Quarterly Report • Aug 23, 2012
Quarterly Report
Open in ViewerOpens in native device viewer
EMBARGO UNTIL 23/08/2012 – 8:45 AM
NET OPERATING RESULT EUR 5.51 MILION (EUR 0.98 PER SHARE)
| BE. | FR | 30/06/2012 6 months |
31/12/2011 12 months |
30/06/2011 6 months |
||
|---|---|---|---|---|---|---|
| Real estate portfolio | ||||||
| Real estate portfolio - Buildings | ||||||
| Number of sites | 17 | 14 | 31 | 31 | 32 | |
| Surface of the real estate portfolio | ||||||
| Logistics and semi-industrial warehouses | M 2 | 240.145 | 184.764 | 424.909 | 416.283 | 431.872 |
| Offices | M 2 | 30.255 | 13.892 | 44.147 | 44.630 | 45.213 |
| Total surface | M 7 | 270.400 | 198.656 | 469.056 | 460.913 | 477.085 |
| Development potential | M 2 | 54.500 | 36,000 | 90,500 | 90,500 | 90.500 |
| Value of the real estate portfolio | ||||||
| Fair value (1) | K€ | 140.959 | 109.325 | 250.284 | 246.987 | 248.537 |
| Investment value (2) | K€. | 145.203 | 115.116 | 260.319 | 256.623 | 257.950 |
| Occupancy rate | ||||||
| Occupancy rate (3) | $\mathbf x$ | 91,86% | 100,00% | 95,52% | 96,45% | 95,41% |
| Real estate portfolio - Solar panels | ||||||
| Fair value (1) | K€ | 7.867 | 0 | 7.867 | 7.902 | 7.832 |
| Consolidated results | ||||||
| Net current result | ||||||
| Net rental result | K€ | 9.510 | 19.275 | 9.323 | ||
| Operating result (4) | K€ | 8.011 | 14.506 | 7.461 | ||
| Operating margin (5) | X | 84,24% | 75,26% | 80,02% | ||
| Financial result | K€ | $-2.480$ | $-5.424$ | $-2.584$ | ||
| Net current result (6) | K€ | 5.506 | 9.044 | 4.857 | ||
| Number of shares entitled to the result of the period | 5.634.126 | 5.634.126 | 5.634.126 | |||
| Net current result / share | € | 0,98 | 1,61 | 0,86 | ||
| Non-current result | ||||||
| Result on the real estate portfolio (7) | K€ | $-4.271$ | $-4.420$ | $-1.784$ | ||
| Result on financial derivatives (8) | K€ | $-3.197$ | $-4.918$ | 1.786 | ||
| Net result | KE | $-1.962$ | $-293$ | 4.860 | ||
| Number of shares entitled to the result of the period | 5.634.126 | 5.634.126 | 5.634.126 | |||
| Net result / share | € | $-0,35$ | $-0,05$ | 0,86 | ||
| Consolidated balance sheet | ||||||
| Equity (excl. minority participations) | KE | 104.478 | 116.896 | 122.164 | ||
| Debts and liabilities for calculation of debt ratio | K€ | 145.269 | 134.462 | 137.345 | ||
| Balance sheet total | KE | 279.575 | 269.482 | 270.327 | ||
| Debt ratio (9) | x | 51,96% | 49,90% | 50,81% | ||
| Net asset value / share | € | 18,54 | 20,75 | 21,68 | ||
| Net asset value / share (excl. IAS 39) | € | 21,12 | 22,75 | 22,91 | ||
| Share price | € | 26,02 | 24,52 | 25,30 | ||
| Premium / (discount) | x | 23,22% | 7.76% | 10,43% |
(1) Book value based on IAS / IFRS rules.
(2) The investment value is the value of the portfolio, as established by the independent property assessors, from which transaction charges have not been deducted.
(3) The ratio is calculated based on vacant floor space.
(4) Operating result for the result from the portfolio.
(5) Operating result for the result from the portfolio in relation to the net lease result.
(6) 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).
(7) Codes XVI, XVII, XVIII and XIV in the profit‐and‐loss account.
(8) Code XXIII in the profit‐and‐loss account.
(9) In accordance with Art. 55 of the Royal Decree of 7th December 2010.
(10) At the end of the period.
1.2.1 Net operating result1 is EUR 5.51 million (EUR 0.98 per share), an increase of 13.4% compared with the same period last year – Montea is on course to achieve a net operating result per share of EUR 2.00, an increase of 10.0% compared with last year
Montea's net operating result for the first six months of 2012 is EUR 5.51 million (EUR 0.98 per share), an increase of 13.4% compared with the EUR 4.86 million achieved in the same period last year (EUR 0.86 per share).
The increase in the net operating result of EUR 0.65 million is due mainly to:
Based on the result for the first half of the year of EUR 0.98 per share, the forthcoming net income from the new acquisitions (see 1.2.3) and the loss of rental income of the site in Nivelles and Vorst, Montea is on course to achieve the net operating result per share of EUR 2.00, an increase of 10.0%2 compared with the same period last year.
Montea and Galler Chocolatiers NV have signed a new lease agreement for a fixed period of nine years for the lease of 5,219 m² of warehouse space and 959 m² of office space. This transaction means that the site is fully leased. With total floor space of 28,340 m², the building in Herstal‐Milmort represents 10% of Montea's total portfolio in Belgium.
Montea and Cegelec Fire Solutions have signed a new lease agreement for 9 years (with an option to terminate after 3 years) for 400 m² of office space.
1 Net result excluding the result on 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
This percentage was calculated against the net operating result per share of last year; including the provision for the ongoing lawsuit of EUR 1.2 million (see also point 1.7).
3 For more information, see the press release dated 06/02/2012 or www.montea.com.
Cegelec Fire Solutions specialises in the installation and maintenance of sprinkler systems and is part of the VINCI Energies Group, one of the four divisions of VINCI and is an important player on the European market. VINCI Energies Belgium offers its customers strong solutions in the following markets: buildings, infrastructure, industry, service sector and telecommunications.
Montea and Toys R US, a wholesale distributor of toys, have signed a new short term lease agreement for 6 months (until 31/12/2012) for the remaining 7,559 m² of space at the site in Savigny‐le‐Temple. This allows Montea to avoid further vacancy costs in 2012.
As per 30/06/2012, the occupancy rate is 95.52%.
As a result of the new short‐term lease agreement for the site at Savigny‐le‐Temple in France (Toys R Us), there are further vacancies in France. In Belgium, total vacancies are 19,821 m² at 2 sites, of which 14,034 m² at the site in Nivelles and 5,588 m² at the site in Mechelen.
