Wereldhave Belgium presents Q1 2006 Results (BE)

In the first quarter of 2006, the direct result of Comm. VA Wereldhave Belgium SCA amounted to €5.4 million (2005: €5.5 mln). The profit decreased from €8.8 million to €5.5 million.

This slight decrease of the direct result is the result of higher net rental income (€0.2 mln), higher costs for unoccupied buildings (€0.2 mln) and higher general and other operating costs (€0.1 mln). The direct result per share amounts to €1.01 (2005: €1.02).

The profit for the first quarter of 2006 decreased from €8.8 million to €5.5 million. This is the result of a lower revaluation of the property investment portfolio (€3.3 mln).

At March 31, 2006 the fair value of the property portfolio amounted to €320.2 million (December 31, 2005: €319.9 mln). The net increase of €0.3 million can mainly be attributed to investments. The occupancy rate, expressed in a percentage of market rent, amounts to 84% (2005: 79%). The vacancy concerns only the office portfolio. In Tournai plans have been prepared for the expansion of the shopping centre. In view of this, on February 9, a plot of land was acquired.

At March 31, 2006 the debt ratio, in accordance with Article 52 of the Royal Degree of April 10, 1995, applicable on the Sicafis, based on Belgian GAAP, amounts to 6.0%*.

In accordance with the proposition of the Management Company, the Annual General Meeting of Shareholders decided on April 12, 2006, to attribute a dividend of €3.75 gross (€3.19 net). As from April 21, the share quotes ex-dividend.

Wereldhave is not yet forecasting a result for the year 2006. Wereldhave Belgium's profit development will be mainly dependent on the letting of vacant office space.

Source: Wereldhave

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