Earnings Release • Feb 28, 2014
Earnings Release
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Regulated information
Housing life
5 Average occupancy rate over the entire financial year 2013, expressing the percentage of rents generated by occupied buildings, including rental guarantees on unoccupied properties, compared to the total rents of the occupied properties and of the estimated rental value (ERV) of the unoccupied properties.
1 See the definition in the table with the consolidated results hereafter.
2 In comparison with the gross dividend of € 3.25 distributed for the financial year 2012.
3 The result data per share recorded in this press release are calculated on the basis of the average number of shares entitled to dividends for the financial year 2013.
4 The net asset value per share is calculated on the basis of the number of existing shares on 31 December 2013, excluding the 12 912 shares held in auto-control (IAS 33, paragraph 20).
At the end of 2013 Home Invest Belgium generates an operating result before the portfolio result of € 12.4 million, a progress by 13.2% in comparison with the result of the financial year 2012.
The net current result doubles in comparison with 2012, and this mainly by the positive fair value of the hedges, and amounts to € 10 million; the net current result excluding IAS 39, real benchmark for the operating profitability of the sicafi, increases by 5.4% and amounts to € 8.5 million in comparison with the level of 2012 (€ 8.1 million).
The portfolio result – comprising the realized capital gains and the changes (in + and in -) in fair value of the buildings in operation – amounts to € 14.9 million and progresses by € 8.2 million in comparison with the financial year 2012.
The distributable result – comprising the capital gains to distribute, realized during the financial year – increases again (+4.9%) and evolves from € 10.9 million in 2012 to € 11.5 million in 2013.
These good results prove Home Invest Belgium's capacity, despite a still difficult economic context, to benefit from the opportunities offered by the sector of residential property for letting (apartments and single family homes) – its core business – that allow it to generate capital gains in the interest of its shareholders.
The board of directors has thus decided to propose to the ordinary general meeting of shareholders that will be held on next 6 May, to distribute a dividend of € 3.50 gross per share, compared to € 3.25 gross a year ago, or a growth per unit by 7.7%.
This remuneration corresponds to a pay out ratio of 93.03% (88.37% in 2012).
On 31 December 2013 Home Invest Belgium holds a portfolio of investment properties in operation of 75 buildings spread across 44 sites in Belgium and with a total surface of +/- 148 000 m².
On the balance sheet, the fair value of the investment properties in operation and the development projects amounts to € 306.8 million on 31 December 2013 compared to € 242.7 million on 31 December 2012, or an increase by 26%.
The acquisition of the assets of the real estate certificate "Louvain-la-Neuve" had an impact on the fair value of the investment properties as of the 1st quarter of 2013.
At constant portfolio, without the development projects, the fair value of the investment properties in operation (excluding the assets held for sale) amounts to € 290.4 million compared to € 241.8 million a year ago, or a rise by 20.1%.
The investment properties1 located in the Brussels-Capital Region currently represent 65.6% of this portfolio; those in the Walloon Region represent 22.4% and those in the Flemish Region 12.0%.
1 Excluding assets held for sale.
The breakdown of this portfolio1 , calculated on the basis of the fair value of the investment properties is as follows: 73.7% residential buildings (of which 60.8% apartments, 7.2% furnished apartments, 3.7% single family homes and 2.0% of nursing homes), 17% of commercial spaces, 5.3% of office spaces and 4% of the surface of an "appart hotel".
Since the new program law of 27 December 2012, at least 80% of the total value of the property of Home Invest Belgium has to be directly invested in buildings located in a Member state of the European Economic Area and has to have an exclusive residential purpose or use. The residential sicafi (among which Home Invest Belgium) have a transition period of 2 years to comply, taking into account that the threshold before the program law was only 60% of the total value of the property. On 31 December 2013, as described above, Home Invest Belgium owns a portfolio of 73.7% of buildings with an exclusively residential purpose or use. Home Invest Belgium will consequently do everything that is possible to reach this 80% threshold in the course of 2014.
