Results first half-year 2003

| Source: Wereldhave N.V. Wereldhave N.V.

Key figures
(in EUR)
 
 
Results
1st half-year 2003
1st half-year 2002
 
 
 
 
 
 
 
Net rental income
71.5
mln
75.6
mln
 
Profit after tax
56.0
mln
58.9
mln
 
Profit per share
2.84
 
2.98
 
 
 
 
 
 
 
 
Equity
30-06-2003
31-12-2002
 
 
 
 
 
 
 
Investments
1 933.6
mln
1 955.4
mln
 
Shareholders' equity
1 262.4
mln 1)
1 235.9
mln
 
Net asset value per share
63.93
1)
62.59
 
 
 
 
 
 
 
 
1) including current earnings
 
Results first half-year 2003
Compared to 2002 profit for the first half-year is 4.9% lower in 2003. Profit per share has decreased to EUR 2.84 mainly due to exchange rate differences against the US-dollar. Exchange rate differences on the result amounted to -EUR 3.9 mln (= EUR 0.20 per share). Taxes on result increased by EUR 1.0 mln to EUR 1.7 mln. Primarily thanks to EUR 1.6 mln lower interest charges result decreased only by EUR 2.9 mln (EUR 0.14 per share). The average occupancy rate for the second quarter improved to 94.5% (first quarter 2003: 93.5%).
 
Property portfolio
The total value of the portfolio amounted to EUR 1 933.6 mln (December 31 2002: EUR 1 955.4 mln). The portfolio was devalued by EUR 10.9 mln or 0.6%. There was a positive revaluation in Finland and in Belgium and the Netherlands the value of the portfolio did not change. Exchange rate differences had a negative effect on the value of the portfolio (-EUR 56.9 mln).
 
During the first six months of 2003 Wereldhave acquired a department store in Tapiola Espoo Finland (EUR 37.7 mln); There were sales of property in the United Kingdom and Hungary the proceeds of which were slightly in excess of the 2002 year-end book values. The sale of an office building in Hungary marks the end of Wereldhave's activities there. During the first quarter an industrial property of approx. 22.500 m² in Meer Belgium was transferred to the investment portfolio. The property is fully let. At the end of the second quarter 2003 an industrial property of 36 800 m² in Rivas near Madrid was transferred to the investment portfolio.  Currently 80% of this property is let. The value of the development portfolio amounted to EUR 90.4 mln at June 30 2003 against EUR 124.9 mln at December 31 2002.
 
Shareholders' equity and net asset value
Shareholders' equity including current earnings amounted to EUR 1 262.4 mln at June 30 2003 (December 31 2002: EUR 1 235.9 mln after distribution of profits). The effect of lower exchange rates on shareholders' equity was limited to EUR -14.8 mln by the use of local financing and currency coverage transactions. At June 30 2003 net asset value per ordinary share amounts to EUR 63.93 (December 31 2002: EUR 62.59).

Prospects
The fluctuations in the exchange rates for the US-dollar and Sterling make it difficult to forecast profit per share. Leaving exchange rate differences aside the development of operational profit is as anticipated.
 
The Hague August 6 2003
Board of Management Wereldhave N.V.
 
For further information:
Wereldhave N.V.
Richard W. Beentjes
Tel.       + 31 70 346 93 25           
http://www.wereldhave.com
 

Wereldhave N.V.
 
Summary balance sheet
( x EUR 1 mln)
 
30-06-2003
 
 
31-12-2002
 
 
 
 
 
 
 
 
 
Investments
1 933.6
 
 
 
1 955.4
 
 
Current assets
57.5
 
 
 
122.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
1 991.1
 
 
 
2 077.8
 
 
Short-term debt
-61.1
 
 
 
-163.7
 
 
Long-term debt
-623.4
 
 
 
-633.2
 
 
Provisions
-44.2
 
 
 
-45.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
1 262.4
1)
 
 
1 235.9
2)
 
 
 
 
 
 
 
 
Net asset value per share
(x EUR 1)
 
 
 
63.93
 
 
1)
 
 
 
 
62.59
 
 
2)
 
 
 
 
 
 
 
 
 
 
Summary profit and loss account
(x EUR 1 mln)
 
01-01-2003/
30-06-2003
 
 
01-01-2002/
30-06-2002
 
 
 
 
 
 
Investment income
71.5
 
 
 
75.6
 
 
Interest charges
-10.1
 
 
 
-12.4
 
 
General costs
-3.7
 
 
 
-3.5
 
 
Taxes on result
-1.7
 
 
 
-0.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit after tax
56.0
 
 
 
58.9
 
 
 
 
 
 
 
 
 
 
Profit per share (x EUR 1) 3)
2.84
 
 
 
2.98
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary profit and loss account
for the quarter
(x EUR 1 mln)
 
01-04-2003/
30-06-2003
 
 
01-04-2002/
30-06-2002
 
 
 
 
 
 
Investment income
37.1
 
 
 
38.2
 
Interest charges
-5.1
 
 
 
-5.9
 
 
General costs
-1.9
 
 
 
-1.7
 
 
Taxes on result
-1.0
 
 
 
-0.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit after tax
29.1
 
 
 
30.0
 
 
 
 
 
 
 
 
 
