Earnings Release • Feb 13, 2014
Earnings Release
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REGULATED INFORMATION UNDER EMBARGO UNTIL 13/02/2014 – 07:00 AM
NET OPERATING RESULT EUR 13.5 MILLION (EUR 2.05 PER SHARE)
Aalst, 13th February 2014
Montea (MONT) today published its annual financial results for the period from 1st January 2013 to 31st December 2103.
As part of the further diversification of its funding, Montea also proceeded with a bond loan issue in 2013, with a face value of EUR 30 million.
This issue kept the debt ratio at 52.8%.
3. Financial calendar
| 31/12/2013 | 31/12/2012 | ||
|---|---|---|---|
| 12 months | 12 months | ||
| Real estate portfolio | |||
| Real estate portfolio - Buildings | |||
| Number of sites | 35 | 32 | |
| Surface of the real estate portfolio | |||
| Logistics and semi-industrial warehouses | M² | 535.352 | 466.042 |
| Offices | M² | 49.342 | 48.725 |
| Total surface | M² | 584.694 | 514.767 |
| Development potential | M² | 90.500 | 90.500 |
| Value of the real estate portfolio | |||
| Fair value (1) | K€ | 311.936 | 283.678 |
| Investment value (2) | K€ | 324.815 | 295.039 |
| Occupancy rate | |||
| Occupancy rate (3) | % | 94,85% | 96,27% |
| Real estate portfolio - Solar panels | |||
| Fair value (1) | K€ | 7.590 | 7.777 |
| Consolidated results | |||
| Net current result | |||
| Net rental result | K€ | 23.659 | 19.927 |
| Operating result (4) | K€ | 19.892 | 16.756 |
| Operating margin (5) | % | 84,08% | 84,08% |
| Financial result | K€ | -6.206 | -5.469 |
| Net current result (6) | K€ | 13.494 | 11.248 |
| Number of shares entitled to the result of the period Net current result / share |
€ | 6.587.896 2,05 |
5.634.126 2,00 |
| Non-current result | |||
| Result on the real estate portfolio (7) | K€ | -3.022 | -6.330 |
| Result on financial derivatives (8) | K€ | 5.497 | -8.023 |
| Net result | K€ | 15.969 | -3.106 |
| Number of shares entitled to the result of the period | 6.587.896 | 5.634.126 | |
| Net result / share | € | 2,42 | -0,55 |
| Consolidated balance sheet | |||
| Equity (excl. minority participations) | K€ | 138.869 | 123.663 |
| Debts and liabilities for calculation of debt ratio | K€ | 179.472 | 157.836 |
| Balance sheet total | K€ | 339.797 | 307.498 |
| Debt ratio (9) | % | 52,82% | 51,33% |
| Net asset value / share | € | 20,39 | 19,18 |
| Net asset value / share (excl. IAS 39) | € | 22,43 | 22,17 |
| Share price | € | 31,65 | 28,40 |
| Premium / (discount) | % | 41,13% | 28,07% |
(1) Book value according to IAS/IFRS rules.
(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 (code XV, XVI and XVII of the profit-and-loss account) and excluding the variation in the valuation of the financial hedging instruments.
(7) Negative and/or positive variations in the fair value of the property portfolio + any losses or gains from realising property assets.
(8) Negative and/or positive variations in the fair value of the interest rate hedging instruments according to IAS 39.
(9) Debt ratio according to the Royal Decree of 7th December 2010.
(10) Stock price at the end of the financial year.
Montea's net operating result was EUR 13.50 million (EUR 2.05 per share) in 2013, compared with EUR 11.25 million during the same period in the previous year (EUR 2.00 per share), an increase of 20.0%.
This increase of EUR 2.25 million was mainly the result of by:
2013 saw a high level of lease activity in which more than 36,000 m² of new lease agreements were signed.
7th May 2013 – 100% occupancy rate in France as the result of a new long-term lease agreement with Le Piston Français in Savigny-le-Temple4
adviser in the negotiations.
Montea and LPF (Le Piston Français) have signed a long-term lease agreement for a fixed term of 12 years and 8 months for the final available warehouse space of 8,850 m² at the site in Savigny-le-Temple. The site in Savigny-le-Temple has "1510" classification and is also ideally located to the south of Paris in the vicinity of the A5 Paris/Lyon motorway. CBRE was the
1 Net result excluding result from the property portfolio (codes XVI, XVII, XVIII and XIV in the profit-and-loss account) and excluding
the variation in the fair value of the interest rate hedging instruments (code XXIII in the profit-and-loss account). 2 The average financial debt is determined by the average of all of Montea's financial debts, including lines of credit, hedging instruments, the bond loan and lease debts. No account is taken in the average financial debt of the negative value of the hedging instruments. The average financial cost is the full financial cash charge (without taking account of the variations in the hedging instruments) with regard to this average financial debt.
3 This relates to the financial cost at the end of the 2013 financial year, taking account of the financial debt at the end of the financial
year and the interest rates in effect at the time. 4 For more information, please see the press release dated 07/05/2013 or visit www.montea.com.
As part of the acquisition of the new distribution centre for DHL Global Forwarding at Brucargo in December 2012, Montea also signed an agreement with DHL to purchase building 765 at Brucargo. This building houses 4,900 m² of warehousing and 1,400 m² of office space.
Montea has signed a lease agreement for the building with Geodis for a term of 9 years. The negotiations with Geodis, which has had offices at Brucargo for many years, were conducted through CBRE Antwerp.
Montea and TNT Innight NV have signed a lease agreement for a fixed term of 6 years at the site in Mechelen for a logistics facility exceeding 10,000 m². TNT Innight NV was previously located in the Mechelen region and was looking for a larger logistics building to cater for a sharp increase in volume in recent years.
TNT Innight is part of the TNT NV group. It operates in over 200 countries and offers businesses and consumers worldwide a wide range of postal and express services. DTZ was the consultant for the negotiations.
Montea and Globis have signed a new lease agreement, effective from 1st January 2014 and for a term of 9 years, to rent the remaining office space of 740 m² at the Montea site in Erembodegem. Software developer Globis is already established in the Aalst area and provides parametrisation solutions for business processes (barcode scanning, EDI integration, E-business, etc.).
Montea and DHL Supply Chain Belgium NV have signed a new lease agreement for a term of 3 years for the site in Mechelen. The agreement comprises 10,208 m² of warehousing and 207 m² of office space and replaces the lease agreement with Pomax, which will vacate the premises early.
5 For more information, please see the press release dated 07/05/2013 or visit www.montea.com. 6 For more information, please see the press release dated 18/12/2013 or visit www.montea.com.
The occupancy rate at 31/12/2013 was 94.9%.
Total vacancies were 28,981 m², with the site in Nivelles (14,034 m²) and the site in Herentals (14,600 m²).
At the end of 2013, the average lease term until the first break option date was 5.7 years. With the announcement of EUR 42.2 million of investments (see the press release dated 7/02/2014), in which these new investments have an average term of 14 years, Montea will achieve its target of having an average lease term to the first expiry date of 6 years in 2014.
Montea and MG Real Estate (De Paepe Group) have signed the transaction regarding the acquisition of the shares in Acer Park NV, which owns a building recently developed for St Jude Medical at Brucargo. This was an investment of EUR 5,624,000. As already announced8 , The Brussels Airport Company and Montea have signed a collaborative agreement to develop the final plot of land available at Brucargo West, with a total area of 31,000 m².
Montea "Space for Growth" – St Jude Medical site
Montea and DHL Global Forwarding (Belgium) NV have signed a private sales agreement for the purchase of building 765 at Brucargo. The building is located on a 12,700 m² plot and contains 4,900 m² of warehousing and 1,400 m² of office space. Montea has also signed a private building agreement with The Brussels Airport Company for a term of 50 years. This agreement can be renewed on a once-only basis for a further period of 50 years. The building fee is 27.50% of the gross rent invoiced.