At the end of the financial year, the net asset value per share amounts to € 64.09, an increase by 9.1%.
The average occupancy rate for the entire 2013 financial year amounts to 94.96%, an improvement in comparison with the rate of the financial year 2012 (94.16%).
Finally, the closing price of the Home Invest Belgium share on Euronext Brussels on 31 December 2013, last listing day of the financial year, amounted to € 76, a progress by 7% (in comparison with € 71 end-2012), or a premium of 18.6% in comparison with the net asset value at the end of the financial year.
u Important events of the financial year 2013
01 Acquisitions
On 25 January 2013 Home Invest Belgium has signed the notarial deed with regard to the acquisition of 3 buildings ("CV9", "CV10" en "CV18") located in the heart of hart van Louvain-La-Neuve, of which the rights in rem were previously held by the real estate certificate "Louvain La Neuve 1976", managed by the SA Immobel and the SA AG Real Estate Asset Management.
This transaction is characterized by the fact that this relates to the transfer of a leasehold on the related plots, granted by the UCL for a term of 50 years that expires in 2026, and to the transfer of the buildings built on these plots based on the leasehold. In 2026 UCL will become the owner of the buildings, with the obligation:
1 Excluding assets held for sale.
This major acquisition relates to a surface of +/- 23 000 m², of which 40% has a housing purpose, 36% is intended for commercial use and the balance for offices and auditoria. The building "CV9" that is part of a co-ownership, is for 447.75/1,000 of the common parts of the building owned by Home Invest Belgium, to be augmented by the private parts of the building, among which the long lease.
The rights in rem of the certificate were revaluated at € 34.4 million, including cost of the deed, and offer a gross initial yield of approximately 8.4%. The results of this important investment are reflected for the first time in the financial statements of the financial year 2013, and more specifically, in a substantial rise of the rental income of the sicafi and of the fair value of its real estate portfolio. Parallel, this operation has partly contributed to an increase of the debt ratio of the company (that has increased from 30.9% on 31 December 2012 to 38.4% on 31 December 2013).
Within the scope of its new strategic line, consisting of developing projects for own account in order to rejuvenate its portfolio and to invest in sustainable projects, Home Invest Belgium has signed on 8 July 2013 a purchase agreement with the King Baudouin Foundation relating to three plots with buildings to be demolished situated at an exceptional location, i.e. the back side of the Royal Palace and in front of the Place du Trône in 1000 Brussels. A town-planning permit has been issued for the entirety, which allows for the realization of a property project consisting of 14 apartments and 2 offices, and also 17 parking spaces. The project was conceived with a particular interest for a sustainable development and an optimal energy performance of the building under construction.
Within the framework of this transaction, parties have agreed to a valuation of the project at € 2.6 million, which should allow generating a gross initial yield of +/- 5.6%.
After the acquisition Home Invest Belgium has entrusted to its subsidiary Home Invest Development the optimization of the inner spaces of the project. That way, the sicafi has obtained at the end of the financial year a modifying town-planning permit to realize 14 apartments, 1 studio, 1 office and 15 parking spaces.
On 17 October 2013 Home Invest Belgium has acquired the entirety of the shares of the SPRL Charlent 53 Leasehold, holder of a right in rem of leasehold till in 2056 on a building located at the angle of the rue Maurice Charlent 51-53 and the rue Jules Cockx in Auderghem.
The building is close by the universities ULB and VUB. The acquisition of the shares is subject to the condition of obtaining the permits allowing the reconversion of the existing office building into a building with multiple housing units for students and young professionals. On 14 January 2014 the town-planning permit for the realization of 127 housing units was obtained.
Obtaining the required definitive and executory permits, free from any recourse, will entail the payment of sums due to the sellers. In the case of the non-realization of this condition before 31 December 2014, the operation will be considered to be null and non-existing following the application of the resolutive condition.
The residual property rights (bare ownership) relating to this building are owned by the SPRL Charlent 53 Freehold of which the shares were acquired by Home Invest Development.
