Key figures

Key figures

 

WDP Annual Report 2022

 

2013

2014

2015

2016 2017 2018 2019 2020 2021 2022

Operational

               

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

1,273.1

1,567.3

1,930.0

2,203.8 2,669.8 3,449.6 4,175.8 4,766.5 6,054.3 6,656.0

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

4,849,454

5,701,562

6,613,567

7,309,128 8,767,182 11,843,174 12,475,388 13,170,851 14,911,239 16,785,359

Lettable area (in m2)

2,137,602

2,432,230

3,081,943

3,375,482 3,756,983 4,485,050 5,038,303 5,490,697 5,931,807 6,681,997

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

8.2

8.0

7.6

7.5 7.1 6.7 6.3 6.1 5.2 5.7

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

7.3

7.1

6.5

6.3 6.2 5.8 6.0 5.9 5.8 5.5

Occupancy rate3 (in %)

97.4

97.6

97.5

97.0 97.4 97.5 98.1 98.6 98.6 99.1

Operating margin (in %)

91.8

91.8

92.1

93.3 92.5 91.3 91.6 90.7 90.7 91.3

Result (in million euros)

             

Property result

89.0

101.8

129.1

139.7 154.5 187.9 216.6 242.7 278.4 319.6

Operating result (before the result on the portfolio)

81.8

93.5

119.0

130.2 142.8

171.6

198.3 220.1 252.6 291.8

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

-22.1

-25.4

-27.1

-30.3 -25.7 -33.0 -40.2 -38.7 -39.9 -43.4

EPRA Earnings

59.6

67.3

90.9

100.8 121.4 134.4 152.4 174.5 201.2 236.3

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

-0.7

19.7

47.4

31.2 101.5 208.3 277.4 187.9 730.5 -101.9

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

20.80

-19.40

7.8

1.8 16.5 -9.0 -29.9 -31.0 52.4 224.6

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

N/R

-2.9

-3.4

-3.5 -4.2 -4.8 -6.2 -6.8 -1.8 -7.2

Net result (IFRS) - Group share

79.7

64.7

142.7

130.2 235.2 328.8 393.7 324.6 982.3 351.7

Financial

             

Balance sheet total (in million euros)

1,283.1

1,570.3

1,970.3

2,182.6 2,675.3 3,483.3 4,222.8 4,790.4 6,106.2 7,053.8

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

576.7

682.5

829.4

1,091.7 1,281.3 1,580.5 2,103.9 2,353.9 3,510.3 4,273.4

Net financial debt (in million euros)

686.8

863.6

1,041.7

1,045.6 1,348.6 1,696.0 1,851.2 2,108.3 2,184.4 2,393.3

Loan-to-value (in %)

54.4

56.0

55.2

48.4 51.3 50.0 45.0 45.0 36.7 35.4

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

55.1 56.7 56.8 50.5 53.1 51.8 46.7 46.6 38.1 37.6
Net debt / EBITDA (adjusted) (in x) 8.1 8.8 8.5 7.9 8.6 9.0 8.0 8.3 7.9 7.1

Average cost of debt (in %)

3.6

3.5

2.9

2.8 2.6 2.4 2.2 2.1 2.0 1.9

Interest Coverage Ratio4 (in x)

3.6

3.3

4.2

4.1 4.9 4.6 4.5 4.9 5.6 5.9

Details per share (in euros)

             

Gross dividend

0.46

0.49

0.57

0.61 0.64 0.69 0.74 0.80 0.88 1.00

EPRA Earnings

0.55

0.59

0.71

0.76 0.80 0.86 0.93 1.00 1.10 1.25

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

-0.01

0.17

0.37

0.23 0.67 1.33 1.69 1.08 4.00 -0.54

Change in the fair value of financial instruments - Group share

-0.19

-0.17

0.06

0.01 0.11 -0.06 -0.18 -0.18 0.29 1.19

Depreciation and write-down on solar panels - Group share

N/R

-0.03

-0.03

-0.03 -0.03 -0.03 -0.04 -0.04 -0.01 -0.04

Net result (IFRS) - Group share

0.74

0.56

1.12

0.98 1.55 2.10 2.40 1.87 5.38 1.86

EPRA NAV

5.1 5.6 6.4 7.3 8.3 10.2 12.8 14.3 20.1 20.7

IFRS NAV5

4.7

5.0

5.9

6.9 8.0 9.8 12.2 13.5 19.0 20.9

Share price

7.5

9.0

11.6

12.1 13.4 16.4 23.2 28.3 42.2 26.7

 

 

 

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. 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.
  5. 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.