Quarterly Report • Jul 30, 2018
Quarterly Report
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| 1. | Interim half-yearly report for the first semester of 2018 | 5 |
|---|---|---|
| 1.1. | Investments the first semester of 2018 | 7 |
| 1.2. | Development potential | 11 |
| 1.3. | Rental activities | 13 |
| 1.4. | EPRA earnings | 15 |
| 1.5. | Real estate portfolio as at 30 June 2018 | 16 |
| 1.6. | Market situation of professional real estate in 2018 | 23 |
| 1.7. | Analysis of the results | 26 |
| 1.8. | Financial structure | 29 |
| 1.9. | Intervest share | 32 |
| 1.10. Risks for the remaining months of 2018 | 34 | |
| 1.11. | Outlook | 34 |
| 2. | Condensed consolidated half-yearly figures | 36 |
| 2.1. | Condensed consolidated income statement | 36 |
| 2.2. Condensed consolidated statement of comprehensive income | 37 | |
| 2.3. Condensed consolidated balance sheet | 38 | |
| 2.4. Condensed consolidated cash flow statement | 39 | |
| 2.5. Condensed statement of changes in consolidated equity | 40 | |
| 2.6. Notes to the condensed consolidated half-yearly figures | 41 | |
| 2.7. | Statutory auditor's report | 49 |
| 3. | Statement regarding the half-yearly financial report | 51 |
|---|---|---|
2.8. Financial calendar 51
Régulated information embargo till 30/07/2018, 6 pm
31 December 2017); office portfolio occupancy rate 82% and logistics portfolio 97%.
Alternative performance measures are criteria used by Intervest to measure and monitor its operational performance. The measures are used in this press release, but they are not defined by an act or in the generally accepted accounting principles (GAAP). The European Securities and Markets Authority (ESMA) issued guidelines which, as of 3 July 2016, apply on the use and explanation of the alternative performance measures. The concepts that Intervest considers to be alternative performance measures are included in a lexicon on the www.intervest.be website, called "Terminology and alternative performance measures". The alternative performance measures are marked with a ★ with a definition, objective and reconciliation as required by the ESMA guidelines.
EPRA (European Public Real Estate Association) is an organisation that promotes, helps develop and represents the European listed real estate sector, both in order to boost confidence in the sector and increase investments in Europe's listed real estate. For more details, please visit www.epra.com.
The reorientation in the office portfolio, according to which the offices are developed as pioneering, inspirational meeting places where working and living come together, have resulted in these buildings distinguishing themselves from the rest of the office market. This helps attract new, prominent tenants, as shown by the leases concluded in the first semester. The service-oriented, flexible Greenhouse concept acts as a catalyst, creating a community across the various locations.
The success of this approach is apparent from the increase in the occupancy rate. Whereas this still amounted to 76% as at 31 December 2017 for the office portfolio, it increased by 6% to 82% as per 30 June 2018. The largest part of these new leases lies in Greenhouse BXL in Diegem, where the construction works are expected to be fully completed in the autumn of 2018. New lease contracts have also been concluded for Mechelen Campus and Intercity Business Park in Mechelen, where the Greenhouse community has found solid grounding. A total of 20.300 m² of rental transactions, representing 11% of the rental income of the office segment, was achieved in the first semester of 2018. 13.100 m² of this concerns new leases of vacant space.
As a result of these lease transactions, the average remaining duration of the agreements until the next expiry date (WALL) of the office portfolio increases to 3,6 years, whereas this previously amounted to 3,1 years as at year end 2017. For surface areas larger than 2.000 m², the WALL of offices was 4,3 years (3,4 years as at 31 December 2017).
In the logistics segment the occupancy rate also remained at a high level of 97% in respect of 98% as per 31 December 2017. The decrease by 1% is due to previously announced vacancy in Puurs.
The occupancy rate of the total portfolio amounted to 90% as at 30 June 2018, which means that there was an increase of 4% compared to the end of 2017.
Netherlands was further developed by various acquisitions in the first semester of 2018. The acquisitions provide a total of 81.000 m² additional leasable surface area for a total acquisition value of € 52 million. This means that the logistics share amounted to 57% of the total portfolio as at 30 June 2018, which is in line with the intended portfolio strategic shift to 60% logistics real estate . In the meantime, almost one-fifth of the logistics portfolio is located in the Netherlands. Successful concept Greenhouse
Occupancy rate office portfolio +6%
Active semester for lease transactions in the offices
Occupancy rate logistics portfolio
-1%
Occupancy rate entire portfolio
+4%
Acquisition of 4 logistics sites
The fair value of the real estate portfolio as at 30 June 2018 amounted to € 727 million, an increase of 10% or € 64 million compared to the fair value as at 31 December 2017 (€ 663 million).
The private purchase agreement for zone B of the former Ford site in Genk was concluded in May 2018 between the Flemish Authorities and Genk Green Logistics, a cooperation of Intervest and Group Machiels. Here, Genk Green Logistics will work together with MG Real Estate and DEME Environmental Contractors to realise a state-ofthe-art logistics complex, which, after its complete development over several years, will comprise over 250.000 m².
Intervest strengthened in the first semester of 2018 the shareholders' equity by € 10 million as a result of the optional dividend where 57,5% opted for shares. The debt ratio of the company amounted to 48,4% as at 30 June 2018. The average interest rate for financing amounted to 2,5% in the first semester, which is a slight fall compared to the financial year of 2017 (2,6%).
The EPRA earnings as per 30 June 2018 increased by 10% compared to the first semester of previous year. In the second half of the year, the acquisitions of the first semester 2018 will also contribute to the results, pursuant to which the expected EPRA earnings per share will be between € 1,57 and € 1,62 for financial year 2018 (€ 1,58 for financial year 2017).
Fair value investment properties
Development potential 250.000 m2
Genk Green Logistics
Optional dividend
EPRA earnings
+10%
During the first half of 2018, as part of achieving its strategic growth plan, which is geared toward reorienting the office portfolio and expanding the logistics real estate portfolio within a radius of 150 km around Antwerp, Intervest continued the acquisition of four logistics sites in the Netherlands. By signing an agreement for a site and logistics development still to be realised of approximately 28.000 m² in Roosendaal, the acquisition of a high-quality built-to-suit distribution centre under construction in Vuren and the acquisition of two fully leased logistics sites in Eindhoven and Raamsdonksveer, Intervest is strengthening its position as logistics owner in the Southern Netherlands.
The expansion of the logistics real estate portfolio with the sites in Vuren, Eindhoven and Raamsdonksveer represents an investment of € 52 million. The three sites jointly have a leasable surface area of approximately 81.000 m² and, together, they generate a rental income flow of € 3,7 million on an annual basis. The acquisitions have an average gross initial return of 7,1%. The transactions were financed with borrowed capital.
After this transaction, the logistics real estate portfolio represents 57% of Intervest's total real estate portfolio. 19% of the logistics real estate portfolio is now located in the Netherlands.
In January 2018, Intervest concluded an agreement subject to the usual suspensive conditions for the acquisition of a site of 3,9 hectares on the industrial site Borchwerf I in Roosendaal, The Netherlands. In cooperation with a specialised developer, Intervest will build a state-of-the-art logistics complex on this site, consisting of over 24.100 m² of warehouse space, 3.200 m² of mezzanine and 600 m² of offices.
The current owner is now performing demolition works of the existing industrial buildings. Thereafter, the site will be transferred to Intervest clear for construction. The logistics complex will then be built and is expected to be delivered in the second half of 2019. Given the high demand for logistics in the region, the project will be completed with or without advance rental.
By getting on board the project at an early stage, the site could be acquired on favourable terms. The final purchase price will depend on the rental situation at the time the building is delivered. It is currently estimated that the building will generate approximately € 1,3 million in rental income on an annual basis and that the gross initial yield will vary between 7,25% and 6,0%, depending on the duration of the lease agreement.
No substantial investment amounts had yet been used to acquire the site for a development in Roosendaal as at 30 June 2018.
State-of-the-art logistics complex 28.000 m2
The distribution centre, which was acquired on 28 June 2018, is a built-to-suit new-build project of 13.760 m² for the pharmaceutical wholesaler The Medical Export Group (MEG). The distribution centre under construction is located in Vuren on an expansive industrial site, on the Rotterdam-Ruhr area axis. The site is easily accessible via the A15 Rotterdam-Nijmegen-Ruhr area and the A2 Amsterdam - Utrecht - Eindhoven, which provide a quick connection to the rest of the Netherlands.
The logistics site consists of various custom storage areas built for MEG and a 2-storey office section. The warehouses are climate-controlled and suitable for storing pharmaceutical products and temperature-sensitive goods.
The construction works are in a final phase and are expected to be delivered in September 2018. Intervest is providing an investment amount of € 12,6 million for the real estate.
The tenant MEG has signed a ten-year rental agreement that commences on delivery of the construction project in September 2018 and represents an annual rental income flow of € 0,8 million.
This transaction concerns the acquisition of 100% of the shares of the real estate company Vastgoed Vuren bv, which owns the land and the new-build project.
Built-to-suit new-build project The Medical Export Group (MEG)
13.760 m2
Investment amount € 12,6 million
At the end of June 2018 Intervest acquired two logistics sites in Southern Netherlands.
