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Key figures
(in EUR) |
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Results |
1st half-year 2003 |
1st half-year 2002 | |||||
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Net rental income |
71.5 |
mln |
75.6 |
mln | |||
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Profit after tax |
56.0 |
mln |
58.9 |
mln | |||
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Profit per share |
2.84 |
|
2.98 |
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Equity |
30-06-2003 |
31-12-2002 | |||||
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Investments |
1 933.6 |
mln |
1 955.4 |
mln | |||
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Shareholders' equity |
1 262.4 |
mln 1) |
1 235.9 |
mln | |||
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Net asset value per share |
63.93 |
1) |
62.59 |
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1) including current earnings | |||||||
Results first half-year 2003
Compared to 2002 profit for the first half-year is 4.9% lower in 2003. Profit per share has decreased to EUR 2.84 mainly due to exchange rate differences against the US-dollar. Exchange rate differences on the result amounted to -EUR 3.9 mln (= EUR 0.20 per share). Taxes on result increased by EUR 1.0 mln to EUR 1.7 mln. Primarily thanks to EUR 1.6 mln lower interest charges result decreased only by EUR 2.9 mln (EUR 0.14 per share). The average occupancy rate for the second quarter improved to 94.5% (first quarter 2003: 93.5%).
Property portfolio
The total value of the portfolio amounted to EUR 1 933.6 mln (December 31 2002: EUR 1 955.4 mln). The portfolio was devalued by EUR 10.9 mln or 0.6%. There was a positive revaluation in Finland and in Belgium and the Netherlands the value of the portfolio did not change. Exchange rate differences had a negative effect on the value of the portfolio (-EUR 56.9 mln).
During the first six months of 2003 Wereldhave acquired a department store in Tapiola Espoo Finland (EUR 37.7 mln); There were sales of property in the United Kingdom and Hungary the proceeds of which were slightly in excess of the 2002 year-end book values. The sale of an office building in Hungary marks the end of Wereldhave's activities there. During the first quarter an industrial property of approx. 22.500 m² in Meer Belgium was transferred to the investment portfolio. The property is fully let. At the end of the second quarter 2003 an industrial property of 36 800 m² in Rivas near Madrid was transferred to the investment portfolio. Currently 80% of this property is let. The value of the development portfolio amounted to EUR 90.4 mln at June 30 2003 against EUR 124.9 mln at December 31 2002.
Shareholders' equity and net asset value
Shareholders' equity including current earnings amounted to EUR 1 262.4 mln at June 30 2003 (December 31 2002: EUR 1 235.9 mln after distribution of profits). The effect of lower exchange rates on shareholders' equity was limited to EUR -14.8 mln by the use of local financing and currency coverage transactions. At June 30 2003 net asset value per ordinary share amounts to EUR 63.93 (December 31 2002: EUR 62.59).
Prospects
The fluctuations in the exchange rates for the US-dollar and Sterling make it difficult to forecast profit per share. Leaving exchange rate differences aside the development of operational profit is as anticipated.
The Hague August 6 2003
Board of Management Wereldhave N.V.
For further information:
Wereldhave N.V.
Richard W. Beentjes
Tel. + 31 70 346 93 25
http://www.wereldhave.com
Wereldhave N.V.
Richard W. Beentjes
Tel. + 31 70 346 93 25
http://www.wereldhave.com
Wereldhave N.V. |
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Summary balance sheet
( x EUR 1 mln) |
|
30-06-2003 |
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31-12-2002 | ||
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Investments |
1 933.6 |
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|
1 955.4 |
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Current assets |
57.5 |
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|
122.4 |
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Total assets |
1 991.1 |
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2 077.8 |
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Short-term debt |
-61.1 |
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-163.7 |
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Long-term debt |
-623.4 |
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|
-633.2 |
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Provisions |
-44.2 |
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|
-45.0 |
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Shareholders' equity |
1 262.4 |
1) |
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|
1 235.9 |
2) |
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Net asset value per share
(x EUR 1) |
|
63.93 |
1) |
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|
62.59 |
2) |
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Summary profit and loss account
(x EUR 1 mln) |
|
01-01-2003/
30-06-2003 |
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01-01-2002/
30-06-2002 | ||
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Investment income |
71.5 |
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|
75.6 |
| |
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Interest charges |
-10.1 |
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-12.4 |
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General costs |
-3.7 |
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-3.5 |
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Taxes on result |
-1.7 |
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-0.8 |
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Profit after tax |
56.0 |
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58.9 |
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Profit per share (x EUR 1) 3) |
2.84 |
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|
2.98 |
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Summary profit and loss account
for the quarter
(x EUR 1 mln) |
|
01-04-2003/
30-06-2003 |
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01-04-2002/
30-06-2002 | ||
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Investment income |
37.1 |
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|
38.2 |
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Interest charges |
-5.1 |
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|
-5.9 |
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General costs |
-1.9 |
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|
-1.7 |
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Taxes on result |
-1.0 |
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|
-0.6 |
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Profit after tax |
29.1 |
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|
30.0 |
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Profit per share (x EUR 1) 3) |
1.47 |
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|
1.53 |
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Movements in equity
( x EUR 1 mln) |
|
2003 |
|
2002 | |||
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Balance as at January 1 |
1 235.9 |
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1 130.0 |
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Direct investment result |
56.0 |
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|
58.9 |
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Share issue |
- |
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|
122.8 |
2) |
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Revaluation |
-10.9 |
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-10.5 |
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Exchange rate differences and other movements |
-18.6 |
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|
-25.3 |
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Balance as at June 30 |
1 262.4 |
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1 275.9 |
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Summary cash flow statement |
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01-01-2003 /
30-06-2003 |
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01-01-2002 /
30-06-2002 | |||||