Montea is investing in this property, taking the building agreement mentioned into account, based on an initial yield of 8.67%, which is an investment value of EUR 2.40 million. As stated in point 1.2.2, Montea has signed a lease agreement for the building with Geodis for a term of 9 years.
7 For more information, please see the press release dated 07/05/2013 or visit www.montea.com. 8 For more information, please see the press release dated 13/09/2012 or visit www.montea.com.
Over recent months, Cordeel has developed a new logistics platform for DSV Solutions. The site, which consists of 23,400 m² of warehousing and 750 m² of office space, is strategically located along the Gent-Terneuzen canal zone, in the immediate vicinity of the R4 ring road. The building is leased for a period of 9
years, beginning on 1st July 2013. The entire site meets the strict TAPA 'A' security standards. The distribution centre is situated on a plot of land extending to +/- 74,400 m², with the option to extend a further +/- 17,000 m².
Montea is investing in this property based on an initial yield of 7.80%, representing an investment value of EUR 10.9 million. The Cordeel group has been granted a 30-year concession for this development by the Port Authority, renewable for 20 years. Montea "Space for Growth" – Site Haven Gent Evenstuk
Montea acquired a recently constructed distribution centre (2008) from Axa Real Estate, on behalf of one of
its funds, situated in the "Stichtse Kant" logistics zone in Almere. The site extends to a total area of approximately 36,000 m², with 24,000 m² of warehousing and 700 m² of office space. This transaction represents and investment value of EUR 13.7 million, based on an initial yield of 8.0%. The building is leased for a fixed term of 22 years, with an option to purchase – in in line with the investment value – in 2024.
Montea "Space for Growth" – Site Almere
Montea has signed a contribution agreement with MG Real Estate (De Paepe Group) for the contribution of the shares of NV Ghent Logistics, which owns a logistics platform located in the Port of Ghent. The site extends in total to approximately 18,000 m², comprising 11,950 m² of warehousing and 1,000 m² of office space. The building is equipped with an ESFR sprinkler system and has a free height of 10 metres. The building is leased to SAS Automotive Belgium for a period of 13 years, with the first break option at 7 years. The transaction represents an investment value of EUR 6.50 million, based on an initial yield of 8.5%.
Montea "Space for Growth" – Site Haven Gent Hulsdonk
9 For more information, please see the press release dated 11/06/2013 or visit www.montea.com. 10 For more information, please see the press release dated 09/10/2013 or visit www.montea.com. 11 For more information, please see the press release dated 18/12/2013 or visit www.montea.com.
18 December 2013 – Partnership agreement with MG Real Estate (De Paepe Group) for the development of the "MG Park De Hulst" sustainable logistics park at Willebroek - Total development potential of 150,000 m² of logistics real estate12
Montea and MG Real Estate (De Paepe Group) have signed a partnership agreement for the development of the 40 hectare MG Park De Hulst in Willebroek, centrally located between the A12 and E19 Brussels/Antwerp motorways. This logistics park includes a buildable area of 30 hectares, with 10 hectares of green zone buffering. MG Park De Hulst aims to use its total development potential of 150,000 m² of logistics space to become the benchmark for sustainable logistics real estate.
The partnership consists of Montea investing EUR
4.50 million in the development cost of the park infrastructure. In exchange for this investment, Montea will have a preferential right over any development at the site, based on a predetermined yield and depending on the parameters of each separate subproject. MG Real Estate (De Paepe Group) and Montea will also combine their commercial resources to attract users for the development. The overall development has an estimated total value of EUR 120 million at completion. The partners estimate the full realisation of the project will take for 3 to 5 years.
The following divestments were made in 2013:
Laeken: the site consists of 340 m² of office space and 5,085 m² of warehousing and was sold to an end-user. This transaction was conducted through Property Partners for EUR 2.90 million.
Vilvoorde: this is a mixed site consisting of 3,000 m² of office space and 1,000 m² of warehousing. This transaction was conducted through Verac for EUR 2.45 million.
The deeds were signed in the first half of 2013.
12 For more information, please see the press release dated 18/12/2013 or visit www.montea.com.
To support the continued growth of Montea, the statutory manager offered shareholders the opportunity to take an optional dividend. In total, 50% of the 2012 dividend coupons were surrendered in return for new shares. As a result, 139,622 new shares were issued on 19th June 2013 representing a total issue value of EUR 4,042,056.90 (EUR 2,803,720.03 in capital and EUR 1,238,336.87 in issue premiums). As a consequence of this capital raising, Montea's company share capital is now represented by 6,587,896 shares.
As part of the further diversification of its financing, Montea proceeded with the issue of a bond loan with a face value of EUR 30 million. This bond loan has a term of seven years with a maturity dare of 28/6/2020.
In its press release dated 18th December 2013, Montea announced a capital raising for the acquisition through the contribution in kind of the shares in Ghent Logistics NV, which owns a recently built (2011) logistics platform situated at the Port of Ghent.
The capital raising was successfully underwritten for an amount of EUR 6,477,239.24 with this issue of 221,066 new shares at an issue price of EUR 29.30 per new share. This corresponds with the 30-day average prior to the date of the contribution agreement, adjusted by the estimated gross dividend of EUR 2.00 per share for the financial year ending on 31st December 2013. This capital raising was conducted in the context of the permitted capital.
The capital was increased – including the incorporation of the issue premium – by EUR 6,477,239.24. This took it to EUR 138,767,393.88, represented by 6,808,962 shares. The new Montea shares are of the same nature and have the same rights as the existing shares in Montea and will share in the results of the financial year commencing on 1st January 2014.
The result available for payment was EUR 13.72 million (EUR 2.08 per share). Based on this result, Montea's Board of Directors will propose a dividend of EUR 1.97 per share15, which includes a payout percentage of 94.7% in relation to the result available for payment and 96.1% in relation to the net operating result.
13 For more information, please see the press release dated 24/06/2013 or visit www.montea.com. 14 For more information, please see the press release dated 18/12/2013 or visit www.montea.com. 15 Calculated based on 6,587,896 shares. The total number of shares at 31st December 2013 was 6,808,962. On 19th December 2013, Montea conducted a capital raising of EUR 6.5 million through the issue of 221,066 new shares. These new shares are of the same nature and have the same rights as the existing shares in Montea, on the understanding however that they will not be entitled to the dividend for the 2013 financial year (which will allocated by the general meeting of shareholders on 20th May 2014).
As from the 21st May 2013, the mandates of the following directors are terminated:
Two new independent directors were appointed at the general meeting of shareholders, held on 21st May 2013, for a term of 3 years (until the 2016 general meeting of shareholders):
On 3 October 2013, the shareholders in Montea Management NV appointed Insumat NV, represented by Sophie Maes, as independent director for a term of 3 years (until the annual general meeting of shareholders in 2016).
| Total 31/12/2013 |
Beglium | France | Netherlands | Total 31/12/2012 |
|
|---|---|---|---|---|---|
| Real estate portfolio - Buildings | |||||
| Number of sites | 35 | 19 | 15 | 1 | 32 |
| Warehouse space (m²) | 535.352 | 306.540 | 203.375 | 25.437 | 466.042 |
| Office space (m²) | 49.342 | 33.640 | 15.291 | 411 | 48.725 |
| Total space (m²) | 584.694 | 340.180 | 218.666 | 25.848 | 514.767 |
| Development potential (m²) | 90.500 | 54.500 | 36.000 | 0 | 90.500 |
| Fair value (EUR) | 311.936.000 | 179.926.000 | 117.710.000 | 14.300.000 | 283.678.000 |
| Investment value (EUR) | 324.814.965 | 184.628.941 | 124.986.715 | 15.199.308 | 295.039.331 |
| Annual contractual rents (EUR) Gross yield (%) |
26.047.883 8,35% |
14.091.062 7,83% |
10.806.821 9,18% |
1.150.000 8,04% |
22.641.245 7,98% |
| Gross yield on 100% occupancy (%) | 8,73% | 8,50% | 9,18% | 8,04% | 8,25% |
| Un-let property (m²) | 28.981 | 28.981 | 0 | 0 | 18.260 |
| Rental value of un-let property (EUR) | 1.199.428 | 1.199.428 | 0 | 0 | 772.425 |
| Occupancy rate (% of m²) | 94,85% | 90,90% | 100,00% | 100,00% | 96,27% |
| Occupancy rate (% of rental value) | 95,28% | 91,51% | 100,00% | 100,00% | 96,71% |
| Real estate portfolio - Solar panels | |||||
| Fair value (EUR) | 7.590.069 | 7.590.069 | 0 | 7.777.132 |
The fair value of the investments in solar panels is stated in section "D" of the fixed assets on the balance sheet.
