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Number of shares calculated on a pro rata basis to take account of the fact that the 3,004,318 new ordinary shares issued in May 2015 contribute to the result of financial year 2015
only from 12.05.2015.
NUMBER OF SHARES
31.12.2015
31.12.2014
Number of ordinary shares issued (including treasury shares)
20,344,378
17,339,423
Number of ordinary shares outstanding
20,294,264
17,285,009
Number of sordinary hares used to calculate the earnings per share
19,202,531
17,285,009
Number of preference shares issued
685,848
686,485
Number of preference shares outstanding
685,848
686,485
Number of preference shares used to calculate the earnings per share
685,848
686,485
Total number of shares issued (including treasury shares)
21,030,226
18,025,908
Total number of shares outstanding
20,980,112
17,971,494
Total number of shares used to calculate the earnings per share
19,888,379
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17,971,494
COMMENTS ON THE CONSOLIDATED INCOME STATEMENT –
ANALYTICAL FORM
Net rental income
amounts to 201.9 million EUR at 31.12.2015, up com-
pared with 31.12.2014 (195.8 million EUR). This improvement is mainly
the result of the acquisition of healthcare assets in the Netherlands
and Germany. The item “Writeback of lease payments sold and
discounted” decreased from 15.9 million EUR at 31.12.2014 to 10.2 mil-
lion EUR at 31.12.2015, primarily as a result of the sale of the North
Galaxy office building on 12.05.2014. The
property result
amounts
to 207.5 million EUR at 31.12.2015, compared with 208.1 million EUR at
31.12.2014.
The increase of technical costs is mainly due to stricter technical
regulations, to assets acquisition in the Netherlands and Germany, and
to the rising demand for smaller office spaces.
Direct and indirect operating costs represent 0.93% of the average
value of the assets under management at 31.12.2015, compared with
0.85% at 31.12.2014. The
operating result (before result on portfolio)
was 174.3 million EUR at 31.12.2015, compared with 177.7 million EUR one
year earlier.
The
financial result (excluding IAS 39 impact)
amounts to -37.2 mil-
lion EUR at 31.12.2015, compared with -51.4 million EUR at 31.12.2014.
The average cost of debt decreases from 3.4% at 31.12.2014 to 2.9%
at 31.12.2015, thanks to the cancellation of COLLARs and refinancing
under advantageous conditions. The average debt level amounts to
1,459.0 million EUR at 31.12.2015, compared with 1,593.4 million EUR at
31.12.2014.
The item
“Revaluation of financial instruments”
stands at -30.4 mil-
lion EUR at 31.12.2015, compared with -136.1 million EUR at 31.12.2014.
It includes a charge related to restructuring interest rate hedging
instruments for -19.0 million EUR, the effect of revaluing hedging instru-
ments that have not been restructured for -5.3 million EUR, as well as
the effect of revaluing convertible bonds for -6.1 million EUR.
Taxes
increased from -2.5 million EUR at 31.12.2014 to -4.2 million EUR at
31.12.2015. The 2014 figures were positively affected by the recovery of
certain taxes (non-recurring item).
The
net current result – Group share
amounts to 97.7 million EUR at
31.12.2015, compared with -15.7 million EUR at 31.12.2014. Per share,
these numbers were 4.91 EUR at 31.12.2015 and -0.87 EUR at 31.12.2014.
Within the result on the portfolio,
gains or losses on disposals of
investment properties and other non-financial assets
amount to
22.4 million EUR at 31.12.2015, compared with -22.4 million EUR at
31.12.2014. The 2015 figures reflect the gains realised on the sales of
the Group’s holdings in Livingstone II and Silverstone. The 2014 figures
had been negatively impacted by the accounting loss caused by the
registration fees paid as part of the sale of the North Galaxy office
building.
The
change in the fair value of investment properties
amounts
to -8.6 million EUR at 31.12.2015, compared with -5.4 million EUR at
31.12.2014. The decrease in value of office buildings to be renovated in
the near future is partially offset by the improved value of healthcare
assets. On a like-for-like basis, the fair value of investment properties
slightly decreased since 31.12.2014 (-0.3%).
The
net result – Group share
amounts to 104.0 million EUR at 31.12.2015,
compared with -52.7 million EUR at 31.12.2014. Per share, these num-
bers were 5.23 EUR at 31.12.2015 and -2.93 EUR at 31.12.2014.
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