In Raamsdonksveer, a logistics site with a total leasable space of approximately 38.000 m², consisting of a warehouse and mezzanine and approximately 700 m² of offices has been acquired. This site borders the distribution centre already acquired by Intervest in 2017, in this way forming a strategic building cluster at this location.
The distribution centre has been leased by Dome Real Estate since 2015 and operated by Welzorg, the second largest provider of mobility aids in the Netherlands. Both companies constitute separate parts of the Louwman Group.
By acquiring this adjacent property, Intervest is consolidating its position in Raamsdonksveer, which forms part of the leading logistics region of West Brabant (Breda - Bergen-op-Zoom - Moerdijk - Roosendaal).
In Eindhoven the Silver Forum distribution centre has been acquired, which is located at the Eindhoven Airport site. The building includes a total leasable space of approximately 23.700 m² consisting of a warehouse and mezzanine, approximately 5.000 m² of separate offices and has approximately
200 parking spaces around the building. The building located in the Flight Forum business park has a striking shape with a silver-coloured curved finish to the façade.
The distribution centre has been fully leased to the high-tech company ASML since 2002. The head office of the listed company, ASML, is located in Veldhoven, just four kilometres away from the distribution centre. The company is the world leader in the manufacture of machines for the chip industry (semiconductors).The company has 60 branches in 16 different countries, employs over 19.000 people and has different facilities for both R&D and manufacturing in the Eindhoven - Veldhoven region.
By purchasing Silver Forum, with a strategic location close to Eindhoven Airport, Intervest acquires a multimodal logistics site a stone's throw away from Eindhoven's city centre.
The joint purchase price amounted to € 40,5 million (including registration fees and costs). For Intervest, this acquisition represents a gross initial yield of 7,2% and generates an immediate annual rental income of € 2,9 million. The average weighted duration of the lease agreements is 4,3 years. Both sites have an occupancy rate of 100%.
In May 2018 the Flemish Authorities and Genk Green Logistics took an important step in the planned redevelopment of zone B on the former Ford site in Genk into a prime, trimodal logistics location. Represented by Flemish minister for Work, Economy, Innovation and Sport, Philippe Muyters, and deputy minister-president Liesbeth Homans on the public end of the deal, a private purchase agreement has been concluded with Genk Green Logistics for the sale of approximately 42 hectares of land.
Genk Green Logistics, a cooperation of Intervest and Group Machiels will work together with MG Real Estate and DEME Environmental Contractors on this project to realise a state-of-the-art logistics complex, which, after its complete development over several years, will comprise over 250.000 m².
State-of-the-art logistics complex
The former Ford site consists of three separately issued zones: A, B and C. Under the direction of the Vlaamse Waterweg, a public domain with common functions will be built in zone A and water-related logistics activities will be developed in zone C, including a new container terminal with a capacity of more than 130.000 containers per year. Zone B is focused on logistics with added value, for which Genk Green Logistics will realise a uniquely flexible, large-scale, multimodal and sustainable project. The new logistics building complex to be developed by Genk Green Logistics will be a reference project for sustainability and spatial quality. Genk Green Logistics stands for a forward-looking development plan with a clear commercial focus on e-commerce.
To this end, Genk Green Logistics expects to be able to attract a wide range of users to the site. Retailers who are looking for solutions for their e-commerce activities and e-fulfilment service providers as well as classic 3PL organisations or even the smart manufacturing industry can after all be accommodated in the logistics complex.
The commercialisation of the new-build development in zone B has already been started. Although the Vlaamse Waterweg will still be carrying out demolition, remediation and infrastructure works in zone A in the first few years, new developments in large parts of zone B can already be started at the same time that the remediation works are going on. Genk Green Logistics expects the first building to be operational in 2020. The total realisation of the project is expected to take another five years. Depending on the precise outcome, the final investment value of the project will vary between € 120 million and € 150 million.
The authorities have opted for Genk Green Logistics due to the pooling of expertise in the investment, development and remediation of large-scale industrial sites. The partners in and of Genk Green Logistics, namely Intervest, Group Machiels, MG Real Estate and DEME Environmental Contractors, therefore also aim to develop the project in cooperation with all stakeholders into a total concept that will strengthen the wider region.
The execution of the authentic deed for the purchase of the land is planned for the third quarter of 2018. At that time, the site purchase price of € 3 million for the land will be paid. In the course of 2019 and 2020, Genk Green Logistics will pay its contribution to the demolition, remediation and infrastructure works in phases, based on the progress of the works, for a total amount of approximately € 12 million.
More detailed information in terms of project financing, the yields and other preconditions will be communicated systematically as the different development and construction phases of the project evolve .
Genk Green Logistics - the perimeter company to be set up with Intervest and Group Machiels as shareholders - will be structured as an institutional regulated real estate company (iRREC) for which recognition by the FSMA was obtained on 26 July 2018.
Intervest had a very active first semester in the area of leases in 2018. Good results were achieved particularly in the office portfolio.
During the past few months, Intervest concluded 13.100 m² of new lease agreements with new or current tenants in 10 transactions, which resulted in a rise from 76% to 82% in the office portfolio occupancy rate. This increases the total occupancy rate of Intervest's real estate portfolio by 4% to 90%.
The new tenants will be situated primarily at Greenhouse BXL and Greenhouse Mechelen (within Mechelen Campus). The many available facilities at both sites, including Greenhouse Flex, with co-working lounge and meeting facilities, played a major role in the decision of the tenants to seek accommodations within the Intervest portfolio.
Intervest is welcoming two new long-term tenants in Greenhouse BXL. Konica Minolta will occupy one and a half floors and Goodyear another two floors, together amounting to 5.182 m². Both tenants will contribute to the rental income as from 1 January 2019. That means 42% of the available space for Greenhouse BXL is spoken for. The opening of this renewed site has been scheduled for the third quarter of 2018. Discussions with possible future tenants are currently in full swing for further lease of this renewed office environment.
A new tenant at Mechelen Campus, Janssens Group, signed a lease agreement for 2.598 m2. The current tenant, Galapagos, has concluded an agreement to expand its occupancy by two additional floors, gaining 1.732 m². This means the Mechelen Campus tower is now fully occupied. Moreover, Cochlear wants an additional 996 m² space at the Mechelen Campus site and is extending the lease agreement for its current 3.230 m² of space until halfway through 2028.
Furthermore, Galapagos also signed a lease agreement for a minimum additional 866 m² of space at Mechelen Intercity Business Park and PricewaterhouseCoopers signed for an extension of 1.295 m² on the seventh floor in Woluwe Garden.
Besides these new rental transactions, another four agreements, which jointly amount to a total of over 7.200 m², were extended for a period of over 3 years.
Consequently, a total of 14 new agreements or extensions were concluded for a total surface area of approximately 20.300 m² in the office portfolio during the past semester. Together, these transactions represent roughly 11% of the annual rental income. Six rental transactions were concluded or negotiated with new or existing tenants for a total surface area of 2.300 m² over the same period in 2017.
In the first semester of 2018, 10 flexible agreements for co-working spaces or serviced offices were concluded or extended in one of the Greenhouse hubs in addition to these longterm agreements.
In the logistics portfolio, it continues to be a challenge, particularly in Belgium, to improve tenant retention and maintain the occupancy rate in view of the current logistics market tendencies. In the first semester of 2018, a total of four long-term transactions in the logistics portfolio were realised with new or existing tenants, which jointly represent a surface area of 23.100 m². Two rental agreements with a joint surface area of 14.300m² were concluded with new tenants. DHL Global Forward took 6.500 m² in Mechelen and Scania occupies 7.900 m² in Opglabbeek. Two contracts were signed with existing tenants, an extension of 7.000 m² with Thyssen Krupp Plastics in Mechelen and an extension for Rogue in Schelle, which will use an additional 1.700 m².
In addition to these long-term transactions, in Puurs and Boom two agreements totalling a surface area of 32.600 m² and having a final expiry date in 2018 were also extended for the short term.
To summarise, 18 long-term rental transactions for approximately 43.500 m² have been concluded with new or existing tenants in the total real estate portfolio during the past semester, which is 7% of the total annual rents. There were 9 transactions representing 4% of the contractual rental income in the first semester of 2017.
The EPRA earnings amounted to € 14,3 million in the first semester of 2018, compared to € 13,1 million in the first semester of 2017. The 10% increase of the EPRA earnings compared to the first semester of 2017 is mainly the result of € 1,9 million of higher rental income generated by the acquisition of five logistics sites during the course of 2017. This rise is partially compensated by the increase in the financing costs, general costs and property charges, which is likewise the result of the growth of the real estate portfolio.
The EPRA earnings per share remained stable at € 0,77 for the first semester of 2018.
| INVESTMENT PROPERTIES | 30.06.2018 | 31.12.2017 | 30.06.2017 |
|---|---|---|---|
| Fair value of investment properties (€ 000) | 726.655 | 662.539 | 632.382 |
| Occupancy rate entire portfolio (%) | 90% | 86% | 85% |
| • Occupancy rate office portfolio (%) |
82% | 76% | 75% |
| • Occupancy rate logistics portfolio (%) |
97% | 98% | 97% |
| Occupancy rate entire portfolio, excluding redevelopment project Greenhouse BXL (%) |
93% | 91% | 90% |
| • Occupancy rate office, excluding redevelopment project Greenhouse BXL (%) |
87% | 85% | 83% |
| Total leasable space (m²) | 877.279 | 794.896 | 742.999 |
| Yield on fair value (%) | 7,4% | 7,3% | 7,1% |
| Yield on fair value if fully let (%) | 8,2% | 8,4% | 8,3% |
The fair value of the real estate portfolio as at 30 June 2018 amounted to € 727 million (€ 663 million as at 31 December 2017). The increase by € 64 million in the first semester of 2018 is mainly due to :
The total occupancy rate of the portfolio experienced a rising evolution during the first semester of 2018. Thanks to the rentals in the office portfolio, the occupancy rate of the total portfolio increased by 4% during the first semester and amounted to 90% as at 30 June 2018. The total occupancy rate of the portfolio without taking into account the Greenhouse BXL redevelopment project, which will be delivered in the third quarter, is 93%.
