Key figures

 

2009

2010

2011

2012

2013

2014

2015

2016 2017 2018

Operational

       

Fair value of the property portfolio (including solar panels) (in million euros)

883.7

889.2

989.4

1,163.1

1,273.1

1,567.3

1,930.0

2,203.8 2,669.8 3,449.6

Total surface area (in m2) (including land in concession)

3,975,000

3,969,000

4,281,504

4,793,766

4,849,454

5,701,562

6,613,567

7,309,128 8,767,182 11,843,174

Lettable area (in m2)

1,302,670

1,356,407

1,659,621

2,018,150

2,137,602

2,432,230

3,081,943

3,375,482 3,756,983 4,485,050

Gross rental yield (including vacancies)1 (in %)

8.3

8.3

8.3

8.2

8.2

8.0

7.6

7.5 7.1 6.7

Average lease term (until first break)2 (in years)

N/B

6.1

7.2

7.2

7.3

7.1

6.5

6.3 6.2 5.8

Occupancy rate3 (in %)

91.7

95.7

96.7

97.3

97.4

97.6

97.5

97.0 97.4 97.5

Operating margin4 (in %)

92.4

91.8

91.7

91.3

91.8

91.8

92.1

93.3 92.5 91.3

Result (in million euros)

     

Property result

57.8

62.7

69.1

81.3

89.0

101.8

129.1

139.7 154.5 187.9

Operating result (before the result on the portfolio)

53.4

57.5

63.3

74.3

81.8

93.5

119.0

130.2 142.8

171.6

Financial result (excluding change in the fair value of the financial instruments)5

-18.1

-18.5

-18.9

-21.3

-22.1

-25.4

-27.1

-30.3 -25.7 -33.0

EPRA Earnings6

34.0

39.0

44.3

52.1

59.6

67.3

90.9

100.8 121.4 134.4

Result on the portfolio (including share joint ventures) - Group share7

-22.7

-4.2

2.7

1.7

-0.7

19.7

47.4

31.2 101.5 208.3

Change in the fair value of the financial instruments - Group share

-10.90

-2.30

-17.30

-18.50

20.80

-19.40

7.8

1.8 16.5 -9.0

Depreciation and write-down on solar panels (including joint ventures) - Group share

N/R

N/R

N/R

N/R

N/R

-2.9

-3.4

-3.5 -4.2 -4.8

Net result (IFRS) - Group share

0.4

32.6

29.7

35.3

79.7

64.7

142.7

130.2 235.2 328.8

Financial

     

Balance sheet total (in million euros)

916.1

922.4

1,018.9

1,181.1

1,283.1

1,570.3

1,970.3

2,182.6 2,675.3 3,483.3

Shareholders' equity (excluding the fair value of financial instruments) (in million euros)

399.3

406.0

453.3

520.6

576.7

682.5

829.4

1,091.7 1,281.3 1,580.5

Net financial debt (in million euros)

492.8

499.2

547.0

644.1

686.8

863.6

1,041.7

1,045.6 1,348.6 1,696.0

Loan-to-value8 (in %)

55.1

55.4

54.7

55.6

54.4

56.0

55.2

48.4 51.3 50.0

Gearing ratio (proportional) (in line with the GVV/SIR Royal Decree) (in %)

55.3 55.2 55.1 56.1 55.1 56.7 56.8 50.5 53.1 51.8

Average cost of debt (in %)9

N/B

4.3

4.0

3.6

3.6

3.5

2.9

2.8 2.6 2.4

Interest Coverage Ratio10 (in x)

2.5

2.9

3.1

3.4

3.6

3.3

4.2

4.1 4.9 4.6

Details per share (in euros)

     

Gross dividend

2.94

2.94

2.94

3.11

3.25

3.40

4.00

4.25 4.50 4.80

EPRA Earnings11

3.14

3.11

3.42

3.67

3.85

4.10

5.00

5.30 5.60 6.00

Result on the portfolio (including share joint ventures) - Group share12

-2.29

-0.33

0.21

0.12

-0.05

1.20

2.60

1.64 4.68 9.31

Change in the fair value of financial instruments - Group share

-1.01

-0.18

-1.34

-1.30

1.35

-1.18

0.43

0.09 0.76 -0.40

Depreciation and write-down on solar panels - Group share

N/R

N/R

N/R

N/R

N/R

-0.18

-0.19

-0.18 -0.19 -0.21

Net result (IFRS)

-0.21

2.60

2.29

2.49

5.15

3.94

7.85

6.86 10.84 14.69

EPRA NAV13

32.0 32.5 33.4 34.6 35.9 39.2 44.9 51.2 58.3 71.2

IFRS NAV14

29.3

29.6

29.4

29.9

32.8

35.2

41.5

48.4 56.3 68.5

Share price

33.93

36.65

37.06

47.24

52.70

62.68

81.24

84.89 93.43 115.20

 

Some figures are rounded up or down, so totals in some tables may not represent exact arithmetical totals of the figures preceding them.

  1. Calculated by dividing annualised contractual gross (cash) rents by fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax).
  2. Including the solar panels, which are included in the remaining weighted average term of the Green Energy Certificates.
  3. Calculated based on the rental values of the leased properties and the non-leased surfaces, including the income from solar panels. Ongoing projects and/or renovation are not considered.
  4. Operating margin is calculated by dividing operating result (before result on the portfolio) by property result. (APM)
  5. Financial result (exclusive o f change in the fair value o f the financial instruments): this is the financial result according to IFRS exclusive o f the change in fair value of financial assets and liabilities, and reflects the actual financial expenses of the company. (APM)
  6. EPRA Earnings: this is the underlying result of core activities and indicates the degree to which the current dividend payments are supported b y the profit. This result is calculated as the net result (IFRS) exclusive of the result on the portfolio, the change in the fair value of financial instruments and depreciation and write-down on solar panels. See also www.epra.com. (APM)
  7. Result on the portfolio (including participation joint ventures) - Group share: realised and unrealised capital gains/loss with respect to the latest valuation by the expert, taking into account the effective or deferred capital gains tax due, including WDP’s proportionate share in the portfolio of associated companies and joint ventures. (APM)
  8. The loan-to-value is obtained from the IFRS statements by dividing the net financial debt by the sum of the fair value of the property portfolio, the fair value of the solar panels and financing to and holdings in associated companies and joint ventures. (APM)
  9. Average cost of debt: this refers to the weighted average yearly interest rate for the reporting period, taking into account the average outstanding debt and the hedging instruments during that same period. (APM)
  10. Defined as operating result (before the result on the portfolio) divided by interest charges minus interest and dividends collection minus compensation for financial leasing and others.
  11. EPRA Earnings per share: this is the EPRA Earnings calculated on the basis of the weighted average number of shares. (APM)
  12. Result on the portfolio (including participation joint ventures) - Group share per share: this is the result on the portfolio based on the weighted average number of shares. (APM)
  13. EPRA NAV: this is the NAV that was adjusted to include properties and other investments at their fair value and exclude certain line items that are not expected to take shape in a business model with real estate investments over the long term. See also www.epra.com. (APM)
  14. IFRS NAV: Net asset value before profit distribution of the current year in accordance with the IFRS balance sheet. The IFRS NAV is calculated as the shareholders’ equity a s per IFRS divided by the number of shares entitled to dividend on the balance sheet date. This refers to the net value in line with the GVV/SIR legislation.