Earnings Release • Feb 25, 2016
Earnings Release
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REGULATED INFORMATION EMBARGO UNTIL 25/02/2016 – 7.00 am
Montea (MONT) today published its annual financial results for the period from 1st January 2015 to 31st December 2015.
The rise in the Netherlands is due mainly to 3 acquisitions ('s Heerenberg - leased to JCL Logistics; Apeldoorn - leased to HSL, and Tilburg - leased to Versteijnen Group) and the handover of the building in Heerlen (leased to Doc Morris). Also in the Netherlands there is another current development in Aalsmeer (which will be leased to Bakkersland). In all probability, this will be handed over during the 4th quarter of 2016.
The increase in the fair value in France was due mainly to the acquisition of the site in Lyon (leased to Cofriset) and the rise in the fair value of the existing property portfolio at 31/12/2014 due to the fall in investment yields.
In Belgium, the increase in the fair value of the property portfolio was due mainly to current build-to-suit projects in Belgium (Vorst, leased to CdS, and Erembodegem, leased to Movianto).
1 The payout percentage of 88.6% is calculated based on the net operating result and not based on the result available for payment.
3. Financial calendar
| 31/12/2015 | 31/12/2014 | ||
|---|---|---|---|
| 12 months | 12 months | ||
| Real estate portfolio | |||
| Real estate portfolio - Buildings | |||
| Number of sites | 45 | 41 | |
| Surface of the real estate portfolio | |||
| Logistics and semi-industrial warehouses | M² | 682.503 | 632.818 |
| Offices | M² | 66.506 | 58.248 |
| Total surface | M² | 749.009 | 691.066 |
| Development potential | M² | 119.569 | 149.944 |
| Value of the real estate portfolio | |||
| Fair value (1) | K€ | 480.721 | 400.916 |
| Investment value (2) | K€ | 503.980 | 418.729 |
| Occupancy rate | |||
| Occupancy rate (3) | % | 96,0% | 96,6% |
| Real estate portfolio - Solar panels | |||
| Fair value (1) | K€ | 10.369 | 7.527 |
| Real estate portfolio - Solar panels | |||
| Fair value (1) | K€ | 25.640 | 16.295 |
| Consolidated results | |||
| Net current result | |||
| Net rental result | K€ | 34.290 | 26.819 |
| Operating result (4) | K€ | 29.437 | 22.821 |
| Operating margin (5) | % | 85,85% | 85,09% |
| Financial result (6) | K€ | -8.016 | -7.226 |
| Net current result (7) | K€ | 21.097 | 15.271 |
| Number of shares entitled to the result of the period | 9.211.701 | 7.781.658 | |
| Net current result / share | € | 2,29 | 1,97 |
| Non-current result | |||
| Result on the real estate portfolio (8) | K€ | 2.475 | 1.632 |
| Result on financial derivatives (9) | K€ | 438 | -10.796 |
| Net result Number of shares entitled to the result of the period |
K€ | 24.010 9.211.701 |
6.107 7.781.658 |
| Net result / share | € | 2,61 | 0,78 |
| Consolidated balance sheet | |||
| Equity (excl. minority participations) | K€ | 208.157 | 183.338 |
| Debts and liabilities for calculation of debt ratio | K€ | 306.564 | 236.473 |
| Balance sheet total | K€ | 549.685 | 453.867 |
| Debt ratio (10) | % | 55,77% | 52,10% |
| Net asset value / share (11) | € | 22,60 | 20,94 |
| Net asset value / share (excl. IAS 39) (11) | € | 25,22 | 23,76 |
| Share price (12) | € | 39,20 | 34,39 |
| Premium / (discount) | % | 55,42% | 44,77% |
(1) Book value according to IAS/IFRS rules. The amount of € 503,980K (property investments in section I.C of the balance sheet) differs from the fair value of the property investments of € 480,721K. The difference is due mainly to the fair value of the project developments and the tangible fixed assets for own use.
(2) Value of the portfolio excluding the deduction of transaction costs.
(3) Occupancy rate based on the number of m². In calculating this occupancy rate, the non-leasable m² intended for redevelopment and the land bank have not been included in either the denominator or the numerator.
(4) Operating result before the result from the property portfolio.
(5) The operating result before the result from the property portfolio divided by the net lease result.
(6) Net profit excluding profit on the property portfolio excluding the variation in the valuation of the financial hedging instruments.
(7) Net profit excluding profit on the property portfolio (code XVI, XVII and XVIII of the profit-and-loss account) and excluding the variation in the valuation of the financial hedging instruments.
(8) Negative and/or positive movements in the fair value of the property portfolio + any losses or gains from realising property assets.
(9) Negative and/or positive movements in the fair value of the interest rate hedging instruments according to IAS 39.
(10) Debt ratio in accordance with the RD of 13th July 2014 relative to regulated property companies.
(11) Total assets minus total debt divided by total shares.
(12) Stock price at the end of the financial year.
Montea's net operating result was € 21.10 million (€ 2.29 per share) during 2015, compared with € 15.27 million for the same period last year (€ 1.97 per share), an increase of 38.2%.
This increase of € 5.83 million was due mainly to:
2015 saw the following lease activity:
Montea and Minigrip Belgium NV have signed a long-term lease for a fixed term of 15 years at the site in Erembodegem. The lease pertains to ± 4,600 m² storage space and ± 520 m² office space.
Minigrip Belgium NV is currently established at two different locations (in the Gent region and Brussels) and was looking for a centrally located building where the two establishments could be brought under one roof. Minigrip Belgium NV produces and distributes re-sealable packaging (www.minigrip.be).
The storage space, which will be rented by Minigrip Belgium NV, had previously been let to Movianto, which will move to a new, state-of-the-art facility which Montea is currently erecting at the Zuid IV industrial estate in Erembodegem6 .
2 Net profit excluding profit on the property portfolio (code XVI, XVII, XVIII and XIV of the profit-and-loss account) and excluding the
variation in the fair value of the rate hedging instruments (code XXIII of the profit-and-loss account). 3 The average financial debt burden is determined by the average of all Montea's financial debts, including its lines of credit, the bond loan and the lease debts. The average financial debt burden excludes the negative value of the hedging instruments. The average financial cost is the total financial cash cost (excluding variations in the hedging instruments) in relation to this average financial debt. 4 This relates to the financial cost at the end of the 2015 financial year, taking account of the financial debt burden position (bond
loans, lines of credit, hedging instruments and lease debts) at the end of the financial year and including the interest rates in effect
at the time. 5 For more information, please see our press release of 20/05/2015 or visit www.montea.com. 6 For more information, please see our press release of 3/04/2015 or visit www.montea.com.
Om 31/12/2015 the occupancy rate was 96.0%.
Total vacancies were 26,719 m². This was mainly for the site in Herentals (14,600 m²) and the site in Savignyle-Temple (7,446 m²).
As a result of its new investments including leases with a long fixed term and the new leases mentioned above, Montea reached its target in 2015 of achieving an average lease term of more than 6 years until the expiry date. At the end of 2015, the average lease term until its first break was 6.8 years.
In December 2014, Montea announced the acquisition of a logistics distribution centre on land of 45,500 m². The logistics building is located in 's-Heerenberg at the "Euregionaal Bedrijventerrein" multimodal logistics
Montea "Space for Growth" – site at 's-Heerenberg (NL)
park, Close to the German border. The distribution centre was built in 2009-2011 and consists of approximately 16,000 m² of warehousing, 5,200 m² cross-dock, 2,400 m² office space and has 44 loading docks. The building is leased for a fixed period of 12 years to JCL Logistics Benelux, which specialises in storage and trans-European distribution.
7 The occupancy rate is based on the number of m². In calculating this occupancy rate, the non-leasable m² intended for
redevelopment and the land bank have not been included in either the denominator or the numerator. 8 For more information, please see our press release of 17/12/2014 or visit www.montea.com.
This transaction was completed on 16th January 2015. It represents a total investment value of € 20.4 million and generates additional annual rent of € 1.45 million per year. This investment is in line with the fair value, as defined by the property assessor, and was financed by bank funding.
On 31st March 2015, Montea acquired a logistics building, strategically located 10 km from St.-Exupéry airport in Saint-Priest, near Lyon. The building consists of 9,400 m² of warehousing and approximately 600 m² of office space and has 12 loading docks. The site also offers further potential to expand of approximately 4,500 m².
The building is leased to Cofriset for a residual period of 2.7 years. Cofriset is a subsidiary of the Beijers group, specialising in the distribution of air-conditioning and cooling equipment.
Montea "Space for Growth" – Site at St. Priest - Cofriset (FR)
This transaction represents a total investment value of € 6.55 million and generates additional annual rent of € 596K per year, which is an initial yield of +/- 9.1%. This investment is in line with the fair value, as defined by the property assessor, and was financed by bank funding.
The acquisition enabled Montea to strengthen its position in Saint-Priest, where it already owns 13,800 m² of warehousing, leased to Brosette (Saint-Gobain group).
On 20th May 2015, Montea reached an agreement with WGA Versteijnen Investments Transport BV in Tilburg regarding the acquisition of a recent cross-dock building in Apeldoorn. This state-of-the-art building is situated on land of 32,400 m² and contains warehousing of approximately 8,400 m² and office space of approximately 785 m².
9 For more information, please see our press release of 3/04/2015 or visit www.montea.com. 10 For more information, please see our press release of 20/05/2015 or visit www.montea.com.
Montea "Space for Growth" - Site at Apeldoorn - HSL (NL)
HSL (part of WGA Versteijnen Beheer) leases the building after assignment via a triple net lease for a fixed term of 10 years. This sale & rent back transaction represents an investment of € 7.2 million, with an initial yield of 7.64%.
Montea purchased a modern logistics building of approximately 20,000 m² of high-quality warehousing and
approximately 1,400 m² of office space on land of approximately 34,000 m² at the Vossenberg West logistics zone. This acquisitive was based on a triple net lease agreement with a fixed term of 8 years.
