|
DIRECT INVESTMENT RESULT
increased by 9% to € 48.9m compared to the previous year |
DIRECT INVESTMENT RESULT PER DEPOSITARY RECEIPT
increased by 3.3% to € 1.55 compared to the previous year |
|
|
|
|
SHAREHOLDERS' EQUITY
increased by 11% to € 890m since 31 March 2005 and the subsequent 19 April 2005 share placement
|
NET ASSET VALUE PER DEPOSITARY RECEIPT
increased by 11.6% to € 25.84 since 30 June 2004 |
|
TOTAL ASSETS
increased by 13% to € 1,600m compared to the previous year |
DIVIDEND PER DEPOSITARY RECEIPT
increased by 3.3% to € 1.55 compared to the previous year |
|
Individual country percentages were: |
Sector percentages were: | ||
|
France |
+10.3% |
Retail |
+11.8% |
|
Italy |
+10.5% |
Offices |
-0.1% |
|
The Netherlands |
-2.4% |
Warehouse |
-5.3% |
|
Sweden |
+15.8% |
|
|
|
Jeremy Lewis |
+ 31 20 530 6030 |
|
Evert Jan van Garderen |
+ 31 20 530 6030 |
|
Peter Mills |
+ 44 20 7925 7860 |
|
Tom Newton |
+ 44 20 7925 7860 |
|
Tim Santini |
+ 44 20 7925 7860 |
|
(EUR '000) |
Twelve
months ended
30-06-05 |
*
Twelve
months ended
30-06-04 |
Fourth quarter ended
30-06-05 |
Fourth
quarter ended
30-06-04 |
| ||
|
|
|
|
|
|
| ||
|
Profit and loss account |
|
|
|
|
| ||
|
Property income |
96,889 |
93,236 |
25,338 |
25,046 |
| ||
|
Property expenses |
(15,672) |
(16,709) |
(4,477) |
(4,740) |
| ||
|
|
----------- |
----------- |
---------- |
---------- |
| ||
|
Net property income |
81,217 |
76,527 |
20,861 |
20,306 |
| ||
|
Other income |
143 |
840 |
40 |
840 |
| ||
|
|
----------- |
----------- |
---------- |
---------- |
| ||
|
Total income |
81,360 |
77,367 |
20,901 |
21,146 |
| ||
|
|
|
|
|
|
| ||
|
Investments revaluation |
135,666 |
30,131 |
135,595 |
30,608 |
| ||
|
|
----------- |
----------- |
----------- |
---------- |
| ||
|
Total revenue |
217,026 |
107,498 |
156,496 |
51,754 |
| ||
|
|
|
|
|
|
| ||
|
Net financing costs |
(24,520) |
(23,154) |
(5,734) |
(6,156) |
| ||
|
Company expenses |
(7,746) |
(6,986) |
(3,091) |
(2,728) |
| ||
|
Financial and investment expenses |
(983) |
(489) |
(935) |
(205) |
| ||
|
|
----------- |
----------- |
----------- |
----------- |
| ||
|
Total expenses |
(33,249) |
(30,629) |
(9,760) |
(9,089) |
| ||
|
|
|
|
|
|
| ||
|
Net revenue before taxation |
183,777 |
76,869 |
146,736 |
42,665 |
| ||
|
Corporate income tax |
(186) |
(2,355) |
148 |
(1,081) |
| ||
|
Deferred tax |
(54,814) |
(11,976) |
(54,853) |
(12,295) |
| ||
|
|
----------- |
------------ |
----------- |
----------- |
| ||
|
Profit after taxation |
128,777 |
62,538 |
92,031 |
29,289 |
| ||
|
|
|
|
|
| |||
|
|
|
|
|
| |||
|
Investments revaluation |
135,666 |
30,131 |
135,595 |
30,608 |
| ||
|
Financial and investments expenses |
(983) |
(489) |
(935) |
(205) |
| ||
|
Deferred tax |
(54,814) |
(11,976) |
(54,853) |
(12,295) |
| ||
|
|
----------- |
----------- |
----------- |
----------- |
| ||
|
Indirect investment result |
79,869 |
17,666 |
79,807 |
18,108 |
| ||
|
|
|
|
|
|
| ||
|
Total investment result |
128,777 |
62,538 |
92,031 |
29,289 |
| ||
|
-/- Indirect investment result |
(79,869) |
(17,666) |
(79,807) |
(18,108) |
| ||
|
|
----------- |
----------- |