The full ownership value of the building agreed upon, based on which the acquisition price of the shares of both SPRL's has been calculated, amounts to € 5.1 million; according to the current estimates, this operation should generate a gross initial yield of +/- 6.5 % after reconversion.
On 3 December 2013 Home Invest Belgium became the owner of a building located in the heart of the Leopold District at the rue Montoyer 25 in 1000 Brussels. This building was previously held by the Greek fund "Hellenic Republic Asset Development Fund".
It comprises +/- 2 900 m² of offices and benefits from an outstanding location in the immediate neighbourhood of the Place du Luxembourg. Home Invest Belgium wishes to transform this building into a residential building and will to anything necessary to introduce the requests for permits and necessary approvals in the course of the first quarter of 2014.
The building should generate a gross initial yield of +/- 6% after reconversion.
On 18 December 2013 the acquisition of the building Avenue Marcel Thiryl 204C in 1200 Woluwe-Saint-Lambert took place.
This relates to a building that was previously held by a special German fund of IVG Institutional Funds GmbH.
1 This condition consists of the absence of the issue, before 31/12/2014, of the definitive and executory permits, free from any recourse.
It comprises +/- 7 700 m² of gross office space and 157 parking spaces, on a global plot of +/- 6 500 m², of which +/- 2 000 m² still have to be developed.
Within the framework of this transaction, both parties have agreed on a price of € 7.85 million, that, according to the current reconversion budget forecast, should allow for a gross initial yield of +/- 6%, after reconversion. Home Invest Development, appointed as principal by the sicafi, is charged, in the course of the first quarter, with defining the preliminary design and executing the preliminary works in view of introducing a request for a townplanning permit for the reconversion.
As the sicafi is soon to become the owner of the adjacent building (the "Ariane" project) for which the permit for reconversion into a residential building has been granted on 16 January 2014, Home Invest Belgium will be even better equipped to manage the reconversion of the site, that benefits from an enviable location and surroundings.
On 18 December 2013 Home Invest Belgium and bpost have signed a pre-sales agreement relating to the acquisition by the sicafi of a building situated in Kraainem, at the angle of the Avenue Reine Astrid and the Avenue de Wezembeek, in the proximity of the Place Dumon, built on a plot of +/- 3 360 m². This sales remains however subject to the non-execution of the pre-emptive right foreseen by the "Vlaamse Wooncode". In the hypothesis of non-execution of the pre-emptive right, Home Invest Belgium will become the owner of the building in the course of the first quarter of 2014.
Home Invest Belgium foresees the demolition of the current building, used as a post office, and the construction of a residential building with commercial space on the ground floor, and will introduce hereto the necessary requests for permits.
The acquisition price amounts to € 2.6 million that, taking into account the current outlook, should generate an initial yield of +/- 6%, after reconversion.
• On 18 February 2013 the provisional delivery of a mansion, consisting of 6 apartments, located rue Belliard 21 in 1000 Brussels, in the heart of the Leopold District, took place. As a reminder, the group Nexity IG has executed the renovation works of this building. In the course of the financial year, and with letting internally managed, the sicafi succeeded in renting all the spaces.
• In its capacity of competent principal, Home Invest Development has in 2013 in particular managed the following development projects for own account of the sicafi:
(a) the Ariane project (as a reminder, this building is located Avenue Marcel Thiry 208 in 1200 Woluwe-Saint-Lambert, is still owned by the company Axa Belgium SA): Home Invest Belgium will become the owner after obtaining the definitive permit, and free of any recourse, to allow its reconversion into a residential building: the preliminary study for obtaining the permit allowing the reconversion into a residential building has been completed in the meanwhile, and the town-planning permit has just been issued by the executive board of the municipality on 16 January 2014;
(b) lthe Pépinière-Brederode project (acquired on 8 July 2013 from the King Baudouin Foundation): the works have started in the course of the third quarter of 2013, the interior design plans have been optimized, and the sicafi has obtained on 27 December 2013 an adjusted town-planning permit to build 14 apartments, 1 studio, 1 office and 15 parking spaces (instead of 14 apartments, 2 offices and 17 parking spaces foreseen by the initial town-planning permit obtained by the King Baudouin Foundation that was transferred to Home Invest Belgium);
(c) the Maurice Charlent project (Home Invest Belgium has acquired the shares of the SPRL BVBA Charlent 53 Leasehold on 17 October 2013): the Home Invest Development team has closely collaborated with the sellers within the scope of the preliminary study for obtaining the permit (expected in the course of the first quarter of 2014) allowing the reconversion into a building with different smaller housing units for students and young professionals. The town-planning permit has, for that matter, been issued by the executive board of the municipality on 14 January 2014;
(d) the Montoyer 25 project (acquired by the sicafi on 3 December 2013): the preliminary study for obtaining the permit allowing the reconversion into a residential building has started in view of introducing the request for a permit in the course of the first half-year of 2014.