With the exception of possible lease breaks in November 2012 with Norbert Dentressangle (Marennes site, France) for 5,114 m², there are no leases with a break or termination date in 2012. Montea is currently in negotiation for the extension of the lease at the site in Marennes (France).
With the signing and extension of these new leases, plus the income from the solar panels taken over a period of 20 years, the average term of the lease, through to their first break, is 5.1 years.
From January 2013, DHL Global Forwarding Belgium will be combining all of its airfreight activities at
Brussels Airport under a single roof as part of a new development by De Paepe Group at Brucargo. The development encompasses 23,000 m² of warehouse space and 5,300 m² of office space and social areas. DHL Global Forwarding will lease the building for a period of 15 years, with the option to terminate after 10 years. The new distribution centre is expected to be operational by the first quarter of 2013.
Montea «Space for Growth» ‐ Site Brussels Airport – Brucargo West (BE)
4 For more information, see the press release dated 20/06/2012 or www.montea.com.
De Paepe Group obtained building rights for 50 years for this project from The Brussels Airport Company under commercial terms that can be renewed for a further 50 years. Montea will acquire the project, based on an initial return of 7.50%, representing an investment value of EUR 26.2 million.
20th June 2012 ‐ Collaboration with Office Depot in Europe to acquire one site in Puurs (Belgium) and on‐going negotiations regarding a proposed "sale & lease back" operation for one site in the Marseille area (France)5
Montea has signed a collaborative agreement with Office Depot in Belgium in relation to the future purchase of its logistics centre in Puurs. Montea will offer the premises on the market for lease and, on condition it is leased, purchase the property at the latest by 20th June 2013. If the warehouse space has not been leased by that time, Office Depot has guaranteed Montea the rental income for an additional period of
9 months (until 20/03/2014). The building is situated on land of 30,600 m² and includes modern warehouse space of 12,000 m² and office space of 1,600 m². Montea is investing in this property on the basis of an initial return of 8.15%, representing an investment value of EUR 7.9
million. Montea «Space for Growth» ‐ Site at Puurs Schoonmansveld 58
Montea engaged in discussions with Office Depot France for a proposed "sale & lease back" operation for a distribution platform in the Marseille area. This logistics platform consists of 18,000 m² of warehouse space
Montea «Space for Growth» ‐ Site at Saint‐Martin‐de‐Crau (FR)
and 1,300 m² of offices and is located in Saint‐Martin‐de‐Crau, at one of the busiest logistics hubs in France. Montea plans to invest in this property on the basis of a fixed lease term of nine years and an initial return of 8.00%, representing an investment value of EUR 9.9 million.
5 For more information, see the press release dated 20/06/2012 or www.montea.com.
Montea is purchasing a logistics platform in the Arras area from CBRE Global Investors. The building is leased to Vertdis, a company that specialises in the distribution of items for the garden. The lease
agreement has a minimum term of 7 years remaining. The building consists of 12,600 m² of warehousing, 750 m² of office space and 2,600 m² of outdoor storage. The site is situated between Arras, Lens and Hénin‐Beaumon, offering fast access to the A1, A26 and A2 motorways. Montea is investing in this property on the basis of an initial return of 8.00%, representing an
investment value of EUR 7.5 million. Montea « Space for growth » ‐ Site at Saint‐Laurent‐Blangy ‐ Arras (FR)
The consolidated debt ratio at 30/06/2012 was 51.96%. This increase in the debt ratio has to do mainly with the rise in drawn‐down lines of credit to fund the project in St‐Laurent‐Blangy and the dividend payment made in the second quarter of 2012.
Based on the debt ratio of 51.96%, current investment capacity is approximately EUR 20 million, to expand the portfolio further using external funding to a debt ratio of 55%.
In keeping with the dynamic management of its property portfolio, Montea proceeded with the sale of a semi‐industrial building of 7,015 m² in Aartselaar. This transaction was completed for an amount of EUR 2.67 million.
Montea has proceeded with the sale of a mixed site consisting of 3,000 m² of offices and 1,000 m² of warehouse space in Vilvoorde. The transaction was carried out for EUR 2.45 million, which is in line with the fair value of the site at 31/03/2012. This sale fits in with Montea's policy of divestment under which smaller, non‐strategic properties are sold so that the company can focus on the purchase of larger logistics platforms.
6 For more information, see the press release dated 20/06/2012 or www.montea.com.
7 For more information, see the press release dated 06/02/2012 or www.montea.com.
8 For more information, see the press release dated 06/02/2012 or www.montea.com.
15th May 2012 – 2 new directors appointed and 4 directors reappointed as representatives of the major shareholders
At the general meeting of shareholders held on 15th May 2012, 2 new directors were appointed and 4 directors were reappointed for a term of 3 years (until the general meeting of shareholders in 2015)9 .
Montea's total property amounts at EUR 258.2 million. This figure is made up of the valuation of the company's portfolio of building property (EUR 250.3 million) on the one hand, and the value of the solar panels (EUR 7.9 million) on the other
| MONTEA | Total 30/06/2012 |
Belgium | France | Total 31/12/2011 |
Total 30/06/2011 |
|---|---|---|---|---|---|
| Real estate portfolio - Buildings | |||||
| Number of sites | 31 | 17 | 14 | 31 | 32 |
| Warehouse space (m 2 ) | 424,909 | 240.145 | 184,764 | 416.283 | 431.872 |
| Office space (m 2 ) | 44.147 | 30.255 | 13.892 | 44.630 | 45.213 |
| Total space (m 2 ) | 469.056 | 270,400 | 198,656 | 460.913 | 477.085 |
| Development potential (m 2 ) | 90.500 | 54.500 | 36,000 | 90,500 | 90.500 |
| Fair value (EUR) | 250,284,000 | 140,959,000 | 109.325.000 | 246,987,000 | 248,537,000 |
| Investment value (EUR) | 260.318.647 | 145.202.609 | 115.116.038 | 256.623.000 | 257.950.000 |
| Annual contractual rents (EUR) | 19.737.070 | 10229.549 | 9.507.521 | 20.167.157 | 20.101.312 |
| Gross yield (%) | 7,89% | 7.26% | 8.70% | 8,17% | 8,09% |
| Gross yield on 100% occupancy (%) | 8,21% | 7,84% | 8,70% | 8,50% | 8,50% |
| Un-let property (m 2 ) | 19,821 | 19.821 | ø | 15.985 | 21911 |
| Rental value of un-let property (EUR) | 817.608 | 817.608 | $\mathbf n$ | 830.075 | 1.017.270 |
| Occupancy rate (% of m 2 ) | 95,52% | 91.86% | 100,00% | 96.45% | 95,41% |
| Occupancy rate (% of rental value) | 96,02% | 92.60% | 100,00% | 96,05% | 95,18% |
| Real estate portfolio - Solar panels | |||||
| Fair value (EUR) | 7.866.673 | 7,866,673 | Ð | 7.902.183 | 7.831.937 |
(1) The fair value of the investments in solar panels is stated in section "D" of the fixed assets on the balance sheet.
