Earnings Release • Aug 31, 2011
Earnings Release
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La Hulpe, 31 August 2011
The first half of 2011 closed with a positive consolidated net result (group share) of 8.48 million euros compared to a negative result of 1.71 million euros for the first half of 2010.
This was primarily the result, on the one hand, of the sale to AEDIFICA, a real estate investment trust (Sicafi), of the company IDM A, which is the owner of 75 apartments within the MEDIA GARDENS complex and, on the other hand, of the sale to the ETHIAS group of the rights to the B4 office building of the UP‐site project (which is leased to Smals).
The result of the latter transaction will gradually be booked as the construction of the building (which will extend to the first half of 2012) proceeds.
| Results | 30.06.2011 | 30.06.2010 |
|---|---|---|
| Net consolidated result (group share) | 8,480.62 | ‐1,712.56 |
| Profit per share (in euros) | 1.68 | ‐0.34 |
| Number of shares | 5,038,411 | 5,038,411 |
| of which own shares | 157,513 | 132,086 |
| Balance sheet | 30.06.2011 | 31.12.2010 |
| Total assets | 283,126 | 270,141 |
| Cash position at the end of the period | 48,328 | 75,514 |
| Net indebtedness (‐) | ‐76,789 | ‐46,993 |
The turnover on 30 June 2011 amounted to 17.3 million euros, compared with 5.75 million euros on 30 June 2010. It primarily incorporates the turnover from the sale to the ETHIAS group of the first block of offices in the UP‐site complex (10.95 million euros) and the turnover from the CROWNE PLAZA hotel (4.59 million euros).
The operational result amounts to 6.74 million euros and came basically from the sale to AEDIFICA of IDM A for 3.60 million euros (MEDIA GARDENS project) and the sale of offices to the ETHIAS group, resulting in operational income of 4.55 million euros (UP‐site project). The other operational results balanced out the slightly higher overhead expenses (+ 0.78 million euros) compared to the first half of 2010.
On 30 June 2011, the net indebtedness of the group amounted to 76.79 million euros, to be compared to the net indebtedness of 46.99 million euros on 31 December 2010. The group's indebtedness consists of, on the one hand, the long‐term debt of 100.74 million euros compared to 99.67 million euros on 31 December 2010 and, on the other hand, a net positive cash position of 23.95 million euros compared to 52.68 million euros in December 2010.
The revenue recorded for the abovementioned sales generated liquidity. The net cash was primarily used for the acquisition of the TREBEL (Brussels) and CITY DOCKS (Anderlecht) projects, the continuation of the projects in portfolio and the payment of dividends.
ATENOR continued to develop the projects in its portfolio and renewed its development potential with a new acquisition in the first half of 2011. The projects are commented according to their degree of evolution in the development process, thereby giving a balanced image of the portfolio. Note that three projects have already been granted building permits.
| Location | Chaussée de Louvain, Brussels, Belgium |
|---|---|
| Project | Residential housing units |
| Size | ± 28,700 m² (5 units) |
As planned, ATENOR GROUP sold the shares of IDM A, the owner of a building with 75 apartments, shops and parking lots, to the AEDIFICA real estate investment trust (Sicafi) on May 13th.
This transaction provided ATENOR GROUP with a net result of 3.60 million euros. An adjustment in the sales price is planned for 2012, based on the inflation rate and on the success in commercializing the housing units. Leases had been signed for 38% of the apartments by the end of June. This is cause for optimism about the partial release of the rental guarantee granted to AEDIFICA for nine months. This transaction successfully completes the development of the MEDIA GARDENS project and confirms the excellent location of the site as well as the building's environmental and architectural
| Situation | nd District, Bucharest, Romania Bld Dimitri Pompeiu, 2 |
|---|---|
| Project | Construction of office buildings |
| Size | 73,644 m² (3 phases) |
Note that the urban planning permit for this Romanian project was obtained in January 2010. After demolition work and preparation of the site, infrastructure work on the 1st phase (18,400 m²) of the project began and is continuing in parallel with the commercialisation of the surfaces.