Montea "Space for Growth" - Site at Tilburg (NL)
Montea and Bouwbedrijf L. van de Ven / Korund developed a built-to-suit project of approximately 14,800 m² for Doc Morris, Europe's biggest mail order pharmacy. The land is situated at the European Business Park Avantis in Heerlen, on the border between the Netherlands and Germany. The site complies with the strict standards required for storing pharmaceutical goods and consists of approximately 7,750 m² of warehousing (expandable), a mezzanine area of approximately 1,750 m², approximately 5,300 m² of office space and 390 parking spaces. Doc Morris signed a 15-year lease agreement for this ultramodern site.
11 For more information, please see our press release of 25/11/2015 or visit www.montea.com. 12 For more information, please see our press release of 13/05/2015 or visit www.montea.com.
Montea "Space for Growth" - Site at Heerlen (NL)
Montea acquired this property at a net initial yield of 7.33%. The investment value of this project is estimated at approximately € 19.2 million. This transaction was partly financed by the drawdown of decommitted loans as the result of the capital increase conducted by Montea in June 2014 and the drawdown of new bank finance.
As part of the redevelopment plan for the site in Vorst, a built-to-suit distribution centre has already been developed for Metro14. Montea will then develop a sustainable built-to-suit project for CdS, with total floor space of approximately 9,000 m². In principle, the new distribution centre will be operational in the first
quarter of 2016. Montea has signed an agreement with CdS for a fixedterm lease of 15 years. CdS specialises in the hire of reception and catering accessories (www.cdsonline.be).
Montea "Space for Growth" - Site at Vorst - CdS (BE)
Montea is implementing this project at a net initial yield of ±7.3%.
In June 2014, logistics provider Movianto selected Montea as its partner for the development and financing of an additional distribution centre in Aalst16. Montea purchases land of 46,000 m² at Industriezone Zuid IV in Erembodegem.
13 For more information, please see our press release of 03/04/2015 or visit www.montea.com.
14 For more information, please see our press release of 07/02/2014 or visit www.montea.com. 15 For more information, please see our press release of 03/04/2015 or visit www.montea.com. 16 For more information, please see our press release of 26/06/2014 or visit www.montea.com.
The state-of-the-art logistics distribution centre of +/- 13,000 m², with two GDP cross-dock areas (+2+8°C and +15°C+25°C) and adjoining offices has been operational since January 2016.
Montea "Space for Growth" – Site at Zuid IV Erembodegem - Movianto (BE)
The build-to-suit development comprises land of approximately 48,000 m² on which a logistics complex will be constructed for an American multinational that operates in the supply of spare parts. The building
Montea "Space for Growth" - site at MG Park De Hulst
consists of 27,100 m² of warehousing, 800 m² of office space and a mezzanine area of approximately 1,100 m². The building can be extended by 6,800 m² as part of a second phase. The building will become operational in the first quarter of 2016. Montea will acquire this property on handover.
The parties have signed a long-term lease agreement for a fixed period of 10 years.
At the request of DSV Solutions, Montea will expand the existing warehouse by approximately 21,000 m². The required permits have been obtained and handover of this extension is scheduled for the second quarter of 2016.
17 For more information, please see our press release of 17/09/2015 or visit www.montea.com. 18 For more information, please see our press release of 17/09/2015 or visit www.montea.com.
Montea "Space for Growth" - site at Port of Ghent – DSV (BE)
To build this extension, Montea obtained an extension of the existing concession from the Port Authority for a period of 30 years.
In February 201520, MG Real Estate and Montea announced the signing of a partnership agreement with Brussels Airport Company to develop a new hub for DHL comprising 31,500 m² of warehousing and 5,000 m² of offices on the cargo side of Brussels Airport. The building will be located at the entrance to Brucargo, which is the logistics hotspot at Brussels Airport for cargo handling. The new build-to-suit project is
expected to be operational in the third quarter of 2016.
Montea "Space for Growth" - new DHL Hub Brucargo – Zaventem (BE)
19 For more information, please see our press release of 17/09/2015 or visit www.montea.com. 20 For more information, please see our press release of 12/02/2015 or visit www.montea.com.
Montea and Focus Invest have embarked on a partnership for the joint development of the "Kampershoek-Noord" logistics industrial estate. The development is on land of 160,000 m² alongside the A2 in Weert, near Eindhoven and is also well-located in relation to Belgium and Germany. This new industrial land is divided across various plots on which a variety of developments is possible. It lends itself well to the establishment of logistics providers and distribution companies.
The growing interest from the market for this logistics hotspot prompted Montea and Focus Invest to join forces to develop a logistics park that will be sustainable, modern and of high quality.
Montea has purchased a 60,000 m² plot of land from Greenpark Aalsmeer (Schiphol Area Development Company) where Montea has begun the development of a 40,000 m² building, 30,000 m² of which has already been pre-leased to Bakkersland. Bakkersland has signed a 20-year fixed-term lease for the property and will fit out the building to be one of the largest bakeries in Europe. Montea is developing this project as part of a smart partnership with the tenant within the contours of a multipurpose logistics building.
Montea "Space for Growth - Site at Aalsmeer (NL)
Green Park Aalsmeer is ideally located along the new N201 arterial road, with its own exit, just 5 minutes from Schiphol and 15 minutes from Amsterdam. Montea is in contact with various potential tenants for the remaining 10,000 m² warehouse. Handover of the new building is scheduled for October 2016.
21 For more information, please see our press release of 17/09/2015 or visit www.montea.com. 22 For more information, please see our press release of 25/11/2015 or visit www.montea.com.
The following divestments were implemented during 2015:
Montea sold the site in Europalaan, Meer, to the current tenant, Smart Packaging Solutions. The site comprises a warehouse of 9,250 m² and 460 m² of offices. This transaction represents € 3.78 million and is in line with the fair value.
Montea acquired a recent cross-dock building in Apeldoorn from WGA Versteijnen Investments Transport B.V., Tilburg. The acquisition was via an (indirect) contribution in kind and payment through the issue of new Montea shares. The new shares were issued on completion of a capital increase, within the framework of authorised capital25, through a decision taken by Montea's statutory manager. The transaction resulted in a strengthening of Montea's equity capital of € 7,483,893.89, of which € 4,363,580.10 was allocated to capital and € 3,120,313.79 to issue premiums.
The contributing party was paid with 214,110 new Montea shares totalling € 7,483,893.89. The issue price for the new shares used in this transaction was € 34.9535 per share. The 214,110 new Montea shares issued are ordinary shares, with the same rights as the existing shares.
Previously, Mr Dirk De Pauw had also sold some shares at the same price per share to Patronale Life NV.
After the capital increase, WGA Versteijnen Investments Transport B.V. sold the newly created shares at the same price per share to Mr Dirk De Pauw who, in so doing, held the same number of shares at the end of the day in the capital of Montea as before the sale of his shares to Patronale Life NV.
To support the further growth of Montea, the statutory manager offered the shareholders the possibility, for the second time, to take an optional dividend. In total, 66.2% of the nº 13 coupons (representing the dividend from 1st January 2014 to 23rd June 2014) and 75.6% of the nº 14 coupons (representing the dividend from 24th June 2014 to 31st December 2014) were surrendered in exchange for new shares.
23 For more information, please see our press release of 03/04/2015 or visit www.montea.com. 24 For more information, please see our press release of 4/06/2015 or visit www.montea.com.
25 Through the contribution in kind into Montea of the vendor's claim on Montea's Heerenberg NV, which came into being as part of
the sale of the Apeldoorn site in the Netherlands to Montea's Heerenberg NV. 26 For more information, please see our press release of 12/06/2015 or visit www.montea.com.
As a result, on 12th June 2015, 243,213 new shares were issued for a total issue amount of € 8,079,777.33 (€ 4,956,680.94 in capital and € 3,123,096.39 in issue premiums), within the framework of authorised capital.
Since 12th June 2015, Montea's share capital has been represented by 9,211,701 shares. Those dividend rights not surrendered, were paid in cash, as well as the cash component for those shareholders subscribing to new shares (this cash component was € 0.44 for every 44 nº 13 coupons surrendered and € 0.27 for every 47 nº 14 coupons surrendered). The total net amount paid out was € 3,392,474.66.
To support the further growth of Montea, the statutory manager decided to issue two bond loans totalling € 50 million. Both bond loans were targeted at institutional investors and were placed via a private placement.
For the first bond loan, Montea placed € 25 million of bonds with a face value of € 100,000, a term of 12 years and a variable interest rate at EURIBOR 3 months + 205 basis points. For the second bond loan, Montea placed € 25 million of bonds with a face value of € 100,000, a term of 10 years and a variable interest rate of 3.42%.
Through the issue of the 2 new bond loans, totalling € 50 million (see above), the finalisation of the refinancing of the lines of credit in 2015 and the extension of the existing lines of credit, the average term of Montea's finance vehicles is now more than 5 years.
The existing hedging instruments were also restructured, taking the average term for the hedges to more than 5 years.
As a result of this further optimisation, the finance charges were 3.47% at 31/12/2015, taking account of a hedging percentage of 82.0%28.
Based on the net operating result (excl. IAS 39) of € 21.10 million, the Board of Directors of Montea's statutory manager will propose a gross dividend of € 2.03 gross per share (€ 1.4819 net per share), which represents a payout percentage of 88.6% in relation to the net operating result. This means a 3% increase in the gross dividend per share, compared with 2014 (€ 1.97 gross per share), despite the increase in the number of shares entitled to a dividend (up from 8,754,378 shares to 9,211,701 shares) as the result of the contribution in kind and the optional dividend in 2015.
27 For more information, please see our press release of 26/6/2015 or visit www.montea.com. 28 This hedging percentage takes account of the existing hedging instruments, the 4 existing bond loans and the lease debts.
On 8th May 2015 Montea became the first Belgian property investor to be awarded the Lean & Green Star in recognition of its effective 26% reduction in the CO2 emissions from its Belgian portfolio. The Lean & Green Star certificate was presented officially to the company on 16th June 2015.
By obtaining this additional independent recognition, Montea is able to pass on its sustainability goals to its partners (contractors, architects, suppliers, etc.), as well as to its tenants.
Montea demonstrated its intention to strengthen its local presence by appointing a director in the Netherlands. Hylcke Okkinga has been Director Netherlands since 1st June 2015. With his many years of affinity with the Dutch logistics property market, Hylcke Okkinga is well placed to develop Montea's Dutch property portfolio further.
