Numbers 2009 PDF Print E-mail
dinsdag, 11 mei 2010

On the annual shareholder meeting on Wednesday 5 May 2010, the annual report of the bookyear 2009 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 20,730,711.29 on 31/12/2009 (including the 50% participation in Hessimo NV and Belbosch NV.)

The group's total debt on 31/12/2009 was EUR 9,081,409.21 of which bank debt of EUR 7,283,281.72 and other non-interest bearing debt of EUR 1,798,127.49 (advances, guarantees and delayed take-over payments).  After deducting the book value of other assets of EUR 702,536.16 (mainly cash), the net group debt amounts to EUR 8,378,873.05.

The difference on 31/12/2009 between the aforementioned real estate market value and net debt is the net asset value of EUR 12,351,838.24. By way of comparison, in the prospectus issued in September 2008, net asset value on 31/12/2009 was forecasted at EUR 12,280,965.

At the closing share price on 31/12/2009 of EUR 7.09 the company's market capitalisation equalled EUR 8,204,661.44.


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 2009 equalled EUR 1,080,501.04.  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 307,194.38 the property operating result equalled EUR 773,306.66. Property related costs are recurring technical costs of EUR 157,347.74 (maintenance, repairs and insurance), commercial costs of EUR 98,614.5 (brokerage fees, marketing and legal costs), external property management costs of EUR 5,554.52  and Belgian property taxes (OV/PI) borne by the group of EUR 36,679.55.

After deducting the corporate management costs of EUR 244,375, the recurring EBITDA comes out at EUR 528,931.66.

EBITDA minus interest charges of EUR 404,088.75 equals EUR 124,842.91.


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.  High Belgian savings ratio's and the little affected consumer confidence together with very low interest rates clearly provide good support to the market.

B. Project Hessenplein

Through its 50% participation in Hessimo NV and Belbosch NV, the group owns a terrain at the Hessenplein in Antwerp, located between the new MAS (Museum aan de Stroom) and the historic city centre. Hessimo and Belbosch own 2 historical warehouses on a plot of +/- 3000m2 where a building project will be realised in 2010/2011 with ground floor GLA of 1.330m2 and 39 studios as investment and 20 apartments and 92 underground parking spaces for sale.  As of now, 17 of the 20 apartments were sold.  Construction will start in May 2010.

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

The group reinforced its financial position substantially by the recent sale in early 2010 of its property in the Kronenburgstraat in Antwerp.

III. First dividend

Reinforced by the evolution of the net asset value according to plan, the general shareholder meeting approved to pay a net dividend of 0.0425 euro per share.  Payment date is 28/05/2010.

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