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Cash flow from investment activities |
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Direct investment result |
56.0 |
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58.9 |
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Movements in investments |
-46.1 |
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-202.5 |
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Movements in provisions |
-1.1 |
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-16.6 |
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Other movements revaluation reserve |
-1.8 |
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18.0 |
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Movements in current assets |
12.8 |
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-11.7 |
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Movements in short-term debt |
-15.9 |
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54.2 |
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3.9 |
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-99.7 | |||
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Cash flow from financing activities |
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Share issue |
- |
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130.7 |
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Dividend paid out |
-86.7 |
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-79.5 |
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Movements in long-term debt |
9.9 |
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48.1 |
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Other movements revaluation reserve |
- |
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-0.9 |
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-76.8 |
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98.4 | |||
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Net cash flow |
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-72.9 |
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-1.3 | |||
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Exchange rate differences |
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20.7 |
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38.9 | |||
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Decrease/ increase in cash and bank balances |
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-52.2 |
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37.6 | |||
Share data
(amount per share
x EUR 1) |
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Until June 30 2003 |
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Until June 30 2002 | |||||||||||||||||
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Number of shares ranking for dividend |
19 691 735 |
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19 691 735 | |||||||||||||||||
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Profit per share ranking for dividend |
2.84 |
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2.98 | |||||||||||||||||
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Average number of shares |
19 691 735 |
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19 691 735 | |||||||||||||||||
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Profit per share |
2.84 |
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2.98 | |||||||||||||||||
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Net asset value per share1) |
63.93 |
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64.62 | |||||||||||||||||
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Geographical distribution of investments
(as a %) |
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30-06-2003 |
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31-12-2002 | |||||||||||||||||
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Belgium |
11 |
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11 |
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Finland |
19 |
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16 |
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France |
10 |
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10 |
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Hungary |
- |
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<1 |
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The Netherlands |
18 |
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17 |
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Spain |
5 |
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5 |
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United Kingdom |
17 |
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18 |
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United States |
20 |
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22 |
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Distribution of investment properties
(as a %) |
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30-06-2003 |
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31-12-2002 | |||||||||||||||||
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Offices |
49 |
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52 |
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Shops |
38 |
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36 |
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Other |
13 |
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12 |
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Rental income per country 1st half-year
(x EUR 1 mln) |
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Gross rental income |
Operating
costs |
Net rental
income | ||||||||||||||||||
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2003 |
2002 |
2003 |
2002 |
2003 |
2002 | ||||||||||||||||
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Belgium |
7.7 |
8.3 |
0.2 |
0.6 |
7.5 |
7.7 | |||||||||||||||
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Finland |
12.7 |
12.0 |
0.8 |
1.1 |
11.9 |
10.9 | |||||||||||||||
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France |
8.4 |
8.4 |
0.7 |
0.1 |
7.7 |
8.3 | |||||||||||||||
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Hungary |
0.1 |
0.2 |
- |
- |
0.1 |
0.2 | |||||||||||||||
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The Netherlands |
15.1 |
14.0 |
1.7 |
1.7 |
13.4 |
12.3 | |||||||||||||||
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Spain |
3.8 |
3.0 |
0.1 |
0.1 |
3.7 |
2.9 | |||||||||||||||
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United Kingdom |
14.1 |
15.8 |
1.4 |
1.4 |
12.7 |
14.4 | |||||||||||||||
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United States |
22.8 |
28.0 |
8.3 |
9.1 |
14.5 |
18.9 | |||||||||||||||
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84.7 |
89.7 |
13.2 |
14.1 |
71.5 |
75.6 | |||||||||||||||
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Rental income per sector 1st half-year
(x EUR 1 mln) |
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Gross rental income |
Operating
costs |
Net rental
income | ||||
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Offices |
46.6 |
51.2 |
9.6 |
11.1 |
37.0 |
40.1 | ||
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Shops |
28.0 |
28.5 |
2.3 |
2.2 |
25.7 |
26.3 | ||
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Other |
10.1 |
10.0 |
1.3 |
0.8 |
8.8 |
9.2 | |
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84.7 |
89.7 |
13.2 |
14.1 |
71.5 |
75.6 | |
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Wereldhave does not have large investors as defined in the Besluit toezicht beleggingsinstellingen (Decree Supervision Investment Institutions) with the exception of the Foundation for the holding of priority shares of Wereldhave N.V. (10 shares). The Total Expense Ratio for the first half-year 2003 amounts to 4.32 (on an annual basis). Interim results are not audited by external accountants. The summary balance sheet and profit and loss account above have been derived from the consolidated balance sheet and profit and loss account. For the accounting principles on consolidation valuation of assets and liabilities and determining of results reference is made to the Annual Report 2002.
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1) including current earnings
2) after deduction of dividend
3) based on the average number of shares in issue | |||||||