Leasinvest Real Estate - half year results 30/06/09 (6 months) (a)
(b)
(Thomson Reuters ONE) - Increase of the net current result[1], group share, by 25% to 2.67euro per share (30/06/08: 1.99 euro per share);Increase of rental income by 20% to 19.5 million euro (30/06/08: 16.3million euro);Decrease of the net result, group share, of 21.3 million euro (5.3euro per share) on 30/06/08 to 12.8 million euro (3.2 euro per share)on 30/06/09 mainly due to unrealised negative changes in theportfolio;Sale of the Bian office building in Luxembourg results in a capitalgain of 15.2 million euro, of which 12 million euro has already beenrecorded per 31/03/09;Decrease of the debt ratio to 48.67% (31/12/08: 52.06%).Activity report period 01/01/09-30/06/09Sale of Bian building in LuxembourgOn 24/06/09 Leasinvest Immo Lux, a 100% subsidiary of Leasinvest RealEstate, has sold the entirely renovated and extended office building'Bian'. Thanks to this sale Leasinvest Real Estate has realised inthe first half year a consolidated global net capital gain of 15.2million euro[2].Key figures on 30/06/09Key figures real estate portfolio (a) 30/06/2009 31/12/2008Fair value (1,000 euro) (b) 535,316 563,234Investment value (1,000 euro) (c) 549,170 578,300Rental yield based on fair value (d) 7.50% 7.27%Rental yield based on investment value (d) 7.31% 7.09%Occupancy rate (d) 97.67% 97.29%(a) The real estate portfolio comprises the buildings in operation aswell as the development projects.(b) Fair value: the investment value as defined by an independentreal estate expert and of which thetransfer rights have been deducted. The fair value is the accountingvalue under IFRS.(c) The investment value is the value as defined by an independentreal estate expertand of which the transfer rights have not yet been deducted.(d) For the calculation of the rental yield and the occupancy rate,only the buildings in operation are taken into account.The decrease of the value of the real estate portfolio can beexplained by, on the one hand, the sale of the office building 'Bian'in Luxembourg, and on the other hand, by the negative changes in thevalue of the portfolio. Because of the general economical andfinancial crisis the valuation of the real estate portfolio by theindependent real estate expert has decreased compared to 31/12/08 dueto, a.o., the increase of the market capitalization rates ('yields').The average rental yield of the real estate portfolio of LeasinvestReal Estate has increased from 7.27% to 7.50% in terms of fair valueand from 7.09% to 7.31% in terms of investment value.The real estate portfolio in operation consists of 55 buildings, ofwhich 41 buildings situated in Belgium with a total surface of261,135 m2, and 14 buildings in the Grand Duchy of Luxembourg with atotal surface of 84,201 m2.Leasinvest Real Estate has the following ongoing developmentprojects: the new office building Montimmo in Luxembourg, theconstruction of a new branch for Cegelec SA on the business park'Alpha Campus' in Zwijndrecht (Antwerp) and the renovation of thecastle farm 'Torenhof', part of the Axxes Business Park in Merelbeke(Ghent).Key results 30/06/2009 30/06/2008 (1)Net current result, group share (1,000 10,677 7,964euro)Net current result, group share, per share 2.67 1.99(euro) (2) (3)Net result, group share (1,000 euro) 12,839 21,292Net result, group share, per share (euro) 3.21 5.33(3)(1) As the previous financial year was an extended financial yearthat ran from 01/07/07 - 31/12/08 (18 months)comparative pro forma result figures are presented for the period01/01/08-30/06/08 (unaudited).(2) The net current result consists of the net result excluding theportfolio result and the changes in the fair valueof the non effective hedges. In the press releases preceding 2009 theterm was defined differently, namely as the netresult minus the portfolio result. As from now on, the new definitionwill be used.(3) The results per share are calculated based on the number ofshares participating in the result of the period.General key figures 30/06/2009 31/12/2008Net asset value, group share (NAV) (1,000 euro) 269,378 264,438Number of issued shares 4,012,832 4,012,832Number of shares participating in the result of 3,996,294 3,996,294the period (1)Bet asset value, group share, per share (euro)(2) (3)- based on fair value 67.41 66.17- based on investment value 70.87 69.59Closing price (euro) 50.59 48.05Discount closing price vs NAV (based on fair -25% -27%value)Debt ratio RD 21/06/06 (%) 48.67% 52.06%(1) The number of shares participating in the result of the periodcorresponds to the number of issued sharesminus the number of treasury shares (including LRE shares held bysubsidiaries). Per 30/06/09 LRE had,on a consolidated basis 16,538 treasury shares in portfolio, or 0.41%(idem 30/06/08 and 31/12/08).(2) The net asset value on 31/12/08 is before distribution of theclosing dividend. On 25/05/09 a gross closing dividendof 1.85 euro per share was distributed. The net asset value, groupshare, ex-coupon amounted to 64.32 europer share based on the fair value and to 67.74 euro per share basedon the investment value, on 31/12/08.