|
Key Figures
(x EUR 1.000) |
Results |
January /
December 2004 |
January /
December 2003 | |||||
|
|
|
|
|
| ||||
|
|
Operating Income |
23,187 |
|
22,801 |
| |||
|
|
Operating Profit (including financial result) |
19,962 |
|
19,485 |
| |||
|
|
Operating Profit per share |
|
|
|
| |||
|
|
(x EUR1)
|
3.74 |
|
3.65 |
| |||
|
|
Balance |
31-12-2004 |
31-12-2003 | |||||
|
|
|
|
|
|
| |||
|
|
Tangible Fixed Assets |
305,433 |
|
302,070 |
| |||
|
|
Financial Fixed Assets |
6,382 |
|
62 |
| |||
|
|
Equity |
323,250 |
1) |
320,506 |
1) | |||
|
|
Net asset value per share
(x EUR 1) |
60.62 |
1) |
60.11 |
1) | |||
|
|
|
|
|
|
| |||
|
|
1) before profit distribution |
|
|
| ||||
|
|
|
|
|
| ||||
|
Results |
During 2004 the operating profit of Comm.VA Wereldhave Belgium SCA, sicaf immobilier, amounted to EUR 20.0 million (2003: EUR 19.5 million) including a financial profit of EUR 1.5 million (2003: EUR 0.6 million). Operating income increased by 2 % to EUR 23.2 millions (2003 : EUR 22.8 millions), mainly due to the increase in rental income from commercial centres. The operating profit per share is EUR 3.74 (2003: EUR 3.65). During the past year no capital gains were realized. The occupancy rate of the portfolio for 2004, expressed in a percentage of annual rental income, amounts to 79% (2003: 83%). The vacancy concerns only the office portfolio.
| |
|
Portfolio |
At December 31, 2004 the market value of the portfolio amounted to EUR 305.3
million, compared with EUR 301.9 million at December 31, 2003. The increase of EUR 3.4 million can be attributed to new investments of EUR 0.9 million in buildings and a positive revaluation of the portfolio of EUR 2.5 mln. Although a number of office buildings decreased in value, this was largely compensated by increases shown by the shopping centres. In the course of 2004, Wereldhave Belgium bought Real Estate Certificates of 'Kortrijk Ring Shopping Center' quoted on the stock exchange for an amount of EUR 6.3 million. This investment represents a stake of 15,8 %.
| |
|
Annual Report and Dividend |
The Annual General Meeting of Shareholders is to be held on Wednesday
April 13, 2005 at 11 a.m. at the company's registered office. A dividend of EUR 3.70
gross (EUR 3.15 net) per share will be proposed to the General Meeting of
Shareholders. The dividend will be payable as from April 22, 2005. The 2004 annual
report will be published by mid March. | |
|
Prospects |
The positive development of rental levels in the shopping centres continues. However
the letting of office space in peripheral areas continues to be a challenge due to oversupply. Wereldhave Belgium's profit development will be mainly dependent on improving the occupancy rate of the office portfolio. | |
|
|
Vilvoorde, February 24, 2005
N.V. Wereldhave Belgium S.A.
Statutory Management Company | |
|
|
For further information:
Eddy De Landtsheer |
|
Comm. VA Wereldhave Belgium SCA | ||||||||||
|
| ||||||||||
|
Summary balance sheet
( x EUR 1.000) |
|
30-12-2004 |
|
|
31-12-2003 | |||||
|
|
|
|
|
|
|
|
| |||
|
Formation costs |
|
|
|
|
|
| ||||
|
Tangible fixed assets |
|
|
|
|
|
| ||||
|
|
Land & buildings |
305,320 |
1) |
|
|
301,893 |
1) | |||
|
|
Furniture and vehicles |
113 |
|
|
|
177 |
| |||
|
|
Development properties |
- |
|
|
|
|
| |||
|
|
|
305,433 |
|
|
|
302,070 | ||||
|
Financial fixed assets |
|
6,382 |
|
|
|
62 | ||||
|
Current assets |
|
66,125 |
|
|
|
72,270 | ||||
|
|
|
|
|
|
|
|
| |||
|
Total assets |
|
377,940 |
|
|
|
374,402 | ||||
|
|
|
|
|
|
|
| ||||
|
Total liabilities |
|
-54,690 |
|
|
|
-53,896 | ||||
|
|
|
|
|
|
|
| ||||
|
Net assets before profit distribution |
|
323,250 |
|
|
|
320,506 | ||||
|
Gross dividend |
|
-19,728 |
|
|
|
-19,728 | ||||
|
|
|
|
|
|
|
| ||||
|
Net assets after profit distribution |
|
303,522 |
|
|
|
300,778 | ||||
|
|
|
|
|
|
|
| ||||
|
Net asset value per share
before profit distribution (x EUR 1) |
|
60.62 |
|
|
|
60.11 | ||||
|
Net asset value
after profit distribution (x EUR 1) |
|
56.92 |
|
|
|
56.41 | ||||
|
|
|
|
|
|
|
| ||||
|
Number of shares |
5,331,947 |
|
|
5,331,947
| ||||||
|
|
1) not including long leasehold rights EUR 2.6 mln |
| ||||||||
Operational results
(x EUR 1.000) |
01-01-2004/
31-12-2004 |
|
|
01-01-2003/
31-12-2003 | |||
|
|
|
|
|
|
| ||
|
Rental income |
23,187 |
|
|
|
22.801 |
| |
|
Operating income |
|
23,187 |
|
|
|
22,801 | |
|
Operating profit |
|
18,427 |
|
|
|
18,354 |
|
|
Financial result |
|
1,543 |
|
|
|
608 |
|
|
Current result |
|
19,970 |
|
|
|
18,962 | |
|
Extraordinary result |
|
1 |
|
|
|
547 | |
|
|
|
|
|
|
|
| |
|
Result before tax |
|
19,971 |
|
|
|
19,509 | |
|
Tax |
|
-9 |
|
|
|
-24 | |
|
|
|
|
|
|
|
| |
|
Operational result |
|
19,962 |
|
|
|
19,485 | |
|
|
|
|
|
|
|
| |
|
Current result per share (x EUR 1) |
|
3.74 |
|
|
|
3.56 | |
|
Net profit per share including extraordinary profits (x EUR 1) |
|
3.74 |
|
|
|
3.65 | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
Portfolio results
(x EUR 1.000) |
01-01-2004
31-12-2004 |
|
|
01-01-2003
31-12-2003 | ||
|
|
|
|
|
|
|
|
|
Gains or losses on disposal of portfolio components (in proportion to the purchase value) |
- |
|
|
- | ||
|
|
|
|
|
|
|
|
|
Fluctuations in the market value of portfolio components |
2,510 |
|
|
-128 | ||
|
Statement of the statutory auditor
The auditor has issued an unqualified audit opinion on the statutory accounts and has confirmed that the accounting information included in the press release does not give rise to any qualification from his side, and corresponds to the annual accounts.
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