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Data according to the EPRA Principles
\ Management Report
EPRA Earnings and EPRA Earnings per share
(x €1,000)
2013
2012
IFRS earnings per financial statements
58,737
98,072
Adjustments to calculate EPRA Earnings, to exclude:
60,471
23,758
(i) Changes in the fair value of investment properties and properties held for sale
26,260
-12,197
(ii) Gains or losses on disposal of investment properties
-147
-1,414
(v) Goodwill impairment
21,000
7,100
(vi) Changes in the fair value of financial instruments (IAS 39)
13,686
24,344
(vii) Costs & interests on acquisitions and joint ventures
1,570
4,413
(viii) Deferred taxes in respect of EPRA adjustments
-618
596
(x) Minority interests in respect of the above
-1,280
917
EPRA Earnings
119,209
121,830
Number of shares
17,593,767
16,015,572
EPRA EARNINGS PER SHARE
(in €)
6.78
7.61
1
EPRA Net Asset Value (NAV)
(x €1,000)
2013
2012
NAV per financial statements
1,614,937
1,476,029
NAV per share per financial statements
(in €)
91.79
92.16
Effect of the exercise of options, convertible debts or other equity instruments
357,333
230,749
Diluted NAV, after the exercise of options, convertible debts and other equity instruments
1,972,270
1,706,777
To exclude:
(i) Fair value of the financial instruments
101,172
177,179
(ii) Deferred taxes
35,368
36,083
(iii) Goodwill as a result of deferred taxes
-72,648
-74,648
EPRA NAV
2,036,162
1,845,391
Number of shares
20,600,935
18,084,095
EPRA NAV PER SHARE
(in €)
98.85
102.04
1
EPRA Triple Net Asset Value (NNNAV)
(x €1,000)
2013
2012
EPRA NAV
2,036,176
1,845,391
To include:
(i) Fair value of the financial instruments
-101,172
-177,179
(iii) Deferred taxes
37,280
38,565
EPRA NNNAV
1,972,284
1,706,777
Number of shares
20,600,935
18,084,095
EPRA NNNAV PER SHARE
(in €)
95.74
94.38
1
1
Takes into account the sale of 8,000 treasury shares in January2013.