Annual Report Ethical Property Europe 2013

Transcription

ETHICAL
PROPER TY
EUROPE
ANNUAL 13
0
REPOR T 2
Foreword - Managing Director . . . . . . . . . . . . . . . . . 03
z Préambule - Administrateur Délégué . . . . 03
z Inleiding - Gedelegeerde Bestuurder . . . . 04
The company in a nutshell . . . . . . . . . . . . . . . . . . . . . . 05
z L’entreprise en bref . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05
z Het bedrijf in een notendop . . . . . . . . . . . . . . . . . 05
Growth strategy
......................................
09
Other members of the family . . . . . . . . . . . . . . . . . . . . 11
In focus
..................................................
Our centres
............................................
13
15
Social performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Environmental performance
Our Staff
....................
23
................................................
26
The Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Financial highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
EPE SA statuary accounts . . . . . . . . . . . . . . . . . . . . . . 32
Audited Financial Accounts
.....................
35
FOREWORD
PRÉAMBULE INLEIDING
FRÉDÉRIC ANCION
MANAGING DIRECTOR
ADMINISTRATEUR DÉLÉGUÉ
GEDELEGEERDE BESTUURDER
Dear Reader,
We are pleased to share with you our annual report. This report is an opportunity for our team to take a step back,
assess the work that has been achieved and share the highlights of the year with our shareholders and partners.
Throughout 2013, our “Mundo” centres have continued to assert themselves as focal points for the social change
sector. They remain the place to be for everyone interested in sustainable development in its broadest sense. Our
properties continue to be held up as examples of both eco-renovation and sustainable management.
The current crisis has been a prominent feature this year, and has affected a number of associations and NGOs,
the primary users of the Mundo centres. It has therefore become vitally important to continue to offer high-quality
services while keeping operational costs at a level that remains accessible to all. This is a daily and difficult, but
essential, challenge.
In terms of new projects, the year-end has seen two important announcements. Mundo-J is set to launch in Brussels
in 2014. The project is based on a new approach, with Ethical Property managing the centre without assuming
ownership. And Mundo Antwerp is now underway. This will be Ethical Property's first new-build and will be of high
bioclimatic value. We are extremely enthusiastic about these two projects, which represent the culmination of several
years of work, both for Ethical Property and the associations who are the cornerstone of our projects. It will also place
Ethical Property on a more sound financial footing.
You will find more information on these topics, and others, in the report itself. We hope you enjoy reading it.
Madame, Monsieur,
Nous avons le plaisir de vous présenter notre rapport annuel. Sa réalisation constitue, pour notre équipe, l’occasion
de prendre du recul, de mesurer le travail accompli et de communiquer les points marquants de l’année auprès de
nos actionnaires et partenaires.
Au cours de 2013, nos centres « Mundo » ont continué à s’affirmer comme centres névralgiques du secteur associatif.
Ils constituent des points de chute pour tout qui s’intéresse au développement durable au sens large. Nos immeubles
continuent en outre à être cités comme références tant en matière d’éco-rénovation que de gestion durable.
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Ethical Property Europe Annual Report 2013 3
Un élément marquant cette année est la crise actuelle, qui touche durement nombre d’associations et ONG,
principaux utilisateurs des centres Mundo. Il est dès lors devenu essentiel de pouvoir continuer à proposer des
services de qualité tout en maintenant des coûts de fonctionnement suffisamment bas pour rester accessibles à
tous. C’est un défi de tous les jours, parfois inconfortable mais nécessaire.
En termes de nouveaux projets, cette année s’achève avec deux nouvelles importantes. D’une part, Mundo-J verra
le jour en 2014 à Bruxelles. Le projet est basé sur une nouvelle approche, dans laquelle Ethical Property gérera le
centre sans en devenir propriétaire. Par ailleurs, Mundo Antwerpen est à présent lancé. Il s’agira pour Ethical
Property de la première construction neuve, qui sera de haute valeur bioclimatique. Nous sommes très enthousiastes
car ces deux projets constituent l’aboutissement de plusieurs années de travail, tant pour Ethical Property que pour
les associations qui sont à la base de ces projets. Cela permettra, en outre, à Ethical Property d’atteindre une
situation financière plus stable.
Vous trouverez de plus amples informations sur ces différents points et sur bien d’autres dans la suite du rapport.
Nous vous souhaitons bonne lecture.
Geachte heer, mevrouw,
Met veel plezier presenteren wij u ons jaarverslag. Het opstellen van dit jaarverslag is voor ons team een goede
gelegenheid om afstand te nemen, een overzicht te krijgen van het geleverde werk en aan onze aandeelhouders
en partners te communiceren over de hoogtepunten van het afgelopen jaar.
Ook in 2013 is duidelijk gebleken dat onze Mundo-centra als ‘zenuwcentra’ van de verenigingssector fungeren. Zij
vormen een echte ontmoetingsplaats voor iedereen die geïnteresseerd is in duurzame ontwikkeling in ruime zin.
Verder wordt nog altijd naar onze gebouwen verwezen als het gaat over ecologisch renoveren en duurzaam
gebouwbeheer.
Een opvallend element dit jaar is de huidige crisis, die tal van verenigingen en ngo’s – de voornaamste gebruikers
van de Mundo-centra – zwaar treft. Het is daarom van essentieel belang dat we kwaliteitsvolle diensten kunnen
blijven aanbieden, maar tegelijk de werkingskosten voldoende laag houden om voor iedereen toegankelijk te blijven.
Met die uitdaging krijgen we elke dag opnieuw te maken, en dat is soms lastig maar wél noodzakelijk.
Qua nieuwe projecten ronden we dit jaar af met twee belangrijke nieuwigheden. Ten eerste zal in 2014 Mundo-J in
Brussel zijn deuren openen. Dit project is gebaseerd op een nieuwe aanpak, waarbij Ethical Property het centrum
gaat beheren zonder er eigenaar van te worden. Daarnaast is Mundo Antwerpen gelanceerd. Dit wordt voor Ethical
Property het allereerste nieuwbouwproject, en zal een topvoorbeeld van bioklimatische architectuur zijn. Wij zijn
dus erg enthousiast, want beide projecten zijn het resultaat van meerdere jaren werk, zowel voor Ethical Property
als voor de verenigingen die aan de basis van deze projecten staan. Bovendien zal Ethical Property hierdoor in een
financieel stabieler vaarwater komen.
Meer informatie over deze puntjes, en uiteraard nog veel meer, vindt u verderop in dit verslag. Wij wensen u veel
leesplezier.
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4 Ethical Property Europe Annual Report 2013
THE COMPANY
IN A NUTSHELL
L’ENTREPRISE EN BREF
HET BEDRIJF IN EEN NOTENDOP
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 as well
as 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 biodiversity. Properties are eco-renovated
and managed to minimise energy
and water use, waste, car travel
and the use of harmful materials.
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 conçus
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
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-
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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 (21
centres), as well as 2 service
entities: the Ethical Property
Foundation (Property advice)
and Ethical-IT (IT services)
salles de conférence et de réunion
et, lorsque cela est possible, un
jardin-refuge 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 copropriétaires 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 six membres de
la famille Ethical Property opèrent
dans quatre pays européens :
Belgique : Ethical Property
Europe (3 centres),
France: étic (3 centres);
The Netherlands: Ethical
Property Nederland (1 centre)
Grande-Bretagne : Ethical
Property Company (21 centres),
Ethical Property Foundation
(conseil) et Ethical-IT (services IT);
France : étic (3 centres),
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.
