Results Q3 2011 Wereldhave NV
Wereldhave
03.11.2011 07:39
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Key items
- Profit [Eur] 73.1 mln (2010: [Eur] 78.6 mln)
- Direct result per share [Eur] 3.70 (-3.9%)
- Net asset value per share [Eur] 73.19 (-2.6%)
- Slight increase occupancy rate to 90.6% (+0.4%)
- Valuation portfolio stable (-0.3%)
- Sale of non-core properties for [Eur] 67.6 mln
Profit
Compared to the previous year, the profit for the first three quarters of 2011
decreased by [Eur] 5.5 mln to [Eur] 73.1 mln, of which [Eur] 2.8 mln due to a decrease in
the direct result and [Eur] 2.7 mln by a lower indirect result. The profit amounts
to [Eur] 3.14 per share (2010: [Eur] 3.45 per share).
Direct result
The direct result for the first nine months of 2011 amounts to [Eur] 84.8 mln, a [Eur]
2.8 mln decrease compared to 2010. The lower direct result can be attributed to
higher interest charges and negative exchange rate differences.
As a result of property acquisitions and disposals, net rental income rose by
[Eur] 4.0 mln and the like-for-like rental growth contributed [Eur] 0.3 mln (0.2%) to
the increase of net rental income. Due to negative exchange rate differences ([Eur]
-2.2 mln), the increase of net rental income stood at [Eur] 2.1 mln.
The interest charges rose by [Eur] 7.1 mln, caused by a larger size of the loan
portfolio and higher interest rates. The average nominal interest rate as per
September 30, 2011, rose to 3.0% (September 30, 2010: 2.5%). The general costs
remained stable, in comparison with the first three quarters of 2010. Exchange
rate differences had a negative effect on the direct result of [Eur] 1.9 mln, as
average exchange rates prevailing for the first nine months of 2011 were lower
than in 2010. Taxes on the direct result decreased by [Eur] 1.6 mln.
The direct result for the first three quarters of 2011 amounts to [Eur] 3.70 per
share, which represents a decrease of 3.9% or [Eur] 0.15. This includes a dilution
of [Eur] 0.03 caused by the increased number of shares in issue in connection with
the optional dividend for the year 2010.
The EPRA occupancy rate as at September 30, 2011 amounts to 90.6%, a 0.4%
increase compared with June 30, 2011. The occupancy rate of the retail
portfolio decreased by 1.1% during the third quarter to 94.9%. This can be
attributed to the acquisition of ca 4,300 m2 partially vacant retail space,
adjacent to the Dolphin Shopping Centre in Poole, United Kingdom, and strategic
vacancy in Helsinki in connection with the refurbishment. The occupancy rate of
the office portfolio improved by 2.1%, especially in Belgium and the United
Kingdom, but also in Spain and the United States. The occupancy rate of the
investment category other rose by 0.3%, primarily due to higher occupancy rates
in the residential projects in Texas, United States. Broken down per sector,
the EPRA occupancy rates as at September 2011 (June 30, 2011) are: retail 94.9%
(96.0%), offices 85.8% (83.7%) and other 94.7% (94.4%).
Indirect result
The indirect result for the first three quarters of 2011 amounts to [Eur] -11.7 mln
(2010: [Eur] -9.0 mln).
The total valuation result amounts to [Eur] -8.8 mln, consisting of a property
valuation of
[Eur] -9.1 mln, or -0.3% of the portfolio, and a revaluation of financial
instruments (interest derivatives) of [Eur] +0.3 mln. The average cap rate for the
valuation of the portfolio remained nearly stable at 6,4%. There was a positive
property revaluation in Belgium, France and Finland, the valuation remained
more or less stable in The Netherlands and the United Kingdom and decreased in
Spain and the United States.
A surplus of [Eur] 2.9 mln or 4.4% of the latest book value was made with the sale
of five smaller properties in the United Kingdom, six logistic properties in
the Netherlands and an office Building in Belgium for a total consideration of
[Eur] 67.6 mln.
Equity/debt
At September 30, 2011 shareholders' equity (including minority interest) stood
at [Eur] 1,702.6 mln (December 31, 2010: [Eur] 1,728.1 mln). The net asset value per
share at September 30, 2011, including current profit amounted to [Eur] 73.19
(December 31, 2010: [Eur] 75.12). Compared to June 30, 2011, the solvency ratio
remained unchanged at 58% (December 31, 2010: 59%), The Loan to Value rose
slightly to 41% (December 31, 2010: 39%).
Property portfolio
The purchase of ca 4,300 m2 retail space directly next to the Dolphin Shopping
Centre in Poole, United Kingdom, for [Eur] 12.4 mln, was the only property
acquisition during the first nine months of 2011. In the United Kingdom, five
smaller properties were sold, in The Netherlands six logistic buildings and in
Belgium an office building in Brussels. As at September 30, 2011 the value of
the investment portfolio amounted to [Eur] 2,777.4 mln and the value of the
development portfolio and the value of the development portfolio stood at [Eur]
201.4 mln.