• The sicafi has also entrusted to its subsidiary Home Invest Development the study for optimizing the residential part of the building Galerie de l'Ange in 5000 Namur (5 additional apartments are foreseen; the permit for the 4 additional apartments has been obtained in the meanwhile, allowing for the start-up of the construction; for the last apartment, the permit is expected in the course of the first quarter of 2014).
• Finally, Home Invest Development has conducted the study for the renovation and modernization works of the apartment building and the commercial space of the Avenue Charles Woeste in 1090 Brussels (these spaces are part of a co-ownership, the projects were submitted for a preliminary agreement to the general meeting of the co-ownership on 18 February 2014).
In accordance with the 4th strategic axis of the company, i.e. the selective arbitrage on the portfolio, Home Invest Belgium has continued the lot per lot sale of units of its residential assets (mainly apartment blocks).
| Financial year 2013 |
Financial year 2012 |
Financial year 2011 |
Financial year 2010 |
|
|---|---|---|---|---|
| Number of buildings concerned for sale | 13 | 17 | 11 | 5 |
| Net selling price (excl. transaction costs) | € 10.3 million | € 12.5 million | € 7.8 million | € 4 million |
The different sales of the financial year 2013 have allowed to book a net realized capital gain of € 2.5 million compared to the latest fair value of the buildings sold.
This substantial capital gain allows to reinforce the distributable result to shareholders for the financial year 2013 and confirms the importance of the arbitrage as a strategic axis of Home Invest Belgium, notwithstanding a persisting weak economy.
The average occupancy rate1 for the entire financial year 2013 amounts to 94.96%, or an improvement of 0.8% in comparison with the financial year 2012 (94.16%), in a still difficult rental market, mainly in the high-end segment.
In the course of the financial year 2013 the sicafi has insourced the technical, administrative and commercial management of the majority of its buildings in the Brussels region, leaving the management of the other buildings to external, carefully selected property managers and syndics.
An IT-employee has been hired at the end of 2013 in order to better respond to the IT-needs related to the expansion and the specific activities of management and development of the company.
In the course of the financial year 2013 Home Invest Belgium's policy was to increase the number of funding sources and to extend the average duration of its credit lines and hedges. That way, the sicafi has concluded two new credit lines:
At the same time, the company has re-negotiated an IRS of € 20 million, concluded with ING, with expiry date in November 2020, and has concluded two new IRS contracts with Belfius Bank for a total amount of € 20 million, that expire in July 2019.
Thanks to these agreements, the average interest to be paid could be reduced to 3.52% on 31 December 2013, compared to 3.53% on 31 December 2012, while the weighted average duration of the credit lines could be increased to 3 years and 1 month at the closing of the financial year, compared to 2 years and 10 months on 31 December 2012. The average duration of the hedges could be improved to 4 years and 2 months.
Approximately € 40 million of bank credits expire at the end of 2014, of which a part has already been renewed in January 2014 in collaboration with ING Bank; for the balance, different re-funding proposals are being examined, that should lead to the conclusion of new contracts by the end of the 1st half-year of 2014.
All these elements substantially contribute to an increased securing of the credit and hedging portfolio of Home Invest Belgium.