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Pays-Bas : Ethical Property
Nederland (1 centre).
pelijke voorzieningen omvatten
doorgaans een café, 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 medeeigenaar 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 (21
centra), Ethical Property
Foundation (advies) en Ethical-IT
(IT diensten) ;
Frankrijk: étic (3 centra),
NOS VALEURS
REPOSENT SUR
QUATRE PRINCIPES
FONDAMENTAUX
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.
Nederland: Ethical Property
Nederland (1 centrum)
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 op
grond van huidskleur, geslacht,
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.
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
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-PlanèteProfit, 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.
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 rechtmatige 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
drie kernthema's People, Planeet,
© Yvan Glavie
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OUR ANNUAL REPORT
This Annual Report covers the
period from October 2012 to September 2013. 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 2012 à septembre 2013. 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.
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 2012 tot september
2013. 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 meertalig
milieu werken, hebben we sommige
delen van dit verslag in drie talen
(en, fr, nl) en andere delen in pas
een van deze talen, besloten te
bewerken.
© Yvan Glavie
© Yvan Glavie
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GROWTH
STRATEGY
Ethical Property has been consolidating its
network of Mundo centres in Belgium for
several years now, working closely with
the associations that will occupy the
premises when the buildings have been
completed. From this perspective, 2013 has
been an important year, with two new
projects making significant progress: we
completed Mundo-J, which will open in
2014, and Mundo Antwerp's construction is
scheduled to begin that same year.
MUNDO-J
Launched four years ago by youth-sector associations,
Mundo-J is nearing completion. We found a property
that is in good condition and well located within the
European Quarter, and will take a long-term lease
before sub-leasing it to associations from the spring
of 2014. After some minor renovation work to bring
the property in-line with our specifications (design,
sustainable materials, energy efficiency), the building
will house 25 associations, with almost 170 workers.
These associations will belong to the youth-sector as
well as to the wider development and social sector.
A successful outcome for Ethical Property and the
associations who have supported this project for many
years!
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MUNDO-ANTWERP
We have been working on the Mundo-Antwerp project
since 2011. The Mundo centre will be built on a plot
owned by the city of Antwerp, which has offered us
the land on a 99-year long-term lease. This plot has
excellent public transport links and borders the
EcoHuis, an institution that raises awareness of all
aspects of sustainability among the people of Antwerp.
There are some exciting potential synergies between
both structures.
Mundo-Antwerp will be Ethical Property's first new-build.
It will be a passive property and mostly built using
natural materials. The 2,000m² centre will house office
space, meeting rooms and possibly a day-nursery. Our
close partnership with the city has led us to launch an
architectural design competition to appoint architects to
coordinate the building's construction. Given the
administrative formalities involved, the permits required
and the time frame for the construction work, MundoAntwerp is scheduled to open at the end of 2015.
MUNDO-GHENT
We have been working on a partnership with a cohousing collective in Ghent since 2013. Our aim is to
work together to acquire and renovate an extensive site
(7,000m² of construction) in a perfect location just 400m
from Ghent's Sint Pieters station. The plan is for the site
to serve multiple roles, housing “Mundo”-style offices, a
day-nursery and more. It will also share a range of
communal equipment, such as a large multi-purpose
hall, cars, bikes, green spaces, etc. We are still looking
for organisations keen to acquire a part of the site and
working on the architectural aspects to ensure we make
best use of the land. The city of Ghent's planning office
has shown a great deal of interest in this project.
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These sketches constitute one of the proposals of the competing architects
for Mundo-Antwerp. © Dierendonckblancke - EA+ Architecten
OTHER
MEMBERS
OF THE
FAMILY
The Ethical Property family is a
group of 3 independent companies,
each of which manages the
activities in their respective country.
We share the same values, through
our charter “The Quintessentials”.
The staff and board members meet
each other on a regular basis in
order to exchange skills, knowledge
and good practice. Hereunder you
will read a summary of the year
achievements of the other
companies of the Ethical Property
Family.
z Étic
Over the past three years…
ETIC has begun the construction of its first Mundo
centre in the east of Paris: Mundo-Montreuil. The 2 000
sqm centre will host offices, meeting and conferencing
space as well as an organic café, housing over 40
organizations. The opening is due in November 2014.
Etic is also developing other Mundo-type projects, two
of which are quite advanced in Nanterre and in
Castres.
ETIC has 45 investors, small private shareholders
including employees and tenants, business angels
and social investment funds. Ethical Property Europe
has invested 220.000€ in ETIC in order to support the
development of the company and the launch of their
first Mundo-centre.
Alongside its investment activity, ETIC manages three
centres: Le COMPTOIR-étic in Lyon (a co-working
space for social entrepreneurs), La-Nef in Lyon (ETIC
manages the offices of this Ethical bank and its
conference centre) and Le BeeoTop in Paris,
2 000sqm of office and conference space themed on
social responsibility.
© Agence Py
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ETIC is committed to cross-collaboration between the
ethical property family members. They developed two
systems to increase sharing across the family: a videoconferencing system and a specific social network
named www.socialchange.org. Initially developed with
ethical property in mind, those systems have now
attracted other organisations who manage ethical
spaces and networks.
Since its inception in 2010, ETIC has been recognized
in the media with several appearances (TV, radio,
article) and prizes: Talents des Cités 2011,
Entrepreneure Responsable EWPN 2012, 1er prix
Management Développement Durable 2013, etc…
Website : www.etic.co
z Ethical Property Nederland 2012/2013
EPNL continues to manage Stichting Klein Haarlem, a
charity providing offices, co-working desks, meeting
rooms, business support and events to creative, cultural
and social entrepreneurs in Haarlem. In April 2013,
EPNL successfully oversaw Stichting Klein Haarlem’s
move to a new building of 1,000m2 providing space to
40 tenants.
However this contract is not sufficient to sustain EPNL
on its own; over the past year, they have unfortunately
failed to secure a suitable property to purchase or
lease due to the state of the property market and the
challenge in raising finance for property backed
schemes in the Netherlands.
Website : www.ethicalproperty.nl
z Ethical Property in the UK
Over the last year the number of tenants in the 15
owned buildings grew from 239 to 263 and there was
also a significant increase in demand for space, with
the number of enquires having risen by 15%. The
occupancy rate reaches 92.7%, compared to a market
average of 88%.
Ethical Property UK has also been working on two
major development projects, which will complement
their existing six Property Management Contracts.
The Foundry in London will be the largest project ever
developed, it will house social justice and human
rights organisations. And the Brighton Open Market
will provide a home to a range of social enterprises
and small businesses.
Profit on ordinary activities last year increased to £573k
which includes gains from the sale of land and the
reversal of some previously written down property
values. In addition, after many years of falling or static
property values, there has been an increase in values
this year.
In summary, it has been a challenging but highly
rewarding year. Looking forward Ethical Property UK is
very excited about the many opportunities that are to
come.
Website : www.ethicalproperty.co.uk
l
IN FOCUS
This year we decided to
focus our attention on
organizations that grew
up in our Mundo-centres.
