rentabiliteit.
Hoog tijd dus om deze inspanningen in praktijk te brengen en nieuwe centra te openen. 2013 wordt in dat
opzicht ongetwijfeld een scharnierjaar. De verenigingen die deze centra in de toekomst zullen gebruiken, hebben
immers zeer waardevol werk geleverd op het vlak van voorbereiding en consolidering. We hebben tevens veel
vooruitgang geboekt in onze zoektocht naar gebouwen. Het lijkt erop dat we ons langlopende project voor een
twintigtal jongerenverenigingen in Brussel (Mundo-J) vaste vorm zullen kunnen geven, en we staan op het punt om
Mundo-Antwerpen te concretiseren met de bouw van een bioklimatologisch gebouw op een perceel dat de stad in
erfpacht zal geven. In Gent blijft het project actief met een vaste kern van verenigingen.
Op internationaal vlak heeft de groep Ethical Property gekozen voor een model waarbij elk van de vier landen waar
ze activiteiten heeft, over autonomie beschikt. De vier bedrijven hebben hun samenwerking versterkt en volgen
eenzelfde ethisch referentiesysteem: de "Quintessentials". EPE zet zich meer bepaald in voor de ondersteuning van
het Franse bedrijf étic, met een financiële investering en de terbeschikkingstelling van onze vaardigheden voor de
oprichting van Mundo-Montreuil, de vestiging die in 2014 in de buurt van Parijs haar deuren opent.
Wat het financiële aspect betreft, zult u ten slotte lezen dat we dit jaar een statutaire winst gemaakt hebben van
90.618€. De waarde van de gebouwen is over het geheel genomen gestegen met 2,5 %, ondanks een kleine daling
in Namen. De geconsolideerde rekeningen tonen een nettowinst van 64.001€, waarmee de boekhoudkundige
waarde van het EPE-aandeel stijgt tot 99 cents na betaling van een dividende van een cent. Dat is minder dan we
gehoopt hadden bij de start van de activiteit. Maar ik denk dat we ons hoofd goed boven water gehouden hebben
in deze crisisperiode, die de sector van de kantoorgebouwen en vooral jonge bedrijven treft! We stellen natuurlijk
alles in het werk om onze financiële, sociale en milieuresultaten ook dit jaar te blijven verbeteren.
Veel leesplezier!
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L’ EN TR EP RI SE EN
BR EF
H ET BE D RI JF IN
EE N N O TE N D O P
Ethical Property Europe is a
company with two objectives: to set
up centres for social change
organisations and to enable
individuals and institutions to make
a uniquely ethical investment. Our
shareholders gain the security of a
property based investment that
offers a financial return as well as
contributing to lasting social
change.
Ethical Property Europe supports
innovative and progressive
organisations working for social
change by taking care of their
property needs. We develop and
manage centres in major cities
according to our ‘Mundo’ model.
These centres are focal points for
social change.
The ‘Mundo’ model offers tenants
professional office space,
affordable rents, flexible and
sympathetic management and
facilities and services designed to
meet their needs. They also
become part of a working
community where they can
exchange skills and ideas under
one roof. Communal facilities
generally include meeting and
conference facilities, a restaurant,
reception, mail and copy services
and where possible a garden
designed as a haven for
l
Ethical Property Europe est une société qui poursuit un double objectif :
réaliser des centres pour les acteurs
du progrès sociétal et permettre
aux particuliers et aux institutions
de faire un investissement éthique
unique. Nos actionnaires bénéficient de la sécurité d’un investissement immobilier qui permet non
seulement d’obtenir un retour financier, mais également de contribuer
à un progrès sociétal durable.
Ethical Property Europe is een bedrijf dat een dubbele doelstelling
nastreeft: centra voor actoren van
de maatschappelijke verandering
opzetten, en personen en instellingen de mogelijkheid bieden om een
unieke ethische investering te doen.
De investeerders van het bedrijf krijgen de zekerheid van een op vastgoed gebaseerde investering die
niet alleen een financieel rendement biedt maar ook bijdraagt tot
een duurzame sociale verandering.
Ethical Property Europe soutient les
organisations innovantes et progressistes qui œuvrent pour le
progrès sociétal en s’occupant de
leurs besoins en termes d’infrastructures et des services liés à
ces infrastructures. Nous développons et gérons des centres dans
les principales villes européennes
selon notre modèle ‘Mundo’. Ces
lieux deviennent des centres névralgiques du changement sociétal.
Ethical Property Europe steunt innovatieve en progressieve organisaties die zich inzetten voor sociale
verandering. Wij doen dit door ons
te bekommeren om de vastgoedbehoeften van die organisaties. We
richten in verschillende grootsteden
centra op en runnen die volgens
ons Mundo-model. Deze centra
staan in het teken van sociale verandering.
Le modèle ‘Mundo’ offre à ses locataires des bureaux avec des loyers
raisonnables, des espaces flexibles
et une gestion adaptée conçue
pour répondre à leurs besoins. Ils
deviennent membres d’une communauté de professionnels où ils
peuvent échanger compétences et
idées sous un même toit. Les équipements collectifs incluent généralement une cafétéria, des salles de
Het Mundo-model biedt huurders
professionele kantoorruimten tegen
betaalbare huurprijzen, een flexibel
en inschikkelijk management en
voorzieningen en diensten die ontwikkeld zijn om aan de behoeften
van de huurders te voldoen. De
huurders worden ook deel van een
werkgemeenschap waar ze kennis
en ideeën kunnen uitwisselen
onder één dak. De gemeenschap-
biodiversity. Properties are ecorenovated and managed to
minimise energy and water use,
waste, car travel and the use of
harmful materials. In special cases,
tenants may also benefit from part
ownership of a centre.
We now manage office facilities
totaling nearly 8,000 square meters
in Brussels and Namur. We are in
the process of building a network
of centres across Europe in
support of the social change
movement.
Ethical Property Europe is part of
the growing Ethical Property Family
of companies that is committed to
the overall aim of making the best
use of property for society and the
environment. The members of the
Ethical Property Family operate in
four European countries:
Belgium: Ethical Property Europe
(3 centres);
The United Kingdom: The
Ethical Property Company (15
centres), as well as 2 service
entities: the Ethical Property
Foundation (Property advice)
and Ethical-IT (IT services)
France: étic (1 centre);
The Netherlands: Ethical
Property Nederland (1 centre)
OUR VALUES ARE
BASED ON FOUR
FUNDAMENTAL
PRINCIPLES:
Contributing to an equal and
just society
We believe in treating all people
equally and with respect. We are
committed to offering and continually
improving access to our properties,
to the services we provide, to the
jobs we offer, and to investment in
the company. We aspire to overcome
gender, class and other barriers by
enabling all sectors of society to
participate equally in what we offer
and who we employ. We also aim to
overcome wealth barriers by
ensuring that our services remain
affordable, within the constraints of
our business model.
conférence et de réunion et,
lorsque cela est possible, un jardinrefuge pour la biodiversité. Les
immeubles sont éco-rénovés et
éco-gérés afin de minimiser les
consommations d’énergie et d’eau,
les déchets, l’usage de la voiture,
et les matériaux dangereux. Dans
certains cas, les locataires peuvent
être co-propriétaires du centre.
Nous gérons actuellement des
centres d’associations à Bruxelles
et Namur totalisant près de 8.000
m². Notre objectif est d’établir un
réseau de centres à travers l’Europe
pour soutenir le mouvement du
progrès sociétal.
Ethical Property Europe fait partie
d’une famille grandissante d’entreprises et d’organisations qui se
sont engagées à utiliser au mieux
l’immobilier pour la société et l’environnement. Les membres de la
famille Ethical Property opèrent
dans quatre pays européens :
Belgique : Ethical Property
Europe (3 centres),
Grande-Bretagne : Ethical
Property Company (15 centres),
Ethical Property Foundation
(conseil) et Ethical-IT (services IT);
pelijke voorzieningen omvatten
doorgaans een cafetaria, een congrescentrum, grote vergaderruimten
en waar mogelijk een tuin ingericht
als toevlucht voor biodiversiteit. De
gebouwen worden op milieuvriendelijke wijze gerenoveerd en beheerd
om het energie- en waterverbruik,
de afvalproductie, het autogebruik
en het gebruik van schadelijke
materialen tot een minimum te
beperken. In bepaalde gevallen
kunnen huurders mede-eigenaar
worden van een centrum.
We beheren momenteel centra met
een totale oppervlakte van bijna
8.000 m2 in Brussel en Namen. We
willen in Europa een netwerk van
centra uitbouwen ter ondersteuning
van sociale verandering.
Ethical Property Europe behoort tot
een groeiende familie van vennoten
en organisaties die zich inzetten
voor een gezamenlijk doel, namelijk
het optimaal aanwenden van vastgoed voor de samenleving en het
milieu. De zes leden van de Ethical
Property-familie opereren in vier
Europese landen:
België: Ethical Property Europe (3
centra),
Het Verenigd Koninkrijk: The
Ethical Property Company (15
centra), Ethical Property
Foundation (advies) en Ethical-IT
(IT diensten) ;
France : étic, (1 centre),
Pays-Bas : Ethical Property
Nederland (1 centre).
Frankrijk: étic (1 centrum),
NOS VALEURS
REPOSENT SUR
QUATRE PRINCIPES
FONDAMENTAUX
Nederland: Ethical Property
Nederland (1 centrum)
La contribution à une société
juste et équitable
Nous croyons qu’il faut traiter les
gens avec respect et de façon
équitable. Nous œuvrons à rendre
accessibles au plus grand nombre
nos centres, nos services, les emplois que nous proposons, ainsi
que la possibilité d’investir dans
notre entreprise. Afin que tous les
secteurs de la société puissent
participer de façon égale à nos
activités, nous nous assurons que
nos services soient abordables,
tout en respectant nos contraintes
budgétaires.
ONZE WAARDEN ZIJN
GEBASEERD OP VIER
FUNDAMENTELE
BEGINSELEN
Bouwen aan een rechtvaardige
samenleving
Wij vinden dat alle mensen gelijk en
met respect moeten worden behandeld. We trachten alles wat de toegang kan belemmeren tot onze
panden, tot de diensten die door
ons worden geleverd, tot de banen
die wij aanbieden en tot investeringen in het bedrijf, weg te nemen.
Wij streven ernaar om discriminatie
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Contribute to a sustainable
society
La contribution à une société
durable
We believe in building both
physical and social structures, and
encouraging behavioral changes
that lead to sustainable lifestyles
with a positive environmental
impact, that use their fair share of
the planet’s resources.
Nous souhaitons encourager les
comportements et construire les
infrastructures et les structures
sociales qui amèneront un style de
vie durable avec un impact environnemental positif et qui n’utiliseront que notre juste part des
ressources de la planète.
Embedding values in business
and in society as a whole
We believe that every action we
take and decision we make as a
business should be based on the
Triple Bottom Line principle of
People-Planet-Profit, reflecting our
values, and not just our financial
return.
Contribute to positive
communities
We believe that the world’s
problems are better solved by
people working together and that
living in a positive community leads
to a happier and more fulfilling life.
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Ancrer nos valeurs aussi bien
dans nos affaires que dans la
société
Nous pensons que chaque action,
chaque décision de notre entreprise doit prendre en compte le triple bilan : Personne-Planète-Profit,
qui reflète les valeurs que nous
souhaitons promouvoir, et pas uniquement le résultat financier.
Contribuer à des communautés
positives
Nous sommes convaincus que les
problèmes du monde sont mieux
résolus quand les gens travaillent
ensemble plutôt que chacun de
leur côté, et que vivre dans une
communauté positive apporte une
vie plus épanouie.
op grond van huidskleur, geslacht,
klasse, enz. te elimineren door ervoor te zorgen dat alle groepen in
de samenleving op voet van gelijkheid toegang hebben tot de producten, diensten en banen die wij
aanbieden. Wij streven ernaar om
financiële barrières te slechten door
onze diensten betaalbaar te houden, binnen de beperkingen van
ons businessmodel.
