Interim report 2009

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• Key figures
  • Discussion of results
• Interim management report
  • 1. Introduction
  • 2. Projects completed in the first half of 2009
  • 3. Projects in progress
  • 4. Additional potential
  • 5. New acquisitions
  • 6. Leases in 2009
  • 7. Sales
  • 8. Post-balance-sheet events
  • 9. Solar energy projects
  • New capital for further growth
• Outlook
  • 1. The basis for the operating results in 2009
  • 2. Operating result
  • 3. Dividend policy following the capital increase of June 2009
• Review of portfolio
  • 1. Status of the portfolio as at 30 June 2009
  • 2. Value and composition of the rental portfolio
  • 3. Rental status of the available buildings
  • 4. Evolution of the portfolio compared to 31 December 2008
  • 5. General economic factors
• Discussion of the semi-industrial and logistics property market
• WDP shares
  • Share price
  • Turnover velocity and liquidity
  • Return
• Agenda
• Summary of interim financial statements
  • Summary of consolidated income statement
  • Summary of consolidated balance sheet
  • Summary of consolidated statement of changes in shareholders’ equity
  • Summary of consolidated statement of cash flows
  • Significant accounting policies
  • Notes
• Auditor’s report
• Chairman’s statement
• Report of independent property expert
• Statement on the interim financial report

WDP

Home > Interim management report > New capital for further growth

New capital for further growth The business manager of WDP decided on 10 June 2009 to proceed to issue 3,133,484 new WDP shares with preference rights, at a subscription price of EUR 23.5 per share, on the basis of one new share for three existing shares. The subscription was open to the public in Belgium and France. The first phase of the capital increase – the public subscription period with preference rights running from 11 up to and including 25 June 2009 – was successfully completed. The number of newly subscribed shares totalled 2,950,045, or 94.15% of the shares offered. In the second phase of the process the 550,317 preference rights that were not exercised on 25 June 2009 were offered for sale in the form of scrips via a fast-track private placement for which institutional investors were eligible exclusively. This phase of the offer was likewise completed successfully. Following the capital increase by EUR 73,636,874 (specifically, EUR 25,130,449 in capital and EUR 48,506,425 in premiums upon issue), total shareholders’ equity of WDP as at 30 June 2009 amounted to EUR 353,176,959.37. The capital increase serves a dual purpose. In the first place WDP aims to ensure it has the funds required to actively respond to the opportunities arising in the present markets. Specifically, some EUR 37 million of the net proceeds will be used to finance new projects. These will comprise pre-let own developments or acquisitions of one or more premium- quality sites in Belgium, France, the Netherlands or Romania. As a first specific project WDP is building a new state-of-the-art value added logistics platform for food group Ter Beke in the Netherlands worth EUR 15.6 million (see also ‘3. Projects in progress’ on p. 11). The balance will be used to reduce the debt position in the short term. If the total proceeds of the capital increase were used for debt repayment, this would result in a decrease of the gearing from 62.6% (situation as at 31 March 2009) to 54.2%. If the current projects in progress and possible new investment projects are taken into account, the gearing would rise again to 58.0%*. *    Calculation based on the present valuation of the property portfolio     Back to top ↑