In line with expectations, VastNed Offices/Industrial’s direct investment result has decreased by 7.5%. The direct investment result per share decreased in line with prognoses by 9.7% to EUR 2.80. Shareholders’ equity per share amounted to EUR 26.94 as at December 31, 2003.
Corporate governance
VastNed Offices/Industrial and VastNed Retail have implemented a number of changes in its corporate governance structure. As a result, as from 2004 the company complies virtually fully with the Tabaksblat Code.
Outlook 2004
In view of the difficult circumstances in the office market, realised and coming sales, a significant decrease of the direct investment result is anticipated for 2004, corrected for the previously announced change in the recognition in the annual accounts of the costs of asset management.
Vastned Retail
In 2003 VastNed Retail’s direct investment result increased by 5.3%. The direct investment result per share rose by 2.2% to EUR 4.24. Shareholders’ equity per share amounted to EUR 46.90 as at December 31, 2003.
Outlook 2004
In order to strengthen shareholders’ equity in 2004, a number of sales are planned. Taking these into account, a marginal increase of the direct investment result per share is anticipated for 2004, corrected for the previously announced change in the recognition in the annual accounts of the costs of asset management. This change involves the fact that the costs of asset management are no longer charged to shareholders’ equity.
Source: VastNed Groep
