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Management Report
/ Summary of the Consolidated Accounts
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SUMMARY OF THE
CONSOLIDATED ACCOUNTS
Consolidated income statement – Analytical form
(x€1,000)
31.12.2013
31.12.2012
A. NET CURRENT RESULT
Rental income, net of rental-related expenses
195,185
202,357
Writeback of lease payments sold and discounted (non-cash element)
25,276
22,994
Taxes and charges on rented properties not recovered
-2,376
-1,968
Redecoration costs, net of tenant compensation for damages
-1,176
-1,010
Property result
216,909
222,373
Technical costs
-5,114
-6,243
Commercial costs
-956
-1,091
Taxes and charges on unlet properties
-4,075
-3,826
Property result after direct property costs
206,764
211,213
Property management costs
-14,258
-15,011
Property operating result
192,506
196,202
Corporate management costs
-6,887
-7,363
Operating result (before result on the portfolio)
185,619
188,839
Financial income (IAS39 excluded)
1
5,723
5,559
Financial charges (IAS39 excluded)
2
-66,972
-65,092
Revaluation of derivative financial instruments (IAS39)
-13,686
-24,344
Share in the result of associated companies and joint ventures
1,425
503
Taxes
-2,179
-4,273
Net current result
3
109,930
101,192
Minority interests
-5,006
-3,706
Net current result – Group share
104,924
97,486
B. RESULT ON THE PORTFOLIO
Gains or losses on disposals of investment properties and other non-financial assets
147
1,414
Changes in the fair value of investment properties
-26,260
12,197
Share in the result of associated companies and joint ventures
112
-70
Other result on the portfolio
-22,065
-12,038
Result on the portfolio
-48,066
1,503
Minority interests
1,879
-917
Result on the portfolio – Group share
-46,187
586
C. NET RESULT
Net result – Group share
58,737
98,072
Number of shares
31.12.2013
31.12.2012
4
Number of ordinary shares issued (treasury shares included)
16,954,002
16,423,925
Number of preference shares issued and not converted
688,682
689,397
Number of ordinary shares entitled to share in the result of the period
16,905,085
15,326,175
Number of preference shares entitled to share in the result of the period
688,682
689,397
Total number of shares entitled to share in the result of the period
17,593,767
16,015,572
1
IAS39 included, at 31.12.2013 and 31.12.2012, the financial income stands at k€19,305 and k€8,879 respectively.
2
IAS39 included, at 31.12.2013 and 31.12.2012, the financial charges stand at k€-94,240 and k€-92,756 respectively.
3
Net result excluding gains or losses on disposals of investment properties and other non-financial assets, changes in the fair value of investment properties, the impact of the
impairment test on the goodwill, the recovery of deferred taxes and the exit tax.
4
The number of shares at 31.12.2012 takes into account the disposal of 8,000 treasury shares in January2013.