They first experienced
being a member of the
Hive, our incubator for very
small organizations. They
later recruited more staff
and could afford to rent
their own private office.
You will thus read hereafter
stories of organizations
that developed well within
our walls.
z Faune & Biotopes asbl
Au sein de Faune & Biotopes, nous avons deux objectifs
principaux. D’une part, agir pour la conservation de la
faune et de la flore sauvages en nous focalisant sur l’amélioration des habitats. Et d’autre part, rechercher le consensus entre les acteurs des territoires, en vue de rendre les
actions intégrées et durables. Nous visons plus particulièrement la biodiversité des zones agricoles, où les enjeux
sont les plus forts.
L’asbl est constituée de personnes ayant des positions et
des expériences très différentes les unes des autres. Elle
rassemble des chasseurs, des naturalistes non-chasseurs,
des forestiers et des agriculteurs. Cependant, nous avons
tous au moins un point en commun : nous pensons en
termes de conservation des espèces, en nous focalisant
sur l'amélioration des habitats.
C’est dans ce contexte que nous avons développé différents «départements» spécialisés, mais complémentaires,
qui cherchent à proposer des solutions multifonctionnelles
et intégrées.
Le département « Habitats agricoles » vise une meilleure
prise en compte de la faune sauvage dans la gestion
agricole.
Le département « Faune & chasse durable » cherche
à développer des populations de la petite faune des
plaines, dont le gibier naturel.
Le département « Milieux aquatiques » a pour but la
gestion et l’aménagement des zones humides, marais,
étangs et rivières.
Le département « Habitats boisés » vise à mettre en
œuvre une sylviculture douce, économe, qui mise
davantage sur la capacité de l'écosystème forestier à
se perpétuer et à accueillir la faune.
L’asbl s’investit en faveur de la faune sauvage et de ses
habitats depuis 2003 et possède, à son actif, plus de 60
projets menés à bien.
www.faune-biotopes.org
l
z Food & Water Europe
Food & Water Europe is the European program of an
American NGO, Food & Water Watch. Food & Water
Europe works to ensure the food, water and fish we
consume is safe, accessible and sustainable. So we
can all enjoy and trust in what we eat and drink, we
help people take charge of where their food comes
from, keep clean, affordable, public tap water flowing
freely to our homes, protect the environmental quality
of oceans, force government to do its job protecting
citizens, and educate about the importance of keeping
shared resources under public control.
In a nutshell, we want to protect those common
resources that we all depend on: a stable climate,
clean air and water, and healthy food. This mission of
protecting our essential resources is the reason why
Food & Water Europe has taken on a leadership role in
a campaign for a global ban on fracking. Fracking is
short for high-volume hydraulic fracturing, a
technology used to extract oil and /or gas from
impermeable rock formations such as shale. Fracking
has boomed in North America since the early 2000s.
The drilling of more than 150.000 wells to extract shale
gas and oil has continued America’s reliance on fossil
fuels. In addition, areas with intensive fracking have
struggled with reduced air quality and the
contamination of groundwater resulting from poorly
cemented wells. Last but not least, drilling 1000s of
wells every year has resulted in an industrialization of
rural areas due to a surge in heavy traffic, well pads,
pipelines, compressor stations, etc.
Now, fossil fuel companies want to bring the so-called
‘shale revolution’ to Europe. Since 2011, Food & Water
Europe has worked with groups across the EU to bring
a critical voice to the European debates on fracking
and the Brussels-based institutions of the European
Union in particular. We also coordinated the Global
Frackdown, an international day of action against
fracking. Thousands turned out to over 300 events in
more than 30 countries, all united around the same
message: “Fracking is not part of our vision for a clean
energy future and should be banned”.
www.foodandwaterwatch.org/europe/
z ERGO Network
European Roma Grassroots organisations Network
verenigt (pro)-Roma organisaties om de stem van
Roma te versterken op lokaal, nationaal en Europees
niveau. Ons netwerk heeft meer dan 25 leden
afkomstig uit 15 Europese landen. Deze organisaties
delen ons uitgangspunt -dat de Roma zelf een actieve
rol moeten spelen om als gelijkwaardig burger te
worden en om discriminatie te bestrijden. ERGO
Network biedt haar leden een effectief platform voor
informatievoorziening en uitwisseling van relevante
politieke en beleidsmatige ontwikkelingen. We
investeren in capaciteitsopbouw van onze leden om de
impact van hun werk te vergroten.
Met bijna 20 jaar ervaring, heeft ERGO Netwerk unieke
ervaring met empowerment van grassroots Roma
opgebouwd en fungeert als expertisecentrum voor
gelijk burgerschap, sociale integratie en bestrijding van
discriminatie. Als geen ander weten we dat integratie
van de Roma – Europa’s grootste minderheid, met
ongeveer 12 miljoen, die ernstig wordt discrimmineerd
en gemarginaliseerd- een moeizaam process is.
ERGO Network poogt de kloof tussen de dagelijkse
realtieit waarin Roma leven en de ‘Brusselse
werkelijkheid’ te overbruggen. Met inbreng van onze
l
leden lobbyen we voor effectiever beleid voor Roma in
Europa. We maken beleidsmakers bewust van het het
feit dat diepgewortelde zigeunerhaat een belangrijke
oorzaak is van het falen van Europees beleid. En, we
investeren in Roma organisaties zodat zij hun
overheden ter verantwoording kunnen roepen.
Een voorbeeld van ons werk is het RomaReact online
platform (www.romareact.org) waar Roma en nietRoma elkaar ontmoeten, uitwisselen en in debat gaan
over zaken die hen aangaan. Het online platform is
sterk verbonden met de lokale 'offline' activiteiten die
onze leden organiseren, zoals straatacties, debatten op
scholen en universiteiten en optredens in de media. Op
de RomaReact map verzamelen we ‘Romarealities’ –
korte artikelen over de dagelijkse realiteit waarin Roma
leven en belangrijke actualiteiten die bekend moeten
zijn bij een groter publiek.
www.ergonetwork.org
OUR
CENTRES
MUNDO-b
Property: 4000 square meters
Offices let: 2200 square meters – 34 organisations
Hive (co-working space) : 23 organisations
8 meeting rooms – 1 conference room
Other facilities : restaurant – library – 2 gardens
2013 - A Year of change
There have been several tenant changes this year within
the Mundo-b tenants. Two organisations left the centre;
one for financial reasons, and the other because it
lacked the space it required to meet its expansion plans.
These departures were offset by the arrival of a new
organisation, “Habitat et Humanisme”, and the fact that
several of the centre's associations were looking to
expand. We have used these changes to relocate the
hive to a more comfortable and quiet area. The major
reorganisation that took place in summer 2013 brought
increased levels of satisfaction for members who moved
into premises more suited to their new needs. This
flexibility is one of the objectives of the Mundo centres:
providing associations with an infrastructure that
responds to their changing needs.
in April. The newsletter is aimed at members, with the
majority of its sections set aside for them to promote their
projects, their calls for contributions and their challenges.
Produced every two to three months, the newsletter is a
fantastic tool to build cohesion within the centre.