(3) The net asset value per share is calculated based on the numberof shares participating in the result of the period.Consolidated figures on 30/06/09CONSOLIDATED RESULTS(in 1,000 euro) 30/06/2009 30/06/2008 (a) (6 months) (6 months)Rental income 19,510 16,286Writeback of lease payments sold and 0 0discountedRelated rental expenses 41 -102NET RENTAL INCOME 19,551 16,184Recovery of property charges 11 682Recovery income of charges and taxes 1,051 1,588normally payableby tenants on let propertiesCosts payable by tenants and borne by the 0 -210landlord forrental damage and refurbishment at end ofleaseCharges and taxes normally payble by -1,051 -1,586tenants on let propertiesOther related rental expenses and income 54 4PROPERTY RESULT 19,616 16,662Technical costs -373 -780Commercial costs -160 -173Charges and taxes on unlet properties -104 -171Property management costs -1,478 -1,444Other property charges -113 -160PROPERTY CHARGES -2,228 -2,728PROPERTY OPERATING RESULT 17,388 13,934Corporate operating charges -892 -966Other operating charges and income -11 -516OPERATING RESULT BEFORE RESULT ON THE 16,485 12,452PORTFOLIOResult on disposal of investment properties 15,233 3Changes in fair value of investment -11,955 11,295propertiesOPERATING RESULT 19,763 23,750Financial income 564 4,047Interest charges -4,847 -5,592Other financial charges -2,519 -171FINANCIAL RESULT -6,802 -1,716PRE-TAX RESULT 12,961 22,034Corporate taxes -285 -34Exit tax 163 -54TAXES -122 -88NET RESULT 12,839 21,946Attributable to: Minority interests 0 654 Group shares 12,839 21,292(a) As the previous financial year was an extended financial yearthat ran from 01/07/07 - 31/12/08 (18 months)comparative pro forma result figures are presented for the period01/01/08-30/06/08 (unaudited). For moredetails we refer to note 47 of the financial statements recorded inthe annual financial report 2007/2008.The rental income (19.5 million euro) recorded an increase of 20%compared to 30/06/08 (16.3 million euro), mainly due to theacquisition at the end of 2008 of retail sites in Luxembourg. Basedon unchanged portfolio the rental income rose by 6% thanks to theindexing of the rents and newly concluded rental contracts. Theoccupancy rate reaches 97.67% (30/06/08: 97.29%).The decrease of the maintenance costs and the lower vacancy costshave led to a diminution of the real estate charges from 2.7 millioneuro on 30/06/08 to 2.2 million euro on 30/06/09.The result on the disposal of investment properties (15.2 millioneuro, or 3.8 euro per share) comprises the realised capital gain onthe sale of the office building 'Bian' in Luxembourg at the end ofJune 2009.As a consequence of the general trend on the national andinternational real estate markets a slight decrease on the valuationof the real estate portfolio was recorded by the external real estateexpert. Thanks to the quality and diversified portfolio of LeasinvestReal Estate this decrease was limited to 2.1%.The unrealised loss of 12 million euro (recorded under the itemchanges in the fair value of the investment properties), has to becompared to an unrealised gain of 11.2 million euro a year before(coming from the redevelopment project 'CFM' in Luxembourg (14.4million euro)).Due to the decreasing market interest rates the fair value of the noneffective hedges (according to IAS 39) produced a negative change of1.1 million euro compared to a positive change of 2.5 million euro on30/06/08. Without taking into account the impact of IAS 39 thefinancial result decreased from - 4.3 million euro (30/06/08) to -5.7 million euro, explained by the increased debt position comparedto 30/06/08.The net result, group share, ended at 12.8 million euro (or 3.2 europer share[3]) compared to 21.3 million euro (or 5.3 euro per share)the previous year, which was mainly due to a decrease of theportfolio results.The net current result, group share, or the net result excluding theportfolio result and the changes in the fair value of the noneffective financial instruments, on the other hand, rose by 25% from8.0 million euro, or 1.99 euro per share(3) on 30/06/08 to 10.7million euro, or 2.67 euro per share on 30/06/09.CONSOLIDATED BALANCE SHEET(in 1,000 euro) 30/06/2009 31/12/2008 IFRS IFRSASSETSNON-CURRENT ASSETS 536,168 564,222Intangible assets 2 2Investment properties, incl. development 535,316 563,234projectsOther tangible assets 34 33Non-current financial assets 816 953CURRENT ASSETS 16,733 12,662Assets held for sale 0 0Current financial assets 3,279 2,887Trade receivables 6,207 4,762Tax receivables and other current assets 115 1,659Cash and cash equivalents 6,607 2,580Deferred charges and accrued income 525 774TOTAL ASSETS 552,901 576,884LIABILITIESTOTAL SHAREHOLDER'S EQUITY 269,371 264,431SHAREHOLDER'S EQUITY ATTRIBUTABLE TO 269,378 264,438 THE SHAREHOLDERS OF THE PARENT COMPANYCapital 44,128 44,128Share premium account 70,622 70,622Treasury shares (-) -1,046 -1,046Reserves 152,435 121,506Result 12,839 38,322Impact on fair value of estimated transaction -8,129 -8,120costs resulting from hypothetical disposal of investment propertiesChange