Results first half 2016

RNS Number : 8301E

Wereldhave NV

21 July 2016

 

Press Release Results first half 2016

DGAP-News: Wereldhave

2016-07-21 / 07:51

The issuer is solely responsible for the content of this announcement.

Strong leasing performance: like-for-like rental growth at 1.0%, and fast

recovering and improving occupancy despite a retail market hit by bankruptcies

Schiphol, the Netherlands, 2016-07-21 07:51 CEST (GLOBE NEWSWIRE) --

FIRST HALF 2016

Strong leasing performance: like-for-like rental growth at 1.0%, and fast

recovering and improving occupancy despite a retail market hit by bankruptcies.

Strong operational performance in all countries

Occupancy rate shopping centres increases to 94.8% (YE 2015: 93.8%)

Direct result: [Eur] 77.7m (2015: [Eur] 62.6m)

Earnings per share: [Eur] 1.77 (2015: [Eur] 1.62)

Indirect result: [Eur] - 68.1m (2015: [Eur] 27.9m)

Like-for-like shopping centres 1.0% (Index: 0.4%)

Outlook reconfirmed:

EPS growth 2016 between 6% - 9%

Quarterly interim dividend 2016:[Eur] 0.77 per share (annual basis 2016: [Eur] 3.08;

2015: [Eur] 3.01)

SUMMARY

Wereldhave delivered a strong operational performance with excellent leasing

results in all countries in H1 2016 and occupancy of the shopping centres

increased to 94.8% (YE 2015: 93.8%). This can be fully attributed to the strong

performance of the leasing teams, the success of refurbishments and the

resilience of the portfolio.

In the Netherlands, a 4% impact from bankruptcies on rental income was nearly

fully recovered during the first half of the year; occupancy only decreased 10

bps from 95.3% YE 2015 to 95.2% H1 2016. In France, the leasing team that was

formed in the second half of 2015 also showed a strong performance; occupancy

increased by 210 bps and already passed the 93% mark, which was targeted for

the end of 2016.

Like-for-like rental growth was positive in Belgium, France and the

Netherlands, and negative in Finland. Like-for-like of the shopping centres for

H1 2016 came out at 1.0%, with the index on average at 0.4%.

The direct result for the first half of the year increased from [Eur] 62.6m in 2015

to [Eur] 77.7m in 2016. This was largely driven by the acquisition of a portfolio

of nine shopping centres in the Netherlands in the second half of 2015.

Indirect result was [Eur] 68.1m negative, impacted by transfer tax and property

values decreasing in the Netherlands and Finland, a positive result on the

valuation of derivatives and other expenses. In the Netherlands the valuations

were impacted by the bankruptcies and in Finland by the effect of the economy

on market rents. In Belgium, valuations remained stable, whilst in France there

was a positive revaluation. As a consequence, the total result for the first

half amounted to [Eur] 9.6m (H1 2015: [Eur] 90.5m).

Wereldhave will pay a quarterly interim dividend of [Eur] 0.77 per share in July

and October 2016 and January 2017. The final dividend will be announced with

the publication of the final results for the year 2016.

Wereldhave reconfirms its outlook that the direct result per share for the year

2016 will increase between 6%-9% compared to 2015.

Dividend outlook: dividend level of [Eur] 3.08 sustainable in all strategic

scenarios.

         Information for the press:

         Richard W. Beentjes

         E [e-mail]

         T + 31 20 702 78 39

         Information for analysts:

         Jaap-Jan Fit

         E [e-mail]

         T + 31 20 702 78 43

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News Source: NASDAQ OMX

2016-07-21 Dissemination of a Corporate News, transmitted by DGAP - a

service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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     Language:    English     

     Company:     Wereldhave  

                  Netherlands 

     End of News    DGAP News Service 

 

END

 

 

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