A user guide has also been produced and distributed
to provide members with a better understanding of
how Mundo-b operates. It explains the services and
infrastructure available and the individual responsibilities
of everyone involved. This clear and visual explanation
offers members an overview of the opportunities open
to them in our centre.
© Yvan Glavie
Mundo-b in brief
The Hive also saw changes this year, including the
arrival of new associations. These new members are
very pleased with the infrastructure and services on offer
and have added dynamism to this initiatives incubator.
Communication
The Mundo team has been heavily involved in
communications. The Mundo-b newsletter was launched
l
On the ethical front, the associations that form the
MDD/HDO cooperative (co-owner of the centre with
Ethical Property), along with other tenants, have become
more involved in the running of Mundo-b. They regularly
meet as an ethical committee of “wise persons”, for
example to set revised eligibility rules for new members.
External Impact
Mundo-b hosts hundreds of events every year:
conferences, receptions, seminars, workshops, wildplant trading, alternative cocktail events, etc. Some of
these are organised by members, others by external
associations who rent our premises. Approximately 175
associations rented our rooms last year, a figure that is
on the increase.
The centre is regularly used as a tool to raise awareness
of sustainable construction techniques and environmental
management, aimed at professionals from the construction
sector and other interested groups.
Future Projects and Challenges
A multi-year investment plan was drawn up this year. The
plan's objective is not just keeping the Mundo-b
infrastructure in a good state of repair, but also planning
for improvements including new equipment and
infrastructure. Plans include improvements to meeting
rooms, the installation of video-conference equipment
and decoration by artists.
z 34 organisations have a permanent office at Mundo-b
Alliance for Lobbying Transparency and
Ethics Regulation (ALTER-EU)
Civil society groups concerned with the increasing influence exerted by
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 to ecologically sustainable
levels
Corporate Europe Observatory (CEO)
Targets the economic and political power of corporations and their lobby
groups
Counter Balance
European coalition of development and environmental NGO’s that
challenges the European Investment Bank to make it a more sustainable
and progressive institution
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 Network on Debt &
Development (Eurodad)
Works on issues related to debt, development finance and poverty reduction
The Financial Transparency Coalition
Global network working to address opacity in the international financial
system, which creates inequalities that harm billions of people
Forests and the European Union
Resource Network (FERN)
Works on forests and forest peoples’ rights in the European Union
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
Global Health Advocates
Focuses on engaging all sections of society to fight diseases that
disproportionately affect people living in poverty
GoodPlanet Belgium
Promotes sustainable development, sustainable water management,
education and public participation
l
Groupe One
Economists working towards a more responsible economy
Habitat et Humanisme*
Project initiated by professionals of the building sector who put their skills
together to promote and develop social housing projects
Inter Environnement Bruxelles
Independent organisation campaigning for a better quality of life in Brussels
Jeunes & Nature
Naturalists addressing young people in their discovery of nature and raising
awareness of environmental issues
Kamilou
Sustainable caterer and restaurant
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 Flemish 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
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
discrimination
Wake Up
Creates video clips to raise public awareness of ecological problems and
encourages people to be eco responsible.
Werkgroep voor een Rechtvaardige
en Verantwoorde Landbouw vzw
(WERVEL)
Works on sustainable agricultural development overseas and locally
z 23 organisations are member of the Hive
Organisation
Description
Country of origin
@Vitam.org*
Environmental consultancy
Belgium
ABECE*
Environmental advisors grouping
Belgium
Afrikaans Platform*
Umbrella organization of Black-African organizations
Belgium
A Rocha International
A Christian nature conservation organisation
UK
Better Cotton Initiative
Global cotton production improvement
Switzerland
Changepartnership*
Independent platform on sustainable development
Belgium
Environmental Law Service*
Using legal means to protect and strengthen
democracy
Belgium
European Federation of Associations of
Environmental Professionals (EFAEP)
International exchange of environmental experts
UK
Foire aux Savoir-Faire
Promotion of do-it-yourself techniques
Belgium
Foodwatch
Control of the food industry
Germany
GlobalFair*
Linking eco-social impact & entrepreneurship
Belgium
Global Water Institute
Conflict prevention through water access
Belgium
* New tenant.
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Organisation
Description
Country of origin
Gruppo Volontariato Civile (GVC)
Volunteers in the South
Italy
Institut Eco-Conseil (IEC)
Training institute for environmental management
Belgium
Les Jardins de Pomone
Biodiversity conservation
Belgium
Karikol Slowfood
Slow Food movement
Belgium
Ligue des Usagers des Services
de Santé (LUSS)
Association of users of health care services
Belgium
Repair Together*
Promotion of self-repair and do-it-yourself
Belgium
Share Development Consulting Group*
Response to the Millenium Development Goals
Belgium
Surfrider
Sustainable management of the ocean and coastline
France
Textual Healing
Social editing and copywriting business
UK /NL
UP!*
Social projects consultancy
Belgium
VSO international*
Development organisation fighting poverty
UK
THE SQUARE DU BASTION SPACE, THE MUNDO-J EMBRYO
Ethical Property has been managing a shared office space
for three associations from the youth sector since 2011.
This space, already known as “Mundo-J”, is just a stone's
throw from Mundo-b. It is managed in the same way as our
other centres: shared meeting rooms, communal canteen
and a wide range of services including IT, cleaning, etc.
These associations are spearheading the Mundo-J project
and will soon be able to enter their permanent offices in
our new centre in the European Quarter.
Research organisation aiming at empowering children and youths
Missing Children Europe
Federation of European organisations 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
© Yvan Glavie
Kind en Samenleving
* New tenant.
l
MUNDO-NAMUR
Mundo-Namur in a brief
Property: 3200 square meters
Offices let: 1900 square meters 21 organisations
Hive (co-working space) : 8 organisations
5 meeting rooms - 3 training rooms 1 conference room
Other facilities : restaurant - garden
© Yvan Glavie
IT Changes Hands
A great deal of energy was devoted to this project in
2012-2013. After several years working with our partner
“Ethical IT” based in the UK, we decided it was time for
a change and turned to a local operator. Despite Ethical
IT's best efforts, the remote-working arrangement was
often a difficult process. This changeover has produced
significant improvements in service quality. An effective
IT system is essential for our members. This new
partnership should also reduce the cost of this service
over the long-term.
Community Service
© Yvan Glavie
Mundo-Namur's members take community service
seriously, and pushed for a blood donor service to be
set up. A Red Cross mobile unit now regularly calls at
the Mundo-Namur car park, offering a full day's blood
donor service.
Communication
We have produced a small Mundo-guide, similar to
the Brussels publication, providing an overview of the
services available to members. In a related move, the
newsletter project was underway at the end of the year,
giving an added boost to the synergies and community
spirit amongst our members.
Throughout the year Mundo-Namur host events that give
members the chance to get to know each other in a fun
and relaxed atmosphere.
Office Changes
Restaurant
It became clear that the Hive, the co-working space for
small associations, was larger than current demand for
this type of working space in Namur. Half of the space
has therefore been turned into an office rented out to a
new organisation.
Ethical Property managed the Mundo-Namur restaurant
up until the end of 2012. This proved to be a positive
experience, with high levels of satisfaction among our
members and the restaurant received good rates of
attendance. However it became obvious that the
catering sector is a specialized and complex field and
we were unable to turn this into a profitable activity. We
therefore decided it would be best to return to a system
of external management run by an independent operator.