In the last few months the market for offices, in Bucharest, has demonstrated a timid recovery, without it yet being possible, at this stage, to concretize our commercialisation process.
| Location | Vaci ut, 13th District, Budapest, Hungary |
|---|---|
| Project | Construction of office buildings |
| Size | Phase 1 ‐ 56,000 m² |
This project was granted an urban planning permit in July 2010 for the development of 56,000 m2 of office rental space. Infrastructure work is continuing within the framework of a general contractor agreement.
We should point out that there is growing national and international interest in new office space without it yet being possible, at this stage, to concretize our commercialisation process.
In addition, during this half year, we finalized the last acquisitions for phase 2 of the project, for which we will soon be filling an application for a building permit .
qualities.
| Location | Between the canal, the place des Armateurs and the quai de Willebroek, Brussels capital region, Belgium. |
|---|---|
| Project | A combination of housing, shop and office units. |
| Size | ± 80,000 m² (29,690 m² of offices and 48,435 m² of housing and shops) |
As noted in our press release of June 22nd, we sold one of the four UP‐site office blocks (namely the one leased to SMALS) to the ETHIAS group. The sale confirmed the commercial success of this project despite the feeble Brussels residential market.
The results of this sale will gradually be booked in fiscal years 2011 and 2012 as construction of the building proceeds.
The impact of this transaction on the group's operational results was 4.55 million euros and, taking into account the use of previously recorded DTA, the net result from this transaction amounted to 3.17 million euros for the first half of 2011.
The construction of the offices and the residential tower of the UP‐site project are continuing according to schedule. This emblematic tower "will rise above ground" at the end of 2011, the time at which the marketing and sale of the apartments will be launched. Several apartments have already been reserved, which confirms the unique positioning of this project in the Brussels residential market.
| Location | Rue de la Loi and chaussée d'Etterbeek, Brussels capital region, Belgium |
|---|---|
| Project | A combination of shop and office units. |
| Size | ± 30,000 m² |
| Architect | Archi+ I |
ATENOR is continuing discussions with regional planning authorities to determine the application conditions of the government order of 16 December 2010 on the new urban landscape for Rue de la Loi (PUL).
ATENOR is preparing a new permit application for the construction of a mixed‐use building that will meet the new urban planning requirements.
BRUSSELS EUROPA's hotel business contributed 4.59 million euros to the consolidated revenue and 0.79 million euros to the operational result. The contribution to the net consolidated result was 0.43 million euros.
As we stated in our press release of 16 March 2011, hotel management had to inform hotel employee representatives of its intention to terminate the hotel activity at the end of 2011. The procedure known as the "loi Renault", which took effect in March 2011 as part of the termination of the hotel activity, is progressing in consultation with employee representatives.
On May 5th, the Region Brussels‐Capital confirmed the repeal as approved by the municipalities of Anderlecht and Saint‐Gilles, of the obsolete PPAS. The application for the building permit submitted in December 2010 for the building of an iconic project in the vicinity of the Midi station is following the administrative procedures.
The project consists primarily of offices but will also include at least 6,000m2 of housing. The municipalities of Anderlecht and Saint‐Gilles have both granted demolition permits for the existing buildings.
| Situation | Area known as "Port du Bon Dieu", Namur, Belgium |
|---|---|
| Project | Housing programme |
| Size | ± 12,000 m² |
| Architects | Montois Partners Architects & l'Atelier de l'Arbre d'Or |
Note that the ATENOR subsidiary, Namur Waterfront SA, is the owner of a 44.28 are plot within a S.A.R. perimeter (Site à Réaménager, site to be redeveloped). Final approval for the SAR perimeter last July 11th by the minister responsible for urban planning opened the way for ATENOR to file a request for a building permit for a residential real estate project with a durable and sober architecture.
