THE HAGUE, NETHERLANDS--(Marketwire - May 12, 2010) -
Key items
- Profit EUR 12.6 mln (Q1 2009: EUR -1.5 mln)
- Direct result EUR 27.5 mln (Q1 2009: EUR 28.1 mln)
- Stable valuation results
- Extension and enlargement of long-term credit facility to
EUR 270 mln - Purchase of shopping centre in Maassluis on July 1, 2010 for EUR 39.7 mln at 6.4%
Profit / loss
The result for the first quarter of 2010 amounts to EUR 12.6 mln or EUR 0.50 per share (2009: EUR -1.5 mln or EUR -0.16 per share). The increase is due to improved valuation results of the property portfolio. The total revaluation for the first quarter (including a positive revaluation of financial instruments of EUR 1.2 mln) amounts to EUR - 12.0 mln (Q1 2009: EUR -31.8 mln).
Direct result
The direct result for the first quarter of 2010 amounts to EUR 27.5 mln, which is
EUR 0.6 mln lower than in 2009. The gross rental income rose by EUR 0.5 mln compared to the same period of the previous year. An increase of rental income due to the improvement in occupancy in Washington and Paris of EUR 1.5 mln and the acquisition of four Dutch shopping centres as per March 16, 2010, was largely absorbed by EUR 0.6 mln negative exchange rate differences, slightly higher vacancy in the United States and in Spain and renewals against sharper conditions in Belgium and the United Kingdom. The service and operating costs rose by EUR 0.3 mln, mainly as a result of higher maintenance expenditure and higher letting costs. The net rental income therefore remained nearly stable, whilst a one-off tax advantage in 2009 of EUR 0.5 mln lead to an increase of tax charges in 2010. Higher interest charges due to the convertible bond that was issued in 2009 and the purchase that were made in 2010 had a negative effect of EUR 0.2 mln on the direct result. The average interest rate as at March 31, 2010 amounts to 2.7% (December 31, 2009: 3.3%).
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http://www.rns-pdf.londonstockexchange.com/rns/7612L_-2010-5-12.pdf
Contact Information:
For further information:
Wereldhave N.V.
Richard W. Beentjes
Tel. + 31 70 346 93 25
Information for analyts:
Wereldhave N.V.
Charles F. Bloema
Tel. + 31 70 346 93 25