Hylcke Okkinga worked at Cushman & Wakefield from 2002, where he was extensively involved in the Capital Markets Logistics department. At the beginning of 2010, he set up a new office for C&W in Rotterdam.
Hylcke Okkinga develops the Dutch side of the business from a new office in Tilburg. The office is located in the EnTrada office complex at 1c Ellen Pankhurststraat in Tilburg and has been operating since 15th June 2015.
The fair value of Montea's total property assets was € 517 million, made up of the value of the buildings in the property portfolio (€ 480.7 million) and current developments (€ 25.6 million), plus the value of the solar panels (€ 10.4 million)
| Total 31/12/2015 |
Belgium | France The Netherlands |
Total 31/12/2014 |
||
|---|---|---|---|---|---|
| Real estate portfolio - Buildings | |||||
| Number of sites | 45 | 21 | 16 | 8 | 41 |
| Warehouse space (m²) | 682.503 | 327.867 | 212.861 | 141.775 | 632.818 |
| Office space (m²) | 66.506 | 34.926 | 15.924 | 15.656 | 58.248 |
| Total space (m²) | 749.009 | 362.793 | 228.785 | 157.431 | 691.066 |
| Development potential (m²) | 119.569 | 68.610 | 32.904 | 18.055 | 149.944 |
| Fair value (K EUR) | 480.721 | 225.438 | 134.713 | 120.571 | 400.916 |
| Investment value (K EUR) | 503.980 | 230.957 | 144.008 | 129.014 | 418.729 |
| Annual contractual rents (K EUR) | 36.448 | 16.357 | 11.233 | 8.857 | 31.665 |
| Gross yield (%) | 7,58% | 7,26% | 8,34% | 7,35% | 7,90% |
| Gross yield on 100% occupancy (%) | 7,82% | 7,64% | 8,54% | 7,35% | 8,56% |
| Un-let property (m²) | 26.719 | 19.273 | 7.446 | 0 | 22.406 |
| Rental value of un-let property (K EUR) | 1.150 | 874 | 276 | 0 | 905 |
| Occupancy rate (% of m²) | 96,0% | 93,7% | 96,7% | 100,0% | 95,99% |
| Real estate portfolio - Solar panels | |||||
| Fair value (K EUR) | 10.369 | 10.369 | 0 | 0 | 7.527 |
| Real estate portfolio - Developments | |||||
| Fair value (K EUR) | 25.640 | 12.344 | 0 | 13.296 | 16.295 |
Montea also has a total landbank of 119,569 m² of development potential at existing sites.
The fair value of the property portfolio, assuming constant composition, (excluding the new investments described above), based on the valuation by the independent property assessor, rose in 2015 by € 10.5 million (2.6% of the total fair value of the property portfolio at the beginning of the financial year), and is mainly the result of a 29 bps fall in the investment yield.
Current developments relate to the fair value of 2 current developments in Belgium (Erembodegem leased to Movianto, and Port of Ghent - leased to DSV Solutions) and 1 build-to-suit development in the Netherlands (Schiphol - leased to Bakkersland).
The 2 developments in Belgium will be handed over in the first quarter of 2016. The build-to-suit development in the Netherlands will, in all probability, be handed over in the third quarter of 2016.
The fair value of the solar panels relates to 7 solar panel projects: two in Wallonia (Heppignies and Milmort) and 5 in Flanders (Bornem, Herentals, Grimbergen, Puurs, Port of Ghent and Erembodegem). The net increase in the fair value of the solar panels is attributable mainly to the acquisition of 2 solar panel projects (Port of Ghent and Erembodegem).
29 Gross property yield is calculated as the current rental income from leased premises + the market rent of the vacant floor space in
relation to the fair value of the property portfolio 30 The occupancy rate is calculated based on the occupied m² in relation to the total m². In this calculation, neither the denominator nor the numerator take account of the projects in development.
| ABBREVIATED CONSOLIDATED PROFIT & LOSS ACCOUNT (K EUR) Analytical |
31/12/2015 12 months |
31/12/2014 12 months |
|
|---|---|---|---|
| CURRENT RESULT NET RENTAL RESULT |
34.290 | 26.819 | |
| PROPERTY RESULT | 34.864 | 27.334 | |
| % compared to net rental result | 101,7% | 101,9% | |
| TOTAL PROPERTY CHARGES | -1.332 | -1.183 | |
| PROPERTY OPERATING RESULT | 33.532 | 26.151 | |
| General corporate expenses | -4.037 | -3.339 | |
| Other operating income and expenses | -58 | 9 | |
| OPERATING RESULT BEFORE THE PORTFOLIO RESULT | 29.437 | 22.821 | |
| % compared to net rental result | 85,8% | 85,1% | |
| FINANCIAL RESULT | -8.016 | -7.226 | |
| PRE-TAX NET CURRENT RESULT (*) | 21.421 | 15.595 | |
| Taxes | -324 | -324 | |
| NET CURRENT RESULT | 21.097 | 15.271 | |
| per share | 2,29 | 1,97 | |
| NON-CURRENT RESULT | |||
| Result on disposals of investment properties | 5 | 176 | |
| Result on disposals of other non-financial assets | 0 | 0 | |
| Changes in fair value of investment properties | 2.470 | 1.457 | |
| Other portfolio result | 0 | 0 | |
| PORTFOLIO RESULT | 2.475 | 1.632 | |
| Changes in fair value of financial assets and liabilities | 438 | -10.796 | |
| RESULT IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | 438 | -10.796 | |
| NET RESULT per share |
24.010 2,61 |
6.107 0,78 |
|
The net rental result was € 34.29 million, which was an increase of 27.9% compared with the same period in 2014 (€ 26.82 million). This rise of € 7.47 million was attributable to:
− The full-year impact of the rental income from investments made in 2014, mainly from 2 sites at Park De Hulst (leased to Dachser and Neovia) and 1 site at Brucargo (leased to Nippon Express) in Belgium and 3 sites in the Netherlands (Waddinxveen - leased to Delta Wines, Oss - leased to Vos Logistics, and Beuningnen - leased to Depa Disposables);
− the rental income from the new investments made in 2015, mainly from the acquisition of 1 site in France (Lyon - leased to Cofriset), the acquisition of 3 sites in the Netherlands (Apeldoorn leased to HSL, Tilburg - leased to Versteijnen Group, and 's Heerenberg - leased to JCL Logistics) and the handover of the project in Heerlen (leased to Doc Morris);
The operating profit before the result on the property portfolio rose from € 22.82 million last year to € 29.44 million at 31/12/2015. This increase of € 6.62 million (or 29.0%) in the operating profit before the profit on the property portfolio is the result of:
The operating margin31 was 85.8% for the full year 2015, 0.9% higher than last year.
The purchases made in 2015 will put Montea on the road to further increasing its operating margin of 85% in 2016.
The financial result (excl. the value of the hedging instruments) at 31/12/2015 was € 8.02 million, which was an increase of 10.9% compared with the same period last year (€ -7.23 million). The average debt burden rose by € 66.5 million (+29.2%). By contrasts, there was a fall in average financial charges to 3.07%32 for the 2015 financial year.
The fall in financial charges is the result of the decline in the average hedging percentage of the bank debt, the further fall in short-term interest rates, lower banking margins on new debt and debt to be refinanced, offset by the higher interest resulting from the 2 new bond loans.
31 The operating profit before the profit on the property portfolio compared with net rental result.
32 This financial cost is an average over the whole year, including the lease debts in France, the Netherlands and Belgium, and was calculated based on the total financial cost compared with the average of the start balance and end balance of the financial debt burden for 2015, excluding the value of the hedging instruments.
On 31/12/2015, Montea's total bank debt (bilateral credit lines) was € 183 million with 5 Belgian banks. Montea has opted for a responsible policy in which 82%33 of the total financial debt with a variable interest rate is hedged by IRS-type (Interest Rate Swap) interest rate hedging contracts.
The result on the property portfolio was € 2.48 million at 31/12/2015. This positive result is attributable to a net positive variation in the fair value of the property portfolio as a result of the fall in investment yields from 7.49% to 7.20% as of 31st December 2015.
With the valuation of the solar panels, any gains are stated in a separate component in equity capital. Losses are also stated in this component, unless they are realised or unless the fair value fallows below the original investment cost.
The net result at 31/12/2015 was € 24.01 million (€ 2.61 per share) compared with € 6.11 million for the same period in 2014. The variation in this net result (€ +17.90 million) was affected significantly by the positive variation in the value of the hedging instruments (€ +11.23 million) and to a lesser extent by the positive change in the fair value of the property portfolio (€ 0.84 million). These latter variations are not cash revenue/costs and have no impact whatsoever on the net operating result.
The net operating result at 31/12/2015 was € 21.10 million, an increase of 38.2% compared with the same period last year.
Based on the result available to be paid out, Montea will propose a gross dividend of € 2.03 per share to the general meeting of shareholders. This means an increase of 3.0% in the gross dividend per share compared with 2014, despite the dilution resulting from the optional dividend and the capital increase (by contribution in kind) implemented in 2015.
33 When the 2 outstanding bond loans (with fixed interest rate) and lease debts are taken into account, the hedging percentage was 67%.
| CONSOLIDATED BALANCE SHEET (EUR) |
31/12/2015 Conso |
31/12/2014 Conso |
|---|---|---|
| NON-CURRENT ASSETS | 517.685.997 | 421.821.417 |
| CURRENT ASSETS | 31.999.167 | 32.046.053 |
| TOTAL ASSETS | 549.685.164 | 453.867.470 |
| SHAREHOLDERS' EQUITY | 208.256.437 | 183.438.085 |
| Shareholders' equity attributable to shareholders of the parent company | 208.156.528 | 183.338.176 |
| Minority interests | 99.909 | 99.909 |
| LIABILITIES | 341.428.727 | 270.429.385 |
| Non-current liabilities | 291.353.554 | 202.019.311 |
| Current liabilities | 50.075.173 | 68.410.074 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 549.685.164 | 453.867.470 |
The total commitments of € 341.4 million consisted of:
During 2015, Montea proceeded with the issue of 2 additional bond loans, each of € 25 million, partly to refinance the existing lines of credit that were coming to maturity. These 2 new bond loans are made up of one loan with a variable EURIBOR 3 months +205 bps interest rate and one with a fixed interest rate of 3.42%. The term of these bond loans is until 2025 and 2027.