Location Corner of rue Belliard and rue de Trèves in Brussels, Belgium. Project Office building Size ± 17,700 m²
Based on the agreements of November 2010, ATENOR acquired the right to a long lease on the land and offices located at the corner of Rue Belliard and Rue de Trèves last June. ATENOR will file an application for an building permit in the next months for the complete redevelopment of the site.
Situation On the banks of the Willebroek Canal, Anderlecht, Belgium
ATENOR acquired IMMOBILIÈRE DE LA PETITE ILE (IPI) which owns a 5.4 ha plot located in Anderlecht. The plot is part of a PPAS under study by the municipality and could be included in the new PRAS currently being prepared.
For its part, ATENOR is developing a first project with a very diverse mix of uses. In the meantime, IPI is receiving rental income from the current industrial occupant.
The costs related to closing down of hotel activity will affect the results of the second semester. However, the continuation of the construction of the B4 office building and the closing of the sale of the B3 building of UP‐site to Unizo should allow ATENOR to close the 2011 financial year with a result that is comparable to the half‐year results.
Intermediate declaration for third quarter 2011 18 November 2011 Publication of the annual results for 2011 1 March 2012 Annual General Meeting 2011 27 April 2012 Intermediate declaration for first quarter 2012 18 May 2012
For more detailed information, we ask that you contact Stéphan Sonneville sa, CEO or Sidney D. Bens, CFO.
Tel +32 (2) 387.22.99 Fax +32 (2) 387.23.16 e‐mail : [email protected] www.atenor.be
| 17.717 5.875 17.327 5.745 346 130 |
|---|
| 44 0 |
| 7.816 7.301 |
| 6.258 6.588 |
| 1.550 713 |
| 8 0 |
| ‐18.788 ‐13.242 |
| ‐36.652 ‐5.222 |
| 32.076 8.511 |
| ‐2.588 ‐3.116 |
| ‐673 ‐380 |
| ‐106 ‐186 |
| ‐10.845 ‐12.849 |
| 6.745 ‐66 |
| ‐2.313 ‐2.283 |
| 696 660 |
| ‐379 4 |
| 4.749 ‐1.685 |
| 3.697 ‐15 |
| 8.446 ‐1.700 |
| 0 0 |
| 8.446 ‐1.700 |
| ‐35 12 |
| 8.481 ‐1.712 |
| EARNINGS PER SHARE | EUR | |
|---|---|---|
| 30.06.2011 | 30.06.2010 | |
| Number of shares | 5.038.411 | 5.038.411 |
| Diluted earnings per share | 1,68 | ‐0,34 |
| ² |
| 30.06.2011 | 30.06.2010 | |
|---|---|---|
| Group share result | 8.481 | ‐1.712 |
| Translation adjusments | 1.902 | ‐2.282 |
| Cash flow hedge | 131 | 42 |
| Overall total results of the group | 10.514 | ‐3.952 |
| Overall profits and losses of the period attributable to third parties | ‐35 | 12 |
| In thousands of EUR | ||
|---|---|---|
| 30.06.2011 | 31.12.2010 | |
| NON‐CURRENT ASSETS | 66.051 | 63.535 |
