Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
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  • FETransmission.com
  • Investegate.co.uk
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  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
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  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Wereldhave NV (0NMR)

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Friday 07 August, 2009

Wereldhave NV

Half Yearly Report

RNS Number : 0591X
Wereldhave NV
07 August 2009
 



Interim statement 2009 Wereldhave N.V.


  • Direct result per share +8.2%

  • Property revaluation -3.1%

  • Net asset value EUR 77.77 per share


Profit / loss 

The result for the first half year of 2009 amounts to EUR -13.9 mln or EUR -0.78 per share (H1 2008: EUR 52.4 mln or EUR 2.32 per share). The decrease in result is due to a negative property revaluation in all countries. The total revaluation amounted to - 82,7 mln (H1 2008: EUR + 0,1 mln). Exchange rate differences had a positive effect of EUR 2.6 mln on the result.


Direct result

The direct result for the first half year of 2009 amounts to EUR 58.6 mln, which is EUR 4.6 mln higher compared to 2008. The direct result per share increased by 8.2% to EUR 2.63 (H1 2008: EUR 2.43). The increase of the direct result can be attributed to EUR 3.7 mln lower interest costs and EUR 1.1 mln lower taxes on the direct result.


The net operational result for the first half year amounted to EUR 67.1 mln (H1 2008: EUR 67.4 mln). The considerably higher vacancy, especially in Paris and in Washington, was to a major extent compensated by growth in rental income of other properties and by additional rental income from the acquisition of the DiamondView office building in San Diego (in September 2008). 

Wereldhave uses variable rates for approximately 73% of its loans. Therefore, interest rate cuts by central banks have had a positive impact on interest expenses, even with an enlarged loans portfolio due to the acquisition of the San Diego office in September 2008. The average interest rate at June 30, 2009 stood at 2.2% (2008 year end: 3.7%).

The drop in taxes on the direct result is caused by an incidental gain of EUR 1.7 mln from a withholding tax return. This incidental gain was partially absorbed by higher taxes in FinlandSpain and the United Kingdom totalling EUR 0.6 mln. 


Indirect result

The indirect result for the first half year of 2009 amounts to EUR -72.5 mln (2008: EUR -1.6 mln). The EUR 82.7 mln negative revaluation is the main reason for the decrease. The property portfolio was revalued by EUR -81.0 mln; the revaluation of financial instruments amounts to EUR -1.7 mln. The revaluation represents 3.1% of the value of the portfolio, spread over all countries and sectors. The weighted average initial yield currently stands at approx. 6.3%. 


Lower property values resulted in a decrease of deferred taxes, which had a EUR 13.3 mln positive effect on the indirect result. 


Equity

Shareholders' equity at June 30, 2009 stood at EUR 1,770.6 mln (December 31, 2008: EUR 1,860.2 mln). This represents 64% of the balance sheet total (2008 year-end: 66%). The Loan to Value ratio amounts to 30.5% (2008: 28.4%). On April 24, 2009, 495,253 ordinary shares were issued as dividend. The total number of shares in issue now amounts to 21,276,988. No convertible bonds opted for conversion. The net asset value per share before profit appropriation as at June 30, 2009 was EUR 77.77 (2008 year end: 83.74).


Property portfolio

During the first half of 2009, there were no real estate transactions. The occupancy rate for the first half year decreased to 89.7% (2008: 94.7%). The occupancy rose slightly during the second quarter to 89.9% (Q1 2009: 89.6%). Broken down by sector, occupancy rates were: offices 81.4%, retail 97.9%, industrial 98.9% and residential 90.4%.

The increase in vacancy compared to 2008 is caused by vacancies that arose at the end of 2008 in 2 office buildings (Paris and Washington DC).

The office building in Paris is currently undergoing an upgrade to the latest standards of sustainability, to be completed late September 2009. 


The first two office buildings of the development in San Antonio which total 20,000 m² will be brought into exploitation at the end of the first quarter of 2010, when the infrastructure will also be completed. The negotiations with construction companies about the construction of remaining parts of the first phase of the San Antonio project are in their final stages. Construction is expected to commence during the third quarter of 2009.


In NivellesBelgium, on February 25, 2009, an application for a building permit was submitted for the expansion of the shopping centre, the retail park and a multifunctional building. A decision on the application is expected by October 2009.  


In TournaiBelgium, plans have been made for the expansion of the shopping centre by 4,500 m² and a retail park of 10,000 m². The city of Tournai has advised positively on the Urban Zoning plan. It is expected that the application for a building permit for the retail park and the expansion of the shopping centre directly afterwards can be submitted late 2009.


Preference shares

On July 8, 2009, all preference shares in issue were withdrawn. However, Wereldhave will retain the ability to issue new preference shares in the future.


Prospects

The result for the year 2009 mainly depends on the pace of re-letting vacant space, together with variables like interest rates and foreign exchange rates. For the year 2009 Wereldhave is therefore not yet forecasting the results.


Wereldhave expects further downward pressure on property values in 2009. Wereldhave is well prepared for negative revaluations with its sound financial situation. This financial position also enables Wereldhave to make use of attractive investment opportunities. 


The Hague, August 7, 2009

Board of Management Wereldhave N.V.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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