1 The occupancy rate expresses the percentage of the rents generated by the occupied buildings, increased by the rental guarantees of the non occupied buildings, in relation to the total amount of the rents of the occupied buildings and the estimated rental value (ERV) of the non occupied buildings.
| 31/12/13 | 31/12/12 | |
|---|---|---|
| I. Rental income (+) | 19 353 320 | 16 814 467 |
| III. Rental-related expenses (+/-) | -252 403 | -312 211 |
| NET RENTAL RESULT | 19 100 917 | 16 502 255 |
| IV. Recovery of property charges (+) | 90 977 | 116 604 |
| V. Recovery of charges and taxes normally borne by the tenant on let properties (+) | 662 528 | 404 700 |
| VII. Charges and taxes normally borne by the tenant on let properties (-) | -2 021 064 | -1 628 894 |
| VIII. Other revenues and expenditures related to the renting (+/-) | -778 | 1 346 |
| PROPERTY RESULT | 17 832 578 | 15 396 011 |
| IX. Technical costs (-) | -1 110 397 | -1 157 926 |
| X. Commercial costs (-) | -539 042 | -482 542 |
| XI. Taxes and charges on unlet properties (-) | -255 581 | -156 258 |
| XII. Property management costs (-) | -2 557 758 | -1 997 825 |
| XIII. Other property costs (-) | -25 566 | 0 |
| PROPERTY COSTS | -4 488 344 | -3 794 551 |
| PROPERTY OPERATING RESULT | 13 344 234 | 11 601 461 |
| XIV. General corporate expenses (-) | -682 319 | -648 065 |
| XV. Other operating income and charges (+/-) | -263 587 | 0 |
| OPERAT ING RESULT BEFORE PORT FOLIO RESULT | 12 398 328 | 10 953 396 |
| XVI. Result on sale of investment properties (+/-) | 2 517 584 | 2 835 426 |
| XVIII. Changes in fair value of investment properties (+/-) | 12 387 402 | 3 856 947 |
| OPERATING RESULT | 27 303 314 | 17 645 768 |
| XX. Financial income (+) | 101 768 | 114 348 |
| XXI. Net interest charges (-) | -4 035 036 | -2 935 804 |
| XXII. Other financial charges (-) | -69 590 | -50 747 |
| XXIII. Changes in fair value of financial assets and liabilities (+/-) | 1 501 542 | -3 124 636 |
| FINANCIAL RESULT | -2 501 317 | -5 996 839 |
| PRE-TAX RESULT | 24 801 997 | 11 648 929 |
| XXIV. Corporation tax (-) | 105 340 | -16 944 |
| TAXES | 105 340 | -16 944 |
| NET RESULT | 24 907 336 | 11 631 985 |
| NET RESULT ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY | 24 907 336 | 11 631 985 |
| NET RESULT PER SHARE | 8.18 | 3.82 |
| Average number of shares (1) | 3 043 231 | 3 043 231 |
| NET CURRENT RESULT (excluding the items XVI. XVII. XVIII. and XIX.) | 10 002 351 | 4 939 612 |
| NET CURRENT RESULT PER SHARE (excluding the items XVI. XVII. XVIII. and XIX.) | 3.29 | 1.62 |
| NET CURRENT RESULT EXCLUDING IAS 39 (excluding the items XVI. XVII. XVIII. XIX. and XXIII.) | 8 500 809 | 8 064 248 |
| NET CURRENT RESULT EXCLUDING IAS 39 PER SHARE (excluding the items XVI. XVII. XVIII. XIX. and XXIII.) |
2.79 | 2.65 |
| PORTFOLIO RESULT (XVI. to XIX.) | 14 904 985 | 6 692 372 |
| PORTFOLIO RESULT PER SHARE (XVI. to XIX.) | 4.90 | 2.20 |
| DISTRIBUTABLE RESULT | 11 495 870 | 10 960 219 |
| DISTRIBUTA BLE RESULT PER SHARE | 3.78 | 3.60 |
| Operating margin (Operating result before the portfolio result) / Property result | 69.53% | 71.14% |
| Operating margin before tax (Pre-tax result – portfolio result) / Property result | 55.50% | 32.19% |
| Net current margin (Net result – portfolio result) / Property result | 56.09% | 32.08% |
| Proposed dividend per share | 3.50 | 3.25 |
(1) Calculated excluding the 12 912 Home Invest Belgium treasury shares (IAS 33, paragraph 20).
