Results 2014

Wereldhave had a strong year in 2014. Following the successful restructuring measures of the previous years, including a 50% asset rotation, the direct result is on the way up again (+5.5%). The indirect result was negative, largely due to the transaction costs of the recent acquisitions. The underlying property portfolio performed well, with a strong operational performance.

For 2014, Wereldhave posted a net profit of € 26.9m (2013: € 50.0m). The direct result improved by 5.5% from € 81.3m to € 85.7m. The increase is mainly due to the acquisitions in the Netherlands and like for like rental growth. The indirect result for 2014 amounted to € -58.8m (2013: € -31.2m), largely due to the write off of transactions costs in connection with the acquisitions in the Netherlands and France (€ -41.0m) , and fair value movements on derivatives due to lower market interest rates (€ -8.0m). EPRA NAV slightly decreased to € 54.35 per share at year-end 2014 (2013: € 56.41, restated for share issue), mainly due to the indirect result of € -2.38. The LTV per December 31, 2014 stood at 35.4%.

Wereldhave’s operational performance was significantly above target. Like-for-like rental growth of the core retail portfolio for the year 2014 came out at 270 bps above indexation, 70 bps above target. At 98.6%, occupancy of the core retail portfolio (like-for-like) was above target and general costs amounted to € 14.1m (on target).

Wereldhave has entered into the strategic Growth phase. Six shopping centres in France were acquired for € 850m in December. France has now become Wereldhave’s fourth retail market. The transaction was partly financed with a rights issue of € 550m.

The recent acquisitions immediately contribute to the direct result per share.

For the years 2015 and 2016, Wereldhave anticipates a compounded average growth of the direct result per share between 6% and 9%. Wereldhave aims for a growing dividend and a pay-out ratio between 85% and 90%, with LTV year-end between 35%-40%.

At the Annual General Meeting of Shareholders, to be held on April 24, 2015, a cash dividend will be proposed of € 2.87 per share.

For full press release, download the pdf below.

Press Release: Results 2014