Bouwen aan een duurzame
samenleving
Wij geloven in het aanmoedigen
van gedragswijzen en het tot stand
brengen van zowel fysieke als sociale structuren die leiden tot een
duurzame levensstijl met een positieve milieu-impact waarbij ieder
alleen zijn of haar rechtmatig deel
van de hulpbronnen van onze planeet gebruikt.
Waarden inbedden in het
bedrijfsleven en in de
samenleving als geheel
Wij zijn van mening dat elke actie
die we als bedrijf ondernemen en
elke beslissing die we als bedrijf
nemen, gebaseerd moet zijn op de
OUR ANNUAL REPORT
This Annual Report covers the
period from October 2011 to
September 2012. It is designed to
demonstrate openly the Triple
Bottom Line nature of the company
by reporting in equal measure our
social, financial and environmental
achievements. Our intention is to
be clear, honest and transparent
with our shareholders and all
stakeholders.
Ethical Property Europe abides by
a range of social, environmental
and financial performance targets
that are set out in a document
called the ‘Quintessentials’, shared
by the Ethical Property Family
members. This document is
available on our website at
www.ethicalproperty.eu.
References to these targets can be
found throughout this report.
As we work in a multilingual
environment, you will find that parts
of this document are written in
three languages (Fr, En, Nl), and
some others in one of the three
languages.
NOTRE RAPPORT
ANNUEL
Ce rapport annuel couvre la période
d’octobre 2011 à septembre 2012.
Il est conçu pour montrer de façon
claire notre philosophie du triple
bilan en communiquant nos résultats sociaux, financiers et environnementaux. Nos intentions sont
d’être clairs, honnêtes et transparents non seulement avec nos actionnaires, mais avec toutes les
parties prenantes.
Ethical Property Europe s’est engagé à atteindre des objectifs de
performance sociale, environnementale et financière qui sont fixés
dans un document appelé « Les
Quintessentielles », partagé par
tous les membres de la famille Ethical Property. Ce document est disponible sur notre site internet
www.ethicalproperty.eu. Vous trouverez régulièrement des références
à ces objectifs dans ce rapport.
Etant donné que nous travaillons
dans un environnement multilingue,
nous avons décidé de rédiger certaines parties de ce rapport en
trois langues (En, Nl, Fr), et d’autres parties dans une seule de ces
trois langues.
drie kernthema's People, Planeet,
Profit die de waarden weerspiegelen die wij nastreven, en niet alleen
op het financiële rendement.
Bouwen aan positieve
gemeenschappen
Wij zijn van mening dat de problemen in de wereld beter worden opgelost door mensen die
samenwerken dan door individuen
die op eigen houtje werken, en dat
wonen in een positieve gemeenschap leidt tot een gelukkiger en
meer bevredigend leven.
ONS JAARVERSLAG
Dit jaarverslag beslaat de periode
van oktober 2011 tot september
2012. Het is bedoeld om iedereen
inzicht te geven in de ”triple bottomline” van ons bedrijf door in gelijke
mate te rapporteren over onze realisaties op sociaal, financieel en ecologisch gebied. We willen duidelijk,
eerlijk en transparant zijn, niet alleen tegenover onze aandeelhouders, maar ook tegenover alle
stakeholders in ons bedrijf.
Ethical Property Europe verbindt
zich ertoe sociale, ecologische en
financiële doelstellingen te realiseren, beschreven in het document
"Quintessentials", dat wordt gedeeld door alle leden van de Ethical
Property familie. Dit document kan
op onze website www.ethicalproperty.eu geraadpleegd worden. U
vindt verschillende verwijzingen
naar deze doelstellingen in dit rapport.
Aangezien we in een meertalige
omgeving werken, hebben we
besloten sommige delen van dit
verslag in drie talen (en, fr, nl) en
andere delen slechts in één van
deze talen te schrijven.
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S T R AT
In Belgium
Ethical Property Europe is working to develop and
strengthen its network of centres in order to support a
growing number of associations. In Belgium, three
projects for new centres are in development by Ethical
Property Europe and are at different stages: in
Antwerp, Brussels and Gent.
MUNDO-ANTWERPEN
A group of organisations, mainly active in the
sustainable architecture and environmental sectors,
contacted Ethical Property Europe in 2010 looking for
help to set up a project for a “Mundo” style centre in
Antwerp. Several suitable properties were considered
but we have now decided to focus on the acquisition
of a plot of land belonging to the city of Antwerp on
which a new building can be constructed. The plot is
located alongside the “EcoHuis”, a centre for ecoarchitecture managed by the town. Initially, we were
quoted a high asking price, however the town of
Antwerp ultimately agreed to offer the plot to Ethical
Property under the form of a long lease (99 years), at
a more favourable price. The group of associations is
dynamic and the financial feasibility of the project is
achievable under these circumstances. Ideally, if
acquisition of the land is finalized successfully and
adequate finance is secured for the project, the
Mundo-Antwerp centre could open at the beginning of
2015. The project would be our first new construction
as well as our first project in Flanders!
MUNDO-J
For more than three years, we have been working to
establish a second centre in Brussels for several
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organisations who are active in the children’s, youth
and student sectors. The project currently involves
about 20 organisations in a centre that will be known
as “Mundo-J”, referring to the Dutch and French words
for youth (Jeugd/Jeunesse). Three properties are
currently under consideration and we think that the
best option for the centre in financial terms would be to
operate it under a “management contract”, meaning
that Ethical Property Europe would manage the centre
but not own it.
MUNDO-GENT
Gent is the second city in Flanders and benefits from a
dynamic non-profit sector which was the focus of a
feasibility study undertaken by Ethical Property Europe
recently. The groups contacted showed great interest in
the project and since then we have been working with
around twenty of them to find and acquire an adequate
property. Few buildings for sale in the area met the
needs of the organisations, who require 2000m2 close
to a station and although we did identify a suitable
property at the beginning of 2012, it was eventually
sold to a third party at a much higher price. In spite of
these difficulties, we are continuing our search.
OTHER MEMBERS
O F T H E FA M ILY
z The Ethical Property Company – UK
Ethical Property UK owns and operates 15 centres in
England and Scotland, providing 15,000m2 of rentable
office, event and retail space to a variety of charities,
voluntary groups and social change organisations. The
company also provides management services to likeminded landlords and is now responsible for managing
6 centres containing an additional 6000m2 of space.
Ethical Property Europe is member
of a “family” of companies, which
develop activities in the United
Kingdom, the Netherlands, France
and Belgium. For the time being,
the family has moved away from
adopting a centralised approach
for the management of each
company. The national companies
have however established close
collaborative working relationships
and observe a common charter
known as “the Quintessentials”.
Ethical Property Europe works
particularly closely with its younger
sister company étic (France),
helping them develop their MundoMontreuil centre near Paris. In
addition, the Ethical Property
Company in the UK is giving active
support to Ethical Property
Nederland as it looks to grow. These
ties will be of benefit to each
organisation, allowing the Ethical
Property family to make the best
use of its collective experience and
resources in helping establish new
centres Europe wide.
At the end of the financial year 2011/12, the company’s
owned centres contained 239 tenant organisations while
over the year an additional 478 organisations have been
supported by our managed centres, whether as tenants
or by taking advantage of the meeting and conference
space.
Throughout 2011/12 tenant numbers remained fairly
flat with demand in larger cities such as London
outweighing available space. However, as has been
the trend in recent years, centres in smaller cities such
as Brighton and Leeds, hit particularly hard by funding
cuts, have proved more difficult to fill. To address this,
the company has increased its marketing spend both
nationally and locally, focusing more explicitly on
communicating the benefits of its space to tenants and
removing previous barriers that they identified within
the space filling process.
Within their owned centres, energy use decreased by
1% throughout the year while carbon dioxide emissions
were down by 34% because of a change in supplier at
their largest centre, Development House, and the
installation of solar panels in 3 buildings. 89% of UK
based tenants reported that being in an Ethical Property
centre helped them achieve their strategic objectives.
Having identified and purchased a suitable property in
Vauxhall, south London, work continues on the
redevelopment of the centre formally known as The
Foundry, in partnership with four charitable
foundations. This is the largest project Ethical Property
has undertaken, with a total cost of over £10million to
regenerate the 3400m2 property. More than 50
appropriate organisations have expressed an interest
in taking space in the building. The redevelopment is
due to be completed in Autumn 2013.
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z Étic en France
z Ethical Property Nederland
Situé à Vaulx-en-Velin, dans la banlieue lyonnaise, étic
a été fondée en septembre 2010. Les activités d'étic
ont commencé par des contrats de gestion
d'immeubles:
Ethical Property Nederland (EPNL) heeft zich dit jaar
geconcentreerd op de verdere ontwikkeling van zijn
project Mundo Den Haag en tegelijkertijd het management op zich genomen van een gedeelde kantoorruimte voor creatieve, culturele en sociale
ondernemers in Haarlem.
Woopa, un immeuble de bureaux de 9.300 m² situé
à Vaulx-en-Velin, détenu en copropriété par 9
coopératives,
BeeoTop, un immeuble de bureaux et de salles de
réunion de 2.000 m² à Paris, pour des associations
de solidarité et acteurs du développement durable.
Étic a aussi mis en place un espace de « coworking »
de 350 m² pour des entrepreneurs sociaux: le
Comptoir étic, basé au Woopa.
En 2012 étic a signé l'acte d'achat d'une usine
désaffectée aux portes de Paris afin de créer MundoMontreuil. Après rénovations, le bâtiment aura une
superficie d’environ 2.000 m² et hébergera les bureaux
d’une vingtaine d’associations, des salles de réunion
et de conférence et une cafeteria. Tout comme pour
Mundo-b et Mundo-Namur, il s’agira d’une rénovation
à la pointe en termes de développement durable. Les
travaux de rénovation devraient commencer début
2013, l'ouverture du centre étant prévue début 2014.
Afin de financer cet achat, étic a pu compter sur un
capital initial de 440.000 €, auquel a participé Ethical
Property Europe, et a lancé une nouvelle levée de
fonds afin d'atteindre un capital de 2 millions d'euros
avant le début des travaux.
étic a reçu trois récompenses au cours de l’année,
avec une bonne couverture médiatique. Cela a permis
de mettre en avant les valeurs de la famille Ethical
Property, le travail des acteurs du changement social
et les investissements éthiques.
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Voor Mundo Den Haag werd een geschikt gebouw van
in totaal 2000 m² gevonden op een bijzonder zichtbare
en centrale locatie. EPNL rekent erop, op basis van
een verwachte investering door een aantal liefdadigheidsinstellingen en veelbelovende gesprekken met
duurzame banken, in staat te zijn het gebouw begin
2013 aan te kopen. Mundo Den Haag plant zijn deuren
eind 2013 te openen na een geschatte renovatieperiode van 9 maanden.
Het gebouw zal een levendige en inspirerende werkplaats zijn voor gelijkgezinde sociale ondernemers en
liefdadigheidsorganisaties en bestaan uit een betaalbare en flexibele kantoorruimte, een brainstormruimte,
vergaderzalen en een cafetaria. Het centrum zal ook
een uitgebreid assortiment ondersteunende diensten
bieden, regelmatig evenementen rond sociale verandering plannen en het delen van kennis en ideeën vereenvoudigen om waardevolle partnerships te cultiveren
binnen en buiten de gemeenschap Mundo Den Haag.
In tussentijd staat Mundo Den Haag, anno begin 2013,
op het punt het startschot te geven voor ‘Mundo in Motion’, een tijdelijke locatie in een leegstaand (handels)gebouw met bureaus en ontmoetingsruimtes. Dit
vormt een uitstalraam voor Mundo Den Haag in de stad
om het concept Mundo Den Haag op de markt te brengen en de gemeenschap met de buitenwereld te delen.
Sinds februari 2012 heeft EPNL ook een managementcontract met Stichting Klein Haarlem, een kleine organisatie die een centrum van 550 m² ter beschikking stelt
voor creatieve, culturele en sociale aannemers en verschillende interne en externe evenementen organiseert.
S
IN FOCU
Waste prevention and reuse
z Rreuse: lobbying against design obsolescence
RREUSE is an NGO which represents national and
regional networks of social companies active in reuse,
repair and recycling.
