Business and Financial Review • Feb 16, 2012
Business and Financial Review
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Under embargo until 16/02/2012 – 8.00 am
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Proposed dividend of EUR 1.84 per share (gross profit of 7.50%2 )
Increase in the fair value of the property portfolio of +9.7% to EUR 254.89 million (compared with EUR 232.25 million last year)
Increase in rental income of +13.1% to EUR 19.28 million (compared with EUR 17.04 million in 2010)
Increase in the operating margin to 81.48% (compared with 77.56% in 2010)
Occupancy rate3 of 96.45%
1 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.
2 Gross profit, base on the listed rate at year-end of EUR 24,52.
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 Based on these calculations, Montea will again have a debt ratio of approximately 55%. In these calculations, no account has been taken of the result from future financial years, nor with any rise or fall in valuations of the property portfolio.
1. Montea's strategy
Regulated information
The main lines of Montea's strategic plan will be maintained in 2012. More specifically, the strategy implemented by Montea revolves around 3 core concepts:
Montea believes in the long-term value of logistics and semi-industrial property. Indeed, the total lifecycle of a logistics building is a good deal longer than that of other institutional categories of property. Requirements in terms of architecture, changing technologies, operating headroom and other technical specifications will change less quickly than with other categories of real estate, such as office property. While certain types of refurbishments are required throughout the full lifecycle of a building, the renovation costs involved in relation to the total value are lower than for other categories of property. This makes logistics real estate an attractive long-term investment.
Montea has opted exclusively to invest in semi-industrial and logistics property. As a result, Montea manages to focus purely on this niche area. The teams in Belgium and France are composed of specialists in this sector and hence are able to aspire to be "best in class" in their particular area. As a result, Montea distinguishes itself from many other funds that have opted for diversification in their categories of property, giving them a less "pure" focus than Montea.
Montea operates in the marketplace as an end-investor with a long-term vision for its property portfolio. By using its expertise and experience in this niche market and working in conjunction with other parties, such as developers and land-owners, Montea is able to become involved in the development process at an earlier stage. The built-to-suit project with Coca-Cola in 2011 was an interesting example of this vision. Montea aims to continue carrying out similar projects in the future.
Regulated information
| BE | FR | 31/12/2011 | 31/12/2010 | ||
|---|---|---|---|---|---|
| 12 months | 12 months | ||||
| Portfolio | |||||
| Real Estate Portfolio - Buildings | |||||
| Number of sites | 18 | 13 | 31 | 30 | |
| Surface of the real estate portfolio | |||||
| Logistics and semi-industrial warehouses | M² | 246.358 | 169.925 | 416.283 | 392.338 |
| Offices | M² | 31.521 | 13.109 | 44.630 | 45.263 |
| Total surface | M² | 277.879 | 183.034 | 460.913 | 437.601 |
| Development potential | M² | 54.500 | 36.000 | 90.500 | |
| Value of the real estate portfolio | |||||
| Fair Value (1) | K € |
144.822 | 102.165 | 246.987 | 232.250 |
| Investment Value (2) | K € |
148.799 | 107.824 | 256.623 | 241.527 |
| Occupancy rate | |||||
| Occupancy rate as % of the rental value (3) | % | 97,12% | 95,65% | 96,45% | 95,13% |
| Real Estate Portfolio - Solar Panels | |||||
| Fair value (1) | K € |
7.902 | 0 | 7.902 | 0 |
| Consolidated results | |||||
| Net current result | |||||
| Net rental result | K € |
19.275 | 17.041 | ||
| Operational result (4) | K € |
15.706 | 13.218 | ||
| Operational margin (5) | % | 81,48% | 77,56% | ||
| Financial result | K € |
-5.424 | -5.280 | ||
| Net current result (6) | K€ | 10.244 | 7.938 | ||
| Number of shares entitled to the result of the period | 5.634.126 | 4.609.740 | |||
| Net current result / share | € | 1,82 | 1,79 | ||
| Net non-current result | |||||
| Result on the portfolio (7) | K € |
-4.420 | -€ 1.358 | ||
| Result of the financial instruments (8) | K € |
-4.918 | € 1.643 | ||
| Net result | K€ | 907 | 8.224 | ||
| Number of shares entitled in the result of the period | 5.634.126 | 4.609.740 | |||
| Net result / share | € | 0,16 | 1,41 | ||
| Consolidated balance sheet | |||||
| Equity and minority participations | K€ | 118.096 | 124.006 | ||
| Debts and liabilities for calculation of debt ratio | K€ | 134.462 | 122.623 | ||
| Balance sheet total | K€ | 269.482 | 258.868 | ||
| Debt ratio (9) | % | 49,90% | 47,4% | ||
| Net asset value / share | € | 20,96 | 22,01 | ||
| Net asset value / share (excl. IAS 39) | € | 22,97 | 23,14 | ||
| Stock price Premium / (discount) |
€ % |
24,52 6,8% |
23,49 1,5% |
(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) 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 current result (net operating profit) was EUR 10.24 million (EUR 1.82 per share) in 2011, an increase of 29.0% compared with the EUR 7.94 million recorded in the same period last year (EUR 1.79 per share6 ).
The increase in the net current result of EUR +2.31 million was largely attributable to the rise in operating profit before profit on the portfolio of EUR +2.49 million.
This increase in the operating profit before profit on the portfolio of EUR 2.49 million was a result of:
The profit available for payment was EUR 10.52 million (EUR 1.87 per share). Based on this result, the Montea Board of Directors will propose a dividend of EUR 1.84 per share7 , the same dividend as last year, which represents a payout percentage of 98.6%.
2011 saw a high level of lease activity in which more than 35,000 m² of extensions to existing lease agreements were signed, each incorporating an increase in the average term of the lease. In addition, Montea also signed approximately 19,000 m² of new lease agreements, boosting the occupancy rate to 96.45%.
Montea and Ondernemingen Jan De Nul NV entered into a lease agreement for a fixed period of 15 years for 18,048 m² at the Tragel site in Aalst8 .
