Press and analyst meeting. Annual figures Tuesday 23 February 2010

Transcription

1 Press and analyst meeting Annual figures 2009 Tuesday 23 February 2010

2 AGENDA 1. Description of the portfolio 2. Important facts of Financial results Real estate market 5. Outlook 2010

3 1. Description of the portfolio

4 The portfolio Type of real estate Office buildings: 18 Semi-industrial buildings/logistic centres: 17

5 Occupancy rate Occupancy rate total portfolio: 88 % Offices: 90 % (92 % at ) Semi-industrial: 83 % (98 % at )

6 Offices Geographic spread

7 Semi-industrial/logistic real estate Geographic spread

8 Offices Sector spread

9 Semi-industrial/logistic real estate Sector spread

10 2. Important facts of 2009

11 Important facts Merger of Edicorp NV/SA on April 1,2009 Rental activity

12 Important facts: rental activity Despite crisis, strong lease activity (20 %) 62 leases with break option: 43 leases renewed (70 %) New rent/old rent New lettings: -14 % Lease renewals: -17 % (-6,9 % if abstraction made of Woluwe Garden) New rent/erv: New lettings: -3,3 % Lease renewals: -4,6 % (+2,4 % if abstraction made of Woluwe Garden)

13 Important facts: rental activity Rental activity: offices New tenants m² new leases (13 new tenants) Intercity Business Park (Mechelen): m² Niscayah, 486 m² Tandberg Inter Access Park (Dilbeek): 396 m² Ingersoll Rand Park Station (Diegem): 368 m² Ram Mobile Data De Arend (Edegem): 331 m² Reficom Latem Business Park (Gent): 306 m² MG Invest Renewals, extensions and renegotiation of duration: m² leases (27 transactions) prolongation and extension m²: PricewaterhouseCoopers in Woluwe Garden prolongation m²: Borealis in Mechelen Campus prolongation m²: Cypress Semiconductor Corporation in Mechelen Campus prolongation m²: International Business Systems in Latem Business Park (Gent) prolongation m²: Passage Fitness in Mechelen Campus prolongation and extension m²: Cheops in De Arend (Edegem) prolongation m²: Rexel in Exiten (Zellik) prolongation 984 m²: Fleet Logistics in 3T Estate B (Vilvoorde) prolongation 727 m²: Bell Microproducts Europe in Mechelen Campus extension 716 m²: Galapagos in Intercity Business Park (Mechelen) prolongation 643 m²: Logins in Intercity Business Park (Mechelen)

14 Important facts: rental activity Rental activity: logistics New tenants: m² let in 5 transactions Wilrijk Neerland: m² to Ikea Antwerpen Kaaien: m² to Waagnatie Herentals Logistics 1: m² to OTN Systems and m² to Devoteam Belgium Renewals, extensions and prolongation of leases: m² let in 5 transactions extension m²: ThyssenKrupp Otto Wolff in Ragheno Park (Mechelen) prolongation m²: Brico Belgium in Sint-Agatha-Berchem extension m²: Fusite in Eigenlo (Sint-Niklaas)

15 End expiry date as at

16 1st break as at

17 Duration of leases as from 1 January 2010 Offices: All leases: 3,6 years Leases m²: 4,3 years Leases expiring in : smaller leases spread risk Semi-industrial/logistic real estate: All leases: 3,7 years Leases m²: 4,4 years

18 3. Financial results

19 A. Evolution of the portfolio (in 000) Value portfolio (investment value) Current rents Yield on property (%) 7,6 % 7,8 % Current rents, including ERV on vacant properties Yield if fully let (%) 8,6 % 8,3 % Surface area buildings (m²) Occupancy rate (%) % %

20 B. Consolidated P & L account (in 000) Rental income Rental related expenses Property management related expenses & income Property result Property charges General costs & other operating income & expenses Operating result before result on the portfolio Changes in the fair value of investment properties Operating result Financial result (excl. revaluation IAS 39) Revaluation financial derivates (IAS 39) Taxes Net result Operating distributable result Result on portfolio Revaluation financial derivates (IAS 39)

21 C. Consolidated balance sheet ASSETS (in 000) Fixed assets Intangible fixed assets Investment properties Other tangible fixed assets Trade receivables & other fixed assets Current assets Trade receivables Tax receivables and other current assets Cash and cash equivalents Deferred charges and accrued income Total assets

22 C. Consolidated balance sheet SHAREHOLDERS EQUITY AND LIABILITIES (in 000) Shareholders equity Non current liabilities Provisions Non current financial debts Other non current liabilities Current liabilities Provisions Current financial debts Trade debts and other current debts Other current liabilities Accrued charges and deferred income Total shareholders equity and liabilities

23 D. Data per share Number of shares Net asset value (fair value) ( ) Net asset value (investment value) ( ) 21,39 22,37 23,77 24,80 Operating distributable result ( 000) Gross dividend ( ) Net dividend ( ) 2,15 1,83 2,01 1,71 Share price on closing date ( ) Premium (+)/discount (-) to net asset value (fair value) (%) 21,90 2 % 17,75-25 %

24 E. Financial structure Conservative financial structure Amount financial debts: 236 million (excl. market value of financial derivates) Value of the financial derivates: 5 million negative ( 160 million) 77 % long-term financings with an average remaining duration of 1,6 years Limited debt ratio of 44 % (legal maximum: 65 %)

25 E. Financial structure Expiry dates of the credit facilities spread between 2010 and 2012 Spread of credit facilities over 5 European financial institutions 22 million of available non-withdrawn credit lines 68 % of the credit facilities have a fixed interest rate, 32 % a variable interest rate Fixed interest rates are fixed for a remaining period of 2,6 years in average Average interest rate for 2009: 3,2 % (incl. margin)(2008: 4,5 %)

26 4. Real estate market

27 4.1. Letting market - offices Take up: 30 % drop compared to 2008 If abstraction made of some exceptional transactions Q4 2009: drop of 60 % CBD most affected (banking / government) Average vacancy rate: for the first time more than 10 % Periphery: more than 20 % Antwerp / Mechelen: more stable Grey vacancy? Rental prices under pressure Most in CBD Effect on new developments Trends for the coming 24 months Sustainability (green buildings) Accessibility Tenants happiness Investment market 2009: annus horribilis (42 % of 2008 volume) Prime yield 6,25 % (5,25 % in 2008)

28 4.2. Letting market semi-industrial and logistics Take up Logistics: drop with more than 50 %, especially in second half of 2009 Semi-industrial: fairly in line with previous years Upcoming lease breaks are main driver of activity Rental prices under pressure More limited than offices Axis Antwerp Brussels remains strong Pipeline of new developments decreased Investment market 2009: also annus horribilis (13 % of 2008 volume) Prime yield 7,75 % (logistics) / 8,00 % semi-industrial (resp 6,75 % /7,5 % in 2008)

29 5. Outlook 2010

30 Outlook % occupation ratio Offices: 90 % Logistics: 83 % Mechelen (offices) and Herentals (logistics): focus point Rents under pressure fierce competition Very strong and diversified tenant base (outstanding days receivable 7 days!) No pipeline-commitments avoiding acquisitions at pre-crisis conditions In-house asset management Commercial efforts Focus on improving operating margin Price/quality is key Strong balance sheet Debt ratio of 44 % Conservative valuations

31 Questions?

32