Financial information

  • Key Figures
  • Financing
  • Results
  • Balance Sheet
(€ million)  2013 2012  2011 2010* 2009
FINANCIAL          
Gross rental income 462.2 475.6 460.3 429.6 390.8
Property operating expenses (including service charges) -82.5  -78.1 -63.8 -61.7 -53.8
Net rental income 379.7  397.5 396.5 367.9 337.0
Share of direct result of equity accounted investees 25.7 22.7 21.0 18.1 8.7
Revaluations (including result on sales) -404.5  -219.6 206 164.4 -389.7
Share of indirect result of equity accounted investees -23.0 -7.1 -15.5 3.0 -5.6
           
Total result -250.5  16.0 218.2 375.7 -131.9
Direct result 261.2 262.0 267.0 251.0 218.2
Indirect result -511.7  -246.0 -48.8 124.7 -350.1
           
Invested in property 7,007.2 7,082.9 7,426.5 6,988.8 5,885.5
Total assets 7,459.5  7.631.0 7,961.2 7,816.9 6,291.2
Shareholders' equity (excluding non-controlling interest) 3,643.7  4,082.5 4,206.0 4,195.6 3,384.1
Leverage (%) 43.7  40.3 41.0 38.2 40.4
Interest coverage ratio 3.5 3.4  3.3 3.7 3.4
Average number of issued shares (x million) 97.41 94.66 91.80 87.25 72.16
           
Figures per share (x € 1)          
Total result -2.57  0.17 2.38 4.31 -1.83
Direct result 2.68 2.77 2.91 2.88 3.02
Indirect result -5.25  -2.60 -0.53 1.43 -4.85
           
Shareholders' equity (before result appropriation) 37.07 42.44 45.57 46.10 44.32
           
Dividend 2.13** 2.76** 2.76** 2.69** 2.65**
           
Share closing price  (highest) 36.95 40.93 50.23 53.95 49.20
Share closing price (lowest) 28.90 31.45 28.83 36.74 25.87
Share price at year-end 32.58 34.32 33.61 48.02 47.69
Average stock exchange turnover on NYSE (shares per day) 358,559 405,037 384,103 309,044 300,800
Market capitalisation year-end (€ billion) 3.2 3.3 3.1 4.4 3.6
           
BUSINESS          
Average financial occupancy rate retail (%) 96.4*** 96.9*** 96.2 96.2 96.3
Like-for-like retail (%) -2.2*** -0.0*** 1.9 1.9 1.7
Reletting and renewal retail, increase in rent (%) -0.5*** 0.4*** 6.6 3.8 7.2
Share portfolio in retail (%) 99  99 97 96 94
Pipeline (€ billion) 1.2 1.8 1.9 2.5 2.0
Average Net Theoretical Yield retail portfolio (%) 6.8 6.6  6.5 6.5 6.7
Total footfall in Corio centres (million) 420 415 410 400 360

*   Numbers are restated with regard to Equity Accounted Investees where appropriate.
**  In cash or shares.
*** FMP

Subject to typing errors.

Net direct financing expenses decreased € 5.8 million in 2013 to € 97.7 million (2012: € 103.5 million), predominantly as a consequence of lower interest rates. All in all, the reduced administrative expenses and lower interest rates largely compensated the negative like-for-like net rental income.

Finance ratio's


 31 December 2013 31 December 2012 31 December 2011
Leverage* 43.7 40.3 41.0
Average interest for the last quarter (%) 3.5 3.7 4.1
Average maturity (year) 4.8 4.7 5.1
% loans with a fixed interest rate 65 69 64
Interest cover ratio 3.5 3.4 3.3
Headroom (€ million) 611 750  

* After netting debt and cash equivalents

Subject to typing errors. 

31 December 2013:

The direct result was € 261.2 million compared to € 262.0 million in 2012. If we compare the performance of our FMP portfolio versus our TRC portfolio, the like-for-like numbers for the net rental income of our FMP portfolio (2.2% negative) was stronger than for our TRC portfolio (13.2% negative).

(€ million) 2013   2012
Gross rental income 462.2  475.6
Property operating expenses 82.5  -78.1
Net rental income  379.7  397.5
Administrative expenses -39.1  -45.4
Operating income  340.6  352.1
Share of result of equity accounted investees (direct) 25.7 22.7
EBIT  366.3  374.8
Net finance expense -97.7  -103.5
Corporate income tax -6.4  -6.0
Other direct result -0.1  -0.7
Direct result 262.1  264.6
Non-controlling interest (direct) 0.9 2.6
Direct result (excluding non-controlling interest)  261.2  262.0
     
Net revaluation on investment properties -366.7 -199.6
Result on sales of investment properties -37.8 -20.0
Share of result of equity accounted investees (indirect) -23.0  -7.1
Impairment of goodwill 0.0 -1.8
Net finance expense -29.1 -7.5
Deferred tax expense -19.2  14.2
Net other income/expenses -40.2  -27.1
Indirect result  -516.0  -248.9
Non-controlling interest (indirect) -4.3 -2.9
Indirect result (excluding non-controlling interest)  -511.7  -246.0
     
Total result (including non-controlling interest)  -253.9  15.7
     
Shareholders -250.5  16.0
Non-controlling interest -3.4 -0.3 
     
Result per share (€) based on weighted number of shares    
Direct result 2.68 2.77
Indirect result -5.25 -2.60
Total result  -2.57  0.17
     
 Number of shares end of period 98.3  96.2
 Average weighted number of shares 97.4  94.7

 Subject to typing errors.

Shareholders’ equity at year-end 2013 amounted to € 3,643.7 million (year-end 2012: €4,082.5 million) or € 37.07 per share (2012: €42.44). The decrease is due primarily to the negative revaluation of the property portfolio. In June we increased our share capital by issuing 2.1 million shares as stock dividend.

(million)  31 December 2013 31 December 2012
Assets    
Investment property 6,063.8 6,228.0
Investment property under development 594.5 486.6
Equity accounted investees 348.9 368.3
Total investment 7,007.2 7,082.9
Intangible assets 63.1 60.6
Other investments 112.6 169.4
Property, plant and equipment 23.1 23.7
Deferred tax assets 28.4 22.5
Other non-current receivables 18.6 47.2
Total non-current assets  245.8 323.4
     
Other receivables 197.8 214.5
Cash and cash equivalents 8.8 10.2
Total current assets  206.6 224.7
     
Total assets  7,459.6 7,631.0
     
Shareholders' equity (excl non-controlling) 3,643.7  4,082.5
Non-controlling interest 52.0 48.0
Shareholders' equity (incl non-controlling)  3,695.7 4,130.5
     
Liabilities    
Loans and borrowings 2,678.1  2,761.9
Employee benefits 0.0 1.1
Provisions 39.2 16.7
Deffered tax liabilities 322.2 294.7
Financial instruments 24.5 35.4
Other non-current payables 45.1 31.9
Total non-current liabilities  3,109.1 3,141.7
     
Loans and borrowings 401.0 175.3
Other payables 253.8 183.5
Total current liabilities  654.8 358.8
     
Total liabilities  3,763.9 3,500.5
     
Total equity and liabilities  7,459.6 7,631.0

Subject to typing errors.