Numbers 2010 PDF Print E-mail
donderdag, 12 mei 2011

On the annual shareholder meeting on Wednesday 4 May 2011, the annual report of the bookyear 2010 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 24,028,282 on 31/12/2010 (including the 50% participation in Hessimo NV and Belbosch NV.)

The group's total debt on 31/12/2009 was EUR 7,794,184 of which bank long term loans of EUR 5.794.304 and short term project financing of EUR 1,999,880.  

The difference on 31/12/2010 between the aforementioned real estate market value and net debt is the net asset value of EUR 16,234,098. By way of comparison, in the prospectus issued in September 2008, net asset value on 31/12/2010 was forecasted at EUR 14,779,414.

 

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 2010 equalled EUR 1,133,191.  After deduction of vacancy and commercial rent discount, net rental income amounted to EUR 1,022,221.

After deduction of property related costs, the property operating result equalled EUR 1,022,221. Property related costs are recurring technical costs of EUR 33,527 (maintenance, repairs and insurance), commercial costs of EUR 23,237 (brokerage fees, marketing and legal costs), external property management costs  and Belgian property taxes (OV/PI) borne by the group of EUR 28,862.

After deducting the corporate management costs of EUR 295,988, the recurring EBITDA comes out at EUR 726,234.

EBITDA minus interest charges of EUR 409,168 equals EUR 317,066.

 

III. First dividend

Reinforced by the evolution of the net asset value according to plan, the general shareholder meeting approved to pay a dividend of 0.06 euro per share, an increase of over 20% compared to the previous year.  After deduction of 15% withholding tax, 5.1 eurocent per share will be paid out.  Payment date is 27/05/2011.

 
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