5 Net result excluding profit on the property portfolio (codes XVI, XVII, XVIII and XIV of the profit-and-loss account) and excluding the variation in the fair value of the interest rate hedging instruments (code XXIII of the profit-and-loss account).
6 The net current result of EUR 1.79 per share for 2011 is an addition of the net current result per share of EUR 1.05 per share for the first half of the year and EUR 0.74 per share for the second half of the year (in 2011, Montea proceeded with a capital raising in which the number of shares rose from 3,585,354 in the first half of the year to 5,634,126 in the second half of the year).
7 The dividend of EUR 1.84 per share for 2011 consists of a dividend of EUR 0.97 per share for the first half of 2011 and 0.87 EUR per share for the second half of 2011.
8 For more information, please refer to the Montea press release dated 21/01/2011 or visit www.montea.com.
First, Ondernemingen Jan De Nul extended its existing lease agreement for 13,642 m² of warehouse space and, second, it signed an additional lease agreement for 2,497 m² of warehousing and 1,909 m² of office space.
Montea and Parts Express replaced their current lease agreement with a new one for 9 years (with the option to terminate after 6 years) for 6,726 m² unit at the site in Mechelen9 . This new lease agreement is part of the upgrade programme for the existing warehouse space on behalf of the tenant. An additional five loading and unloading bays will be built by February 2012, enabling the site to be used as an efficient distribution centre. As a result, this building will offer more flexible use, resulting in a higher property value.
Montea and Caterpillar Logistic Services International NV signed an agreement whereby CatLog will also lease the remaining five units available in Bornem. The new lease is for a warehouse space of 5,507 m², which will be leased at least until the end of January 2013. Caterpillar Logistic Service now leases the entire site at Bornem (excluding the offices), representing a total area of 13,246 m².
Montea and Schenker NV signed a lease agreement for the final available storage space at the Zandvoortstraat site in Mechelen Noord10. In line with Montea's strategy, the building accommodates clients operating in both the logistics and distribution sectors. The premises in Mechelen Noord have a total floor area of 22,599 m² and as such represent 12% of Montea's property portfolio in Belgium. The site is situated in an excellent location along the E19 Brussels-Antwerp motorway and was recently upgraded and equipped with solar panels.
Montea and VDAB signed an extension to the lease agreement entered into for a fixed period of 9 years for 5,561 m² at the Tragel site in Aalst. This extension was signed on lease terms in line with the existing lease agreement.
Montea and Vincent Logistics replaced their current lease agreement with a new one for 8 years (with the option to terminate after 4 years) for a unit of 14,081 m² at the site in Herstal-Milmort (Liège). First, Vincent Logistics extended the existing lease agreement for 9,543 m² of warehouse space and, second, an additional lease agreement was signed for a further 4,538 m² of warehousing.
9 For more information, please refer to the Montea press release dated 28/03/2011 or visit www.montea.com.
10 For more information, please refer to the Montea press release dated 27/06/2011 or visit www.montea.com.
The extension of the lease and increase in the space leased were entered into at a lease yield that is in line with the existing lease agreement. The building in Herstal-Milmort has a total floor area of 28,340 m² and as such represents 10% of Montea's property portfolio in Belgium. The site is located in one of the largest logistics growth areas in Belgium, alongside the E313 motorway to Antwerp and the E40 to Liège.
Montea and Movianto Belgium, which specialises in the logistics and distribution of pharmaceuticals and health products, replaced their existing lease agreement with a new one for 7 years (with the option to terminate after 4 years) for a unit of 4,830 m² op de site in Erembodegem (Aalst). In line with the other units at this site, Montea will upgrade this unit and fit it out to comply with the strict requirements imposed for the storage and distribution of pharmaceutical products. As a result, Movianto Belgium has warehousing totalling 8,250m² in area, enabling it to centralise its distribution business entirely at Erembodegem. The site at Erembodegem (Aalst) is situated at an outstandingly visible location along the E40 motorway between Brussels and Ghent. The total warehouse space of 11,375 m² at the site is 100% leased.
As a result of entering into and extending the new lease contracts mentioned above, as well as in view of the revenue from the solar panels for a fixed period of 20 years, the average lease term (up to their first break) rose to 5.4 years. Excluding the solar panels, the average lease term is now 4.9 years (at 31/12/2010 this figure was still 3.5 years).
The target occupancy rate of >95% was reached at the end of 2011. Occupancy was 96.45% at the end of 2011.
The site at Marennes, which has a land area of 4.3 hectares, is located in the "La Donnière" logistics zone along the A46 motorway11 . This logistics zone offers distribution capabilities across the whole of France via the A7 and A43 access roads. The proximity of Lyon Saint-Exupéry airport provides a strategic advantage. The building is leased in full to the Norbert Dentressangle group.
11 For more information, please refer to the Montea press release dated 16/05/2011 or visit www.montea.com.
Regulated information
The lease agreement is divided into two contracts. First, is a lease agreement for an area of 15,375 m² for a period of 9 years (with the option to terminate after year 3 and year 6). This lease generates an annual rental income of EUR 645,750. Second, is a lease agreement for an area of 5,114 m² for a period of 9 years (with the option to terminate after years 2, 3 and 6). This lease generates an annual rental income of EUR 214,788. The logistics platform in Marennes is used for the distribution of pallet goods and consolidated storage.
Montea developed a new distribution centre of 13,000 m² for Coca-Cola Enterprises Belgium in Heppignies-Charleroi, with a gross rental yield of 7.8%, based on a fixed 12-year lease contract. The building is the first logistics platform in Belgium that meets the French HQE sustainability standard. This investment has been generating income since October 2011.
As part of the dynamic management of its property portfolio, Montea proceeded in November 2011 with the sale of a semi-industrial building of 20,000 m² in Moorsel (Aalst). The site was sold for EUR 2.8 million to Globalindus NV, an industrial real estate development company. The sale amount is equivalent to the fair value of the site at 30/09/2011. The transaction was managed by the property brokers, Turner & Dewaele.
The annual cost of interest is far and away the largest charges item on the balance sheet for a property trust with an average debt ratio of 50%. Consequently, managing that debt ratio properly is crucial. Funding and hedging debt represents a constant area of attention for Montea.