The manager of the Mundo-b cafeteria, Kamilou, agreed
to take over the management of the restaurant at the
start of 2013, for a period of one year and on a
renewable basis.
An association left the building at the end of the year
due to insufficient space to meet its expansion plans.
Most of the space it occupied has been rented out, but
a small section is still vacant. This will be a focus for the
coming year.
l
z 21 associations rent office space
Amis de la Terre
Environmental association active in educating the public to environmentfriendly behaviours
Bioforum Wallonie
Coordination of the stakeholders in the organic sector
CP Bio
Technical training for the organic producers, coordination of initiatives in
organic agriculture
Droits quotidiens
Legal advice and support for disadvantaged people
écoconso
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
Réseau Idée
Environmental education information network
Ressources
Federation of social economy organisations that 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 8 organisations are member of the Hive
ABECE
Association of environmental advisors
APERe
Organisation promoting renewable energy
Cercles des Naturalistes de Belgique
Courses, trainings, activities for youth and adults interested in nature
Décroche tes rêves*
Coaching for youth, parents and adults
Emissions-Zéro*
Citizens cooperative investing in renewable energy production plants
F.S.C. Belgium
Supports global sustainable forestry and promotes FSC labelled products
Groupe One
Economists working towards a more responsible economy
Service Citoyen
Campaigning for a Volunteer Citizen Service for young Belgians
* New tenant.
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SOCIAL
PERFORMANCE
OUR MEMBERS
ACTION AREAS
As of 30 September 2013, our centres had about 89
permanent tenants. Out of these, 31 were in the “Hive”
co-working spaces. A total of 272 associations, including
187 external associations, used our conference and
meeting spaces over the course of the year. Compared
to last year, all these trends have increased: the Hive
tenancy in Brussels rose up as did the number of external
associations renting our meeting spaces (+ 13%).
Almost half of our members are actively engaged in
environmental or sustainable development issues. Nearly
20% are active in the field of resource distribution and
social justice.
In terms of their size, over half of our tenants have between
one and five employees, with only a small minority having
over 20 employees. This matches Ethical Property's aim
of prioritising support for smaller organisations.
44
Global justice
16
Local business
5
Civil rights
5
Local community development
5
Development Cooperation
4
Health
3
Peace and conflict resolution
2
Refugees and minority issues
2
Community arts
1
Organisational support
1
Human rights
1
Total
89
© Yvan Glavie
Almost 80% of our tenants are associations (non-profit
organisations and NGOs). The remaining 20% are
foundations, federations of associations and, to a lesser
extent, social companies.
Environment
l
MEMBER SATISFACTION
Ethical Property has set itself a series of member
satisfaction objectives to achieve, outlined in our
“Quintessential” charter. The results are assessed each
year through a satisfaction survey. Comparing these
results to those of previous years provides us with a
realistic picture of our progress towards meeting these
objectives. We study these results in great detail to
highlight areas where we need to improve the services
we offer.
The assessment scale runs from very satisfied (5/5) to very
dissatisfied (1/5). A score of 3/5 is seen as satisfactory,
with a score of 4/5 considered the “best practice” target.
A total of 187 people responded to the survey this year,
representing almost 40% of our members.
A summary of the results of the satisfaction survey is
presented in the table below.
Along with the management committees (bi-monthly
meetings of associations representatives to discuss
centre and project management), the annual survey is
an important way of receiving feedback on our services.
Mundo-b
Overall satisfaction with management and facilities
Mundo-Namur
2012
2013
2012
2013
4,1
4,1
4,1
3,7
Quality of services
4
3,7
3,5
3,4
Quality of facilities
4,1
4
4,3
3,9
Offices and meeting rooms
3,8
4
3,8
3,4
Rental level value
3,8
3,9
3,3
3,2
IT services
3,5
3,4
3
3,1
Reception services
4,3
4,3
4,3
4
4
4
3,6
3,5
Enhancing the visibility of tenants
3,9
3,8
3,8
3,4
Synergies and collaborations
3,5
3,6
3,6
3,4
Sustainable management
4,4
4,2
4,4
3,9
Support to emerging and small organisations
3,4
3,5
3,5
3
Support to strategic objectives
4,2
4,1
3,9
4
Management of the centres
Cleanliness of offices and meeting rooms
Satisfaction with life of the centres
and the opportunities they bring
Life and atmosphere of the centres
Consistency of our practices with our values
On the whole our members were satisfied, with an
average score of 3.5 at Mundo-Namur and 3.9 at Mundob (close to the “best practice” target). There was a slight
improvement in overall satisfaction for Mundo-b. MundoNamur, however, saw the reverse trend. Sources of
dissatisfaction have been identified: several internet
breakdowns and sensitive heating and ventilation
controls. Our team is working to resolve these technical
l
4
4,3
4,2
3,9
4,1
4,1
3,9
3,6
issues. The problematic fittings have been extensively
overhauled.
Day-to-day life within our centres continues to be highly
appreciated by our members. Workers feel comfortable
within the spaces; a healthy and stimulating environment
where they share their ideas with people from similar
fields.
ENVIRONMENTAL
PERFORMANCE
ENERGY
Heating consumption rose slightly in 2013, partly due to
last year's particularly cold winter. However, “best practice”
targets have still been met. To reverse the trend in rising
consumption we will strengthen raising awareness
Mundo-b
consumption (kWh/m2/year)
campaigns among members about rational use of heating.
Electricity consumption remained unchanged from the
previous year.
Mundo-Namur
Ethical Property
Best practice
Standard office
building
2012
2013
2012
2013
Woodchips
26
22
26
32
-
-
Gas
23
43
2
4
-
-
Total heating consumption
49
65
29
37
60
113
Consumed electricity
48
49
50
47
-
-
Generated electricity
3
3
2
3
-
-
Total electricity consumption
51
52
51
50
60
125
Total energy consumption
101
117
80
86
120
238
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RENEWABLE ELECTRICITY
Our Mundo-b and Mundo-Namur centres are equipped
with 150 m² of photovoltaic solar panels. They cover
around 6% of the buildings' electricity consumption and
produce 20,000 kWh each year, which we can then use
without producing any CO².
energy based on the sector's strictest standards. Our
new suppliers are the greenest available on the market
and they both cater us with 100% renewable and nonnuclear energy. Below is a comparison of our energy mix
with the Belgian average energy mix:
To minimise the impact of our consumption of external
sources of energy, we have chosen suppliers of green
z Energy Mix Belgian average
Coal-fired power plants: 4%
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Gas-fired power plants: 40%
Nuclear power plants: 50%
Renewable energy
(hydraulic, windturbines, …): 6%
z Energy Mix Mundo-centres
solar energy: 1%
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hydraulic energy: 19%
Wind turbines: 80%
CO² EMISSIONS
Our decision to select renewable sources of energy means
our CO² emissions are considerably lower than a traditional
player in the same sector. And it's not just most of our
Mundo-b
electricity that is renewable; our heating fuel is too, with
52% of our fuel in the form of pellets made of waste wood
from Belgian saw mills.