9 This is under the suspensive condition of approval by the FSMA.
10 The occupancy rate is calculated based on the occupied m² compared with the total m².
| ABBREVIATED CONSOLIDATED PROFIT & LOSS ACCOUNT (EUR) Analytical |
30/06/2012 6 months |
31/12/2011 12 months |
30/06/2011 6 months |
|---|---|---|---|
| CURRENT RESULT | |||
| NET RENTAL RESULT | 9.510 | 19,275 | 9.323 |
| PROPERTY RESULT | 9.916 | 19,069 | 9.008 |
| % compared to net rental result | 104,3% | 98,9% | 96,6% |
| TOTAL PROPERTY CHARGES | $-522$ | $-992$ | $-499$ |
| PROPERTY OPERATING RESULT | 9.394 | 18,078 | 8,509 |
| General corporate expenses | $-1.409$ | $-2.620$ | $-1.198$ |
| Other operating income and expenses | 26 | $-952$ | 149 |
| OPERATING RESULT BEFORE THE PORTFOLIO RESULT | 8.011 | 14.506 | 7.461 |
| % compared to net rental result | 84,2% | 75,3% | 80,0% |
| FINANCIAL RESULT | $-2.480$ | $-5.424$ | $-2.584$ |
| PRE-TAX RESULT (*) | 5.531 | 9.082 | 4.876 |
| Taxes | $-24$ | $-38$ | $-19$ |
| NET CURRENT RESULT | 5.506 | 9.044 | 4.857 |
| per share | 0,98 | 1,61 | 0,86 |
| NON-CURRENT RESULT | |||
| Result on disposals of investment properties | 79 | $\bf{0}$ | 0 |
| Result on disposals of other non-financial assets | $\Omega$ | $\Omega$ | $\Omega$ |
| Changes in fair value of investment properties | $-4.350$ | $-4.420$ | $-1.784$ |
| Other portfolio result | $\Omega$ | $\Omega$ | 0 |
| PORTFOLIO RESULT | $-4.271$ | $-4.420$ | $-1.784$ |
| Changes in fair value of financial assets and liabilities | $-3.197$ | $-4.918$ | 1.786 |
| RESULT IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | $-3.197$ | $-4.918$ | 1.786 |
| NET RESULT | $-1.962$ | $-293$ | 4.860 |
| per share | $-0.35$ | $-0.05$ | 0.86 |
(*) Excluding the variations of the financial hedging instruments (IAS 39) and results on portfolio (IAS 40)
The operating result before the result on the property portfolio was EUR 8.010.719, an increase of EUR 550K or 7.4% compared with the same period last year.
This increase is due mainly to:
The operating margin11 for the first half of 2012 was 84.2%. The operating margin was 81% excluding the one‐off item of revenue in the first half of the year.
Montea is making every effort to increase its operating margin to 85% through further growth that Montea will achieve in 2012 and 2013, and without any significant increase in the cost base.
The variation in fair value on the property portfolio amounts to EUR ‐4.35 million on 30/06/2012. This negative result is due to:
11 The operating result for the result on the property portfolio compared with the net rental income.
the variation in fair value of the property portfolio in France amounting to EUR ‐0.61 million, due mainly to the increase in expected yield for +/‐ 3 sites.
The unrealized appreciations in the valuation of the solar panels are included in a separate component of shareholders capital. Depreciations are also stated in this component, unless they have been realised or unless the fair value falls below the original cost.
The net negative financial result was EUR 2.48 million, a decrease of 4.0% compared with the same period last year, notwithstanding the increase in debt charge of 9.5% for investments in the same period last year (up from EUR 128.39 million to EUR 140.56 million at 30/06/2012). This result is due to:
Taking into account the current lines of credit, hedging instruments, variable interest rates and bank margins, the financial cost for the total bank debts amounts to 4.0%.
Net profit at 30/06/2012 was EUR ‐1.96 million (EUR ‐0.35 per share) compared with EUR 4.86 million for the same period in 2011. The result was affected significantly by the negative movement in the property result (EUR ‐4.27 million) and the negative development in the fair value of the hedging instruments (EUR ‐3.20 million) due to the further decrease in long‐term interest rates.
It is clear that both the property result and the negative change in fair value of the hedging instruments, are not cash items and have no impact on the net operating result.
12 The financial result of EUR ‐2.48 million excludes the variation in fair value of the hedging instruments of EUR ‐3.20 million (see the abbreviated balance sheet).
The net operating result at 30/06/2012 was EUR 5.51 million, an increase of 13.4% compared with the same period last year.
Based on the result of the first half, the net operating result was EUR 0.98 per share.
Based on the results of EUR 0.98 per share for the first half of the year, the forthcoming net income from acquisitions and the loss of rental income from the sites sold in Nivelles and Vorst, Montea is on course to achieve a net operating result per share of EUR 2.00, which is an increase of 10.0%13 compared with last year.
| CONSOLIDATED BALANCE SHEET (EUR) MONTEA FOR SPOWIN |
30/06/2012 Conso |
31/12/2011 Conso |
30/06/2011 Conso |
|---|---|---|---|
| NON-CURRENT ASSETS | 257.002.872 | 253.630.935 | 258,967,607 |
| CURRENT ASSETS | 22.571.644 | 15,850,598 | 11,359,802 |
| TOTAL ASSETS | 279.574.516 | 269.481.533 | 270.327.409 |
| SHAREHOLDERS' EQUITY | 104.581.938 | 117.000.632 | 122.258.522 |
| Shareholders' equity attributable to shareholders of the parent company | 104.477.638 | 116,896,333 | 122.164.305 |
| Minority interests | 104.300 | 104.299 | 94.217 |
| ILIABILITIES | 174.992.578 | 152.480.901 | 148,068,887 |
| Non-current liabilities | 138.675.906 | 116.055.455 | 77.769.699 |
| Current liabilities | 36.316.671 | 36,425,446 | 70.299.188 |
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 279.574.516 | 269.481.533 | 270.327.409 |
This total debt is made up of:
a total amount of EUR 132.50 million in lines of credit at 4 Belgian financial institutions. The refinancing of expired lines of credit in 2012 (EUR 25 million) is already finalised. New financing arrangements of EUR 35 million to finance future projects are in place. Montea has a total of EUR 160 million of contracted lines of credit of which EUR 132.50 million has already been drawn down;
13 This percentage was calculated compared to the net operation result par share of last year; excluding the provision for the pending lawsuit amounting to EUR 1.2 million (see also point 1.7).