The total floor space of the property portfolio buildings was 584,694 m2 , distributed across 19 sites in Belgium, 1 site in the Netherlands and 15 sites in France. The net increase (584,694 m2 compared with 514,767 m2 at 31st December 2013) is due mainly to the investments stated above for a total amount of EUR 40.6 million in Belgium and the Netherlands.
Montea also has a land bank of 90,500 m² of development potential at existing sites.
16 The occupancy rate is calculated based on the occupied m² compared with the total m². In this calculation, neither the numerator nor the denominator takes into account the projects in development.
1.4.1. Abbreviated consolidated profit-and-loss account (analytical) for the 2013 financial year17
| ABBREVIATED CONSOLIDATED PROFIT & LOSS ACCOUNT (EUR) Analytical |
31/12/2013 12 months |
31/12/2012 12 months |
|---|---|---|
| CURRENT RESULT | ||
| NET RENTAL RESULT | 23.659 | 19.927 |
| PROPERTY RESULT | 24.010 | 20.508 |
| % compared to net rental result | 101,5% | 102,9% |
| TOTAL PROPERTY CHARGES | -708 | -1.046 |
| PROPERTY OPERATING RESULT | 23.302 | 19.462 |
| General corporate expenses | -3.573 | -2.938 |
| Other operating income and expenses | 163 | 231 |
| OPERATING RESULT BEFORE THE PORTFOLIO RESULT | 19.892 | 16.756 |
| % compared to net rental result | 84,1% | 84,1% |
| FINANCIAL RESULT | -6.206 | -5.469 |
| PRE-TAX RESULT (*) | 13.687 | 11.287 |
| Taxes | -193 | -39 |
| NET CURRENT RESULT | 13.494 | 11.248 |
| per share | 2,05 | 2,00 |
| NON-CURRENT RESULT | ||
| Result on disposals of investment properties | 1.107 | 362 |
| Result on disposals of other non-financial assets | 0 | 0 |
| Changes in fair value of investment properties | -4.130 | -6.692 |
| Other portfolio result | 0 | 0 |
| PORTFOLIO RESULT | -3.022 | -6.330 |
| Changes in fair value of financial assets and liabilities | 5.497 | -8.023 |
| RESULT IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | 5.497 | -8.023 |
| NET RESULT | 15.969 | -3.106 |
| per share | 2,42 | -0,55 |
17 This abbreviated consolidated profit-and-loss takes account of 6,587,896 shares entitled to share in the results of the year 2013. The total number shares at the end of the financial year 2013 is 6,808,962. The difference has to do entirely with the issuance of 221,066 shares at December 18, 2013 as a result of the contribution in kind. These shares are not entitled to share in the profit and dividend for the year 2013 (for more details we refer to section 1.2.6.3 of this press release).
The net lease result was EUR 23.66 million (+18.7%) – Increase in operating result before the result on the property portfolio (+18.7%)
The net lease result was EUR 23.66 million, an increase of 18.7% compared with the same period in 2012 (EUR 19.93 million). This increase of EUR 3.73 million is attributable to:
The operating result before the result on the property portfolio rose from EUR 16.76 million in the previous year to EUR 19.89 on 31/12/2013. This increase (EUR 3.13 million) in the operating result before the result on the property portfolio (18.7%) was the result of:
The operating margin was18 84.1% for the whole of 2013, in line with the same period in the previous year.
One-off items of revenue were included in the operating margin for the previous financial year and also for this year. Not taking one-off revenue in 2012 (EUR 171k) and 2013 (EUR 231k) into account, the operating margin would have been 83.4% this year and 82.9% in the previous financial year. By doing so, the operating margin in 2013 showed an increase of 0.5%.
In all, the investments made in the structure of Montea in 2012 and 2013 (strengthening of the team in Belgium), the purchases made in 2013 with a higher operating margin and the recently announced purchases (see the press release dated 07/02/2014) will see Montea on the way to achieving its target operating margin of >85% in 2014.
The financial result at 31/12/2013 was EUR -6.21 million, a slight rise of 13.5% compared with the same period in the previous year (EUR -5.47 million). Debt rose by EUR 21.11 million (+15.4%). By contrast, there was a slight fall in average financial charges (1.7%) to 3.92%19 for the 2013 financial year.
The slight 1.7% fall in financial charges was the result of the reduction in the hedging percentage on the bank debt. This fall in the hedging percentage was the result of the restructuring carried out by Montea during the first half of the year, enabling the company to benefit from the lower variable interest rates on the remaining portion (which is not subject to interest rate hedging). Notwithstanding the above, Montea issued a bond loan at the end of the second half with a coupon of 4.107%.
At 31/12/2013, Montea had a total bank debt (bilateral lines of credit) of EUR 138 million with 5 Belgian banking institutions. Montea has opted for a responsible policy, so that this bank debt is covered 82.2% by IRS-type (Interest Rate Swap) hedging contracts.
The result on the property portfolio was EUR -3.02 million at 31/12/2013. This negative result can be attributed to:
18 The operating result for the result on the property portfolio compared with the net rental income.
19 This financial charge is an average taken over the whole year, including the lease debts in France, the Netherlands and Belgium. It has been calculated based on the total financial cost in relation to the average of the start and end balances of the financial debt for 2013, not taking account of the valuation of the hedging instruments.
With regard to the valuation of the solar panels, gains are recorded in a separate component of equity capitals. Losses are also included in this component, except if they are realised or if the fair value falls below the original cost.
The result on hedging instruments was EUR 5.50 million at 31/12/2013. This positive result stemmed from the limited revival in long-term interest rates in 2013.
By way of information: the rate for a 5-year IRS instrument was 0.75% at 31/12/2012. This had risen to 1.25% at the end of 2013.
The net result at 31/12/2013 was EUR 15.97 million (EUR 2.42 per share), compared with EUR -3.11 million for the same period in 2012. The variation in this net result (EUR +19.08 million) was dictated to a large extent by the positive variation in the value of the hedging instruments (EUR 13.52 million) and to a lesser extent by the positive variation in the fair value of the property portfolio (EUR +3.31 million). These latter variations are not cash overheads and in no way have any impact on the net operating result.
The net operating result at 31/12/2013 was EUR 13.50 million, which was an increase of 20.0% compared with the same period in the previous year. The distributable profit was EUR 13.71 million.
Based on the distributable profit, Montea will propose a dividend of EUR 1.97 per share to the general meeting of shareholders, which is an increase of 2.1% in relation to the dividend of the previous year.
| CONSOLIDATED BALANCE SHEET (EUR) |
31/12/2013 Conso |
31/12/2012 Conso |
|---|---|---|
| NON-CURRENT ASSETS | 320.347.115 | 290.229.600 |
| CURRENT ASSETS | 19.450.170 | 17.268.629 |
| TOTAL ASSETS | 339.797.286 | 307.498.229 |
| SHAREHOLDERS' EQUITY | 138.966.518 | 123.763.016 |
| Shareholders' equity attributable to shareholders of the parent company | 138.868.511 | 123.663.108 |
| Minority interests | 98.007 | 99.908 |
| LIABILITIES | 200.830.768 | 183.735.212 |
| Non-current liabilities | 158.798.489 | 141.897.714 |
| Current liabilities | 42.032.279 | 41.837.498 |
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 339.797.286 | 307.498.229 |
The total commitments of EUR 200.83 million consisted of:
During 2013, a EUR 30 million bond loan was issued, partly to refinance finance arrangements reaching their maturity date.
