Interim report 2009
WDP
Consolidated half-year figures
Key figures
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Consolidated results (in EUR x 1,000) |
2009.JUN |
2008.DEC |
2008.JUN |
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NET CURRENT RESULT |
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Net rental result |
26,014.07 |
46,644.87 |
22,001.85 |
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Other operating income/expenses |
1,802.16 |
235.46 |
184.57 |
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Property result |
27,816.23 |
46,880.33 |
22,186.42 |
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Property charges |
-794.27 |
-1,194.63 |
-637.08 |
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Corporate management costs |
-1,630.78 |
-3,453.60 |
-1,823.84 |
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Net property result |
25,391.18 |
42,232.10 |
19,725.51 |
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Financial result excl. IAS 39 result |
-8,994.38 |
-12,751.73 |
-5,478.24 |
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Taxes on net current result |
-377.50 |
-757.31 |
-362.23 |
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Net current result |
16,019.30 |
28,723.06 |
13,885.03 |
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RESULT ON THE PORTFOLIO* |
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Changes in the fair value of investment property (+/-) |
-20,592.52 |
-17,918.94 |
-2,241.15 |
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Result on sale of investment property (+/-) |
6.21 |
80.32 |
-4.56 |
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Deferred taxes |
2,532.65 |
2,101.21 |
1,801.80 |
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Result on the portfolio |
-18,053.66 |
-15,737.41 |
-443.91 |
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IAS 39 RESULT |
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Revaluation of financial instruments (IAS 39 impact) |
-7,164.19 |
-29,184.26 |
7,885.12 |
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Deferred taxes on revaluation IRSs |
0.00 |
413.68 |
-124.18 |
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IAS 39 result |
-7,164.19 |
-28,770.58 |
7,760.94 |
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NET RESULT |
-9,198.55 |
-15,784.93 |
21,202.06 |
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Net current result/share |
1.70 |
3.34 |
1.62 |
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Result on the portfolio/share |
-1.92 |
-1.83 |
-0.05 |
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Net result/share |
-0.98 |
-1.84 |
2.47 |
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Diluted net result/share |
-0.98 |
-1.84 |
2.47 |
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Proposed dividend payment*** |
13,824.20 |
25,272.71 |
12,130.90 |
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Dividend payout ratio (in % of net current result) |
86.30% |
87.99% |
87.37% |
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Number of shares at end of period** |
9,400,454 |
8,592,721 |
8,592,721 |
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Gross dividend/share *** |
1.47 |
2.94 |
1.41 |
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Net dividend/share *** |
1.25 |
2.50 |
1.20 |
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Growth of NAV/share (after profit distribution) |
-2.23 |
-2.77 |
0.95 |
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* Result on the portfolio excludes changes in the fair value of solar panels. These are valued in accordance with IAS 16 and revaluation gains are taken directly to shareholders’ equity. ** Number of shares excludes the 3,133,484 shares newly issued as part of the recent capital increase as at 30/06/2009. These qualify for dividends as from 01/07/2009. *** Subject to approval by the Annual General Meeting, see p. 18. The dividend is calculated on the basis of the result of WDP Comm. VA as defined in its articles of association. |
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Consolidated balance sheet (in EUR x 1,000) |
2009.JUN |
2008.DEC |
2008.JUN |
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NAV*/share before profit distribution for current financial year |
28.18 |
30.41 |
37.04 |
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NAV/share after profit distribution for current financial year |
28.18 |
30.41 |
35.63 |
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NAV (excl. IAS 39 result)/share after profit distribution |
30.66 |
33.20 |
34.16 |
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Share price |
29.00 |
30.15 |
39.05 |
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PREMIUM/DISCOUNT on price compared with NAV* before profit distribution |
2.91% |
-0.86% |
5.42% |
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GEARING** (dividend as debt) |
55.36% |
63.04% |
55.96% |
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GEARING (dividend as shareholders’ equity) |
55.36% |
63.04% |
54.33% |
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Fair value of the portfolio |
807.63 |
742.13 |
688.70 |
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* NAV = Net asset value = Shareholders’ equity. This is calculated on the basis of 12,533,938 shares. ** For the exact calculation of the gearing, refer to the Royal Decree (KB) dated 21 June 2006. |
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Consolidated balance sheet (in EUR x 1,000) |
2009.JUN |
2008.DEC |
2008.JUN |
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Intangible assets |
184.15 |
183.63 |
180.81 |
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Investment property |
807,628.54 |
742,129.30 |
688,695.88 |
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Other property, plant and equipment (incl. solar panels) |
44,167.87 |
32,359.32 |
4,333.98 |
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Non-current financial assets |
11,186.15 |
10,618.30 |
32,188.20 |
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Finance lease receivables |
236.72 |
277.39 |
316.77 |
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Trade receivables and other non-current assets |
169.49 |
319.50 |
319.48 |
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Deferred tax assets |
760.73 |
760.73 |
769.07 |
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Non-current assets |
864,333.65 |
786,648.16 |
726,804.19 |
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Assets held for sale |
1,787.99 |
4,642.42 |
750.00 |
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Finance lease receivables |
80.05 |
77.54 |
75.12 |
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Trade receivables |
6,926.77 |
4,255.64 |
5,160.35 |
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Tax receivables and other current assets |
6,096.18 |
2,597.77 |
3,395.89 |
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Cash and cash equivalents |
2,254.48 |
1,273.31 |
2,305.82 |
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Deferred charges and accrued income |
3,504.09 |
3,208.07 |
4,524.24 |
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Current assets |
20,649.56 |
16,054.75 |
16,211.42 |
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TOTAL ASSETS |
884,983.21 |
802,702.91 |
743,015.61 |
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Capital |
97,927.25 |
68,913.37 |
68,913.37 |
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Premiums upon issue |
63,960.55 |
0.00 |
0.00 |
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Reserves |
175,246.04 |
187,288.07 |
219,421.33 |
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Result |
41,631.85 |
25,612.71 |
47,566.35 |
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Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment property (-) |
-27,302.04 |
-22,106.43 |
-19,030.35 |
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Translation differences |
1,713.31 |
1,599.00 |
969.79 |
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Minority interests |
0.00 |
0.00 |
441.00 |
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Shareholders’ equity |
353,176.96 |
261,306.71 |
318,281.49 |
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Non-current liabilities |
412,139.15 |
328,895.23 |
254,449.92 |
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Current liabilities |
119,667.10 |
212,500.96 |
170,284.20 |
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Liabilities |
531,806.25 |
541,396.19 |
424,734.12 |
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TOTAL LIABILITIES |
884,983.21 |
802,702.91 |
743,015.61 |