----------- |
----------- |
| ||
|
Direct investment result |
48,908 |
44,872 |
12,224 |
11,181 |
| ||
|
(EUR '000) |
Twelve
months ended
30-06-05 |
*
Twelve
months ended
30-06-04 |
|
Cash flow statement |
|
|
|
|
|
|
|
Cash flow from investment activities |
|
|
|
Profit after taxation |
128,777 |
62,538 |
|
Investments revaluation |
(135,666) |
(30,131) |
|
Deferred tax |
54,814 |
11,976 |
|
Additions to provision for pensions |
132 |
180 |
|
Property investments |
(56,606) |
(155,326) |
|
Movement tangible fixed assets |
(406) |
(1) |
|
Increase in receivables |
(1,752) |
(5,070) |
|
Decrease/increase in creditors |
(33,810) |
8,086 |
|
Goodwill |
- |
1,552 |
|
|
------------ |
----------- |
|
|
(44,517) |
(106,196) |
|
|
|
|
|
Cash flow from finance activities |
|
|
|
Proceeds issued shares |
78,516 |
6,265 |
|
Borrowings added |
161,115 |
145,992 |
|
Repayment of borrowings |
(182,214) |
(62,277) |
|
Dividends paid |
(24,282) |
(22,155) |
|
|
----------- |
------------ |
|
|
33,135 |
67,825 |
|
|
|
|
|
Net cash flow |
(11,382) |
(38,371) |
|
Currency differences on cash and deposits |
323 |
148 |
|
|
|
|
|
Decrease in cash and deposits |
(11,059) |
(38,223) |
|
Cash and deposits at beginning of year |
84,070 |
122,293 |
|
|
----------- |
---------- |
|
Cash and deposits at end of year |
73,011 |
84,070 |
Balance sheet (before income appropriation)
(EUR '000) |
30-06-05 |
*
30-06-04 |
|
|
|
|
|
Property investments |
1,498,081 |
1,306,304 |
|
Cash and deposits |
73,011 |
84,070 |
|
Receivables |
28,121 |
25,984 |
|
Other assets |
859 |
453 |
|
|
-------------- |
-------------- |
|
Total assets |
1,600,072 |
1,416,811 |
|
|
|
|
|
Creditors (current liabilities) |
39,156 |
64,320 |
|
Borrowings (current liabilities) |
141,567 |
98,579 |
|
Creditors (noncurrent liabilities) |
35,257 |
10,523 |
|
Borrowings (noncurrent liabilities) |
425,511 |
491,788 |
|
Provisions |
68,146 |
44,177 |
|
|
------------ |
------------ |
|
Total liabilities |
709,637 |
709,387 |
|
|
|
|
|
Shareholders' equity |
890,435 |
707,424 |
|
Shareholders' equity reconciliation (EUR '000) |
|
|
|
Book value at beginning of period |
707,424 |
659,224 |
|
Profit after taxation |
128,777 |
62,538 |
|
Proceeds issued shares |
78,516 |
6,265 |
|
Goodwill |
- |
1,552 |
|
Dividends paid |
(24,282) |
(22,155) |
|
|
----------- |
----------- |
|
Book value at end of period |
890,435 |
707,424 |
|
Number of depositary receipts representing
shares in issue |
34,462,476 |
30,540,500 |
|
|
|
|
|
Per depositary receipt information ** (EUR) |
|
|
|
Direct investment result |
1.55 |
1.50 |
|
Indirect investment result |
2.53 |
0.59 |
|
Dividend |
1.55 |
1.50 |
|
Net asset value |
25.84 |
23.16 |
|
|
|
|
|
Stock market prices (EUR; per depositary receipt) |
30.10 |
24.95 |
|
|
|
|
|
Property information: sector spread (%) |
|
|
|
Retail |
90 |
88 |
|
Office |
7 |
9 |
|
Warehouse |
3 |
3 |
|
|
------- |
------- |
|
|
100 |
100 |
|
Net property income by sector
(EUR '000) |
|
|
|
Retail |
69,467 |
64,148 |
|
Office |
7,647 |
8,443 |
|
Warehouse |
4,103 |
3,936 |
|
|
---------- |
------- |
|
|
81,217 |
76,527 |