During 2016, Montea will have to refinance € 16.7 million in lines of credit.
If the consolidated debt ratio of the public GVV and its subsidiaries exceeds 50% of the consolidated assets, after deduction of the permitted financial hedging instruments, the public GVV is required to draw up a financial plan with an implementation schedule, in which it sets out the measures to be taken to prevent the consolidated debt ratio from rising to above 65% of the consolidated assets.
A special report will be drawn up about the financial plan by the company auditor in which it is confirmed that the auditor has verified the method by which the plan was drawn up, in particular what the economic fundamentals relate to, and that the figures included in the plan correspond with those of the accounts of the public GVV.
Historically speaking, Montea's debt ratio since the end of 2008 has risen above 50%, reaching its highest percentage of 57.62% in mid-2010. A capital increase was implemented on 2nd July 2010, taking the debt ratio back down below 50%.
In September 2012, the debt ratio rose to 55.29%. On 20th December 2012, a capital increase of € 21.1 million was implemented to finance the project at Brucargo for DHL Global Forwarding. The debt ratio returned to 50.80% in the first quarter of 2013.
As a result of the dividend payment, the acquisition of the shares in Cordeel Evenstuk NV (which owns the property leased to DSV Solutions), the acquisition of the shares in Acer Parc NV (which owns the build-to-suit building leased to St-Jude Medical), the initial investment in the Netherlands (financed fully by debt) and the acquisition of the shares in Ghent Logistics NV (financed by the issue of new Montea shares), the debt ratio rose again 52.82% on 31/12/2013.
In the first half of 2014, a capital increase was implemented to anticipate the planned acquisitions and investments in the second half of 2014. This involved redevelopment projects at the sites in Grimbergen and Vorst, 3 built-to-suit projects in Belgium (2 at De Hulst in Willebroek and 1 at Brucargo) and 1 builtto-suit project in the Netherlands (Oss) and 2 sale-and-lease back transactions (Beuningen and Waddinxveen).
In the first half of 2015, it was decided to proceed with a contribution in kind (for the acquisition in Apeldoorn) and an optional dividend in order to lower the debt ratio in mid-2015 after the acquisitions at 's Heerenberg (NL) and Cofriset (FR) and finalisation of the build-to-suit project in Heerlen (NL).
34 Calculated in accordance with the RD of 13th July 2014 in relation to regulated property companies.
The second half of 2015 saw the acquisition of the property in Tilburg (leased to the Versteijnen group), which was financed fully with debt. A number of built-to-suit projects were also begun (Movianto in Erembodegem, CdS in Vorst, and Bakkersland at Schiphol), meaning that current works are fully financed with debt.
As a result of the above, the debt ratio was 55.77% at 31/12/2015. Montea's debt ratio has never reached alarming levels, even during the periods of financial crisis that set in from the end of 2008.
Based on the current debt ratio, the investment potential would still be more than € 145 million35 (an increase of 28.6%) without exceeding the maximum debt ratio of 65% (see table below).
Montea has covenants with a number of banks under which the debt ratio may not exceed 60%. Based on these covenants, using the same method of calculation, Montea's investment potential is still nearly € 58 million (see table below).
The amounts stated above do not take account of any variations in the value of the property portfolio. Any variations such as these could have a significant impact on the debt ratio.
Based on the current level of equity capital, it would only be with a negative variation in the fair value of the property investments of approximately € 78 million that the maximum permitted debt ratio of 65% would be exceeded. This would correspond with a fall in the fair value of the existing portfolio of 15.4%.
Since Montea was founded, Montea has absorbed a total negative variation in the value of the property portfolio of € 28.8 million, with the majority occurring as a result of the financial crisis at the end of 2008 and 2009.
Based on the current position of the portfolio and the valuation of Montea's portfolio by the independent valuer, Montea does not foresee any possible substantially negative variations in the fair value.
Montea also believes that the current debt ratio of 55.77% provides a sufficient buffer to accommodate any possible further negative variations in the existing portfolio.
Montea forecasts there to be a debt ratio of 56.82% at 30/06/2016 and 53.61% at 31/12/2016, based on:
Montea believes that the debt ratio will not exceed 65% and that no additional measures need be taken based on the planned changes to the composition of the property portfolio and the expected changes to equity capital.
35 This calculation does not take account of the variations in the fair value of the property investments, nor with any variations in accruals, provisions for risks and deferred taxation from the liabilities and any future net operating profits.
Montea's aim remains to finance itself with a debt ratio of approximately 55% and it will make sure that it never has a debt ratio in excess of 60% (as set out in the bank covenants).
The debt ratio of 55% is perfectly justified given the nature of the type of property in which Montea invests, i.e. logistics and semi-industrial property with an average net initial yield of approximately 7%.
Should a situation arise in which certain event require the company's strategy to be adjusted, Montea will do so without delay and will also notify shareholders.
The net asset value at 31/12/2015 was € 22.60 per share, but this was affected significantly by the negative variation in the fair value of the hedging instruments. If the net negative variation in the fair value of the hedging instruments (IAS 39) is excluded, the net asset value would be € 25.22 per share.
The Group applies the same IFRS standards as in previous years, with the exception of a number of new standards and interpretations that the Group applied for the first time from 1st January 2015.
IFRIC 21 states that an entity must recognise an obligation regarding a levy as soon as the activity that according to the applicable legislation leading to the levy is carried out. It also states that if exceeding a specific threshold leads to a levy, there is no obligation to pay the levy until such time as the threshold indicated has been exceeded. The interpretation applies to financial periods that begin on or after 17th June 2014 and must be applied retrospectively. Earlier application is permitted.
These improvements to the standards and interpretations for the 2011-2013 cycle are designed to clarify the following texts.
The improvements apply to financial periods beginning on or after 1st January 2015.
The standards and interpretations stated below are those that have already been published, but which had not yet come into effect on the date when the annual accounts of the entity were published.
36 Not yet accepted by the EU as of 31st December 2015.
| STOCK MARKET PERFORMANCE | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Share price (€) | ||
| At closing | 39,20 | 34,39 |
| Highest | 40,00 | 34,40 |
| Lowest | 33,08 | 30,00 |
| Average | 36,68 | 31,94 |
| Net asset value / share (€) | ||
| Incl. IAS 39 (*) | 22,60 | 20,94 |
| Excl. IAS 39 (*) | 25,22 | 23,76 |
| Premium / (discount) (%) | 55,4% | 44,8% |
| Dividend return (%) | 5,2% | 5,7% |
| Dividend (€) | ||
| Gross | 2,03 | 1,97 |
| Net | 1,48 | 1,48 |
| Volume (number of securities) | ||
| Average daily volume | 4.111 | 3.929 |
| Volume of the period | 1.153.944 | 1.001.779 |
| Number of shares | 9.211.701 | 8.754.378 |
| Market capitalisation ('000 euro) | ||
| Market capitalisation at closing | 361.099 | 301.063 |
| Ratios (%) | ||
| Velocity | 12,9% | 12,4% |
Dividend yield (%): Gross dividend divided by the stock price at the end of the period "Velocity": Volume for the period divided by the number of shares.
Based on the closing price on 31/12/2015 (€ 39.20), Montea were listed 55.4% above the value of the net asset per share (excl. IAS39).
Taking account of the closing price on 31/12/2015, Montea shares rose by 14.0% this year (14.8% when the average price in 2015 and 2014 is taken into account).
Montea's Board of Directors will propose to the General Meeting of Shareholders that a gross dividend be paid of € 2.03 gross per share (€ 1.4819 net per share).
Montea has purchased a distribution centre in Eindhoven - Acht. The building contains 16,700 m² of warehousing and 435 m² of office space on 36,200 m² of land. In view of the building's good location and flexible layout into 4 units, this distribution centre is extremely well suited for purposes such as complex distribution requirements and e-commerce.
The building will be leased with a triple net lease for a fixed term of 15 years. This sale & rent back transaction represents an investment of approximately € 18 million and a net initial yield of 6.60%.
The City of Antwerp, ParticipatieMaatschappij Vlaanderen (PMV) and Waterwegen en Zeekanaal (W&Z) have selected Blue O'pen as a partner for the remediation and redevelopment of Petroleum Zuid in Antwerp (ca. 63 hectares). Blue O'pen is a consortium of DEME and Bopro. For the development of and investment in the 6.5 hectare logistics zone at Blue Gate, the consortium opted for an exclusive partnership with Montea.
Peter Demuynck, Montea CCO: We are always looking for innovative solutions for the logistics sector. In the second half of 2017, we will start to develop a CO2 neutral logistics park at this unique location, at the edge of the city and the water, with special focus on the innovative logistics trends and urban distribution. The total development will represent an estimated € 26 million upon completion.
Montea «Space for Growth» - Artist Impression Blue Gate, Antwerpen
37 For more information, please see our press release of 18/02/2016 or visit www.montea.com.
Montea acquired a 4.6-hectare plot of land in Bornem from Beherman Invest NV (part of Beherman Group). The site is strategically located in the "golden triangle" between Brussels/Antwerp/Ghent, in the immediate vicinity of the A12/E17 motorways. The existing building will be demolished and the site totally redeveloped. Montea has already begun marketing the site for a built-to-suit logistics building development of +/- 26,000 m².
Montea "Space for Growth" - Site at Bornem – Built-to-suit (BE)
This transaction represents an investment value of € 4.6 million.
The Bornem site (2-24 Industrielaan), which has a total floor area of 14,343 m², is now fully leased. Montea and the Belgian Buildings Agency have signed a 9-year lease. The agreement extends to 8,760 m² of warehousing, 590 m² of office space and 37 parking spaces. The Belgian Buildings Agency will use the site to store goods that have been seized. The transaction was brokered by Hugo Ceusters NV.
Montea «Space for Growth» - Site Bornem (BE)
The remaining available space of 1,206 m² is leased to Beherman Motors NV (part of the Beherman Group) for a term of 9 years, with the first break after 3 years. Beherman Group (www.behermangroup.com) is the official Mitsubishi importer for Belgium and Luxembourg and will use the site as for workshops and warehousing.
Together, these two transactions represent an annual rental income of approximately € 0.45 million.