During 2014 and 2015, EUR 26.67 million and EUR 50.00 million respectively in lines of credit fall due.
The service life of the solar panels is estimated at 20 years.
Gains from the start-up of a new site are recorded in a separate component of shareholder equity. Losses are also recorded in this component, except where they have been realised or unless the fair value falls below the original cost.
20 Calculated in accordance with the RD of 7th December 2010. 21 In calculating the net asset value per share, account was taken of the total number of 6,808,962 shares at the end of the year (including the shares issued as a result of the contribution in kind – see point 1.2.6.3).
| STOCK MARKET PERFORMANCE | 31/12/2013 | 31/12/2012 |
|---|---|---|
| Share price (€) | ||
| At closing | 31,65 | 28,40 |
| Highest | 34,00 | 28,70 |
| Lowest | 27,51 | 23,91 |
| Average | 30,80 | 26,27 |
| Net asset value / share (€) | ||
| Incl. IAS 39 (*) | 20,39 | 19,18 |
| Excl. IAS 39 (*) | 22,43 | 22,17 |
| Premium / (discount) (%) | 41,1% | 28,1% |
| Dividend return (%) | 6,2% | 6,8% |
| Dividend (€) | ||
| Gross | 1,97 | 1,93 |
| Net | 1,48 | 1,45 |
| Volume (number of securities) | ||
| Average daily volume | 1.453 | 1.027 |
| Volume of the period | 370.419 | 261.919 |
| Number of shares | 6.808.962 | 6.448.274 |
| Market capitalisation ('000 euro) | ||
| Market capitalisation at closing | 215.504 | 183.131 |
| Ratios (%) | ||
| Velocity | 5,7% | 4,6% |
Dividend yield (%): Gross dividend divided by the average stock market price. "Velocity": Volume for the period divided by the number of shares.
Free Float "Velocity": Volume for the period divided by the number of shares from the Free Float.
Based on the closing price on 31/12/2013 (EUR 31.65), Montea shares were 41.1% above the value of the net assets per share (excl. IAS39).
Taking into account the closing price on 31/12/2013, Montea shares rose by 11.4% during what was a difficult year (17.2% when the average price over 2013 and 2012 is taken into account).
Montea's Board of Directors will propose to the General Meeting of Shareholders to pay a dividend of EUR 1.97 per share.
7 February 2014 – Portfolio in the Netherlands grows by EUR 25.6 million following the start of a 25,600 m² build-to-suit project in Oss and the acquisition of a 19,500 m² logistics distribution centre in Waddinxveen22
Partnership agreement with Van der Maazen Bouwbedrijf for the development of a sustainable 25,600 m² build-to-suit project on the industrial estate in Oss (NL)
Montea and Vos Logistics have signed an agreement for the construction and lease of a new European Distribution Centre at the "De Geer" industrial estate in Oss. After an extensive tender procedure, Van der Maazen (turnkey contractor) and Montea (end-investor) were selected as the winner for the jointly build-tosuit project. The site extends over a surface area of approximately 35,000 m², while the building itself will provide some 24,300 m² of warehousing, 680 m² of office space and a mezzanine area of 800 m². The new platform benefits from an outstanding location, with connections to the A50/A59 motorways. It will be operational by 1st October 2014.
As part of the development, particular attention will be focused on the sustainability angle, including the installation of LED lighting, provisions for solar panels, etc. As a result, the building will be BREEAM (Building Research Establishment Environmental Assessment Method) certified. The building is leased for a fixed
period of 7 years and three months to Vos Logistics.
Montea "Space for Growth" – site at Oss (NL)
Montea has acquired a logistics distribution centre on land totalling 25,800 m² in Waddinxveen, alongside the A12 motorway. The distribution centre is made up of 14,875 m² of warehousing, with a 2,500 m² mezzanine and office space of approximately 1,700 m².
The building is equipped with 17 loading docks. The site offers a further potential to expand of 6,000 m². The
transaction was brokered by Cushman & Wakefield. The building is leased for a fixed term of 15 years to Delta Wines. The distribution centre will also serve as storage space for supplying Central Europe.
Montea "Space for Growth" - site at Waddinxveen (NL)
Together, these two transactions represent a total investment value of EUR 25.6 million. Based on an initial gross yield of 8.0%, they will generate additional rent of EUR 2.04 million per year.
22 Voor meer informatie verwijzen wij naar het persbericht van 7/02/2014 of www.montea.com.
In December 2013, Montea signed a partnership agreement with MG Real Estate (De Paepe Group) to develop the "MG Park De Hulst" sustainable logistics park in Willebroek. The partners have announced their
first joint development with the project for Dachser. The parties have signed a long-term lease agreement for a fixed term of 15 years. The development of the first plot at the site encompasses a land area of approximately 37,800 m² on which a build-to-suit crossdock building will be constructed offering some 6,800 m² of warehousing and about 2,300 m² of office space. Phase two of the project will see the building expanded by 1,700 m². The crossdock building will be operational during the third quarter of 2014.
Montea «Space for Growth» - site MG Park De Hulst - Dachser (BE)
Montea purchased the "Unilever" site in Vorst in 2008. This site is one of the few strategic industrial and logistical sites within the Brussels Capital Region (borough of Vorst) located alongside the Brussels outer ring road. The land at the site extends to approximately 87,000 m² and came about through the purchase of 8 different buildings, with Unilever as the main tenant. In the context of the proactive management of its property portfolio, Montea decided in 2013 to demolish the oldest building of around 14,000 m² and redevelop a new sustainable project in its place.
In the initial phase, Montea will develop a build-to-suit distribution centre on the site for Metro, providing
total space of 3,500 m². Work has already begun and the new distribution centre is scheduled to be in operation by 1st September 2014. The lease agreement has a fixed term of 27 years. The transaction was brokered by Colliers International.
Montea «Space for Growth» - site Vorst - Metro (BE)
23 Voor meer informatie verwijzen wij naar het persbericht van 7/02/2014 of www.montea.com.
These two transactions in Belgium together represent a total investment value of EUR 16.6 million and will generate an additional rent of EUR 1.28 million per year, based on an initial gross yield of 7.7%.
1.7.1. Agreement regarding the contribution of certain buildings regarding the introduction of the public offering
Montea has previously made mention of a court case brought by a third party against Montea in 2008, because that party was of the opinion that it was entitled to the contribution of other buildings by way of a merger or other operation. After the Commercial Tribunal in Brussels had ruled in favour of Montea in its verdict dated 28th April 2009, the Court of Appeal in its ruling of 21st February 2012 found partly in favour of the other party. As a result of this ruling, Montea set aside a provision of EUR 1.2 million in its consolidated annual accounts at 31/12/2011 (for more information, please see page 15 of the 2011 consolidated annual report). During the 2012 financial year, payment was made of EUR 1.198 million. Montea lodged a case in cassation against this ruling. However, in its ruling dated 24th October 2013, the Court of Cassation rejected Montea's case, thereby bringing this court action to a conclusion. This ruling by the Court of Cassation has no impact on Montea's consolidated figures for 2013.
There were no transactions between affiliated parties in 2013.
Montea's management and Board of Directors keep a constant watch on the risks facing the company. For this reason, management has outlined a policy of caution, which can be adjusted if necessary24. This report contains a non-exhaustive list of the risks known. There may, however, be other unknown and/or unlikely risks that may have an unfavourable effect on Montea's business and financial situation.
The principal risks and uncertainties for the remaining months of the financial year are focused on:
Given the nature of the buildings that are leased mainly to national and international companies, the property portfolio to a certain extent is sensitive to the economic climate. No direct risks have been identified in the short term that may have any fundamental effect on the 2014 financial year.
24 For more information about the strategy implemented by Montea, please see the Half-Yearly Financial Report of 30/06/2013 and the Annual Report of 31/12/2013. Where necessary, Montea's policy will be adjusted based on the risk factors described.
