In the first quarter, VastNed Offices/Industrial has realised a direct investment result of 5.5% below that of the first quarter of 2002. The direct investment result decreased 7.4% to â⬠0.75. Shareholdersââ¬â¢ equity per share came to â⬠29.79 on March 31, 2003. VastNed Offices/Industrial, with invested capital of â⬠1,352 million as at March 31, 2003 (â⬠1,357 million as at March 31, 2002), is specialised in offices, logistics centres and industrial premises on good and top locations in the Netherlands, Belgium and northern France.
Results first quarter 2003 (in brackets: first quarter 2002)
In the first quarter, VastNed Offices/Industrial N.V. has achieved a direct investment result of â⬠13.8 million (â⬠14.6 million). This represents a decrease of 5.5% compared to the first quarter of 2002. The indirect investment result for the first quarter amounted to â⬠5.1 million negative (â⬠1.4 negative). It consists of the costs of asset management and the unrealised revaluation for the Belgian property portfolio. Normally at the end of the quarter no revaluations take place. However, in view of the present market situation, the company has taken the precaution of charging the purchase costs of two properties in Belgium (the difference between net value and the price as paid including transfer and legal fees) directly to the revaluation reserve. Also, the quarterly valuation of the properties in Intervest Officeââ¬â¢s property portfolio has been taken into account fully. As regards the Dutch and French parts of the property portfolio, the company has this property portfolio appraised as at June 30 and December 31.
Results per share first quarter 2003
The direct investment result per share fell by 7.4% to â⬠0.75 (â⬠0.81). The indirect investment result per share came to â⬠0.28 negative (â⬠0.07 negative). The total investment result per share came to â⬠0.47 (â⬠0.74). Shareholdersââ¬â¢ equity per share including dividend was â⬠29.79 (â⬠32.52). This decrease was mostly due to the negative revaluations for the 2002 financial year and to a lesser extent (â⬠0.28 negative) to the negative result for the first quarter of 2003. The result per share is calculated over the average number of shares issued, which rose due to stock dividend paid out in 2002 to 18,437,541 (17,948,908) shares. The 2003 dividend will be determined on the basis of the current accounting regulations and the companyââ¬â¢s code of conduct; that is to say that the company will put the direct investment result fully or virtually fully at the disposal of the shareholders.
Property portfolio
The property portfolio was expanded in the first quarter with two properties in Belgium. These acquisitions relate to obligations entered into in the past. They concern an office property in Mechelen and a logistics centre in Willebroek. This acquisition involves a total of â⬠30.7 million. The office building in Mechelen concerns a part of Mechelen Campus. Both properties are fully let. The buyer of the properties is a wholly-owned subsidiary of VastNed Offices Belgium. Financial vacancy in the property portfolio for the first quarter ran at 10.6% (5.9%).
Developments and outlook
In order to improve the balance sheet ratios and to realise a healthy circulation of the property portfolio, the company will continue its sales programme this year. For 2003 a marked decrease of the direct investment result per ordinary share is expected.
Source: VastNed O/I
