Earnings Release • Feb 22, 2011
Earnings Release
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Distributable result2 of EUR 8.50 million Proposed dividend of EUR 0.97 per share (for the first half of the year) and EUR 0.87 per share (for the second half of the year)
Fair value of the property portfolio rises (+13.19%) to EUR 233.45 million (versus EUR 206.25 million last year)
Increase of rental income (+4.67%) to EUR 17.10 million (versus EUR 16.33 million in 2009)
Occupancy rate4 of 95.13% via 40,000 $m2$ of new lease activities The 95% objective has been achieved
Aalst, 22 February 2011. MONTEA (Euronext/MONT/MONTP) has published today its consolidated results for the period from 1 January 2010 to 31 December 2010.
Based on these calculations. Montea will again register a debt ratio of approximately 55%. These calculations, however, do not take into account the results of future financial years, nor of the fall or rise of the property portfolio valuations
1 Net operational result without taking into account the result of the property portfolio (code XV, XVI and XVII of the profit-and-loss account) and without taking into account the variation in the fair value of the interest rate hedging instruments.
Following the definition of the RD of 10 April 1995.
This percentage was calculated as the difference in percentage between the fair value of the property portfolio at 31 December 2009, without taking into account new acquisitions, disinvestments of existing sites and investments on existing sites. If the investments on the existing sites are taken into account. Montea registers a limited negative variation of the fair value of the property portfolio (0.8%).
Occupancy rate as a percentage of the estimated rental value.
Montea believes in the long-term value of logistic and semi-industrial property. The complete life cycle of a logistic building is appreciably longer than in other institutional property categories. Architectural requirements, changing techniques, free headroom and other technical specifications evolve less quickly than in other segments, in office property, for example. When renovations are nevertheless called for during the life cycle, their cost in relation to the total value is lower than elsewhere. This makes logistic property an interesting long-term investment.
Montea invests exclusively in logistic and semi-industrial property in order to be able to focus all its efforts on this niche. The Belgian and French teams consist of specialists in this branch, top-level experts in their field. In this respect, Montea distinguishes from numerous other funds that have chosen to diversify their assets, at the expense of a clear focus.
Montea operates on the market as a final investor, with a long-term vison on its property portfolio. Montea benefits from its experience and its knowledge of the niche market in order to involve itself earlier in the development process, in collaboration with the other players, such as the developers and the land owners. The `built-to-suit' project implemented for Coca-Cola in 2010 is an interesting example of this vision.
During financial year 2010, Montea concluded the following property transaction:
On 28 May 2010, a purchase contract, under suspensive conditions, of a new 'Class A' logistics platform (75,000m2) in Saint-Cyr-en-Val (Orleans)6 was signed.
All the suspensive conditions have been met since July 2010. The acquisition by Montea was therefore completed. The building, situated on a 'prime' location, near Orleans, along the A10/E05/E09 and E60 access roads, represents an investment of EUR 35.3 million. It is leased in its entirety to FM Logistics until 30/06/2019.
$6$ For more details on this subject, see the press release of 28/05/2010 (www.montea.com).
During financial year 2010, Montea signed the contract for a first 'built-to-suit' development:
Together with Coca-Cola Enterprises Belgium, Montea sought a good site for the development of a distribution centre that will be especially designed for the former. The site will also meet the strictest sustainability standards. The distribution centre will be built on a site of $\pm$ 42,000 m2 in Heppignies. The land is in the immediate vicinity of the E42 motorway. which interconnects all the major cities of Wallonia. It is furthermore very close to the Brussels South Charleroi Airport.
The total investment is estimated at EUR 9.3 million, all expenses included. In theory, the new distribution centre will be operational in September 2011, date on which a leasing agreement will come into effect for a fixed term of twelve years. The maximum annual rent will amount to EUR 725,0007 and can be indexed on a vearly basis.
Within the context of its clear focus on its key activities and the optimisation of its property portfolio, Montea decided to sell four Belgian sites. The transactions underline the importance that Montea attaches to dynamic management of its property portfolio. The sale of these properties harmonzies with Montea's disinvestment policy, which entails the sale of smaller, non-strategic property and a focus on larger, logistic property.
Montea proceeded with the sale of two semi-industrial buildings of 1,470 m2 and 3,605 m2 in Schoten. The two disinvestments result from the fact that these non-strategic sites no longer met certain property portfolio standards, namely the office/storage ratio and the average area per tenant. The sale represented an amount of EUR 3.28 million and a gain of EUR 0.13 million (EUR 0.04 per action) in relation to the fair value of the sites, which was EUR 3.05 million at 31/12/2009.
Montea sold this semi-industrial building of 4,425 m2. The income from the sale amounted to EUR 0.9 million. The operation generated a surplus value of EUR 0.28 million in relation to the fair value at 30/06/2010.
Montea sold this semi-industrial building of 7,820 m2. The building was sold to Verstraete Real Estate for EUR 4.2 million. The operation generated a surplus value of EUR 0.15 million in relation to the fair value at 30/09/2010.
The gross initial return amounts to 7.8%.
The 2009 annual report mentioned that in 2010, Montea wanted to tackle its inoccupancy rate as its major priority. At the end of 2010, the objective was achieved, with an occupancy rate of 95%8 and are part of an active commercial policy.
In December 2009, Montea concluded a new 9-year lease agreement with Movianto (with possibility of cancellation after 3 years) for 7,747 m2 of conditioned warehouse space and 603 m2 office space, on the Erembodegem (Aalst) site)9. The rental period began on 1 January 2010. The new rental agreement represents an additional rental income of EUR 97K for the first half of 2010 (this new lease agreement amounts to a yearly rental income of EUR 351K).
Montea also concluded a 9-year lease agreement with CAD Service (with possibility of cancellation after 6 years) for 571 m2 office space on this site. The rental period began on 1 March 2010. The new lease agreement represents an additional rental income of EUR 8K for the first half of 2010 (this new lease agreement amounts to a yearly rental income of EUR 60K).
Furthermore, Montea has installed its own offices in the Aalst-Erembodegem site (656 m2). The registered office has been moved to this address. After conclusion of these lease agreements and the installation of Montea in the offices, the site currently still has 663 m2 of vacant space.
In April 2010, Montea signed a prolongation of its 9-year lease agreement with the VDAB, on the Aalst-Tragel site. However, the new agreement does not contribute any additional rental income for the first half of 2010, because it is the prolongation of an existing agreement (this new lease agreement amounts to a yearly rental income of EUR 240K).
In July 2010, Montea and Stork Intermes S.A. prolonged their lease agreement for 2,470 m2 on the Berchem site40 for a fixed term of 9 years. The agreement generates a rental income of EUR 200,000 per year. Stork Intermes specialises in the sale of measuring and calibration equipment.
In October 2010. Montea and S.M.I.W signed a 9-year lease (with possibility of cancellation after 6 years) for a unit of 7,960 $m^{211}$ . The new tenant, a specialist in storage, traceability, handling and inventory management, will be storing food products on the site. The Herstal-Milmort building, with its total surface area of 28,340 m2, represents 10% of Montea's property portfolio in Belgium. Close to the E313 (Antwerp direction) and the E40 (Liege direction) motorways, the site ideally lends itself to logistic activities.