More and more, the industry tends
to produce non-lasting goods that
will have to be replaced within a
short period of time with the
objective of feeding a steady
demand for goods – and thereby
ensuring the continuous need for
mass production. However, this
short-sighted industrial production
policy lacks to address two main
issues. First, it ignores the
environmental impact of growing
consumption of goods that are
being thrown away after a few
years, producing increasingly
more waste. Second, in these times
of economic crisis, citizens are
confronted with a decrease of their
purchasing power and lack the
means to replace broken items.
Three of our members tackle these
issues at different levels and offer
sound solutions to remedy this
problem. We asked them to tell us
more about their action.
Today, we find ourselves in the midst of a throwaway
society, with most of our waste furniture, electronic
appliances and textiles being recycled, incinerated or
landfilled without even being considered for reuse. Yet
extending the lifetime of products through reuse activities
offsets the need to produce a new appliance, thus
saving its embodied energy, materials and chemicals.
Unfortunately reuse and repair activities are becoming
more marginalised and our products, especially if cheap
and mass produced, are becoming increasingly difficult
to repair with spare parts harder to come by.
At the same time, Europe is caught up in a deep
economic downturn. In the EU an average of 11% of
people are unemployed. Social enterprises, active in
reuse and repair activities provide work and training
opportunities for people who are at most risk of social
exclusion such as the long term unemployed, disabled
persons, (ex)prisoners, ex-drug addicts, young
offenders etc. Such skill sets include driving
commercial vehicles, warehouse logistics, carpentry,
mechatronic engineering and marketing. Such social
enterprises provide good quality items and appliances
at a fraction of the price of a new one, which gives
access to such products to all income groups. The
reuse and repair sector carried out by actors from the
social economy thus has tremendous social value.
In 2012 for example, RREUSE has been working on
improving EU legislation relating to waste, product and
employment policy including the push for separate
provisions for preparation for reuse activities in the
Waste Electronic and Electrical Equipment Directive;
contributing to the creation of possible durability criteria
of product design within the Ecodesign Directive aimed
to help extend the lifetime of our products; and actively
promoting the increased role of social economy actors.
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z Ressources: le label Rec’up
RESSOURCES est la fédération des entreprises d'économie sociale actives dans la réduction des déchets par
la récupération, la réutilisation et la valorisation des ressources. Elle rassemble plus de 60 entreprises qui collectent, trient, réutilisent ou recyclent des biens qu'elles
revendent dans des magasins en Wallonie et à Bruxelles.
Le secteur de la seconde main est en constante évolution.
La récup'attitude et la crise économique que connaît
notre société jouent leur rôle dans cette croissance. Mais
plus encore, le développement du secteur passe par
l'augmentation du nombre d'acteurs dont les services
se professionnalisent. RESSOURCES a mis au point un
référentiel qualité qui permet aux entreprises du réemploi de s'engager dans une démarche d'amélioration
continue de la qualité : Rec'UP.
En 2011, le réseau Rec’Up a collecté 6500 tonnes d’encombrants chez les particuliers: mobilier, électroménager, vêtements, objets de déco, jouets, livres... Grâce à
leur travail de collecte, tri, réparation et vente, plus de
1000 tonnes ont retrouvé une seconde vie. Rec’Up propose une réponse efficace à la demande des citoyens
qui font le choix d'une consommation réfléchie d'un
point de vue environnemental, social et solidaire tout en
prenant en compte la qualité des produits, le prix et le
service. Rec’Up est porté par 10 structures soit 16 points
de vente et centres de tri répartis en Wallonie et à
Bruxelles. Les entreprises d’économie sociale labellisées Rec’Up s’engagent à respecter 120 normes destinées à assurer aux consommateurs la qualité de tous
les objets mis en vente et la garantie d'une politique de
prix juste et claire. En achetant Rec’Up, le consommateur offre une nouvelle vie à un objet et s'inscrit dans une
démarche citoyenne. Les bénéfices réalisés grâce à ses
achats soutiennent, en effet, des projets de solidarité et
offrent des emplois à des personnes fragilisées sur le
marché du travail. Le réseau emploie à ce jour 200 personnes.
z Netwerk bewust verbruiken vzw
Netwerk Bewust verbruiken heeft twee projecten die
bijdragen tot herbruik en afvalpreventie :
1. Repair Cafés
Het Repair Café, een succesvol Nederlands initiatief
waarbij repareren centraal staat, komt nu ook naar
Vlaanderen. Bezoekers krijgen gereedschap en
materiaal ter beschikking om hun kapotte spullen te
repareren, en kunnen rekenen op hulp van
deskundigen. Sinds deze zomer werkt Stichting Repair
Café samen met Netwerk Bewust Verbruiken om het
initiatief ook in Vlaanderen op de kaart te zetten.
Netwerk Bewust Verbruiken wil via Repair Cafés
herstellen terug in de samenleving brengen en
buurtgenoten bij elkaar brengen rond dit thema. Via een
pilootproject met de steun van de provincie worden lokale
groepen in Vlaams-Brabant warm gemaakt om Repair
Café te organiseren. Dit gebeurt samen met partners
LETS Vlaanderen, Transitie Vlaanderen, Komosie,
Vlaams Netwerk van organisaties waar Armen het woord
nemen,.. Lokale groepen starten met ondersteuning van
NBV hun eigen Repair Café op, voor en door mensen in
de buurt. Het project heeft naast een ecologisch doel
(minder afval, minder aankopen), ook een sociaal doel:
het zorgt voor sociale cohesie doordat mensen met heel
verschillende achtergronden met elkaar in contact komen
tijdens een inspirerend en laagdrempelig evenement.
Het Netwerk Bewust Verbruiken wil in 2013 een hele
reeks Repair Cafés zien ontstaan: minstens 10, maar
het Nederlands voorbeeld geeft aan dat ook 20
haalbaar is. Geïnteresseerden uit heel Vlaanderen en
Brussel kunnen echter advies en ondersteuning krijgen.
2. Sharing is caring
Het project Sharing is caring van het Netwerk Bewust
Verbruiken laat mensen kennis maken met én actief
deelnemen aan de verschillende initiatieven op gebied
van consudelen. Het beoogt vorming en communicatie
(een event en on-line tools) rond de hergebruikeconomie en andere manieren van duurzaam
materialen-bezit. Het project speelt in op het einde van
het tijdperk van de passieve consument: de nieuwe cosument organiseert zich en gebruikt zijn netwerken om
zijn doelen te bereiken. Consumenten zoeken actief
naar oplossingen in nieuwe tijden. Het concept van
collaborative consumption (ook gezamenlijke
consumptie of consudelen genoemd) is dan ook overal
aan een opmars bezig. Via lenen, ruilen, delen, huren
wordt een andere manier van productbezit mogelijk.
Toegang hebben tot (het gebruik van) een product
wordt zo belangrijker en waardevoller dan het product
zelf bezitten. Mensen betalen andere mensen (peer to
peer), bedrijven of overheden voor het gebruik van een
kwalitatief degelijk product.
Zie voor een overzicht ook: http://www.bewustverbruiken.be/
consuminderen/1083-consudelen.html
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HIGHLIGHTS
y Our offices bo
ast a very stable
occupancy rate
y A significant in
crease in the num
ber of clients
hiring our confer
ence and meetin
g rooms
y An ever-growi
ng profile
MUNDO-b
Mundo-b in brief
Property: 4000 square meters
Offices let: 2050 square meters – 33 organisations
Hive (co-working space) : 18 organisations
8 meeting rooms – 1 conference room
Other facilities : restaurant – library – 2 gardens
A landmark on Brussels’ associative map
Despite the high rate of vacant office space in Brussels
and the financial crisis, this year, our offices boasted an
occupancy rate of 99.5%. Moreover, we are regularly
contacted by organisations looking for office space. This
clearly demonstrates the popularity of the concept we
have developed.
In concrete terms, Mundo-b houses 52 organisations.
Throughout the year, between 250 and 300 people work,
meet and network at Mundo-b every day, not even
counting external visitors.
Thanks to its conference and meeting facilities (9 rooms)
and its organic and fair trade cafeteria, Mundo-b is a forum
that is becoming increasingly known and appreciated by
the Belgian and international non-profit sector. Some
public and private institutions, as well as a few universities
also regularly use it for their trainings and seminars. More
than 2,700 meetings and conferences (i.e. more than 7
events per day) were held this year by nearly 140 different
organisations - including the associations based in the
centre. This figure is up by 40% compared to the previous
year. A majority of these meetings were related to the
environment and sustainable development. This year, a
new space has been opened in an annex, the facilities of
which include showers for cyclists as well as a room for
training courses and workshops.
Proven environmental credentials
Mundo-b’s reputation is also fuelled by the fact that the
Brussels Region recognises the building as an
"exemplary building", which attracts a large number of
groups (students, architects, etc.) eager to understand
the building’s eco-renovation and eco-management
approach. Our way of reducing our environmental
impact is to promote solutions that are simple,
inexpensive, and based on the participation of our teams
and our tenants.
Not just any standard office building
Mundo-b is a vibrant place, committed to social and
environmental change. Besides the fact that there is
always something going on, the centre’s team makes
every effort to initiate or support all projects that make
a contribution to collective life. Socio-cultural events
take place regularly: live music evenings, exhibitions,
project presentations, tastings, etc. Yoga classes and
conversation tables are also organised during lunch
breaks.
Future challenges and projects
Mundo-b’s management team exists to serve both
tenants and visitors. Given the international nature of the
events that take place in the building, we have taken up
the challenge of working on most projects in three
languages - French, Dutch and English - to respect this
cultural diversity. Operational aspects related to the
running and life of the centre are discussed every 2 or 3
months in a management committee bringing together
the tenants and the Mundo-b team.