18/02/2016 – Handover of build-to-suit building for Movianto in Erembodegem (BE)38
Montea "Space for Growth" - Site at Erembodegem, Waterkeringsstraat (BE)
In June 2015 Montea met began the development of an additional distribution centre for Movianto at Industriezone Zuid IV in Erembodegem. The 15,900 m² state-of-the-art logistics distribution centre, with GDPcompliant (2,900 m²) cross-docking spaces (+2+8°C and +15°C+25°C) and adjoining offices was handed over on schedule in January 2016. The building will be leased for a fixed period of 9 years, with the starting rent approximately € 1 million per year.
Montea "Space for Growth" - Site at Vorst - CdS (BE)
As part of the redevelopment plan for the site in Vorst, Montea began work in April 2015 on the development of a second sustainable built-to-suit project for CdS in Vorst. The 10,500 m² distribution centre was handed over on schedule on 15/02/2016. The building will be leased for a fixed term of 15 years, with an initial rent of approximately € 0.5 million per year.
38 For more information, please see our press release of 26/06/2015 or visit www.montea.com. 39 For more information, please see our press release of 03/04/2015 or visit www.montea.com.
Els Vervaecke has been appointed as the new CFO, effective 1st March 2016. Peter Verlinde will remain active behind the scenes to ensure a smooth transition. This change in management does not change Montea's objectives and strategic course.
"We would like to extend our warmest thanks to Peter for the important role that he has played in Montea's success in past years," said Dirk De Pauw, Chairman of Montea's Board of Directors.
Els Vervaecke previously worked at EY as senior auditor. At the beginning of 2010 she joined Pylos (property developer) as Finance Manager for the Pylos Group. She was appointed CFO for Pylos Benelux in 2014.
There were no transactions between associated parties in 2015.
The Board of Directors of Montea's statutory manager and management are fully aware of the importance of developing and maintaining sound governance and consequently the retention of a high-quality portfolio. Montea imposes strict, clear-cut standards for (i) optimising and upgrading the existing buildings, (ii) commercial management, (iii) the technical management of the buildings, and (iv) any investments in the buildings. The purpose of these criteria is to restrict vacancies, as well as to achieve maximum and sustainable increases to the value of the property assets.
The principal risks and uncertainties for the coming financial year are focused on:
a) Description of risks
Montea's turnover largely consists of the rent generated by leases to third parties. Non-payment by tenants and a decrease in the occupancy rate may have a negative impact on results.
b) Management of risks
Montea actively manages and monitors its existing and future clients in order to minimise vacancies and the turnover of tenants in its property portfolio.
40 For more information about Montea's strategy, we refer you to the Half-Yearly Financial Report dated 30/06/2015 and the Annual Report dated 31/12/2014. Montea's policy will, is necessary, be adjusted in line with the risk factors outlines.
The vast majority of rental contracts includes annual indexation in the rent (in Belgium and the Netherlands, indexation is based on the health index; in France, it is based on the construction cost index41, while in the Netherlands, indexation is based on the consumer price index). All current lease agreements in Belgium, in France and in the Netherlands are subject to movements in the indices mentioned. None of the current rental income is exposed to a reduction in the initial rent as the result of any fall in the index.
Before a new client is accepted, its solvency is checked. On signing each lease agreement, an unconditional bank guarantee is required as a minimum in which the amount guaranteed corresponds with 3 to 6 months of rent and possibly a guarantee from the parent company. Rent is payable in advance on a monthly, bimonthly or quarterly basis.
Montea also positions itself, in the context of alliances with third parties (project developers, land-owners, etc.), as an active partner in property developments. In these cases, prior to commencing the construction of a new development, Montea will have already signed a lease agreement with the tenant in question. Montea does not intend to become involved in speculative development projects (known as "blank" projects for which there are no tenants in place in advance).
The Montea team, potentially assisted by external consultants, is responsible for the daily management of the buildings, handles the technical management of the property portfolio42 and presents efficient and flexible solutions for improving the portfolio's quality and sustainability. Moreover, the team will make every effort to proactively minimise any possible vacancies.
The internal team follows up the operational management of the technical maintenance of the buildings, as well as the coordination of the ongoing construction and renovation. The team submits a maintenance and renovation schedule to the investment committee and the Board of Directors for the purpose of securing optimal long-term portfolio profitability.
Montea conducts a policy whereby the vast majority of the management costs of the buildings are invoiced on to tenants. For 2015, a total of € 1.0K was spent on costs that could not be passed on to the tenants (including costs that could not be passed on due to vacancy).
The liquidity risk consists of Montea running the risk that at a certain moment it may not have sufficient cash resources and that it may no longer be able to obtain the required financing to cover its short-term debts.
41 ICC – "indice de coût de construction". 42 However, for the implementation of certain tasks, Montea is assisted by external partners. Montea continues to bear the responsibility for this and also handled coordination.
At 31st December 2015, Montea had lines of credit totalling € 205 million, € 183 million was already drawndown. During 2016, € 16.3 million of these lines of credit matures and will have to be repaid or refinanced.
The liquidity and financing risk is contained by:
To enable it to avoid liquidity problems as it goes forward, Montea is constantly taking action to obtain the necessary funding for the further growth of its portfolio. The Company does not currently foresee any problem in finding additional sources of finance. In so doing, it always bears the cost and term of its finance, as well as the diversification of its funding sources.
a) Description of risks
Short-term and/or long-term interest rates may vary sharply on the (international) financial markets.
With the exception of its lease agreements 43 and bond loans44, Montea has all of its financial debt at a variable interest rate (bilateral lines of credit at EURIBOR 3-month rates). This enables Montea to benefit from any low interest rates.
In order to hedge the risk of interest rate rises, Montea conducts a policy in which part of its financial debt is covered by interest rate hedging instruments. This prudent policy guards against the effect of any rise in the nominal interest rates without a concurrent growth in inflation, which creates an increase in real interest rates as a result. If this happens, any rise in real interest rates cannot be offset by an increase in rental income due to indexation. It is also the case that there is always a time lag between the rise in the nominal interest rates and indexation of the rental income.
43 Montea has a financial debt in relation to on current lease agreement of EUR 1.6 million (0.5% of the total financial debt). This lease agreement expires in 2017. This agreement was entered into at the time with a fixed annuity per quarter (including the interest
charge). 44 In 2014, Montea issued a bond loan with a fixed interest rate of 3.355%, as well as one in 2013 at a fixed interest rate of 4.107%. For more information, please see the press releases dated 20/05/2014 and 24/06/2013. In 2015, Montea issued 2 additional bond loans, each of € 25 million, one with a variable interest rate set at the Euribor 3-month rate + 205 bps, the other a fixed interest rate of 3.42%. For more information about these latter 2 issues, please see the press release dated 26/06/2015 or visit www.montea.com.
Taking account of its lines of credit with variable interest rates, hedging instruments, the fixed interest rate on the bond loans and the fixed interest rates on the lease agreements, Montea's average level of interest charges in 2015 was 3.07%45 (including bank margins).
Based on the existing debt position at 30th December 2015 and the short-term interest rates in effect at the time, any rise of 100 basis points in the short-term interest rates would result in a limited rise in Montea's total finance costs (€ +0.7 million).
Montea's business is affected to a certain extent by the overall economic climate. Lower economic growth can have an indirect effect on the occupancy rate, as well as on rental income. This may also increase the risk of some tenants being unable to comply with their obligations.
This risk is mitigated partly at Montea by the diversification of its income streams (e.g. solar panels), its geographical diversification (Belgium, the Netherlands and France) and signing leases for longer terms with top-quality tenants from different sectors.
We are also seeing a growing appetite for logistics property in Belgium, France and the Netherlands, which is placing downward pressure on investment yields. As a result of this, Montea is forced to be involved from the beginning of the project.
• Occupancy rate
On 31/12/2015 the occupancy rate was 96.0%.
In 2016 the agreements on floor space totalling 58,360 m² come to an end (7.8% of the total).
Montea is confident that due to the good location and good condition of the sites, new tenants can be found or existing leases extended for the current vacancies and any space that becomes free in 2016. Our aim in doing so will be to maintain a minimum occupancy rate of 95%.
• The aim is to increase the value of the property portfolio to above € 600 million in 2016.
Given the further growth based on its existing investment pipeline, Montea intends to increase its property portfolio to more than € 600 million.
• There is an investment capacity of € 58 million with a debt ratio of 60%
45 This financial cost is an average over the whole of the 2015 financial year, including the leasing debts in France, the Netherlands and Belgium. It has been calculated based on the total financial cost compared with the average of the start and end balance of the financial debt burden for 2015.
Taking a debt ratio of 60%, Montea still has an investment capacity of € 58 million. With the investments already announced and the company's aim to continue growing based on its existing investment pipeline, Montea is currently examining various financing opportunities using debt and equity capital (such as a contribution in kind and/or organising a capital increase).
• Net operating result
Montea had a net operating result of € 21.10 million (€ 2.29 per share) in 2015. Based on these results and taking account of the full-year impact of the investments made in 2015, as well as the "build-to-suit" projects completed and an estimate of the re-leasing of vacant space, Montea intends to increase its net operating result to € 26.5 million (> 25%).
As a specialist in the logistics and semi-industrial property sector, Montea seeks to operate as a socially responsible company. For this reason, Montea is involved in a continuous improvement process in which environmental and social considerations are systematically incorporated into day-to-day business operations. Montea aims not merely to comply with statutory requirements, but also wishes to go beyond the legislation through various initiatives and programmes.
Montea management is confident that a responsible approach to its business is a decisive factor in the sustainability of the company.
Working in conjunction with external specialists, Montea has implemented its own "Blue Label" programme. This scheme takes an overall approach to sustainability, both for the existing portfolio and for new investments.
There are various norms worldwide for the property sector. The bestknown are: HQE (French norm), BREEAM (UK norm), LEED (U.S. norm). Montea has included the main norms in its "Blue Label" plan.
As a member of VIL (Vlaams Instituut voor de Logistics – Flemish Logistics Institute), Montea supports the Lean and Green sustainability programme. Lean and Green encourages and supports companies in making dramatic reductions in their CO2 emissions. Given that Montea is closely involved in sustainability and making its own property portfolio sustainable, this was the ideal time to join this project.
On 10th December 2013, Montea was presented with the Lean and Green Award by Minister Joke Schauvliege for its efforts in making its property portfolio sustainable.