<sup>11 For more details on this subject, see the press release of 27 October 2010 or www.montea.com.
The occupancy rate is calculated for the entire portfolio, based on surfaces (m2).
For more details on this subject, see the press release of 21 December 2009 or www.montea.com.
<sup>10 For more details on this subject, see the press release of 15 July 2010 or www.montea.com.
In November 2010, Montea and Stockage Industriel (Vincent Logistics) signed a 9-year lease (with possibility of cancellation after 3 years) for a unit of 9,543 m2 in Herstal-Milmort (Liege)12. The new tenant, a storage and distribution specialist, will keep dry food products on the site
In November 2010, Pomax and Montea concluded a lease agreement for a period of 9 years and 7 months (with possibility of cancellation after 3 years)13. Pomax will be renting 10,208 m2 storage space and 207 m2 office space. The new tenant will occupy more than 45% of the total site in Mechelen. The warehouse will mainly store furniture, decorative items and aifts.
In November 2010, Montea and Biosphere Medical SA agreed on a 9-year prolongation (with possibility of cancellation after 3 years) of the lease for 1,686 m2 on the French site of Roissy. The agreement generates a rental income of EUR 177,740 per year. Biosphere Medical SA specialises in the distribution of medical products.
In 2010, Montea strengthened its management team, in order to support the growth and the optimisation of the portfolio in France and Belgium.
In July 2010, Montea appointed a director for France14. Montea would thus like to consolidate its local presence. Jean de Beaufort started working in his new position on 1 August 2010.
Montea decided to install its own competence centre in Paris, in order to have more direct access to the French market. The centre will be responsible for the development of the property portfolio and the property management of the current portfolio in France. Located at 18, Place de la Madeleine, 75008 Paris, the office has been operational since 1 September 2010.
In September 2010, Montea announced the appointment of Jo De Wolf for the position of Chief Executive Officer (CEO)15. On 1 October 2010, he succeeded Dirk De Pauw, who had been working asCEO ad interim since mid-February. Dirk De Pauw becomes Chairman of the Investment Committee once again and keeps his mandate in the Board of Directors.
<sup>15 For more details on this subject, see the press release of 3 September 2010 or www.montea.com.
For more details on this subject, see the press release of 9 November 2010 or www.montea.com.
$13$ For more details on this subject, see the press release of 9 November 2010 or www.montea.com. $14$
For more details on this subject, see the press release of 22 June 2010 or www.montea.com.
In November 2010, Montea announced the appointment of Peter Demuynck for the position of Chief Commercial Officer (CCO)16. Peter Demuynck has been working at Montea since January 2011. Montea is seeking to reinforce its commercial power, as well as to elaborate and to optimise its Belgian property portfolio. The CCO will be concentrating on the development of investment possibilities in Belgium, on the optimisation of the existing property portfolio, and on the continued improvement of the occupancy rate. The new CCO completes the Montea management team, which now comprises Jo De Wolf (CEO), Peter Snoeck (COO Belgium), Peter Verlinde (CFO) and Jean de Beaufort (Chief Executive Officer France).
The net operational result of the property investment company amounted to EUR 7.94 million (EUR 1.72 per share)17, or 6.68% more than in 2009 (EUR 7.44 million).
This positive evolution of EUR 0.50 million resulted mainly from the following elements:
<sup>18 For more details on this subject, see the press release of 27 August 2009 or www.montea.com.
For more details on this subject, see the press release of 25 November 2010 or www.montea.com.
Average of 3,585,354 shares for first half of the year and 5,634,126 for second half of the year (after the equity increase). Last year, the net operational result was EUR 2.08 per share. The decrease results to a large extent from the dilution effect
On 2 July 2010, 2,048,772 new shares were issued in the context of a public offering, in cash, with priority rights, for the sum of EUR 39,951,054 (namely EUR 39,418,373,28 share capital and EUR 532,680.72 issuing premiums).
The equity increase was a success: the new shares, 100% subscribed, give Montea an additional investment capacity of approximately EUR 80 million.
At the end of the operation, Montea's share capital at 2 July 2010 amounted to EUR 108,382,735.61. It is henceforth represented by 5,634,126 equity securities. There are no preferential shares. Each share confers one vote at the Annual General Assembly. The shares therefore represent the denominator for the notification needs when the legal thresholds are not reached, are reached or are exceeded (transparency regulation).
Following the equity increase, the prospectus put forward a dividend of EUR 0.97 per share for the first half of the year (for the 3.585.354 shares before the equity increase) and of EUR 0.87 per share for the second half of the year (for the 5,634,126 actions after the equity increase).
Montea has recorded a distributable restult of EUR 8,495,324.
The Board of Directors of Montea will propose to the Annual General Assembly to distribute a dividend of EUR 0.97 per share for the first half of the year (for the 3.585.354 shares before the equity increase) and of EUR 0.87 per share for the second half of the year (for the 5,634,126 shares after the equity increase). That represents a distribution percentage of 98.6%.
The net asset value at 31 December 2010 fell to EUR 22.00. That represented a reduction of EUR 1.5 or 6.48% in relation to 31 December 2009 (EUR 23.53). This fall is mainly explained by the dilution effect due to the equity increase and to the 2,048,772 newly issued shares.
In 2006, the company entered into agreements that were to allow, if necessary, the contribution of certain buildings by merger or another operation. These agreements were subordinated to suspensive conditions, in particular concerning the town-planning requirements, by which compliance by contract was imposed by 31 March 2007.
Montea has already mentioned its summons by a third party in 2008. This third party believed that it was entitled to the contribution, by merger or another operation, of certain buildings. Montea had refused this contribution, judged on the basis of objective elements that the contractual conditions had not been met. Also, the third party in question had claimed compensation from Montea for EUR 5.4 million. Montea considers this claim to be groundless.
By its decision of 28 April 2009, the Commercial Court of Brussels found for Montea, sentencing the opponent to pay the costs of the proceedings. On 23 July 2009, the opponent lodged an appeal with the Appeal Court of Brussels. The parties have exchanged their submissions. It is possible that the judgement will occur during the course of 2011.
Montea sees no reason to change its policy because of this dispute.
| Million MONTEA PROPERTY PORTFOLIO MORE THAN WAREHOURES |
Total 31/12/2010 |
Belgium | France | Total 31/12/2009 |
|---|---|---|---|---|
| Number of sites | 30 | 18 | 12 | 33 |
| Warehouse space $(m2)$ | 392.338 m 2 | $246.522$ m 2 | 145.816 m 2 | 333.015 m 2 |
| Office space $(m^2)$ | 45.263 m 2 437.601 m 2 |
32.579 m 2 | 12.684 m 2 | 47.663 m 2 380.678 m 2 |
| Total space $(m^2)$ Development potential (m 2 ) |
69.720 m 2 | 279.101 m 2 43.220 m 2 |
158.500 m 2 26.500 m 2 |
69.720 m 2 |
| Fair Value (EUR) Investment Value (EUR) |
€ 232.990.000 € 141.143.000 € 91.847.000 € 241.527.000 € 145.018.000 € 96.509.000 |
€ 206,253,000 € 213.393.000 |
||
| Annual Contractual Rents (EUR) (*) | € 18.353.525 | € 10.690.324 | € 7.663.201 | € 16.043.480 |
| Gross Yield (%) | 7,88% | 7.57% | 8,34% | 7,78% |
| Gross Yield on full occupancy (%) | 8.28% | 8,00% | 8.71% | 8,48% |
| Property not let $(m^2)$ | $21.306$ m 2 | $13.336$ m 2 | 7.970 m 2 | 26.917 m 2 |
| Rental value of property not let (EUR) | € 937.170 | € 602.430 | € 334.740 | € 1.437.155 |
| Occupancy rate (% of $m2$ ) | 95,13% | 95,22% | 94,97% | 92,93% |
| Occupancy rate (% of rental value) | 95,14% | 94,67% | 95,81% | 91,78% |
The total surface of the property portfolio amounts to 392.338 m2, spread over 18 sites in Belgium and 12 sites in France.