Over recent months, Montea has succeeded in refinancing 61% of its total bank debt, thereby achieving the following three objectives:
Montea has been successful in lowering its average annual funding costs. In addition, at the end of 2010, 50% of the existing interest rate hedging was restructured to the lower interest rates in effect at the time for hedging periods of 5 to 10 years. Based on this hedging and the refinancing of its debt, Montea's funding costs have fallen to 4.11% 12 .
12 This funding cost is the annual run-rate of the bank debt, based on the refinancing carried out and hedging put in place, taking account of the short-term rate of interest at 31st December 2011.
The lowering of Montea's finance charges, combined with a better spread over time and the number of financial institutions, reduces Montea's risk profile and will have a positive impact on the net return.
The consolidated debt ratio was 49.90% at 31/12/2011.
The increase in the consolidated debt ratio is attributable mainly with the lines of credit drawn down to fund current projects, as well as with the dividend payout.
Peter Demuynck commenced in January 2011 as Chief Commercial Officer (CCO). Montea strengths its commercial power for further expanding and enhances its property portfolio in Belgium. The CCO is focusing on developing investment opportunities in Belgium, as well as optimising the existing property portfolio and improving the occupancy rate further.
Total property assets of EUR 254.89 million, based on the valuation of the buildings in the property portfolio (EUR 246.99 million) and the value of the solar panels (EUR 7.90 million)
| Total 31/12/2011 |
Belgium | France | Total 31/12/2010 |
|
|---|---|---|---|---|
| Real Estate Portfolio - Buildings | ||||
| Number of sites | 31 | 18 | 13 | 30 |
| Warehouse space (m²) | 416.283 m² | 246.358 m² | 169.925 m² | 392.338 m² |
| Office space (m²) | 44.630 m² | 31.521 m² | 13.109 m² | 45.263 m² |
| Total space (m²) | 460.913 m² | 277.879 m² | 183.034 m² | 437.601 m² |
| Development potential (m²) | 90.500 m² | 54.500 m² | 36.000 m² | 69.720 m² |
| Fair Value (EUR) | € 246.987.000 | € 144.822.000 | € 102.165.000 | € 232.250.000 |
| Investment Value (EUR) | € 256.623.000 | € 148.799.000 | € 107.824.000 | € 241.527.000 |
| Annual Contractual Rents (EUR) Gross Yield (%) |
€ 20.167.157 8,17% |
€ 11.397.581 7,87% |
€ 8.769.576 8,58% |
€ 18.353.525 7,90% |
| Gross Yield on full occupancy (%) | 8,50% | 8,25% | 8,85% | 8,31% |
| Property not let (m²) Rental value of property not let (EUR) Occupancy rate (% of m²) Occupancy rate (% of rental value) |
15.985 m² € 830.075 96,45% 96,05% |
8.015 m² € 552.941 97,12% 95,37% |
7.970 m² € 277.134 95,65% 96,94% |
21.306 m² € 937.170 95,13% 95,14% |
| Real Estate Portfolio - Solar Panels | ||||
| Fair Value (EUR) | € 7.902.183 | € 7.902.183 |
(1) The fair value of the investment in solar panels is shown in section "D" of the fixed assets in the balance sheet.
Montea also has a total land bank of 90,500 m² of development potential at existing sites.
The fair value of the property investments, given constant composition (not including the new investments and divestments, as set out above), based on the valuation established by the independent property assessor, fell by EUR 1.7 million in 2011.
13 The occupancy rate is calculated based on the occupied m² compared with the total m². In this calculation, projects in development have not been included in either the denominator or the numerator.
Montea, as a responsible company, is aware of the potential impact of its activities on the environment in the broad sense of the world as confirmed by its objectives for sustainable development.
Montea implemented the "Blue Label" plan in 2010 within this frame. In 2011 this "Blue Label" plan was further explored by Montea, together with external specialists. This plan contains a global approach regarding sustainability, for the existing portfolio and for new investments.
Worldwide there are different standards of sustainability for the real estate sector. The most well known are: HQE (French standard), BREEAM (UK standard), LEED (U.S. standard). Montea has included the most important targets in her "Blue Label" plan.
2.4.1. Abbreviated consolidated profit-and-loss account (analytical) for the 2011 financial year
| CONSOLIDATED INCOME STATEMENT (EUR) Analytical |
31/12/2011 12 months |
31/12/2010 12 months |
|---|---|---|
| CURRENT RESULT | ||
| NET RENTAL INCOME | 19.275 | 17.041 |
| PROPERTY RESULT | 19.069 | 16.523 |
| % | 98,9% | 97,0% |
| TOTAL PROPERTY CHARGES | -992 | -833 |
| OPERATING PROPERTY RESULT | 18.078 | 15.690 |
| General costs | -2.620 | -2.399 |
| Other operating income and expenses | 248 | -73 |
| OPERATING RESULT BEFORE THE RESULT ON THE PORTFOLIO | 15.706 | 13.218 |
| % | 81,48% | 77,6% |
| FINANCIAL RESULT | -5.424 | -5.280 |
| RESULT BEFORE TAXES | 10.282 | 7.938 |
| Taxes | -38 | 0 |
| NET CURRENT RESULT | 10.244 | 7.938 |
| per share | 1,82 | 1,79 |
| NON-CURRENT RESULT | ||
| Result on disposals of investment properties | 0 | 548 |
| Result on disposals of other non-financial assets | 0 | 0 |
| Result in the fair value of investment properties Other result on portfolio |
-4.420 0 |
-1.906 0 |
| RESULT ON PORTFOLIO | -4.420 | -1.358 |
| Variations in the fair value of financial assets and liabilities | -4.918 | 1.643 |
| RESULT IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | -4.918 | 1.643 |
| NET RESULT | 907 | 8.224 |
| per share | 0,16 | 1,41 |
Net rental income was EUR 19,275,088, a rise of 13.1% compared with the same period in 2010 (EUR 17,041,245). This increase is attributable mainly to the improvement in the occupancy rate and the investments made during the second half of 2010.
