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Nextensa SA — Interim / Quarterly Report 2015
Feb 18, 2016
3982_er_2016-02-18_a93f9ca2-384f-4c2e-bf71-63391d524c68.pdf
Interim / Quarterly Report
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www.leasinvest.be
Regulated information under embargo till 18/02/2016 – 7.30 AM
Leasinvest Real Estate – Year results financial year 2015
- Global real estate portfolio1 increases to € 940 million thanks to the acquisition of the Royal Depot at the Tour & Taxis site
- Net asset value (group share) per share EPRA of € 81.3 (+ 7.6%)
- The outlook for 2015 has been confirmed by the realized figures
- High occupancy rate of the real estate portfolio at 96%
- Rental income stable at € 50.5 million
- Net current result is in line with 2014 and amounts to € 25.6 million
- Net result amounts to € 30.6 million (2014: € 32.6 million)
- Dividend increase to € 4.70 gross per share (+ 3.2%)
1 The global real estate portfolio consists of the direct (buildings) and indirect (mainly participation in Retail Estates) real estate portfolio.
1. Activity report
1. 1 Investments and divestments
INVESTMENTS
Belgium
Acquisition Royal Depot at Tour & Taxis site in Brussels
On 17 December 2015 Leasinvest Real Estate (LRE) has acquired 100% of the shares of T&T Royal Depot SA from Extensa Group SA, owner of the iconic building called 'Royal Depot', on the basis of a long-term lease initially granted by the Port of Brussels 2 . This acquisition represents a fair value of € 108 million3 with a yearly rental income of € 6.06 million resulting in an initial yield of 5.61%, in line with the market. The funding of this acquisition was entirely secured by using available credit lines.
The construction of the Royal Depot was started between 1904 and 1906 based on a design of the architect Ernest Van Humbeeck. The building dates from 1910 and was, used for long-term storage of goods under government supervisions. The Royal Depot was entirely renovated in 2000-2004 into a multifunctional and multi-tenant building with a very diversified rent risk with some 50 tenants spread across 4 floors with a total of 45,204 m² offices, commercial spaces and archives.
Ever since its renovation, the Royal Depot has been nearly fully occupied and the average rent per m² has gradually increased over this period. The Royal Depot is a niche building and an 'experience hub' for the entire Tour & Taxis site. The central location and the combination of an historic building with facilities and the event-like character of the Tour & Taxis site make the Royal Depot a very sought after and unique investment object.
As Extensa Group SA is a 100% subsidiary of Ackermans & van Haaren SA, a company related to LRE4 , this transaction was realized in accordance with art. 524 of the Company Code and art. 37 of the RREC Law. This acquisition is in the interest of LRE and fits within its strategy.
Public capital increase Retail Estates
In May 2015 the BE-REII GVV Retail Estates SA has realized a public capital increase of € 76.2 million, of which LRE subscribed € 7.6 million. The participation of LRE in Retail Estates amounts to a little over 10%.
2 A 100% subsidiary of LRE will acquire the residual rights at the beginning of 2016.
3 The value agreed upon comprises both the value of the long-term lease and the residual rights, and is not higher than the valuation by the independent real estate expert of LRE in accordance with article 49 of the law of 12 May 2014 on RREC.
4 For more information on this we refer to the corporate governance chapter in the annual financial report over 2015.
DESINVESTERINGEN
Grand Duchy of Luxembourg
Sale Kiem
On 16 March 2015 Leasinvest Real Estate, via its 100% Luxembourg subsidiary, Leasinvest Immo Lux, has sold the office building located rue Kiem in Strassen in the Grand Duchy of Luxembourg to a private investor for an amount of € 6.3 million (excluding costs) 5 .
The building comprises 1,700 m2 and 50 parking spaces. The building is located in the periphery and is part of a complex of 3 similar office buildings located between the route d'Arlon and the rue Kiem. The occupancy of the building was only 20% and due to its scale it was not considered as being strategic.
Sales agreement for the office project under construction Royal 20
On 20 April 2015 LRE, via its 100% Luxembourg subsidiary, Leasinvest Immo Lux, has concluded a future sales agreement ("vente à terme "), subject to the completion of the building, that was confirmed by a notary deed dated 18 May 2015, for the office project under construction Royal20, located boulevard Royal in the center of the city of Luxembourg in the Grand Duchy of Luxembourg, for an amount of € 62.5 million (excluding VAT) 6 . The buyer is a family fund under Luxembourg law, directed by Banque Privée Edmond de Rothschild (Europe). The foreseen reception of the office building and the transfer of the property rights are expected to take place in the second quarter of 2016. End 2014 a rental contract for the entire building was already concluded with China Merchants Bank for a fixed period of 10 years that will start as of the reception of the building.
