In 2005, Wereldhave Belgium's profit rose from EUR 22.3 mln to EUR 28.7 mln. This is the result of a higher positive revaluation (EUR 6.2 mln), a higher operating result before result on the portfolio (EUR 1.3 mln), and higher taxes (EUR 0.1 mln). The financial result decreased (EUR 1.0 mln) due to the loss off an exceptional financial result in 2004.
During 2005, the direct result of Comm. VA Wereldhave Belgium SCA increased to EUR 20.2 mln (2004: EUR: 20.0 mln). This increase is the result of higher net rental income (EUR 0.6 mln), lower costs for unoccupied buildings and a release of provisions (EUR 0.7 mln), higher taxes (EUR 0.1 mln) and a lower financial result (EUR 1.0 mln). The direct result per share amounts to EUR 3.79 (2004: EUR 3.74).
Shareholders equity at December 31, 2005 amounts to EUR 333.8 mln (December 31, 2004: EUR 323.2 mln). The net asset value per share at December 31, 2005, including the profit of the current year, amounts to EUR 62.61 (December 31, 2004: EUR 60.62).
At December 31, 2005 the fair value of the property portfolio amounted to EUR 319.9 mln (December 31, 2004: EUR 307.2 mln). The net increase of EUR 12.7 mln can be attributed to the purchase of 4 commercial units at Nivelles for an amount of EUR 3.9 mln, new investments on buildings in the portfolio of EUR 0.3 mln and to a positive net revaluation of the portfolio of EUR 8.5 mln. In order to comply with IAS 40, fair value has been computed after deduction of the transaction costs incurred at the sales process; transaction costs contain mainly registration taxes of 10%-12.5%. The independent appraiser has carried out the valuation in conformity with International Valuation Standards and European Valuation
At December 31, 2005 the debt ratio on the total of assets amounts to 0.8 % (IFRS)* and, according with the Royal Degree of April 10, 1995, applicable on the Sicafis, the debt ratio amounts to 5.8%*. The occupancy rate, expressed in a percentage of market rent, amounts to 82.9 %. The vacancy concerns only the office portfolio.