The fair value of the property portfolio amounts to EUR 232.9919 million, that is to say an increase of 13.0% (EUR 26.74 million) in relation to 31 December 2009. This development results from:
The gross property return20 over the whole of the portfolio reached 8.00% in Belgium and 8.71% in France, on the basis of an entirely rented portfolio, and taking the estimated rental inoccupancy value into account.
20 Definition of gross property return: contractual rental income divided by the fair value of the property portfolio.
$19$ At the "Property Investments" heading of the balance sheet, there is an amount of EUR 233.45 million. The difference (EUR 0.46 million) represents the activation of the 'built-to-suit' Coca-Cola project, not taken into account by the appraiser (EUR 1.20 million), and the Montea offices (part of the Erembodegem site), entered under 'Other Tangible Fixed Assets' (EUR 0.74 million).
The occupancy rate achieved by Montea over the whole of the portfolio (expressed as a percentage of the estimated rental value) reached 95.14%, and 95.13% on the basis of the occupied square metres. At the end of 2010, the occupancy rate had increased by 2.20% (on the basis of the square metres) in relation to 31 December 2009. This development results especially from the new lease activities at the end of 2010 (see 'Lease Activity').
The annual contractual rental income (excluding rental guarantees) reached EUR 18.35 million, that is to say 14.4% (EUR 2.31 million) more than at 31 December 2009. This results mainly from the purchase of the Saint-Cyr-en-Val platform (Orleans, France), an operation that compensates for the contractual rental value of disinvestments.
| THULLI CONSOLIDATED INCOME STATEMENT (EUR) THAN WAREHOUSES |
31/12/2010 12 months |
31/12/2009 12 months |
|---|---|---|
| NET RENTAL INCOME | 17.097.331 | 16.334.393 |
| PROPERTY RESULT | 16.718.135 | 15.961.650 |
| TOTAL PROPERTY CHARGES | $-971.757$ | $-801.890$ |
| OPERATING PROPERTY RESULT | 15.746.378 | 15.159.760 |
| General costs | $-2.455.146$ | $-2.051.957$ |
| Other operating income and expenses | $-73.205$ | 317.456 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 13.218.027 | 13.425.259 |
| Result on disposals of investment properties | 548.360 | |
| Result on disposals of other non-financial assets | ||
| Result in the fair value of investment properties | $-1.906.364$ | $-16.033.498$ |
| OPERATING RESULT | 11.860.022 | $-2.608.239$ |
| FINANCIAL RESULT | $-3.636.559$ | $-8.063.939$ |
| RESULT BEFORE TAXES | 8.223.463 | $-10.672.178$ |
| TAXES | 81 | $-9.378$ |
| NET RESULT | 8.223.544 | $-10.681.556$ |
| NET CURRENT RESULT | 7.938.401 | 7.441.381 |
| Number of shares entitled in the result of the period | 4.609.740 | 3.585.354 |
| NET RESULT PER SHARE | 1,78 | $-2,98$ |
| NET CURRENT RESULT PER SHARE | 1,72 | 2,08 |
The net current result is defined as the net result, excluding the result on the property investments and variations of the valuation of the financial instruments.
$\overline{21}$ The Auditor, Ernst & Young Company Auditors, represented by Christel Weymeersch, confirms that its fundamental audit operations, carried out in accordance with the general standards of the Institute of Auditors, did not reveal any significant corrections to be made to the financial information mentioned by this press release. The principles and accounting methods applied for the establishment of the financial statements are unchanged in relation to the principles and methods used for drawing up the annual accounts of the financial year ending on 31 December 2009.
The rental income of financial year 2010 amounted to EUR 17,097,331, that is to say 4.67% more than for the same period of 2009 (EUR 16,334,393). This increase is mainly explained by the investment in the Orleans platform (second half of financial year 2010) and by a complete rental income, for the whole of 2010, from the investments completed in 2009 (Brosette - Lyon), compensating for the rental income loss due to the Belgian disinvestments.
The property result at 31/12/2010 increased to EUR 16,718,135. It rose by 4.74% in relation to the same period of the previous year (EUR 15,961,650). The increase in the financial result, a little larger than that of the rental income, is mainly explained by the "management fees" invoiced on the new lease agreements.
The operating margin22 reached 77.31% at 31/12/2010, versus 82.19% at 31/12/2009. Not taking into account the non-recurring profit of financial year 2009 (see Point 2.6), last year's margin was 79.59%. Montea thus records a fall of 2.28% of its trading margin. The phenomenon is explained by the development of the Parisian skills centre, the expansion of the French property portfolio and the reinforcement of the Montea management team.
The new management team will endeavour to pursue portfolio growth. The spreading out of the fixed charges on a larger portfolio will make the operating margin increase. Montea is targeting an operational margin of 80%.
The result on the property portfolio at 31/12/2010 amounted to EUR -1.358.004 (EUR -16,033,498 at 31/12/2009). It results from:
$22$ Result before property portfolio result
The financial result at 31/12/2010 (EUR -3,636,559) was again strongly influenced by the positive development of the fair value of the interest hedging contracts (IAS 39), at the closing date, to the extent of EUR 1,643,148. During the first three quarters, Montea was still recording a negative variation of the fair value of the hedging contracts, to the extent of EUR -2,436,823. In the last quarter, however, following the strong rise of long-term interest rates, Montea experienced a positive variation of the fair value in an amount of EUR 4,079,971.
Without taking into account the trend of the fair value of the interest hedging contracts (IAS 39), the net financial costs fell by EUR 0.69 million. The fall is mainly explained by the fact that the average net cash position for 2010 was higher than that of 2009 (especially because of the liquidities coming from the equity increase of July 2010 are not yet used), plus lower financial costs (no margin to be paid on the unused credit lines).
$\%$ At 31/12/2010, 91.4% of Montea's total financial debt consisted of bank debts. For these bank debts. Montea called on interest hedging contracts of the IRS variety. At 31/12/2010, the hedging contracts of the IRS (Interest Rate Swap) variety covered 99.7% of Montea's total bank debt. These financial instruments quarantee the coverage of the current debt at least until September 2011. The interest rate at the end of the period amounts to 4.59% (including bank margins and hedging instrument charges, in view of the EURIBOR at the end of the year).
The taxes consist of the fiscal charges on disallowed expenditure.