Montea also complied with all the covenants it has entered into in terms of debt ratio with its financial institutions on the basis of which Montea is able to have a debt ratio of no more than 60%.
If the consolidated debt of the public open‐ended real estate investment company and its subsidiaries exceeds 50% of the consolidated assets, after deduction of the authorised financial hedging instruments, the public open‐ended real estate investment company will prepare a financial plan together with an implementation timetable, in which it sets out the measures that will be taken to prevent the consolidated debt from exceeding 65%.
The financial plan will be the subject of a special report by the company auditor in which he or she will confirm that he or she has checked the validity of the plan, in particular with regard to its economic fundamentals. He or she will than confirm that the plan's figures comply with the public open‐ended real estate investment company's financial statements. The financial plan and the special audit report will be sent to the FSMA for information.
The financial plan's overall guidelines will be detailed in the annual and six‐monthly financial reports. The annual and six‐monthly financial reports will explain, with supporting evidence, (a) how the financial plan has been implemented during the course of the period under review and (b) how it will be implemented in the future by the public open‐ended real estate investment company.
At 30/06/2012, consolidated debt ratio was 51.96%. Historically, since the end of 2008, the debt ratio has exceeded 50%, reaching its highest level (57.62%) in the middle of 2010. On 2nd July 2010, the capital increase reduced the debt ratio to less than 50%.
Montea's debt ratio has never reached alarming proportions, including during periods of financial crisis such as those that occurred at the end of 2008 and 2009.
On the basis of the current debt ratio, the investment potential is approximately EUR 104 million15 (up 42%) without exceeding the maximum debt ratio of 65%.
14 Calculated in accordance with the RD of 7th December 2010.
15 The calculation takes no account of the net current earnings of the periods to come, nor of variations in the fair value of the real estate investments, nor of possible variations in the adjustment accounts in the liabilities.
Montea has signed convenants with some banking institutions that prohibit the debt ratio from exceeding 60%. On the basis of the same calculation, that gives an investment potential of EUR 56 million.
Variations in the fair value of the real estate portfolio can also have a mayor effect on the debt ratio. On the basis of the current shareholder equity, a negative variation of more than EUR 56 million in the fair value of real estate investments would be needed to exceed the maximum authorised debt ratio of 65%. That would represent a decline of almost 23% in the value of the existing portfolio.
In the light of the current situation and the value of the portfolio as determined by the independent assessor, Montea does not envisage any substantial negative variations in fair value. Montea believes that the current debt of 51.96% provides an ample buffer for absorbing any possible negative variations in the existing portfolio.
Montea is of the opinion that the debt will not exceed 65%. Consequently, no additional measures are required based on the changes envisaged in the composition of the real estate portfolio and the expected development in shareholder equity.
The objective of ensuring financing with debt of approximately 55% remains unchanged. Montea will make sure that it never exceeds a debt ratio of 60%.
A 55% debt ratio is fully justified in the light of the nature of the Montea's investments: logistic and semi‐industrial properties, with an average yield of approximately 8%.
If events were to require an adjustment to the open‐ended investment company's strategy, Montea would implement any such reorientation without delay; the shareholders would be notified in the annual and six‐monthly financial reports.
The net asset value at 30/06/2012 was EUR 18.54 per share. If the net variation in the fair value of the hedging instruments (IAS 39) is not taken into account, the net asset value was EUR 21.12 per share.
| NET ASSET VALUE PER SHARE (EUR) MONTEA |
30/06/2012 | 31/12/2011 | 30/06/2011 |
|---|---|---|---|
| Net asset value based on fair value ('000 euro) | 104.478 | 116.896 | 122.164 |
| Number of shares entitled to share in the result of the period | 5.634.126 | 5.634.126 | 5.634.126 |
| Net asset value per share (fair value) (*) | 18.54 | 20.75 | 21,68 |
| Net asset value per share (fair value, excl. IAS 39) (*) | 21,12 | 22.75 | 22,91 |
Based on the closing price on 30/06/2012 (EUR 26.02) the Montea share recorded 23.2% above the value of the net asset value per share (excluding IAS39).
The service life of the solar panels is estimated at 20 years.
| STOCK MARKET PERFORMANCE MONTEA N RACE FOR CROWTH |
30/06/2012 | 31/12/2011 | 30/06/2011 |
|---|---|---|---|
| Share price $(E)$ | |||
| At closing | 26,02 | 24,52 | 25,30 |
| Highest | 28,39 | 26,00 | 26,00 |
| lowest | 23,91 | 22,65 | 23,46 |
| Average | 25,10 | 24,60 | 24,98 |
| Net asset value / share $(E)$ | |||
| $Incl. 1AS 39$ $(*)$ | 18,54 | 20,75 | 21,68 |
| Excl. IAS 39 (*) | 21,12 | 22,75 | 22,50 |
| Premium / (discount) (%) | 23,2% | 7,8% | 12.A% |
| Dividend return (%) | 7,5% | ||
| Dividend (€) | |||
| Gross | 1.84 | ||
| Net | 145 | ||
| Volume (number of searities) | |||
| Average daily volume | 964 | 1378 | 1.762 |
| Volume of the period | 121,421 | 354.053 | 223.795 |
| Number of shares | 5.634.126 | 5.634.126 | 5.634.126 |
| Market capitalisation ('000 euro) | |||
| Market capitalisation at closing | 146,600 | 138,149 | 142.543 |
| Free Float | 35,2% | 35,2% | 35,2% |
| Ratios (%) | |||
| Velocity | 2,2% | 6.3% | 4.0% |
| Free Float velocity | 6,1% | 17,9% | 11,3% |
Dividend return (%): Gross dividend divided by the average share market price.
Gross Return (%): Movements in the share price since Montea began + dividends) divided by the average share 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.
