Introduction
As from Januari 1, 2005, the consolidated balance sheet and profit and loss accounts are drafted according to the International Financial Reporting Standards (IFRS). Comm. VA Wereldhave Belgium SCA started publishing consolidated figures as from Januari 1, 2005; this involves a 100% consolidation of interests in the limited liability company 'J-II'. Up until December 31, 2004, account was taken of the consolidation exemption, owing to the company's insignificance in the consolidated total.
The 2004 published figures in this press release are converted in consolidated figures.
The balance sheet and profit and loss account in this press release contain a brief explanation on the modifications as a result to IFRS.
Profit
Compared to 2004, the profit for the first three months of the year increased by EUR 5.0 mln to EUR 8.8 mln. This is mainly the result of the positive property revaluations of EUR 3.3 mln. The profit per share rose from EUR 0.94 to EUR 1.64.
Direct investment result
The direct investment result of Comm. VA Wereldhave Belgium SCA increased to EUR 5.5 mln (2004: EUR: 5.0 mln). The increase is the result of EUR 0.4 mln higher net rental income and EUR 0.1 mln higher other income. The direct investment result per share amounts to EUR 1.02 (2004: EUR 0.94).
Shareholders' equity and net asset value
Shareholders' equity at March 31, 2005 amounts to EUR 332.0 mln (December 31, 2004: EUR 323.2 mln). The net asset value per share at March 31, 2005 amounts to 62.26 (December 31, 2004: EUR 60.62). The movement in equity consists exclusively of the profit of the current year.
Property portfolio
At March 31, 2005 the market value of the property portfolio amounted to EUR 310.8 mln. At april 13, 2005, Wereldhave Belgium acquired 4 commercial units alongside the shopping center in Nivelles for an amount of EUR 3,9 mln. The occupancy rate, expressed in a percentage of market rent, amounts to 81 %. The vacancy concerns only the office portfolio.
Prospects
Wereldhave Belgium's profit development in 2005 will be mainly dependent on the letting of vacant office space.
Vilvoorde, May 9, 2005
N.V. Wereldhave Belgium S.A.
Statutory Management Company
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