Numbers for 2008 PDF Print E-mail
dinsdag, 12 mei 2009

On the annual shareholder meeting last Wednesday 6 May, the annual report of the bookyear 2008 has been approved.

A summary of the financial figures was uploaded in the section "Financial figures" on the website. 

I. Analysis of the results and financial position

A. Net Asset Value

The market value of the real estate portfolio based on expert rapports was EUR 18,269,631 on 31/12/2008 (including the 33% participation in Hessimo NV.)

The group's total debt on 31/12/2008 was EUR 8.029.315,14 of which bank debt of EUR 6,865,301.49 and other non-interest bearing debt of EUR 1,164,013.65 (advances, guarantees and delayed take-over payments).  After deducting the book value of other assets of EUR 315,277.18 (mainly cash), the net group debt amounts to EUR 7,730,295.67.

The difference on 31/12/2008 between the aforementioned real estate market value and net debt is the net asset value of EUR 10,555,593.04. By way of comparison, in the prospectus issued in September 2008, net asset value on 31/12/2008 was forecasted at EUR 10,195,687.90.

At the closing share price on 31/12/2008 of EUR 7.50 the company's market capitalisation equalled EUR 8,679,120.00.

 

B. Operational results - BEVAK/SICAFI format (Belgian REIT)

As a small real estate investment company, adopting the BEVAK/SICAFI status is not yet feasible, but nevertheless it is useful to present the operational results (excluding portfolio result) according to the BEVAK format (Royal Decree 21/06/2006).

Gross rental income over 2008 equalled EUR 920,284.75.  After deduction of vacancy and commercial rent discount, net rental income amounted to EUR 917,539.96.

After deduction of property related costs of EUR 133,073.92 the property operating result equalled EUR 775,069.95. Property related costs are recurring technical costs of EUR 50,385.71 (maintenance, repairs and insurance), commercial costs of EUR 50,244.36 (brokerage fees, marketing and legal costs), external property management costs of EUR 1,948.11 and Belgian property taxes (OV/PI) borne by the group of EUR 30,495.74.

After deducting the corporate management costs of EUR 304,153.09, the recurring EBITDA comes out at EUR 470,916.86.

EBITDA minus interest charges of EUR 317,568.37 equals EUR 153,348.49.

 

II. Preview

A. The Belgian real estate market

The impact of the credit crisis on the value of Belgian real estate is up this moment quite moderate. Especially in Antigoon's playing field, the residential and commercial real estate market, there is little to none downward pressure on prices. Recent wage indexation, high Belgian savings ratio's and the little affected consumer confidence clearly provide a good price buffer. In addition, the ECB's interest rate cuts to the current 1%, the lowest level since adoption of the euro, gives strong support to the market and has a positive impact on the group's interest charges.

The group remains prudent though in the analysis of new investment proposals in the light of possible price pressure in the next few months due to the delayed impact of current lay-offs.

B. Project Hessenplein

Through the 33.33% participation in Hessimo NV, which will be increased to 50,00% in the course of 2009, the group acquired a terrain at the Hessenplein in Antwerp, located between the new MAS (Museum aan de Stroom) and the historic city centre, Hessimo owns 2 historical warehouses on a plot of +/- 3000m2.

Antigoon Invest will develop 1800m2 ground floor commercial space, +/- 1500m2 showroom and +/- 4000m2 housing (11 renovated lofts, 11 newly-built apartments and 40 newly-built studio flats) with approx. 100 underground parking spaces. Although sales will only start later this year, 2500m2 of this project is already sold.

Construction will start at the end of 2009, with completion of the lofts in 2010 and the apartments/studio flats in 2011.

C. Capital gains

Although the group remains focussed on gradually increasing its real estate portfolio, a few sales were made of properties that did not fit the investment strategy that aims at commercial property or mixed commercial/residential.

D. Financially strong

Reinforced by its IPO and the aforementioned sales, the group is analysing a few interesting investment proposals with possible completion in 2009.

 
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