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z The 33 organisations with office space at Mundo-b
Alliance for Lobbying Transparency and
Ethics Regulation (ALTER-EU)
Civil society groups concerned with the increasing influence of corporate
lobbyists on the political agenda in Europe
Association 21
Works to accelerate the emergence of sustainable development in society
Central Eastern Europe (CEE)
Bankwatch Network
Prevents the harmful environmental and social impacts of international
development finance
Climate Action Network Europe (CAN)
Works to limit human-induced climate change
Corporate Europe Observatory (CEO)
Targets the economic and political power of corporations and their lobby
groups
EcoLog
Supports the development of collective living and working spaces
ECORES
Sustainable development consultancy firm founded by Groupe One
Ergo Network
Network of organisations, focused on the empowerment and grassroots
mobilisation of the Roma people
European Coalition for Corporate
Justice (ECCJ)
Unites and represents civil society organisations in 15 European countries
European Environmental Citizens
Organisation for Standardisation (ECOS)
Increases the ecological performance of products and improves consumer
information on sustainable consumption
European Federation for Transport and
Environment (T&E)
Campaigns for, and provides information on sustainable transport solutions
across Europe
European Network on Debt &
Development (Eurodad)
Works on issues related to debt, development finance and poverty reduction
Forests and the European Union
Resource Network (FERN)
Works on forests and forest peoples’ rights
Friends of the Earth Europe (FOEE)
Campaigns for sustainable, just societies and environmental protection at a
grassroots level
Food & Water Europe
Monitors the practices of multinational corporations that impact our food and
water
Green Belgium
Promotes sustainable development, sustainable water management,
education and public participation
Groupe One
Economists working towards a more responsible economy
Ingénieurs Sans Frontières (ISF)
Works to improve the quality of life in disadvantaged communities worldwide
through sustainable engineering projects
Inter-Environnement Bruxelles
Campaigns for a better quality of life in Brussels
Jeunes & Nature*
Youth nature organization
Kamilou
Sustainable caterer
Max Havelaar
Works for fair trade agreements for small farmers and agricultural workers in
disadvantaged regions
Milieuzorg Op School (MOS)
Provides environmental education programs in schools
Natagora
Promotes nature conservation to the public
Naturefriends International
Links environmental and social aims, focusing on sustainable regional
development and sustainable tourism
Netwerk Bewust Verbruiken (NBV)
Network for sustainable and responsible consumption
Quinoa
Development organisation facilitating voluntary work in southern countries
Rreuse
Works on reuse and recycling issues
Saferworld
Network of federations preventing armed violence and creating safer
communities
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Seas at Risk
Works to protect and restore the marine environment of the European seas
Terre des Hommes Fédération
Internationale
Works for children’s rights, promoting equitable development without racial,
religious, political, cultural or gender-based discrimination
Wake Up
Creates video clips to raise public awareness of ecological problems
Werkgroep voor een Rechtvaardige en
Verantwoorde Landbouw (WERVEL)
Works on sustainable agricultural development overseas and locally
z The 18 member associations of the Hive
Organisation
Description
Country of origin
Arocha
A Christian nature conservation organisation
UK
Better Cotton Initiative
Promote a more sustainable cotton production for the
people and for the environment
Switzerland
European Federation of Associations of
Environmental Professionals (EFAEP)
Provides a platform for an international exchange of
environmental experts
UK
Foire aux Savoir-Faire
Promote the development of know-how and do it
yourself techniques
Belgium
Foodwatch
Draws public attention to practices in the food
industry that are not in the interests of consumers
Germany
Global Health Advocates
Mobilizes society against diseases that keep people
in poverty
France
Global Water Institute
Assists demobilized populations, using water-related
activities to prevent conflict and ensure sustainable
development
Belgium
GRACQ
Daily cyclists’ organization
Belgium
Gruppo Volontariato Civile (GVC)
Volunteers organisation in development cooperation
and humanitarian aid
Italy
Institut Eco-Conseil (IEC) *
Offers training for eco-counselors
Belgium
Les Jardins de Pomone
Raises awareness to biodiversity conservation and
sustainable food consumption
Belgium
Ligue des Usagers
des Services de Santé (LUSS)
Association of patients, users and citizens concerned
by health, campaigning institutional actors of health
and the authorities
Belgium
Objecteurs de croissance
Strives towards an economic modal shift, that would
free itself from the dichotomy consumer / producer
Belgium
Pangea
Promotes the production of sustainable African
bio-energy
Belgium
Surfrider
Works for the sustainable management of the ocean
and coastline
France
Textual Healing
Editing and copywriting with a focus on development
and environmental issues
UK
/the Netherlands
Urban Concept
Develops cultural and urban projects with a focus on
sustainable development
Belgium
Zimbabwe Europe Network
Civil society network of organisations lobbying the EU
for a more sustainable policy on Zimbabwe
The Netherlands
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A FUTURE MUNDO-J IN THE MAKING
A stone’s throw away from Mundo-b, on Square du
Bastion, three associations share an office space of 500
m², managed by Ethical Property Europe, offering
services and infrastructures similar to those of our
Mundo centres. These are associations eager to move
into a future centre dedicated to the youth sector and
that were forced to find new premises in 2011. These
organisations can also make use of the Mundo-b
facilities: cafeteria, conference room, gardens, etc.
Networking activities with the Mundo-b associations
have been organised by the Mundo-b team. Within a
year or two, these organisations should move into the
future Mundo-J centre.
z The three associations at Square du Bastion
Kind en Samenleving
Research organisation aiming at empowering children and youth
Missing Children Europe
Federation representing 28 organisations across Europe active in cases of
missing and/or sexually exploited children at grassroots level
Vlaamse Scholierenkoepel
Organisation for and by pupils on education issues, that represents and
defends their interests
MUNDO-NAMUR
Mundo-Namur in a brief
Property: 3.200 square meters
Offices let: 1.760 square meters – 24 organisations
Hive (co-working space) : 10 organisations
5 meeting rooms – 3 training rooms - 1 conference
room
Other facilities : restaurant – garden
At the heart of Wallonia
Mundo-Namur has been up and running for almost 2
years. The centre houses 34 associations, primarily
active in the French speaking part of the country. Except
for 2 departures and 3 newcomers in the Hive, no
association has left the centre and its members are
clearly in for the duration. This year, the centre achieved
an occupancy rate of 98,5%.
Located at the heart of the capital of Wallonia, MundoNamur welcomed no fewer than 2,300 meetings during the
year, mostly in connection with sustainable development,
which represents a significant increase compared to the
first year of operation. Approximately 100 in-house and
external organisations use our infrastructures as a platform
for their projects and initiatives.
The café, an essential activity
In 2012, we had to contend with the departure of the
restaurant’s manager – an independent structure. Since
we consider the presence of a restaurant and catering
service as a real added value for our centres, we
decided to take on the management of the restaurant for
a year. The activity was carried out successfully but its
management is complicated for a structure such as
ours. We therefore searched and found someone else
l
to take over this activity who will rent the space and be
in charge of the catering as from 2013.
Ongoing efforts to improve the centre
During the past year, we have fine-tuned the regulation
of the heating and ventilation systems of our low energy
building. The gradual creation of green spaces, with an
emphasis on biodiversity, has been carried out in
collaboration with a sheltered employment company,
and we have built a covered bicycle parking area with 20
spaces. Finally, 60 m² of solar panels were installed on
the roof, which will cover between 6 and 8% of the
annual electricity consumption of Mundo-Namur.
Dynamism under development
Mundo-Namur serves as a central hub for the activities
and actors of social change and sustainable
development. In addition to the events organised by our
tenants and the associations that rent meeting rooms,
life in the centre also hinges around activities that foster
a friendly and sociable working atmosphere: BBQs,
lunchtime jogging sessions, open doors during
“Neighbours’ Day”, exhibitions, etc.
In the pipeline
After one and a half years in situ, the tenants are gradually
latching onto the Mundo concept. As in Brussels, a
management committee meets every two or three months
to discuss improvements in terms of management and to
propose new initiatives. One of the projects for the
upcoming year is to boost community initiatives:
organising language courses, working groups on
specific topics, etc.
z The 24 associations with office space at Mundo-Namur
Amis de la Terre
Environmental association active in educating the public to environment
friendly behaviours
Ardenne et Gaume
Protection of outstanding nature sites in the Ardenne and the Gaume regions
Bioforum Wallonie
Coordination of the stakeholders of the organic sector
Cercles des Naturalistes de Belgique
Classes, trainings, activities for youth and adults interested in nature
CP Bio
Technical training for the organic producers, and coordination of initiatives
in organic agriculture and horticulture
Droits quotidiens
Legal advice and support for disadvantaged people
Ecosonso
Promoting environmental and healthy consumption patterns
Empreintes / CRIE de Namur
Awareness, training and mobilisation of youth in ecological values
Faune et Biotopes
Federation linking farmers, environmentalists, hunters and others concerned
with rural land management
Fédération Francophone d’Equitation et
d’attelage de loisir (FFE)
Promotes equestrian leisure and tourism
Fédération Inter-Environnement
Wallonie
Federation of Walloon environmental organisations
Forêt Wallonne
Promotes sustainable forests in the Walloon Region
Institut Eco-Conseil
Offers training for eco-counselors
Ligue des Familles
Promoting families’ common interests
Natagora
Nature protection association
Objectif 2050
Develops tools and skills for the reduction of greenhouse gas emissions
Oxfam Magasins du Monde
Association active in the fair trade sector
Plain Pied
Specialises in accessibility for people with limited mobility
Plate Forme Maison Passive
Promotes and advises on low energy use buildings
Réseau Idée
Environmental education information network
Ressources
Federation of social economy organisations that receive, collect, sort,
recycle and resell products at the end of their lifecycle
Sentiers de grande randonnée
Promotes, creates and maintains walking paths
Sentiers.be
Association for the defense and promotion of paths and trails
Valorisation touristique des parcs et
jardins historiques de Wallonie
Promotes Wallonia’s listed gardens and outstanding heritage
z The member associations of the Hive
Abece
Network of environment advisors
Apere
Organisation promoting renewable energy
Bativert
Co-op active in the eco-build sector
Eureka
Sustainable architects and consultants in energy efficient buildings
F.S.C. Belgium
Supports global sustainable forestry and promotes FSC labelled products in
Belgium
GRACQ
Daily cyclists’ organization
Groupe One
Economists working towards a more responsible economy
Le Coursier Mosan
Bike delivery professional
Odiccees Environnement
Observatory of sustainable habits
Plateforme pour le Service Citoyen
Campaigning for a Volunteer Citizen Service for young Belgians between 18
and 25
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CE
N
A
M
R
O
F
R
E
P
L
A
I
SOC
HIGHLIGHTS
y The environment rem
ains the major field of
action of our members
y An upturn in member
satisfaction at Mundo-b
OUR MEMBERS
SATISFACTION OF OUR MEMBERS
As at 30 September 2012, we had 88 tenants in our
centres, 28 of which are tenants of our "Hive" (flexible
and shared office spaces). As for our conference and
meetings rooms, they were used by 165 external
organisations.
This year again we conducted a satisfaction survey
among our members. This survey covers both the quality
of the infrastructures and the services provided, as well
as aspects related to the Mundo “project”: strengthening
synergies between organisations, communication, etc.
Most of our tenants are non-profit organisations/NGOs
(76%). The remainder is made up of federations (16%),
a handful of foundations (6%), and a small proportion of
social enterprises (2%).
This is the third time we have organised this survey for
Mundo-b and the second for Mundo-Namur. The
response rate was consistent with our expectations this
year, with one in two workers giving us their opinion.
Member satisfaction is measured on a scale of 1 to 5, 1
expressing strong dissatisfaction and 5 very high
satisfaction. We consider a score of 4 or more as a best
practice, and 3 or more as satisfactory.
Approximately 40% of our tenants have fewer than 5
employees. The same proportion works with teams of
between 5 and 20 employees. Associations with over 20
employees are in a minority.
FIELDS OF ACTION
More than half of our members work on environmental
issues and sustainable development. Another field of
action that is well represented (16%) within our centres
is social justice. The remaining 35% are spread between
development in the South, civil rights, health issues, the
resolution of conflicts in the world, support for minorities.
Below, we present a summary of the results expressed
by the heads of the associations housed in our centres
and compare them with last year’s results. The detailed
results are used by our staff to improve the management
of our centres.
Mundo-b
Overall satisfaction with management and facilities
Management of the centre
2011
Mundo-Namur
2012
2011
2012
3,8
4,1
4,1
4,1
4
3,8
3,9
3,8
Cleanliness of offices and meeting rooms
4,2
4
4,1
3,6
Rental level value
3,6
3,8
3,7
3,3
Quality of offices and meeting rooms
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Mundo-b
Overall satisfaction with services and social life of the centres
Mundo-Namur
2011
2012
2011
2012
Reception services
4,3
4,2
4,3
4,3
IT services
3,4
3,5
3,2
3
Life and atmosphere of the centres
3,9
4
3,9
4,2
Environmental renovation and management of the building
3,8
4,2
3,7
3,9
Enhancing the visibility of the tenants
3,6
3,9
3,7
3,8
Support to emerging and small organisations
2,9
3,4
3,4
3,5
Consistency of our practices with our values
4,1
4,1
4,1
3,9
Transparency of the management
3,8
3,9
3,9
3,8
Overall, the satisfaction of our members housed in
Mundo-B and Mundo-Namur is very close to our "best
practice" goal.
If we take the average of all the variables analysed,
Mundo-B showed a slight improvement, as its overall
score is 3.8/5 against 3.6/5 last year and Mundo-Namur
witnessed a very slight decline from 3.8/5 in 2011 to
3.7/5 this year. It is therefore gratifying to see that the
slight decline observed last year at Mundo-B is
reversed. Our efforts to provide better services and to
support the "Mundo" project seem to be bearing fruit. We
will continue on this path in 2013.
At Mundo-Namur, the results are also positive. The quality
of our infrastructures continues to be appreciated by our
members, and the atmosphere and life of the centre are
considered very satisfactory. One worrying aspect
needs to be pointed out however: the drop in satisfaction
with the IT services. Indeed, we have witnessed a series
of technical problems. In response, we have decided
this year to fundamentally change the IT services we
offer.
In 2013, we will continue to enhance our services. To this
end, we will take inspiration from the satisfaction survey
but also from the feedback of the management
committees composed of representatives of our tenants
who are a very valuable source of proposals and ideas.
Our goal is to provide a working environment that is
professional and friendly, that meets the expectations of
our members, and is conducive to synergies and
collaboration between associations. In this context we
enlisted the support of two interns whose mission was
to strengthen the collective and cooperative initiatives
within the Mundo centres.
