|
Key figures |
(amounts x € 1,000) |
01/01/2007 -
30/06/2007 |
01/01/2006 -
30/06/2006 |
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|
|
|
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|
Direct result |
10,470 |
|
|
10,337 |
|
|
1.29% | |
|
Indirect result |
3,276 |
|
|
2,399 |
|
|
| |
|
Profit |
13,746 |
|
|
12,736 |
|
|
7.93% | |
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|
|
|
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|
Direct result per share |
1.96 |
EUR |
|
1.94 |
EUR |
|
1.29% | |
|
|
|
|
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|
Profit per share |
2.58 |
EUR |
|
2.39 |
EUR |
|
7.93% | |
|
|
|
|
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|
Equity |
30/06/2007 |
31/12/2006 |
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|
|
|
|
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|
Investment properties |
354,439 |
|
|
348,959 |
|
|
1.57% | |
|
Development projects |
6,996 |
|
|
6,847 |
|
|
2.18% | |
|
Shareholders' Equity |
352,584 |
1) |
|
358,428 |
2) |
|
| |
|
|
|
|
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|
Net asset value per share |
66.13 |
EUR |
1) |
67.22 |
EUR |
2) |
| |
|
|
|
|
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|
Debt ratio on total of assets |
6.0 |
% |
|
2.6 |
% |
|
| |
|
|
|
|
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Number of shares |
5,331,947 |
|
|
5,331,947 |
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|
| |
|
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1) including current earnings | ||||||||
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2) before profit distribution | ||||||||
Profit
Compared to 2006, the profit, consisting of the direct and indirect result, increased from € 12.7 mln to € 13.7 mln. This is the result of higher revaluation surpluses (€ 0.8 mln), an increase in net rental income (€ 0.4 mln) less higher service costs (€ 0.2 mln). The profit per share increased from € 2.39 to € 2.58.
Direct result
During the first half year, the direct result of Comm. VA Wereldhave Belgium SCA amounts to € 10.5 mln (2006: € 10.3 mln). This is the result of € 0.4 mln higher net rental income less € 0.2 mln higher service costs. The direct result per share amounts to € 1.96 (2006: € 1.94).
The average occupancy rate, expressed as a percentage of theoretical rent, amounts to 86.0% (December 31, 2006: 83.9%).
Shareholders' equity and net asset value
Shareholders' equity at June 30, 2007 amounts to € 352.6 mln (December 31, 2006: € 358.4 mln). The net asset value per share at June 30, 2007, including the profit of the current year, amounts to € 66.19 (December 31, 2006: € 67.22).
Property portfolio
At June 30, 2007 the fair value of the property portfolio amounted to € 354.4 mln (December 31, 2006: € 349.0 mln). In accordance with IAS 40, fair value is after the deduction of transaction costs (10%-12.5%) incurred in the sales process.
Investments
The upgrading of the shopping centre in Nivelles remains on track.
All technical installations and the roof have been renewed whilst the glass roof is currently being placed. During the second half of 2007, the mall will be finished with the window displays. It will then be commercially viable to further extend the existing shopping centre by 10,000m² gross lettable area. The works will start in the last quarter of 2007 and should be finished end 2008.
In cooperation with the City, the Walloon Region and a social housing building company, a master plan is being worked out in Tournai for the surrounding area of the shopping centre. This project should start in 2008.
During the period 2007-2009, Wereldhave Belgium foresees an investment volume of about € 80.0 mln exclusive VAT for these 2 projects.
Leases
Retail
During the first half year, 2 new leases and 12 lease renewals were contracted within the three shopping centres. There are no vacancies in the 3 shopping centres or the 9 retail units. Lease renewals resulted in an average rent increase of 13%.
Offices
Within the office portfolio 7 new leases were signed for a total area of 8,647m². As of December 1, 2007, about 50% of the building, located at Medialaan 28, will be occupied. In Berchem leases were contracted with Arcadis-Gedas, Easyfairs and Emeritis. In Vilvoorde with Monsterboard and Nashutec.
Dispute
Concerning the case regarding the sale of a company, later reclassified as a cash company, the Raadkamer / Chambre du Conseil decided on June 7, 2007 to remand the company. Comm. VA Wereldhave Belgium lodged an appeal against this decision. Any new information will immediately be made public by the company via press releases.
Prospects
Comm. VA Wereldhave Belgium expects a direct result per share for 2007 comparable to the result 2006 (€ 3.83).
The interim statement 2007 can be obtained, free of charge, at the company's Head Office. This document is also available on our website: www.wereldhavebelgium.com
For the full pdf version, please click the link below:
