Press release
direct/Wereldhave NV: 3rd Quarter Results
3rd Quarter ResultsIncrease in direct result of EUR 1.5 mln to EUR 86.8 mln due to higher net rental income Direct result per share EUR 3.95
Profit increases by EUR 56.5 mln to EUR 160.9 mln due to higher property revaluations Profit per share EUR 7.41
Purchases in Manchester (UK) for EUR 121 mln and in San Antonio (USA) for EUR 15 mln
The direct result for the first nine months of 2005 amounts to EUR 86.8 mln, which is EUR 1.5 mln higher compared to 2004. Net rental income rose by EUR 1.9 mln. The increase is caused by autonomous increases in rents, the additions to the portfolio during the past year, less the effect of property disposals. Compared to the first three quarters of 2004, the direct result per share remained equal at EUR 3.95, due to the higher average number of shares in issue. The occupancy rate of the portfolio for the third quarter amounts to 91.8% (second quarter 2005: 91.9%).
Compared to 2004, the profit for the first nine months increased by EUR 56.5 mln to EUR 160.9 mln. The increase is due to a revaluation of the portfolio by EUR 83.7 mln (2004: EUR 22.2 mln) and by property disposals with a surplus of EUR 8.9 mln (2004: EUR 0.4 mln). As a result of the revaluation, deferred taxes increased by EUR 11.9 mln to EUR 16.8 mln (2004: EUR 4.9 mln).
To view full announcement please go to http://www.wereldhave.nl
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