Belgium
Divestment Canal Logistics Brussels Phase 2
As already mentioned in the press release on the year results 2014, on 31 December 2014 a sales agreement was signed relating to the divestment of the logistics building Canal Logistics Phase 2 in Neder-over-Heembeek for an amount of € 16.75 million net6 . On 29 June 2015 this sale was recorded by a notary deed. The building, that was sold to an end user, comprises 20,664 m² of storage space and 1,250 m² of offices and is very well located alongside the Brussels –Charleroi canal.
Sale warehouse Wenenstraat in Meer
On 20 October 2015 the notarial deed for the sale of a less important non-strategic storage building located Wenenstraat in Meer was recorded for a sales price of € 1.5 million6 .
5 The value agreed upon takes into account the provisions of article 40 §1 of the RREC law.
6 The value agreed upon takes into account the provisions of article 40 §1 of the RREC law.
1. 2 Developments and redevelopments
Grand Duchy of Luxembourg
Completion of structure of office project Royal20
In the Grand Duchy of Luxembourg the spectacular façade of the office project 'Royal20' located boulevard Royal in the centre of the city of Luxembourg was finalized. The complexity of the façade construction demands a high level of high tech engineering in order to realize the building as a unique diamond sculpture. The reception of the office project and the transfer of property are expected to take place in the second quarter of 2016.
Renovation office building Monnet
The office building Monnet in the Grand Duchy of Luxembourg, that became vacant as of January 2015, was substantially renovated (a/o new airco system and BREEAM 'excellent' certificate expected). The renovation was finalized end September 2015 and the building of 3,866 m2 is again entirely let to different tenants since October 2015.
Redevelopment retail site Strassen
Via its 100% subsidiary Leasinvest Immo Lux, LRE plans the redevelopment of the existing retail site called Einkaufszentrum Strassen of 22,721 m² at the route d'Arlon in Strassen into a shopping center concept that will, beside shops, a/o comprise a restaurant. The redevelopment will take place in 2 phases in order to take into account the current tenants Adler Fashion, Bâtiself and Roller. The first phase is due for reception in 2017. The reception of phase 2 is foreseen in 2020. This site will be the largest retail park in the Luxembourg periphery at the entrance of the city of Luxembourg.
Belgium
Extension of 6,800 m² for SKF Logistics Services in Tongres
At the request of the tenant SKF their logistics site in Tongres was extended with an additional warehouse of 6,800 m². SKF Logistics Services supports the global supply and distribution chain of the SKF Group, a leading global supplier of products and solutions within rolling bearings, seals, mechatronics, services and lubrication systems. The European distribution center in Tongres takes care of the distribution of spare parts in the EMEA region and plays an essential role within the strong transportation network of SKF.
The rental contract for this new building was concluded for a fixed term of 10 years starting on 04/12/2015.
Redevelopment Square de Meeûs in 1000 Brussels
This building of +/- 6,000 m², located in the central business district (CBD) of Brussels, will be entirely demolished and rebuilt as an AAA building that will meet the highest quality standards as to technology and sustainability (BREEAM 'excellent' certificate expected). Square de Meeûs benefits from a unique location amidst the European district. The urban permit for this project was recent delivered and the foreseen provisional reception of the new building is
planned for the fourth quarter of 2017. Given the limited offer of such performing buildings in the European district, LRE is optimistic to be able to lease this building at market conditions.
Redevelopment Montoyer 63 in 1000 Brussels
The office building Montoyer that would initially become vacant as of 01/01/2016, but for which the rental contract with the current tenant has in the meanwhile been extended for 6 months (see infra), is also located in the Leopold district amidst the European institutions where there is already currently a scarcity of new quality office buildings. This building will be entirely demolished and rebuilt and will comprise 6.570m2 state-of-the-art office space. The urban permit has been recently delivered and the objective is to obtain a BREEAM 'excellent' for this building by its reception, foreseen by the end of 2017.