| Property, plant and equipment | 20.741 | 20.764 |
| Investment property | 1.646 | 1.648 |
| Intangible assets | 6.360 | 6.699 |
| Investments in related parties | 1 | 1 |
| Investments consolidated by the equity method | 8.741 | 9.120 |
| Deferred tax assets | 11.412 | 10.502 |
| Other non‐current financial assets | 17.061 | 14.718 |
| Derivatives | 0 | 0 |
| Non‐current trade and other receivables | 6 | 0 |
| Other non‐current assets | 83 | 83 |
| CURRENT ASSETS | 217.075 | 206.606 |
| Inventories | 159.553 | 119.351 |
| Other current financial assets | 42.530 | 72.839 |
| Derivatives | 0 | 0 |
| Current tax receivables | 1.848 | 1.250 |
| Current trade and other receivables | 6.781 | 6.121 |
| Current loans payments | 0 | 0 |
| Cash and cash equivalents | 5.798 | 2.675 |
| Other current assets | 565 | 4.370 |
| TOTAL ASSETS | 283.126 | 270.141 |
In thousands of EUR
| 30.06.2011 | 31.12.2010 | ||
|---|---|---|---|
| TOTAL EQUITY | 101.380 | 100.531 | |
| Group shareholders' equity | 101.669 | 101.092 | |
| Issued capital | 38.880 | 38.880 | |
| Reserves | 69.162 | 68.483 | |
| Treasury shares (‐) | ‐6.373 | ‐6.271 | |
| Minority interest | ‐289 | ‐561 | |
| Non‐current liabilities | 123.748 | 114.057 | |
| Non‐current interest bearing borrowings | 100.737 | 99.671 | |
| Non‐current provisions | 0 | 0 | |
| Pension obligation | 142 | 142 | |
| Derivatives | 1.251 | 1.289 | |
| Deferred tax liabilities | 10.155 | 12.955 | |
| Non‐current trade and other payables | 11.463 | 0 | |
| Current liabilities | 57.998 | 55.553 | |
| Current interest bearing debts | 24.380 | 22.836 | |
| Current provisions | 2.480 | 2.496 | |
| Pension obligation | 26 | 49 | |
| Derivatives | 0 | 133 | |
| Current tax payables | 1.313 | 3.522 | |
| Current trade and other payables | 17.362 | 21.759 | |
| Other current liabilities | 12.437 | 4.758 | |
| TOTAL EQUITY AND LIABILITIES | 283.126 | 270.141 | 6 |
| 30.06.2011 | 30.06.2010 | 31.12.2010 | |
|---|---|---|---|
| Operating activities | |||
| ‐ Profit/loss after tax (excl. discontinued operations) | 8.446 | ‐1.701 | ‐1.684 |
| ‐ Result of investments consolidated by the equity method | 379 | ‐4 | 440 |
| ‐ Stock options plans | 96 | ||
| ‐ Depreciations (+/‐) | 673 | 380 | 773 |
| ‐ Write off (+/‐) | 101 | 186 | 451 |
| ‐ Provisions (+/‐) | ‐39 | 405 | ‐84 |
| ‐ Translation adjustments (+/‐) | ‐202 | 0 | 0 |
| ‐ Profits/losses on assets disposals | ‐5.753 | 2.673 | ‐4.884 |
| ‐ Sel f‐constructed assets | ‐43 | ||
| ‐ Deferred taxes (+/‐) | ‐3.807 | 1 | 236 |
| ‐ Cash flow | ‐149 | 1.940 | ‐4.752 |