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AL
T
N
E
M
N
O
R
I
ENV RMANCE
PERFO
HIGHLIGHTS
ct
ronmental impa
reduce our envi
to
rts
fo
ef
ur
g
in
y Unwaver
d at Mundo-Nam
lts
r panels installe
is showing resu
y 60 m² of sola
ility policy that
ob
m
g
tin
llu
po
y A non-
ENERGY
This is the first year we can compare the energy consumption of our two centres. Last year in fact we did not have
the figures for our energy consumption at Mundo-Namur, since back then, the centre had not yet completed a full
year of operation.
This year again, our consumption reaches the goals we set out in the "Quintessentials". We have even beaten "best
practice" objectives, since at Mundo-b we consume 16% less than our "best practice" in electricity and heating, and
at Mundo-Namur we use 33% less than our "best practice".
ENERGY CONSUMPTION AT MUNDO-b AND MUNDO-NAMUR
Mundo-b
consumption (kWh/m2/year)
Mundo-Namur
Ethical Property
Best practice
Standard office
building
2011
2012
2011
2012
woodchips
18
26
-
26
-
-
gas
24
23
-
2
-
-
Total heating consumption
42
49
-
28
60
113
Consumed electricity
44
48
-
50
-
-
Generated electricity
3
3
-
2
-
-
Total electricity consumption
47
51
-
52
60
125
Total energy consumption
88
100
-
80
120
238
Although the goals achieved are already remarkable, we must qualify these data with two observations. First, the
heating consumption at Mundo-B increased by 15% this year, an increase that is partly due to the harsh winter. It is
therefore necessary to continue to raise awareness among workers in our centres about the need to use heating
rationally. The consumption of heating at Mundo-Namur is also too high compared to forecasts. Here too, we will put
in place measures to reduce consumption.
l
SOLAR PANELS
This year, we installed solar panels on the roof of Mundo-Namur. Our centres now have 150 m² of solar panels, for
a total power production of 19,000 kWh per annum. This year, our own electricity production covered 5% of our
total electricity consumption. This proportion will increase next year, as our solar panels in Namur were only in
operation for the last 5 months of the year. With our solar production, we avoided the emission of 3598 kg of CO2
over the year (calculated on the basis of the average Belgian energy mix).
ELECTRIC ENERGY SOURCES
Lampiris remains our electricity supplier. We selected this supplier for the 100% renewable and non-nuclear origin
of its energy production. Its energy mix is as follows:
Biomass
Hydraulic energy
31.88 %
36.82%
31.25%
Wind
In comparison, the average Belgian energy mix can be broken down as follows:
Coal-fired power plant
Renewable: wind + hydraulic + wind
6%
50 %
4%
40 %
Nuclear
Gas-fired power plant
FUEL
Our heating is produced from gas and woodchips. Our goal is to use a maximum of woodchips as they are less
polluting than hydrocarbons and reduce our energy dependence given that they are sourced from Belgian forests.
It is also important to point out that our woodchips are made from sawmills waste in the Ardennes, which means that
they do not contribute to deforestation. Our aim is for 70% of heating to be produced from woodchips overall.
Sources of fuel in 2012
Mundo-b
Mundo-Namur
Overall
% woodpellets
52%
92%
67%
% gaz
48%
8%
33%
CARBON DIOXIDE EMISSIONS
At Mundo-Namur, our CO2 emissions are very low due to the combination of two elements: very limited heating
needs thanks to the excellent energy performance of the building, and the predominant use of woodchips for
heating. Our CO2 emissions have increased slightly this year at Mundo-b, following a higher consumption of heating
compared to last year. Our overall emissions are 60% more efficient than our "best practice" goal.
In the table hereunder we compare the CO2 production of our 2 centres with the production that would occur in
properties of the same size, based on average levels of energy consumption for offices (gaz boiler/no solar
panels/non-green electricity supplier). On this basis we consider that we have avoided the production of 321,3 tons
of CO2 last year !
l
Tons of CO2 produced in 2012
Mundo-b
Standard
office of
the same
size
MundoNamur
Standard
office of
the same
size
Heating : pellets/gaz for the Mundo – Gaz for
20,0
83,0
4,2
78,2
Electricity consumed (solar production deducted)
2,7
97,6
2,6
92,0
Total
22,7
180 ,6
6,8
170,2
Production of CO2 avoided
157,9
163,4
WATER CONSUMPTION
At Mundo-b we use the equivalent of 15 litres of water per person per day – which means that it remains at the
same level as last year. At Mundo-Namur, we consume 14 litres. These figures are in line with the objectives of
Ethical Property, which considers a consumption of 15 litres as satisfactory. We do not reach the best practice of 8
litres. That being said, this objective does not take into account the many visitors to our meeting rooms and our
restaurants. We plan to adapt these goals to better reflect the actual situation.
WASTES AND RECYCLING
We try to keep the generation of waste to a minimum in our centres, and to do this we respect the following rules:
prevent waste at its source - reuse what can be reused – recycle as much as possible - and only send to the
incinerator once every other possibility has been exhausted.
In our centres, we recycle more than 2/3 of the total waste generated. Thus, glass, cardboard, plastic and cans are
sorted in each office. Each centre has a specific place where the polystyrene, wood, energy saving bulbs, cork,
electronic devices, water filters, ink cartridges, etc. are collected. As for organic waste (produced by the cafeterias
and offices), we compost it in our gardens, with the help of our members, who are responsible for this.
Our policy also requires the reduction of waste generated by our purchases. For example, we use second-hand
furniture supplied by actors of the social economy. As for office supplies, we use a supplier who is very mindful of
his environmental impact (and therefore of excess packaging), and that groups deliveries of equipment for all of our
members twice a month in order to reduce transport.
Once all these opportunities have been exhausted, about 25 kg of waste per person per year are sent to the conventional
channels from Mundo-b, and 22 kg from Mundo-Namur. The goal is to be able to further reduce these figures.
TENANTS TRAVEL TO WORK TABLE
Thanks to the excellent location of our centres, the vast majority of our members (five out of six) uses non-polluting
means of transport to get to their workplace. However, significant variations can be observed between our centres.
At Mundo-b, almost half of workers come to work on foot or by bike. The others use public transport. The car or
motorcycle make up an almost negligible proportion. As the city of Namur constitutes a relatively small urban area,
some of our tenants come from more rural districts where public transport provision is quite irregular. This therefore
forces about a third of workers of Mundo-Namur to come to work by car. To maintain this ratio as low as possible,
we provide our members with a fleet of bicycles and a shared car.
Mundo-b
MundoNamur
Bastion
Total
Walking
15%
6%
0%
9%
Cycling
32%
6%
9%
17%
Public transportation
51%
56%
82%
56%
Motorcycle / scooter
1%
0%
0%
1%
Carsharing
0%
3%
0%
0%
Car
1%
29%
9%
17%
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M
A
E
T
R
OU
HIGHLIGHTS
y The team is gr
owing again in 20
12
y More women in
managerial functio
ns than in 2011
y Only one in ev
ery 4 employees
comes to work
by car.
As at 30 September 2012, Ethical Property and its subsidiaries had 20 employees.
Staff Statistics
2011
2012
Number of full-time staff
5
7
Number of part-time staff
12
13
Equivalent full-time posts
12,1
14,4
27
18
Youngest staff member
Oldest staff member
66
67
Highest paid worker
€ 48.960
€ 50.380
Lowest paid worker
€ 21.000
€ 20.550
Ratio of highest to lowest salary
2,3 to 1
2,5 to 1
The increase in the number of employees is due to the creation of a new team of three people who run the cafeteria at
Mundo-Namur.
For other functions, the past year has seen few changes in the team. The continuity of our staff makes a significant
contribution to our efficiency, since it makes it possible to build relationships of trust. It also helps train our staff in a longterm perspective.
HUMAN RESOURCES POLICY
Ethical Property Europe aligns the wages of its workers on the non-profit sector. To motivate our employees, we have
set up a plan to offer meal vouchers. We have also increased the amount of leave granted to our employees, from 20
days to 23 days’ annual holidays, which allows everyone to enjoy more personal time free of professional obligations.
TRAINING
We firmly believe in the importance of offering our employees proper training. This year, our employees followed, among
others, courses in the areas of human resources, environmental management, languages and finance. In addition, our
employees have had the opportunity to share best practices and discuss their management with our partners in the
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Ethical Property family on several occasions. Finally, we note our long-term investment in the training of less qualified
people through our restaurant in Namur. Mundo Gusto is actually a place of learning for people in sheltered employment,
to whom we offer internships. We do this in collaboration with local companies active in the social economy.
PARTICIPATION
We encourage everyone's participation during the regular team meetings. We believe that it is by discussing with all those
involved in the challenges we face that we will come up with the best solutions. Every year, we organise a team-building
session so that the workers of our centres can meet in a friendly and relaxed atmosphere. Managers and senior managers
also meet up to air their grey cells once a year and to discuss business prospects and strategies.
EQUAL OPPORTUNITIES
It is important for us to break through the "glass ceiling" that stops women from earning leadership roles in the business
world. For this reason, we monitor annually the distribution of men and women at different levels of the company.
Level in company
Female %
2011
Male %
Total
Female %
2012
Male %
Total
Directors
1
17%
5
83%
6
1
17%
5
83%
6
Senior managers
0
0%
2 100%
2
0
0%
2 100%
2
Managers and higher
skilled employees
3
60%
2
40%
5
4
80%
1
20%
5
Less skilled and junior
employees
7
70%
3
30%
10
9
69%
4
31%
13
Total
10 59%
7
41%
17
13 65%
7
35%
20
Overall, we find a higher proportion of women than men in the company. Although there is a lack of women in positions
of responsibility, we are making every effort to gradually rebalance this situation.
BUSINESS TRAVEL
We continue to encourage alternative methods of transport to the car for commuting among our staff. Thanks to various
incentives, 75% of our team use means of transport other than the car for their work journeys.
The vast majority of business travel is made by public transport, walking and cycling. To transport material, we use the
car sharing system. For missions abroad, we only travel by train.
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THE BOARD
S
OF DIRECTOR
z Anne Vleminckx
Non-Executive Director and Chair
Anne graduated from the Catholic University of Leuven in 1975. She worked as a research
assistant at the Centre for Economic Studies at the University before joining Generale Bank
where in 1990 she became Manager for Corporate Communications. In 1996 she left the
bank to become Vice Chairwoman of the management committee of the Brussels Stock
Exchange where she was responsible for marketing and finance. She joined Agfa Gevaert
in 2001 as head of Corporate Communication before becoming Chief Financial Officer in
2005. She left Agfa Gevaert in 2008. She now works as financial advisor.
z Frédéric Ancion
Managing Director
Frédéric trained as a bio-engineer specialised in economics. He has 12 years of experience
in the development of environmental and collaborative projects on behalf of community and
other groups. First employed in the non-governmental sector, Frederic then set up Ecolog,
a consultancy company. He was instrumental in launching organic food cooperatives and
has conducted a number of feasibility studies in the sustainable development sector.
Since 2007, Frédéric has worked, first with the Ethical Property Company (UK) and then with
Ethical Property Europe on the purchase, renovation and financing of the Mundo centres in
Brussels and Namur and on the development of future centres. He is the Managing Director
of Ethical Property Europe since 2010 and has been appointed by EPE as Managing
Director of Brussels Sustainable House, the company that owns Mundo-B together with
MDD, a cooperative of Belgian non-profits.
Frederic is Chairman of the non-profit organisation Ecoconso asbl.
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z Bob Burlton
Non-Executive Director
Bob was Chief Executive of Oxford & Swindon Co-operative Society from 1987 to 2006. He
was elected as director of The Co-operative Bank in 1993 and was Chair of Co-operative
Financial Services, which is responsible for national co-operative banking and insurance
business in the UK (2004-2010).
Until recently, Bob chaired or was a director of several cooperatives, among which were the
Phone Co-op, an Ethical Business providing telephony services; Co-operatives UK, the apex
body of co-operative societies in the UK, and a member of the Board of the Co-operative
College and the Co-operative Group (CWS), where he oversaw as Chair the merger with
United Co-operatives, which created the largest consumer co-operative in the world.
