Wereldhave's first half year 2004 results: profit rise of approx. 70% (NL)

During the first semester of 2004, the profit of direct and indirect investment result of the Dutch property company Wereldhave reached € 75,4 million or € 3,70 per share. This is an increase of 69% compared to the first semester in 2003.

The direct investment result for the first six months of 2004 amounted to € 58.2 million, which is € 2.2 million or 3.9% higher than 2003. The increase is primarily the result of € 1.5 million lower interest changes and € 0.9 million lower taxes on result. The direct investment result per share for the first six months remained nearly unchanged at € 2.85 (2003: € 2.84), as a result of the issue of 1,090,000 new shares at the beginning of March 2004. The occupancy rate of the portfolio for the second quarter 2004 amounted to 91.7% (Q1 2004: 92%).

The profit, consisting of direct and indirect investment result, rose from € 44.6 million to € 75.4 million, representing an increase of 69%. Profit per share amounted to € 3.70 compared to € 2.26 for the first six months of 2003.

The total value of the portfolio amounted to € 1,968.7 million (December 31, 2003: € 1,932.1 million). The value of the investment portfolio increased by € 17.9 million as at June 30, 2004, with positive revaluations in all countries. Exchange rate differences had a € 30.0 million positive effect on the value of the portfolio. At June 30, 2004, the value of the development portfolio amounted to € 67.0 million against € 88.1 million at December 31, 2003. The development portfolio was not subject to devaluation.

During the first half-year of 2004 Wereldhave transferred the Saxon Woods residential complex in McKinney, USA, to the investment portfolio. The office building 1910 Pacific Place, Dallas, was sold on May 26th, 2004 for USD 29.9 million. The net proceeds were slightly above bookvalue.

Shareholders’ equity including current earnings at June 30, 2004 amounted to € 1,372.5 million (December 31, 2003: € 1,222.2 million after distribution of profits). The effect of exchange rate differences in shareholders’ equity amounted to € 8.3 million, caused by higher exchange rates for both Sterling and the US-Dollar. The net asset value per ordinary share amounted to € 65.88 (December 31, 2003: € 61.90 after distribution of profits).

Source: Wereldhave

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