| ‐ Increase/decrease in inventories | ‐33.505 | ‐10.660 | ‐27.663 |
| ‐ Increase/decrease in receivables | ‐2.023 | 16.721 | 16.753 |
| ‐ Increase/decrease in debts | 18.908 | ‐35.323 | ‐27.763 |
| ‐ Increase/decrease in working capital | ‐16.620 | ‐29.262 | ‐38.673 |
| Cash from operating activities (+/‐) | ‐16.769 | ‐27.322 | ‐43.425 |
| Investments activities | |||
| ‐ Acquisitions of intangible and tangible assets | ‐94 | ‐146 | ‐226 |
| ‐ Acquisitions of financial investments | ‐13.964 | ‐51 | ‐1.051 |
| ‐ New loans | ‐2.344 | ‐5.888 | ‐8.665 |
| ‐ Subtotal of acquired investments | ‐16.402 | ‐6.085 | ‐9.942 |
| ‐ Disposal of intangible and tangible assets | 8 | 2 | 2 |
| ‐ Disposal of financial investments | 6.398 | 47.761 | 58.589 |
| ‐ Reimbursement of loans | 872 | 1.036 | |
| ‐ Subtotal of disinvestments | 6.406 | 48.635 | 59.627 |
| Cash from investment activities (+/‐) | ‐9.996 | 42.550 | 49.685 |
| Financial activities | |||
| ‐ Capital increase | 45 | 0 | 0 |
| ‐ Own shares | ‐101 | ‐1.102 | |
| ‐ New long‐term loans | 12.463 | 78.599 | 79.250 |
| ‐ Reimbursement of long‐term loans | ‐4.000 | ‐10.615 | |
| ‐ Dividends paid by parent company to its shareholders | ‐9.807 | ‐12.961 | ‐13.318 |
| ‐ Fees paid to the directors | ‐170 | ‐170 | ‐170 |
| Cash from financial activities (+/‐) | ‐1.570 | 65.468 | 54.045 |
| ‐ Changes in scope of consolidation and exchange rate | 1.149 | ‐55 | ‐374 |
| Net cash variation | ‐27.186 | 80.641 | 59.931 |
| ‐ Opening value of cash accounts in balance sheet | 75.514 | 15.583 | 15.583 |
| ‐ Closing value of cash accounts in balance sheet | 48.328 | 96.224 | 75.514 |
Inthousands of EUR
| ed ita l Issu c ap |
dg ing He res erv es |
har Ow n s es |
lida ted Co nso res erv es |
fit/ los f th Pro s o e rio d pe |
nsl ati tra on adj ts usm en |
Mi rity no int sts ere |
tal uit To Eq y |
|
|---|---|---|---|---|---|---|---|---|
| lan f Ba 01 .01 .20 10 ce a s o |
38 .88 0 |
( 8) 43 |
( 15) 5.1 |
89 .24 8 |
( 67) 4.7 |
( 6) 64 |
11 7.1 62 |
|
| fit/ los f th eri od Pro s o e p Oth lem f th all ult ent er e o s o e ver res s |
‐ ‐ |
‐ 114 |
‐ ‐ |
‐ ‐ |
( ) 1.5 99 ‐ |
‐ ( ) 1.5 33 |
( ) 86 ‐ |
( ) 1.6 85 ( ) 1.4 19 |
| al reh Tot ive inc co mp ens om e |
‐ | 11 4 |
‐ | ‐ | ( 99) 1.5 |
( ) 1.5 33 |
( 86) |
( 04) 3.1 |
| id div ide nd nd dir ' en titl Pa ect ent s a ors em s ha Ow s n res Sha bas ed ent re p aym Oth ers |
‐ ‐ ‐ ‐ |
‐ ‐ ‐ ‐ |
‐ ( ) 1.1 56 ‐ ‐ |
( 0) 12 .94 ‐ 39 9 ‐ |
‐ ‐ ‐ ‐ |
‐ ‐ ‐ ‐ |
‐ ‐ ‐ 170 |
( 0) 12 .94 ( ) 1.1 56 39 9 170 |
| lan f Ba 31 .12 .20 10 ce a s o |
38 .88 0 |
( 4) 32 |
( 71) 6.2 |
76 .70 7 |
( 99) 1.5 |
