Key figures

 

2008

2009

2010

2011

2012

2013

2014

2015

2016 2017

OPERATIONAL

     

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

777.8

883.7

889.2

989.4

1,163.1

1,273.1

1,567.3

1,930.0

2,203.8 2,669.8

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

3,767,000

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

Leasable area (in m2)

1,123,754

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

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

7.8

8.3

8.3

8.3

8.2

8.2

8.0

7.6

7.5 7.1

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

N/B

N/B

6.1

7.2

7.2

7.3

7.1

6.5

6.3 6.2

Occupancy rate3 (in %)

98.7

91.7

95.7

96.7

97.3

97.4

97.6

97.5

97.0 97.4

Operating margin4 (in %)

90.1

92.4

91.8

91.7

91.3

91.8

91.8

92.1

93.3 92.5

RESULT (in million euros)

   

Property result

46.9

57.8

62.7

69.1

81.3

89.0

101.8

129.1

139.7 154.5

Operating result (before result on the portfolio)

42.2

53.4

57.5

63.3

74.3

81.8

93.5

119.0

130.2 142.8

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

-12.8

-18.1

-18.5

-18.9

-21.3

-22.1

-25.4

-27.1

-30.3 -25.7

EPRA Earnings6

28.7

34.0

39.0

44.3

52.1

59.6

67.3

90.9

100.8 121.4

Result on the portfolio (including participation joint ventures)7

-15.7

-22.7

-4.2

2.7

1.7

-0.7

19.7

47.4

31.2 101.5

Changes in fair value of financial instruments

-28.80

-10.90

-2.30

-17.30

-18.50

20.80

-19.40

7.8

1.8 16.5

Write-down and depreciation of solar panels (including joint ventures)

N/R

N/R

N/R

N/R

N/R

N/R

-2.9

-3.4

-3.5 -4.2

Net result (IFRS)

-15.8

0.4

32.6

29.7

35.3

79.7

64.7

142.7

130.2 235.2

FINANCIAL

   

Balance sheet total (in million euros)

802.7

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

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

282.3

399.3

406.0

453.3

520.6

576.7

682.5

829.4

1,091.7 1,281.3

Net financial debt (in million euros)

475.8

492.8

499.2

547.0

644.1

686.8

863.6

1,041.7

1,045.6 1,348.6

Debts and liabilities included in the gearing (in million euros)

506.1

506.1

509.1

561.3

655.7

701.1

976.8

1,062.9

1,071.7 1,374.1

Gearing ratio (IFRS)8 (in %)

63.0

55.3

55.2

55.1

55.1

54.6

55.8

55.7

49.2 51.5

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

63.0 55.3 55.2 55.1 56.1 55.1 56.7 56.8 50.5 53.1

Average cost of debt (in %)9

N/B

N/B

4.3

4.0

3.6

3.6

3.5

2.9

2.8 2.6

Interest Coverage Ratio10 (in x)

3.0

2.5

2.9

3.1

3.4

3.6

3.3

4.2

4.1 4.9

DETAILS PER SHARE (in euros)

   

Gross dividend

2.94

2.94

2.94

2.94

3.11

3.25

3.40

4.00

4.25 4.50

EPRA Earnings11

3.34

3.14

3.11

3.42

3.67

3.85

4.10

5.00

5.30 5.60

Result on the portfolio (including participation joint ventures)12

-1.83

-2.29

-0.33

0.21

0.12

-0.05

1.20

2.60

1.64 4.68

Changes in fair value of financial instruments

-3.35

-1.01

-0.18

-1.34

-1.30

1.35

-1.18

0.43

0.09 0.76

Write-down and depreciation of solar panels (including participation joint ventures)

N/R

N/R

N/R

N/R

N/R

N/R

-0.18

-0.19

-0.18 -0.19

Net result (IFRS)

-1.84

-0.21

2.60

2.29

2.49

5.15

3.94

7.85

6.86 10.84

EPRA NAV13

33.2 32.0 32.5 33.4 34.6 35.9 39.2 44.9 51.2 58.3

IFRS NAV14

30.4

29.3

29.6

29.4

29.9

32.8

35.2

41.5

48.4 56.3

Share price

30.15

33.93

36.65

37.06

47.24

52.70

62.68

81.24

84.89 93.43

 

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 o f 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): 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 gearing ratio (IFRS) is calculated in the same manner as the gearing ratio (proportional) in accordance with the Belgian Royal Decree on Regulated Real-Estate Investment Companies (the GVV-KB). (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) 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.