The occupancy rate of the office portfolio amounted to 82% as at 30 June 2018, which means that there was an increase of 6% compared to 31 December 2017. The occupancy rate of the office portfolio without taking into account the Greenhouse BXL redevelopment project amounted to 87%.
The occupancy rate for the logistics portfolio slightly decreased by 1% as compared to 31 December 2017, to 97% as at 30 June 2018, due to the vacancy in Puurs, which had already been announced earlier.
Intervest's investment strategy respects the criteria of risk diversification in the real estate portfolio based on building type as well as geographic spread.
As at 30 June 2018, the real estate portfolio of Intervest consisted of 43% offices and 57% logistics properties. The acquisition of the logistics sites in Vuren, Raamsdonksveer and Eindhoven (Netherlands) led to a change in the composition compared to 31 December 2017. The share of logistics properties in the entire real estate portfolio increased by 3% compared to 31 December 2017.
The strategic focus for the office portfolio is on the Antwerp - Mechelen - Brussels axis, which is still the most significant and most liquid office region of Belgium. The entire office portfolio of Intervest is located in this region as at 30 June 2018.
Some 81% of the logistics portfolio is located in Belgium, on the Antwerp - Brussels - Nivelles (E19 and A12) and Antwerp - Limburg - Liège (E313) axes, which are the most significant logistics axes in Belgium. 19% of the logistic portfolio is located in the Netherlands and is located in the logistics corridors in the south of the Netherlands. As at 31 December 2017 the logistics share of the portfolio in the Netherlands amounted to 7%.
Intervest's rental income as at 30 June 2018 is spread across 203 different tenants, limiting Intervest's debtor's risk and improving the stability of the income. The ten most important tenants represent 36% of the rental income and are all prominent companies in their sector and part of international groups.
As at 16 February 2018, Intervest learned via the press of the intention of Medtronic of closing its logistics site in Opglabbeek. The annual rent for Medtronic represents 4% of Intervest's total contractual rental income. The first possibility to give notice for the contract is 31 August 2022. In the meantime, the first discussions have been conducted with Medtronic to further examine the options regarding any re-rental and termination of the agreement in 2022.
1 Percentages calculated on the basis of fair value of the investment properties as at 30 June 2018.
2 Percentages based on contractual annual leases..
The final expiry dates are well spread out over the coming years. Based on annual rental income, 7% of the agreements have a final expiry date in the second half of 2018 (11% as at 31 December 2017). 2% of these agreements falls under the office portfolio and 5% under logistics real estate. The most important of these are Fiege in Puurs (1%) and Ceva Logistics Belgium in Boom (1%). For agreements expiring in the second semester, negotiations for extension or other outcome are pending.
7% of the agreements will reach the final expiry date in 2019. Of the total number of agreements, 80% have a final expiry date after 2020.
As most agreements are of the type 3/6/9, tenants have the possibility to end their lease agreements every three years. The graph gives the first expiry dates of all lease agreements (this can be the final expiry date or an interim expiry date). Because Intervest has several long-term agreements, the average first interim expiry date is after a period of more than 3 years. Within the framework of concluding new lease agreements to extend existing lease agreements, efforts are being made to also conclude agreements for a longer period (6/9 type or 9 years without a termination option).
The graph shows the hypothetical scenario as at 30 June 2018 in which every tenant terminates its lease contract on the next interim expiry date. This is a worst-case scenario. On average, the tenants who vacated in 2017 only gave notice after a lease period of 14 years.
Based on the annual rental income, 7% of the agreements will reach the next expiry date in the second half of 2018. Almost all of these (99%) concern agreements that will reach the final expiry date as outlined above.
Discussions with almost all tenants for extension or use of the space nearing expiry date are ongoing for the agreements that will reach their next expiry date in 2019 (13%).
1 The flexible contracts for co-working spaces and serviced offices were not taken into account in the calculations. They currently amount to less than 1% of the total contractual annual rental income.
For offices, the average rental period (calculated as from 1 July 2018) until the next expiry date increased to 3,6 years compared to 31 December 2017 (3,1 years). For the rental transactions of the past months, mainly transactions having a surface area of over 2.000 m², the majority of the contracts concluded were long-term, instead of the standard 3/6/9.
For larger office tenants (those above 2.000 m2), which comprise 74% of the remaining rental income flow and which therefore have a great impact on Intervest's results, the next expiry date (as at 1 July 2018) is after 4,3 years (3,4 years as at 31 December 2017).
As at 30 June 2018, the average remaining duration of lease agreements in the office portfolio was 3,6 years (3,1 years as at 31 December 2017). For surface areas above 2.000 m2, it was 4,3 years (3,4 years as at 31 December 2017).
For the logistics properties the average lease duration until the next expiry date was 4,5 years as at 30 June 2018. Despite the approach of the final or the next expiry date of the lease agreements, this therefore increased compared to 4,4 years as at 31 December 2017, mainly due to the acquisition of three logistics sites in Vuren, Raamsdonksveer and Eindhoven (Netherlands), which have been leased for long terms.
For the logistics portfolio, the average remaining duration of the lease agreements is 4,5 years as at 30 June 2018
.
from the board of directors for the period 01.01.2018 to 30.06.2018
Valuation of the portfolio by property experts as at 30 June 2018.
| Property expert | Fair value (€ 000) | Investment value (€ 000) |
|---|---|---|
| Cushman & Wakefield (B) | 309.972 | 317.721 |
| CBRE Valuation Services (B) | 335.841 | 344.237 |
| CBRE Valuation Advisory (NL) | 80.461 | 86.094 |
| TOTAL | 726.274 | 748.052 |
The total value of the real estate portfolio in full ownership, valued by the property experts, amounts to € 726 million. Taking into account the user right for the long-lease rights to one of the buildings in Oevel, which, in application of IFRS 16 will from now on be included in the balance sheet, the fair value of the investment properties is € 727 million.
The market reports drawn up by specialised market research offices1 outline the situation in the first semester of 2018 on the real estate markets of which Intervest is a part as follows.
The improved labour market leads to more dynamics on the rental market. In the meantime, many companies are expanding their rented surface area, are on the look-out for new offices or are examining how they can make their office space and working environment generally more attractive to meet the expectations of the tight labour market.
In the meantime, more service-oriented and flexible accommodation concepts are no longer only aimed at start-ups but are also a favourite with the established companies and are an important catalyst in selecting a building, especially because pleasant inspiring work environments are important in a competitive labour market.
With regard to the market of co-working and offices with additional service provision, there are operators who are mostly not owners of the offices, on the one hand, and who lease the space for a longer term to offer these to their customers for flexible terms and with additional service provision (such as furnishings, WiFi, reception, etc.) and, on the other hand, the supply of co-working lounges and additional services is now also increasingly becoming part of the supply of the real estate investors. However, with office investors this often remains relatively limited to part of the activities.
1 C&W Office Market Snaphot Q1 and Q2 2018, Expertisenews - nr. 560 – 13.07.2018, JLL Logistics Property Quarterly Market Update June 2018, CBRE Marketview Belgium Logistics Q2, 2018.
Despite the fact that there is an important latent demand for office space and that there is an improved market situation, these dynamics are still not translated into the global take-up figures, which is particularly the case in Brussels. With regard to the take-up figures for Brussels, the large transactions of over 5.000 m² are decisive. These large rental transactions often take place in development projects and take up more time to be put into practice. During the past few months there have been a number of important files that illustrate the dynamics of the market.
However, the market stayed under the average of the last five years regarding both the number of transactions and the surface area leased. The country-wide take-up is 12% lower and the number of transactions is 7% lower.
In the Brussels rental market it is striking that approximately 20% of the take-up was by operators of business centres, office with services and co-working.
However, rental prices and availability on all the important markets are developing positively for high-quality offices that meet market expectations. Aspects such as experience and sustainability are key in this regard. The availability rate for the overall Brussels market amounts to 8,2% and is the lowest since 2007. The availability rate on the Brussels periphery, where Intervest is active,
amounts to approximately 14%. An important subtlety in this regard, however, is that in the vicinity of the airport the choice of attractive buildings that meet corporate expectations is limited. This market situation is favourable for projects such as Greenhouse BXL, as the recent rentals also prove.
In the meantime, for new buildings the top rentals in CBD Brussels lie at € 315/m²/year but top rentals in Antwerp and Ghent are also listed at € 155/m²/year.
The good performance of the market in Mechelen is also striking, where the take-up is 15.917 m², which, to a substantial extent, is the consequence of extensions of existing growth companies such as Galapagos. This market also makes a living from co-working. Operators of co-working centres target Mechelen especially because of its strategic location between Antwerp and Brussels. Intervest benefits from these good take-up figures in view of its important market position in this region.