( 00) 6.3 |
( 1) 56 |
10 0.5 32 |
| Firs 2 01 0 t est s em er |
||||||||
| Ba lan f 01 .01 .20 10 ce a s o |
38 .88 0 |
( 8) 43 |
( 15) 5.1 |
89 .24 8 |
( 67) 4.7 |
( 6) 64 |
11 7.1 62 |
|
| fit/ los f th od Pro eri s o e p Oth lem f th all ult ent er e o s o e ver res s |
‐ ‐ |
‐ 42 |
‐ ‐ |
‐ ‐ |
( ) 1.7 12 ‐ |
‐ ( ) 2.2 82 |
12 ‐ |
( ) 1.7 00 ( ) 2.2 40 |
| al reh Tot ive inc co mp ens om e |
‐ | 42 | ‐ | ‐ | ( 12) 1.7 |
( ) 2.2 82 |
12 | ( ) 3.9 40 |
| id div ide nd nd dir ' en titl Pa ect ent s a ors em s ha Ow s n res Sha bas ed ent re p aym Oth ers |
‐ ‐ ‐ ‐ |
‐ ‐ ‐ ‐ |
‐ ( 6) 41 ‐ ‐ |
( 0) 12 .94 ‐ 198 ‐ |
‐ ‐ ‐ ‐ |
‐ ‐ ‐ ‐ |
‐ ‐ ‐ 114 |
( 0) 12 .94 ( 6) 41 198 114 |
| lan f Ba 30 .06 .20 10 ce a s o |
38 .88 0 |
( 6) 39 |
( 31) 5.5 |
76 .50 6 |
( 12) 1.7 |
( ) 7.0 49 |
( 0) 52 |
10 0.1 78 |
| Firs 2 01 1 t est s em er |
||||||||
| lan f 01 .01 .20 Ba 11 ce a s o |
38 .88 0 |
( 32 4) |
( 6.2 71) |
.10 8 75 |
‐ | ( 6.3 00) |
( 56 2) |
10 0.5 31 |
| fit/ los f th eri od Pro s o e p Oth lem f th all ult ent er e o s o e ver res s |
‐ ‐ |
‐ 13 1 |
‐ ‐ |
‐ ‐ |
8.4 81 ‐ |
‐ 1.9 02 |
( ) 35 ‐ |
8.4 46 2.0 33 |
| al reh ive inc Tot co mp ens om e |
‐ | 13 1 |
‐ | ‐ | 8.4 81 |
1.9 02 |
( 35) |
10 .47 9 |
| id div ide nd nd dir ' en titl Pa ect ent s a ors em s ha Ow s n res Sha bas ed ent re p aym |
‐ ‐ ‐ |
‐ ‐ ‐ |
‐ ( 2) 10 ‐ |
( ) 9.9 32 ‐ 96 |
‐ ‐ ‐ |
‐ ‐ ‐ |
‐ ‐ ‐ |
( ) 9.9 32 ( 2) 10 96 |
| Oth ers |
‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 30 8 |
30 8 |
| lan f Ba 30 .06 .20 11 ce a s o |
38 .88 0 |
( 3) 19 |
( 73) 6.3 |
65 .27 2 |
8.4 81 |
( 98) 4.3 |
( 9) 28 |
10 1.3 80 |
8
The half‐year consolidated financial statements of the Group of 30 June 2011 were adopted by the Board of Directors on 30 August 2011.
The consolidated accounts of 30 June 2011 were prepared in conformity with the IAS 34 standard relating to intermediate financial information.
The intermediate financial accounts do not include all the information which must be shown in the annual report and must be read alongside the annual report of 31 December 2010.
The evaluation rules adopted for the preparation of the consolidated financial situation of 30 June 2011 were not modified compared to the rules followed for the preparation of the annual report of 31 December 2010.
The life cycle of the real estate projects of ATENOR GROUP can be summarised in three major phases: the land purchase phase, the project development and construction phase and the marketing and sales phase. The length and process of these phases are neither similar nor comparable from one project to another.
