Wereldhave Belgium realizes small profit increase

During the first nine months of 2002 Wereldhave Belgium booked a net profit of EUR 15.4 mln (2001: EUR 15.2 mln). Consequently, the operating profit per share reached EUR 2,90 (2001 : EUR 2,86).

The turnover (gross rental income) amounted to EUR 17.1 mln (2001 : EUR 14.9 mln) and the financial profits amounted to EUR 0.7 mln (2001 : EUR 1.6 mln). The increase in turnover is due to several new lettings in the Berchem-Antwerp and Vilvoorde office developments.

As of September 30, 2002, the value of the portfolio amounted to EUR 310.1 mln, as against EUR 298.3 mln on December 31, 2001. The EUR 11.8 mln increase can be attributed to new investments (EUR 6.2 mln) and to a positive portfolio revaluation by 1.8 % (EUR 5.6 mln).

During the third quarter two office developments were completed: one in Berchem-Antwerp along the Roderveldlaan, the third phase of the office development 'De Veldekens' (11,200 m²), and one in Vilvoorde in the 'Business & Mediapark' development along the Medialaan (12,700 m²). Meanwhile, Wereldhave Belgium has reached agreement on the letting of 1,100 m² of the third phase of the 'De Veldekens' office development.

On October 1, 2002, Wereldhave Belgium sold the future rent flows resulting from the 27 year long lease on 'Monnaie House' in Brussels for their net present value. The proceeds of this sale were EUR 10 mln above book value, i.e. approximately EUR 1.90 per share.

Wereldhave Belgium maintains its earlier forecast that operating profit for 2002 will amount to at least EUR 3.60 per share; profits on disposals of property are expected to amount to approximately EUR 1.90 per share.

(source: Wereldhave Belgium)

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