The operating result before the result on the property portfolio rose from EUR 13,218,027 last year to EUR 15,704,964 at 31/12/2011. This greater increase in the operating result before the result on the property portfolio is mainly attributable to:
The operating margin14 was 81.48% for the full 2011 year, compared with 77.56% during the same period in the previous year.
The investments made in the structure of Montea in 2010 (strengthening of the team in Belgium and setting up the operational structure in France) are now beginning to bear fruit. In so doing, Montea achieved its target operating margin of >80% at the end of the year and is well on the way to reaching 85% in the medium term.
The financial result at 31/12/2011 was a loss of EUR 5,423,503, a slight rise of 2.72% compared with the same period in the previous year (EUR -5,279,707). The average debt burden rose by EUR 6.05 million (also see the increase in the debt ratio from 47.37% to 49.90%). On the other hand the finance charges fell by 10 basis points during the year from 4.45% to 4.35%15. So the finance charges only rose by EUR 143,795.
The fall in the financial burden is due to:
14 The operating result before the result on the property portfolio, compared with the net rental income.
15 This finance charge is an average over the whole year, including leasing debts in France and Belgium. It was calculated based on the total finance charge compared with the average start and end balance of the debt burden for 2011.
As stated previously, Montea refinanced 50 million EUR or approximately 50% of its existing hedging in 2011. EUR 30 million was already agreed in 2011. The remaining EUR 20 million will come into effect in May 2012, driving the finance charges for Montea's bank debts down further to 4.11%16 .
The result on the property portfolio was a loss of EUR 4.4 million at 31/12/2011. This negative result was attributable to:
With regard to the valuation of the solar panels, the gains 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.
16 See footnote 13.
PRESS RELEASE
Regulated information
The negative result on hedging instruments was EUR -4.9 million, as the result of the fall in long-term interest rates during the year.
The result in the interest rate hedging instruments was EUR -4.9 million at 31/12/2011. This negative result is attributable to the further fall in long-term interest rates in 2011.
NB: the rate for a 5-year IRS instrument was 2.31% at 31/12/2010 and fell further to 1.57% at the end of 2011.
The net profit at 31/12/2011 was EUR 0.91 million (EUR 0.16 per share) compared with EUR 8.22 million for the same period in 2010. The result for this year was affected significantly by the negative movement in the fair value of the property portfolio (EUR -4.42 million) and the negative movement in the value of the hedging instruments (EUR -4.92 million). These latest negative variations are not cash charges and have no impact whatsoever on the net operating result.
The net operating profit at 31/12/2011 was EUR 10.24 million, which was an increase of 29.0% compared with the same period in the previous year. The distributable result was EUR 10.52 million.
Based on the distributable result, Montea will propose the same dividend as last year to the general meeting of shareholders, i.e. EUR 1.84 per share
| CONSOLIDATED BALANCE SHEET (EUR) |
31/12/2011 Conso |
31/12/2010 Conso |
|---|---|---|
| NON-CURRENT ASSETS | 253.630.935 | 236.465.744 |
| CURRENT ASSETS | 15.850.598 | 22.401.920 |
| TOTAL ASSETS | 269.481.533 | 258.867.664 |
| SHAREHOLDERS' EQUITY | 118.200.632 | 124.106.557 |
| Shareholders' equity attributable to shareholders of parent company | 118.096.333 | 124.005.824 |
| Minority interests | 104.299 | 100.733 |
| LIABILITIES | 151.280.901 | 134.761.108 |
| Non-current liabilities | 116.055.455 | 69.539.252 |
| Current liabilities | 35.225.446 | 65.221.856 |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 269.481.533 | 258.867.664 |
The total debt of EUR 151.3 million consisted 86.5% of:
During 2012 and 2013, EUR 25 million and EUR 20 million respectively of credit lines become due for repayment.
Montea still has a total of EUR 8.3 million of leasing debts:
| Amount | Term date | ||
|---|---|---|---|
| o | Roissy: | EUR 0.6 million | 2014 |
| o | Saint-Cyr-en-Val : | EUR 4.5 million | 2016 |
| o | Milmort: | EUR 3.2 million | 2017 |
17 Calculated in accordance with the Royal Decree of 7th December 2010.
Regulated information
| NET ASSET VALUE PER SHARE (EUR) | 31/12/2011 | 31/12/2010 |
|---|---|---|
| Net asset value based on fair value ('000 euros) | 118.096 | 124.006 |
| Number of shares entitled to share in result of the period | 5.634.126 | 5.634.126 |
| Net asset value per share (fair value) | 20,96 | 22,01 |
| Net asset value per share (fair value, excl. IAS 39) | 22,97 | 23,14 |
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.
| STOCK MARKET PERFORMANCE | 31/12/2011 | 31/12/2010 | 31/12/2009 | 31/12/2008 | 31/12/2007 |
|---|---|---|---|---|---|
| Share price (€) | |||||
| At close | 24,52 | 23,49 | 24,89 | 27,00 | 31,99 |
| Highest | 26,00 | 26,89 | 30,99 | 35,25 | 37,00 |
| Lowest | 22,65 | 19,80 | 21,81 | 23,00 | 30,21 |
| Average | 24,60 | 23,83 | 24,69 | 30,84 | 33,82 |
| Net asset value / share (€) | |||||
| Incl. IAS 39 | 20,96 | 22,01 | 23,53 | 28,60 | 31,10 |
| Excl. IAS 39 | 22,97 | 23,14 | 25,77 | 30,26 | 30,80 |
| Premium / (discount) (%) | 6,7% | 1,5% | -3,4% | -10,8% | 3,9% |
| Dividend return (%) | 7,7% | 8,5% | 6,8% | 7,4% | |
| Dividend (€) | |||||
| Gross | 1,84 | 1,84 | 2,09 | 2,09 | 2,49 |
| Net | 1,56 | 1,56 | 1,78 | 1,78 | 2,12 |
| Volume (en nombre de titres) | |||||
| Volume journalier moyen | 1.378 | 1.740 | 1.033 | 1.061 | 1.333 |
| Volume of the period | 354.053 | 450.701 | 264.394 | 271.641 | 341.241 |
| Number of shares | 5.634.126 | 5.634.126 | 3.585.354 | 3.585.354 | 2.855.607 |
| Market capitalisation ('000 euros) | |||||
| Market capitalisation at the end of the period | 138.149 | 132.346 | 89.239 | 96.805 | 91.351 |
| Free Float | 35,2% | 31,3% | 30,1% | 30,1% | 37,3% |
| Ratios (%) | |||||
| "Velocity" | 6,3% | 9,8% | 7,4% | 7,6% | 11,9% |
| Free Float "Velocity" | 17,9% | 31,7% | 24,5% | 25,1% | 32,0% |
Dividend yield (%): Gross dividend divided by the average stock market price.
