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2016-07-21

Press Release Results first half 2016

esults 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

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: € 77.7m (2015: € 62.6m)
Earnings per share: € 1.77 (2015: € 1.62)
Indirect result: € – 68.1m (2015: € 27.9m)
Like-for-like shopping centres 1.0% (Index: 0.4%)
Outlook reconfirmed:
EPS growth 2016 between 6% - 9%
Quarterly interim dividend 2016:€ 0.77 per share (annual basis 2016: € 3.08;
2015: € 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 € 62.6m in 2015
to € 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 € 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 € 9.6m (H1 2015: € 90.5m).

Wereldhave will pay a quarterly interim dividend of € 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 € 3.08 sustainable in all strategic
scenarios.

Information for the press:
Richard W. Beentjes
E richard.beentjes@wereldhave.com
T + 31 20 702 78 39

Information for analysts:
Jaap-Jan Fit
E jaapjan.fit@wereldhave.com
T + 31 20 702 78 43

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