He joined the Ethical Property Company in the UK as a non-executive Director in 2009 and
is now the Chair of the Company.
z Pierre Collette
Pierre holds a Master in Real Estate from the Solvay Business School and has 24 years of
experience in the real estate sector in Belgium and abroad. Pierre has been an Equity
Partner and member of the Board at Cushman & Wakefield Belgium during several years.
He is now acting for them as Senior Consultant. He has special responsibility for
development and sustainability issues and for the “Office Agency” department. Pierre
advises Ethical Property Europe on its property purchases.
z Eric De Keuleneer
Eric is Chief Executive Officer of Credibe, a state-owned credit institution, and a senior
lecturer at the Solvay Brussels School of Economics (ULB). He was previously head of
Corporate and Investment Banking at Generale Bank, which later became Fortis.
Eric is on the board of non-governmental organisations The World Wildlife Fund Belgium,
where he is vice-chair, and University Foundation, where he is Executive Director. He also
sits on a number of other boards including the social loan fund Crédal, Mobistar, Keytrade
Bank and Bank Delen, Lampiris (a supplier of energy to EPE), and Pension Fund
Management Companies Amonis and Hydralis.
z Jamie Hartzell
Jamie founded the Ethical Property in the UK in 1998 and was its Managing Director until
2010, taking it from a company of which he was the sole employee to one that employed
45 staff, at which point he stepped down to lead the international development of the Ethical
Preperty Family. He also set up both the Ethical Property Foundation, a UK charity providing
property advice, Ethical IT, and Ethical Property Europe. Previously, for eight years Jamie
was a director of his own television company, which specialised in providing media support
to campaign groups. He was also a trustee of Student Hubs, a charity encouraging the
UK’s university students to get more involved with social and environmental issues, and is
a director of Zaytoun, a co-operative importing fair trade olive oil and other products from
Palestine.
Jamie is currently the Managing Director of Ethex, an online meeting place to help people
make positive ethical investments.
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FINANCIAL
HIGHLIGHTS
This section illustrates our key financial indicators, the evolution of our activity and the interest of the directors in the
capital of the company.
E.P.E. SA (Ethical Property Europe) is a holding company with three subsidiaries which includes two operating
companies: Brussels Sustainable House SA (for Mundo-B) and Green Property SCRL (for Mundo-Namur).
Shareholders have a direct stake in the holding company EPE SA/NV, the company from which dividends can be paid.
The Management decided to present the result of the entire group to disclose the financial position and the operating
performance. This disclosure is prepared in accordance with the International Financial Reporting Standards for
SMEs (IFRS for SMEs).
EVOLUTION OF FINANCIAL POSITION FOR THE YEAR
ENDED 30 SEPTEMBER 2012
At the level of the statutory entity, the main evolutions are as follows:
z E.P.E. SA has made a profit for the year of €90 618;
z The statutory net assets amount to €5.399.430, including a shared capital of €5.254.600, a legal reserve of
€10.391 and a carried over profit of €120.450 EUR, taking the payment of a dividend of €52.546 into account;
z The total profit carried forward which could be distributed as a dividend amounts to €119.155, being the profit
carried forward from last year (€86.909) and 95% of the result of this year less the formation expenses (€53.841).
At consolidated level, the main evolutions are as follows :
z The net operating consolidated result increased from €965.845 to €1.039.850 for the year ended 30 September
2012;
z The Management has proceeded to a formal valuation of the investments properties based on our valuation
rules, which are detailed in the audited accounts. The fair value is adjusted respectively by €397.624 for
Mundo-B and by (-€116.808) resulting in a portfolio result for the year of €280.815;
z The EBITDA (Earnings before Taxes and Depreciation and Amortization)1 calculation moved from €525.748 in
2011 to € €747.679 in 2012 which gives a ratio to the gross income of 43,54% (2011) and of 43,96% (2012).
1 EBITDA= Operating result+depreciation+amortisation
l
This increase of EBITDA in Euro explains mainly the evolution of the free cash flow2 showing an increase of €213.842
and amounting for the year ended to €273.887.
z The consolidated statement of comprehensive income indicates that the net result of the entire activities
amounts for the year to €297.316. Taking into account the non controlling interest of our company, the
comprehensive income for the year (the result out of which we have deducted the one belonging to MDD scrl
owing 50% of BSH) is €64.001;
z The consolidated net assets amounts to €6.722.830 including a capital of €5.254.600, a loss carried forward of
€23.327 and minority interest of €1.491.557.
This change of equity allows the group to disclose a Net Asset Value per share that has reached 1,00€ before the
payments of a dividend.
The Board of Directors has decided to propose the payment of one cent dividend.
DIRECTORS
The directors listed below served for all or part of the year. Their interests in the company's issued share capital as
of 30 September 2012 were:
Shares of €1.00 each
Jamie Hartzell
Frédéric Ancion
Eric de Keuleneer
Pierre Collette
Anne Vleminckx
Bob Burlton
25,186
12,000
10,000
4,500
0
0
OUR SHAREHOLDERS
34 individuals and institutions have invested in the company since it was founded. The full breakdown of
shareholdings was as follows, as of 30 September 2012.
Size of shareholding
Number of
shareholders
Number of
shares
% of all
shareholders
% of all
shares
From 1 to 50,000 shares
22
€ 826 186
65%
16%
From 50,001 to 100,000 shares
4
€ 370 000
12%
7%
4
€ 900 000
12%
17%
2
€ 610 000
6%
12%
More than 500,001 shares
2
€ 2 548 414
6%
48%
Total
34
€ 5 254 600
100%
100%
AUDITORS
The consolidated financial statements have been audited by HLB.
2 The free cash flow is called in the audited accounts as being the net earning (see section E : cashflow from operating activites)
l
A U D IT E D
F IN A N C IA L
ACCOUNTS
SECTION 1CONSOLIDATED FINANCIAL STATEMENTS OF ETHICAL PROPERTIES EUROPE PREPARED
UNDER IFRS FOR SME(s)
z A. CONSOLIDATED BALANCE SHEET
Note
Year to 30-sept-12
€
Year to 30-sept-11
€
13.174.847
12.879.623
4.731
7.057
ASSETS
Fixed assets
Intangible assets
10,22
Positive consolidation differences
8,23
528.892
617.041
Investment properties
7,24
12.355.848
11.999.044
Other properties, plant and equipment
10,23
221.872
244.427
9
63.504
12.054
615.770
801.931
Financial assets
Current assets
Inventories
12
24.467
11.797
13,25
173.662
334.490
Cash at hand and in bank
14
123.131
237.795
Prepayments and accrued revenue
26
Debtors
294.510
217.849
13.790.617
13.681.554
Equity
6.670.284
6.425.514
Share capital
5.254.600
5.254.600
TOTAL ASSETS
EQUITY, PROVISIONS AND LIABILITIES
Consolidated reserves
Non-controlling interests
(75.873)
(87.329)
1.491.557
1.258.243
l
Note
Provisions and deferred taxes
Provisions for risk and charges
Deferred taxes
Year to 30-sept-12
€
Year to 30-sept-11
€
771.723
438.545
16
0
0
21,27
771.723
438.545
6.348.610
6.817.494
Debts
Debts of one year or more
17,28
5.332.513
4.458.578
Debts of less than one year
17,18,29
801.539
1.834.122
15,30
214.558
524.794
13.790.617
13.681.554
Note
Year to 30 Sep 12
€
Year to 30 Sep 11
€
19
1.386.138
1.207.518
(346.288)
(241.673)
Accrued expenses and deferred revenue
(inc. Investments Grants)
TOTAL EQUITY, PROVISIONS AND LIABILITIES
z B. CONSOLIDATED PROFIT AND LOSS
Years ended 30 September 2012
and 30 September 2011
Rental Income and Other Operating Revenue
Property Expense
Property Operating Result
31
1.039.850
965.845
Goods and Services
31
(247.139)
(396.159)
Salary costs
31
(418.729)
(283.966)
Depreciation
22
(57.806)
(68.735)
9,23
(88.149)
(80.824)
Depreciation Positive Consolidation differences
Other Income
206.662
120.936
Other expense
(113.983)
(30.656)
(+/-) Total corporate overheads and other operating
revenue and expense
(719.144)
(739.405)
Operating Result Before Result on Portfolio
320.706
226.440
152.219
Changes in fair value of investment properties
24
280.815
(+/-)Gains or Losses on disposals of investment properties
20
0
0
(+/-) Portfolio Result
280.815
152.219
Operating Result
601.521
378.659
Financial income
24.779
38.759
Financial expense
(292.041)
(271.704)
3.236
10.005
(264.026)
(222.940)
337.495
155.719
(+/-) Other non operating income and expense
(+/-) Financial and non operating result
Pre-Tax Result
(+/-) Transfer from deferred taxes and to deferred taxes
Corporation Tax
21,27
(40.179)
58.695
21
0
(6.790)
(40.179)
51.905
(+/-) Total corporation tax and deferred taxes
NET RESULT
297.316
207.624
A NON-CONTROLLING INTEREST
233.315
126.822
B GROUP INTEREST
64.001
80.801
0,01
0,02
BASIC NET RESULT AND DILUTED (€/SHARE) (GROUP SHARE)
l
z C. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Years ended 30 September 2012
and 30 September 2011
Note
Year to 30 Sep 12
€
Year to 30 Sep 11
€
OTHER COMPREHENSIVE INCOME
297.316
207.624
Non controlling interests
233.315
126.822
64.001
80.801
Share Capital
€
Retained earnings
€
Total
€
5.254.600
(87.328)
5.167.272
0
0
Total comprehensive income Group Share
z D. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity as at 30 September 2011
Capital Increase
Other Comprehensive income
Net Result for the year
Amount of dividends recognised as distributions
Revaluation surplus/deficit 3
Currency translation difference
Total changes in equity
Equity as at 30 September 2012
Equity per share
64.001
64.001
(52.546)
(52.546)
0
0
0
0
0
11.455
11.455
5.254.600
(75.873)
5.178.727
1,00
(0,01)
0,99
Year to 30 Sep 12
€
Year to 30 Sep 11
297.316
207.624
z E. CONSOLIDATED CASH FLOW STATEMENT
Cash flows from operating activities
Net Result of the year
Adjustments for:
- Changes in fair value of investment properties
-280.815
-152.219
- provision and elimination transactions of conso
71.050
-86.223
- amortisation depreciation (notes 6, 7)
146.157
149.559
- deferred taxes
40.179
-58.695
273.887
60.045
- current asset
145.107
396.790
- current liabilities
-297.426
-785.015
Sub-total Changes in working capital
-152.319
-388.225
Net cash generated from operating activities
121.568
-328.180
- Foreign exchange losses/(gains) on operating activities
Sub-total Net Earnings
Changes in working capital (after adjustments):
3 Revaluation surplus and deficit concerns assets which are not measured at fair value
l
Year to 30 Sep 12
€
Year to 30 Sep 11
€
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired
-51.450
-10.000
Purchases and or costs of investment properties
-75.990
-587.498
Purchases of other property, plant and equipment (PPE)
-33.537
-99.693
-497
-8.146
Proceeds from sale of PPE
Purchases of intangible assets
Purchases of available-for-sale financial assets
Grants received
19.084
94.916
-142.389
-610.420
Proceeds from borrowings
100.000
1.000.000
Repayments of borrowings
-193.844
-165.626
Net cash used in financing activities
-93.844
834.374
Net (decrease)/increase in cash, cash equivalents and bank overdrafts
-114.664
-104.226
Cash, cash equivalents and bank overdrafts at beginning of year
237.795
342.021
0
0
123.131
237.795
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issuance of ordinary shares
Proceeds from loan from subsidiary undertaking
Dividends paid to company’s shareholders
Dividends paid to holders of redeemable preferences shares
Dividends paid to minority interests
Exchange gains/(losses) on cash and bank overdrafts
Cash and cash equivalents at the end of the year - continuing operations
SECTION 2NOTES AND DISCLOSURES TO THE CONSOLIDATED FINANCIAL STATEMENTS
This section illustrates the accounting policies that are the specific principles, bases, conventions, rules and practices applied by Ethical
Properties Europe in preparing and presenting its financial statements.
z 1. BASIS OF PREPARATION
These consolidated financial statements are prepared in accordance with the International Financial Reporting Standard for Small and
Medium-sized Entities (IFRS for SMEs ). The financial statements are denominated and rounded to the nearest Euros. These standards
have been approved by the International Accounting Standards Board and published 9 July 2009.
