Profit after tax for the first half year of 2002 increased by EUR 10.5 mln or 21.7% to EUR 58.9 mln (2001: EUR 48.4 mln). Profit per share increased by 9.6% to EUR 2.98 ( 2001: EUR 2.72). The increase in profit can be attributed to higher rents (+ EUR 2.1 mln) and the acquisition of the ItÃ¤keskus shopping centre in Helsinki.
Purchases and sales and the transfer of developments to the investment portfolio contributed EUR 12.2 mln to net rental income. Interest charges rose by EUR 2.4 mln as a result of the expansion of the portfolio. The average exchange rates for Sterling and the Dollar remained largely unchanged, compared to the first half year of 2001. The average occupancy rate in the first half year of 2002 amounted to 96.8% (2001: 97.1%).
The value of the total portfolio amounted to EUR 1,981.4 mln (December 31, 2001: EUR 1,872.5 mln). The increase is mainly the result of the acquisition of the ItÃ¤keskus shopping centre in Helsinki on January 23, 2002 and the sale of the Parinor shopping centre on March 3, 2002. During the first six months of 2002 three office developments were transferred to the investment portfolio: one in The Netherlands at Rijswijk (Winston Churchill Tower, 22,500 mÂ²), one in Belgium at Berchem (De Veldekens phase 2, 11,200 mÂ²) and the third in the United States (Loudon County, 12,000 mÂ²). There was a negative revaluation of the portfolio of EUR 10.5 mln or 0.5%, with devaluations in Finland, Spain and the United States. The devaluation in Finland directly relates to WereldhaveÂ'Â's policy to deduct transaction costs from the propertyÂ'Â's open market value. The value of the development portfolio amounted to EUR 186.9 mln at June 30, 2002 against EUR 249.3 mln at December 31, 2001.
ShareholdersÂ' equity and net asset value
The issue in January 2002 of 1,935,000 ordinary shares to Sponda Oy for the acquisition of the ItÃ¤keskus shopping centre brought the total number in issue to 19,691,735 ordinary shares. The new shares have been admitted to the listing at the Euronext Amsterdam stock exchange as from March 11, 2002, and were replaced in April with institutional investors world-wide. Lower exchange rates for Sterling and the Dollar at June 30, 2002 resulted in - EUR 29.0 mln exchange rate differences. ShareholdersÂ'Â' equity including current earnings amounted to EUR 1,275.9 mln at June 30, 2002 (December 31, 2001: EUR 1,130.0 mln). Net asset value per ordinary share amounted to EUR 64.62 (December 31, 2001: EUR 63.45 after distribution of profit).
In late June 2002 Wereldhave completed a 5 year EUR 200 mln multicurrency syndicated term facility, led by ING Bank N.V.. The new facility, which was raised by 33% and was oversubscribed by the banking syndicate, provides additional flexibility to the GroupÂ'Â's financing arrangements. Prospects In view of the current exchange rates (parity Euro-Dollar), Wereldhave forecasts an increase in profit per share of approximately 7% for the year 2002.
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