In Antwerp 40.719 m² were taken up in 80 transactions. In view of the large number of transactions, it can also be stated that the market is doing well. The take-up figures are more or less on par with other years.
€ 1.039 million worth of offices were traded in the Brussels office market. Both local and foreign-national investors have a lively interest in investments in the office market. Top yields are around 4,4% and even reach 3,6% for long-term leased buildings. Yields exceeding 7% can still be achieved for buildings leased to several tenants located on the Brussels periphery and other office cities. Interest in investments in offices has also increased in these locations.
In the long term, the demand for logistics platforms continues to grow and increasingly targets advanced complexes. Consolidation and e-commerce are important factors motivating market activity. The market is also more focused on multi-modal sites and is increasingly targeted on new buildings.
The performance for the logistics rental market is completely different in the various regional market segments in which Intervest operates. There was an extremely poor logistics take-up on the Belgian home market, only 89.000 m² or the second-lowest since 2010, whereas a record take-up of 1,4 million m² was achieved in the Netherlands in the first half of 2018. This large difference is due to the fact that the Netherlands is currently more successful in attracting large new European operations. However, Belgium has a multi-modal network which is at least as strong as the one in the Netherlands and with regard to absolute distance, Belgium lies closer to the European areas having the highest purchasing power (Ruhr area, Bavaria and Paris).
A comparable contrast is also to be found in the size of the transactions. Whereas this is still increasing in the Netherlands, it is becoming increasingly smaller in Belgium. However, due to the scarcity of land positions and suitable personnel in the Netherlands it is expected that Belgium will attract more large logistics operations during the coming years. A large-scale development such as Genk Green Logistics will tap into this.
Luckily, the availability rate in the rental market in both Belgium and the Netherlands is relatively lower due to the limited speculative development for new logistics properties. However, more area than usual will become temporarily available on the Antwerp - Brussels axis.
The availability of up-to-date logistics real estate is limited. A substantial part of the rental market targets build-to-suit solutions for relatively large areas. Finding available logistics real estate sites near the major cities (Brussels and Antwerp) is rather limited.
Generally speaking, the rents are stable. A certain pressure is noticeable on the rents when it comes to sites that are not so good or on slightly less-recent buildings. As a matter of fact, candidate tenants compare the rental rates of existing buildings with new-build projects, which are put on the market at competitive prices.
Yields on the investment market are under pressure. Due to the demand of qualitative logistics investments and the low interest rate, high prices are paid also in this segment. This is an international fact, whereby remarkably large volumes are realized. Yields for the best products reach about 6%. In the Netherlands large-scale objects leased for long terms are meanwhile negotiated at yields between 4,5% and 5%.
Intervest's rental income in the first semester of 2018 amounted to € 22,9 million (€ 21,0 million) and increased by € 1,9 million or a rise of 9% in respect of the first semester of 2017.
The rental income in the office segment increased slightly by € 0,1 million. The loss of rental income following the departure of tenant Deloitte in Diegem on 31 January 2017 and the pursuant redevelopment of the site into Greenhouse BXL has been compensated by the new rentals of vacant spaces in places such as Mechelen Campus Tower and Woluwe Garden.
The rental income in the logistics portfolio increased by € 1,9 million. This is an increase of 17% compared to the first semester of 2017. The increase is mainly the result of the investments in the logistics segment during the course of 2017, in particular, Oevel, Aarschot, Zellik, Tilburg and Raamsdonksveer and the expansions in Herentals and Herstal, which were achieved in 2017.
The property charges amounted to € 3,6 million for the first semester of 2018 (€ 3,3 million). The rise of € 0,3 million was caused primarily by the € 0,2 million increase in property management costs of the real estate due to the expansion of the acquisition team and the reinforcing of the team for logistics real estate.
As at 30 June 2018, the general costs and other operating income and costs amounted to € 1,7 million (€ 1,6 million). The slight increase is primarily attributable to higher personnel, accommodation and office costs, as a result of an expanded staff and higher advisory costs within the scope of the company's growth.
The increase in rental income and the increase in general costs and property charges meant that the operating result before result on portfolio increased by € 1,6 million or 9% to € 18,2 million (€ 16,6 million) in the first semester of 2018.
The changes in fair value of investment properties amounted to € 8,9 million (€ -5,4 million) in the first semester of 2018. The increase in the changes in fair value is attributable mainly to the logistics portfolio where the improvement of the yields in the Netherlands and the added value on the new acquisitions result in a positive joint effect of € 4,4 million on the Dutch portfolio. The logistics portfolio in Belgium reflects an added value of € 1,1 million as at 30 June 2018. The changes in fair value of the office portfolio amounted to € 3,4 million as at 30 June 2018 and mainly relate to Mechelen Campus and Woluwe Garden, a consequence of the leases of the past semester.
As at 30 June 2018, the other result on portfolio amounted to € -1,5 million (€ 0,3 million) and primarily comprised the provision for deferred taxes on non-realised added values on the investment properties belonging to the perimeter companies of Intervest in the Netherlands and Belgium.
1 The figures between brackets are the comparable figures of the first semester of 2017.
The financial result (excl. changes in fair value) for the first semester of 2018 amounted to € -3,8 million (€ -3,5 million). The increase of the financing costs is the result of the growth of the real estate portfolio. The re-financing performed in 2017 to optimise the financing structure results in a partial compensation for the additional costs. The average interest rate of the financing of the company during the first semester of 2018 was 2,5% including bank margins (2,6% as at 30 June 2017).
2,5%0,1% Further decrease in average interest rate of the financing from 2,6% in 2017 to 2,5% in the first semester of 2018.
The changes in fair value of financial assets and liabilities (ineffective hedges) include the increase in the negative market value of the interest rate swaps which, in line with IAS 39, cannot be classified as cash flow hedging instruments, in the amount of € -0,4 million (€ 0,7 million).
The net result of Intervest for the first semester of 2018 amounted to € 21,3 million (€ 8,7 million) and can be divided into:
The EPRA earnings amounted to € 14,3 million for the first semester of 2018. Taking into account 18.510.303 weighted average number of shares this means EPRA earnings per share of € 0,77 (€ 0,77) for the first semester of 2018.
| KEY FIGURES | 30.06.2018 | 31.12.2017 | 30.06.2017 |
|---|---|---|---|
| Number of shares at the end of the period | 18.891.443 | 18.405.624 | 17.740.407 |
| Dividend-entitled number of shares | 18.891.443 | 17.740.407 | 17.740.407 |
| Weighted average number of shares | 18.510.303 | 17.409.850 | 17.040.738 |
| Net result* (6 months/1 year/6 months) (€) | 1,15 | 1,22 | 0,51 |
| EPRA result* (6 months/1 year/6 months) (€) | 0,77 | 1,58 | 0,77 |
| Net value (fair value) (€) | 19,36 | 19,52 | 18,78 |
| Net value (investment value) (€) | 20,30 | 20,35 | 19,64 |
| Debt ratio (max. 65%) (%) | 48,4% | 44,6% | 46,5% |
* Based on the weighted average number of shares
As at 30 June 2018, the net value (fair value) of a share was € 19,36 (€ 19,52 on 31 December 2017). As the stock exchange quotation of an Intervest share (INTO) was € 21,65 as at 30 June 2018, the share was listed at a premium of 12% on the closing date compared with the net value (fair value).
The shareholders' equity of the company during the first semester of 2018 strengthened by € 10 million as a result of the optional dividend with 57,5% of the shareholders opting for shares for the contribution of the right to dividend in exchange for new shares instead of cash dividend payment. 485.819 new shares were created, as a result of which the total number of Intervest shares amounts to 18.891.443 as at 30 June 2018 (18.405.624 shares as at 31 December 2017). The new shares participated in the result of the company as from 1 January 2018.
The non-current liabilities amounted to € 275 million (€ 256 million as at 31 December 2017) and primarily contained non-current financial debts. These comprised mainly € 235 million in long-term bank financing of which the expiry date is situated after 30 June 2019 and the bond loans issued in March 2014 with a net revenue of € 35 million. On the other hand, the non-current liabilities also comprised the other non-current financial liabilities, representing the negative market value of € 2 million of the cash flow hedges concluded by the company to hedge the variable interest rate on the non-current financial debts. As per 30 June 2018 a provision of € 2 million was set up for deferred taxes.
The current liabilities amounted to € 113 million (€ 64 million as at 31 December 2017) and consist of € 53 million in current financial debts (bank loans and a bond loan with an expiry date before 30 June 2019), of € 3 million in trade debts and other current debts, and of € 19 million in accrued charges and deferred income. As per 30 June 2018, the current liability of € 37 million as a result of the purchase obligation for the properties in Raamsdonksveer and Eindhoven, was fulfilled as at 6 July 2018.
| EPRA - KEY FIGURES | 30.06.2018 | 31.12.2017 | 30.06.2017 |
|---|---|---|---|
| EPRA earnings per share (€) based on the weighted average number of shares |
0,77 | 1,58 | 0,77 |
| EPRA NAV per share (€) | 19,48 | 19,62 | 18,90 |
| EPRA NNNAV per share (€) | 19,16 | 19,28 | 18,50 |
| EPRA Net Initial Yield (NIY) (%) | 6,0% | 6,0% | 6,0% |
| EPRA Topped-up NIY (%) | 6,2% | 6,2% | 6,1% |
| EPRA vacancy rate (%) | 10,2% | 13,8% | 14,7% |
| EPRA cost ratio (including direct vacancy costs) (%) | 22,9% | 20,6% | 23,2% |
| EPRA cost ratio (excluding direct vacancy costs) (%) | 21,0% | 19,1% | 21,6% |
The EPRA NIY and the EPRA topped-up NIY remained stable as at 30 June 2018 as compared to 31 December 2017.
