145 / 236
141
EPRA Earnings and EPRA Earnings per share
1
(x 1,000 EUR)
2015
2014
IFRS earnings per financial statements
103,967
-52,671
Adjustments to calculate EPRA Earnings, to exclude:
24,551
173,150
(i) Changes in fair value of investment properties and properties held for sale
8,620
5,455
(ii) Gains or losses on disposal of investment properties
-22,424
22,441
(v) Goodwill impairment
7,100
11,000
(vi) Changes in fair value of financial instruments (IAS 39)
30,403
136,143
(vii) Costs & interest on acquisitions and joint ventures
1,458
176
(viii) Deferred taxes in respect of EPRA adjustments
-248
-926
(x) Minority interests in respect of the above adjustments
-357
-1,140
EPRA Earnings
128,518
120,479
Number of shares
19,888,379
17,971,494
EPRA EARNINGS PER SHARE (IN EUR)
6.46
2
6.70
2
EPRA Net Asset Value (NAV)
(x 1,000 EUR)
2015
2014
NAV per financial statements
1,860,098
1,541,972
NAV per share per financial statements
88.66
85.80
Effect of the exercise of options, convertible debts or other equity instruments
0
3
0
3
Diluted NAV, after the exercise of options, convertible debts and other equity instruments
1,860,098
1,541,972
To include:
(i) Revaluation at fair value of finance lease receivables
4
50,030
53,387
To exclude:
(i) Fair value of the financial instruments
85,097
125,164
(ii) Deferred taxes
35,900
36,149
(iii) Goodwill as a result of deferred taxes
-70,348
-72,648
EPRA NAV
1,960,777
1,684,024
Number of shares
21,006,682
3
17,993,679
3
EPRA NAV PER SHARE (IN EUR)
34
2
59
2
EPRA Triple Net Asset Value (NNNAV)
(x 1,000 EUR)
2015
2014
EPRA NAV
1,960,777
1,684,024
To include:
(i) Fair value of the financial instruments
-85,097
-125,164
(iii) Deferred taxes
34,448
36,498
EPRA NNNAV
1,910,128
1,595,358
Number of shares
21,006,682
3
17,993,679
3
EPRA NNNAV PER SHARE (IN EUR)
90.93
88.66
1
The summary and the comments on the consolidated income statements are on page 22 and 23 of the currect Annual Financial Report.
2
The EPRA diluted Result per share amounts to 6.46 EUR in 2015 and to 6.70 in 2014. Indeed, in accordance with the “EPRA Best Practices Recommendations”, the bonds redeemable in
shares issued in 2011 and the convertible bonds issued in 2011 and 2013 being out-of-the-money at 31.12.2015 and at 31.12.2014, are not taken into account in the calculation of the EPRA
diluted Result of 2015 and 2014.
3
In accordance with the “EPRA Best Practices Recommendations”, the bonds redeemable in shares issued in 2011 and the convertible bonds issued in 2011 and 2013 being out-of-the-
money at 31.12.2015 and at 31.12.2014, are not taken into account in the calculation of the EPRA VAN and VANNN at these dates.
4
The EPRA VAN and VANNN calculation has been reviewed at the end of 2015, in order to consider the fair value of the receivables from finance leases, in accordance with the “EPRA Best
Practices Recommendations”. The EPRA VAN and VANNN on 31.12.2014 have been calculated, in order to take this element into account.