Results

Key figures

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2015

2014

Net result (x EUR million)

Net revenue

809.1

768.8

Operational result

174.9

174.7

Net result

90.9

-227.7

Balance sheet (x EUR million)

Investment property

5,642.6

5,293.9

Shareholders' equity

1,285.6

1,155.1

Lease obligations

2,868.9

2,598.8

Net debt

1,152.5

1,201.1

Cashflows (x EUR million)

Operating activities

136.2

89.9

Investment activities

-59.1

-55.3

Financing activities

-153.2

-10.2

Movement in cash and cash equivalents

-76.1

24.4

Business volume

FTEs

2,180

2,199

Parking facilities

6,195

6,142

Parking spaces

835,626

836,473

Ratio:

- legally owned

6%

6%

- ground leases and concessions

11%

11%

- protected leases

5%

5%

- other leases

47%

45%

- managed

31%

33%

Shareholders result

Net result

90.9

-227.7

Direct equity movements

39.6

19.8

Comprehensive income

130.5

-207.9

Ratios

Interest coverage ratio

3.3

2.5

Net bank debt / EBITDA

6.1

6.5

Developments over the past 7 years

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2015

2014

2013

2012

2011

2010

2009

Parking spaces (x 1,000)

836

836

805

860

848

841

834

Parking facilities

6,195

6,142

5,920

5,939

5,810

5,808

5,707

Full-time employees

2,180

2,199

2,218

2,205

2,192

2,186

2,209

Revenue (x EUR million)

809

769

742

740

694

661

601

Operational cash flow (x EUR million)

136

90

77

82

90

89

54

Operational result before depreciation (x EUR million)

185

185

185

183

178

173

157

Excellent results

Q-Park closed the 2015 financial year with excellent results. We were able to maintain the upward trend that commenced in 2014 in revenue growth, operational result and free cash flow. The revenue increased by 5.2% compared to 2014 and came out at EUR 809.1 million. The operational result is EUR 174.9 million (2014: EUR 174.7 million).

The net result grew from EUR -227.7 million to EUR 90.9 million. The total comprehensive income after taxes rose to EUR 130.5 million (2014: EUR -207.9 million). The tax component of the total comprehensive income amounts to EUR -32.4 million (2014: EUR 7.6 million).

The primary financing risks, as stated in the standing credit facility agreed in 2015, are the ‘interest coverage ratio’ (ICR) and the ‘Net bank debt / EBITDA’ ratio. The minimum ICR is set at 2.0 and at the end of 2015 was 3.3 (2014: 2.5). The ‘Net bank debt / EBITDA’, was 6.1 at the close of 2015 (2014: 6.5) compared to the upper limit set of 7.0.

In 2015, the total monetary loans decreased on balance by EUR -125.2 million. The cost of financing dropped significantly and amounted to EUR -63.3 million (2014: EUR -82.1 million). The average effective interest rate percentage on the loans outstanding in 2015, including the financial instruments linked to these monetary loans, amounts to 4.4% (2014: 4.9%).

We are perfectly on schedule with the four-year plan that our shareholders approved in 2015.

Investment property

The market value of the investment property is EUR 2,771.2 million which includes EUR 1,253.0 million of legally owned property. The incoming and outgoing cash flows recognised in the valuation of the investment property are based on the revenue, costs incurred relating to operational and financial leasing and other operating expenses.

The (weighted average) discount rate for the operational component and the initial yield of the investment property component are stable compared to the previous financial year.

The revaluation result in 2015 is EUR 4.2 million (2014: EUR -161.2 million) and is due to the stable cash flow development.

Refinancing

In July, well before its expiry, the syndicated loan of EUR 1,158.0 million was refinanced for a credit facility of EUR 925.0 million. This new facility has better credit terms and has been agreed for a duration of five years with options to extend this period. This new credit guarantees Q-Park's continuity and the financial stability.

Goodwill impairment

The goodwill impairment test conducted in 2015 confirms the book value of the cash generating units and does not lead to further impairment of the goodwill; (2014 impairment: EUR -133.1 million).

Taxation

General

Because Q-Park is present in ten different Western European countries, we have to deal with different tax regimes. Q-Park endeavours to organise its tax affairs in such a manner that these are optimal for Q-Park from a fiscal perspective, taking into account what is fiscally permitted based on local and international legislation and legal precedents.

Tax on profits

The tax component in the total comprehensive income after taxes is EUR -32.4 million (expense). The restatement of permanent differences in the direct result concerns mainly corrections regarding non-deductible tax expenses and the corrections regarding the notional interest deduction facility in Belgium. The restatement of permanent differences in the indirect result over 2014 mainly concerns corrections for untaxed goodwill impairment results.

The 2015 tax on profits includes a charge of EUR -20.7 million for the direct result (2014: EUR -42.9 million), an income of EUR 0.3 million for the indirect results of EUR -12.0 million that was charged directly to the shareholders' equity.

The effective tax burden over the direct result in 2015 is 18.6% and is thus lower than the effective tax burden in 2014 (46.3%).

Transfer pricing

The global, widely supported continued focus on the objectivity of transfer pricing systems applied, stricter national anti-abuse provisions and due to further developments regarding the use of use of the differences in taxation systems, otherwise known as Base Erosion and Profit Shifting (BEPS), has meant that Q-Park's Transfer Pricing (TP) has also attracted the interest of the tax authorities.

With a view to past and future changes, Q-Park is of the opinion that its TP policy meets and will continue to meet the national and international regulatory framework.

Treasury

Q-Park Financial Services NV (QFS), Q-Park's internal bank, coordinates the financing strategy and international cash flows. QFS is also responsible for managing all our interest-bearing assets and liabilities, and the execution of foreign currency transactions.