Gross Return (%): Movements in the share price since Montea began operating + dividends) 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 at 31/12/2011 (EUR 24.52), Montea shares were listed 6.7% above the value of the net assets per share (excl. IAS39).
2011 was marked in general by the economic and financial crisis. Taking account of the closing price at 31/12/2011, Montea shares rose by 4.4% in 2011 in what was a difficult year (3.2% if the average share price over 2011 and 2010 is taken into account). This stands in stark contrast to the BEL20 index, which fell by 20.8% during the year.
Montea's Board of Directors will propose to the General Meeting of Shareholders that a dividend EUR 1.84 per share be paid. This corresponds with a gross dividend of 7.5%.
Montea and Galler Chocolatiers NV/SA have signed a new lease agreement for a fixed period of 9 years for 5,219 m² of warehouse space and 959 m² of offices. Galler Chocolatiers becomes the third tenant for the building complex at Milmort, after Vincent Logistics and S.M.I.W. This latest transaction means that the site is now fully leased.
With total floor space of 28,340 m², the building in Herstal-Milmort represents 10% of Montea's total portfolio in Belgium. The site is ideally positioned for logistics activities on account of its vicinity to the E313 motorway towards Antwerp and the E40 to Liège.
Galler Chocolatiers NV/SA sells its products in over 2,000 sales outlets located in Belgium, France, Japan, Dubai and the rest of the world.
As part of its dynamic property portfolio management strategy, Montea has proceeded with the sale of a 7,015 m² semi-industrial building in Aartselaar. The sale was completed for EUR 2.67 million. This amount is in line with the fair value of the site at 30/09/2011.
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. On 23rd July 2009, the other party lodged an appeal with the Court of Appeal in Brussels. The parties are currently exchanging concluding statements. A ruling is expected on 12 March 2012.
Montea sees no reason to modify its policy in any way with regard to this dispute.
Montea has sold a building to Verstraete Warehouses BVBA on 1 June 2010 for EUR 4.2 million. Verstraete Warehouses is saying that there were hidden faults at the time of the sale and claims an amount of EUR 1,4 increased with the legal interest at the time of the simmons at 13/12/2011, an allowance for administration of justice of EUR 16,500, the cost sentence, the cause list and EUR 263.45 cost of summons. A conclusion calender has been claimed and the hearing is foreseen on 30 October 2012.
There were no transactions between affiliated parties in 2011.
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 necessary18 . 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.
18 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.
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 2012 financial year.
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 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 30th June 2011, Montea's debt ratio was 50.18%, 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 occur. More specifically, this plan aims at defining an appropriate level for Montea's regulatory consolidated debt ratio.
As a result of last year's capital raising, Montea still has an investment capacity of approximately EUR 30 million before it reaches a debt ratio of 55%.
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 of 0.5% in the interest rate 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 situation. Lower economic growth may have an indirect effect on occupancy rates and rental income. This may also increase the risk that some tenants are unable to meet their obligations.
At Montea, this risk is offset somewhat by its diversification of income streams (e.g. solar panels), its geographic diversification (Belgium and France), signing lease contracts for longer terms with excellent quality tenants from a range of sectors.
Occupancy rate
The occupancy rate was 96.45% at 31/12/2011.
The following events occurred after the year-end and will have an impact on the occupancy rate of Montea:
The leasing contract with Salvesen (part of the site in Vorst) will come to end in March 2012. This site will be redeveloped (en will have no impact on the occupancy rate). During the year 2012 Montea is not expecting additional vacancy.
Montea achieves to keep its occupancy rate at 95% at year-end.
Net operating result
In 2011, Montea achieved a net operating result of EUR 1.82. Based on this result and taking account the investments made in 2011 and an estimate of the re-leasing of the vacant space, last year's net operating result will certainly be achieved.
Investment capacity of EUR 30 million
Taking into account a debt ratio of 55%, Montea still has an investment capacity of EUR 30 million. This investment capacity will generate an approximate annual net return of EUR 0.20 per share. With this additional yield, Montea expects that it will soon exceed the mark of EUR 2.00 per share.
Montea has also the ambition for further growth based on its existing investment pipeline. Montea is looking for several financing opportunities for these projects.
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:
The information for the shareholders and the financial calendar are also available on our website www.montea.com.
Regulated information
Montea Comm. VA is a property investment trust (Sicafi – SIIC) specialising in logistical and semiindustrial property in Belgium and France. The company is a benchmark player within this market. Montea offers more than just warehouses and also seeks to provide flexible and innovative property solutions to its tenants, thereby creating value for its shareholders. As of 31/12/2011, the company had 460,877 m² of space at 31 locations in its portfolio. Montea Comm. VA has been listed on NYSE Euronext Brussels (MONT) and Paris (MONTP) since the end of 2006.