The net current result23 at 31/12/2010 amounted to EUR 7.938.401 (EUR 1.72 per share), that is to say 6.68% more than for the same period of the previous year (EUR 7,441,381)
$\&$ Based on this net operational result and the distributable profit that results there from (EUR 8.495.324, mainly due to the surplus value on the sold sites). Montea already confirms the announced dividend of EUR 0.97 gross per share for the first half of 2010 and EUR 0.87 per share for the second half of 2010.
The net result at 31/12/2010 amounted to EUR 8,223,544, versus EUR -10,681,556 in 2009. This considerable rise of EUR 18,905,100 is explained by:
For further details, please refer to the 2009 Annual Report.
23 Net operational result: net profit excluding result on the property portfollio (Codes XV, XVI and XVII of the profit-andloss account) and excluding IAS 39 (revaluation of the hedging instruments).
| THEFT STATE CONSOLIDATED TEA BALANCE SHEET (EUR) |
31/12/2010 Conso |
31/12/2009 Conso |
|---|---|---|
| NON-CURRENT ASSETS | 236.465.744 | 207.363.989 |
| CURRENT ASSETS | 22.332.836 | 8.900.245 |
| TOTAL ASSETS | 258.798.580 | 216.264.234 |
| SHAREHOLDERS' EQUITY | 124.106.556 | 84.469.349 |
| Shareholders' equity attributable to shareholders of parent company | 124.005.824 | 84.380.953 |
| Minority interests | 100.733 | 88.397 |
| LIABILITIES | 134.692.024 | 131.794.884 |
| Non-current liabilities | 69.539.252 | 126.795.927 |
| Current liabilities | 65.152.772 | 4.998.957 |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 258.798.580 | 216.264.234 |
At 31 December 2010, the total assets (EUR 258,798,580) were composed mainly of property investments (EUR 233,452,374 or 90.21% of the total) and current assets (EUR 22,332,836). The increase of the fixed assets (EUR 29,101,755) resulted especially from the investment in the Orleans platform and from the investments operated in Belgium.
The increase of the current assets is mainly explained by the improvement of the cash position at the end of the year (approximately 30% of the net proceeds from the equity increase are not yet invested at this stage).
In the total liabilities, one finds the equities (EUR 124,106,556 million) and a total debt of EUR 134.692.024.
The increase of the equity capital (EUR 39.637.207) results from:
The increase of the total debt (EUR 2,897,139) is to a large extent explained by the rise of the rents already invoiced for the first quarter of the financial year 2011.
The total debt position resulting from the credit lines and the leasing debts remains more or less constant, the take-over of the leasing debt of the Orleans site (EUR 5.86 million) compensating for the partial use of the credit lines.
The debt ratio25 amounts to 47.63% versus 56.4% at 31/12/2009. Montea thus preserves an investment capacity of approximately EUR 40 to 50 million versus a debt of about 55%.
25 The debt ratio is calculated in accordance with the RD of 21 June 2006.
| $\begin{tabular}{ c c c c c c c c c c c c c c c c c c c$ NET ASSET VALUE PER SHARE (EUR) DNTEA |
31/12/2010 | 31/12/2009 |
|---|---|---|
| Net asset value based on fair value ('000 euros) | 124,006 | 84.381 |
| Number of shares entitled to share in result of the period | 5.634.126 | 3.585.354 |
| Net asset value per share (fair value) | 22,0 | 23,5 |
| Net asset value per share (investement value) | 23.5 | 25.5 |
The net assets per share (before destination of the result) based on the fair value of the property portfolio amounts to EUR 22.0 at 31/12/2010, versus EUR 23.5 at 31/12/2009. This decline of 6.48% is to a large extent explained by the dilution effect due to the equity increase, which created 2,048,772 additional shares at the issue price of EUR 19.50 per share.
If the evaluation account of the interest hedging instruments is not taken into account, the net assets per share increases to EUR 23.14.
For a stock exchange price of EUR 23.49 at the end of the financial year, Montea closed with a small premium of 6.7%. If the evaluation of the interest hedging instruments is not taken into account, the premium is situated at 1.5%.
2010 was characterised by a rise of the volume of exchanged shares. The average daily volume climbed by 68%, while the average number of shares increased by 22%. This is expressed by a velocity26 (on a 'free float' basis) that rose from 24.5% to 31.7%.
26 Number of shares exchanged in relation to the total number of shares.
Montea and Ondernemingen Jan De Nul SA signed a lease agreement for a fixed period of 15 years. The agreement relates to 18,048 m2 of the Tragel site, in Aalst. On the one hand, Ondernemingen Jan De Nul has extended the agreement in progress for 13.642 m2 storage space; on the other hand, an additional agreement has been reached for 2,497 m2 storage space and 1,909 m2 office space. The prolongation and the extension were achieved in line with the lease in progress. They generate an initial gross return of 8.59%, on the basis of the fair value. Ondernemingen Jan De Nul SA will use the warehouses for keeping building materials and boat parts.
Montea launched a solar energy project for its sites in Grimbergen, Puurs, Bornem and Herentals. Accompanied by the Encon and Scheuten Solar companies, Montea will be placing solar panels in the following months for a total power estimated from 2.35 megawatts/peak, that is to say the average annual consumption of more than 650 families. This investment by Montea will also reduce the $CO2$ emissions of the buildings concerned by more than 600 tons per annum. The energy thus produced will as a priority be made available to the tenants, the remainder being re-injected into the grid.
At the financial level, Montea's financial year2010 was characterised by generally good operating results considering the still difficult economic context: the net current result increased by 6.68%.
The lease activity and the maintenance of the occupancy rate (which climbed to 95%) were "the" priority for 2010.
The pressure on the valuations, which started in the last quarter of 2008 to be maintained during the whole of 2009, is now stagnating. Even a positive trend of the values in the French portfolio can be observed
Montea has furthermore sold some non-strategic properties that no longer had their place in its investment policy. Henceforth, the emphasis will be placed on large logistic units.
The successful equity increase of 02 July 2010 provided the closed-end company with the necessary oxygen for embarking upon its second phase of growth. 70% of the operation's net yield was immediately invested in the purchase of a platform of 78,000 m2 in Orleans, for a yield of 8.5%.
At the organisational level, in 2010, Montea set up a competence centre in Paris and strengthened its management team with the appointment of a CEO, a CCO for Belgium and a Director France.
In view of the strong operational result and the surplus value achieved on the sites that were sold, Montea will propose to the General Assembly a dividend of EUR 0.97 per share for the first half of the year and of EUR 0.87 for the second half, as announced in the prospectus at the time of the equity increase.
In 2011, Montea will concentrate on the growth of its portfolio (external growth), on an improvement of the quality of the buildings (internal growth), on the diversification of its income and on the disinvestment of some smaller, non-strategic property.
In its two markets, Belgium and France, Montea has assessed a growing interest on the part of the institutional investors for logistic real estate. For this reason, Montea will have to capitalise on its 'pure player' expertise and experience in order to achieve its external growth.
Priority will go to:
In parallel with the external growth, Montea will be endeavouring to optimise the existing portfolio. Two major possibilities are foreseen:
With the solar energy project on the sites of Grimbergen, Puurs, Bornem and Herentals, Montea will be diversifying its incomes in 2011. Montea thereby confirms its will to optimise sustainability and quality on the one hand, and on the other to lengthen the average period of the property portfolio and to improve its profitability. In 2011, Montea will also study the feasibility of a similar project for its sites of Brussels, Wallonia and France.