No events of significance have occurred since 30/06/2012.
In 2006 the company entered into certain agreements designed to generate revenue from certain buildings by way of a merger or other transaction. These agreements were subject to a number of suspensive conditions, principally in relation to compliance with planning requirements, the terms of which had to be met before 31st March 2007. Montea has previously mentioned the fact that a third party served Montea with a writ in 2008 because that party believed it was entitled to the revenue, by way of a merger or other transaction, from certain buildings. Montea had refused to provide this revenue because, based on a number of objective elements, it was of the opinion that the terms of the contract had not been complied with. Thereupon, the party in question lodged a claim against Montea for compensation for EUR 5.4 million. Montea believes that this claim is without grounds. In its ruling handed down on 28th April 2009, the Commercial Tribunal in Brussels found in favour of Montea. The other party was ordered to pay the costs for the proceedings. By judgment of 21st February 2012, received by Montea on 29th February 2012, the Commercial Tribunal in Brussels found partly in favour the other party, and agreed a claim of EUR 961K in capital.
Based on this ruling, Montea set aside a total of EUR 1.2 (EUR 1.0 million in capital and EUR 0.2 million in interest charges and miscellaneous court costs) on 31/12/2012. These amounts were paid in the first quarter of 2012.
In the second quarter, the Montea Board of Directors decided to lodge an appeal in cassation. This has already been done.
There were no transactions between affiliated parties in the first six months of 2012.
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 necessary16. 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 is sensitive to the economic climate to a certain extent. No direct risks have been identified in the short term that may have any fundamental effect on the 2012 financial year.
16 For more information about Montea's strategy, please refer to the annual report. Montea's policy will, if necessary, be adjusted as a function of 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 2.5 million on the net result and EUR 0.4 on the intrinsic value per share. It would also have an impact of approximately 0.4% on the debt ratio.
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 30th June 2012, Montea's debt ratio was 51.96%, 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.
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.
Montea has an ongoing interest expense of approximately EUR 5.3 million with its financial institutions.
Based on existing hedging instruments and a constant level of debt, a rise of fall of 1.0% in the interest rate of EUR 375K (7.1% of the de total financing cost) would not make any significant change to the cost of funding for the current year.
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 30th June 2012 the occupancy rate was 95.52%. Based on the existing rental situation, and provided no unforeseen circumstances occur, Montea will meet its target of 95% occupancy at the end of this year.
(Re)financing
During the first quarter of 2012 the already expired bank debt of EUR 25 million, and additional credit lines amounting to EUR 35 million were refinanced. Montea is still working on additional lines of credit.
The refinancing process focuses mainly on:
Based on the results for the first six months of the year of EUR 0.98, as well as taking account of net revenue for the purchased projects, and the loss of rental income of the sites sold in Nivelles and Vorst, Montea will achieve a net operating result of EUR 2.00 per share, an increase of 10.0%17 compared with last year.
17 This percentage was calculated compared with the net operating result par share of last year; excluding the provision for the pending lawsuit of EUR 1.2 million (see also point 1.7).
Further to article 76 of the Act of 20th July 2004 regarding certain forms of collective management for investment portfolios, we can state that all developments, refurbishments and new‐build projects to be carried out in the future will be subject to an in‐depth study enabling the impact on the environment and the surrounding area can be minimised.
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.
In compliance with Article 13 paragraph 2 of the Royal Decree issued on 14th November 2007, the Board of Directors of Montea Management NV, the business manager of Montea Comm. VA, represented by its chairman, BVBA Gerard Van Acker, in turn represented by Mr Gerard Van Acker and Managing Director BVBA Jo De Wolf, in turn represented by Mr Jo De Wolf, states that, to the best of its knowledge:
08/11/2012: Quarterly results at 30 September 2012
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 30/06/2012, Montea's portfolio of property represented total space of 469,056 m² across 31 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]
www.montea.com
| CONSOLIDATED OVERVIEW OF THE PROFIT & LOSS ACCOUNT (EUR) |
30/06/2012 6 months |
31/12/2011 12 months |
30/06/2011 6 months |
|---|---|---|---|
| Rental Income | 9.483.284 | 19.371.907 | 9.347.345 |
| Write-back of lease payments sold and discounted | $\Omega$ | $\mathbf{0}$ | 0 |
| Rental-related expenses | 26.379 | $-96.819$ | $-24.185$ |