Follow‐up and compliance with the planning of each of these projects are assured by the implementation of a regular communication system. Internal control is provided by:
As soon as a project reaches the construction phase, a monthly progress meeting is held with:
This communication system allows Atenor to determine, monitor and resolve all potential operational risks well in time.
| In thousands of EUR | |||
|---|---|---|---|
| 30.06.2011 | 30.06.2010 | 31.12.2010 | |
| CASH AND CASH EQUIVALENTS | |||
| Short‐term deposits | 240 | 274 | |
| Bank balances | 5.753 | 2.159 | 2.359 |
| Cash at hand | 45 | 39 | 42 |
| Total cash and cash equivalents | 5.798 | 2.438 | 2.675 |
| In thousands of EUR | |||
|---|---|---|---|
| Current | Non‐current | Total | |
| Up to 1 year | More than | ||
| 1 year | |||
| Movements on Financial Liabilities | |||
| On 31.12.2010 | 22.836 | 99.671 | 122.507 |
| Movements of the period | |||
| ‐ New loans | 10.464 | 1.000 | 11.464 |
| ‐ Reimbursement of loans | ‐8.966 | ‐8.966 | |
| ‐ Short‐term/long‐term transfer | |||
| ‐ Hedging of fair marketvalue | 40 | 40 | |
| ‐ Others | 6 | 66 | 72 |
| On 30.06.2011 | 24.380 | 100.737 | 125.117 |
| In thousands of EUR | |||
|---|---|---|---|
| 30.06.2011 | 30.06.2010 | 31.12.2010 | |
| Dividends on ordinary shares declared and paid during H1: | |||
| Final dividend for 2010: 2,00 EUR (2009 : 2,60 EUR) | 9.684 | 12.961 | 13.318 |
ATENOR GROUP does not offer any interim dividend.
| In thousands of EUR | |||
|---|---|---|---|
| INCOME TAX EXPENSE / INCOME ‐ CURRENT AND DEFERRED | 30.06.2011 | 30.06.2010 | 31.12.2010 |
| INCOME TAX EXPENSE/INCOME ‐ CURRENT | |||
| Current period tax expense Adjustments to tax expense/income of prior periods |
‐110 | ‐14 | ‐33 ‐10 |
| Total current tax expense, net | ‐110 | ‐14 | ‐43 |
| INCOME TAX EXPENSE/INCOME ‐ DEFERRED | |||
| Related to the current period Related to prior exercises (tax losses) |
1.477 2.330 |
‐1 | ‐237 |
| Total deferred tax expense | 3.807 | ‐1 | ‐237 |
| TOTAL CURRENT AND DEFERRED TAX EXPENSE | 3.697 | ‐15 | ‐280 |
ATENOR GROUP exercises its main activity of developing real estate promotion projects essentially in the area of office and residential buildings with relatively homogeneous characteristics and similar viability and risk profiles.
The activities of ATENOR GROUP form one single sector (Real Estate), within which the real estate development and promotion projects are not differentiated by nature or by geographical area. The primary segmentation (Real Estate) reflects the organization of the group's business and the internal reporting supplied by Management to the Board of Directors and to the Audit Committee. There is no secondary segment.
The ATENOR GROUP activity report provides more ample information on the results and purchases and sales during the reviewed period.
The lines "Property, Plant and Equipment" and "Investment Property" were only impacted by the amortisation expense and investments.
The line "Buildings intended for sale" increased as a result of the acquisition of the CITY DOCKS project (a 5.4 hectare plot in Anderlecht held by SA IMMOBILIERE DE LA PETITE ILE (IPI)), the completion of the acquisition of the TREBEL project, the ongoing construction at the HERMES BUSINESS CAMPUS (Romania), VACI GREENS (Hungary) and UP‐site complexes, taking into account the sale of a block of this project's offices to Ethias and the sale of the MEDIA GARDENS project to Aedifica.
As at 1 February 2011, Atenor Group issued a second tranche of 53,200 options on own shares intended for members of Management and staff. These options can be exercised during the periods from 10 March to 10 April 2015 and from 2 to 30 September 2015 at the unit price of € 33.40, i.e. the average closing price of the quotes for the 30 days preceding the issue date.
