Wereldhave NV announces Interim Results

SOURCE:

Wereldhave NV

2008-08-07 01:12:00

Wereldhave NV announces Interim Results

THE HAGUE–(EMWNews – August 7, 2008) –




  - Profit per share EUR 2.32



  - Direct result per share EUR 2.43



  - Occupancy rate 94.7%



  - Wereldhave share component of AEX







Profit



The profit for the first half year of 2008 (direct and indirect result)

amounts to EUR 52.4 mln, or EUR 2.32 per share (first half year 2007:

EUR 114.7 mln or EUR 5.31 per share). The turmoil on financial markets

and the credit crunch have put an end to years of positive property

revaluations. Property values have stabilised, resulting in lower

revaluation results and lower surpluses on disposals compared with

2007. The revaluation of the property portfolio was slightly positive

in all countries, with the exception of the United Kingdom and

France.





Direct result



The direct result for the first half year of 2008 amounts to EUR 54.0

mln, which is EUR 2.7 mln or 4.7% lower than the first half of

2007. Exchange rate differences on GBP and USD had a negative effect of

EUR - 1.8 mln on the direct result. An incidental gain of EUR 2.2 mln

in 2007 was not repeated in 2008, which caused a drop of other

financial gains and losses. Lower interest rates (primarily in the

United States) kept the rise in interest charges due

to  property acquisitions in 2007 limited to EUR 0.3 mln.





The occupancy rate improved, particularly in Belgium, being 94.7% for

the second quarter, 0.7 points up from the first quarter of

2008. Broken down by sector, occupancy rates were: offices 90.3%,

retail 98.9%, industrial 96.3% and residential 93.3%.





Indirect result



The indirect result for the first half year of 2008 amounts to EUR -1.6

mln (first half year 2007: EUR 58.0 mln). The decrease is primarily due

to lower revaluation result and lower surpluses on disposals.





During the first half year property values have more or less

stabilised. The revaluation for the first half year was EUR 2.8 mln,

compared to EUR 64.3 for the first half of 2007. Due to a negative

revaluation of financial instruments, the total revaluation result

amounts to EUR 0.1 mln (first half year 2007: EUR 60.5 mln). In the

United Kingdom, the effects of the financial crisis

have reflected in lower property values for several quarters already.

In France the value of the portfolio decreased in view of a renovation

of a shopping centre. The weighted average net cap rate of the

portfolio rose by 0.1% to 6.0%.





During the first half of 2008 only one industrial property was sold in

the United Kingdom. Consequently, results on disposals dropped by EUR

7.9 mln compared to the first half of 2007. Other gains and losses

increased by EUR 0.6 mln as the result of the settlement of a fire

insurance claim from 2001. Exchange rate differences had an

(unrealised) effect of EUR - 3.3 mln on the indirect result.





Equity



Shareholders' equity at June 30, 2008 stood at EUR 1,893,4 mln

(December 31, 2007: EUR 1,972.6 mln before distribution of profit).

This represents 69% of the balance sheet total (December 31, 2007:

70%). Exchange rate differences had a total negative effect of EUR -

65.4 mln on the value of the property portfolio, causing a reduction of

shareholders' equity of EUR 29.4 mln. The net asset value per share

at June 30, 2008 amounts to EUR 85.32 (December 31, 2007: EUR 84.37

after distribution of profit). No convertible bonds opted for

conversion. At June 30, 2008 the total number of ordinary shares in

issue stood unchanged at 20,781,735.





Property portfolio



During the first half of 2008, the property portfolio did not change,

with the exception of the sale of an industrial property of 2,100 m2 in

Winchester, United Kingdom for EUR 2.8 mln.





Prospects



Wereldhave has decided not to invest in Turkey, in view of the sharp

drop in initial yields and the political instability.





The Wereldhave share will be a component of the major Dutch AEX stock

index. The free float of the Wereldhave shares amounts to 100%.

Wereldhave expects that the entry to the AEX index will have a positive

effect on the trade in Wereldhave shares.





For the year 2008, Wereldhave forecasts a direct result between EUR

4.75 and EUR 4.85 per share, given stable currency rates.







Click on, or paste the following link into your web browser, to view

the associated PDF document.





http://www.rns-pdf.londonstockexchange.com/rns/8293A_-2008-8-7.pdf



                    This information is provided by RNS

          The company news service from the London Stock Exchange



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