Montea maintains and refurbishes its buildings on a regular basis so that they remain attractive for tenants. The current trend towards sustainability and energy-savings, both in the construction and use of the buildings, may involve additional investment costs.
In view of the persistently difficult economic situation and the fact that movements in the value of buildings depend to a large extent on the rental situation (occupancy rate, rental income, etc.), a certain degree of uncertainty remains about future movements in value of Montea's buildings.
Nevertheless, Montea is currently subjecting each building to a detailed "Lifecycle" analysis, which focuses on the sustainable growth in value. If this analysis shows that no long-term value can be created, these premises will be added to the list for divestment.
The company's property assets are valued on a quarterly basis by an independent real estate assessor. A fluctuation in value of 1% in the property assets has an impact of around EUR 3.1 million on the net result and 2.04% on the intrinsic value per share. It would also have an impact of approximately 0.49% on the level of debt.
Montea is exposed to the risk that its tenants are unable to fulfil their obligations. There are clear and efficient internal control mechanisms in place in this area within Montea, designed to limit this risk.
All rental payments are made in advance and all tenants are required to lodge a bank guarantee equivalent to at least three months' rent.
Diversifying in terms of sources of finance and having stable banking relationships, as well as an evenly balanced spread of credit due dates over time, helps to promote suitable financial conditions. When entering into agreements with external funding sources, Montea is also limited by the maximum debt ratio that the regulations allow on property trusts and by the loan-to-value covenants agreed to with its banks in the credit documentation. At 31th December 2013, Montea's debt ratio was 52.82%, calculated according to the property trust system and comfortably below the maximum ratio set of 65%.
Montea's maximum debt ratio, agreed with its banks, is 60%. The company has a medium-term financial plan that is adjusted every year, as well as during the year should any significant property acquisition or sale occurs. More specifically, this plan aims at defining an appropriate level for Montea's regulatory consolidated debt ratio.
Based on this debt, Montea has an investment capacity of approximately EUR 60 million to reach a debt ratio of 60%.
Montea enters into all of its financial debts at a variable rate of interest. To hedge its financing costs against interest rate rises, the company has derivative instruments in place. More specifically, these instruments include Interest Rate Swaps.
Based on existing hedging instruments and a constant level of debt, a rise of fall in interest rate by 100bps would entail a change in the financial cost of EUR 0.2 million per year. Montea constantly monitors the evolution of the interest rates in order to reduce the financial cost.
These derivative instruments on interest rates are valued at the end of each quarter. This means that any future movements in rates will have an impact on the value of net assets, as well as on the result for the period.
Montea's business is affected partly by the overall economic climate. Lower economic growth can have an indirect effect on occupancy rates and rental income. It can also increase the risk that some tenants may not be able to fulfil their obligations under their lease.
For Montea, this risk is offset to some extent by the diversification of its revenue streams (e.g. solar panels), as well as its geographical diversification (Belgium and France) and the signing of leases for longer terms with high-quality clients from a range of different sectors.
• Occupancy rate
At 31/12/2013 the occupancy rate was 94.9 %.
During the course of 2014, a total area of 62,000 m2 will be the subject of lease extensions and/or new leases (10.6% of the total floor space).
Montea achieves to keep its occupancy rate at 95%.
75% of these potential vacancy (45,000 m²) is located in Belgium. The Grimbergen site (shared ownership with WDP) takes more than half of the total area in Belgium. Current tenant DHL will leave the site. Montea and WDP are already in advanced negotiations with a prospective tenant. If these negotiations result in an agreement, this site will be redeveloped according to renovation and expansion by the end of 2014.
25% of potential vacancy (17,000 m²) is located on five sites in France. Montea is convinced that they can extend these leases and that new tenants can be found, given the good location and the condition of these sites.
Montea achieves to keep its occupancy rate at 95%.
• Ambition to increase the value of the property portfolio by 30%
Taking into account the announced investments (see press release of 02/07/2014) and the ambition to grow based on its existing investment pipeline, Montea has the ambition to increase the value of its real estate portfolio by 30% (> EUR 400 million).
• Investment capacity of EUR 60 million at a 60% debt ratio
Taking a 60% debt ratio into account, Montea still has an investment capacity of EUR 60 million. With the investments already announced (see press release dated 07/02/2014) and the aim to achieve further growth based on its existing investment pipeline, Montea is currently examining various financing opportunities using debt and its own resources (such as a contribution in kind and/or the organisation of a capital raising).
• Net operating result
In 2013 Montea recorded a net operating result of EUR 13.50 million (EUR 2.05 per share). Based on these results, taking account of the full-year impact of the investments made in 2013, the investments already announced (consisting mainly of built-to-suit projects that will only generate limited rental income for 2014) and an assessment of the re-leasing of vacant space, Montea has the ambition to increase the net operating result with at least 10% till EUR 14.8 miljoen.
As a benchmark player in the logistics and semi-industrial property sector, Montea makes every effort to conduct itself as a socially responsible company. For this reason, Montea is involved in an ongoing improvement process in which economic, environmental and social considerations are systematically taken into account in the way the business is conducted on a day-to-day basis. Montea aims not only to comply with statutory requirements, but through its initiatives and actions, seeks to go further than the legislation in effect.
Montea's management is convinced that taking a responsible approach to these activities is a decisive factor in the company's sustainability.
Montea has implemented, together with its outside specialists, its own "Blue Label". The plan encompasses Montea's overall approach with regard to sustainability, both for its existing portfolio and for new investments.
There are various standards worldwide in relation to sustainability for the property sector. The best known of these are: HQE (France), BREEAM (UK standard) and LEED (US standard). Montea has included the most important standards in its "Blue Label" plan.
On 10th December 2013, Montea was presented by the Lean and Green Award by Minister Joke Schauvliege for its efforts made regarding the sustainability of its property portfolio.
As a member of the VIL (Flemish Logistics Institute), Montea supports the Lean and Green sustainability programme. Lean and Green encourages and supports companies in making
dramatic reductions to their CO2 emissions. Given that Montea is very much involved with sustainability and making its property portfolio sustainable, it was the ideal time to join in with this project.
By obtaining this additional independent recognition, Montea is able to pass on its sustainability targets to both its partners (contractors, architects, suppliers, etc.) and to its tenants. At Montea, we are convinced that we, as the owner of logistics buildings, can act as the catalyst to promote the Lean and Green programme with our tenants and in so doing develop a coherent concept on sustainability. DHL Freight, VDAB, Coca-Cola Enterprises Belgium and Norbert Dentressangle are all Montea tenants that have received the Lean and Green Award.
As a responsible company, Montea is well aware of the potential consequences of its business activities for the environment in the broad sense of the word and as such it subscribes to targets in relation to sustainable development.
The Company undertakes to manage its property assets with respect for the following aspects:
Montea has developed a rational policy aimed at optimising the use of energy.
In 2013 the programme regarding energy scans was further optimised, along with the implementation of Life Cycle Analyses. On the basis of these detailed analyses and additional energy calculations a complete study was performed for the sites in Mechelen and Puurs.
This study enabled Montea to draw up a full investment programme with these items:
With this in-depth study Montea confirms its focus on optimising the sustainability and quality of its real estate portfolio.
In 2012, Montea also took the initiative to equip the sites at Erembodegem, Mechelen, Milmort and Heppignies with a monitoring system. This monitoring enables Montea to monitor its energy management closely and to make adjustments when there is extreme consumption.
From the monitoring mentioned above, the total energy produced from the PV installations is up to the forecast expectations: 2.35 MWh was produced by the solar panels, representing a saving of 600 tons of CO2 emissions.
Depending on their operations, our tenants use up to 90% of the solar energy produced. Each quarter, we inform our tenants about the solar energy generated, as well as the solar energy consumed locally and the financial benefit.