The valuation of these options will be based on the following parameters:
| In thousands of EUR | |||
|---|---|---|---|
| Sums due to related parties |
Sums due to the group from related parties |
||
| ‐ IMMOANGE share of the group : 50% |
‐ | 12.118 | |
| ‐ VICTOR PROPERTIES share of the group : 50% |
‐ | 582 | |
| ‐ SOUTH CITY HOTEL share of the group : 40% |
‐ | 4.176 |
It will be recalled that SOUTH CITY HOTEL is a company consolidated by the equity method. Within the framework of the VICTOR project, a partnership was implemented with CFE in order to be able to develop a major mixed project. This partnership (50/50) has led to the consolidation by the equity method of the companies IMMOANGE, VICTOR PROPERTIES and VICTOR ESTATES.
No other important change was made concerning the related parties.
ATENOR GROUP does not use derivative instruments for trading purposes. No new contract was implemented to cover rate hedges or foreign exchange hedges in the first six months of 2011.
The derivative item (in the current assets and non‐current liabilities) concerns the fair market value of the "interest rate swaps" acquired by ATENOR GROUP s.a. within the framework of its long‐term financing. The counterparty of the "Cash flow hedges" is booked in equity. The changes in value of the derivatives categorised as "Fair value hedges" are booked as results in accordance with the changes in the fair value of the covered liabilities attributable to the covered risk.
| MOVEMENTS IN OWN SHARES | Amount (In thousands of EUR) |
Number of own shares |
|---|---|---|
| On 01.01.2011 (average price of 40.60 € per share) | 6.271 | 154.452 |
| Movements during the period ‐ acquisitions ‐ sales |
102 | 3.061 |
| Own shares as of 30.06.2011 (average price 40.46 € per share) | 6.373 | 157.513 |
| Number of shares to obtain in order to cover | Number of shares | |
| ‐ stock options plan 2007 | 47.800 | |
| ‐ stock options plan 2008 | 51.100 | |
| ‐ stock options plan 2009 | 50.600 | |
| ‐ stock options plan 2010 | 46.800 | |
| ‐ stock options plan 2011 | 52.300 | |
| TOTAL | 248.600 |
The number of options of the SOPs from 2007 to 2011 is part of a stock option plan of a total of 300,000 existing shares.
No important event occurring since 30 June 2011 must be noted.
Stéphan SONNEVILLE s.a., CEO and President of the Executive Committee and the Members of the Executive Committee, of which, Mr Sidney D. BENS, CFO, acting in the name of and on behalf of ATENOR GROUP SA attest that to the best of their knowledge,
1 Affiliated companies of ATENOR GROUP in the sense of article 11 of the Company Code
We have performed a limited review of the accompanying consolidated condensed balance sheet, condensed statement of comprehensive income, consolidated statement of cash flows, and condensed statement of changes in equity and selective notes (jointly the "interim financial information") of ATENOR GROUP SA ("the company") and its subsidiaries (jointly "the group") for the six months period ended 30 June 2011.
The Board of Directors of the company is responsible for the preparation and fair presentation of this interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review. The interim financial information has been prepared in accordance with IAS 34 ‐ Interim Financial Reporting as adopted by the European Union.
Our limited review was conducted in accordance with the recommended auditing standards on limited reviews applicable in Belgium, as issued by the "Institut des Reviseurs d'Entreprises/Instituut der Bedrijfsrevisoren". A limited review consists of making inquiries of group management and applying analytical and other review procedures to the interim financial information and underlying financial data. A limited review is substantially less in scope than an audit performed in accordance with the auditing standards on consolidated annual accounts as issued by the "Institut des Reviseurs d'Entreprises/Instituut der Bedrijfsrevisoren". Accordingly, we do not express an audit opinion.
Based on our limited review, nothing has come to our attention that causes us to believe that the interim financial information for the six months period ended 30 June 2011 is not prepared, in all material respects, in accordance with IAS 34 ‐ Interim Financial Reporting as adopted by the EU.
Brussels, August 30, 2011
MAZARS ‐ Certified Public Auditors SCCRL, Statutory auditor, Represented by
Philippe GOSSART
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