Standard office
of the same size
as Mundo-b
MundoNamur
Standard office
of the same size
as Mundo-Namur
2013
2013
Pellets
2.4
3.4
Gas
31.9
83
3
78.2
Electricity
0.9
97.6
1
92
Solar panels
Total CO2 produced
35.2
CO² emissions avoided
WATER
Water consumption at Mundo-b went down this year, falling
from 15 to 11 litres per person, per day. Consumption at
Mundo-Namur remained static at 14 litres per head.
l
180.6
145.4
7.4
170.2
162.8
WASTE
Our comprehensive approach to the issue of waste
enabled us to recycle over two-thirds of the waste
generated by our centres. Both common waste and
specific smaller waste is recycled and transferred to
recycling processes to be dealt with in an appropriate
way (electronic, cork, water filters, ink cartridges, etc.).
Organic waste is composted in our gardens. Our centres
constitute points of collection for the recycling of all
these types of waste.
We are also making our members aware of the problems
associated with waste. As part of this initiative, we
organised the Troc de Trucs event in partnership with
our members actively engaged in waste management.
This was a large-scale, and fun, donation event, where
members exchanged clothing or other items they no
longer needed. This year 200 kg of items found a new
home.
And finally, in partnership with a rehabilitation through
work organisation, we managed to recover the furniture
from a telecoms company. This win-win partnership
helped us both to re-equip ourselves with high-quality
furniture at virtually no cost, while giving these objects a
second lease of life.
ECOTEAM
Our teams are working to involve our tenants in the
environmental management of our buildings. Firstly,
because we should all try to take small steps to save
energy, thereby keeping our energy consumption to a
minimum. And secondly, because getting tenants
actively involved is an effective way of raising awareness
of this issue. This is why an Ecoteam regularly brings
together willing minds to set up a range of actions. In
February, two members of the Ecoteam produced
cutting-edge videos that had an impact well beyond the
Mundo centres themselves: they were nominated for the
Environment & Energy Award 2013 and received an
award for most innovative communication at the
European Green Office Award 2013.
TENANTS TRAVEL TO WORK
Our members' travel patterns remained the same as in
previous years. Our centres are located in urban
environments that are relatively well-served by public
transport, and encourage alternative means of transport
to the car. In fact, less than one in eight people travel to
the office by car. We moreover put several systems in
place to promote a rational transport policy: shared
bikes, car-pooling (cambio), extensive bicycle parkings,
showers for cyclists, bike repair station, etc.
Cycling: 21%
Car sharing: 2%
Car: 12%
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Walking: 11%
Public transportation: 53%
Motorcycle / scooter: 1%
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OUR STAFF
EPE had 16 members of staff as of 30 September.
Staff Statistics
2012
2013
Number of full-time staff
7
6
Number of part-time staff
13
10
14,4
11,9
Youngest staff member
18
27
Oldest staff member
67
55
Full-time Equivalent
Average age
38,2
39
Highest paid worker
€ 50.380
€ 51.253
Lowest paid worker
€ 20.553
€ 25.240
2,5
2
Ratio of highest to lowest salary
The team decreased this year, as the Mundo-Namur
restaurant was taken over by Kamilou, an external provider.
We therefore had to terminate the contracts of the three
employees assigned to this activity, although one of these
has since been hired by the new operator.
The rest of the team remained quite stable. Mundo-b's
handyman took retirement and has been replaced. Two
young mothers went on maternity leave in the past year.
HUMAN RESOURCES POLICY
We always consider the social dimensions of recruitment
when taking on new staff: creating partnerships with
rehabilitation organisations, or offering an opportunity to
someone with a difficult background. Our salary scales
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are based on the non-profit sector, providing a more
favourable grid than the sector we rely on. Employees
also receive luncheon-vouchers and a higher number of
days of paid leave than the legal minimum.
TRAINING
Continuous training for staff is essential to their
empowerment and progress. We encourage the team to
improve its skills through high-quality training. And we
are firm believers in giving young people their first taste
of the world of work by offering them the chance to train
within our company. We therefore welcome trainees
several times a year.
STRATEGIC THINKING
We organise a “blue sky thinking” day every year, not
only to involve members of staff in strategic thinking on
the company's future, but also to look back on the
previous year. This period of reflection is also a chance
to strengthen the bond between employees, as the
geographical spread of our locations means that many
never get the chance to meet on a regular basis.
GENDER EQUALITY
We try to maintain gender equality within the company as
far as possible. EPE has slightly more female than male
employees, with a full breakdown listed in the table below.
Level in company
Female %
Directors
1
Senior managers
Managers and higher
skilled employees
2012
Male %
Total
Female %
17%
5
83%
6
1
0
0%
2 100%
2
4
80%
1
20%
5
Less skilled and junior
employees
9
69%
4
31%
Total
13 65%
7
35%
2013
Male %
Total
20%
4
80%
5
0
0%
2 100%
2
3
75%
1
25%
4
13
6
60%
4
40%
10
20
9
56%
7
44%
16
© Yvan Glavie
© Yvan Glavie
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THE BOARD
OF DIRECTORS
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 13 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 his own
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.
Frederic is Chairman of the non-profit organisation écoconso 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 Cooperative 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.
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FINANCIAL
HIGHLIGHTS
This section illustrates the key financial indicators of the
EPE group, the evolution of the activity and the interests
of the directors in the capital of the company.
operating performances. This disclosure is prepared in
accordance with the International Financial Reporting
Standards for SMEs (IFRS for SMEs).
EPE SA, which operates under the name Ethical Property
Europe, is the holding company. The group includes
three subsidiary companies, from which 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.
Following a detail review of our activities, the management
has been able to allocate all direct operating costs to the
Property Operating Result except the salary costs. In
addition, following an advice given by our tax advisor, we
have derecognised the deferred income tax assets of the
entities Green Property SCRL and Ground Property SCRL
as they will not achieve positive statutory results within
five years, mainly because of the recognition of the
depreciation costs. Consequently, the accounts of prior
year have been restated.
The management decided to present the result of the
entire group to disclose the financial position and the
EVOLUTION OF FINANCIAL POSITION FOR THE YEAR
ENDED 30 SEPTEMBER 2013
At the level of the statutory entity (EPE SA/NV), the total
profit carried forward which could be distributed as
dividend amounts to €161.582: total profit carried forward
(€179.022) minus the establishment costs of €17.440.
At consolidated level, the main evolutions are as follows:
z The net consolidated property result increased from
€1.022.343 to €1.064.165 for the year ended 2013.
z The management has not proceeded this year to a
formal valuation of the fair value of the properties.
An interim value has been calculated on the basis of
a technical review and on a market review. The key
results of this review are the following:
• ABEX index increased by 1,37
• An increase of the risks in the Brussels market
showing a higher percentage of vacancy
• The Namur market is very stable and the demand
for office space does not fully meet the supply
• Accordingly, the management has increased the
premium risk on the Mundo-B by 0,50% whilst the
risk evaluation for Namur has not been modified
• We anticipate for next year a net operating result* of
€1.102.647 for the two properties which takes into
account the increase of the total rental income and a
better control on the expenditures of Mundo-Namur.