| NET RENTAL RESULT | 9.509.663 | 19,275,088 | 9.323.160 |
| Recovery of property charges | $\Omega$ | $\Omega$ | $\Omega$ |
| 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 |
1.497.365 $\mathbf{0}$ |
3,255,710 o |
993.667 $\Omega$ |
| Charges and taxes normally payable by tenants on let properties Other rental-related income and expenses |
$-1.926.359$ 835.507 |
$-4.068.616$ 607.207 |
$-1.385.537$ 76.595 |
| PROPERTY RESULT | 9.916.176 | 19.069.389 | 9.007.885 |
| Technical costs | $-22.234$ | $-53.191$ | $-44.573$ |
| Commercial costs | $-45.769$ | $-135.046$ | $-46.273$ |
| Charges and taxes of un-let properties | $-85.228$ | $\mathbf{0}$ | $\mathbf 0$ |
| Property management costs | $-300.733$ | $-701.641$ | $-354.336$ |
| Other property charges | $-68.404$ | $-101.862$ | $-53.350$ |
| TOTAL PROPERTY CHARGES | $-522.369$ | $-991.741$ | $-498.532$ |
| PROPERTY OPERATING RESULT | 9.393.807 | 18.077.649 | 8.509.353 |
| General corporate expenses | $-1.408.978$ | $-2,619.649$ | $-1.197.709$ |
| Other operating income and expenses | 25.890 | $-952.036$ | 149.068 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 8.010.719 | 14.505.964 | 7.460.712 |
| Result on disposal of investment properties | 79.270 | $-120$ | 0 |
| Result on disposal of other non-financial assets | $\Omega$ | 0 | 0 |
| Changes in fair value of investment properties | $-4.350.311$ | $-4.419.896$ | $-1.783.758$ |
| Other portfolio result | $\Omega$ | 0 | $\Omega$ |
| OPERATING RESULT | 3.739.678 | 10.085.948 | 5.676.954 |
| Financial income | 115.031 | 83.568 | 79.065 |
| Net interest charges | $-2.557.244$ | $-5.477.545$ | $-2.651.738$ |
| Other financial charges | $-37.974$ | $-29.525$ | $-11.695$ |
| Change in fair value of financial assets & liabilities | $-3.196.779$ | $-4.917.544$ | 1.786.079 |
| FINANCIAL RESULT | $-5.676.966$ | $-10.341.047$ | $-798.290$ |
| Share in the result of associates and joint ventures according to the equity method | $\Omega$ | 0 | n |
| PRE-TAX RESULT | $-1.937.288$ | $-255.098$ | 4,878,664 |
| Corporation tax | $-24.313$ | $-38.150$ | $-18.996$ |
| Exit tax | $\mathbf 0$ | 0 | 0 |
| TAXLS | $-24.313$ | $-38.150$ | $-18.996$ |
| NET RESULT | $-1.961.601$ | $-293.249$ | 4.859.668 |
| NET CURRENT RESULT | 5.506.219 | 9.044.311 | 4.857.348 |
| Number of shares entitled to the result of the period | 5.634.126 | 5.634.126 | 5.634.126 |
| NET RESULT PER SHARE | $-0,35$ | -0,05 | 0,86 |
| NET CURRENT RESULT PER SHARE | 0,98 | 1,61 | 0,86 |
| CONSOLIDATED BALANCE SHEET (EUR) |
30/06/2012 Conso |
31/12/2011 Conso |
30/06/2011 Conso |
|---|---|---|---|
| NON-CURRENT ASSETS | 257.002.872 | 253,630,935 | 258.967.607 |
| Goodwill | $\Omega$ | O | 0 |
| Intangible assets | 39.799 | 52.345 | 67.745 |
| Investment properties | 248.723.098 | 245.131.030 | 249.240.962 |
| Other tangible assets | 8.003.611 | 8.086.620 | 8.050.447 |
| Non-current financial assets | $\overline{0}$ | $\Omega$ | 1.159.138 |
| Finance lease receivables | $\bf{0}$ | 0 | |
| Trade receivables and other non-current assets | 236.364 | 360.939 | 449.314 |
| Deferred taxes (assets) | $\bf{0}$ | 0 | 0 |
| Participations in associates and joint ventures according to the equity method | $\Omega$ | O | 0 |
| CURRENT ASSETS | 22.571.644 | 15.850.598 | 11.359.802 |
| Assets held for sale | 2.227.000 | 2.541.000 | o |
| Current financial assets | $\bf{0}$ | 0 | 0 |
| Finance lease receivables | $\mathbf{0}$ | 0 | $\circ$ |
| Trade receivables | 6.187.092 | 6.268.571 | 6.162.031 |
| Tax receivables and other current assets | 1.136.262 | 988.736 | 1.607.074 |
| Cash and cash equivalents | 11.332.810 | 4.948.465 | 2.552.458 |
| Deferred charges and accrued income | 1.688.479 | 1.103.826 | 1.038.239 |
| TOTAL ASSETS | 279.574.516 | 269.481.533 | 270.327.409 |
| TOTAL SHAREHOLDERS' EQUITY | 104.581.938 | 117.000.632 | 122.258.522 |
| Shareholders' equity attributable to shareholders of the parent company | 104.477.638 | 116.896.333 | 122.164.305 |
| Share capital | 107.328.535 | 107.328.535 | 107.328.535 |
| Share premiums | 542.880 | 542.880 | 542.880 |
| Reserves | $-1.432.175$ | 9.321.733 | 9.426.706 |
| Net result of the period | $-1.961.601$ | $-296.814$ | 4.866.185 |
| Minority interests | 104.300 | 104.299 | 94.217 |
| LIABILITIES | 174.992.578 | 152,480.901 | 148.068.887 |
| Non-current liabilities | 138.675.906 | 116.055.455 | 77.769.699 |
| Provisions | $\Omega$ | 0 | 0 |
| Non-current financial debts | 123.743.656 | 104.319.984 | 71.629.871 |
| Other non-current financial liabilities | 14.500.806 | 11.304.027 | 5.759.543 |
| Trade debts and other non-current debts | O | 0 | 0 |
| Other non-current liabilities | 431.444 | 431.444 | 380.285 |
| Deferred taxes - liabilities | 0 | 0 | 0 |
| Current liabilities | 36.316.671 | 36.425.446 | 70.299.188 |
| Provisions | n | 1.200.000 | n |
| Current financial debts | 16.815.880 | 26.781.893 | 56.759.336 |
| Other current financial liabilities | n | 0 | 0 |
| Trade debts and other current debts | 3.758.684 | 2.735.244 | 8.086.606 |
| Other current liabilities | 519.184 | 193.822 | 488.651 |
| Accrued charges and deferred income | 15.222.924 | 5.514.488 | 4.964.595 |
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 279.574.516 | 269.481.533 | 270.327.409 |
| CHANGES IN SHAREHOLDER EQUITY ('000 EUR) MONTEA THAT'L FOR DEDICTION |
Share canital | Share aremiants | Reserves | Report | Deduction of transfer rights |
Minerity interests | Shareholders' cuity |
