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1
The summary and comments on the consolidated income statement are
presented on pages 18 and 19.
EPRA Earnings and EPRA Earnings per share
1
(x €1,000)
2014
2013
IFRS Earnings per financial statements
-52,671
58,737
Adjustments to calculate EPRA Earnings, to exclude:
173,150
60,471
(i) Changes in the fair value of investment properties and properties held for sale
5,455
26,260
(ii) Gains or losses on disposal of investment properties
22,441
-147
(v) Goodwill impairment
11,000
21,000
(vi) Changes in the fair value of financial instruments (IAS 39)
136,143
13,686
(vii) Costs & interests on acquisitions and joint ventures
177
1,570
(viii)Deferred taxes in respect of EPRA adjustments
-926
-618
(x) Minority interests in respect of the above
-1,140
-1,280
EPRA Earnings
120,479
119,209
Number of shares
17,971,494 17,593,767
EPRA EARNINGS PER SHARE
(in €)
6.70
6.78
EPRA Net Asset Value (NAV)
(x €1,000)
2014
2013
NAV per financial statements
1,541,972
1,614,937
NAV per share per financial statements
(in €)
85.80
91.79
Effect of the exercise of options, convertible debts or other equity instruments
464,229
357,333
Diluted NAV, after the exercise of options, convertible debts and other equity instruments
2,006,201
1,972,270
To exclude:
(i) Fair value of financial instruments
125,164
101,172
(ii) Deferred taxes
36,150
35,368
(iii) Goodwill as a result of deferred taxes
-72,648
-72,648
EPRA NAV
2,094,867
2,036,162
Number of shares
21,804,218 20,600,935
EPRA NAV PER SHARE
(in €)
96.08
98.85
EPRA Triple Net Asset Value (NNNAV)
(x €1,000)
2014
2013
EPRA NAV
2,094,867
2,036,162
To include:
(i) Fair value of financial instruments
-125,164
-101,172
(iii) Deferred taxes
36,498
37,280
EPRA NNNAV
2,006,201
1,972,270
Number of shares
21,804,218 20,600,935
EPRA NNNAV PER SHARE
(in €)
92.01
95.74
127