1. 3 Leases
Grand Duchy of Luxembourg
Monnet in Luxembourg 100% let before end of renovation
For the office building Monnet of 3,866 m² located at Kirchberg in the Grand Duchy of Luxembourg all floors were already leased before the end of the renovation works, so that the building has again been 100% let since October 2015. The average rent could be increased to a higher market rent.
New rental contracts for retail site Strassen and retail building Foetz
In the Grand Duchy of Luxembourg a new long-term lease agreement for a fixed term was concluded with the current common tenant of the retail site in Strassen and of our retail building in Foetz.
Belgium
Improved occupancy rate for The Crescent Anderlecht
On 9 March 2015 an additional services contract was concluded for the building The Crescent in Anderlecht, resulting in the occupancy rate increasing to 88% in the meanwhile. Due to the higher number of users of the services offered (catering, fitness, meeting rooms) in comparison with last year, the financial occupancy rate in fact exceeds 90%.
New rental contracts for Canal Logistics Brussels Phase 1
For the logistics building Canal Logistics Phase 1 located in Neder-over-Heembeek alongside the Brussels-Charleroi canal at only 10 minutes of the center of Brussels and Brussels Airport, 2 new rental contracts were concluded replacing a rental contract that ended on 3/12/2015.
With these new rental contracts Canal Logistics Brussels Phase 1 remains nearly entirely let.
Extension rental contract Montoyer 63 in 1000 Brussels
For the building Montoyer 63 in 1000 Brussels, the rental contract with the European Parliament was extended for 6 months, resulting that the planned redevelopment will start in Q3 2016.
Switzerland
Extension rental contracts Etoy and Villeneuve
For the retail buildings located in Etoy and Villeneuve in the Vaud canton in Switzerland, both existing leases with a common tenant were extended for a fixed period of 5 that entered into force on 07/11/2015.
2. Consolidated key figures
| Key figures real estate portfolio (1) | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Fair value real estate portfolio (€ 1,000) (2) | 756,327 | |
| Fair value investment properties incl. participation Retail Estates (€ 1,000) (2) | 939,786 | 808,126 |
| Investment value investment properties (€ 1,000) (3) | 886,390 | 770,680 |
| Rental yield based on fair value (4) (5) | 6.89% | 7.23% |
| Rental yield based on investment value (4) (5) | 6.76% | 7.10% |
| Occupancy rate (5) (6) | 95.96% | 96.24% |
| Average duration of leases (years) | 4.84 | 5.08 |
(1) The real estate portfolio comprises the buildings in operation, the development projects, the assets held for sale, as well as the buildings presented as financial leasing under IFRS.
(2) Fair value: the investment value as defined by an independent real estate expert and of which the transfer rights have been deducted. The fair value is the accounting value under IFRS. The fair value of Retail Estates has been defined based on the share price on 31/12/2015.
(3) The investment value is the value as defined by an independent real estate expert and of which the transfer rights have not yet been deducted. (4) Fair value and investment value estimated by real estate experts Cushman & Wakefield / Winssinger and Associates / Stadim.
(5) For the calculation of the rental yield and the occupancy rate only the buildings in operation are taken into account, excluding the projects and the assets held for sale.
(6) The occupancy rate has been calculated based on the estimated rental value.
The consolidated real estate portfolio of LRE comprises, at the end of 2015, 33 sites (including the assets held for sale & the development projects) with a total surface area of 458,564 m².
16 sites are located in the Grand Duchy of Luxembourg (54% compared to 60% the previous financial year), 14 in Belgium (41% compared to 40% the previous financial year) and 3 in Switzerland (5%).
The fair value of the real estate portfolio amounts to € 869.36 million end 2015 compared to € 756.33 million end December 2014. The increase is mainly explained by the acquisition of T&T Royal Depot for € 108 million. The global direct and indirect real estate portfolio (including the participation in Retail Estates SA) amounts to nearly € 940 million end 2015.
By the realized operations, the share retail amounts to 42.2% (2014: 45%), offices to 42.1% (2014: 35%), and logistics buildings to 15.7% (2014: 20%). This breakdown will again change in favour of retail as soon as the planned divestment of the completed office building R20 will have taken place in the second quarter of 2016.
The rental yield of the real estate portfolio in operation based on the fair value amounts to 6.89% (compared to 7.23% end 2014), and based on the investment value, to 6.76% (compared to 7.10% end 2014).