On 8th May 2015, Montea became the first Belgian property investors to receive the Lean & Green Star in recognition for the effective reduction of CO2 emissions in its Belgian portfolio by 26%. The Lean & Green Star certificate was officially presented on 16th June 2015.
As a result of obtaining this additional independent recognition, Montea is able to pass on its sustainability goals to its partners (contractors, architects, suppliers, etc.), as well as to its tenants.
At Montea, as the owner of logistics buildings, we are confident that we can function as a catalyst in promoting the Lean and Green programme to tenants and in so doing develop a consistent sustainability concept. DHL Freight, VDAB, Coca-Cola Enterprises Belgium and Norbert Dentressangle are tenants of Montea, which have also received the Lean and Green Award.
As a socially responsible company, Montea is aware of the impact of its activities on the environment in the broadest sense of the word and as such subscribes to its objectives in terms of sustainable development. The Company undertakes to manage its property assets with respect for the following aspects:
Montea Has developed a rational policy to optimise energy usage.
In 2012, the programme of energy scans was developed further with the introduction of Life Cycle Analyses. Using these detailed analyses and other energy calculations, a comprehensive study was carried out for the sites in Mechelen and Puurs.
This all-encompassing study enabled Montea to draw up a total investment programme covering the following areas:
Through these detailed studies, Montea once again demonstrates how it focuses on optimising the sustainability and quality of its property portfolio.
Monitoring systems have been brought in at the sites at Erembodegem, Mechelen, Milmort, Heppignies, Bornem, Herentals, Puurs Schoonmansveld 18 and Grimbergen. Using periodic reporting, Montea is able to track energy management closely and make adjustments in the event of extreme consumption.
Based on the monitoring described above, the total amount of energy produced by the PV installations meets expectations: 4.5 MWh was generated by the solar panels, saving 1,100 tons of CO2 emissions.
Depending on their operational requirements, Montea's tenant use up to 90% of the solar energy produced. Each quarter, Montea informs its tenants about the solar energy produced, solar energy consumed locally and the financial benefit.
In 2015, 35% of green power was used out of the total amount of electricity consumed for the Belgian property portfolio.
A Facility Management programme was implemented at the end of 2011. This programme is both an internal management system and it also provides tenants with access to a secure "My Montea" web portal. The Facility Management programme offers the following applications:
Implementation of the Facility Management programme fits well with the "Blue Label" plan and the transparency that Montea aims to provide its tenants and partners.
Montea encourages its tenants to sort their waste, making separate containers available and offering appropriate solutions for waste collections.
Pursuant to article 5.11 of the issue terms and conditions for the bonds issued on 28th June 2013 (totalling € 30 million) and 28th May 2014 (totalling € 30 million) and on 30th June 2015 (totalling € 50 million), Montea will publish a statement in its consolidated annual and half-yearly figures regarding compliance with certain covenants imposed in art. 5.10 of said terms and conditions.
Montea declares that:
This press release contains a number of forward-looking statements. Such statements are subject to risks and uncertainties, meaning that the actual results may differ from the results that might be assumed from any such forward-looking statements in this press release. Important factors that might affect such results include changes in the economic situation, commercial and competitive circumstances, as well as the consequences of future legal rulings or changes to the legislation.
This information is also available at our website: www.montea.com.
Montea Comm. VA is a regulated public property company (RPPC) under Belgian law (SIRP – SIIC), specialising in logistical property in Belgium, the Netherlands and France. The company is a leading player in this market. Montea literally offers its clients the room to grow through versatile, innovative property solutions. This enables Montea to create value for its shareholders. Montea was the first Belgian property investor to receive the Lean & Green Star in recognition for showing that CO2 emissions have been effectively reduced by 26% in the Belgian portfolio. As of 31/12/2015 Montea's portfolio of property represented total floor space of 749,009 m², spread across over 45 locations. Montea Comm. VA has been listed on Euronext Brussels (MONT) and Paris (MONTP) since the end of 2006.
MEDIA CONTACT FOR MORE INFORMATION
Jo De Wolf www.montea.com +32 53 82 62 62 [email protected]
Follow MONTEA in SHAREHOLDERSBOX of:
| CONSOLIDATED PROFIT & LOSS ACCOUNT (EUR x 1.000) |
31/12/2015 | 31/12/2014 | |
|---|---|---|---|
| 12 months | 12 months | ||
| I. | Rental income | 35.438 | 27.908 |
| II. | Write-back of lease payments sold and discounted | 0 | 0 |
| III. | Rental-related expenses | -1.148 | -1.089 |
| NET RENTAL RESULT | 34.290 | 26.819 | |
| IV. | Recovery of property charges | 0 | 0 |
| V. | Recovery of charges and taxes normally payable by tenants on let properties | 4.832 | 4.322 |
| VI. | Costs payable by tenants and borne by the landlord for rental damage and refurbishment | 0 | 0 |
| at end of lease | |||
| VII. | Charges and taxes normally payable by tenants on let properties | -5.824 | -5.041 |
| VIII. | Other rental-related income and expenses | 1.565 | 1.234 |
| PROPERTY RESULT | 34.864 | 27.334 | |
| IX. | Technical costs | -114 | -83 |
| X. | Commercial costs | -233 | -130 |
| XI. | Charges and taxes of un-let properties | -102 | -297 |
| XII. | Property management costs | -839 | -663 |
| XIII. | Other property charges | -43 | -9 |
| PROPERTY CHARGES | -1.332 | -1.183 | |
| PROPERTY OPERATING RESULT | 33.532 | 26.151 | |
| XIV. | General corporate expenses | -4.037 | -3.339 |
| XV. | Other operating income and expenses | -58 | 9 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 29.437 | 22.821 | |
| XVI. | Result on disposal of investment properties | 5 | 176 |
| XVII. | Result on disposal of other non-financial assets | 0 | 0 |
| XVIII. Changes in fair value of investment properties | 2.470 | 1.457 | |
| XIX. | Other portfolio result | 0 | 0 |
| OPERATING RESULT | 31.912 | 24.453 | |
| XX. | Financial income | 581 | 343 |
| XXI. | Net interest charges | -8.556 | -7.521 |
| XXII. | Other financial charges | -41 | -48 |
| XXIII. | Change in fair value of financial assets & liabilities | 438 | -10.796 |
| FINANCIAL RESULT | -7.578 | -18.023 | |
| XXIV. Share in the result of associates and joint ventures | 0 | 0 | |
| PRE-TAX RESULT | 24.334 | 6.431 | |
| XXV. | Corporation tax | -324 | -324 |
| XXVI. Exit tax | 0 | 0 | |
| TAXES | -324 | -324 | |
| NET RESULT | 24.010 | 6.107 | |
| Attributable to: | |||
| Shareholders of the parent company | 24.010 | 6.105 | |
| Minority interests | 0 | 2 | |
| NET CURRENT RESULT | 21.535 | 4.474 | |
| NET CURRENT RESULT (excl. IAS 39) | 21.097 | 15.271 | |
| Number of shares in circulation entitled to the result of the period (SHARES) | |||
| Number of weighted number average of shares before the period | 9.211.701 | 7.781.658 | |
| Number of shares at the end of the period (SHARES) | 9.211.701 | 8.754.378 | |
| NET RESULT PER SHARE (EUR) | 2,61 | 0,78 | |
| NET OPERATING RESULT PER SHARE (excl. IAS39) / number of shares, participating in | 2,29 | 1,97 | |
| the result (EUR) | |||
| NET RESULT PER SHARE / weighted number average of shares (EUR) | 0,00 | 0,00 | |
| NET CURRENT RESULT PER SHARE (excl. IAS 39) (EUR) | 2,29 | 1,97 |
| CONSOLIDATED BALANCE SHEET (EUR x 1.000) |
31/12/2015 Conso |
31/12/2014 Conso |
||
|---|---|---|---|---|
| I. | NON-CURRENT ASSETS | 517.686 | 421.821 | |
| A. Goodwill | 0 | 0 | ||
| B. Intangible assets | 214 | 125 | ||
| C. Investment properties | 506.934 | 414.005 | ||
| D. Other tangible assets | 10.500 | 7.655 | ||
| E. Non-current financial assets | 0 | 0 | ||
| F. Finance lease receivables | 0 | 0 | ||
| G. Trade receivables and other non-current assets | 38 | 37 | ||
| H. Deferred taxes (assets) | 0 | 0 | ||
| I. | Participations in associates and joint ventures according to the equity method | 0 | 0 | |
| II. | CURRENT ASSETS | 31.999 | 32.046 | |
| A. Assets held for sale | 0 | 3.775 | ||
| B. Current financial assets | 0 | 0 | ||
| C. Finance lease receivables | 0 | 0 | ||
| D. Trade receivables | 7.691 | 12.453 | ||
| E. Tax receivables and other current assets | 4.069 | 1.586 | ||
| F. Cash and cash equivalents | 4.930 | 4.250 | ||
| G. Deferred charges and accrued income | 15.309 | 9.981 | ||
| TOTAL ASSETS | 549.685 | 453.867 | ||
| TOTAL SHAREHOLDERS' EQUITY | 208.256 | 183.438 | ||
| I. | Shareholders' equity attributable to shareholders of the parent company | 208.157 | 183.338 | |
| A. Share capital | 185.288 | 176.061 | ||
| B. Share premiums | 20.893 | 14.650 | ||
| C. Reserves | -22.035 | -13.480 | ||
| D. Net result of the financial year | 24.010 | 6.107 | ||
| II. | Minority interests | 100 | 100 | |
| I. | LIABILITIES Non-current liabilities |
341.429 | 270.429 | |
| A. Provisions | 291.354 0 |
202.019 0 |
||
| B. Non-current financial debts | 267.165 | 177.393 | ||
| C. Other non-current financial liabilities | 24.188 | 24.627 | ||
| D. Trade debts and other non-current debts | 0 | 0 | ||
| E. Other non-current liabilities | 0 | 0 | ||
| F. Deferred taxes - liabilities | 0 | 0 | ||
| II. | Current liabilities | 50.075 | 68.410 | |
| A. Provisions | 0 | 0 | ||
| B. Current financial debts | 27.491 | 50.752 | ||
| C. Other current financial liabilities | 0 | 0 | ||
| D. Trade debts and other current debts | 7.915 | 7.540 | ||
| E. Other current liabilities | 3.993 | 788 | ||
| F. Accrued charges and deferred income | 10.677 | 9.330 | ||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 549.685 | 453.867 |
| CHANGES IN SHAREHOLDERS' EQUITY (EUR x 1.000) |
Share capital | Share premiums | Reserves | Result | Deduction of transfer rights and costs |