* In accordance with the IFRS for SME principles, the terminal value is closely linked with the discounted cash flow of the net operating result
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Based on the review carried out by the management,
the fair value is adjusted respectively by € 63.910 for
Mundo-B and by €45.482 for Mundo-Namur, resulting
in a portfolio result for the year of € 109.392.
z The EBITDA (Earnings Before Taxes and Depreciation
and Amortization)* calculation evolves from €747.476
for the year ended 30/09/2012 to €601.757 for the
year ended 30/09/2013. The management notes that
this negative evolution is impacted by the portfolio
result showing a lower increase of the value of the
properties this year.
z This EBITDA is however positively impacted by the
evolution of the free cash flow** that increased by
€50.747 for the year ended 30/09/2013: the free
cash flow amounts to € 236.187 this year vs
€185.440 for the prior year.
z The net cash generated from operating activities
evolves from €121.568 for the year ended
30/09/2012 to €205.241 this year (including a
positive change on the working capital compared to
last year of €32.926).
z The consolidated statement of comprehensive
income indicates that the net result of the entire
activities amounts for the year to €111.248. 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 owning 50% of BSH) is €26.809.
z The consolidated net assets amounts to €6.781.532
before distribution of dividend, including a capital of
€5.254.600, a loss carried forward of €49.064 and a
minority interest of €1.575.996.
z On the basis of the results of the group and those of
the holding company, the management has decided
to propose to the Annual General Meeting the
payment of a dividend of 1,5 cents per share. After
the distribution of the dividend (€78.819), the net
assets amounts to €6.702.712.
z This change in equity allows the group to disclose a
Net Asset Value per share that remains at €0,99
after the payment of the 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 2013 were:
Shares
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 2013.
Size of shareholding
From 1 to 50,000 shares
From 50,001 to 100,000 shares
More than 500,001 shares
Total
Number of
shareholders
22
4
4
2
2
34
Number of
shares
826 186
370 000
900 000
610 000
2 548 414
5 254 600
% of all
shareholders
% of all
shares
65%
12%
12%
6%
6%
100%
16%
7%
17%
12%
48%
100%
AUDITORS
The consolidated financial statements have been audited by Rosier & C°.
Brussels, 11 February 2014, On behalf of the board of directors of EPE SA/NV
Frederic Ancion, Managing Director
**
**
EBITDA= Operating result + depreciation + amortization
Free cash flow= Net Profit and loss result minus all non cash elements
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EPE SA STATUARY
ACCOUNTS
Balance sheet Bilan Balans
Year Exercice Boekoefening
30 Sept 2013
30 Sept 2012
ASSETS ACTIF ACTIVA
Fixed assets Actifs Immobilisés Vaste Activa
€ 2.771.428
€ 2.355.467
€ 17.440
€ 53 841
€ 424
€ 1 608
Tangible assets
Immobilisations corporelles
Materiële vaste activa
€ 74.165
€ 80 618
Investments
Immobilisations financières
Financiële vaste activa
€ 2.679.400
€ 2 219 400
Current assets Actifs Circulants Vlottende Activa
€ 2.790.931
€ 3 195 404
Debtors of one year or more
Créances à plus d’un an
Vorderingen op meer dan een jaar
€ 2.255.000
€ 2 355 000
€ 11.126
€ 24 467
Debtors of less than one year
Créances à un an au plus
Vorderingen op ten hoogste een jaar
€ 263.686
€ 781 459
Cash at hand and in bank
Valeurs disponibles
Liquide middelen
€ 197.186
€ 23 909
Accruals
Comptes de régularisation
Overlopende
€ 63.933
€ 10 568
€ 5.562.360
€ 5 550 870
Start-up costs
Frais d'établissement
Oprichtingskosten
Intangible assets
Immobilisations incorporelles
Immateriële vaste activa
Projects development
Développement de projets
Ontwikkeling van projecten
Total assets Total de l’actif Totaal der activa
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Balance sheet Bilan Balans
30 Sept 2013
30 Sept 2012
LIABILITIES PASSIF PASSIVA
Equity Capitaux Propres Eigen Vermogen
€ 5.403.465
€ 5 399 430
Share capital
Capital
Kapitaal
€ 5.254.600
€ 5 254 600
Reserves
Réserves
Reserves
€ 14.588
€ 10 391
Grants
Subsides
Subsidies
€ 12.912
€ 13 988
Carried over profit / loss
Bénéfice / perte reporté(e)
Overgedragen winst / verlies
€ 121.365
€ 120 450
Debts Dettes Schulden
€ 158.895
€ 98 894
€ 6.649
€ 7 203
Debts of less than one year
Dettes à un an au plus
Schulden op ten hoogste een jaar
€ 69.427
€ 83 691
Dividends of the year
Dividendes de l'année
Dividenden van het jaar
€ 78.819
€ 52 546
€ 4.000
€ 8 000
€ 5.562.360
€ 5 550 870
Turnover Ventes et Prestations Bedrijfsopbrengsten
€ 364.575
€ 356 981
Projects development activation
Activation développement de projets
Activeren van projectontwikkeling
€ -22.644
€ 21 853
Deferred taxes
Impôts différés
Vertraagde belastingen
Accruals
Comptes de régularisation
Overlopende
Total liabilities Total du passif Totaal der passiva
Profit and loss Compte de résultat Resultatenrekening
€ -431.481
€ -483 962
Directors or managers
Administrateurs ou gérants
Beheerders of zaakvoerders
Expenses Coûts des Ventes et Prestations Bedrijfskosten
€ -87.814
€ -103 648
Other goods and services
Services et biens divers
Diverse goederen of diensten
€ -49.074
€ -58 416
Salaries
Rémunérations
Bezoldigingen
€ -246.341
€ -233 036
Depreciation
Amortissements
Afschrijvingen
€ -48.280
€ -56 897
€ 9.303
€ -9 183
€ -9.276
€ -22 781
Project development value decrease
Réduction de valeur développement de projets
Waardekorting projectontwikkeling
Other charges
Autres charges
Andere Kosten
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Profit and loss Compte de résultat Resultatenrekening
2013
2012
Gross profit Résultat d’exploitation Bedrijfsresultaat
€ -89.551
€ -105 128
Interest receivable and other financial income
Produits financiers
Financiële opbrengsten
€ 173.109
€ 195 985
€ -183
€ -240
€ 83.376
€ 90 618
€-
€-
€ 83.376
€ 90 618
€ 554
€-
€ 83.930
€ 90 618
€ 83.930
€ 90 618
€ 120.450
€ 86 909
Appropriation to reserves
Dotations aux réserves
Toevoeging aan het eigen vermogen
€ -4.197
€ -4 531
To the Legal reserves
A la réserve légale
Aan de wettelijke reserve
€ -4.197
€ -4 531
€ -78.819
€ -52 546
€ -121.365
€ -120 450
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
Transfer from the deferred taxes
Prélèvement sur les impôts différés
Overschrijving van de vertraagde belastingen
Profit/loss for the year Résultat de l'exercice Resultaat van het boekjaar
Appropriation account Affectation et prélèvements Resultatenverwerking
Profit/loss of the bookyear to be appropriated
Résultat de l'exercice à affecter
Te bestemmen resultaat van het boekjaar
Profit/loss carried over from last year
Résultat reporté de l'exercice précédent
Resultaat overgedragen van vorig boekjaar
Dividends Dividendes Dividenden
Profit/loss to be carried over
Résultat à reporter
Over te dragen resultaat
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AUDITED
FINANCIAL
ACCOUNTS
CONSOLIDATED FINANCIAL STATEMENTS OF ETHICAL PROPERTIES
EUROPE PREPARED UNDER IFRS FOR SME(S)
Note: The Consolidated financial statements illustrated in the annual report are a condensed summary of the full report which
can be obtained upon request to Mr. Fréderic Ancion (e-mail: Frederic@ethicalproperty.eu). The notes and disclosures to
the consolidated financial statements together with the audit report are excluded from this condensed version.
