Wereldhave Belgium has presented its results to September 30, 2007. In the first nine months of 2007, the company's direct result increased with 3.3%. The company expects a higher direct result over the year 2007.
Compared to 2006, the profit, consisting of the direct and indirect result, decreased from 20.2 mln to 19.0 mln. This is the result of lower property revaluation surpluses (1.7 mln), a higher property result (0.4 mln) and lower overhead costs (0.1 mln). The profit per share decreased from 3.79 to 3.57.
During the first nine months, the direct result of Comm. VA Wereldhave Belgium SCA amounts to 15.8 mln (2006: 15.3 mln). This is the result of 0.4 mln higher property result and 0.1 mln lower overhead costs. The direct result per share amounts to 2.96 (2006: 2.87).
The average occupancy rate, expressed as a percentage of theoretical rent, amounts to 86.3% (September 30, 2006: 84.0%). The vacancy concerns only the office portfolio.
Shareholders' equity and net asset value
Shareholders' equity at September 30, 2007 amounts to 358.0 mln (December 31, 2006: 358.4 mln). The net asset value per share at September 30, 2007, including the profit for the current year, amounts to 67.15 (December 31, 2006: 67.22).
At September 30, 2007, the fair value of the investment property portfolio amounted to 357.8 mln (December 31, 2006: 349.0 mln). In accordance with IAS 40, fair value is after the deduction of transaction costs (10%-12.5%) incurred in the sales process.
The upgrading of the shopping center in Nivelles is being completed. A construction programme, incorporating several modifications to the façades, has been introduced to commence early in 2008.
The building permit regarding the extension was refused on August 13, 2007. This was mainly due to the city's requirement for a master plan covering the whole site, together with the additional surveys being undertaken by the city concerning transport and infrastructure.
In the first quarter of 2008, the company will propose a revised construction plan.
In cooperation with the City of Tournai, the Walloon Region and a social housing building company, a master plan is being worked out for the area surrounding Wereldhave Belgium's shopping center.
There are no new developments in the pending case regarding the matter of a legal dispute.
For 2007, Comm. VA Wereldhave Belgium expects a direct result per share of about 3.90 (2006: 3.83).