 
Profit per share (x EUR 1) 3)
1.47
 
 
 
1.53
 

 
Movements in equity
( x EUR 1 mln)
 
2003
 
2002
 
 
 
 
 
 
 
Balance as at January 1
1 235.9
 
 
 
1 130.0
 
Direct investment result
56.0
 
 
 
58.9
 
 
Share issue
-
 
 
 
122.8
2)
 
Revaluation
-10.9
 
 
 
-10.5
 
 
Exchange rate differences and other movements
 
-18.6
 
 
 
 
-25.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as at June 30
1 262.4
 
 
 
1 275.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary cash flow statement
 
01-01-2003 /
30-06-2003
 
01-01-2002 /
30-06-2002
 
Cash flow from investment activities
 
 
 
 
 
 
Direct investment result
56.0
 
 
58.9
 
 
Movements in investments
-46.1
 
 
-202.5
 
 
Movements in provisions
-1.1
 
 
-16.6
 
 
Other movements revaluation reserve
 
-1.8
 
 
 
18.0
 
 
Movements in current assets
 
12.8
 
 
 
-11.7
 
 
Movements in short-term debt
 
-15.9
 
 
 
54.2
 
 
 
 
3.9
 
 
-99.7
 
 
 
 
 
 
 
 
Cash flow from financing activities
 
 
 
 
 
 
Share issue
-
 
 
130.7
 
 
Dividend paid out
-86.7
 
 
-79.5
 
 
Movements in long-term debt
 
9.9
 
 
 
48.1
 
 
Other movements revaluation reserve
 
-
 
 
 
-0.9
 
 
 
 
-76.8
 
 
98.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flow
 
-72.9
 
 
-1.3
 
 
 
 
 
 
 
 
Exchange rate differences
 
20.7
 
 
38.9
 
 
 
 
 
 
 
 
Decrease/ increase in cash and bank balances
 
 
-52.2
 
 
 
37.6
 

Share data
(amount per share
x EUR 1)
 
Until June 30 2003
 
 
Until June 30 2002
 
 
 
 
 
 
 
 
 
 
 
Number of shares ranking for dividend
 
19 691 735
 
 
 
19 691 735
 
Profit per share ranking for dividend
 
2.84
 
 
 
2.98
 
Average number of shares
19 691 735
 
 
19 691 735
 
Profit per share
2.84
 
 
2.98
 
Net asset value per share1)
63.93
 
 
64.62
 
 
 
 
 
 
 
 
Geographical distribution of investments
(as a %)
 
30-06-2003
 
 
31-12-2002
 
 
 
 
 
 
 
Belgium
11
 
 
 
11
 
Finland
19
 
 
 
16
 
 
France
10
 
 
 
10
 
 
Hungary
-
 
 
 
<1
 
 
The Netherlands
18
 
 
 
17
 
 
Spain
5
 
 
 
5
 
 
United Kingdom
17
 
 
 
18
 
 
United States
20
 
 
 
22
 
 
 
 
 
 
 
 
 
Distribution of investment properties
(as a %)
 
30-06-2003
 
 
31-12-2002
 
 
 
 
 
 
 
Offices
49
 
 
 
52
 
Shops
38
 
 
 
36
 
 
Other
13
 
 
 
12
 
 
 
 
 
 
 
 
 

Rental income per country 1st half-year
(x EUR 1 mln)
 
Gross rental income
Operating
costs
Net rental
income
 
2003
2002
2003
2002
2003
2002
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Belgium
7.7
8.3
0.2
0.6
7.5
7.7
 
Finland
12.7
12.0
0.8
1.1
11.9
10.9
 
France
8.4
8.4
0.7
0.1
7.7
8.3
 
Hungary
0.1
0.2
-
-
0.1
0.2
 
The Netherlands
15.1
14.0
1.7
1.7
13.4
12.3
 
Spain
3.8
3.0
0.1
0.1
3.7
2.9
 
United Kingdom
14.1
15.8
1.4
1.4
12.7
14.4
 
United States
22.8
28.0
8.3
9.1
14.5
18.9
 
 
 
 
 
 
 
 
 
 
84.7
89.7
13.2
14.1
71.5
75.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Rental income per sector 1st half-year
(x EUR 1 mln)
 
Gross rental income
Operating
costs
Net rental
income
Offices
46.6
51.2
9.6
11.1
37.0
40.1
Shops
28.0
28.5
2.3
2.2
25.7
26.3
 
Other
10.1
10.0
1.3
0.8
8.8
9.2
 
 
 
 
 
 
 
 
 
 
84.7
89.7
13.2
14.1
71.5
75.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wereldhave does not have large investors as defined in the Besluit toezicht beleggingsinstellingen (Decree Supervision Investment Institutions) with the exception of the Foundation for the holding of priority shares of Wereldhave N.V. (10 shares). The Total Expense Ratio for the first half-year 2003 amounts to 4.32 (on an annual basis). Interim results are not audited by external accountants. The summary balance sheet and profit and loss account above have been derived from the consolidated balance sheet and profit and loss account. For the accounting principles on consolidation valuation of assets and liabilities and determining of results reference is made to the Annual Report 2002.
 
 
1) including current earnings
2) after deduction of dividend
3) based on the average number of shares in issue