direct/ Wereldhave NV: Final Results
Profit per share 9.24 (2004: EUR 7.81)
Direct result EUR 116.5 mln (2004: EUR 116.9 mln)
Direct result per share EUR 5.30 (2004: EUR 5.39)
The direct result for 2005 amounted to EUR 116.5 mln, EUR 0.4 lower than in 2004. Gross rental income rose by EUR 5.3 mln to EUR 169.0 mln. Due to the increase of service and operational charges and property expenses of EUR 1.0 mln, net rental income rose by EUR 4.3 mln. The increase is the result of the purchases made last year and of autonomous increases in rents, less the effect of sales. Of the increase in service and operational charges EUR 0.6 mln is caused by autonomous increases in costs and EUR 0.4 mln is the result of property purchases and sales.
General costs increased by EUR 1.8 mln to EUR 13.1 mln. Compared to 2004, financial charges rose by EUR 2.8 mln. This is primarily the result of the increased size of the portfolio and higher average interest rates. Taxes on result rose by EUR 1.1 mln, mainly in the United Kingdom.
As a result of a higher average number of shares outstanding the direct result per share, at EUR 5.30, was 1.7% lower than 2004´s level at EUR 5.39. The occupancy rate for the portfolio as a whole amounted to 92.2% over 2005 (2004:91.1%).
Deferred tax liabilities increased by EUR 15.8 mln as a result of higher property valuations. The highest property revaluations were seen in the United States and Finland. The indirect result for 2005 amounts to EUR 84.7 mln, which is EUR 33.7 mln higher than in 2004.
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