The EPRA cost ratio as at 30 June 2018 was even higher than as at 31 December 2017, in view of the fact that, as a result of the application of IFRIC 21, the costs for the annual property tax on buildings and the annual stock exchange tax must be entered in the result in full in the first quarter of the financial year.
The EPRA cost ratio as at 30 June 2018 decreased as compared to 30 June 2017, as a result of the increase in rental income pursuant to the acquisitions, which was partly compensated by higher general costs and property charges.
The financial policy of Intervest is aimed at optimally financing the company's growth strategy. For this purpose, there is an attempt to achieve an equilibrium in the debt-shareholders' equity ratio, where the intention is to keep the debt ratio between 45% and 50%. Intervest ensures that there are enough resources available to finance current projects and to be able to follow up growth opportunities. Sound diversification of various financing sources is pursued, as is an adequate spread of the expiry dates of the financing agreements. Intervest continues to pay attention to actively managing the financial risks, including risk of interest, of liquidity and of financing.
The most important characteristics of the financial structure as at 30 June 2018.
14% of the credit lines are short-term financing, 2% of which consists of financing having open-ended duration periods (€ 7 million) and 5% of which consists of two credit loans (for a total amount of € 20 million) falling due within one year and 7% (€ 25 million) of which consists of a bond loan falling due as at 1 April 2019.
84% of the credits are bilateral credits, 16% are bond loans.
Spread of the expiry dates of credit facilities between 2018 and 2025.
Spread of credit facilities over 7 European financial institutions and bond holders.
Debt ratio of 48,4% as at 30 June 2018 (44,6% as at 31 December 2017).
The debt ratio of the company was 48,4% as at 30 June 2018, an increase of 3,8% compared with 31 December 2017 (44,6%). This is primarily the result of the acquisitions of the first semester of 2018, which were financed by borrowed capital.
As at 30 June 2018 the company had € 55 million non-drawn down credit lines. To guarantee the company's further growth, issues of debt instruments and share issues for financing purposes will be examined and, where possible, will always be geared towards the real estate investments pipeline.
In July 2018, to further diversify its financing sources, Intervest issued a commercial paper having a duration of 3 months (maximum duration 1 year) for an amount of € 30 million (maximum € 70 million). The issue is fully hedged by back-up lines of the assisting banks (Belfius Bank and KBC Bank) and unused credit lines serving as guarantee for re-financing if it appears that the placement or extension of the commercial paper is only partially possible or not possible at all. Such issue has not yet been included in the above financial structure description.
Intervest has been listed on the Euronext Brussels as public regulated real estate company since 1999.
The share of Intervest (INTO) closed the first half of 2018 as at 30 June 2018 at a price of € 21,65, compared to € 22,49 as at 31 December 2017. The share price of the public RREC decreased by € 0,84 in the first semester of 2018. A gross dividend of € 1,40 was paid to the shareholders on 23 May 2018. Taking into account the reinvestment of this dividend, the Intervest share offers a return on share price of 2% for the first semester of 2018. The share quotes with a premium of 12% as at 30 June 2018.
| KEY FIGURES | 30.06.2018 | 31.12.2017 | 30.06.2017 |
|---|---|---|---|
| Number of shares at the end of the period | 18.891.443 | 18.405.624 | 17.740.407 |
| Dividend-entitled number of shares | 18.891.443 | 17.740.407 | 17.740.407 |
| Weighted average number of shares | 18.510.303 | 17.409.850 | 17.040.738 |
| Free float (%) | 84% | 83% | 83% |
| Net value per share (fair value) (€) | 19,36 | 19,52 | 18,78 |
| Share price on closing date (€) | 21,65 | 22,49 | 22,40 |
| Premium to net value (fair value) (%) | 12% | 15% | 19% |
| Market capitalisation (million €) | 409 | 414 | 397 |
| Number of shares traded (6 months/ 1 year/ 6 months) | 1.410.947 | 2.898.600 | 1.570.040 |
| Average number of shares traded per day | 11.198 | 11.323 | 12.363 |
| Share turnover velocity* (%) | 14,9% | 15,7% | 17,7% |
* The turnover rate of an Intervest share is calculated as the ratio of the number of shares traded per year to the total number of shares at the end of the period.
The broad shareholder base, supported by multiple institutional shareholders, ensures access to capital markets and debt financing and increases the liquidity of the share. This has enabled the company to further develop its growth plans for the next years and to restructure the office portfolio, combined with expanding the share of logistics real estate.
As at 30 June 2018, the following shareholders were known to the company.
| Name | Number of shares |
Date transparancy notifications |
% |
|---|---|---|---|
| FPIM/SFPI (including Belfius Group) | 1.788.821 | 24/Aug/16 | 9,47% |
| Allianz | 1.258.474 | 19/Feb/16 | 6,66% |
| Foyer Finance S.A. | 678.235 | 22/Aug/17 | 3,59% |
| De Eik nv | 665.217 | 22/Dec/17 | 3,52% |
| Patronale Life | 623.584 | 11/May/17 | 3,30% |
| Other shareholders under the statutory threshold | 13.877.112 | 73,46% | |
| TOTAL | 18.891.443 | 100% |
In 2018, the Intervest board of directors, as always, paid much attention to the risk factors to which Intervest is subject: market risks, operational, financial and regulatory risks. The Intervest board of directors confirms the validity of the risks with which the company can be confronted, the possible impact thereof and the strategy that is conducted to restrict any impact, as these are stated in the annual financial report 2017, which can be consulted through www.intervest.be.
Also in the second half of 2018 Intervest will continue to work on its strategic growth plan regarding the reorientation of its office portfolio and expansion of the logistics real estate portfolio. The intention in doing so is to have the real estate portfolio, which was € 727 million as at 30 June 2018, grow to € 800 million by the end of 2018. Intervest is negotiating more acquisitions for the second half of the year 2018, with prospects for 2019, which makes for great confidence that the expected target will be achieved.
For Genk Green Logistics the execution of the original deed for the purchase of the site has been scheduled in the third quarter of 2018. At that moment, the site purchase price of € 3 million for the land will be paid. A start has already been made to market the new construction development on the Ford site. In the course of 2019 and 2020, Genk Green Logistics will pay its contribution to the demolition, remediation and infrastructure works in phases, based on the progress of the works, for a total amount of approximately € 12 million.
In the office portfolio, the redevelopment of Greenhouse BXL in Diegem will be completed during the second half of the year 2018. The building works are expected to be finished in September and the first tenants will then occupy it. The further commercialisation of the remaining surface area is in full swing and the opening of the co-working lounge is scheduled for the end of September.
The successful leasing of Greenhouse BXL shows that Intervest taps in excellently to the expectations of the rental market. Considering the dynamics prevailing on the rental office market, Intervest is positive regarding the further development of the leasing activity in the office segment.
The occupancy rate of the Intervest real estate portfolio was 90% as at 30 June 2018. Occupancy rate without taking into account the Greenhouse BXL redevelopment project is 93%. Increasing tenant retention by extending lease duration continues to be the key challenge in the area of asset management.
The evolution in the occupancy rate in the logistics segment will significantly depend on the re-renting of the sites in Puurs and Boom. As at 16 February 2018, Intervest learned via the press of the intention of its tenant Medtronic of closing its logistics site in Opglabbeek. The annual rent for Medtronic represents approximately 4% of Intervest's total contractual rental income. The first possibility to give notice for the contract is 31 August 2022. In the meantime, the first discussions have been conducted with Medtronic to further examine the options regarding any re-rental and termination of the agreement in 2022.
Based on the half-yearly results and forecasts as at 30 June 2018, Intervest expects the EPRA earnings per share for financial year 2018 to be between € 1,57 and € 1,62 per share (€ 1,58 for financial year 2017), on condition that there are no unforeseen fluctuations in the interest rate.
