Profit after tax for the first nine months of 2002 increased by EUR 14.4 mln or 19.6% to EUR 87.7 mln (2001: EUR 73.3 mln). Profit per share increased by 8% to EUR 4.45 ( 2001: EUR 4.12). The increase in profit can be attributed to higher rents (+ EUR 3.0 mln) and the acquisition of the ItÃ¤keskus shopping centre in Helsinki.
Purchases, sales and the transfer of developments to the investment portfolio contributed EUR 16.9 mln to net rental income. Interest charges rose by EUR 2.7 mln as a result of the expansion of the portfolio. Lower average exchange rates for Sterling and the Dollar had a EUR 0.8 mln negative effect on the results. The average occupancy rate in the first nine months of 2002 amounted to 96.6% (2001: 97.1%).
At September 30, 2002, the total value of the portfolio amounted to EUR 2,001.0 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 and the sale of the Parinor shopping centre in Paris. During the third quarter, in the United Kingdom an office building was sold for EUR 5.3 mln net.
During the fourth quarter Wereldhave Belgium has reached agreement for a 27- year lease of Monnaie House in Brussels. Wereldhave Belgium has sold the net present value of the EUR 1.5 mln annual income, generating a capital gain of EUR 10.0 mln. Wereldhave N.V. holds a 68.2% interest in Wereldhave Belgium. In the Netherlands, during the last quarter two industrial properties were added to the portfolio; one of 5,000 mÂ² in Rijswijk at the Ypenburg industrial estate and the other of 20,000 mÂ² in Breda, for a total value of EUR 15 mln. The building in Rijswijk was fully let before completion. The value of the development portfolio at September 30, 2002, amounted to 190.4 mln against EUR 249.3 mln at December 31, 2001.
ShareholdersÂ' equity and net asset value
Shareholders´´ equity including current earnings amounted to EUR 1,310.6 mln at September 30, 2002 (December 31, 2001: EUR 1,130.0 mln). This represents 62.3% of the balance sheet total. Lower exchange rates for Sterling and the Dollar resulted in EUR 21.2 mln negative exchange rate differences. Net asset value per ordinary share amounted to EUR 66.38 (December 31, 2001: EUR 63.45 after distribution of profit).
Prospects Wereldhave maintains its earlier forecast for the year 2002 that the profit per share will increase by approximately 7%.