SOURCE: Wereldhave NV

March 03, 2010 09:00 ET

Wereldhave NV - Annual Financial Report

THE HAGUE, THE NETHERLANDS--(Marketwire - March 3, 2010) -

Results 2009
Key items

  • Direct result per share stable at EUR 4.93 (2008: EUR 4.92)
  • Property revaluation -9.1% (until Q3 2009: -8.3%)
  • Net asset value EUR 73.77 per share (2008: EUR 83.74)
  • Solvency stable at 70% (2008: 71%)
  • Use of convertible by purchase of four Dutch shopping centres
  • Optional dividend EUR 4.65 per share (2008: EUR 4.65)

Hans Pars (CEO Wereldhave N.V.) comments:
"In these times of economic head wind, we have closed the year 2009 with an increase in the direct result of EUR 1.7 mln. In spite of the increased number of shares due to the stock dividend that was paid out in 2009, direct result per share rose by EUR 0.01. The increase of direct result can mainly be attributed to the fact that we chose to be financed at variable interest rates. Lower interest charges have fully compensated the decrease in occupancy. Good news is that we have succeeded in diminishing vacancy in the office portfolio with lettings in Washington D.C., Paris and Manchester, which demonstrates that that even in a difficult market good quality office buildings can be successfully let. That underpins the quality of our portfolio.

During the third quarter of 2009 we have successfully launched a EUR 230 mln convertible bond, increasing our immediately available funds to approx. EUR 390 mln as at December 31, 2009. On February 15, 2010 we used the convertible for the purchase of stakes in five Dutch shopping centres for EUR 249.5 mln including transaction costs in Purmerend, Capelle a/d IJssel, Roosendaal, Eindhoven and Utrecht.

The net initial yield of this investment amounts to well over 6%. The acquisition of the shopping centre in Utrecht has been cancelled since a third party used a first right of refusal. The purchase price will be lowered by EUR 29.7 mln including transaction costs. Completion is scheduled for March 16, 2010. This transaction immediately contributes to the profit per share for the year 2010.

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The Hague, March 3, 2010
Board of Management
Wereldhave N.V.

Contact Information

  • For further information:
    Wereldhave N.V.
    Richard W. Beentjes
    Tel. + 31 70 346 93 25

    Information for analysts:
    Wereldhave N.V.
    Charles F. Bloema
    Tel. + 31 70 346 93 25