Within the scope of its announced growth strategy, Intervest already decided in March 2016 to plan a gross dividend of a minimum of € 1,40 per share for financial years 2016, 2017 and 2018. This represents a gross dividend yield of approximately 6,5%, based on the closing share price as at 30 June 2018 (€ 21,65).
| in thousands € | 30.06.2018 | 30.06.2017 |
|---|---|---|
| Rental income | 22.945 | 20.999 |
| Rental-related expenses | -44 | 43 |
| NET RENTAL INCOME | 22.901 | 21.042 |
| Recovery of property charges | 259 | 561 |
| Recovery of rental charges and taxes normally payable by tenants on let properties |
7.530 | 6.596 |
| Costs payable by tenants and borne by the landlord for rental damage and refurbishment |
-105 | -100 |
| Rental charges and taxes normally payable by tenants on let properties | -7.530 | -6.596 |
| Other rental-related income and expenses | 370 | 59 |
| PROPERTY RESULT | 23.425 | 21.562 |
| Technical costs | -561 | -794 |
| Commercial costs | -149 | -113 |
| Charges and taxes on unlet properties | -435 | -321 |
| Property management costs | -2.043 | -1.841 |
| Other property costs | -378 | -262 |
| Property charges | -3.566 | -3.331 |
| OPERATING PROPERTY RESULT | 19.859 | 18.231 |
| General costs | -1.642 | -1.585 |
| Other operating income and costs | -9 | -2 |
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO | 18.208 | 16.644 |
| Changes in fair value of investment properties | 8.866 | -5.417 |
| Other result on portfolio | -1.518 | 260 |
| OPERATING RESULT | 25.556 | 11.487 |
| Financial income | 9 | 130 |
| Net interest charges | -3.811 | -3.665 |
| Other financial charges | -5 | -2 |
| Changes in fair value of financial assets and liabilities (ineffective hedges) | -381 | 744 |
| Financial result | -4.188 | -2.793 |
| RESULT BEFORE TAXES | 21.368 | 8.694 |
| Taxes | -70 | -20 |
| NET RESULT | 21.298 | 8.674 |
| in thousands € | 30.06.2018 | 30.06.2017 |
|---|---|---|
| NET RESULT | 21.298 | 8.674 |
| Note: | ||
| EPRA earnings | 14.331 | 13.087 |
| Result on portfolio | 7.348 | -5.157 |
| Changes in fair value of financial assets and liabilities (ineffective hedges) |
-381 | 744 |
| Attributable to: | ||
| Shareholders of the parent company | 21.298 | 8.674 |
| Minority interests | 0 | 0 |
| RESULT PER SHARE | 30.06.2018 | 30.06.2017 |
|---|---|---|
| Number of dividend-entitled shares | 18.891.443 | 17.740.407 |
| Weighted average number of shares | 18.510.303 | 17.040.738 |
| Net result (€) | 1,15 | 0,51 |
| Diluted net result (€) | 1,15 | 0,51 |
| EPRA earnings (€) | 0,77 | 0,77 |
| in thousands € | 30.06.2018 | 30.06.2017 |
|---|---|---|
| NET RESULT | 21.298 | 8.674 |
| Other components of comprehensive income (recyclable through income statement) |
0 | 0 |
| COMPREHENSIVE INCOME | 21.298 | 8.674 |
| Attributable to: | ||
| Shareholders of the parent company | 21.298 | 8.674 |
| Minority interests | 0 | 0 |
| ASSETS in thousands € | 30.06.2018 | 31.12.2017 |
|---|---|---|
| NON-CURRENT ASSETS | 727.862 | 663.846 |
| Intangible assets | 521 | 501 |
| Investment properties | 726.655 | 662.539 |
| Other tangible assets | 497 | 611 |
| Non-current financial assets | 176 | 182 |
| Trade receivables and other non-current assets | 13 | 13 |
| CURRENT ASSETS | 25.440 | 15.572 |
| Trade receivables | 11.697 | 9.609 |
| Tax receivables and other current assets | 4.609 | 3.471 |
| Cash and cash equivalents | 1.528 | 728 |
| Deferred charges and accrued income | 7.606 | 1.764 |
| TOTAL ASSETS | 753.302 | 679.418 |
| SHAREHOLDERS' EQUITY AND LIABILITIES in thousands € | 30.06.2018 | 31.12.2017 |
| SHAREHOLDERS' EQUITY | 365.826 | 359.366 |
| Shareholders' equity attributable to shareholders of the parent company |
365.826 | 359.366 |
| Share capital | 172.147 | 167.720 |
| Share premium | 117.213 | 111.642 |
| Reserves | 55.168 | 58.818 |
| Net result of the financial year | 21.298 | 21.186 |
| Minority interests | 0 | 0 |
| LIABILITIES | 387.476 | 320.052 |
| Non-current liabilities | 274.898 | 255.584 |
| Non-current financial debts | 269.587 | 252.371 |
| Credit institutions | 234.823 | 192.675 |
| Bond loan | 34.764 | 59.696 |
| Other non-current financial liabilities | 2.037 | 2.020 |
| Trade debts and other non-current debts | 1.449 | 1.001 |
| Deferred tax liabilities | 1.825 | 192 |
| Current liabilities | 112.578 | 64.468 |
| Current financial debts | 53.107 | 46.805 |
| Credit institutions | 28.107 | 46.805 |
| Bond loan | 25.000 | 0 |
| Other current financial liabilities | 362 | 3 |
| Trade debts and other current debts | 3.255 | 2.290 |
| Other current liabilities | 36.850 | 217 |
| Accrued charges and deferred income | 19.004 | 15.153 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 753.302 | 679.418 |
| in thousands € | 30.06.2018 | 30.06.2017 |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR | 728 | 412 |
| 1. Cash flow from operating activities |
10.777 | 14.008 |
| Operating result | 25.556 | 11.487 |
| Interest paid | -5.034 | -5.212 |
| Other non-operating elements | -66 | 110 |
| Adjustment of result for non-cash flow transactions | -7.110 | 5.588 |
| • Depreciations on intangible and other tangible assets |
194 | 171 |
| • Changes in fair value of investment properties |
-8.866 | 5.417 |
| • Spread of rental discounts and rental benefits granted to tenants |
44 | 260 |
| • Other result on portfolio |
1.518 | -260 |
| Change in working capital requirements | -2.569 | 2.035 |
| Movement of assets | -3.922 | 1.393 |
| Movement of liabilities | 1.353 | 642 |
| 2. Cash flow from investment activities |
-18.658 | -12.576 |
| Investments in existing investment properties | -2.885 | -2.594 |
| Acquisition of investment properties* | -3.772 | -9.683 |
| Purchases of shares of real estate companies | -11.901 | 0 |
| Acquisitions of intangible and other tangible assets | -100 | -299 |
| 3. Cash flow from financing activities |
8.681 | -51 |
| Repayment of loans | -3.999 | -267 |
| Draw-down of loans | 27.450 | 14.675 |
| Receipts non-current liabilities as guarantee | 68 | -34 |
| Dividend paid | -14.838 | -14.425 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE SEMESTER | 1.528 | 1.793 |
* The balance for the purchase price of Eindhoven and Raamsdonksveer for an amount of € 34 million was paid at the moment of the delivery deed as at 6 July 2018 and is consequently not recorded under the item acquisition of investment properties in the cash flow statement as at 30 June 2018.
| in thousands € | Capital | Share premium |
Reserves | Net result of financial year |
Total share holders' equity |
|---|---|---|---|---|---|
| Balance as at 31 December 2016 | 152.948 | 90.821 | 61.734 | 20.582 | 326.085 |
| Comprehensive income of first semester 2017 | 8.674 | 8.674 | |||
| Transfers through result allocation 2016: | |||||
| Transfer to the reserves for the balance of changes in investment value of real estate properties |
-15.980 | 15.980 | 0 | ||
| Transfer of impact on fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties |
587 | -587 | 0 | ||
| Transfer of changes in fair value of financial assets and liabilities to the reserve for the balance of changes in fair value of author ised hedging instruments not subject to hedge accounting |
1.547 | -1.547 | 0 | ||
| Transfer to results carried forward from previous financial years | 5.546 | -5.546 | 0 | ||
| Transfer to other reserves | 5.384 | -5.384 | 0 | ||
| Issue of shares for optional dividend financial year 2016 | 3.835 | 5.238 | 9.073 | ||
| Issue of shares as a result of contribution in kind of real estate in Aarschot (5 May 2017) |
1.969 | 3.181 | 5.150 | ||
| Issue of shares as a result of contribution in kind of real estate in Oevel (5 May 2017) |
2.906 | 4.694 | 7.600 | ||
| Dividend for financial year 2016 | -23.498 | -23.498 | |||
| Balance as at 30 June 2017 | 161.658 | 103.934 | 58.818 | 8.674 | 333.084 |
| Balance as at 31 December 2017 | 167.720 | 111.642 | 58.818 | 21.186 | 359.366 |
| Comprehensive income of first semester 2018 | 21.298 | 21.298 | |||
| Transfers through result allocation 2017: | |||||
| Transfer to the reserves for the balance of changes in investment value of real estate properties |
-4.985 | 4.985 | 0 | ||
| Transfer of impact on fair value of estimated transaction rights and costs resulting from the hypothetical disposal of investment properties |
-2.378 | 2.378 | 0 | ||
| Transfer of changes in fair value of financial assets and liabilities to the reserve for the balance of changes in fair value of author ised hedging instruments not subject to hedge accounting |
1.119 | -1.119 | 0 | ||
| Transfer to results carried forward from previous financial years | 2.593 | -2.593 | 0 | ||
| Issue of shares for optional dividend financial year 2017 | 4.427 | 5.571 | 9.998 | ||
| Dividend for financial year 2017 | -24.837 | -24.837 | |||