The revitalisation of the Itakeskus shopping centre has started. The renovation
of the parking garage under the Bulevardi will be completed before the X-mas
season and talks are ongoing with several large retailers about a relocation
within the centre, to improve the tenant mix.
Development portfolio
In Belgium the expansion of the Nivelles shopping centre is proceeding
according to plan. The centre is expected to be fully let when opening in
spring 2012.
In the United States the construction of the San Antonio project is also
proceeding according to plan. The first apartment building will be completed in
November 2011, the last apartments will be completed during the first quarter
of 2012. Letting of the apartments has started, now that apartments have become
available for visits by prospective tenants.
One of the two office buildings in San Antonio is now 55% let as a multi-tenant
property. The second building, marketed as a single tenant property, is still
vacant. A 20-year lease agreement has been signed for the hotel, which will be
completed during the fourth quarter and will open doors to the public in spring
2012. The hotel will be operated as a Luxury Hotel & Spa, to be managed by
Interstate, the largest independent hotel operator in the United States with
over 350 hotels worldwide.
Events after balance sheet date
During the fourth quarter, in Finland Wereldhave has sold a department store in
Tapiola, Helsinki, for [Eur] 45 mln, well above the book value. The sale has been
completed on October 31, 3011. The building will become part of a large
redevelopment scheme of the prime shopping area of Tapiola and has a dominant
position within this area.
In The Netherlands agreement has been reached on the sale for [Eur] 24.2 mln of two
buildings that are rented out to Makro, also above book value. The transaction
will be completed in December 2011.
Also during the fourth quarter Wereldhave acquired two smaller office buildings
in Arnhem, The Netherlands, for [Eur] 3.9 mln, to become part of the redevelopment
scheme for the Kronenburg Shopping Centre.
Prospects
Wereldhave maintains its earlier forecast that, assuming stable currency rates,
the direct result for the full year 2011 will be between [Eur] 4.85 and [Eur] 4.95 per
share, thus enabling Wereldhave to maintain dividend at the 2010 level.
The results will be explained during a conference call, to be held today at
14.00 h CET. The conference call can be followed by audiocast on
www.wereldhave.com. Questions can be put by e-mail via this webcast.
The Hague, November 3, 2011 Board of Management
Wereldhave NV
Charles Bloema
Click on, or paste the following link into your web browser, to view the associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=367280
News Source: NASDAQ OMX
03.11.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Wereldhave
Netherlands
Phone:
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E-mail:
Internet:
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Wereldhave
03.11.2011 07:39
---------------------------------------------------------------------------
Key items
- Profit [Eur] 73.1 mln (2010: [Eur] 78.6 mln)
- Direct result per share [Eur] 3.70 (-3.9%)
- Net asset value per share [Eur] 73.19 (-2.6%)
- Slight increase occupancy rate to 90.6% (+0.4%)
- Valuation portfolio stable (-0.3%)
- Sale of non-core properties for [Eur] 67.6 mln
Profit
Compared to the previous year, the profit for the first three quarters of 2011
decreased by [Eur] 5.5 mln to [Eur] 73.1 mln, of which [Eur] 2.8 mln due to a decrease in
the direct result and [Eur] 2.7 mln by a lower indirect result. The profit amounts
to [Eur] 3.14 per share (2010: [Eur] 3.45 per share).
Direct result
The direct result for the first nine months of 2011 amounts to [Eur] 84.8 mln, a [Eur]
2.8 mln decrease compared to 2010. The lower direct result can be attributed to
higher interest charges and negative exchange rate differences.
As a result of property acquisitions and disposals, net rental income rose by
[Eur] 4.0 mln and the like-for-like rental growth contributed [Eur] 0.3 mln (0.2%) to
the increase of net rental income. Due to negative exchange rate differences ([Eur]
-2.2 mln), the increase of net rental income stood at [Eur] 2.1 mln.
The interest charges rose by [Eur] 7.1 mln, caused by a larger size of the loan
portfolio and higher interest rates. The average nominal interest rate as per
September 30, 2011, rose to 3.0% (September 30, 2010: 2.5%). The general costs
remained stable, in comparison with the first three quarters of 2010. Exchange
rate differences had a negative effect on the direct result of [Eur] 1.9 mln, as
average exchange rates prevailing for the first nine months of 2011 were lower
than in 2010. Taxes on the direct result decreased by [Eur] 1.6 mln.
The direct result for the first three quarters of 2011 amounts to [Eur] 3.70 per
share, which represents a decrease of 3.9% or [Eur] 0.15. This includes a dilution
of [Eur] 0.03 caused by the increased number of shares in issue in connection with
the optional dividend for the year 2010.