z A. CONSOLIDATED BALANCE SHEET
Year to 30-sept-13
€
Year to 30-sept-12
€
13.377.487
13.389.938
2.165
4.731
ASSETS
Non Current assets
Intangible assets
Positive consolidation differences
440.743
528.892
12.465.198
12.355.848
Other properties, plant and equipment
179.079
221.872
Participating Interests
220.000
60.000
Other Financial Assets
3.054
3.504
Deferred Income tax assets
67.248
215.091
Current assets
858.872
615.770
Inventories
11.126
24.467
Debtors
146.069
173.662
Cash and cash equivalents
333.397
123.131
Prepayments and accrued revenue
368.280
294.510
14.236.359
14.005.708
Equity
6.702.713
6.670.284
Share capital
5.254.600
5.254.600
Investment properties
TOTAL ASSETS
EQUITY, PROVISIONS AND LIABILITIES
Consolidated reserves
-127.883
-75.873
Non-controlling interests
1.575.996
1.491.557
Non-Current Liabilities
6.207.684
6.042.950
Borrowings
4.843.633
4.629.071
Deferred taxes liabilities
661.605
710.437
Other Non-Current liabilities
702.446
703.442
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Year to 30-sept-13
€
Year to 30-sept-12
€
1.325.962
1.292.474
Borrowings
484.899
460.821
Trade and other payables
362.222
340.718
1.802
0
477.039
490.935
14.236.359
14.005.708
For the year ended
30 September 2013
€
For the year ended
30 September 2012
(Restated)
€
1.445.835
1.408.360
Current Liabilities
Current tax liabilities
Accrued expenses and deferred revenue
TOTAL EQUITY, PROVISIONS AND LIABILITIES
z B. CONSOLIDATED PROFIT AND LOSS
Rental Income and Other Operating Revenue
Property Expense
-381.670
-386.016
Property Operating Result
1.064.165
1.022.343
Goods and Services
-212.797
-218.965
Salary costs
-430.040
-418.729
Depreciation
-57.759
-57.806
Depreciation Positive Consolidation differences
-88.149
-88.149
Other Income
139.957
161.822
Other expense
-68.919
-79.810
(+/-) Total corporate overheads and other operating
revenue and expense
-717.707
-701.637
Operating Result Before Result on Portfolio
346.458
320.706
Changes in fair value of investment properties
109.392
280.815
(+/-) Portfolio Result
109.392
280.815
Operating Result
455.849
601.521
Financial income
12.315
24.779
Financial expense
-252.753
-292.041
(+/-)Gains or Losses on disposals of investment properties
(+/-) Other non operating income and expense
0
-687
3.236
(+/-) Financial and non operating result
-241.126
-264.026
Pre-Tax Result
214.723
337.495
(+/-) Transfer from deferred taxes and to deferred taxes
-103.475
-40.179
Corporation Tax
0
0
-103.475
-40.179
NET RESULT
111.248
297.316
A NON-CONTROLLING INTEREST
84.439
233.315
B GROUP INTEREST
26.809
64.001
0,01
0,01
(+/-) Total corporation tax and deferred taxes
BASIC NET RESULT AND DILUTED (€/SHARE) (GROUP SHARE)
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z C. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the years ended 30 September 2013
and 30 September 2012
Year to 30 Sep 13
€
Year to 30 Sep 12
€
OTHER COMPREHENSIVE INCOME
111.248
297.316
Non controlling interests
-84.439
233.315
Total comprehensive income Group Share
26.809
64.001
z D. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity as at 30 September 2012
Share
Capital
Retained
earnings
€
5.254.600
Capital Increase
Noncontrolling
Interest
Total
€
Total
attributable
to owners
of parent
€
€
€
-75.873
5.178.727
1.491.557
6.670.284
0
0
0
Other Comprehensive income
Net Result for the year
26.809
26.809
Amount of dividends recognised as distributions
-78.819
-78.819
-78.819
0
0
0
Revaluation surplus/deficit*
Currency translation difference
111.248
0
0
0
-52.010
-52.010
84.439
32.419
5.254.600
-127.883
5.126.717
1.575.996
6.702.713
1
-0,01
0,99
Total changes in equity
Equity as at 30 September 2013
84.439
Equity per share
0
z E. CONSOLIDATED CASH FLOW STATEMENT
As from this year onwards, we will use the direct method to present the cash flow statement. The cash flow for the year ended
30 September 2012 has not been restated:
For the Year Ended
30-sept-13
€
For the Year Ended
30-sept-12
€
Cash flows from operating activities (direct method)
Cash receipts from tenants
1.414.528
Cash receipt other operating income
147.232
Cash paid to suppliers
-658.719
Cash paid to employees and related expenses
-444.688
sub-total Cash generated from operations
458.354
Other non operating income and expense
Interest paid
Income taxes paid
-359
-252.753
0
sub-total Cash generated from other operating activities
-253.112
Net cash generated from operating activities
205.241
121.568
* Revaluation surplus and deficit concerns assets which are not measured at fair value.
l
For the Year Ended
30-sept-13
€
For the Year Ended
30-sept-12
€
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired
-160.000
Purchases of investment properties
Purchases of other property, plant and equipment (PPE)
-51.450
-75.990
-12.340
-33.537
-387
-497
Proceeds from sale of PPE
Purchases of intangible assets
Purchases of available-for-sale financial assets
Grants received
Net cash used in investing activities
19.084
-172.727
-142.389
Cash flows from financing activities
Proceeds from issuance of ordinary shares
Proceeds from borrowings
440.000
100.000
Repayments of borrowings
-209.702
-193.844
Proceeds from loan from subsidiary undertaking
Dividends paid to company’s shareholders
-52.546
Dividends paid to holders of redeemable preferences shares
Dividends paid to minority interests
Net cash used in financing activities
177.752
-93.844
Net (decrease)/increase in cash, cash equivalents and bank overdrafts
210.266
-114.664
Cash, cash equivalents and bank overdrafts at beginning of year
123.131
237.795
Exchange gains/(losses) on cash and bank overdrafts
Cash and cash equivalents at the end of the year - continuing operations
0
0
333.397
123.131
z F. AUDIT
Our auditor is Rosier & CO represented by Stephane Rosier.
The scope of the audit is a contractual mission 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 and excludes the execution of an individual statutory audit on any of these components nor a contractual
audit on the individual financial statements.
The auditor has issued an audit opinion on 17 February 2013. This audit opinion is an unqualified opinion on the consolidated
financial statements of the EPE group for the year ended 30 September 2013.
l
Graphisme : Beltza
Ethical Property Europe sa
Mundo-B, Rue d’Edimbourg 26
1050 Brussels, Belgium
Telephone: +32 (0)2 894 4660
www.ethicalproperty.eu

Annual Report Ethical Property Europe 2013

Transcription

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