Jo De Wolf +32 53 82 62 62 [email protected]
www.montea.com
| CONSOLIDATED INCOME STATEMENT (EUR) |
31/12/2011 12 months |
31/12/2010 12 months |
|---|---|---|
| Rental Income | 19.371.907 | 17.097.331 |
| Write-back of lease payments sold and discounted | 0 | 0 |
| Rental relates charges | -96.819 | -56.086 |
| NET RENTAL INCOME | 19.275.088 | 17.041.245 |
| Recovery of property expenses Recovery of charges and taxes normally payable by tenants on let properties |
0 3.255.710 |
0 2.518.617 |
| Costs payable by tenants and borne by the landlord for rental damage and refurbishment at end of lease |
0 | 0 |
| VII. Charges and taxes normally payable by tenants on let properties |
-4.068.616 | -3.596.359 |
| VIII. Other rental-related income and expenses |
607.207 | 559.686 |
| PROPERTY RESULT | 19.069.389 | 16.523.189 |
| Technical costs | -53.191 | -109.567 |
| Commercial costs | -135.046 | -92.547 |
| Charges and taxes of unlet properties | 0 | 0 |
| Property management costs | -701.641 | -519.614 |
| XIII. Other property charges |
-101.862 | -111.169 |
| TOTAL PROPERTY CHARGES | -991.741 | -832.896 |
| OPERATING PROPERTY RESULT | 18.077.649 | 15.690.293 |
| XIV. General costs |
-2.619.649 | -2.399.061 |
| XV. Other operating income and expenses |
247.964 | -73.205 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 15.705.964 | 13.218.027 |
| XVI. Result on disposals of investment properties |
-120 | 548.360 |
| XVII. Result on disposals of other non-financial assets |
0 | 0 |
| XVIII. Result in the fair value of investment properties |
-4.419.896 | -1.906.364 |
| XIX. Other result on portfolio |
||
| OPERATING RESULT | 11.285.948 | 11.860.022 |
| Financial income | 83.568 | 16.516 |
| XXI. Interest costs |
-5.477.545 | -5.279.680 |
| XXII. Other financial charges |
-29.525 | -16.543 |
| XXIII. Variation in the fair value of financial assets & liabilities |
-4.917.544 | 1.643.148 |
| FINANCIAL RESULT | -10.341.047 | -3.636.559 |
| XXV. RESULT BEFORE TAXES | 944.902 | 8.223.463 |
| XXVI. Corporate income tax |
-38.150 | 81 |
| XXIV. Exit tax |
0 | 0 |
| TAXES | -38.150 | 81 |
| NET RESULT | 906.751 | 8.223.544 |
| NET CURRENT RESULT | 10.244.311 | 7.938.401 |
| Number of shares entitled in the result of the period | 5.634.126 | 4.609.740 |
| NET RESULT PER SHARE | 0,16 | 1,41 |
| NET CURRENT RESULT PER SHARE | 1,82 | 1,79 |
| CONSOLIDATED BALANCE SHEET (EUR) |
31/12/2011 Conso |
31/12/2010 Conso |
|
|---|---|---|---|
| I | NON-CURRENT ASSETS | 253.630.935 | 236.465.744 |
| A | Goodwill | 0 | 0 |
| B | Intangible assets | 52.345 | 83.237 |
| D. | Other tangible assets | 8.086.620 | 995.144 |
| E | Financial fixed assets | 0 | 1.359.080 |
| F. | Financial lease receivables | 0 | 0 |
| G. | Trade receivables and other non-current assets | 360.939 | 575.910 |
| H. | Deffered taxes (assets) | 0 | 0 |
| I. | Participations consolidated with the equity method | 0 | 0 |
| II. | CURRENT ASSETS | 15.850.598 | 22.401.920 |
| A | Assets held for sale | 2.541.000 | 0 |
| B | Current financial assets | 0 | 0 |
| C. | Financial lease receivables | 0 | 0 |
| D. | Trade receivables | 6.268.571 | 6.214.589 |
| E | Tax receivables adn other current assets | 988.736 | 1.408.938 |
| F. | Cash and cash equivalents | 4.948.465 | 14.119.105 |
| G. | Deffered charges and accrued income | 1.103.826 | 659.288 |
| TOTAL ASSETS | 269.481.533 | 258.867.664 | |
| SHAREHOLDERS' EQUITY | 118.200.632 | 124.106.557 | |
| I. | Shareholders' equity attributable to shareholders of parent company | 118.096.333 | 124.005.824 |
| A | Share capital | 107.328.535 | 107.328.535 |
| B | Share premiums | 542.880 | 542.880 |
| C. | Reserves | 9.321.733 | 7.923.201 |
| E | Net result of the period | 903.186 | 8.211.209 |
| II. | Minority interests | 104.299 | 100.733 |
| LIABILITIES | 151.280.901 | 134.761.108 | |
| I. | Non-current liabilities | 116.055.455 | 69.539.252 |
| A | Provisions | 0 | 0 |
| B | Non-current financial debts | 104.319.984 | 61.424.458 |
| C. | Other non-current financial liabilities | 11.304.027 | 7.745.563 |
| D. | Trade debts and other non-current debts | 0 | 0 |
| E | Other non-current liabilities | 431.444 | 369.231 |
| F. | Deferred taxes - liabilities | 0 | 0 |
| II. | Current liabilities | 35.225.446 | 65.221.856 |
| A | Provisions | 0 | 0 |
| B | Current financial debts | 26.781.893 | 56.780.572 |
| C. | Other current financial liabilities | 0 | 0 |
| D. | Trade debts and other current debts | 2.735.244 | 3.263.525 |
| E | Other current liabilities | 193.822 | 785.191 |
| F. | Accrued charges and deferred income | 5.514.488 | 4.392.568 |
Regulated information
| VARIATION SHAREHOLDERS' EQUITY ('000 EUR) |
Share capital | Share premiums |
Reserves | Result | Change in fair value of financial assets and liabilities |
Deduction of transaction costs |
Minority Interests |
Shareholders' equity |
|---|---|---|---|---|---|---|---|---|
| ON 31/12/2010 | 107.329 | 543 | 16.461 | 8.211 | 0 | -8.537 | 101 | 124.108 |