| Balance as at 30 June 2018 | 172.147 | 117.213 | 55.168 | 21.298 | 365.826 |
2.6. Notes to the condensed consolidated half-yearly figures
2.6.1. Condensed consolidated income statement by segment
from the board of directors for the period 01.01.2018 to 30.06.2018
| BUSINESS SEGMENT in thousands € | Offices | Logistics properties | Corporate | TOTAL | ||||
|---|---|---|---|---|---|---|---|---|
| 30.06.2018 | 30.06.2017 | 30.06.2018 | 30.06.2017 | 30.06.2018 | 30.06.2017 | 30.06.2018 | 30.06.2017 | |
| Rental income | 9.975 | 9.899 | 12.970 | 11.100 | 22.945 | 20.999 | ||
| Rental-related expenses | 3 | 32 | -47 | 11 | -44 | 43 | ||
| Property management costs and income | 204 | 491 | 320 | 29 | 524 | 520 | ||
| PROPERTY RESULT | 10.182 | 10.422 | 13.243 | 11.140 | 23.425 | 21.562 | ||
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO |
8.322 | 8.554 | 11.537 | 9.677 | -1.651 | -1.587 | 18.208 | 16.644 |
| Changes in fair value of investment properties | 3.391 | 2.795 | 5.475 | -8.212 | 8.866 | -5.417 | ||
| Other result on portfolio | -369 | 167 | -1.149 | 93 | -1.518 | 260 | ||
| OPERATING RESULT OF THE SEGMENT | 11.344 | 11.516 | 15.863 | 1.558 | -1.651 | -1.587 | 25.556 | 11.487 |
| Financial result | -4.188 | -2.793 | -4.188 | -2.793 | ||||
| Taxes | -70 | -20 | -70 | -20 | ||||
| NET RESULT | 11.344 | 11.516 | 15.863 | 1.558 | -5.909 | -4.400 | 21.298 | 8.674 |
| BUSINESS SEGMENT: KEY FIGURES in thousands € | Offices | Logistics properties | TOTAL | ||||
|---|---|---|---|---|---|---|---|
| 30.06.2018 | 31.12.2017 | 30.06.2018 | 31.12.2017 | 30.06.2018 | 31.12.2017 | ||
| Fair value of investment properties | 310.353 | 304.250 | 416.302 | 358.289 | 726.655 | 662.539 | |
| Total leasable space (m²) | 209.929 | 210.457 | 667.350 | 584.439 | 877.279 | 794.896 | |
| Occupancy rate (%) | 82% | 76% | 97% | 98% | 90% | 86% | |
| Occupancy rate without development project Greenhouse BXL (%) | 87% | 85% | 97% | 98% | 93% | 91% |
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| GEOGRAPHICAL SEGMENT in thousands € |
Investment properties Belgium |
Investment properties the Netherlands |
Corporate | TOTAL | ||||
|---|---|---|---|---|---|---|---|---|
| 30.06.2018 | 30.06.2017 | 30.06.2018 | 30.06.2017 | 30.06.2018 | 30.06.2017 | 30.06.2018 | 30.06.2017 | |
| Rental income | 22.108 | 20.911 | 837 | 88 | 22.945 | 20.999 | ||
| Rental-related expenses | -44 | 43 | 0 | 0 | -44 | 43 | ||
| Property management costs and income | 524 | 520 | 0 | 0 | 524 | 520 | ||
| PROPERTY RESULT | 22.588 | 21.474 | 837 | 88 | 23.425 | 21.562 | ||
| OPERATING RESULT BEFORE RESULT ON PORTFOLIO |
19.060 | 18.169 | 799 | 62 | -1.651 | -1.587 | 18.208 | 16.644 |
| Changes in fair value of investment properties | 4.488 | -5.030 | 4.378 | -387 | 8.866 | -5.417 | ||
| Other result on portfolio | -580 | 260 | -938 | 0 | -1.518 | 260 | ||
| OPERATING RESULT OF THE SEGMENT | 22.968 | 13.399 | 4.239 | -325 | -1.651 | -1.587 | 25.556 | 11.487 |
| GEOGRAPHICAL SEGMENT: KEY FIGURES in thousands € |
Investment properties Belgium |
Investment properties the Netherlands |
TOTAL | |||
|---|---|---|---|---|---|---|
| 30.06.2018 | 31.12.2017 | 30.06.2018 | 31.12.2017 | 30.06.2018 | 31.12.2017 | |
| Fair value of investment properties | 645.813 | 638.440 | 80.461 | 24.099 | 726.274 | 662.539 |
| Total leasable space (m²) | 762.415 | 761.060 | 114.864 | 33.836 | 877.279 | 794.896 |
| Occupancy rate (%) | 89% | 86% | 100% | 100% | 90% | 86% |
The condensed consolidated half-yearly figures are prepared on the basis of the principles of financial reporting in accordance with IFRS and in accordance with IAS 34 "Interim financial reporting". In these condensed half-yearly figures, the same principles of financial information and calculation methods are used as those used for the consolidated annual accounts as at 31 December 2017, but Intervest has opted for early application of the new IFRS 16 Leases standard (1/1/2019). Consequently, in the half-year figures of 2018, a user right and accompanying obligation in the amount of € 0,4 million were acknowledged in the balance sheet for long-term leases for one of the buildings in Oevel. The impact of this application on the income statement of Intervest is minimal.
The following amended standards by the IASB and published standards and interpretations by the IFRIC are effective for the current period, but do not affect the disclosure, notes or financial results of the company: Amendments resulting from Annual Improvements 2014–2016 Cycle (1/1/2018); IFRS 2 Share-based Payment - Amendments to clarify the classification and measurement of share-based payment transactions (1/1/2018); IFRS 9 Financial Instruments and subsequent amendments (1/1/2018); IFRS 15 Revenue from Contracts with Customers (1/1/2018); IAS 40 Investment Property - Amendments to clarify transfers or property to, or from, investment property (1/1/2018).
Intervest did not apply the following new standards, amendments to standards and interpretations that are not yet in force but that may be applied sooner: Amendments resulting from Annual Improvements 2015-2017 cycle (1/1/2019); IFRS 4 Insurance Contracts - Amendments regarding the interaction of IFRS 4 and IFRS 9 (1/1/2019); IFRS 17 Insurance contracts (1/1/2021); IAS 19 Employee benefits - Amendments regarding plan amendments, cutailments or settlements (1/1/2019); IAS 28 Investments in Associates and Joint Ventures - Amendments regarding long-term interests in associates and joint ventures (1/1/2019).
| in thousands € | 30.06.2018 | 31.12.2017 | ||||
|---|---|---|---|---|---|---|
| Offices | Logistics properties |
Total | Offices | Logistics properties |
Total | |
| Balance sheet as at 1 January | 304.250 | 358.289 | 662.539 | 301.926 | 309.018 | 610.944 |
| • Investments in existing investment properties |
2.331 | 554 | 2.885 | 878 | 6.452 | 7.330 |
| • Acquisition of investment properties |
0 | 51.984 | 51.984 | 0 | 51.539 | 51.539 |
| • Changes in fair of investment properties |
3.391 | 5.475 | 8.866 | 1.446 | -8.720 | -7.274 |
| Fair value of real estate properties | 309.972 | 416.302 | 726.274 | 304.250 | 358.289 | 662.539 |
| • Real estate properties held through right to use* |
381 | 0 | 381 | 0 | 0 | 0 |
| Balance sheet as at 30 June | 310.353 | 416.302 | 726.655 | 304.250 | 358.289 | 662.539 |
* As from 1 January 2018, IFRS 16 will be applied, according to which the real estate property is kept by way of a user right will also be reflected in the balance sheet. It will be mandatory to apply this new IFRS standard as from 1 January 2019.
Investments in existing investment properties relate in the first semester 2018 primarily to the redevelopment of Greenhouse BXL and a renovation project in Wommelgem.
The acquisition of investment properties includes the logistics sites in Vuren, Eindhoven and Raamsdonksveer (Netherlands).
The changes in fair value of investment properties amounted to € 8,9 million in the first semester of 2018. The positive changes in the fair value, is attributable mainly to the logistics portfolio where the improvement of the yields in the Netherlands and the added value on the new acquisitions result in a joint added value of € 4,4 million on the Dutch portfolio. The logistics portfolio in Belgium reflects an added value of € 1,1 million as at 30 June 2018. The changes in fair value of the office portfolio amounted to € 3,4 million as at 30 June 2018 and mainly relate to Mechelen Campus and Woluwe Garden, a consequence of the rentals of the past semester.
Investment properties are recognised at fair value. The fair value is determined on the basis of one of the following levels of the hierarchy:
IFRS 13 classifies investment properties as level 3.
For an update of the future minimum rental income as at 30 June 2018 it is referred to the description of the rental activities and the evolution of the portfolio in paragraphs 1.3. and 1.5. (supra) of the interim management report.
An update of the financial structure of Intervest as at 30 June 2018 is provided in paragraph 1.8. (supra) of the interim management report.
In 2018 Intervest further optimize of the annual the spread of the expiry dates of its credit facilities. Within this scope Intervest refinanced in the first semester of 2018 a short-term credit facility at Belfius Bank for an amount of € 25 million into a credit facility with a duration of 3 years.
Within the scope of the issue of a commercial paper, Intervest concluded two back-up lines for a total amount of € 30 million. The commercial paper program is issued in July 2018 for a total amount of € 30 million (see supra 1.8).
Intervest concluded, in the first semester of 2018, two new hedging agreements (interest rate swaps) for a total notional amount of € 25 million and a duration of 6 and 6,6 years.