Finally, Montea will sell a series of small properties that no longer fit its strategy, for an estimated total value of EUR 10 million.
The information intended for shareholders and the financial timetable are also available on our website: www.montea.com.
This press release contains some prospective declarations. These prospective declarations involve risks, uncertainties, and other factors which can imply that the actual results differ significantly from all future results or performances expressed in this press release. Changes of the economic situation, of the commercial or competitive circumstances following legal sentences to come or legislative amendments constitute, inter alia, significant factors that could influence these results.
Montea Comm. VA is a property investment company (Sicafi – SIIC), specialized in logistics and semi-industrial real estate in Belgium and France. The company wants to become a reference player in this market. Montea offers more than just storage sites and wants to give leasing clients flexible and innovative property solutions, thus creating value for its shareholders. As from 31/12/2010 the company's property totaled 437,601 m2 distributed over 30 locations. Montea Comm. VA has been listed on NYSE Euronext Brussels (MONT) and Paris (MONTP) since end of 2006.
Joris Bulteel Whyte Corporate Affairs +32 2 738 06 21 [email protected]
www.montea.com
| шшш. CONSOLIDATED INCOME STATEMENT (EUR) HORE THAN WAREHOUSES |
31/12/2010 12 months |
31/12/2009 12 months |
|---|---|---|
| Rental Income | 17.097.331 | 16.334.393 |
| Write-back of lease payments sold and discounted | ||
| Rental relates charges | ||
| NET RENTAL INCOME | 17.097.331 | 16.334.393 |
| Recovery of property expenses | 160.112 | |
| Recovery of charges and taxes normally payable by tenants on let properties |
3.214.994 | 2.456.370 |
| Costs payable by tenants and borne by the landlord for rental damage and refurbishment at end of lease |
||
| Charges and taxes normally payable by tenants on let properties | $-3.754.302$ | $-2.829.112$ |
| Other rental-related income and expenses | ||
| PROPERTY RESULT | 16.718.135 | 15.961.650 |
| Technical costs | $-248.428$ | $-198.870$ |
| Commercial costs | $-92.547$ | $-76.271$ |
| Charges and taxes of unlet properties | ||
| Property management costs | $-519.614$ | -410.548 |
| Other property charges | $-111.169$ | $-116.200$ |
| TOTAL PROPERTY CHARGES | $-971.757$ | $-801.890$ |
| OPERATING PROPERTY RESULT | 15.746.378 | 15.159.760 |
| General costs | $-2.455.146$ | $-2.051.957$ |
| Other operating income and expenses | $-73.205$ | 317.456 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 13.218.027 | 13.425.259 |
| Result on disposals of investment properties | 548.360 | |
| Result on disposals of other non-financial assets | ||
| Result in the fair value of investment properties | $-1.906.364$ | $-16.033.498$ |
| OPERATING RESULT | 11.860.022 | $-2.608.239$ |
| Financial income | 2.623.577 | 293.073 |
| Interest charges | $-5.368.872$ | $-6.250.149$ |
| Andere financial charges | $-891.264$ | $-2.106.863$ |
| FINANCIAL RESULT | $-3.636.559$ | $-8.063.939$ |
| RESULT BEFORE TAXES | 8.223.463 | $-10.672.178$ |
| Corporate income tax | 81 | $-9.378$ |
| Exit tax | ||
| TAXES | 81 | $-9.378$ |
| NET RESULT | 8.223.544 | $-10.681.556$ |
| NET CURRENT RESULT | 7.938.401 | 7.441.381 |
| Number of shares entitled in the result of the period | 4.609.740 | 3.585.354 |
| NET RESULT PER SHARE | 1,78 | $-2,98$ |
| NET CURRENT RESULT PER SHARE | 1,72 | 2,08 |
| $\frac{1}{2}$ CONSOLIDATED NTE BALANCE SHEET (EUR) |
31/12/2010 Conso |
31/12/2009 Conso |
|---|---|---|
| NON-CURRENT ASSETS | 236.465.744 | 207.363.989 |
| Goodwill | ||
| Intangible assets | 83.237 | 106.878 |
| Investmen: properties | 233.452.374 | 206.253.000 |
| Other tangible assets | 995.144 | 237.172 |
| Financial fxed assets | 1.359.080 | |
| Financial lease receivables | ||
| Participations consolidated with the equity method | ||
| Trade receivables and other non-current assets | 575.910 | 766.939 |
| Deffered taxes (assets) | ||
| CURRENT ASSETS | 22.332.836 | 8.900.245 |
| Assets held for sale | ||
| Current financial assets | ||
| Financial lease receivables | ||
| Trade receivables | 6.214.589 | 3.111.708 |
| Tax receivables adn other current assets | 1.408.938 | 1.135.752 |
| Cash and cash equivalents | 14.119.105 | 4.077.316 |
| Deffered charges and accrued income | 590.204 | 575.468 |
| TOTAL ASSETS | 258.798.580 | 216.264.234 |
| SHAREHOLDERS' EQUITY | 124.106.556 | 84.469.349 |
| Shareholders' equity attributable to shareholders of parent company | 124.005.824 | 84.380.953 |
| Share capital | 107.328.535 | 68.964.362 |
| Share premiums | 542.880 | |
| Purchased own shares (-) | ||
| Reserves | 16.460.201 | 25.602.375 |
| Statutory reserves | 30.177 | 30.177 |
| Unavailable reserves | 809 | 809 |
| Untaxed reserves | ||
| Available reserves | 16.429.215 | 25.571.390 |
| Result | 8.211.209 | $-3.042.785$ |
| Impact on the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties |
$-8.537.000$ | $-7.143.000$ |
| Change in fair value of financial seets and liabilities | n | |
| Exchange rate differences | ||
| Minority interests | 100.733 | 88.397 |
| LIABILITIES | 134.692.024 | 131.794.884 |
| Non-current liabilities | 69.539.252 | 126.795.927 |
| Provisions | ||
| Non-current financial debts | 61.424.458 | 118.412.629 |
| Credit institutions | 53.274.669 | 113.941.721 |
| Financial lease | 4.470.908 | |
| Other | 8.149.789 | |
| Other non-current financial liabilities | 7.745.563 | 8.029.631 |
| Trade debis and other non-current debts | ||
| Other non-current liabilities | 369.231 | 353.667 |
| Deferred taxes - liabilities | n | |
