The value of Befimmoâs real estate portfolio has remained largely stable during the first quarter of the 2004-2005 financial year (down 0.04% compared with 30 September 2004) and stood at â¬1,128.6 million on 31 December 2004.
The stable value of the portfolio is due to the fact that a large proportion (64%) of Befimmoâs real estate portfolio is located in the Brussels Central Business District (CBD), where an increase (up 0.41%) in the real estate value offset the considerable loss in value in the decentralized areas (down 0.89%) and suburbs (down 1.04%). The occupancy rate also remained stable, standing at 91.3% on 31 December 2004, compared with 91.4% at the beginning of the financial year.
Key figures on 31 December 2004
Net asset value
The total value of Befimmoâs net assets stood at â¬616.5 million on 31 December 2004. The book value was â¬62.94 per share, up â¬1.29 compared to the value of â¬61.65 at the close of the 2004 financial year on 30 September 2004.
The return on shareholdersâ equity was 6,95%3 for the one-year period ending on 31 December 2004, taking into account the gross dividend of â¬4.62 distributed in December 2004.
The Sicafiâs debt/equity ratio stood at 46.1% on 31 December 2004, generating a debt-driven investment capacity of approximately â¬90 million.
Profit and loss for the period 4 (30/09/04 â" 31/12/04)
Turnover (in â¬ million): 19.50 (period 4 2003: 19.49)
Cash flow (â¬/share): 1.35 (period 4 2003: 1.42)
Net current result (â¬/share): 1.08 (period 4 2003: 1.10)
Net result (â¬/share): 1.07 (period 4 2003: 1.12)
Prospects for the current financial year
All things being equal, the managing agent confirms the forecast results for the current financial year published in the 2004 annual report.
As previously announced, the current financial year is a transitional year. If all goes as expected, cash flow will be down slightly, but distribution capacity will not be affected.
The private sector is pursuing its restructuring process in a bid to reduce working costs whilst waiting for a real economic upturn. In this difficult period for the rental market, Befimmo is striving to consolidate its relations with its tenants and, in return, ensure that cash flows remain durable.
Befimmo is pursuing its business as investor and asset manager in the Brussels office market. It aims to enhance the value of its portfolio and to pursue opportunities for growth if they create value for its shareholders.