They have been prepared under the historical cost convention, as modified by the revaluation of investment property and derivative
financial instruments at fair value.
The preparation of financial statements in conformity with the IFRS for SMEs requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the group’s accounting policies. Areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimations are significant to the consolidated financial statements,
are disclosed in the notes.
The disclosures required by the IFRS for SMEs are not required for items whose effect is judged to be immaterial to an understanding of
the financial statements.
z 2. LEGAL STATUS
Ethical Properties Europe is a Limited Liability Company incorporated in 2008 under Belgian Law and having its registered office in
Brussels - Rue d'Edimbourg 26. Its registration number is 0898.169.124
The company holds investments in the following companies:
l
Company
Registration
number
Corporation
Headquarter
Holding
Nominal Value
Brussels Sustainable
House SA/NV
0434.973.536
Green Property SCRL
Ground Property SPRL
Percent of
all shares
Rue d’Edimbourg 26,
BE 1050 Brussels
1,250 shares
€ 100
50,0%
0806.678.922
Rue Nanon 98,
BE- 5000 Namur
8,370 shares
€ 50
99,98%
0806.842.436
Rue d’Edimbourg 26,
BE 1050 Brussels
1,599 shares
€ 20
99,94%
Brussels Sustainable House SA/NV owns the Mundo-B property, Ground Property owns the freehold of Mundo-Namur and Green Property
holds a 27 year lease on Mundo-Namur from Ground Property.
Maison Du Développement Durable SCRL owns 50% of Brussels Sustainable House SA/NV. Brussels Sustainable House SA/NV also
holds one share in Green Property SCRL. This share has a nominal value of € 50, of which Ethical Property Europe owns 50%.
Compared to last year, no change in the ownership has occurred.
z 3. BASIS OF CONSOLIDATION
Each subsidiary is globally integrated in the consolidated accounts. This consolidation technique refers to the full consolidation/equity method.
Compared to last year, no change in the consolidation scope has occurred.
z 4. GOING CONCERN
At 30 September 2012, the Group had net current assets of € 5,231,273.Accordingly, Ethical Property Europe continues to use the going
concern basis in preparing its financial statements.
z 5. CONSISTENCY OF THE ACCOUNTING POLICIES
At 30 September 2012, management confirms that the group chooses and applies consistently its accounting policies. They are applied
consistently to similar transactions and events.
No changes in accounting policies has incurred resulting of an amendment to the IFRS for SMEs standard.
Concerning the investment properties, we note that this year, an independent expert, GUDRUN EXPERT with office located Avenue des
Arts, 50 - B - 1000 Brussels, provided the mutual agreement market price
z 6. FOREIGN CURRENCY TRANSLATION
Foreign currency transactions are translated into the functional currency (Euro) using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement,
except when deferred in equity as qualifying for cash flow hedges and qualifying net investment hedges.
z 7. INVESTMENT PROPERTIES
Investment property is property (land or a building, or part of a building, or both) held by the owner or by the lessee under a finance lease
to earn rentals or for capital appreciation or both, rather than for:(a) use in the production or supply of goods or services or for
administrative purposes, or (b) sale in the ordinary course of business.
An entity shall measure investment property at its cost at initial recognition. The cost of a purchased investment property comprises its
purchase price, non deductable VAT and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes
and other transaction costs. If payment is deferred beyond normal credit terms, the cost is the present value of all future payments. An
entity shall determine the cost of a self-constructed investment property in accordance with the market conditions.
However, the group does not recognise in the carrying amount of an investment property the costs of the day-to-day servicing of such
property, i.e. repairs and maintenance of the property. These costs are recognised in profit and loss as incurred. After initial recognition,
investment property is carried at fair value:
z The fair value of an asset represents the amount at which that asset could be bought or sold in current transaction between willing
parties;
z The fair value of an investment property is based on the market developments and the specific characteristics of the properties also
defined as the (a) “mutual agreement” market price of and (b) the investment value of that property and is in principle determined by
an independent expert who establishes the valuation of the real-estate portfolio and a report at the end of each fiscal year.
However, the cost of proceeding each year to such formal valuation is too high compared to the added value whose disclosure represents
to the group’s stakeholders. In lack of formal valuation, the group has restricted the methodology to the following:
l
An average value will be taken between (a) the mutual agreement market price and (b) the investment value:
z a. The mutual agreement market price is calculated from the last formal valuation or the historic costs of the investment property and
is yield by key performance indicators of the market i.e. abex index, statistics provided by the government and other officials or listed
companies who publish the result of their valuation and increased by the change executed in the characteristics of the properties
and lowered by the dilapidation of a building.
z b. The investment value corresponds, in the group approach, to the terminal value calculated on the discounted growth to infinity of
the net rental. This net rental is based on cash flow in the last year of the explicit forecast period. The discount rate to be used is the
weighted average cost of capital, which is the minimum rate of return required to cover the risk of cash flow of the forecast period
and the company’s sources of funding, i.e. shareholders and lenders, for financing a company’s projects.
Any gain or loss arising from a change in fair value is posted in the profit and loss statement.
z 8. POSITIVE CONSOLIDATION DIFFERENCES (GOODWILL)
The positive consolidation differences represent the excess of the cost of a business combination over the fair value of the group’s share
of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included
in positive consolidation differences.
Goodwill is carried out at cost less accumulated amortisation and accumulated depreciation of assets. Goodwill amortisation is calculated
by applying the straight-line method to its estimated useful life.
The useful life of goodwill is presumed to be 10 years.
At each reporting date, the group assesses whether an additional depreciation of assets is required based on the net assets of the
acquired subsidiary.
z 9. PARTICIPATING FINANCIAL INTERESTS
Participating Financial Interests are recognised at the transaction price less appropriate write down to cover the depreciation of assets.
The amount of the provision is recognised in the income statement.
z 10. OTHER FIXED ASSETS
The group recognises an item of property, plant or equipment if, and only if: (a) it is probable that future economic benefits associated
with the item will flow to the entity, and (b) the cost of the item can be measured reliably.
The group derecognises an item of property, plant and equipment: (a) on disposal, or (b) when no future economic benefits are expected
from its use or disposal.
Depreciation policy:
The other assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of assets, less their
estimated residual value, on a straight line basis as follows:
Other Properties 4
50 years
Interests on properties under renovation 5
10 years
IT Licenses and Web Site
3 to 5 years
Furniture, fittings and equipment
3 to 5 years
z 11. FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
Ethical Property Europe does not use any financial instruments.
z 12. INVENTORIES
The group recognises only the work in progress that comprises feasibility study, direct labour, other direct costs and related production
overheads (based on normal operating capacity) that are incurred in connection with the development and prospection of new centre.
At each reporting date, the work in progress inventories is assessed for impairment. Impairment decision is taken based on the probability
of implementing these new projects. If inventory is impaired, the carrying out amount is reduced and is recognised immediately in profit
or loss.
The group derecognises the carrying out amount when a new centre is either implemented or abandoned.
z 13. TRADE RECEIVABLES
Trade receivables are recognised at the transaction price less appropriate allowance for irrecoverable amounts. The amount of the
allowance is recognised in the income statement.
4 Other properties correspond to properties assets which do not satisfy the IAS standards to be recognised as investment properties. In this case, land is not depreciated.
5 The group adds to the carrying out amount of the property, the interests incurred whilst the properties were under renovation. The interest costs are not to be transferred to the heading
investment properties and are depreciated on a straight line basis.
l
z 14. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid investments with original maturities
of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
z 15. GOVERNMENT GRANTS
When a grant does not impose specified future performance conditions on the recipient, the group recognises the government grants in
income when the grant proceeds are receivable.
When a grant imposes specified future performance conditions on the recipient, the grant is recognised in income when the performance
conditions are met. In this case, the income is recognised on a straight-line basis depending on the grant agreement terms and conditions.
Grants, received before the revenue recognition criteria are satisfied, are recognised as a liability.
z 16. PROVISIONS
Provisions are recognised in the balance sheet when:
- There is a present obligation (legal or constructive) as a result of a past event;
- It is probable that an outflow of resources will be required to settle the obligation; and
- A reliable estimate can be made on the amount of the obligation.
The amount recognised as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet
date. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected
to be required to settle the obligation.
z 17. INTEREST-BEARING BORROWINGS
Borrowings are recognised initially at the transaction price. Borrowings are subsequently stated at amortised cost. Interest expense is
recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12
months after the reporting date.
z 18. TRADE AND OTHER PAYABLES
Trade and other payables are stated at their carrying out amount.
z 19. RENTAL INCOME
Rental income from operating activity is recognised in income on an accrual basis.
Rental gratuities and other incentives granted to tenants are recognised over the first firm period of the useful life of the contract on a
straight-line basis.
z 20. GAIN OR LOSS ON SALES OF INVESTMENT PROPERTY
The result on disposals of investment property represents the difference between sales proceeds net of transaction costs and the latest
reported fair value of the property sold. The result is realised at the time of the transfer of risks and rewards.
z 21. TAXATION
The tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated income statement.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in
the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying out amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the
temporary differences can be utilised.
l
z 22. FIXED ASSETS TABLE (IN EUR)
Consolidated Intangible
and Tangible Assets
Intangible assets
Investment
Properties
(at cost)
Properties and
other tangible
assets
Fixtures
and fittings
Total
10.735
11.269.384
168.836
209.038
11.657.993
497
75.990
5.954
Investment
At 1st October 2011
Additions
Disposals
Transfers from one heading to another
27.582
110.023
(1.109)
(1.109)
3.912.696
(3.912.696)
11.232
11.345.374
174.790
235.511
11.766.907
At 1st October 2011
3.678
-
23.782
109.664
137.124
Additions
2.823
18.074
36.909
57.806
At 30th September 2012
-
Depreciation
Disposals
Transfers from one heading to another
6.501
0
41.856
146.573
194.930
Prior Year
7.057
11.269.384
145.054
99.374
11.520.869
4.730
11.345.374
132.934
88.939
11.571.976
Net book value
z 23. GOODWILL (IN EUR)
Consolidated Goodwill
BSH
Investment in participating interest
Transaction Price
1.580.000
Owner Equities (50%)
(698.513)
Positivie Consolidation Difference
881.487
Depreciation
At 1st October 2011
264.446
Additions
88.149
Impairment
352.595
Net book value
528.892
z 24. INVESTMENT PROPERTIES
The fair value of investment properties is based on the following factors:
z GUDRUN EXPERT has provided a report dated 3 December 2012 to the board of directors. This report is a formal valuation of the mutual
agreement market price showing a market value respectively of € 8.350.000 for Mundo-b and of € 4.300.000 for Mundo Namur.
z The investment value calculation is based on the twenty years business plan of the company showing for the coming year a net rent
of € 294.640 (Mundo Namur) and of € 457.860 (Mundo-b)
z The following assumptions were also used to determine the investment value
A discounted rates that were applied to calculate the terminal value of cash flow of 8,04% for 2012;
An indexation of 3% on the net rent
l
Result:
i. Evolution of the “mutual agreement” market value
M.A. Market Value
Value as at
30/09/2011
Value as at
30/09/2012
Mundo-b
7.921.279
8.350.000
Mundo Namur
4.512.616
4.300.000
Total
12.433.895
12.650.000
M.A. Market Value
coefficient
Total
Market Value
8.350.000
0,5
4.175.000
Investment Value
7.265.267
0,5
3.632.633
ii. Fair value calculation as of 30 September 2012
Mundo-b
Total
7.807.633
Mundo Namur
Market Value
4.300.000
0,5
2.150.000
Investment Value
4.796.430
0,5
2.398.215
Total
4.548.215
iii. Changes in fair value for the year
Property
Fair Value 2011
Changes in
fair value
Prior Years
Total Costs
2012
Fair Value
2012
Changes in
fair value
total
Changes in
fair value
the year
(1)
as per last F.S.