| Exit tax | n | |
| Other | ||
| Current liabilities | 65.152.772 | 4.998.957 |
| Provisions | ||
| Current financial debts | 56.780.572 | 581.241 |
| Credit institutions | 55,000,000 | |
| Financial lease | 581.241 | |
| Other | 1.780.572 | |
| Other current financial liabilities | ||
| Trade debts and other current debts | 3.263.525 | 2.485.996 |
| Exit tax | $-34.664$ | $-32.680$ |
| Other | 3.298.189 | 2.518.676 |
| Other current liabilities | 785.191 | 198.265 |
| Accrued charges and deferred income | 4.323.485 | 1.733.456 |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 258.798.580 | 216.264.234 |
| $\blacksquare$ VARIATION SHAREHOLDERS' EQUITY MONTEA HORE THAN WAREHOUSER ('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 31/12/2009 | 68.964 | $\Omega$ | 25.603 | $-3.043$ | $\Omega$ | $-7.143$ | 88 | 84.469 |
| Elements directly related to equity | $\Omega$ | 0 1 | $-292$ | $\Omega$ | 292 | $\Omega$ | ||
| Capital Increase Impact or the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties Minority Interests |
$-292$ | 292 | $\Omega$ | |||||
| Subtotal | 68.964 | $\mathbf{0}$ | 25.311 | $-3.049$ | $\Omega$ | $-6.851$ | 94 | 84.469 |
| Acquisiticn/disposal of own shares Dividends Result of last year Result for the financial year |
$-7.493$ $-3.043$ |
3.043 $-447$ |
$-7.493$ ΩI $-447$ ol |
|||||
| ON 30/06/2010 | 68.964 | $\bf{o}$ | 14.775 | $-453$ | $\mathbf{0}$ | $-6.851$ | 94 | 76.529 |
| $\Omega$ | ||||||||
| Elements directly related to equity | 38.364 | 543 | 1.686 | $\cdot$ 7 | $\Omega$ | $-1.686$ | 38.907 | |
| Capital Increase Unilever Impact or the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties Impact acquisition Unilver IFRS 3 Minority Interests |
38.364 | 543 | 1.686 | $-1.686$ | 38.907 | |||
| Subtotal | 107.328 | 543 | 16,461 | $-460$ | $\Omega$ | $-8.537$ | 101 | 115.436 |
| Dividends Result of last year Result for the financial year |
8.671 | 8.671 | ||||||
| ON 31/12/2009 | 107.328 | 543 | 16.461 | 8.211 | $\bf{0}$ | $-8.537$ | 101 | 124.107 |
| THE REAL PROPERTY | ||
|---|---|---|
| MONTEA CONSOLIDATED | 31/12/2010 | 31/12/2009 |
| CASH FLOW STATEMENT ('000 EUR) | 6 months | 12 months |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL YEAR |
4.077 | 5.126 |
| Net Result | 8.224 | $-10.682$ |
| Non-cash elements to be added / dedcuted from the result | 5.197 | 26.759 |
| Depreciations and write-downs | 222 | 265 |
| Depreciations/write-downs (or wirte-back) on intangible and tangible fixes | 166 | 111 |
| assets $(+/-)$ | ||
| Wirite-downs on current assets (+) | 73 | 153 |
| Write-back of write-downs on current assets (-) | $-17$ | $\Omega$ |
| Other non-cash elements | 4.976 | 26.495 |
| Change in the fair value of investement properties (+/-) | 1.906 | 16.033 |
| IAS 39 impact | $-1.643$ | 2.089 |
| Gain on disposal of investment properties | $-548$ | 0 |
| interest paid | 5.369 | 6.250 |
| interest received NET CASH FROM OPERATING ACTIVITIES BEFORE CHANGE IN |
$-108$ | 2.122 |
| WORKING CAPITAL REQUIREMENTS | 13.421 | 16.078 |
| Change in working capital requirements | 699 | $-4.607$ |
| Movements in asset items | $-3.256$ | 2.290 |
| Trade receivables | $-3.159$ | 2.259 |
| Tax receivables | $-273$ | 233 |
| Other non-current assets | 191 | $-283$ |
| Other current assets | 0 | $-761$ |
| Deferred charges and accrued income | $-15$ | 842 |
| Movement in liability items | 3.954 | $-6.897$ |
| Trade debts | 778 | 39 |
| Taxes, social charges and salary debts | 587 | $-5.473$ |
| Other current liabilities | 92 | |
| Accrued charges and deferred income | 2.590 | $-1.555$ |
| NET CASH FLOW FROM OPERATING ACTIVITIES (A) | 18.197 | 16.597 |
| Investment activities | $-29.457$ | $-11.619$ |
| Acquisition of intangible assets | -7 | $-26$ |
| Investment properties and development projects | $-37.595$ | $-11.497$ |
| Other tangible assets | $-152$ | $-96$ |
| Disposal of investment properties | 8.297 | 0 |
| NET CASH FLOW FROM INVESTMENT ACTIVITIES (B) | $-29.457$ | $-11.619$ |
| FREE CASH FLOW (A+B) | $-11.260$ | 4.978 |
| Change in financial liabilities and financial debts | $-6.034$ | 6.593 |
| Increase (+)/Decrease(-) in financial debts | $-789$ | 15.531 |
| Increase (+)/Decrease(-) in other financial liabilities | $\mathbf{0}$ | $-224$ |
| Increase + )/Decrease(-) in trade debts and other non-current liabilities | 16 | $-343$ |
| Interest paid | $-5.369$ | $-6.250$ |
| Interest received | 108 | $-2.122$ |
| Change in other liabilities | $\bf{0}$ | $\mathbf{0}$ |
| Change in shareholders' equity | 31.414 | $-7.493$ |
| Increase(+)/Decrease(-) in share capital | 38.907 | $\Omega$ |
| Deividends paid | $-7.493$ | $-7.493$ |
| Dividend paid (+ profit-sharing scheme) | $\bf{0}$ | $\mathbf{0}$ |
| Interim dvidends paid (-) | $\overline{0}$ | $\mathbf{0}$ |
| NET FINANCIAL CASH FLOW (C) | 25.380 | $-901$ |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR (A+B+C) |
14.119 | 4.077 |
| William CONSOLIDATED MONTEA INCOME STATEMENT (EUR) HORE THAN WAREHOUSES |
31/12/2010 12 months |
31/12/2010 12 months (BE) |
31/12/2010 12 months (FR) |
31/12/2010 12 months (Elim) |
31/12/2009 12 months |
|---|---|---|---|---|---|
| Rental Income | 17.097.331 | 11.111.150 | 5.986.181 | 16.334.393 | |
| Write-back of lease payments sold and discounted | |||||
| Rental relates charges | |||||
| NET RENTAL INCOME | 17.097.331 | 11.111.150 | 5.986.181 | 16.334.393 | |
| Recovery of property expenses | 160.112 | 160.112 | |||
| 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 |
3.214.994 | 1.945.290 | 1.269.704 | 2.456.370 | |
| refurbishment at end of lease | $-2.829.112$ | ||||
| Charges and taxes normally payable by tenants on let properties | $-3.754.302$ | $-2.260.151$ | $-1.494.150$ | ||