Minority interests | Shareholders' equity |
|---|---|---|---|---|---|---|---|
| ON 31/12/2014 | 176.061 | 14.650 | 4.333 | 6.107 | -17.813 | 100 | 183.438 |
| Elements directly recognized as equity | 9.227 | 6.243 | 6.044 | 0 | -5.443 | 0 | 16.071 |
| Capital increase | 9.227 | 6.243 | 15.470 | ||||
| Impact on fair value of estimated transfer rights and costs resulting from | 5.443 | -5.443 | 0 | ||||
| hypothetical disposal of investment properties | |||||||
| Positive change in value of solar panels (IAS 16) | 213 | 213 | |||||
| Own shares | 388 | 388 | |||||
| Own shares held for employee option plan | 0 | ||||||
| Minority interests | 0 | ||||||
| Corrections | 0 | ||||||
| Subtotal | 185.288 | 20.893 | 10.377 | 6.107 | -23.256 | 100 | 199.508 |
| Dividends | -15.262 | -15.262 | |||||
| Result carried forward | 6.107 | -6.107 | 0 | ||||
| Result for the financial year | 24.010 | 24.010 | |||||
| ON 31/12/2015 | 185.288 | 20.893 | 1.222 | 24.010 | -23.256 | 100 | 208.256 |
| ABBREVIATED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR x 1.000) |
31/12/2015 12 months |
31/12/2014 12 months |
|---|---|---|
| Net result | 24.010 | 6.107 |
| Other items of the comprehensive income | -5.230 | -8.267 |
| Items taken in the result | -5.443 | -8204 |
| Impact on fair value of estimated transfer rights and costs resulting from hypothetical disposal of investments properties |
-5.443 | -8.204 |
| Changes in the effective part of the fair value of authorized cash flow hedges | 0 | 0 |
| Items not taken in the result | 213 | -63 |
| Impact of changes in fair value of solar panels | 213 | -63 |
| Comprehensive income | 18.780 | -2.160 |
| Attributable to: | ||
| Shareholders of the parent company | 18.780 | -2.160 |
| Minority interests | 0 | 0 |
| CONSOLIDATED CASH FLOW STATEMENT (EUR x 1.000) |
31/12/2015 12 months |
31/12/2014 12 months |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR | 4.250 | 4.092 |
| Net result | 24.010 | 6.107 |
| Financial cash elements (not dedectable of the net profit) to become the operating result | 8.016 | 7.226 |
| Received interests | -581 | -343 |
| Payed interests on finances | 8.597 | 7.569 |
| Received dividends | 0 | 0 |
| Taxes (dedected from the net result) to become the operating result | 324 | 324 |
| Non-cash elements to be added to / deducted from the result | -2.774 | 9.299 |
| Depreciations and write-downs | 139 | 135 |
| Depreciations/write-downs (or write-back) on intangible and tangible assets (+/-) | 196 | 127 |
| Write-downs on current assets (+) | 2 | 9 |
| Write-back of write-downs on current assets (-) Other non-cash elements |
-59 -2.913 |
-1 9.164 |
| Changes in fair value of investment properties (+/-) | -2.470 | -1.457 |
| IAS 39 impact (+/-) | -438 | 10.796 |
| Other elements | 0 | 0 |
| Realized gain on disposal of investment properties | -5 | -176 |
| Provisions | 0 | 0 |
| Taxes | 0 | 0 |
| NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING | 29.576 | 22.955 |
| CAPITAL REQUIREMENTS Change in working capital requirements |
1.880 | -4.509 |
| Movements in asset items | -3.047 | -8.664 |
| Trade receivables | 1 | 0 |
| Other long-term non-current assets | 4.762 | -5.475 |
| Other current assets | -2.483 | -948 |
| Deferred charges and accrued income | -5.327 | -2.240 |
| Movements in liability items | 4.927 | 4.155 |
| Trade debts | -2.487 | 3.863 |
| Taxes, social charges and salary debts | 2.861 | 312 |
| Other current liabilities | 3.205 | -1.822 |
| Accrued charges and deferred income | 1.347 | 1.802 |
| NET CASH FLOW FROM OPERATING ACTIVITIES (A) | 31.456 | 18.446 |
| Investment activities Acquisition of intangible assets |
-85.177 -180 |
-104.335 -44 |
| Investment properties and development projects | -85.843 | -112.086 |
| Other tangible assets | -93 | -129 |
| Solar panels | -2.841 | 0 |
| Disposal of investment properties | 3.780 | 7.924 |
| Disposal of superficy | 0 | 0 |
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B) | -85.177 | -104.335 |
| FREE CASH FLOW (A+B) | -53.721 | -85.888 |
| Change in financial liabilities and financial debts | 66.073 | 55.298 |
| Increase (+)/Decrease (-) in financial debts | 66.511 | 55.298 |
| Increase (+)/Decrease (-) in other financial liabilities | -438 | 0 |
| Increase (+)/Decrease (-) in trade debts and other non-current liabilities | 0 | 0 |
| Change in other liabilities Increase (+)/Decrease (-) in other liabilities |
0 0 |
-452 |
| Increase (+)/Decrease (-) in other debts | 0 | -452 0 |
| Change in shareholders' equity | 595 | 38.426 |
| Increase (+)/Decrease (-) in share capital | 9.227 | 38.525 |
| Increase (+)/Decrease (-) in share premium | 6.243 | 12.879 |
| Increase (+)/Decrease (-) in consolidation differences | 0 | 0 |
| Dividends paid | -15.262 | -12.978 |
| Increase (+)/Decrease (-) in reserves | 387 | 0 |
| Increase (+)/Decrease (-) in changes in fair value of financial assets/liabilities | 0 | 0 |
| Disposal of treasury shares | 0 | 0 |
| Dividend paid (+ profit-sharing scheme) | 0 | 0 |
| Interim dividends paid (-) Financial cash elements |
0 -8.016 |
0 -7.226 |
| NET FINANCIAL CASH FLOW (C) | 58.651 | 86.046 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A+B+C) | 4.930 | 4.250 |
In line with Chapter III, Part 2, Section F of the Regulated Property Companies Act (GVV) of 12th May 2014, Montea is required to have its property assets valued by an independent property assessor as of 31st December 2015. We were appointed for the property valuation for the entire portfolio in Belgium, the Netherlands and France. We have also consolidated the results of the valuation, the conclusions of which are discussed below.
Jones Lang LaSalle has been operating in Belgium since 1965 and has a long record of service in relation to valuing commercial property. We have sufficient knowledge about the property markets in which Montea operates. We also have the required and accredited professional knowledge to conduct this valuation. The assignment was conducted with total independence by the property assessor.
As is usually the case, we carried out our assignment based on the details provided by Montea in relation to the rent, charges and taxes to be borne by the landlord, the works to be carried out and all other factors that might have an influence on the value of the properties. We assume that this information is accurate and complete. As explicitly stated in our assessment reports, they do not involve any research into the structural and technical quality of the buildings, nor the possible presence of harmful substances. Montea is well aware of the possible existence of these risk factors and hence prior to purchasing each build has a technical and legal due diligence examination carried out.
The investment value is defined as the most probable value that might reasonably be achieved, on the date of the valuation, under normal sales conditions between two willing and well-informed parties, prior to the deduction of transaction charges.
We have used a static capitalisation method for conducting our valuations. As a means of control, we have also analysed the price per m².
The static capitalisation is in the form of a "Term and Reversion". The valuation is broken down into two parts: current income, based on the contractual rent, capitalised until the next break option in the lease, the market rental value is then capitalised in perpetuity and discounted. This method of valuation used a multiplier for the current and future rent that is based on analyses of comparable sales.
The multiplier varies, depending on an investor's required yield for a comparable building at a comparable location. This yield reflects the risks specific to the sector (future vacancies, credit risk, maintenance costs, etc.). Where there are exceptional factors specific to the building, an adjustment is made.
46 The whole report from the property assessor dated 31/12/2015 is not included in this annual report, but only the conclusions. This is because the whole report contains confidential information that may be of interest to competitors.
Examples of this are:
The "capitalisation" method that we have applied here is to be distinguished from the "updated cashflow" method. However, with this latter method, future growth and indexation are specifically included. The result of this distinction is that the yields used in a valuation with updated cashflows (DCF) are higher than with the static capitalisation method.
The yields used are based on the opinion of the valuer after comparing other sales achieved. There are numerous factors that affect the market and they depend on the type of buyer. In general terms, the following criteria are taken into consideration: the quality of the tenant and the length of the lease, the location of the building, the condition and architectural quality of the building, the age and state of maintenance of the building and the efficiency of the building (ratio between the gross and net floor space, parking ratio).
Finally, it is the effect of supply and demand on the investment market that is defining.
In accordance with IAS/IFRS standards, fair value ("fair value") is used for the accountancy reporting of a GVV. Following on from a press release issued by the Belgian Association of Asset Managers (BEAMA) dated 8th February 2006, the fair value is obtained by deducting 2.5% transaction charges from buildings with an investment value in excess of € 2,500,000. For buildings with an investment value less than € 2,500,000, registration fees amounting to 10% or 12.5% are deducted, depending on the region where the property is located.
Based on the comments set out in the paragraphs above, we confirm that the investment value of Montea's consolidated property assets at 31st December 2015, excluding the solar panels and current developments, was
This value includes the investment value of the entire portfolio in Belgium, the Netherlands and France.
The sale value of Montea's property assets at 31st December 2015, in accordance with the fair value ("fair value") of Montea's consolidated property assets, was:
This value includes the fair value of the entire portfolio in Belgium, the Netherlands and France.
On this basis, the initial yield of the property portfolio was 7.22%.