The net rental result amounts to € 19.1 million on 31 December 2013 compared to € 16.5 million in 2012, an increase by 15.8%, thanks to the growth of the number of buildings in operation and not withstanding the lot per lot sales that often entail an early departure of the tenants.
After allocation of the rental charges and taxes, that mainly consist of the property tax, and the recovery of rental charges and taxes, the property result amounts to € 17.8 million in comparison with € 15.4 million in 2012, a growth of 15.8%.
After deduction of the total costs related to the technical management, the commercial activity, the internal and external management and the maintenance of the buildings, the property operating result amounts to € 13.3 million compared to € 11.6 million the previous year, a growth by 15%.
After deduction of the general expenses of the company, relating namely to its stock listing and its sicafi status, the operating result before the portfolio result amounts to € 12.4 million in comparison with € 11 million in 2012, an increase by 13.2%. The operating margin however decreases from 71.1% to 69.5%.
The portfolio result increases from € 6.7 million in 2012 to € 14.9 million in 2013, under the influence of latent capital gains on the portfolio and the realized capital gains of € 2.5 million.
After taking into account the financial charges and taxes, the net result of Home Invest Belgium progresses from € 11.6 million in 2012 to € 24.9 million in 2013, an increase by € 13.3 million. The net current result then grows from € 4.9 million to € 10 million under the influence of the positive changes in fair value of the hedges (impact IAS 39). The net current result excluding IAS 39 increases by 5.4%, while the distributable result again significantly rises from € 11 million to € 11.5 million (+4.9%).
| 31/12/13 | 31/12/12 | |
|---|---|---|
| ASSETS | ||
| I. Non-current assets | 307 933 429 | 244 014 260 |
| B. Intangible assets | 16 049 | 5 808 |
| C. Investment properties | 306 753 952 | 242 718 208 |
| D. Other tangible assets | 122 902 | 161 975 |
| E. Non-current financial assets | 76 012 | 51 517 |
| F. Finance lease receivables | 964 515 | 1 076 752 |
| II. Current assets | 17 166 414 | 26 378 591 |
| A. Assets held for sale | 9 402 061 | 17 349 556 |
| C. Finance lease receivables | 112 237 | 105 379 |
| D. Trade receivables | 3 199 473 | 4 779 961 |
| E. Tax receivables and other current assets | 296 970 | 1 306 827 |
| F. Cash and cash equivalents | 3 882 740 | 2 634 188 |
| G. Deferred charges and accrued income | 272 933 | 202 681 |
| TOTAL ASSETS | 325 099 843 | 270 392 851 |
| SHAREHOLDERS' EQUITY | ||
| A. Capital | 73 469 670 | 73 469 670 |
| B. Share premium account | 19 093 664 | 19 093 664 |
| C. Reserves | ||
| a. Legal reserve (+) | 98 778 | 98 778 |
| b. Reserve from the balance of changes in fair value of investment properties (+/-) | 90 909 201 | 89 588 625 |
| c. Reserve from estimated transfer costs and rights resulting from hypothetical disposal of investment properties (-) |
-25 730 630 | -25 133 105 |
| d. Reserve from the balance of changes in fair value of authorized hedges to which hedge accounting according to IFRS is applied (+/-) |
-671 198 | -1 958 774 |
| h. Reserve for treasury shares (-) | -757 323 | -757 323 |
| m. Other reserves (+/-) | 1 259 467 | 1 259 467 |
| n. Result carried forward from previous financial years (+/-) | 12 446 842 | 11 428 410 |
| D. Net result of the financial year | 24 907 336 | 11 631 985 |
| SHAREHOLDERS' EQUITY | 195 025 808 | 178 721 397 |
| LIABILITIES | ||