The date per share are calculated based on 4,935,478 shares entitled to dividends, or the number of registered shares at the reporting date, namely 4,938,870, minus 3,392 treasury shares, acquired within the framework of the legal procedure on the dematerialization of bearer securities in conformity with article 11 of the law of 14 December 2005.
| Key figures balance sheet | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Net asset value group share (€ 1,000) | 362,405 | 336,410 |
| Net asset value group share per share | 73.4 | 68.1 |
| Net asset value group share per share based on investment value | 76.9 | 71.0 |
| Net asset value group share per share EPRA | 81.3 | 75.5 |
| Total assets (€ 1,000) | 976,302 | 836,914 |
| Financial debt | 532,249 | 441,155 |
| Financial debt ratio (in accordance with legal RREC regulation) | 58.03% | 54.27% |
| Average duration credit lines (years) | 2.96 | 3.20 |
| Average funding cost (excl. changes in fair value fin. instruments) | 3.27% | 3.63% |
| Average duration hedges (years) | 6.58 | 6.13 |
The net result, group share amounts to € 30.62 million end 2015 compared to € 32.57 million end 2014. In terms of net result per share this results in € 6.20 end 2015 compared to € 6.60 end 2014. This evolution is explained by the stable rental income (+€ 0.3 million) on the one hand, and on the other hand, the slightly higher property charges (+€ 0.9 million) borne by the landlord, a/o by non-recoverable property taxes and vacancy taxes due to the temporary vacancy in the buildings to be redeveloped of the portfolio.
The portfolio result stands at € 9.9 million end 2015 (2014: € 7.5 million) including a positive impact from the EUR/CHF exchange rate on our Swiss buildings amounting to € 4,33 million).
The financial result evolves from -€13.2 million end 2014 to - € 17.1 million over 2015 (-€ 3.9 million) and is largely defined by the negative impact of the existing cross-currency-hedges EUR/CHF (- € 4.09 million), economically compensated by the above mentioned positive impact of the EUR/CHF exchange rate on the fair value of the investment properties in Switzerland.
The net current result end 2015 amounts to € 25.6 million (or € 5.18 per share), in comparison with a net current result of € 26.1 million (or € 5.28 per share) end 2014. This slight decrease is mainly the consequence of the higher property charges in comparison with the same period of last year.
| Key figures results | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Rental income (€ 1,000) | 50,455 | 50,175 |
| Net rental result per share | 10.22 | 10.16 |
| Net current result (€ 1,000) (1) | 25,564 | 26,062 |
| Net current result per share | 5.18 | 5.28 |
| Net result group share (€ 1,000) | 30,618 | 32,572 |
| Net result group share per share | 6.20 | 6.60 |
| Comprehensive income group share (€ 1,000) | 48,458 | 21,321 |
| Comprehensive income group share per share | 9.82 | 4.32 |
(1) The net current result consists of the net result excluding the portfolio result and the changes in fair value of the ineffective hedges.
3. Outlook financial year 2016
Notwithstanding the expected demolition and reconstruction of 2 buildings in the Brussels CBD in 2016 and except for exceptional circumstances, the company expects, thanks to the acquisition of the Royal Depot at Tour & Taxis, to realize a higher net result and net current result in 2016 than in 2015. The dividend over 2016 can be maintained at minimum the same level.