in fair value of financial assets andliabilities on financial assets available for sale -238 -630 on derivatives -1,233 -344 MINORITY INTERESTS -7 -7LIABILITIES 283,530 312,453NON-CURRENT LIABILITIES 194,188 176,688Provisions 65 1,105Non-current financial debts 189,135 172,460Other non-current financial liabilities 4,581 2,704Other non-current liabilities 407 419CURRENT LIABILITIES 89,342 135,765Provisions 0 0Current financial debts 62,897 92,021Trade debts and other current debts 15,271 11,141Other current liabilities 1,374 24,298Accrued charges and deferred income 9,800 8,305TOTAL SHAREHOLDER'S EQUITY, MINORITY INTERESTS 552,901 576,884AND LIABILITIESAs from 01/01/09 the development projects are recorded at fair valueunder the item investment properties, according to the modified IFRSstandard 'IAS 40', together with the buildings in operation.The decrease of the investment properties is the consequence of thenegative changes in the valuation by the independent real estateexpert on the one hand, and the sale of the office project 'Bian' onthe other hand.At the end of the first semester of the financial year 2009 theshareholders' equity, group share (based on the fair value of theinvestment properties) amounted to 269.4 million euro, or 67.41 europer share compared to 66.17 euro per 31/12/08.Thanks to the sale of the Bian building the financial debts havedecreased from 264.5 million euro per 31/12/08 to 252 million europer 30/06/09, resulting in a decrease of the debt ratio from 52.06%(per 31/12/08) to 48.67% per 30/06/09.The drop of the other current liabilities from 24.3 million euro per31/12/08 to 1.4 million euro per 30/06/09 is explained, on the onehand, by the effective payment of the deferred portion of theacquisition price of the 3 retail sites in Luxembourg, and on theother hand, by the payment of the minority shareholders of LeasinvestImmo Lux within the framework of the sell-out procedure at the end of2008.Outlook for the financial yearExcept for unforeseen circumstances a net current result (excludingportfolio results and impact of IAS 39) to be higher than for theperiod 01/01/08-31/12/08 is expected for the entire financial year2009.Half year financial report according to IAS 34The half year financial report for the period 01/01/09-30/06/09,which comprises besides the condensed financial statements, includingall information according to IAS 34, also the interim managementreport, a statement of the responsible persons and informationregarding the external audit, will be available on the websitewww.leasinvest.be as from 28/08/09 after closing of the stockexchange (official Dutch version). Upon request anyone can obtain afree copy at the administrative office of the company:Leasinvest Real SCASchermersstraat 42, 2000 AntwerpT +32 3 238 98 77E investor.relations(at)leasinvest.be.Financial calendarHalf year financial report 30/06/09 (6 months):28/08/09Interim statement 30/09/09 (9 months):13/11/09Results of the financial year 31/12/09 (12 months): 19/02/10Annual financial report 31/12/09April 2010Annual meeting of shareholders:17/05/10Dividend payment: 24/05/10Investor relations contactJean-Louis AppelmansT: +32 3 238 98 77 - E: jeanlouis.appelmans(at)leasinvest.beLeasinvest Real Estate SCAReal estate investment trust (sicafi) Leasinvest Real Estate investsin high quality and well-located offices, logistics and retailbuildings in Belgium and the Grand Duchy of Luxembourg. At presentthe real estate portfolio comprises 55 buildings in operation, ofwhich 41 situated in Belgium and 14 in the Grand Duchy of Luxembourg,with a total surface of almost 350,000 m2.The real estate investment trust (sicafi) is listed on EuronextBrussels and has a market capitalization of nearly 230 million euro.(a) The figures presented in this press release are subject to alimited review by the auditor.(b) As the previous financial year was an extended financial yearthat ran from 01/07/07 - 31/12/08 (18 months) comparative pro formaresult figures are presented for the period 01/01/08-30/06/08(unaudited).[1] The net current result consists of the net result excluding theportfolio result and the changes in the fair value of the noneffective hedges. In the press releases preceding 2009 the term wasdefined differently, namely as the net result minus the portfolioresult. As from now on, the new definition will be used.[2] For more details regarding the sale of the 'Bian' building werefer to the press release (dd 26/06/09) available on the LeasinvestReal Estate website.[3] All result data per share are calculated based on the number ofshares participating in the result of the period.http://hugin.info/134797/R/1336477/318079.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.08.2009 - 17:40 Uhr
Sprache: Deutsch
News-ID 4965
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 414 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Leasinvest Real Estate - half year results 30/06/09 (6 months) (a)
(b)"
steht unter der journalistisch-redaktionellen Verantwortung von
Leasinvest Real Estate Comm. VA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
