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Key figures |
(amounts x EUR 1,000) |
2006 |
2005 |
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Direct result |
20,411 |
|
20,182 |
|
+1.1% | |
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Indirect result |
23,677 |
|
8,506 |
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+178.4% | |
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Profit |
44,088 |
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28,688 |
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+53.7% | |
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Direct result per share |
3.83 |
|
3.79 |
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+1.1% | |
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Profit per share |
8.27 |
|
5.38 |
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+53.7% | |
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Equity |
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31-12-2006 |
31-12-2005 |
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Investment properties |
348,959 |
|
319,894 |
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+9.1% | |
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Project developments |
6,847 |
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Shareholders' Equity |
358,428 |
¹ |
333,824 |
¹ |
+7.4% | |
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Net asset value per share |
67.22 |
EUR¹ |
62.61 |
EUR¹ |
+7.4% | |
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Debt ratio on total of assets |
2.6 |
% |
0.79 |
% |
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Number of shares |
5,331,947 |
|
5,331,947 |
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1) before profit distribution |
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Profit
The profit for 2006 rose to EUR 44.1 mln (2005: EUR 28.7 mln). This is the result of a higher positive revaluation (EUR 15.2 mln) of the investment properties portfolio and a higher operating result before result on the portfolio (EUR 0.2 mln).
Direct result
During 2006, the direct result of Comm. VA Wereldhave Belgium SCA increased to EUR 20.4 mln (2005: EUR 20.2 mln). This increase is the result of higher net rental income (EUR 1.1 mln) and higher property charges and general expenses (EUR 0.9 mln). This increase of the costs is mainly due to a release of provisions in 2005.
Shareholders' equity and net asset value
Shareholders' equity at December 31, 2006 amounts to EUR 358.4 mln (December 31, 2005: EUR 333.8 mln). The net asset value per share at December 31, 2006, including the profit of the current year, amounts to EUR 67.22 (December 31, 2005: EUR 62.61).
Property portfolio
At December 31, 2006 the fair value of the property portfolio amounted to EUR 349.0 mln (December 31, 2005: EUR 319.9 mln). The net increase of EUR 29.1 mln can be attributed to investments on buildings in the portfolio of EUR 3.3 mln, to the purchase of a plot of land (28,000 m²) for an amount of EUR 2.1 mln for the expansion of the shopping centre "Les Bastions" in Tournai and to a positive net revaluation of the portfolio of EUR 23.7 mln. This substantial increase in the 4th quarter can be attributed to a number of macro-economical factors, e.g. the stability of the Belgian property market, the interest of institutional investors in commercial centres and the pressure on initial rents for top quality real estate.
At December 31, 2006 the debt ratio on the total of assets amounts to 2.6%.
The average occupancy rate over 2006, expressed in a percentage of market rent, amounts to 83.9% (2005: 82.9%). The vacancy concerns only the office portfolio.
Development projects
During 2006, Wereldhave Belgium the purchased 2 plots of land (42,000m²) alongside the shopping centre in Nivelles for an amount of EUR 6.8 mln. These plots have a residential destination.
Annual Report and Dividend
The Annual General Meeting of Shareholders is to be held on Wednesday April 11, 2007 at 11 a.m. at the company's registered office. A dividend of EUR 3.75 gross (EUR 3.19 net) per share will be proposed to the General Meeting of Shareholders. The dividend will be payable as from April 20, 2007. The 2007 annual report will be published in March.
Dispute
Wereldhave Belgium announces that the Raadkamer / Chambre du Conseil decided on February 20, 2007 to postpone the case regarding the matter of a penal dispute arising from the sale of a company, later reclassified as a cash company, till March 23, 2007.
Prospects
In 2007 the management expects a positive development of the direct result and a higher offices portfolio occupancy rate. In this regard, various rental agreements were already signed by the end of 2006 (e.g. Olieslagerslaan in Vilvoorde and the offices in Berchem). Substantial rent increases were agreed during lease renewals in the shopping centres. The start of the expansion of the shopping centre in Nivelles is planned end 2007.
Vilvoorde, February 21, 2007
N.V. Wereldhave Belgium S.A.
Statutory Management Company
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