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Results
First Half-Year 2006
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Key figures
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(amounts x EUR 1,000) |
01-01-2006/
30-06-2006 |
01-01-2005/
30-06-2005 | |||
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Direct result |
10,337 |
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10,572 |
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Indirect result |
2,399 |
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3,576 |
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Profit |
12,736 |
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14,148 |
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Direct result per share |
1.94 |
EUR |
1.98 |
EUR | |
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Profit per share |
2.39 |
EUR |
2.65 |
EUR | |
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Equity |
30-06-2006 |
31-12-2005 | |||
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Investment properties |
324,667 |
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319,894 |
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Shareholders' Equity |
326,382 |
(1) |
333,824 |
(2) | |
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Net asset value per share |
61.21 |
EUR (1) |
62.61 |
EUR (2) | |
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Debt ratio on total of assets |
4.10 |
% |
0.79 |
% | |
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Number of shares |
5,331,947 |
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5,331,947 |
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(1) including current earnings
(2) before profit distribution |
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Profit
Compared to 2005, the profit, consisting of the direct and indirect result, decreased from EUR 14.1 mln to EUR 12.7 mln. This is the result of a lower revaluation of the property investment portfolio (EUR 1.2 mln), higher net rental income (EUR 0.5 mln) and higher service costs (EUR 0.7 mln). The profit per share decreased from EUR 2.65 to EUR 2.39.
Direct result
During the first half-year, the direct result of Comm. VA Wereldhave Belgium SCA amounts to EUR 10.3 mln (2005: EUR 10.6 mln). This is the result of EUR 0.5 mln higher net rental income and EUR 0.7 mln higher service costs. The direct result per share amounts to EUR 1.94 (2005: EUR 1.98).
The occupancy rate, expressed in a percentage of market rent, amounts to 84%.
Shareholders' equity and net asset value
Shareholders' equity at June 30, 2006 amounts to EUR 326.4 mln (December 31, 2005: EUR 333.8 mln). The net asset value per share at June 30, 2006, including the profit of the current year, amounts to 61.21 (December 31, 2005: EUR 62.61).
Property portfolio
At June 30, 2006 the fair value of the property portfolio amounted to EUR 324.7 mln (December 31, 2005: EUR 319.9 mln). ). In order to comply with the IAS 40 regulation, fair value has been computed after deduction of the transaction costs incurred at the sales process.
In view of the expansion of the shopping centre in Tournai, Wereldhave Belgium has acquired on June 8 a plot of land of 28,000 m². During the second quarter, Wereldhave Belgium reached an agreement on the purchase of 2 plots of land (42,000m²) alongside the shopping centre in Nivelles. This purchase will be formalized during the third quarter.
During the first half-year, a total of 13 new leases and/or lease renewals were contracted which were related to the three shopping centres. The average rent increase in the shopping centres amounts to 15%.
Dispute
The sale of a company in 1993 is being contested both fiscally and penally. Wereldhave Belgium is convinced to have complied with all applicable laws and regulations and is supported by its' advisors. Wereldhave Belgium emphasizes that the case is in the process of investigations and has not been brought before the chamber of the Court. Any new information will immediately be made public by the company via press releases.
Prospects
Wereldhave Belgium's profit development will be dependent on the letting of vacant buildings.
Vilvoorde, August 8, 2006
N.V. Wereldhave Belgium S.A.
Statutory Management Company
For further information:
Wereldhave Belgium
Eddy De Landtsheer
Tel. + 32 2 732 19 00
Eddy De Landtsheer
Tel. + 32 2 732 19 00
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