| I. Non-current liabilities | 79 471 529 | 71 810 647 |
| B. Non-current financial debts | 75 000 000 | 64 550 000 |
| C. Other non-current financial liabilities | 4 471 529 | 7 260 647 |
| II. Current liabilities | 50 602 505 | 19 860 808 |
| B. Current financial debts | 47 382 687 | 16 162 666 |
| D. Trade debts and other current debts | 2 290 190 | 2 486 593 |
| E. Other current liabilities | 120 734 | 554 506 |
| F. Accrued charges and deferred income | 808 895 | 657 043 |
| LIABILITIES | 130 074 035 | 91 671 455 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 325 099 843 | 270 392 851 |
| Number of shares at end of period (1) | 3 043 231 | 3 043 231 |
| Net asset value | 195 025 808 | 178 721 397 |
| Net asset value per share | 64.09 | 58.73 |
| EPRA NAV (2) | 65.55 | 61.11 |
| Debt | 124 793 611 | 83 753 765 |
| Debt ratio | 38.39% | 30.97% |
(1) Number of shares at end of period is calculated with the exclusion of 12 912 held in auto-control.
(2) "EPRA NAV" corresponds to the net asset value, adjusted in order to exclude, among others, the fair value of the financial hedging instruments.
The consolidated debt ratio amounts to 38.39% on 31 December 2013, compared to 30.97% on 31 December 2012, and this, following the acquisitions realized in the course of the financial year 2013. Home Invest Belgium consequently has a debt capacity of nearly € 80 million without exceeding the 50%-level as of when, according to the provisions of the Royal Decree of 7 December 2010 (article 54), the sicafi should develop a financial plan under the control of the FSMA.
The board of directors will propose to the ordinary general meeting of shareholders of 6 May 2014 to distribute a gross dividend of € 3.50 per share (compared to € 3.25 in 2012), which corresponds to 92.65% of the consolidated distributable profit of the financial year and, at a statutory level, to 93.03% of the distributable profit of the financial year.
Since 1 January 2013, following the legislation that is currently applicable, this dividend is subject to a withholding tax of 15%, resulting in a proposed net dividend of € 2.9750.
The dividend will be payable as of 16 May 2014 by automatic transfer to holders of registered or dematerialised shares, and at branches of BNP Paribas Fortis upon presentation of coupon no 17.
| ISIN BE0003760742 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|
| Share price (in €) | ||||
| Highest | € 82.35 | € 72.00 | € 67.99 | € 61.50 |
| Lowest | € 69.27 | € 62.90 | € 58.87 | € 53.00 |
| On the last day of the financial year | € 76.00 | € 71.00 | € 64.05 | € 60.50 |
| Average price | € 76.03 | € 68.59 | € 62.99 | € 56.60 |
| Return of the gross dividend (1) | 4.61% | 4.58% | 4.68% | 5.45% |
| Dividend (in €) | ||||
| Gross | € 3.50 | € 3.25 | € 3.00 | € 2.75 |
| Net (2) | € 2.9750 | € 2.7625 | € 3.00 | € 2.75 |
| Volume | ||||
| Average daily volume | 703 | 1 136 | 902 | 833 |
| Annual volume | 179 166 | 289 644 | 222 912 | 201 493 |
| Total number of shares on 31 December | 3 056 143 | 3 056 143 | 3 056 143 | 2 931 334 |
| Market capitalisation on 31 December | € 232 million | € 217 million | € 197million | € 171 million |
| Free float | 50.24% | 47.01% | 46.83% | 49.65% |
| Velocity (3) | 11.67% | 20.16% | 15.40% | 13.85% |
| Payout ratio (statutory) | 93.03% | 88.37% | 84.61% | 89.06% |
The table below illustrates the key figures of the shares over the last financial years.
(1) Gross dividend of the financial year divided by the last share price of the financial year.
(2) The withholding tax stands at 15% as from 1 January 2013.