4. Financial statements
| Consolidated statement of comprehensive income | |||
|---|---|---|---|
| (in 1,000 €) | 31/12/2015 | 31/12/2014 | |
| (+) | Rental income | 50,455 | 50,176 |
| (+) | Write-back of lease payments sold and discounted | 0 | 0 |
| (+/-) | Rental-related expenses | -42 | -31 |
| NET RENTAL INCOME | 50,413 | 50,145 | |
| (+) | Recovery of property charges | 108 | 367 |
| (+) | Recovery income of charges and taxes normally | 3,579 | 4,008 |
| payable by tenants on let properties | |||
| Costs payable by tenants and borne by the landlord | |||
| (-) | for rental damage and refurbishment at end of lease | 0 | 0 |
| (-) | Charges and taxes normally payable | -3,579 | -4,008 |
| by tenants on let properties | |||
| (+/-) | Other rental-related income and expenditure | -2,131 | -1,637 |
| PROPERTY RESULT | 48,390 | 48,875 | |
| (-) | Technical costs | -1,563 | -1,307 |
| (-) | Commercial costs | -781 | -1,059 |
| (-) | Charges and taxes on un-let properties | -885 | -504 |
| (-) | Property management costs | -4,187 | -3,893 |
| (-) | Other property charges | -771 | -472 |
| PROPERTY CHARGES | -8,187 | -7,235 | |
| PROPERTY OPERATING RESULT | 40,203 | 41,640 | |
| (-) | Corporate operating charges | -1,754 | -2,704 |
| (+/-) | Other operating charges and income | -169 | -307 |
| OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 38,280 | 38,629 | |
| (+/-) | Result on disposal of investment properties | 329 | 1,767 |
| (+/-) | Changes in fair value of investment properties | 9,549 | 5,687 |
| OPERATING RESULT | 48,158 | 46,083 | |
| (+) | Financial income | 2,327 | 3,111 |
| (-) | Net interest charges | -13,082 | -13,811 |
| (-) | Other financial charges | -1,490 | -1,729 |
| (+/-) | Changes in fair value of financial assets and liabilities | -4,824 | -729 |
| FINANCIAL RESULT | -17,069 | -13,158 | |
| PRE-TAX RESULT | 31,089 | 32,925 | |
| (+/-) | Corporate taxes | -468 | -353 |
| (+/-) | Exit tax | -3 | 0 |
| TAXES | -471 | -353 | |
| NET RESULT | 30,618 | 32,572 |
Comments on the income statement
The rental income has increased by 0.6% (+ € 279 thousand) and amounts to € 50.455 thousand in comparison with € 50.175 thousand end 2014.
This stable evolution is mainly the result of the higher rental income from the Swiss retail buildings (acquired in November 2014), that contributed a full year of rent in 2015, and that compensated, the lower rental income from the temporary vacancy in 2015 of the office buildings Monnet in the Grand Duchy of Luxembourg and Square de Meeûs in Brussels on the one hand, and the loss of rental income following the sale of Canal Logistics Phase 2, Kiem and Meer, on the other hand.
At constant portfolio (like-for-like) the rental income (excl. rental reductions) decreases with € -1.7M or -3.32%, mainly by the vacancy of Monnet (first 9 months of 2015) and Square de Meeûs (last 8 months of 2015) in comparison with the same period last year.
The average duration of the rental contracts has remained relatively stable at 4.84 years in comparison with 5.08 years end 2014. The most important rental activity was listed in Luxembourg with the lease of the buildings Monnet, Kennedy, Monterey and the retail buildings in Strassen and Foetz. The average duration of the Swiss retail portfolio (6.1 years) also rose, thanks to the extension of the rental contract with a common tenant in Etoy and Villeneuve.
The gross rental yields have slightly decreased in comparison with end 2014 and amount to 6.89% (end 2014: 7.23%) based on the fair value and to 6.76% (end 2014: 7.10%) based on the investment value, which is the consequence of the acquisition of the Royal Depot at an initial yield in line with the market of 5.61%. The occupancy rate has remained nearly stable and amounts to 95.96% in comparison with 96.24% end 2014.
The operating result before the portfolio result slightly decreases by 0.9% and amounts to € 38.3 million end 2015 in comparison with € 38.6 million end 2014.
The financial result substantially increases by -€ 3.9 million and stands at -€ 17.07 million. Despite a lower average funding cost end 2015 (3.27%) in comparison with end 2014 (3.63%), the financial result mainly rises by the increase of the cross-currency-swaps EUR/CHF for -€ 4.09 million, compensated by a similar increase of the fair value of the Swiss buildings. The net dividend received from BE-REIT Retail Estates over the past financial year amounted to € 1.7 million.
It has to be noted that the global negative financial result could have been improved by € 0.6 million if the gross dividend (without deduction of the withholding tax) would have been received from Retail Estates. On the contrary to previous years, the yearly dividends of Retail Estates were received gross for net thanks to the application of the parent company-subsidiary Directive. The referral to this Directive was deleted by mistake in the RREC legislation end 2014, which meant that by the change of status from a sicafi to a RREC (end 2014) LRE could no longer appeal to it. At the beginning of 2016 this situation was regularized and an appeal to the parent company-subsidiary Directive will again be possible, which means that as of 2016 the gross dividends (without deduction of the withholding tax) of Retail Estates will be received again.