The EPRA occupancy rate as at September 30, 2011 amounts to 90.6%, a 0.4%
increase compared with June 30, 2011. The occupancy rate of the retail
portfolio decreased by 1.1% during the third quarter to 94.9%. This can be
attributed to the acquisition of ca 4,300 m2 partially vacant retail space,
adjacent to the Dolphin Shopping Centre in Poole, United Kingdom, and strategic
vacancy in Helsinki in connection with the refurbishment. The occupancy rate of
the office portfolio improved by 2.1%, especially in Belgium and the United
Kingdom, but also in Spain and the United States. The occupancy rate of the
investment category other rose by 0.3%, primarily due to higher occupancy rates
in the residential projects in Texas, United States. Broken down per sector,
the EPRA occupancy rates as at September 2011 (June 30, 2011) are: retail 94.9%
(96.0%), offices 85.8% (83.7%) and other 94.7% (94.4%).
Indirect result
The indirect result for the first three quarters of 2011 amounts to [Eur] -11.7 mln
(2010: [Eur] -9.0 mln).
The total valuation result amounts to [Eur] -8.8 mln, consisting of a property
valuation of
[Eur] -9.1 mln, or -0.3% of the portfolio, and a revaluation of financial
instruments (interest derivatives) of [Eur] +0.3 mln. The average cap rate for the
valuation of the portfolio remained nearly stable at 6,4%. There was a positive
property revaluation in Belgium, France and Finland, the valuation remained
more or less stable in The Netherlands and the United Kingdom and decreased in
Spain and the United States.
A surplus of [Eur] 2.9 mln or 4.4% of the latest book value was made with the sale
of five smaller properties in the United Kingdom, six logistic properties in
the Netherlands and an office Building in Belgium for a total consideration of
[Eur] 67.6 mln.
Equity/debt
At September 30, 2011 shareholders' equity (including minority interest) stood
at [Eur] 1,702.6 mln (December 31, 2010: [Eur] 1,728.1 mln). The net asset value per
share at September 30, 2011, including current profit amounted to [Eur] 73.19
(December 31, 2010: [Eur] 75.12). Compared to June 30, 2011, the solvency ratio
remained unchanged at 58% (December 31, 2010: 59%), The Loan to Value rose
slightly to 41% (December 31, 2010: 39%).
Property portfolio
The purchase of ca 4,300 m2 retail space directly next to the Dolphin Shopping
Centre in Poole, United Kingdom, for [Eur] 12.4 mln, was the only property
acquisition during the first nine months of 2011. In the United Kingdom, five
smaller properties were sold, in The Netherlands six logistic buildings and in
Belgium an office building in Brussels. As at September 30, 2011 the value of
the investment portfolio amounted to [Eur] 2,777.4 mln and the value of the
development portfolio and the value of the development portfolio stood at [Eur]
201.4 mln.
The revitalisation of the Itakeskus shopping centre has started. The renovation
of the parking garage under the Bulevardi will be completed before the X-mas
season and talks are ongoing with several large retailers about a relocation
within the centre, to improve the tenant mix.
Development portfolio
In Belgium the expansion of the Nivelles shopping centre is proceeding
according to plan. The centre is expected to be fully let when opening in
spring 2012.
In the United States the construction of the San Antonio project is also
proceeding according to plan. The first apartment building will be completed in
November 2011, the last apartments will be completed during the first quarter
of 2012. Letting of the apartments has started, now that apartments have become
available for visits by prospective tenants.
One of the two office buildings in San Antonio is now 55% let as a multi-tenant
property. The second building, marketed as a single tenant property, is still
vacant. A 20-year lease agreement has been signed for the hotel, which will be
completed during the fourth quarter and will open doors to the public in spring
2012. The hotel will be operated as a Luxury Hotel & Spa, to be managed by
Interstate, the largest independent hotel operator in the United States with
over 350 hotels worldwide.
Events after balance sheet date
During the fourth quarter, in Finland Wereldhave has sold a department store in
Tapiola, Helsinki, for [Eur] 45 mln, well above the book value. The sale has been
completed on October 31, 3011. The building will become part of a large
redevelopment scheme of the prime shopping area of Tapiola and has a dominant
position within this area.
In The Netherlands agreement has been reached on the sale for [Eur] 24.2 mln of two
buildings that are rented out to Makro, also above book value. The transaction
will be completed in December 2011.
Also during the fourth quarter Wereldhave acquired two smaller office buildings
in Arnhem, The Netherlands, for [Eur] 3.9 mln, to become part of the redevelopment
scheme for the Kronenburg Shopping Centre.
Prospects
Wereldhave maintains its earlier forecast that, assuming stable currency rates,
the direct result for the full year 2011 will be between [Eur] 4.85 and [Eur] 4.95 per
share, thus enabling Wereldhave to maintain dividend at the 2010 level.
The results will be explained during a conference call, to be held today at
14.00 h CET. The conference call can be followed by audiocast on
www.wereldhave.com. Questions can be put by e-mail via this webcast.
The Hague, November 3, 2011 Board of Management
Wereldhave NV
Charles Bloema
Click on, or paste the following link into your web browser, to view the associated documents
https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=367280
News Source: NASDAQ OMX
03.11.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Wereldhave
Netherlands
Phone:
Fax:
E-mail:
Internet:
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------