(3) Number of shares traded / free float on 31 December 2013.
A new credit line for an amount of € 40 million has been concluded at the end of January 2014 with ING Bank, with final expiry date 15/11/2020.
Based on the outlook developed for the 2014 financial year, the board of directors of Home Invest Belgium confirms its confidence in the continuance of the growth of the results of the company, by actively pursuing investment and development opportunities that can generate capital gains for its shareholders, and by managing its portfolio in an active way, by rejuvenating and improving it, always aware of its tenant's needs. A focused arbitrage policy of assets, which do no longer belong to the core activities of the sicafi, has been decided by the board of directors and will be further elaborated in the course of the following months.
The statutory auditor, Karel Nijs, has completed his audit and confirmed that the accounting information contained in this press release1 calls for no reservation on his part and that he will deliver a statement without reservations.
Since 1 August 2013 Mr Alexander Hodac2 has joined the sicafi as Chief Commercial Officer (CCO). It is his specific mission to identify and analyse investment opportunities. With the agreement of the FSMA, he joined the executive management of the company.
Following the departure of the managing director (Mr Xavier Mertens)3 on 15 January 2014, the temporary direction of the company has been entrusted to the executive management – which consists today of the Chief Financial Officer (CFO – Mr Jean-Luc Colson4 ), the Chief Operating Officer (COO – Mr Filip Van Wijnendaele5 ) and the Chief Commercial Officer (CCO – Mr Alexander Hodac2 ).
The board of directors, assisted by the nomination and appointments committee, is in the final phase of recruitment of the new managing director and will shortly inform the market on this matter.
On 7 May 2013, with the agreement of the FSMA, the ordinary general meeting of Home Invest Belgium has renewed the mandate of the auditor, Mr Karel Nijs, statutory auditor, situated in B-2600 Antwerp, Potvlietlaan 6, for a term of 3 years that ends after the ordinary general meeting of 2016, and has fixed his remuneration at € 26 800 on an annual basis, to be augmented by VAT, and indexed.
1 This statement cannot, however, be considered as an opinion on the completeness or adequacy of the information published in this press release.
2 Permanent representative of the SPRL AHO Consulting.
3 Cf. our press release of 26 November 2013.
4 Permanent representative of the SPRL Ylkatt.
5 Permanent representative of the SPRL FVW Consult.
Subject to the approval of the FSMA, will be proposed to the next ordinary general meeting of 6 May 2014
Following the resignation of Mr Guy Van Wymersch-Moons, the board of directors has appointed a Chairman a.i. in the person of Mr Guillaume Botermans, who ensures the Chairmanship of the board of directors since 26 November 2013.
2014
2015
| Thursday 3 April 2014 |
|---|
| Tuesday 6 May 2014 |
| Tuesday 6 May 2014 |
| Friday 16 May 2014 |
| Friday 29 August 2014 |
| Friday 14 November 2014 |
| Press release year results 2014 | Friday 27 February 2015 |
|---|---|
| Posting of the annual report on the website | Thursday 2 April 2015 |
| Ordinary General Meeting of the 2015 financial year | Tuesday 5 May 2015 |
| Interim statement: results on 31 March 2015 | Tuesday 5 May 2015 |
| Payment of the dividend for the 2014 financial year | Friday 15 May 2015 |
Chief Financial Officer Home Invest Belgium SA Boulevard de la Woluwe 60, Bte 4, B - 1200 Brussels Tel: 02/740.14.52 - Fax : 02/740.14.59 E-mail: [email protected]
Home Invest Belgium is a residential Sicafi, created in June 1999 and listed on the continuous market of NYSE Euronext Brussels.
At 31 December 2013, its operating portfolio consisted of 75 buildings on 44 sites with a total surface area of +/- 148 000 m² and a fair value of approximately € 290 million, excluding development projects and assets held for sale.
Its activities are controlled by the Financial Services and Markets Authority (FSMA).
At 31 December 2013, the total market capitalization of Home Invest Belgium amounted to € 232 million.
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