At the end of 2011, a Facility Management programme was introduced. This programme is an internal management system and also provides tenants with access to a secure "My Montea" web portal. The Facility Management programme features the following applications:
Implementation of the Facility Management programme fits in perfectly with the "Blue Label" plan and the transparency that Montea wishes to give its tenants and partners.
Montea encourages its tenants to sort their waste, making separate containers available and offering solutions for waste collection.
In response to article 5.11 of the terms for issuing bonds issued on 28th June 2013, Montea will include a declaration in its consolidated annual and half-yearly figures in relation to compliance with certain covenants imposed in article 5.10 of these terms of issue.
Montea declares that:
This press release also contains a number of statements focused on the future. Statements such as these are subject to risks and uncertainties that may result in the actual results differing substantially from the results that might have been expected from the forward-looking statements made in this press release. Some of the major factors that may affect these results include changes to the economic situation, as well as commercial and competitive circumstances resulting from future court rulings or changes to legislation.
| | 13/02/2014 | Annual results as of 31/12/2013 |
|---|---|---|
| | 15/05/2014 | Interim statement – results on 31/03/2014 |
| | 20/05/2014 | General meeting of shareholders |
| | 21/08/2014 | Half-yearly report – results on 30/06/2014 |
| | 06/11/2014 | Interim statement – results on 30/09/2014 |
This information is also available on our website www.montea.com.
Montea Comm. VA is a property trust (Sicafi – SIIC) specialising in logistical and semi-industrial property in Belgium and France, where the company is a benchmark player. Montea literally offers its customers room to grow by providing versatile, innovative property solutions. In this way, Montea creates value for its shareholders. As of 31/12/2013, Montea's portfolio of property represented total space of 584,694 m² across 35 locations. Montea Comm. VA has been listed on NYSE Euronext Brussels (MONT) and Paris (MONTP) since 2006.
Jo De Wolf +32 53 82 62 62 [email protected]
| CONSOLIDATED OVERVIEW OF THE | 31/12/2013 | 31/12/2012 | |
|---|---|---|---|
| PROFIT & LOSS ACCOUNT (EUR) | 12 months | 12 months | |
| I. | Rental Income | 24.038.217 | 19.849.060 |
| II. | Write-back of lease payments sold and discounted | 0 | 0 |
| III. | Rental-related expenses | -379.127 | 78.007 |
| NET RENTAL RESULT | 23.659.090 | 19.927.067 | |
| IV. | Recovery of property charges | 0 | 0 |
| V. VI. |
Recovery of charges and taxes normally payable by tenants on let properties Costs payable by tenants and borne by the landlord for rental damage and refurbishment at end of lease |
3.909.532 0 |
3.545.693 0 |
| VII. | Charges and taxes normally payable by tenants on let properties | -4.802.610 | -4.463.279 |
| VIII. | Other rental-related income and expenses | 1.243.680 | 1.498.484 |
| PROPERTY RESULT | 24.009.693 | 20.507.965 | |
| IX. | Technical costs | -13.959 | -28.544 |
| X. | Commercial costs | -110.805 | -91.102 |
| XI. | Charges and taxes of un-let properties | -255.092 | -173.856 |
| XII. | Property management costs | -244.341 | -637.428 |
| XIII. | Other property charges | -83.496 | -115.243 |
| TOTAL PROPERTY CHARGES | -707.693 | -1.046.172 | |
| PROPERTY OPERATING RESULT | 23.302.000 | 19.461.792 | |
| XIV. | General corporate expenses | -3.573.323 | -2.937.646 |
| XV. | Other operating income and expenses | 163.449 | 231.462 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 19.892.127 | 16.755.608 | |
| XVI. | Result on disposal of investment properties | 1.107.377 | 362.070 |
| XVII. | Result on disposal of other non-financial assets | 0 | 0 |
| XVIII. Changes in fair value of investment properties | -4.129.824 | -6.692.458 | |
| XIX. | Other portfolio result | 0 | 0 |
| OPERATING RESULT | 16.869.679 | 10.425.219 | |
| XX. | Financial income | 49.219 | 177.600 |
| XXI. | Net interest charges | -6.219.197 | -5.536.534 |
| XXII. | Other financial charges | -35.635 | -109.718 |
| XXIII. Change in fair value of financial assets & liabilities | 5.497.144 | -8.023.280 | |
| FINANCIAL RESULT | -708.469 | -13.491.932 | |
| XXIV. Share in the result of associates and joint ventures according to the equity method | 0 | 0 | |
| PRE-TAX RESULT | 16.161.210 | -3.066.712 | |
| XXV. | Corporation tax | -192.690 | -39.310 |
| XXVI. Exit tax | 0 | 0 | |
| TAXES | -192.690 | -39.310 | |
| NET RESULT | 15.968.520 | -3.106.022 | |
| NET CURRENT RESULT | 13.493.823 | 11.247.646 | |
| Number of shares entitled to the result of the period | 6.587.896 | 5.634.126 | |
| NET RESULT PER SHARE | 2,42 | -0,55 | |
| NET CURRENT RESULT PER SHARE | 2,05 | 2,00 |
| CONSOLIDATED | 31/12/2013 | 31/12/2012 | |
|---|---|---|---|
| BALANCE SHEET (EUR) | Conso | Conso | |
| I. | NON-CURRENT ASSETS | 320.347.115 | 290.229.600 |
| A. Goodwill | 0 | 0 | |
| B. Intangible assets | 113.940 | 141.416 | |
| C. Investment properties | 312.545.255 | 282.100.119 | |
| D. Other tangible assets | 7.651.152 | 7.882.968 | |
| E. Non-current financial assets | 0 | 0 | |
| F. Finance lease receivables | 0 | 0 | |
| G. Trade receivables and other non-current assets | 36.768 | 105.097 | |
| H. Deferred taxes (assets) | 0 | 0 | |
| I. Participations in associates and joint ventures according to the equity method | 0 | 0 | |
| II. | CURRENT ASSETS | 19.450.170 | 17.268.629 |
| A. Assets held for sale | 0 | 2.225.000 | |
| B. Current financial assets | 0 | 0 | |
| C. Finance lease receivables | 0 | 0 | |
| D. Trade receivables | 6.978.470 | 5.720.364 | |
| E. Tax receivables and other current assets | 638.193 | 844.423 | |
| F. Cash and cash equivalents | 4.092.496 | 7.006.841 | |
| G. Deferred charges and accrued income | 7.741.011 | 1.472.001 | |
| TOTAL ASSETS | 339.797.286 | 307.498.229 | |
| TOTAL SHAREHOLDERS' EQUITY | 138.966.518 | 123.763.016 | |
| I. | Shareholders' equity attributable to shareholders of the parent company | 138.868.511 | 123.663.108 |
| A. Share capital | 137.536.658 | 128.339.611 | |
| B. Share premiums | 1.771.262 | 532.681 | |
| C. Reserves | -16.409.831 | -2.107.553 | |
| D. Net result of the period | 15.970.422 | -3.101.630 | |
| II. | Minority interests | 98.007 | 99.908 |
| LIABILITIES | 200.830.768 | 183.735.212 | |
| I. | Non-current liabilities | 158.798.489 | 141.897.714 |
| A. Provisions | 0 | 208.000 | |
| B. Non-current financial debts | 144.516.779 | 121.912.600 | |
| C. Other non-current financial liabilities | 13.830.162 | 19.327.307 | |
| D. Trade debts and other non-current debts | 0 | 0 | |
| E. Other non-current liabilities | 451.548 | 449.807 | |
| F. Deferred taxes - liabilities | 0 | 0 | |
| II. | Current liabilities | 42.032.279 | 41.837.498 |
| A. Provisions | 0 | 0 | |
| B. Current financial debts | 28.528.864 | 31.850.652 | |
| C. Other current financial liabilities | 0 | 0 | |
| D. Trade debts and other current debts | 3.364.871 | 3.183.830 | |
| E. Other current liabilities | 2.610.083 | 439.480 | |
| F. Accrued charges and deferred income | 7.528.461 | 6.363.536 | |
