Befimmo has presented its half-yearly accounts for the period 1 October 2004 to 31 March 2005. During the first half of the financial year, Befimmo achieved an operating result (before financial result, taxes and portfolio result) of 33.9 million, compared with 33.8 million in the previous year.
During the first half of the year, the average cost of financing loans rose to 3.24% (including margins, cost of covering rates and reservation commissions), compared with 3.07% during the first half of the previous financial year. The rise in financing costs is due to the higher cost of covering rates.
After financial result and taxes, net current cash-flow for the half-year was stable at 26.0 million, or 2.65 per share. This result was achieved for a constant floor area, since no new property has been acquired since 30 September 2004.
Net half-yearly profit amounts to 20.9 million as against 23.5 million in the previous financial year. The difference basically reflects the absence of capital gain on sales in the first half-year, in contrast to last year.
The net asset value at 31 March 2005 was 64.45 per share, including net profit for the period, i.e. a return over six months of 2.80 per share.
Over a one year period, the return per share amounted to 4.72 per share taking account of the gross dividend of 4.62 distributed on 21 December 2004, namely 7.3% of the net asset value at 31 March 2004.
Real estate portfolio
The value of the real estate portfolio at 31 March 2005 was 1,130.6 million as against 1,129.0 million at 30 September 2004. The floor area of the real estate portfolio has not changed since 30 September 2004.
Excluding investment during the period, the total value of the real estate portfolio remained stable during the first half of the 2004-2005 financial year (up 0.13%).
At 31 March 2005 the occupancy rate of the portfolio was 92.3%, compared with 91.4% at the start of the financial year. This improvement is due mainly to additional lets by existing tenants and the arrival of new tenants in the Befimmo portfolio.