| Elements directly related to equity | 0 | 0 | 2.547 | 7 | 0 | -876 | -7 | 1.671 |
| Capital Increase Impact on the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties |
876 | -876 | 0 0 |
|||||
| Positive variation in fair value of solar panels Minority Interests |
1.671 | 7 | -7 | 1.671 0 |
||||
| Subtotal | 107.329 | 543 | 19.008 | 8.218 | 0 | -9.413 | 94 | 125.779 |
| Dividends Result of last year Result for the financial year |
-8.379 8.211 |
-8.211 4.860 -€ 1 |
-8.379 0 4.860 € 0 |
|||||
| ON 30/06/2011 | 107.329 | 543 | 18.840 | 4.866 | 0 | -9.413 | 94 | 122.260 |
| Elements directly related to equity | 0 | 0 | -180 | -10 | 0 | 75 | 10 | -105 |
| Capital Increase | 0 | |||||||
| Impact on the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties |
-75 | 75 | 0 | |||||
| Positive variation in fair value of solar panels Minority Interests |
-105 | -10 | 10 | -105 0 |
||||
| Subtotal Dividends Result of last year |
107.329 | 543 | 18.660 | 4.856 | 0 | -9.338 | 104 | 122.154 0 0 |
| Result for the financial year | -3.953 | -3.953 | ||||||
| ON 31/12/2011 | 107.329 | 543 | 18.660 | 903 | 0 | -9.338 | 104 | 118.201 |
| ATTACHMENT 4 – Overview of the consolidated statement of comprehensive income | |||
|---|---|---|---|
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR) |
31/12/2011 12 months |
31/12/2010 12 months |
|
| Net result | 906.751 | 8.223.544 | |
| Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investments investment properties |
-1.099.000 | -1.394.000 | |
| Impact on the fair value of the valuation of the solar panels | 1.565.744 | ||
| instruments | Change in the effective part of the fair value of authorised cash flow hedging | 0 | 0 |
| Comprehensive income | 1.373.495 | 6.829.544 | |
| Attributable to: | |||
| Equity holders of the parent company | 1.369.929 | 6.817.209 | |
| Non-controlling interests | 3.566 | 12.336 |
| CONSOLIDATED | 31/12/2011 | 31/12/2010 | |
|---|---|---|---|
| CASH FLOW STATEMENT ('000 EUR) | 12 months | 12 months | |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR |
14.119 | 4.077 | |
| Net Result | 907 | 8.224 | |
| Non-cash elements to be added / dedcuted from the result | 9.611 | 5.197 | |
| Depreciations and write-downs | 274 | 222 | |
| Depreciations/write-downs (or wirte-back) on intangible and tangible fixes | 177 | 166 | |
| assets (+/-) | |||
| Wirite-downs on current assets (+) | 136 | 73 | |
| Write-back of write-downs on current assets (-) | -39 | -17 | |
| Other non-cash elements | 9.337 | 4.976 | |
| Change in the fair value of investement properties (+/-) | 4.420 | 1.906 | |
| Movements in provisions (+/-) | 0 | 0 | |
| Write-back of lease payments sold and discounted | 0 | 0 | |
| Phasing of gratuities (+/-) | 0 | 0 | |
| IAS 39 impact Elimination of interest charges |
4.918 0 |
-1.643 | |
| 0 | |||
| Other elements Gain on disposal of investment properties |
0 0 |
0 -548 |
|
| interest paid | 0 | 5.369 | |
| interest received | 0 | -108 | |
| Other | 0 | 0 | |
| NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN | |||
| WORKING CAPITAL REQUIREMENTS | 10.518 | 13.421 | |
| Change in working capital requirements | 42 | 699 | |
| Movements in asset items | 40 | -3.256 | |
| Trade receivables | 215 | -3.159 | |
| Tax receivables | -151 | -273 | |
| Other non-current assets | 420 | 191 | |
| Other current assets | -445 | 0 | |
| Deferred charges and accrued income | 0 | -15 | |
| Movement in liability items | 2 | 3.954 | |
| Trade debts | -790 | 778 | |
| Taxes, social charges and salary debts | 261 | 587 | |
| Other current liabilities | -591 | 0 | |
| Accrued charges and deferred income | 1.122 | 2.590 | |
| NET CASH FLOW FROM OPERATING ACTIVITIES (A) | 24.679 | 18.197 | |
| Investment activities | -24.312 | -29.457 | |
| Acquisition of intangible assets | 0 | -7 | |
| Investment properties and development projects | -27.087 | -37.595 | |
| Other tangible assets | -21 | -152 | |
| Disposal of investment properties | 2.796 | 8.297 | |
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B) | -24.312 | -29.457 | |
| FREE CASH FLOW (A+B) | 368 | -11.260 | |
| Change in financial liabilities and financial debts Increase (+)/Decrease(-) in financial debts |
12.960 12.897 |
-6.034 -789 |
|
| Increase(+)/Decrease(-) in trade debts and other non-current liabilities | 0 | 16 | |
| Interest paid | 0 | -5.369 | |
| Interest received | 0 | 108 | |
| Change in other liabilities | 0 | 0 | |
| Change in shareholders' equity | -8.379 | 31.414 | |
| Increase(+)/Decrease(-) in share capital | 0 | 38.907 | |
| Deividends paid | -8.379 | -7.493 | |
| Dividend paid (+ profit-sharing scheme) | 0 | 0 | |
| Interim dividends paid (-) NET FINANCIAL CASH FLOW (C) |
0 4.581 |
0 25.380 |
| Offices | Warehouses | Total | Contracted Rent Income |
Vacancy (as % of total m²) |
|
|---|---|---|---|---|---|
| Belgium | |||||
| AALST (ABCDEFG), TRAGEL 48-58 | 2.098 | 17.833 | 19.931 | 620.097 | 0,00% |