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 339.797.286 | 307.498.229 |
| CHANGES IN SHAREHOLDER EQUITY ('000 EUR) |
Share capital | Share premiums | Reserves | Result | Deduction of transfer rights |
Minority interests | Shareholders' equity |
|---|---|---|---|---|---|---|---|
| ON 31/12/2012 | 128.340 | 533 | 8.596 | -3.102 | -10.704 | 100 | 123.763 |
| Elements directly recognized as equity | |||||||
| Capital increase | 2.746 | 1.238 | 0 | 0 | 0 | 0 | 3.984 |
| Impact on fair value of estimated transfer rights resulting from hypothetical disposal of investment properties |
0 | 0 | -90 | 0 | 0 | 0 | -90 |
| Positive change in value of solar panels (IAS 16) | 0 | 0 | 1.310 | 0 | -1.310 | 0 | 0 |
| Own shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Own shares held for employee option plan | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | -1 | -1 |
| Corrections | 0 | 0 | -135 | 0 | 0 | 0 | -135 |
| Subtotal | 131.086 | 1.771 | 9.681 | -3.102 | -12.014 | 99 | 127.521 |
| Dividends | 0 | 0 | -10.874 | 0 | 0 | 0 | -10.874 |
| Result carried forward | 0 | 0 | -3.102 | 3.102 | 0 | 0 | 0 |
| Result for the financial year | 0 | 0 | 0 | 10.232 | 0 | 0 | 10.232 |
| ON 30/06/2013 | 131.086 | 1.771 | -4.295 | 10.232 | -12.014 | 99 | 126.879 |
| Elements directly recognized as equity | |||||||
| Capital increase | 6.451 | 0 | 0 | 0 | 0 | 0 | -16 |
| Impact on fair value of estimated transfer rights resulting from hypothetical | 0 | 0 | -215 | 0 | 215 | 0 | -153 |
| disposal of investment properties | |||||||
| Positive change in value of solar panels (IAS 16) | 0 | 0 | -101 | 0 | 0 | 0 | 0 |
| Own shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Own shares held for employee option plan | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Subtotal | 137.537 | 1.771 | -4.611 | 10.232 | -11.799 | 98 | 126.710 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Result carried forward | 0 | 0 | 0 | 5.739 | 0 | 0 | 0 |
| Result for the financial year | 0 | 0 | 0 | 0 | 0 | 0 | 48 |
| ON 31/12/2013 | 137.537 | 1.771 | -4.611 | 15.971 | -11.799 | 98 | 138.967 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR) |
31/12/2013 12 months |
31/12/2013 12 months |
|---|---|---|
| Net result | 15.968.520 | -3.106.022 |
| Impact on fair value of estimated transfer rights resulting from hypothetical disposal of investments properties |
-1.095.000 | -1.068.000 |
| Impact of changes in fair value of solar panels | -191.413 | -127.540 |
| Changes in the effective part of the fair value of authorized cash flow hedges | 0 | 0 |
| Comprehensive income Attributable to: |
14.682.106 | -4.301.561 |
| Shareholders of the parent company | 14.684.008 | -4.297.170 |
| Minority interests | -1.901 | -4.391 |
| CONSOLIDATED CASH FLOW STATEMENT ('000 EUR) |
31/12/2013 12 months |
31/12/2012 12 months |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR | 7.007 | 4.948 |
| Net result | 15.969 | -3.106 |
| Non-cash elements to be added to / deducted from the result | -2.255 | 13.231 |
| Depreciations and write-downs | 220 | 77 |
| Depreciations/write-downs (or write-back) on intangible and tangible assets (+/-) | 154 | 155 |
| Write-downs on current assets (+) | 143 | 26 |
| Write-back of write-downs on current assets (-) | -77 | -104 |
| Other non-cash elements | -2.475 | 13.154 |
| Changes in fair value of investment properties (+/-) | 4.130 | 6.692 |
| IAS 39 impact (+/-) | -5.497 | 8.023 |
| Other elements | ||
| Realized gain on disposal of investment properties | -1.107 | -362 |
| Other | 0 | -1.200 |
| NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING | 13.713 | 10.125 |
| CAPITAL REQUIREMENTS | ||
| Change in working capital requirements | -3.846 | 2.201 |
| Movements in asset items | -7.363 | 658 |
| Trade receivables | 23 | 256 |
| Other long-term non-current assets | -1.324 | 626 |
| Other current assets | 206 | 144 |
| Deferred charges and accrued income | -6.269 | -368 |
| Movement in liability items | 3.517 | 1.543 |
| Trade debts | -112 | 244 |
| Taxes, social charges and salary debts | 293 | 205 |
| Other current liabilities | 2.171 | 246 |
| Accrued charges and deferred income | 1.165 | 849 |
| NET CASH FLOW FROM OPERATING ACTIVITIES (A) | 16.874 | 17.275 |
| Investment activities | -31.420 | -43.152 |
| Acquisition of intangible assets | -18 | -119 |
| Investment properties and development projects | -36.267 | -47.633 |
| Other tangible assets Solar panels |
-26 -4 |
-9 -2 |
| Disposal of investment properties | 4.895 | 4.612 |
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B) | -31.420 | -43.152 |
| FREE CASH FLOW (A+B) | -14.546 | -25.877 |
| Change in financial liabilities and financial debts | 19.284 | 22.681 |
| Increase (+)/Decrease (-) in financial debts | 19.282 | 22.661 |
| Increase (+)/Decrease (-) in other financial liabilities | 2 | 19 |
| Increase(+)/Decrease (-) in trade debts and other non-current liabilities | 0 | 0 |
| Change in other liabilities | -208 | 208 |
| Increase(+)/Decrease (-) in other liabilities | -208 | 208 |
| Increase(+)/Decrease (-) in other debts | 0 | 0 |
| Change in shareholders' equity | -438 | 9.995 |
| Increase(+)/Decrease (-) in share capital | 9.197 | 21.011 |
| Increase(+)/Decrease (-) in share premium | 1.239 | -10 |
| Increase(+)/Decrease (-) in consolidation differences | 0 | 0 |
| Dividends paid | -10.874 | -10.367 |
| Increase(+)/Decrease (-) in reserves | 0 | -639 |
| 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 (-) | 0 | 0 |
| NET FINANCIAL CASH FLOW (C) | 18.638 | 32.884 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A+B+C) | 4.092 | 7.007 |
The initial return (the rental income taken into consideration with the investment value) of the entire portfolio was 8.02%.
Assets Montea's assets are currently ±535,352 m² of storage space and ±49,342 m² of office space, making a total of 584,694 m². These assets are situated at 35 sites, 19 of which are in Belgium, 15 in France and 1 in the Netherlands. Three properties (Grimbergen, Gent Evenstuk and Gent Hulsdonk) are by concession. At three other sites, a building fee is paid (3 sites (Brucargo 763, 830 and 731).The increase in value of the portfolio is due to the acquisition of the sites in in Belgium and 1 site in the Netherlands.
Apart from the 15 sites in France and the site in the Netherlands, Montea's current properties are situated mainly in Flanders. 1 building (Vorst) is located in the Brussels Capital Region, and 3 (Milmort, Nivelles and Heppignies) are situated in Wallonia. Of the 15 properties in France, 7 are situated in the Paris region (Savigny-le-Temple and Roissy 1+2, Bondoufle, Le Mesnil Amelot 1+2, Alfortville) and 8 others in the provinces (Lyon, Saint-Priest, Cambrai, Arras, Feuquières-en-Vimeu, Orléans/Saint-Cyr-en-Val and Marseille).
Rental income The effective rental income is calculated after deduction of property withholding tax if this is to be borne by the owner and, in a few rare cases, as an average rental income up until the next due date if rental discounts are in place or the lease does not run consistently on a contractual basis.
This rental income was EUR 26,047,883 per annum at 31/12/2013. Current lease contracts were 3.1% higher than the corresponding estimated market rental value.
