Wereldhave Belgium has presented its First Quarter 2005 Results yesterday. In the first three months of the year the profit increased to EUR 8.8 mln.
Compared to 2004, the profit for the first three months of the year increased by EUR 5.0 mln to EUR 8.8 mln. This is mainly the result of the positive property revaluations of EUR 3.3 mln. The profit per share rose from EUR 0.94 to EUR 1.64.
Direct investment result
The direct investment result of Comm. VA Wereldhave Belgium SCA increased to EUR 5.5 mln (2004: EUR: 5.0 mln). The increase is the result of EUR 0.4 mln higher net rental income and EUR 0.1 mln higher other income. The direct investment result per share amounts to EUR 1.02 (2004: EUR 0.94).
Shareholdersâ equity and net asset value
Shareholdersâ equity at March 31, 2005 amounts to EUR 332.0 mln (December 31, 2004: EUR 323.2 mln). The net asset value per share at March 31, 2005 amounts to 62.26 (December 31, 2004: EUR 60.62). The movement in equity consists exclusively of the profit of the current year.
At March 31, 2005 the market value of the property portfolio amounted to EUR 310.8 mln. At april 13, 2005, Wereldhave Belgium acquired 4 commercial units alongside the shopping center in Nivelles for an amount of EUR 3,9 mln. The occupancy rate, expressed in a percentage of market rent, amounts to 81 %. The
vacancy concerns only the office portfolio.
Wereldhave Belgiumâs profit development in 2005 will be mainly dependent on the letting of vacant office space.