| AALST (HIJ), TRAGEL 48-58 | 540 | 17.740 | 18.280 | 1.012.293 | 0,00% |
| AALST (KLM), TRAGEL 48-58 | 1.397 | 4.591 | 5.988 | 248.064 | 0,00% |
| AARTSELAAR, HELSTSTRAAT 47 | 690 | 6.355 | 7.045 | 240.330 | 4,33% |
| BERCHEM, VOSSTRAAT 200 | 1.003 | 1.446 | 2.449 | 206.582 | 0,00% |
| BORNEM, INDUSTRIEWEG 4-24 | 1.437 | 13.163 | 14.600 | 410.000 | 7,87% |
| GRIMBERGEN, EPPEGEMSESTWG 31-33 | 2.478 | 23.758 | 26.236 | 964.797 | 0,00% |
| LAKEN, EMIEL BOCKSTAELLAAN 74 | 340 | 5.085 | 5.425 | 241.020 | 0,00% |
| VILVOORDE, SCHAARBEEKLEI 207-213 | 3.060 | 970 | 4.030 | 111.161 | 57,94% |
| HOBOKEN SMALLANDLAAN 7 | 482 | 747 | 1.229 | 222.698 | 0,00% |
| MEER EUROPASTRAAT 28 | 1.235 | 8.995 | 10.230 | 363.770 | 0,00% |
| PUURS RIJKSWEG 89 & 85 | 1.150 | 8.945 | 10.095 | 0 | 0,00% |
| HERENTALS, TOEKOMSTLAAN 33 | 1.642 | 12.954 | 14.596 | 737.108 | 0,00% |
| NIJVEL, RUE DE L'INDUSTRIE | 1.385 | 12.649 | 14.034 | 712.093 | 0,00% |
| PUURS, SCHOONMANSVELD 18 | 1.334 | 11.907 | 13.241 | 742.934 | 0,00% |
| EREMBODEGEM, INDUSTRIELAAN 27 | 4.074 | 13.267 | 17.341 | 895.461 | 3,45% |
| MECHELEN, ZANDVOORTSTRAAT 16 | 768 | 22.190 | 22.958 | 605.072 | 0,00% |
| VORST, HUMANITEITSln 292, site LIPTON | 778 | 4.819 | 5.597 | 326.322 | 0,00% |
| VORST, HUMANITEITSln 292, site CM | 7.150 | 7.150 | 338.133 | 0,00% | |
| VORST, HUMANITEITSln 292, site RESTAURANT (Station) | 2.110 | 920 | 3.030 | 218.162 | 0,00% |
| VORST, HUMANITEITSln 292, site SALVESEN (Koelloodsen) | 1.538 | 9.974 | 11.512 | 527.240 | 0,00% |
| MILMORT, AVENUE DU PARC INDUSTRIEL | 1.225 | 27.112 | 28.337 | 929.244 | 12,80% |
| HEPPIGNIES, RUE BRIGADE PIRON | 757 | 13.788 | 14.545 | 725.000 | |
| Total Belgium | 31.521 | 246.358 | 277.879 | 11.397.581 | 2,88% |
| France | |||||
| SAVIGNY LE TEMPLE, RUE DU CHROME | 620 | 16.139 | 16.759 | 385.242 | 47,56% |
| FEUQUIERES, ZI DU MOULIN 80 | 763 | 8.230 | 8.993 | 341.982 | 0,00% |
| CAMBRAI, P. d' A. ACTIPOLE | 682 | 10.588 | 11.270 | 517.498 | 0,00% |
| ROISSY, RUE DE LA BELLE ETOILE 280 | 638 | 3.384 | 4.022 | 334.653 | 0,00% |
| BONDOUFLE, RUE HENRI DUNANT 9-11 | 1.307 | 2.478 | 3.785 | 220.649 | 0,00% |
| DECINES-CHARPIEU, RUE ARTHUR RIMBAUD 1 | 1.108 | 2.713 | 3.821 | 349.649 | 0,00% |
| LE MESNIL AMELOT, RUE DU GUE 4 & RUE DE LA GRANDE BORNE 11 | 1.348 | 7.311 | 8.659 | 677.953 | 0,00% |
| ALFORTVILLE, LE TECHNIPARC | 382 | 1.665 | 2.047 | 216.420 | 0,00% |
| ROISSY, RUE DE LA BELLE ETOILE 383 | 1.965 | 4.492 | 6.457 | 635.550 | 0,00% |
| LE MESNIL AMELOT, RUE DU GUE 1-3 | 1.211 | 4.043 | 5.254 | 456.882 | 0,00% |
| SAINT PRIEST, RUE NICEPHORE NIEPCE | 906 | 15.120 | 16.026 | 674.470 | 0,00% |
| MARENNES, LA DONNIERE | 1.655 | 73.797 | 75.452 | 3.090.000 | 0,00% |
| 524 | 19.965 | 20.489 | 0 | ||
| Total France | 13.109 | 169.925 | 183.034 | 7.900.948 | 4,35% |
| Total | 44.630 | 416.283 | 460.913 | 19.298.529 | 3,47% |
The initial return (the rental taken into consideration with regard to the value with no additional costs) of the entire portfolio was 7.86%.
Assets Montea's assets are currently ± 417,120 m² of warehouse space and ± 43,757 m² of office space, making a total of 460,877 m². These assets are situated at 31 sites, 13 of which are in France. This one site more than at the end of 2010 on account of the sale of 1 premises in Belgium (Moorsel) and the purchase of one site in France (Marennes) and the handover of the "built-to-suit" project for Coca-Cola. One premises (Grimbergen) is by concession. The increase in the market value of the portfolio is attributable mainly to the acquisition of a site at Marennes and the handover of the Coca-Cola project.
Apart from the 13 sites in France, the current properties are situated mainly in Flanders. Two buildings (Laken and Vorst) are in the Brussels Capital Region three buildings in Wallonia, specifically in Milmort, Nivelles and Heppignies. Of the 13 sites in France, seven are situated in the Paris region (Savigny-le-Temple and Roissy, Bondoufle, Le Mesnil Amelot, Alfortville) and six others are in the provinces (Lyon/Decines-Charpieu and Saint-Priest, Cambrai, Feuquières 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 if the lease does not run consistently on a contractual basis.
This annual rental income was 20,167,157 EUR per year at 31/12/2011. Current lease contracts are 6.9% higher than the corresponding estimated market rental value, which is 18,872,720 EUR per year.
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 spaces in question, is ± 96.45%.
The auditor Ernst & Young Bedrijfsrevisoren, represented by mrs Christel Weymeersch, confirms that the audit of the consolidated financial statements, in accordance with the International Financial Reporting Standards, as accepted within the European Union, has been finished and that no meaningful corrections have been revealed that have to be carried out into the accounting data.
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