| Other rental-related income and expenses PROPERTY RESULT |
10.956.400 | 5.761.735 | 15.961.650 | ||
| Technical costs | 16.718.135 $-248.428$ |
$-248.428$ | $-198.870$ | ||
| Commercial costs | $-92.547$ | $-92.547$ | $-76.271$ | ||
| Charges and taxes of unlet properties | |||||
| Property management costs | $-519.614$ | -485.112 | $-34.502$ | $-410.548$ | |
| Other property charges | $-111.169$ | $-78.328$ | $-32.841$ | $-116.200$ | |
| TOTAL PROPERTY CHARGES | $-971.757$ | $-904.414$ | $-67.343$ | $-801.890$ | |
| OPERATING PROPERTY RESULT | 15.746.378 | 10.051.986 | 5.694.392 | 15.159.760 | |
| General costs | $-2.455.146$ | $-2.009.486$ | -445.661 | $-2.051.957$ | |
| Other operating income and expenses | $-73.205$ | $-49.753$ | $-23.452$ | 317.456 | |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 13.218.027 | 7.992.748 | 5.225.279 | 13.425.259 | |
| Result on disposals of investment properties | 548.360 | 548,360 | |||
| Result on disposals of other non-financial assets | |||||
| Result in the fair value of investment properties | $-1.906.364$ | -4.661.986 | 2.755.622 | $-16.033.498$ | |
| OPERATING RESULT | 11.860.022 | 3.879.121 | 7.980.901 | $-2.608.239$ | |
| Financial income | 2.623.577 | 5.572.393 | 98.209 | $-3.047.025$ | 293.073 |
| Interest charges | $-5.368.872$ | $-5.313.729$ | $-3.102.169$ | 3.047.025 | $-6.250.149$ |
| Andere financial charges | $-891.264$ | $-884.825$ | $-6.439$ | $-2.106.863$ | |
| FINANCIAL RESULT | $-3.636.559$ | $-626.161$ | $-3.010.398$ | $-8.063.939$ | |
| RESULT BEFORE TAXES | 8.223.463 | 3.252.961 | 4.970.502 | $-10.672.178$ | |
| Corporate income tax | 81 | 81 | $-9.378$ | ||
| Exit tax | |||||
| TAXES | 81 | 81 | $-9.378$ | ||
| NET RESULT | 8.223.544 | 3.253.042 | 4.970.502 | $-10.681.556$ | |
| NET CURRENT RESULT | 7.938.401 | 5.723.520 | 2.214.881 | 7.441.381 | |
| Number of shares entitled in the result of the period | 4.609.740 | 4.609.740 | 3.585.354 | ||
| NET RESULT PER SHARE | 1,78 | 0,71 | $-2,98$ | ||
| NET CURRENT RESULT PER SHARE | 1,72 | 1,24 | 2,08 |
| William and CONSOLIDATED MON BALANCE SHEET (EUR) |
31/12/2010 Conso |
31/12/2010 BE |
31/12/2010 FR |
31/12/2010 Elim. |
31/12/2009 Conso |
|---|---|---|---|---|---|
| NON-CURRENT ASSETS | 236.465.744 | 144.058.181 | 92.407.563 | $\mathbf{0}$ | 207.363.989 |
| Goodwill | |||||
| Intangible assets | 83.237 | 83.237 | 106.878 | ||
| Investment properties | 233.452.374 | 141.605.374 | 91.847.000 | 206.253.000 | |
| Other tangible assets | 995.144 | 995.144 | 237.172 | ||
| Financial fxed assets | 1.359.080 | 1.359.080 | |||
| Financial lease receivables | |||||
| Participations consolidated with the equity method | |||||
| Trade receivables and other non-current assets | 575.910 | 15.347 | 560.563 | 766.939 | |
| Deffered taxes (assets) | |||||
| CURRENT ASSETS | 22.332.836 | 107.472.096 | 5.410.992 | $-90.550.252$ | 8.900.245 |
| Assets hed for sale Current financial assets |
|||||
| Financial lease receivables | |||||
| Trade receivables | 6.214.589 | 2.872.951 | 3.341.638 | 3.111.708 | |
| Tax receivables adn other current assets | 1.408.938 | 83.976.365 | 857.080 | $-83.424.507$ | 1.135.752 |
| Cash and cash equivalents | 14.119.105 | 13.344.544 | 774.561 | 4.077.316 | |
| Deffered charges and accrued income | 590.204 | 7.278.236 | 437.713 | $-7.125.745$ | 575.468 |
| TOTAL ASSETS | 258.798.580 | 251.530.277 | 97.818.555 | -90.550.252 | 216.264.234 |
| SHAREHOLDERS' EQUITY | 124.106.556 | 128.371.274 | $-4.264.718$ | 0 | 84.469.349 |
| Shareholders' equity attributable to shareholders of parent company | 124.005.824 | 128.371.274 | -4.365.450 | 84.380.953 | |
| Share captal | 107.328.535 | 107.328.535 | 68.964.362 | ||
| Share premiums | 542.880 | 542.880 | |||
| Purchased own shares (-) | |||||
| Reserves | 16.460.201 | 21.121.818 | -4.661.617 | 25.602.375 | |
| Statutory reserves | 30.177 | 30.177 | 30.177 | ||
| Unavailable reserves | 809 | 809 | 809 | ||
| Untaxed reserves | |||||
| Available reserves | 16.429.215 | 21.090.832 | -4.661.617 | 25.571.390 | |
| Result | 8.211.209 | 3.253.042 | 4.958.167 | $-3.042.785$ | |
| Impact on the fair value of estimated transaction costs resulting from the hypothetical disposal of investment properties |
$-8.537.000$ | $-3.875.000$ | -4.662.000 | $-7.143.000$ | |
| Change in fair value of financial seets and liabilities | |||||
| Exchange rate differences | |||||
| Minority interests | 100.733 | 100.733 | 88.397 | ||
| LIABILITIES | 134.692.024 | 123.159.003 | 102.083.273 | $-90.550.252$ | 131.794.884 |
| Non-current liabilities | 69.539.252 | 63.982.128 | 5.557.124 | 126.795.927 | |
| Provisions | |||||
| Non-current financial debts | 61.424.458 | 56.236.565 | 5.187.893 | 118.412.629 | |
| Credit institutions | 53.274.669 | 53.000.000 | 274.669 | 113.941.721 | |
| Financial lease | 4.470.908 | ||||
| Other | 8.149.789 | 3.236.565 | 4.913.224 | ||
| Other non-current financial liabilities | 7.745.563 | 7.745.563 | 8.029.631 | ||
| Trade debts and other non-current debts | |||||
| Other non-current liabilities | 369.23 | 369.231 | 353.667 | ||
| Deferred taxes - liabilities | |||||
| Exit tax | |||||
| Other | |||||
| Current liabilities | 65.152.772 | 59.176.876 | 96.526.149 | $-90.550.252$ | 4.998.957 |
| Provisions Current financial debts |
56.780.572 | 55.408.158 | 1.372.414 | 581.241 | |
| Credit institutions | 55.000.000 | 55.000.000 | |||
| Financial lease | 581.241 | ||||
| Other | 1.780.572 | 408.158 | 1.372.414 | ||
| Other current financial liabilities | |||||
| Trade debts and other current debts | 3.263.525 | 1.435.609 | 1.827.915 | 2.485.996 | |
| Exit tax | $-34.664$ | $-26.730$ | $-7.934$ | $-32.680$ | |