(2)
as per last F.S.
(3)
See note 22
(4)
See tables (i, ii)
(5) = (4) - (3)
(6) = (5) - (2)
Mundo Namur
4.659.598
171.820
4.493.203
4.548.215
55.012
-116.808
Mundo-b
7.339.445
557.839
6.852.171
7.807.633
955.463
397.624
Total
11.999.044
729.659
11.345.374
12.355.848
1.010.474
280.815 6
z 25. DEBTORS
Debtors
€
Trade debtors
151.724
Credit notes to receive from suppliers
11.668
Suppliers with debit balance
4.280
Other debtors
3.577
Recoverable VAT
Total
2.413
173.662
z 26. PREPAYMENTS AND ACCRUED REVENUE
Prepayments and accrued revenue
€
Prepayment : operating expenses
40.393
Deferred Interests payable
254.117
Total
294.510
6 The gain 280.815€ arising from a change in fair value is posted in the profit and loss statement.
z 27. DEFERRED TAXES
Deferred Taxes
Deferred taxes held in the statutory accounts as of 1 October 2011
Addition
7
€
445.712
292.999
Transferred to the profit and loss statement 8
(15.762)
Sub-total Statutory Reserve as of 30 September 2012
722,949
Deferred tax adjustments (under IFRS for SMEs) as at 30 September 2011
(7.168)
Deferred tax adjustments (under IFRS for SMEs) for the year ended 30 September 2012
55.941
Sub-total Consolidate Adjustments as of 30 September 2012
48.774
Total Consolidated Reserve at the year ended 30 September 2012
771 723
z 28. DEBTS OF ONE YEAR OR MORE
The debts of one year or more comprises exclusively bank loans which amounts to €5.332.513 The amounts are guaranteed by real
securities or irrevocably promised by the enterprise on its own assets whose book value is of 12.355.848.
z 29. DEBTS OF LESS THAN YEAR
Amounts falling due within one year
€
Bank loans
460.821
Trade creditors
207.244
Social security and other taxes
76.033
Other creditors
4.895
Dividends (subject to AGM approval)
52.546
Total
801.539
z 30. ACCRUED EXPENSES AND DEFERRED REVENUE
Amounts falling due within one year
Accrued Expenses : operating expenses
Deferred revenue : financial income
€
25.803
1.682
Investments grants
187.073
Total
214.558
z 31. OPERATING RESULTS : PROPERTY OPERATING RESULT, GOODS AND SERVICES AND SOCIAL BALANCE
i. Property operating result
Rental Income and Other Operating Revenue
€
Rental Income
744.503
Rent meeting room
102.124
Other Operating Income
96.803
Recharged costs to tenants
Total
7 At statutory level, the Q/P of deferred tax related to the investment grant has been recognised this accounting year
8 At profit and loss level, this income is cancelled by a consolidation entry to reflect the participating interest EPE has in BSH at the time of acquisition
l
44.708
1.386.138
Property Expenses 9
€
Phone and ICT costs
(52.329)
Property Tax
(79.097)
Maintenance and repairs
(51.984)
Office supplies
(54.785)
Write off tenant's debtors
2.263
Others
(3.153)
Total Property Expenses
(346.288)
Property Operating Result
1.039.850
ii. Goods and services
Goods and services
€
Communication (internet-phone costs)
8.801
It supplies and small IT materials
4.963
Office supplies and small materials
24.758
Travel
15.874
Marketing
818
Director Fees
103.270
EPC Fees
6.215
MDD Fees
15.000
Ethical IT Fees
3.704
Professional Fees
41.071
Insurance
1.076
Other
21.589
Total
247.139
iii. Social Balance
Description
Consolidated Payroll Cost
Codes BNB
Full Time
Part-Time
102
Total EFT
or €
€ 418.729
Number of employees recorded on the personnel register during the financial year:
At the closing date of the period
105
16
14
23,6
Entries for the year
205
13
26
22,9
Departure for the year
305
6
15
1
9 The property operating result does not include direct staff costs.
l
SECTION 3REPORT OF THE INDEPENDENT AUDITOR TO THE SHAREHOLDERS OF EPE SA
RUE D’EDIMBOURG 26 – 1050 BRUSSELS
Dear shareholders of EPE SA, we received the contractual mission by your Board of Directors to express an independent opinion on the
consolidated statements of the business combination made out of the four companies EPE SA, Brussels Sustainable House SA, Green
Property SCRL and Ground Property SPRL. We have not performed an individual statutory audit on any of these components nor a
contractual audit on the individual financial statements.
The audited consolidated statements of those 4 companies witch are showing a total assets of €13.790.617,00 and a net profit of
€297.316,00, are made out of a balance sheet, an income statement and related notes. We stamped the audited documents in order to
identify them; We have not audited any other paper that can be distributed with those statements.
Please remember that the management is responsible
z 1. for the preparation and the fair presentation of these consolidated financial statements. This year, the management decided to use
International Financial Reporting Standards for SMEs;
z 2. to maintain internal control relevant to the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error;
z 3. to select and apply appropriate accounting policies that are consistent with the IFRS for SMEs;
z 4. to make accounting estimates that are reasonable in the circumstances.
We performed audit procedures based on our assessment of the risk of material misstatement of the consolidated financial statements
by considering the relevant internal control for the preparation of those consolidated financial statements. Our audit does not have the
purpose to express an opinion on the effectiveness of those internal control procedures.
We evaluated the appropriateness of accounting policies used and the reasonableness of significant estimates made by management.
We examined, on a test basis, the evidence supporting the amounts included in the consolidated financial statements.
We evaluated the overall presentation of and disclosures of the consolidated financial statements.
We conducted our audit in accordance with the auditing standards “norme relative à la certification des comptes annuels consolidés”
as issued by “Institut des Réviseurs d’Entreprises” witch require that we plan our audit to obtain reasonable but not absolute assurance
whether the consolidated financial statements are free from material misstatements, whether due to fraud or error. We believe that these
procedures provided us a reasonable basis to meet our contractual mission to express an independent opinion on the identified
consolidated statements.
In our opinion, the consolidated statements of the business combination made out of the four companies EPE SA, Brussels Sustainable
House SA, Green Property SCRL and Ground Property SPRL for the year ended 30th of September 2012 give a true and fair view of the
group’s assets and liabilities, its financial position and the results of its operations in accordance with International Financial Reporting
Standards for SMEs.
Brussels, February 13th 2013
HLB Dodémont-Van Impe & Co
Represented by
Stéphane Rosier
Registered auditor
l
RY
O
T
U
T
A
T
S
A
S
E
EP
ACCOUNTS
Balance sheet Bilan Balans
Year Exercice Boekoefening
2012
2011
ASSETS ACTIF ACTIVA
Fixed assets Actifs Immobilisés Vaste Activa
€ 2.355.467
€ 1.926.829
€ 53 841
€ 102 173
€ 1 608
€ 2 553
Tangible assets
Immobilisations corporelles
Materiële vaste activa
€ 80 618
€ 53 702
Investments
Immobilisations financières
Financiële vaste activa
€ 2 219 400
€ 1 768 400
Current assets Actifs Circulants Vlottende Activa
€ 3 195 404
€ 3 700 184
Debtors of one year or more
Creances à plus d’un an
Vorderingen op meer dan een jaar
€ 2 355 000
€ 655 000
€ 24 467
€ 11 797
€ 781 459
€ 2 883 286
Cash at hand and in bank
Valeurs disponibles
Liquide middelen
€ 23 909
€ 148 465
Accruals
Comptes de régularisation
Overlopende
€ 10 568
€ 1 636
€ 5 550 870
€ 5 627 013
Start-up costs
Frais d'établissement
Oprichtingskosten
Intangible assets
Immobilisations incorporelles
Immateriële vaste activa
Projects development
Développement de projets
Ontwikkeling van projecten
Debtors of less than one year
Créances à un an au plus
Vorderingen op ten hoogste een jaar
Total assets Total de l’actif Totaal der activa
l
Balance sheet Bilan Balans
2012
2011
LIABILITIES PASSIF PASSIVA
Equity Capitaux Propres Eigen Vermogen
€ 5 399 430
€ 5 370 191
Share capital
Capital
Kapitaal
€ 5 254 600
€ 5.254.600
Reserves
Réserves
Reserves
€ 10 391
€ 5 860
Grants
Subsides
Subsidies
€ 13 988
€ 22 822
€ 120 450
€ 86 909
Debts Dettes Schulden
€ 98 894
€ 256 821
Deferred taxes
Impôts différés
Vertraagde belastingen
€ 7 203
-
Debts of less than one year
Dettes à un an au plus
Schulden op ten hoogste een jaar
€ 83 691
€ 248 821
Dividends of the year
Dividendes de l’exercice
Dividenden van het jaar
€ 52 546
-
€ 8 000
€ 8 000
€ 5 550 870
€ 5 627 013
Carried over profit / loss
Bénéfice / perte reporté(e)
Overgedragen winst / verlies
Accruals
Comptes de régularisation
Overlopende
Total liabilities Total du passif Totaal der passiva
Profit and loss Compte de résultat Resultatenrekening
2012
2011
Turnover Ventes et Prestations Bedrijfsopbrengsten
€ 356 981
€ 301 230
€ 21 853
€ 19 662
Expenses Coûts des Ventes et Prestations Bedrifjskosten
€ -483 962
€ -435 202
Directors or managers
Administrateurs ou gérants
Beheerders of zaakvoerders
€ -103 648
€ -156 853
Other goods and services
Services et biens divers
Diverse goederen of diensten
€ -58 416
€ -82 675
Salaries
Rémunérations
Bezoldigingen
€ -233 036
€ -125 849
Depreciation
Amortissements
Afschrijvingen
€ -56 897
€ -54 200
€ -9 183
€ -7 865
€ -22 781
€ -7 759
Projects development activation
Activation développement de projets
Activeren van projectontwikkeling
Project development value decrease
Réduction de valeur développement de projets
Waardekorting projectontwikkeling
Other charges
Autres charges
Andere Kosten
l
Profit and loss Compte de résultat Resultatenrekening
2012
2011
Gross profit Résultat d’exploitation Bedrijfsresultaat
€ -105 128
€ -114 310
Interest receivable and other financial income
Produits financiers
Financiële opbrengsten
€ 195 985
€ 196 688
€ -240
€ -399
€ 90 618
€ 81 978
€-
€ -8.890
€ 90 618
€ 73 088
€-
€-
€ 90 618
€ 73 088
Interest payable
Charges financières
Financiële kosten
Profit on ordinary activities before taxation
Résultat courant de l'exercice avant impôt
Resultaat uit de gewone bedrijfsuitoefening
Exceptional revenues Revenus exceptionnels Ongewone opbrengsten
Profit before taxation
Résultat de l'exercice avant impôt
Resultaat van het boekaar vóór belastingen
Taxes on profits Impôts sur les revenus Belastingen op winsten
Profit/loss for the year Résultat de l'exercice Resultaat van het boekjaar
Appropriation account Affectation et prélèvements Resultatenverwerking
2012
2011
Profit/loss of the bookyear to be appropriated
Résultat de l'exercice à affecter
Te bestemmen resultaat van het boekjaar
€ 90 618
€ 73 088
Profit/loss carried over from last year
Résultat reporté de l'exercice précédent
Resultaat overgedragen van vorig boekjaar
€ 86 909
€ 17 476
Appropriation to reserves
Dotations aux réserves
Toevoeging aan het eigen vermogen
€ -4 531
€ -3 654
To the Legal reserves
A la réserve légale
Aan de wettelijke reserve
€ -4 531
€ -3 654
€ -52 546
€0
€ -120 450
€ -86 909
Dividends Dividendes Dividenden
Profit/loss to be carried over
Résultat à reporter
Over te dragen resultaat
l
l
Ethical Property Europe sa
Graphisme : Beltza
Mundo-B, Rue d’Edimbourg 26
1050 Brussels, Belgium
Telephone: +32 (0)2 894 4660
www.ethicalproperty.eu

ReportEthicalProperty_2012:Mise en page 1

Transcription

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