The assets consist of:
| Initial Yield | passing rent | Potential rent | ERV | Investment value | Fair value | Net value ('kosten koper') |
|
|---|---|---|---|---|---|---|---|
| Belgium | 7,06% | 16.357.490 € | 18.891.924 € | 17.294.710 € | 231.739.000 € | 226.200.400 € | 210.657.000 € |
| The Netherlands | 6,88% | 8.872.125 € | 8.872.125 € | 8.680.432 € | 129.033.546 € | 120.592.000 € | 105.592.300 € |
| France | 7,80% | 11.233.483 € | 11.508.985 € | 10.503.585 € | 144.007.893 € | 134.712.700 € | 134.712.700 € |
| TOTAL | 7,22% | 36.463.097 € | 39.273.033 € | 36.478.726 € | 504.780.439 € | 481.505.100 € | 450.962.000 € |
Yours sincerely,
Brussels, 18th January 2016.
R.P. Scrivener FRICS National Director Head of Valuation and Consulting For Jones Lang LaSalle
| Construction year / Year most important renovations |
Offices m² | Warehouses m² | Total m² | Contracted Rent Income |
Estimated Rental Value (*) |
Occupancy rate (as % of total m²) |
|
|---|---|---|---|---|---|---|---|
| Belgium AALST (ABCDEFG), TRAGEL 48-58 |
(1975 - 2002) 2009 | 2.098 | 17.883 | 19.981 | 661.818 | 657.074 | 100,0% |
| AALST (HIJ), TRAGEL 48-58 | 2000 - 2002 | 540 | 17.740 | 18.280 | 1.099.350 | 799.128 | 100,0% |
| AALST (KLM), TRAGEL 48-58 | 1985 - 2009 | 1.397 | 4.591 | 5.988 | 268.099 | 255.615 | 100,0% |
| BORNEM, INDUSTRIEWEG 4-24 | 1977 | 1.437 | 13.163 | 14.600 | 145.807 | 573.855 | 100,0% |
| GRIMBERGEN, EPPEGEMSESTWG 31-33 | 1980 - 1995 - 1996 - 2003 -2014 | 2.033 | 31.136 | 33.169 | 1.186.447 | 1.392.784 | 100,0% |
| HOBOKEN SMALLANDLAAN 7 | 2001 | 402 | 836 | 1.238 | 125.000 | 85.980 | 100,0% |
| PUURS RIJKSWEG 89 & 85 | 1975 - 1982 - 1984 - 1991 | 0 | 0 | 0 | 0 | 0 | 0,0% |
| HERENTALS, TOEKOMSTLAAN 33 | 2004 | 1.642 | 12.920 | 14.562 | 0 | 576.094 | 0,0% |
| NIJVEL, RUE DE L'INDUSTRIE | 2000 | 1.385 | 12.649 | 14.034 | 547.197 | 552.325 | 100,0% |
| PUURS, SCHOONMANSVELD 18 | 1998 | 1.334 | 11.907 | 13.241 | 769.115 | 583.000 | 100,0% |
| EREMBODEGEM, INDUSTRIELAAN 27 | 1973 / 2007 | 3.479 | 13.314 | 16.793 | 970.391 | 840.130 | 66,4% |
| MECHELEN, ZANDVOORTSTRAAT 16 | 1984 - 1990 - 1998 | 1.409 | 21.549 | 22.958 | 839.292 | 888.180 | 92,8% |
| VORST, HUMANITEITSln 292, SITE LIPTON | 1984 | 778 | 4.819 | 5.597 | 345.581 | 254.220 | 100,0% |
| VORST, HUMANITEITSln 292, SITE CM VORST, HUMANITEITSln 292, SITE RESTAURANT (STATION) |
1966 / 2007 1971 / 1995 |
0 2.110 |
7.150 0 |
7.150 2.110 |
358.089 0 |
286.000 168.800 |
100,0% 0,0% |
| VORST, HUMANITEITSln 292, SITE METRO | 2014 | 0 | 3.850 | 3.850 | 527.147 | 269.500 | 100,0% |
| VORST, HUMANITEITSln 292, SITE CdS | 2015 | 0 | 10.505 | 10.505 | 500.730 | 457.900 | 100,0% |
| MILMORT, AVENUE DU PARC INDUSTRIEL | 2000 | 1.225 | 27.112 | 28.337 | 1.106.581 | 1.090.095 | 99,7% |
| HEPPIGNIES, RUE BRIGADE PIRON | 2011 | 730 | 13.381 | 14.111 | 757.305 | 564.830 | 100,0% |
| ZAVENTEM, BRUCARGO 830 | 2012 | 4.328 | 23.951 | 28.279 | 2.118.203 | 1.999.390 | 100,0% |
| ZAVENTEM, BRUCARGO 831 | 2013 | 1.896 | 7.891 | 9.787 | 612.942 | 677.685 | 100,0% |
| GENT, EVENSTUK | 2013 | 755 | 23.769 | 24.524 | 1.014.226 | 1.027.720 | 100,0% |
| ZAVENTEM, BRUCARGO 763 | 1995 -1999 / 2007 / 2009 | 1.198 | 4.875 | 6.073 | 290.112 | 333.215 | 100,0% |
| GENT, KORTE MATE | 2011 | 1.012 | 12.024 | 13.036 | 653.296 | 608.620 | 100,0% |
| ZAVENTEM, BRUCARGO 738-1 | 2014 | 1.574 | 4.471 | 6.045 | 474.762 | 488.775 | 100,0% |
| WILLEBROEK, DE HULST SITE NEOVIA | 2014 | 512 | 19.000 | 19.512 | 0 | 953.940 | 100,0% |
| WILLEBROEK, DE HULST SITE DACHSER Total Belgium |
2014 | 1.652 34.926 |
7.381 327.867 |
9.033 362.793 |
986.000 16.357.490 |
844.155 17.229.010 |
100,0% 93,7% |
| France | |||||||
| SAVIGNY LE TEMPLE, RUE DU CHROME | 1992 / 2007 | 646 | 15.650 | 16.296 | 345.150 | 602.952 | 54,3% |
| FEUQUIERES, ZI DU MOULIN 80 | 1995 - 1998 - 2000 | 763 | 8.230 | 8.993 | 358.911 | 247.308 | 100,0% |
| CAMBRAI, P. d' A. ACTIPOLE | 2008 | 682 | 10.588 | 11.270 | 484.610 | 469.990 | 100,0% |
| ROISSY, RUE DE LA BELLE ETOILE 280 | 1990 - 2001 | 737 | 3.548 | 4.285 | 312.885 | 299.950 | 100,0% |
| BONDOUFLE, RUE HENRI DUNANT 9-11 | 1990 | 1.307 | 2.478 | 3.785 | 236.353 | 227.100 | 100,0% |
| DECINES-CHARPIEU, RUE ARTHUR RIMBAUD 1 | 1996 | 1.108 | 2.693 | 3.801 | 374.396 | 291.480 | 100,0% |
| LE MESNIL AMELOT, RUE DU GUE 4& RUE DE LA GRANDE BORNE 11 | 1992 | 1.375 | 7.403 | 8.778 | 847.499 | 789.993 | 100,0% |
| ALFORTVILLE, LE TECHNIPARC | 2001 | 0 | 1.995 | 1.995 | 219.450 | 219.450 | 100,0% |
| ROISSY, RUE DE LA BELLE ETOILE 383 LE MESNIL AMELOT, RUE DU GUE 1-3 |
2001 1998 |
1.965 1.211 |
4.492 4.043 |
6.457 5.254 |
640.211 491.818 |
615.885 472.860 |
100,0% 100,0% |
| SAINT PRIEST, RUE NICEPHORE NIEPCE | 2008 | 906 | 15.120 | 16.026 | 708.022 | 651.300 | 100,0% |
| SAINT-CYR-EN-VAL, RUE DES GENETS 660 | 1996 - 2006 | ||||||
| MARENNES, LA DONNIERE | 1998 - 2000 / 2001 | 1.655 524 |
73.797 19.965 |
75.452 20.489 |
3.301.549 860.538 |
2.868.799 860.538 |
100,0% 100,0% |
| SAINT-LAURENT-BLANGY, ACTIPARK | 2006 | 757 | 15.328 | 16.085 | 635.558 | 606.380 | 100,0% |
| SAINT-MARTIN-DE-CRAU | 2002 | 1.300 | 18.447 | 19.747 | 825.274 | 776.000 | 100,0% |
| SAINT PRIEST, PARC DES LUMIERES | 2006 | 988 | 9.084 | 10.072 | 591.259 | 503.600 | 100,0% |
| Total France | 15.924 | 212.861 | 228.785 | 11.233.483 | 10.503.585 | 96,7% | |
| Netherlands | |||||||
| ALMERE, STICHTSE KANT | 2008 | 510 | 25.338 | 25.848 | 1.188.198 | 1.291.860 | 100,0% |
| WADDINXVEEN, EXPORTWEG | 2009 | 2.069 | 17.380 | 19.449 | 999.050 | 996.558 | 100,0% |
| OSS, VOLLENHOVERMEER | 2014 | 680 | 26.825 | 27.505 | 1.181.126 | 1.218.225 | 100,0% |
| BEUNINGEN, ZILVERWERF | 2009 | 2.987 | 14.908 | 17.895 | 1.025.000 | 909.753 | 100,0% |
| S HEERENBERG, DISTRIBUTIEWEG HEERLEN, BUSINESS PARK AVENTIS |
2009 2015 |
2.376 4.787 |
20.593 9.273 |
22.969 14.060 |
1.463.740 1.450.000 |
1.391.685 1.176.973 |
100,0% 100,0% |
| APELDOORN, IJSELDIJK | 2011 | 701 | 8.308 | 9.009 | 550.000 | 617.128 | 100,0% |
| TILBURG | 2014 | 1.546 | 19.150 | 20.696 | 1.000.000 | 1.078.210 | 100,0% |
| Total Netherlands | 15.656 | 141.775 | 157.431 | 8.857.114 | 8.680.392 | 100,0% |
The auditors, Ernst & Young Bedrijfsrevisoren, represented by Ms Christel Weymeersch, confirm that its audit of the consolidated annual financial statements, drawn up in accordance with the International Financial Reporting Standards, as accepted within the European Union, has been properly completed and that it has brought to light no significant adjustments that need to be carried out to the accounting details taken from the consolidated annual financial statements and included in this press release.
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