The net result, group share amounts to € 30.62 million end 2015 compared to € 32.57 million end 2014. In terms of net result per share this results in € 6.20 end 2015 compared to € 6.60 end 2014. The portfolio result amounts to € 9.8 million end 2015 in comparison with € 7.5 million end 2014.
The net current result end 2015 amounts to € 25.6 million (or € 5.18 per share), in comparison with a net current result of € 26.1 million (or € 5.28 per share) end 2014.
| (in 1,000 €) | ||
|---|---|---|
| ASSETS | 31/12/2015 | 31/12/2014 |
| I. NON-CURRENT ASSETS | 954,243 | 804,790 |
| Intangible assets | 10 | 80 |
| Investment properties | 847,069 | 720,801 |
| Other tangible assets | 1,163 | 1,266 |
| Non-current financial assets | 88,101 | 64,743 |
| Finance lease receivables | 17,900 | 17,900 |
| II. CURRENT ASSETS | 22,059 | 32,124 |
| Assets held for sale | 4,392 | 17,626 |
| Current financial assets | 0 | 0 |
| Trade receivables | 7,967 | 8,207 |
| Tax receivables and other current assets | 2,885 | 1,010 |
| Cash and cash equivalents | 4,531 | 3,654 |
| Deferred charges and accrued income | 2,284 | 1,627 |
| TOTAL ASSETS | 976,302 | 836,914 |
| (in 1,000 €) | ||
|---|---|---|
| LIABILITIES | 31/12/2015 | 31/12/2014 |
| TOTAL SHAREHOLDERS' EQUITY | 362,410 | 336,414 |
| I. SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE | 362,405 | 336,410 |
| SHAREHOLDERS OF THE PARENT COMPANY | ||
| Capital | 54,315 | 54,315 |
| Share premium account | 121,091 | 121,091 |
| Acquisition treasury shares | -293 | 0 |
| Reserves | 156,666 | 128,432 |
| Translation differences | 8 | 0 |
| Net result of the financial year | 30,618 | 32,572 |
| II. MINORITY INTERESTS | 5 | 4 |
| LIABILITIES | 613,892 | 500,500 |
| I. NON-CURRENT LIABILITIES | 395,948 | 357,650 |
| Provisions - other | 9 | |
| Non-current financial debts | 355,722 | 319,423 |
| - Credit institutions | 258,538 | 222,029 |
| - Other | 97,184 | 97,394 |
| Other non-current financial liabilities | 40,217 | 38,227 |
| Other non-current liabilities | ||
| II. CURRENT LIABILITIES | 217,944 | 142,850 |
| Provisions | ||
| Current financial debts | 176,887 | 121,910 |
| - Credit institutions | 89,191 | 32,919 |
| - Other | 87,696 | 88,991 |
| Trade debts and other current debts | 24,810 | 8,631 |
| - Exit tax | 12,299 | 0 |
| - Other | 12,511 | 8,631 |
| Other current liabilities | 8,200 | 3,250 |
| Accrued charges and deferred income | 8,047 | 9,059 |
| TOTAL EQUITY AND LIABILITIES | 976,302 | 836,914 |
| Debt ratio (legal ratio cf. RREC regulation) | 58.03% | 54.27% |
Comments on the balance sheet
The fair value of the real estate portfolio amounts to € 869.4 million end 2015 compared to € 756.3 million end December 2014. The increase is mainly explained by the investment in Tour & Taxis Royal Depot for € 108 million and the construction works carried out for Royal 20, compensated by the sale of Phase II of Canal Logistics (- € 16.75 million), the office building Kiem (- € 6.3 million) and the logistics building located in Meer (- € 1.5 million).
End December 2015 shareholders' equity, group share (based on the fair value of the investment properties) amounts to € 362.4 million (31/12/14: € 336.4 million) or € 73.4 per share (2014: € 68.1).
The increase of shareholders' equity in comparison with end 2014 is attributable to the evolution of the comprehensive result amounting to € 48.5 million end 2015.
End December 2015 the net asset value (based on the fair value) per share stands at € 73.4 (2014: € 68.1). The closing price of the share amounted to € 93.09 or 27% higher than the net asset value. The net asset value per share excl. the influence of fair value adjustments on financial instruments (EPRA) stands at € 81.3 end 2015 in comparison with € 75.5 end 2014.