The rental amounts stated are net rental incomes separate from additional payments for communal charges and any insurance premiums.
The occupancy rate for the entire portfolio, calculated on the basis of the floor space in question, was ± 94.9%
| 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 | 17.833 | 19.931 | 650.914 | 613.695 | 100,0% |
| AALST (HIJ), TRAGEL 48-58 | 2000 - 2002 | 540 | 17.740 | 18.280 | 1.000.340 | 807.457 | 100,0% |
| AALST (KLM), TRAGEL 48-58 | 1985 - 2009 | 1.397 | 4.591 | 5.988 | 264.370 | 242.015 | 100,0% |
| BORNEM, INDUSTRIEWEG 4-24 | 1977 | 1.437 | 13.163 | 14.600 | 418.241 | 533.961 | 100,0% |
| GRIMBERGEN, EPPEGEMSESTWG 31-33 | 1980 - 1995 - 1996 / 2003 | 2.478 | 23.758 | 26.236 | 964.797 | 1.078.246 | 100,0% |
| HOBOKEN SMALLANDLAAN 7 | 2001 | 393 | 836 | 1.229 | 234.854 | 63.733 | 100,0% |
| MEER EUROPASTRAAT 28 | 1990 - 2006 | 775 | 9.455 | 10.230 | 355.057 | 319.538 | 100,0% |
| PUURS RIJKSWEG 89 & 85 | 1975 - 1982 - 1984 - 1991 | 1.380 | 16.650 | 18.030 | 0 | 971.220 | |
| HERENTALS, TOEKOMSTLAAN 33 | 2004 | 1.642 | 12.954 | 14.596 | 0 | 583.790 | 0,0% |
| NIJVEL, RUE DE L'INDUSTRIE | 2000 | 1.385 | 12.649 | 14.034 | 0 | 583.170 | |
| PUURS, SCHOONMANSVELD 18 | 1998 | 1.334 | 11.907 | 13.241 | 768.948 | 607.210 | 100,0% |
| EREMBODEGEM, INDUSTRIELAAN 27 | 1973 / 2007 | 4.074 | 13.181 | 17.255 | 953.757 | 876.291 | 98,0% |
| MECHELEN, ZANDVOORTSTRAAT 16 | 1984 - 1990 - 1998 | 768 | 22.190 | 22.958 | 761.866 | 855.750 | 100,0% |
| VORST, HUMANITEITSln 292, SITE LIPTON | 1984 | 778 | 4.819 | 5.597 | 341.128 | 269.260 | 100,0% |
| VORST, HUMANITEITSln 292, SITE CM | 1966 / 2007 | 0 | 7.150 | 7.150 | 353.125 | 268.125 | 100,0% |
| VORST, HUMANITEITSln 292, SITE RESTAURANT (STATION) | 1971 / 1995 | 2.110 | 920 | 3.030 | 135.454 | 209.900 | 100,0% |
| VORST, HUMANITEITSln 292, SITE SALVESEN (COOLED WHAREHOUSE) | 1966 - 1979 | 0 | 3.850 | 3.850 | 525.836 | 296.500 | |
| MILMORT, AVENUE DU PARC INDUSTRIEL | 2000 | 1.225 | 27.112 | 28.337 | 1.119.874 | 1.000.323 | 100,0% |
| HEPPIGNIES, RUE BRIGADE PIRON | 2011 | 730 | 13.381 | 14.111 | 757.128 | 568.723 | 100,0% |
| ZAVENTEM, BRUCARGO 830 | 2012 | 4.328 | 23.951 | 28.279 | 1.969.186 | 1.969.010 | 100,0% |
| ZAVENTEM, BRUCARGO 831 | 2013 | 1.896 | 7.891 | 9.787 | 600.000 | 684.275 | 100,0% |
| GENT, EVENTSTUK | 2013 | 750 | 23.400 | 24.150 | 992.337 | 1.021.300 | 100,0% |
| ZAVENTEM, BRUCARGO 763 | 1995 -1999 / 2007 / 2009 | 1.198 | 5.120 | 6.318 | 287.000 | 359.378 | |
| GENT, KORTE MATE | 2011 | 924 | 12.039 | 12.963 | 636.850 | 616.567 | 100,0% |
| Total Belgium | 33.640 | 306.540 | 340.180 | 14.091.062 | 15.399.435 | 90,9% | |
| France | |||||||
| SAVIGNY LE TEMPLE, RUE DU CHROME | 1992 / 2007 | 646 | 15.650 | 16.296 | 716.777 | 634.188 | 100,0% |
| FEUQUIERES, ZI DU MOULIN 80 | 1995 - 1998 - 2000 | 763 | 8.230 | 8.993 | 358.559 | 314.755 | 100,0% |
| CAMBRAI, P. d' A. ACTIPOLE | 2008 | 682 | 10.588 | 11.270 | 553.281 | 484.900 | 100,0% |
| ROISSY, RUE DE LA BELLE ETOILE 280 | 1990 - 2001 | 737 | 3.548 | 4.285 | 357.550 | 353.118 | 100,0% |
| BONDOUFLE, RUE HENRI DUNANT 9-11 | 1990 | 1.307 | 2.478 | 3.785 | 232.674 | 221.925 | 100,0% |
| DECINES-CHARPIEU, RUE ARTHUR RIMBAUD 1 | 1996 | 1.108 | 2.713 | 3.821 | 370.432 | 339.490 | 100,0% |
| LE MESNIL AMELOT, RUE DU GUE 4& RUE DE LA GRANDE BORNE 11 | 1992 | 648 | 2.846 | 3.494 | 209.697 | 229.080 | 100,0% |
| LE MESNIL AMELOT, RUE DE LA GRANDE BORNE 11 | 1992 | 700 | 4.465 | 5.165 | 493.862 | 448.200 | |
| ALFORTVILLE, LE TECHNIPARC | 2001 | 382 | 1.665 | 2.047 | 234.645 | 216.160 | 100,0% |
| ROISSY, RUE DE LA BELLE ETOILE 383 | 2001 | 1.965 | 4.492 | 6.457 | 667.648 | 627.210 | 100,0% |
| LE MESNIL AMELOT, RUE DU GUE 1-3 | 1998 | 1.211 | 4.043 | 5.254 | 476.650 | 393.755 | 100,0% |
| SAINT PRIEST, RUE NICEPHORE NIEPCE | 2008 | 906 | 15.120 | 16.026 | 600.000 | 629.820 | 100,0% |
| SAINT-CYR-EN-VAL, RUE DES GENETS 660 | 1996 - 2006 | 1.655 | 73.797 | 75.452 | 3.285.692 | 3.004.800 | 100,0% |
| MARENNES, LA DONNIERE | 1998 - 2000 / 2001 | 524 | 19.965 | 20.489 | 826.460 | 865.599 | 100,0% |
| SAINT-LAURENT-BLANGY, ACTIPARK | 2006 | 757 | 15.328 | 16.085 | 633.245 | 560.855 | 100,0% |
| SAINT-MARTIN-DE-CRAU | 2002 | 1.300 | 18.447 | 19.747 | 789.649 | 807.710 | 100,0% |
| Total France | 15.291 | 203.375 | 218.666 | 10.806.821 | 10.131.565 | 100,0% | |
| Netherlands | |||||||
| ALMERE, STICHTSE KANT | 2008 | 411 | 25.437 | 25.848 | 1.150.000 | 1.155.472 | 100,0% |
| Total Netherlands | 411 | 25.437 | 25.848 | 1.150.000 | 1.155.472 | 100,0% | |
| Total | 49.342 | 535.352 | 584.694 | 26.047.883 | 26.686.472 | 94,9% |
The statutory auditor, Ernst & Young Réviseurs d'Entreprises, represented by Christel Weymeersch, confirms that their control activities on the consolidated financial statements, prepared in accordance with International Financial Reporting Standards as adopted for use in the European Union, have been substantially completed and that these did not result in any significant corrections that should be made to the accounting figures, resulting from the consolidated financial statements and included in this press release.
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