|---|---|---|---|---|---|---|---|
| ON 30/06/2011 | 107.329 | 543 | 18,840 | 4.867 | $-9.413$ | 94 | 122.260 |
| Benevis directly recognized as equity | $\mathbf{0}$ | $\mathbf{0}$ | 118 | $\bf{0}$ | $-223$ | $\mathbf{0}$ | $-106$ |
| Capital increase Capital decrease Cash flow hedge Impact on fair value of estimated transfer rights resulting from hypothetical disposal of investment properties Positive change in value of solar panels (IAS 16) Minority interests |
223 $-106$ |
$-223$ | $\mathbf{0}$ $\mathbf 0$ O o $-106$ $\Omega$ |
||||
| Subtutal Acquisition/disposal of treasury shares Dividends Result carried forward Result for the financial year. |
107329 | 543 | 18,958 | 4.867 $-5.163$ |
$-9.636$ | 94 10 |
122,154 $\mathbf{0}$ $\mathbf{0}$ $\ddot{\mathbf{0}}$ $-5.153$ |
| ON 31/12/2011 | 107.329 | 543 | 18.958 | $-297$ | $-9,636$ | 104 | 117.001 |
| Benests directly recognized as equity | ٠ | 306 | ٠ | 356 | ٠ | -98 | |
| Capital increase Capital decrease Cash flow hedge Impact on fair value of estimated transfer rights resulting from hypothetical disposal of investment properties Positive change in value of solar panels (IAS 16) Minority interests |
396 -90 |
-396 | $\alpha$ o o o -90 $\mathbf{a}$ |
||||
| Subtutal Acquisition/disposal of treasury shares Dividends Result carried forward Result for the financial year. |
107.329 | 543 | 19,264 -10.367 $-297$ |
$-297$ 297 $-1.952$ |
$-10.032$ | 184 | 116.911 $-10.367$ -1.952 |
| ON 30/06/2012 | 107.329 | 543 | 8.600 | $-1.962$ | $-10.032$ | 104 | 104.582 |
| ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR) MONTEA SLOWER STORE STUDIES OF |
30/06/2012 6 months |
31/12/2011 12 months |
30/06/2011 6 months |
|---|---|---|---|
| Net result | $-1.961.601$ | -293.249 | 4.859.668 |
| Impact on fair value of estimated transfer rights resulting from hypothetical disposal of investments properties |
$-396.000$ | $-1.099.000$ | -876.000 |
| Impact of changes in fair value of solar panels | $-90.301$ | 1,565,744 | 1.671.779 |
| Changes in the effective part of the fair value of authorized cash flow hedges | $\overline{0}$ | $\bf{0}$ | $\Omega$ |
| Comprehensive income | $-2.447.902$ | 173,495 | 5.655.448 |
| Attributable to: | |||
| Shareholders of the parent company | $-2.447.903$ | 169.928 | 5.661.963 |
| Minority interests | 3.567 | $-6.515$ |
| Williams CONSOLIDATED MONTEA CASH FLOW STATEMENT ('000 EUR) |
30/06/2012 6 months |
31/12/2011 12 months |
30/06/2010 6 months |
|---|---|---|---|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR | 4.948 | 14.119 | 14.119 |
| Net result | $-1.986$ | $-293$ | 4.860 |
| Non-cash elements to be added to $f$ deducted from the result | 6.351 | 10,811 | 113 |
| Depreciations and write-downs | 59 | 274 | 115 |
| Depreciations/write-downs (or write-back) on intangible and tangible assets (+/-) | 86 | 177 | 91 |
| Write-downs on current assets (+) | 13 | 136 | 24 |
| Write-back of write-downs on current assets (-) | $-39$ | $-39$ | 0 |
| Other non-cash elements | 6.292 | 10,538 | $-2$ |
| Changes in fair value of investment properties (+/-) | 4.374 | 4.420 | 1.784 |
| IAS 39 impact (+/-) | 3.197 | 4.918 | $-1.786$ |
| Other elements | |||
| Realized gain on disposal of investment properties | $-79$ | 0 | $\bf{0}$ |
| Other | $-1.200$ | 1.200 | 0 |
| NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN WORKING | 4366 | 10.518 | 4.972 |
| CAPITAL REQUIREMENTS | |||
| Change in working capital requirements | 10.557 | 42 | 4550 |
| Movements in asset items | $-500$ | 40 | $-500$ |
| Trade receivables | 125 | 215 | 127 |
| Other long-term non-current assets | 108 | $-151$ | 28 |
| Other current assets | $-148$ | 420 | $-198$ |
| Deferred charges and accrued income | 9.708 | 1.122 | 572 |
| Movement in Itability items | |||
| Trade debts | 523 | $-790$ | 4375 |
| Taxes, social charges and salary debts | 500 | 261 | 448 |
| Other current liabilities | 325 | -591 | $-297$ |
| Accrued charges and deferred income | 9.708 | 1.122 | 572 |
| NET CASH FLOW FROM OPERATING ACTIVITIES (A) | 19.872 | 24.679 | 23.641 |
| Investment activities | $-7.631$ | -24312 | -23.031 |
| Acquisition of intangible assets | $-2$ | 0 $-20.751$ |
0 $-16.868$ |
| Investment properties and development projects Other tangible assets |
$-10.189$ -5 |
$-21$ | -3 |
| Solar panels | $-55$ | $-6.336$ | $-6.160$ |
| Disposal of investment properties | 2.620 | 2.796 | 0 |
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B) | $-7.631$ | -24.312 | -23.031 |
| FREE CASH FLOW (A+B) | 12.241 | 367 | 610 |
| Change in financial liabilities and financial debts | 9.459 | 12.960 | 10.184 |
| Increase (+)/Decrease (-) in financial debts | 9.458 | 12.897 | 10.184 |
| Increase (+)/Decrease (-) in other financial liabilities | $\mathbf{1}$ | 63 | 0 |
| Increase(+)/Decrease (-) in trade debts and other non-current liabilities | $\Omega$ | ŋ | Ω |
| Change in other liabilities | $\bf{0}$ | 0 | 11 |
| Increase(+)/Decrease (-) in other liabilities | $\mathbf{0}$ | 0 | 11 |
| Increase(+)/Decrease (-) in other debts | $\mathbf{0}$ | 0 | 0 |
| Change in shareholders' equity | $-10.367$ | -8.379 | -8379 |
| Increase(+)/Decrease (-) in share capital | $\mathbf 0$ | 0 | 0 |
| Increase(+)/Decrease (-) in share premium | $\mathbf 0$ | 0 | 0 |
| Increase(+)/Decrease (-) in consolidation differences | $\Omega$ | O | |
| Dividends paid | $-10.367$ | -8.379 | -8.379 |
| Increase(+)/Decrease (-) in reserves | $\mathbf 0$ | 0 | 0 |