End December 2015 the debt ratio temporarily stands at 58.03% in comparison with 54.27% end December 2014. This increase of the debt ratio is caused by the acquisition of T&T Royal Depot end December 2015, entirely financed by bank funding. In the second quarter of 2016 the planned sale of the then finalized office building Royal 20 in the Grand Duchy of Luxembourg for a net sales price of € 62.5 million will again decrease the debt ratio to 53%, or entirely within the predefined range of 50%-55%.
5. Important events after the closing of the financial year 2015
5. 1 Divestment
Sales and purchase agreement concluded for Zeutestraat Malines (Belgium)
For the storage building with office space located Zeutestraat in Malines with a total surface area of 7,363 m2a mutual temporary sales and purchase agreement, subject to conditions precedent, was concluded on 27/01/2016 with an end user for € 4.5 million7 .
5. 2 Developments and redevelopments
Redevelopment Square de Meeûs in 1000 Brussels
The urban permit for this project has been delivered in the meanwhile on 20 January 2016.
Redevelopment Montoyer 63 in 1000 Brussels
The urban permit for demolition and reconstruction has been obtained on 21 January 2016.
7 The value agreed upon takes into account the provisions of article 40 §1 of the RREC law.
6. Appropriation of the result – dividend payment
The board of directors of the statutory manager proposes to the ordinary general shareholders' meeting to pay a gross dividend of € 4.70 (2014: € 4.55), and net, free of withholding tax of 27%, € 3,431 (2014: € 3.4125 free of withholding tax of 25%), to the 4,935,478 shares entitled to dividends8 .
Subject to the approval of the ordinary general shareholders' meeting of 17 May 2016 dividends will be paid out on presentation of coupon no 19 as of 23 May 2015 at the financial institutions Bank Delen (main paying agent), ING Bank, Belfius Bank, BNP Paribas Fortis Bank and Bank Degroof. The Ex-date is 19/05/2016 and the Record date is 20/05/2016.
7. Statement without reservation of the auditor
The auditor Ernst & Young Réviseurs d'entreprises, represented by Mr Pierre Vanderbeek, has confirmed that his audit of the consolidated annual accounts, established according to the International Financial Reporting Standards as adopted by the European Union, has been fully completed and has not shown any important corrections, which should be made to the accounting data, adopted from the consolidated accounts, and presented in this press release.
8. Financial calendar
| 31/03/2016 | Annual financial report 2015 |
|---|---|
| 17/05/2016 17/05/2016 |
Annual meeting of shareholders Interim statement Q1 (31/03/2016) (incl. results OGM) |
| 19/05/2016 | Ex-date |
| 20/05/2016 | Record date |
| 23/05/2016 | Dividend payment |
| 25/08/2016 | Half-year financial report 2016 |
| 17/11/2016 | Interim statement Q3 (30/09/2016) |
| 16/02/2017 | Year results 2016 (31/12/2016) |
9. Annual financial report
The annual financial report regarding the financial year 2015 in the form of a brochure, which comprises the annual accounts, the annual report and the report of the auditor, is available as from 31/03/2016 (PDF online) and can be obtained, on simple demand, at the following address:
Leasinvest Real Estate SCA
Schermersstraat 42 (administrative office), 2000 Antwerp T +32 3 238 98 77 - F +32 3 237 52 99 E [email protected] W www.leasinvest.be (investor relations • reports)
8 Excluding the 3,392 shares purchased by LRE within the framework of the procedure on dematerialization of bearer securities.
For more information, contact: Leasinvest Real Estate Jean-Louis Appelmans CEO T: +32 3 238 98 77 E: [email protected]
Leasinvest Real Estate SCA
Regulated real estate company (B-REIT) Leasinvest Real Estate SCA invests in high quality and well-located retail buildings, offices and logistics buildings in the Grand Duchy of Luxembourg, in Belgium and in Switzerland.
At present the total fair value of the directly held real estate portfolio of Leasinvest amounts to over € 869.4 million spread across the Grand Duchy of Luxembourg (54%), Belgium (41%) and Switzerland (5%). Moreover, Leasinvest is the largest real estate investor in Luxembourg.
The total portfolio is invested in retail (42.2%), offices (42.1%) and logistics (15.7%).
The RREC is listed on Euronext Brussels and has a market capitalization of approximately € 466 million (value 16 February 2016).