The main financial instruments of Intervest consist of financial and commercial receivables and debts, cash and cash equivalents as well as interest rate swaps (IRS).
| SUMMARY OF FINANCIAL INSTRUMENTS | 30.06.2018 | 31.12. 2017 | ||||
|---|---|---|---|---|---|---|
| in thousands € | Categories | Level | Carrying amount |
Fair value |
Carrying amount |
Fair value |
| FINANCIAL INSTRUMENTS ON ASSETS | ||||||
| Non-current assets | ||||||
| Non-current financial assets | C | 2 | 176 | 176 | 182 | 182 |
| Trade receivables and other non-current assets | A | 2 | 13 | 13 | 13 | 13 |
| Deferred taxes - assets | C | 2 | 70 | 70 | 0 | 0 |
| Current assets | ||||||
| Trade receivables | A | 2 | 11.697 | 11.697 | 9.609 | 2.952 |
| Tax receivables and other current assets | A | 2 | 4.539 | 4.539 | 3.471 | 3.471 |
| Cash and cash equivalents | B | 2 | 1.528 | 1.528 | 728 | 728 |
| FINANCIAL INSTRUMENTS ON LIABILITIES | ||||||
| Non-current liabilities | ||||||
| Non-current financial debts (interest bearing) | A | 2 | 269.587 | 272.949 | 252.371 | 256.845 |
| Other non-current financial liabilities | C | 2 | 2.037 | 2.037 | 2.020 | 2.020 |
| Other non-current liabilities | A | 2 | 1.449 | 1.449 | 1.001 | 1.001 |
| Deferred taxes - liabilities | C | 2 | 1.825 | 1.825 | 192 | 192 |
| Current liabilities | ||||||
| Current financial debts (interest bearing) | A | 2 | 53.107 | 53.546 | 46.805 | 46.805 |
| Other current financial liabilities | C | 2 | 362 | 362 | 3 | 3 |
| Trade debts and other current debts | A | 2 | 3.255 | 3.255 | 2.290 | 2.290 |
| Other current liabilities | A | 2 | 36.850 | 36.850 | 217 | 217 |
The categories correspond to the following financial instruments:
Financial instruments are recognised at fair value. The fair value is determined based on one of the following levels of the fair value hierarchy:
The financial instruments of Intervest correspond to Level 2 of the fair value hierarchy. The valuation techniques relating to the fair value of level 2 financial instruments are mentioned in the 2017 Annual report in Note 18 Financial instruments.
As at 30 June 2018, these interest rate swaps had a negative market value of € -2,2 million (contractual notional amount of € 175 million), which is determined by the issuing financial institution on a quarterly basis.
| Start date | End date | Interest rate | Contractual notional amount |
Hedge accounting |
Fair value | |||
|---|---|---|---|---|---|---|---|---|
| in thousands € | Yes/No | 30.06.2018 | 31.12.2017 | |||||
| 1 | IRS | 02.01.2012 | 01.01.2018 | 2,3775% | 10.000 | No | 0 | -3 |
| 2 | IRS | 30.04.2014 | 30.04.2019 | 1,2725% | 10.000 | No | -133 | 0 |
| 3 | IRS | 30.04.2014 | 30.04.2019 | 1,2725% | 10.000 | No | -134 | 0 |
| 4 | IRS | 26.06.2015 | 26.06.2019 | 0,3300% | 10.000 | No | -95 | 0 |
| Authorised hedging instruments | -362 | -3 | ||||||
| Other current financial liabilities | -362 | -3 | ||||||
| 1 | IRS | 30.04.2014 | 30.04.2019 | 1,2725% | 10.000 | No | 0 | -210 |
| 2 | IRS | 30.04.2014 | 30.04.2019 | 1,2725% | 10.000 | No | 0 | -210 |
| 3 | IRS | 18.06.2015 | 18.06.2022 | 0,7800% | 15.000 | No | -445 | -423 |
| 4 | IRS | 30.06.2015 | 30.06.2020 | 0,4960% | 15.000 | No | -221 | -241 |
| 5 | IRS | 18.06.2015 | 18.06.2021 | 0,6300% | 15.000 | No | -332 | -331 |
| 6 | IRS | 26.06.2015 | 26.06.2019 | 0,3300% | 15.000 | No | 0 | -137 |
| 7 | IRS | 01.12.2016 | 01.12.2021 | 0,1200% | 15.000 | No | -81 | -24 |
| 8 | IRS | 01.12.2016 | 01.12.2022 | 0,2200% | 15.000 | No | -74 | -2 |
| 9 | IRS | 22.03.2017 | 22.03.2024 | 0,4675% | 10.000 | No | -101 | -302 |
| 10 | IRS | 22.03.2017 | 22.03.2023 | 0,3300% | 10.000 | No | -83 | -49 |
| 11 | IRS | 22.03.2017 | 22.03.2024 | 0,4500% | 10.000 | No | -91 | -53 |
| 12 | IRS | 22.03.2017 | 22.03.2024 | 0,8500% | 10.000 | No | -324 | -38 |
| 13 | IRS/ Floor* |
15.06.2018 | 15.01.2025/15.06.2020 | 0,6600% | 15.000 | No | -176 | 0 |
| 14 | IRS/ Floor* |
15.06.2018 | 17.06.2024/15.06.2020 | 0,5950% | 10.000 | No | -109 | 0 |
| Authorised hedging instruments | -2.037 | -2.020 | ||||||
| Other non-current financial liabilities | -2.037 | -2.020 | ||||||
| 1 | Floor | 01.12.2016 | 01.02.2021 | 0,0% | 27.500 | No | 176 | 182 |
| Non-current financial assets | 176 | 182 | ||||||
| Total fair value of the financial derivatives | -2.223 | -1.841 |
* the interest rate swap is floored for a period of two years.
Intervest did not classify any interest rate swaps as a cash flow hedge as at 30 June 2018. The value fluctuations of all existing interest rate swaps are directly recorded in the income statement.
No modifications have occurred during the first semester of 2018 regarding the type of transactions with related parties as described in Note 21 of the Financial report of the 2017 Annual report.
As far as the prevention of conflicts of interest is concerned, the company is subject to statutory rules (articles 523 and 524 of the Belgian Companies Code and articles 36 to 38 of the RREC Act) and to the rules set out in its articles of association and its Corporate Governance Charter.
Within the scope of its new-build projects and expansions, Intervest has investment obligations of approximately € 45 million. This relates to investment expenses that were concluded but had not yet been executed as at balance sheet date.
More information on Intervest's off-balance sheet obligations can be found in note 24 of the Annual financial report 2017, that can be consulted via www.intervest.be.
There are no significant events to be mentioned that occurred after the closing of the accounts as at 30 June 2018.
REPORT ON THE REVIEW OF THE CONSOLIDATED INTERIM FINANCIAL INFORMATION OF INTERVEST OFFICES & WAREHOUSES SA, PUBLIC REGULATED REAL ESTATE COMPANY UNDER BELGIAN LAW FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2018
In the context of our appointment as the company's statutory auditor, we report to you on the consolidated interim financial information. This consolidated interim financial information comprises the consolidated condensed statement of financial position as at 30 June 2018, the consolidated condensed income statement, the consolidated condensed statement of comprehensive income, the consolidated condensed statement of changes in equity and the consolidated condensed statement of cash flows for the period of six months then ended, as well as selective notes 2.6.1 to 2.6.8.
We have reviewed the consolidated interim financial information of Intervest Offices & Warehouses SA, public regulated real estate company under Belgian law ("the company") and its subsidiaries (jointly "the group"), prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting" as adopted by the European Union.
The consolidated condensed statement of financial position shows total assets of 753.302 (000) EUR and the consolidated condensed income statement shows a consolidated profit for the period then ended of 21.298 (000) EUR.
The board of directors of the company is responsible for the preparation and fair presentation of the consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.
We conducted our review of the consolidated interim financial information in accordance with International Standard on Review Engagements (ISRE) 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated interim financial information.
Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information of Intervest Offices & Warehouses SA, public regulated real estate company under Belgian law has not been prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.
Zaventem, 30 July 2018
The statutory auditor
DELOITTE Bedrijfsrevisoren / Réviseurs d'Entreprises BV o.v.v.e. CVBA / SC s.f.d. SCRL Represented by Rik Neckebroeck
In accordance with article 13, §2 of the Royal Decree of 14 November 2007, the board of directors, composed of Jean-Pierre Blumberg (chairman), Marleen Willekens, Chris Peeters, Jacqueline de Rijk-Heeren, Johan Buijs and Gunther Gielen, declares that after taking all reasonable measures and according to its knowledge:
These condensed half-yearly figures were approved for publication by the board of directors of 30 July 2018.
Intervest Offices & Warehouses nv, (hereinafter Intervest), is a public regulated real estate company (RREC) founded in 1996 of which the shares are listed on Euronext Brussels (INTO) as from 1999. Intervest invests in high-quality office buildings and logistics properties that are leased to first-class tenants. The properties in which Intervest invests, consist primarily of up-to-date buildings that are strategically located in the city centre and outside municipal centres. The offices of the real estate portfolio are situated on the Antwerp - Mechelen - Brussels axis; the logistics properties on the Antwerp - Brussels - Nivelles and Antwerp -Limburg - Liège axis with further extensions in Belgium, the Netherlands and towards Germany. Intervest distinguishes itself when leasing space by offering more than square metres only. The company goes beyond real estate by offering 'turnkey solutions' (a tailormade global solution for and with the customer), extensive services provisioning, co-working and serviced offices.
INTERVEST OFFICES & WAREHOUSES nv, public regulated real estate company under Belgian law, Jean-Paul SOLS - ceo or Inge TAS - cfo, T. + 32 3 287 67 87. http://www.intervest.be/en
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