Wereldhave Belgium : Results to September 30, 2007
* Increase direct result with 3.3 %
* Higher occupancy rate
* Higher expected direct result over 2007
Key (amounts x ¤ 1,000) to September
figures to September 2007 2006
Direct result 15.782 15.280 3,3%
Indirect result 3.246 4.930 -34,2%
Profit 19.028 20.210 -5,8%
Direct result per ¤ 2,96 ¤ 2,87 3,3%
share
Profit per share ¤ 3,57 ¤ 3,79 -5,8%
Equity 30/09/2007 31/12/2006
Investment 357.765 348.959 2,5%
properties
Development 6.847 3,4%
projects 7.081
Shareholders' 358.049 1) 358.428 2)
Equity
Net asset value per ¤ 67,15 1) ¤ 67,22 2)
share
Debt ratio on total % 2,6 %
of assets 6,3
Number of shares 5.331.947 5.331.947
1) including
current earnings
2) before profit
distribution
Profit
Compared to 2006, the profit, consisting of the direct and indirect
result, decreased from ¤ 20.2 mln to ¤ 19.0 mln. This is the result
of lower property revaluation surpluses (¤ 1.7 mln), a higher
property result (¤ 0.4 mln) and lower overhead costs (¤ 0.1 mln). The
profit per share decreased from
¤ 3.79 to ¤ 3.57.
Direct result
During the first nine months, the direct result of Comm. VA
Wereldhave Belgium SCA amounts to ¤ 15.8 mln (2006: ¤ 15.3 mln). This
is the result of ¤ 0.4 mln higher property result and ¤ 0.1 mln lower
overhead costs. The direct result per share amounts to ¤ 2.96 (2006:
¤ 2.87).
The average occupancy rate, expressed as a percentage of theoretical
rent, amounts to 86.3% (September 30, 2006: 84.0%). The vacancy
concerns only the office portfolio.
Shareholders' equity and net asset value
Shareholders' equity at September 30, 2007 amounts to ¤ 358.0 mln
(December 31, 2006: ¤ 358.4 mln). The net asset value per share at
September 30, 2007, including the profit for the current year,
amounts to ¤ 67.15 (December 31, 2006: ¤ 67.22).
Property portfolio
At September 30, 2007, the fair value of the investment property
portfolio amounted to ¤ 357.8 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
Nivelles
The upgrading of the shopping centre in Nivelles is being completed.
A construction programme, incorporating several modifications to the
façades, has been introduced to commence early in 2008.
The building permit regarding the extension was refused on August 13,
2007. This was mainly due to the city's requirement for a master plan
covering the whole site, together with the additional surveys being
undertaken by the city concerning transport and infrastructure.
In the first quarter of 2008, the company will propose a revised
construction plan.
Tournai
In cooperation with the City of Tournai, the Walloon Region and a
social housing building company, a master plan is being
worked out for the area surrounding Wereldhave Belgium's shopping
centre.
Dispute
There are no new developments in the pending case regarding the
matter of a legal dispute.
Prospects
For 2007, Comm. VA Wereldhave Belgium expects a direct result per
share of about ¤ 3.90 (2006: ¤ 3.83).
Vilvoorde, November 6, 2007
N.V. Wereldhave Belgium S.A.
Statutory Management Company
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