10 May 2007
• Higher direct result per share € 1.37
(1st quarter 2006: € 1.31)
• Positive revaluation in all countries
• Positive result on disposals
The profit for the first quarter 2007 amounts to € 54.4 mln, or € 2.53 per
share. The portfolio was re-valued upwards in all countries. There have been
positive results on disposals of properties in the United States and the United
Kingdom. As the surpluses on property revaluations and disposals were lower than
in the first quarter of 2006, profit per share decreased in 2007.
The direct result for the first quarter of 2007 amounts to € 30.2 mln, an
increase of € 1.2 mln or 4.0% compared to the first quarter of 2006, due to a
higher occupancy of the portfolio and an incidental gain of € 2.2 mln. This more
than compensated for the effect of sales on the direct result of - € 1.5 mln.
The incidental gain relates to a premium received on the surrender of a lease on
the Ypenburg industrial estate in The Hague.
Interest charges decreased, mainly due to redemptions of loans from the proceeds
of property sales. General costs remained stable compared to the first quarter
of 2006. Exchange rate differences on the Pound Sterling and US dollar had a €
0.3 mln negative effect on direct result.
The occupancy rate of the portfolio for the first quarter increased from 93.5%
in 2006 to 94.3% for 2007. Broken down per sector, the occupancy rate during the
first quarter of 2007 was: offices 90.6%, retail 98.8%, industrial 94.1% and
91.3% for residential.
During the first quarter of 2007 property disposals realised a surplus of € 2.5
mln (2006: € 7.4 mln). The revaluation results for the first quarter of 2007
amounted to € 26.5 mln (1st quarter 2006: € 40.7 mln). There were positive
property revaluations in all countries. Movements in tax liabilities as a result
of property valuations amounted to € 4.5 mln (1st quarter 2006: € 7.2 mln). The
indirect result for the first quarter of 2007 amounts to € 24.2 mln (2006: €41.6
mln). Exchange rates had a positive effect on the indirect result of € 0.2 mln.
Shareholders' equity at March 31, 2007 amounted to € 1,843.8 mln (December 31,
2006: € 1,890.2 mln). This represents 69.6% of the balance sheet total. Net
asset value per share amounted to € 83.15 at March 31, 2007 (December 31, 2006:
€ 80.87 after distribution of profit). The number of shares in issue has not
changed during the first quarter of 2007. No convertible bonds have opted for
conversion. On March 31, 2007, the total number of ordinary shares in issue
amounted to 20,781,735.
In January 2007 in the United States Wereldhave sold an office building in
Pittsburgh for USD 12 mln and an office building in Philadelphia for USD 76 mln.
In the United Kingdom, Wereldhave sold the Norbury Trading Estate, near London,
for GBP 2.9 mln. The surplus on these disposals amounted to € 2.5 mln.
In January 2007, Wereldhave purchased a plot of land in the United States at
Frisco, near Dallas, for the development of approximately 600 apartments. The
purchase price amounted to USD 7.4 mln. The construction plan will be developed
in detail in 2007. Construction is not expected to start before 2008.
Wereldhave is not yet forecasting the result for the year 2007.
This information is provided by RNS
The company news service from the London Stock Exchange