| Other | 3.298.189 | 1.462.339 | 1.835.850 | 2.518.676 | |
| Other current liabilities | 785.191 | 20.896 | 91.314.547 | $-90.550.252$ | 198.265 |
| Accrued charges and deferred income | 4.323.485 | 2.312.212 | 2.011.273 | 1.733.456 | |
| TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | 258.798.580 | 251.530.277 | 97.818.555 | -90.550.252 | 216.264.234 |
| $-$ Million $\mathbf{r}$ MONTE HORE THAN WIREHOUSES |
Offices | Warehouses | Total | Contracted Rent Income |
Vacancy (as $%$ of total $m2$ ) |
|---|---|---|---|---|---|
| Belgium | |||||
| AALST (ABCDEFG), TRAGEL 48-58 | 2.255 | 17.180 | 19.435 | 610.075 | 0.00% |
| AALST (HIJ), TRAGEL 48-58 | 560 | 17.590 | 18.150 | 949.072 | 0.00% |
| AALST (KLM), TRAGEL 48-58 | 876 | 4.495 | 5.371 | 127.463 | 0.00% |
| AARTSELAAR, HELSTSTRAAT 47 | 690 | 6.325 | 7.015 | 254.395 | 0.00% |
| BERCHEM, VOSSTRAAT 200 | 1.010 | 1.450 | 2.460 | 200,000 | 0,00% |
| BORNEM, INDUSTRIEWEG 4-24 | 1.440 | 12.891 | 14.331 | 401.764 | 46.70% |
| GRIMBERGEN, EPPEGEMSESTWG 31-33 | 2.478 | 23.758 | 26.236 | 968.569 | 0.00% |
| LAKEN, EMIEL BOCKSTAELLAAN 74 | 340 | 5.085 | 5.425 | 228.756 | 0.00% |
| MOORSEL A.WAVERSTRAAT 3 | 880 | 7.515 | 8.395 | 133.642 | 20,62% |
| MOORSEL BCDFGHIJK, WAVERSTRAAT 3 | 948 | 10.770 | 11.718 | 187.408 | 13,87% |
| VILVOORDE, SCHAARBEEKLEI 207-213 | 3.060 | 970 | 4.030 | 101.925 | 65,14% |
| HOBOKEN SMALLANDLAAN 7 | 440 | 745 | 1.185 | 217.609 | 0.00% |
| MEER EUROPASTRAAT 28 | 1.235 | 8.995 | 10.230 | 345.821 | 0,00% |
| PUURS RIJKSWEG 89 & 85 | 1.150 | 8.945 | 10.095 | 0.00% | |
| HERENTALS, TOEKOMSTLAAN 33 | 1.970 | 12.620 | 14.590 | 697.534 | 0.00% |
| Inijvel, rue de l'industrie | 1.345 | 12.350 | 13.695 | 694.303 | 0.00% |
| PUURS, SCHOONMANSVELD 18 | 1.255 | 11.910 | 13.165 | 707.465 | 0.00% |
| EREMBODEGEM, INDUSTRIELAAN 27 | 4.301 | 12.744 | 17.045 | 818.210 | 3,89% |
| IMECHELEN, ZANDVOORTSTRAAT 16 | 768 | 21.831 | 22.599 | 423.136 | 0.00% |
| VORST, HUMANITEITSIn 292, site LIPTON | 778 | 4.605 | 5.383 | 317.388 | 0.00% |
| VORST, HUMANITEITSIn 292, site CM | 7.150 | 7.150 | 328.875 | 0.00% | |
| VORST, HUMANITEITSIn 292, site RESTAURANT (Station) | 2.110 | 920 | 3.030 | 212.189 | 0.00% |
| VORST, HUMANITEITSIn 292, site SALVESEN (Koelloodsen) | 1.538 | 8.606 | 10.144 | 512.805 | 0.00% |
| MILMORT, AVENUE DU PARC INDUSTRIEL | 1.152 | 27.072 | 28.224 | 1.025.521 | 0.00% |
| Total Belgium | 32.579 | 246.522 | 279.101 | 10.463.925 | 4,78% |
| France | |||||
| SAVIGNY LE TEMPLE, RUE DU CHROME | 620 | 16.139 | 16.759 | 326.434 | 47,56% |
| FEUQUIERES, ZI DU MOULIN 80 | 763 | 8.230 | 8.993 | 330.921 | 0.00% |
| CAMBRAI, P. d'A. ACTIPOLE | 682 | 10.248 | 10.930 | 514.123 | 0,00% |
| ROISSY, RUE DE LA BELLE ETOILE 280 | 638 | 3.384 | 4.022 | 330.690 | 0.00% |
| BONDOLFLE, RUE HENRI DUNANT 9-11 | 1.307 | 2.478 | 3.785 | 213.513 | 0,00% |
| DECINES-CHARPIEU, RUE ARTHUR RIMBAUD 1 | 1.127 | 2.694 | 3.821 | 338.046 | 0.00% |
| LE MESNIL AMELOT, RUE DU GUE 4 & RUE DE LA GRANDE BORNE 11 | 1.348 | 7.311 | 8.659 | 653.456 | 0,00% |
| ALFORTVILLE, LE TECHNIPARC | 462 | 1.585 | 2.047 | 244.421 | 0,00% |
| ROISSY, RUE DE LA BELLE ETOILE 383 | 1.965 | 4.492 | 6.457 | 637.381 | 0.00% |
| LE MESNIL AMELOT, RUE DU GUE 1-3 | 1.211 | 4.043 | 5.254 | 435.944 | 0.00% |
| SAINT PRIEST, RUE NICEPHORE NIEPCE | 906 | 12.120 | 13.026 | 652.212 | 0,00% |
| 1.655 | 73.092 | 74.747 | 0,00% | ||
| Total France | 12.684 | 145.816 | 158.500 | 4.677.141 | 5,03% |
| Total | 45.263 | 392.338 | 437.601 | 15.141.066 | 4,87% |
The initial return (rental income considered in relation to the investment value) of the entire portfolio amounts to 7.60%.
Patrimony The patrimony today consists of $\pm$ 392,338m2 storage space and 45,263m2 offices, that is to say a total surface area of 437,601m2. It is distributed over 30 sites, including 12 in France. One counts three sites less than at the end of 2009 following the sale of four Belgian properties (Buggenhout, Schoten Brechtsebaan, Schoten Jagersdreef and Grobbendonk) and the purchase of a French site (Saint-Cyr-en-Val). One property (Grimbergen) is under concession. The increase in the commercial value of the portfolio results especially from the acquisition of the Saint-Cyr-en-Val site.
If the 12 French sites are excluded, the current properties are mainly in Flanders. Two buildings (Laeken and Forest) are in the Brussels-Capital Region, and two others (Milmort and Nivelles) in Wallonia. Out of the 12 French properties, seven are in the Paris Region (Savigny-le-Temple and Roissy, Bondoufle, Mesnil Amelot, Alfortville) and five others in the provinces (Lyon/Decines-Charpieu and Saint-Priest, Cambrai, Feuquières and Orléans/Saint-Cvr-en-Val).
Rental Income The actual rental income is calculated after deduction of the advance payment of property tax when it is charged to the owner. In some rare cases, in the presence of rental rebates or of a rent that is not contractually constant, the average rental income until the following expiry has been retained.
The rental income at 31/12/2010 amounted to EUR 18.275.198 per annum. The lease agreements in progress are 4.45% below the estimated market value, namely EUR 17,495,975 per year.
The above mentioned rents are net rents, excluding other payments (common charges, and possible insurance premiums).
The occupancy rate of the portfolio as a whole, calculated on the basis of the surface areas, is +/-95.0%.
The Auditor, Ernst & Young Company Auditors, represented by Mrs Christel Weymeersch, has confirmed that the audit operations, that have been fundamentally conducted, did not reveal any significant corrections to be made to the accounting information quoted by the press release.
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