| Increase(+)/Decrease (-) in changes in fair value of financial assets/liabilities | $\mathbf{0}$ | 0 | 0 |
| Disposal of treasury shares | 0 | 0 | 0 |
| Dividend paid (+ profit-sharing scheme) | $\mathbf{0}$ | 0 | 0 |
| Interim dividends paid (-) | $\mathbf{0}$ | 0 | 0 |
| NET FINANCIAL CASH FLOW (C) | -908 | 4.581 | 1816 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A+B+C) | 11.332 | 4.948 | 2426 |
| Valuation | The value appraisal of the various investment items in the portfolio is supported by the following methods: capitalisation method of the rental value and the income calculation based on a DCF (Discounted Cash Flow) model, with an assessment of the unit prices obtained. |
|---|---|
| Change in valuation | The Fair Value, in line with IAS40 on annual basis, rose from EUR 246,987,000 to EUR 250,284,000 at 30/06/2012. This fair value of EUR 250,284,000 corresponds with an investment value of EUR 260,319,000, with the vendor paying costs. |
| The initial return (the rental income taken into consideration with the investment value) of the entire portfolio was 7.58%. |
|
| Assets | Montea's assets are currently ±424,909 m² of storage space and ±44,147 m² of office space, making a total of 469,057 m². These assets are situated at 31 sites, 14 of which are in France. One property (Grimbergen) is by concession. The increase in value of the portfolio is due to the acquisition of the site in Saint‐Laurent‐ Blangy. |
| Apart from the 14 sites in France, Montea's current properties are situated mainly in Flanders. 2 buildings (Laken and Vorst) are located in the Brussels Capital Region, and 3 (Milmort, Nivelles and Heppignies) are situated in Wallonia. Of the 14 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 7 others in the provinces (Lyon, Saint‐Priest, Cambrai, Arras, Feuquières‐en‐Vimeu and Orléans/Saint‐Cyr‐en‐Val). |
|
| 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 19,737,070 EUR per annum at 30/06/2012. Current lease contracts were 3.5% higher than the corresponding estimated market rental value, which was EUR 19,065,802 per annum. |
|
| 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 ± 95.52%
| Contracted Rent | |||||
|---|---|---|---|---|---|
| Offices | Warehouses | Total | Income | Occupancy rate (as % of total m 2 |
|
| MONTEA BRIDE-RISR-CHIPMETA |
|||||
| Belgium | |||||
| AALST (ABCDEFG), TRAGEL 48-58 | 2.098 | 17.833 | 19.931 | 639.344 | 100,0% |
| AALST (HU), TRAGEL 48-58 | 540 | 17.740 | 18.280 | 1.012.973 | 100,0% |
| AALST (KLM), TRAGEL 48-58 | 1.397 | 4.591 | 5.988 | 254.777 | 100.0% |
| BERCHEM, VOSSTRAAT 200 | 1.003 | 1,446 | 2,449 | 206,582 | 100,0% |
| BORNEM, INDUSTRIEWEG 4-24 | 1.437 | 13.163 | 14,600 | 410.000 | 100,0% |
| GRIMBERGEN, EPPEGEMSESTWG31-33 | 2.478 | 23.758 | 26.236 | 964.797 | 100,0% |
| LAKEN, EMIEL BOCKSTAELLAAN 74 | 340 | 5.085 | 5.425 | 241.020 | 100,0% |
| VILVOORDE, SCHAARBEEKLEI 207-213 | 3.060 | 970 | 4.030 | 113.773 | |
| HOBOKEN SMALLANDLAAN 7 | 393 | 836 | 1,229 | 229.855 | 100,0% |
| MEER EUROPASTRAAT 28 | 775 | 9.455 | 10.230 | 363.770 | 100,0% |
| PUURS RUKSWEG 89 & 85 | 1.150 | 8.945 | 10.095 | n | |
| HERENTALS, TOEKOMSTLAAN 33 | 1.642 | 12.954 | 14.596 | 737.108 | 100,0% |
| NIMEL, RUE DE L'INDUSTRIE | 1.385 | 12.649 | 14.034 | 0 | |
| PUURS, SCHOONMANSVELD 18 | 1.334 | 11.907 | 13.241 | 742.934 | 100,0% |
| EREMBODEGEM, INDUSTRIELAAN 27 | 4.074 | 13.267 | 17341 | 966.358 | 98,9% |
| MECHELEN. ZANDVOORTSTRAAT 16 | 768 | 22.190 | 22.958 | 635.790 | 75,7% |
| VORST, HUMANITEITSIn 292, SITE LIPTON | 778 | 4.819 | 5.597 | 337.441 | 100,0% |
| VORST, HUMANITEITSIn 292, SITE CM | ū | 7,150 | 7.150 | 349.125 | 100,0% |
| VORST, HUMANITEITSIn 292, SITE RESTAURANT (STATION) | 2.110 | 920 | 3.030 | 225.595 | 100,0% |
| VORST, HUMANITEITSIn 292, SITE SALVESEN (COOLED WHAREHOUSE) | 1.538 | 9.974 | 11.512 | 0 | |
| MILMORT, AVENUE DU PARC INDUSTRIEL | 1.225 | 27.112 | 28.337 | 1.073.307 | 100,0% |
| HEPPIGNIES, RUE BRIGADE PIRON | 730 | 13.381 | 14.111 | 725.000 | 100,0% |
| Total Belgium | 30.255 | 240.145 | 270.400 | 10.229.549 | 91.9% |
| France | |||||
| SAVIGNY LE TEMPLE, RUE DU CHROME | 646 | 15.650 | 16.296 | 495.247 | 100,0% |
| FEUQUIERES, ZI DU MOULIN 80 | 763 | 8.230 | 8.993 | 341.982 | 100,0% |
| CAMBRAI, P. d' A ACTIPOLE | 682 | 10.588 | 11.270 | 517.498 | 100,0% |
| ROISSY, RUE DE LA BELLE ETOILE 280 | 638 | 3.384 | 4.022 | 357.550 | 100,0% |
| BONDOUFLE, RUE HENRI DUNANT 9-11 | 1.307 | 2.478 | 3.785 | 220.649 | 100,0% |
| DECINES-CHARPIEU, RUE ARTHUR RIMBAUD 1 | 1.108 | 2.713 | 3.821 | 349.649 | 100,0% |
| LE MESNIL AMELOT, RUE DU GUE 4 & RUE DE LA GRANDE BORNE 11 | 1.348 | 7311 | 8.659 | 677.953 | 100,0% |
| ALFORTVILLE, LE TECHNIPARC | 382 | 1.665 | 2.047 | 216.420 | 100.0% |
| ROISSY, RUE DE LA BELLE ETOILE 383 | 1.965 | 4,492 | 6.457 | 641.627 | 100,0% |
| LE MESNIL AMELOT, RUE DU GUE 1-3 | 1.211 | 4.043 | 5.254 | 455.813 | 100,0% |
| SAINT PRIEST, RUE NICEPHORE NIEPCE | 906 | 15.120 | 16.026 | 674.470 | 100,0% |
| SAINT-CYR-EN-VAL, RUE DES GENETS 660 | 1.655 | 73.797 | 75.452 | 3.090.000 | 100,0% |
| MARENNES, LA DONNIERE | 524 | 19.965 | 20.489 | 868.628 | 100.0% |
| SAINT-LAURENT-BLAGNY, ACTIPARK | 757 | 15328 | 16.085 | 600.035 | 100,0% |
| Total France | 13.892 | 184.764 | 198.656 | 9.507.521 | 100,0% |
| Total | 44.147 | 424.909 | 469.056 | 19.737.070 | 95,5% |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.