Consolidated key figures
Notes to the consolidated key figures

Profit and loss account

The property result rose by 23,2% in 2009 to EUR 57,8 million, from EUR 46,9 million in 2008. This increase resulted from further growth of the portfolio due to acquisitions and the successful completion of own projects in both Belgium (including the DHL transaction carried out at the start of 2009 and the completion of the projects in Aarschot, Courcelles (phase I) and Nivelles) and the Netherlands (completion of the projects in Raamsdonksveer and Ridderkerk) as well as France (completion of the projects in Libercourt and Seclin). (For details on these acquisitions and completions, see the ‘Management Report’ on page 57-60.) The average occupancy rate of the WDP portfolio in 2009 was 95%. The occupancy rate decreased in line with expectations from 99% on 31 December 2008 to 92% on 31 December 2009.

The income from solar panels also had a substantial impact on the result, mainly from the second quarter of 2009 onwards. For the full financial year this amounted to EUR 3,7 million.

This property result includes an amount of EUR 527.000 for write-downs of trade receivables, mainly due to the write-down of EUR 397.000 on the receivable due from Kinnarps as a result of a legal dispute with this former tenant. In addition, WDP’s policy is to write off all trade receivables that are more than six months past due.
The property costs and other general expenses were EUR 4,4 million in 2009, down 5,2% from 2008. After the rise in 2008 owing to the growth of the portfolio and the associated expansion of the internal structure, WDP is successfully controlling costs. The operating margin³ improved to 92,4%.

The net property result for 2009 therefore was EUR 53,4 million, compared to EUR 42,2 million in 2008.

The financial result (excluding IAS 39 result) was EUR -18,1 million in 2009, compared to EUR -12,8 million in 2008. This decline was attributable to the execution of the investment plan in 2008 and 2009 that was financed by additional debt on the one hand and shareholders’ equity on the other. The average interest charge in 2009 was 4,11%, edging down by 0,33% from 2008. EUR 437 million of the total financial liabilities (EUR 495 million) has been hedged, principally via Interest Rate Swaps (IRSs).

Taxation comprises the taxes currently payable, mainly at the subsidiaries that do not have the tax status of a cepic (Czech Republic, Netherlands, Romania), and the taxes on disallowed expenses in Belgium. In addition, deferred taxes are recognised for movements in the fair value of investment property, for instance. As these declined in 2009, they have a positive impact on the profit and loss account.

The portfolio result (excluding the associated impact of deferred taxes) in accordance with IAS 40 was EUR -26,8 million in 2009, or EUR -2,29 per share. This result is due to decreases in the fair value of the portfolio in the Netherlands (EUR -11,7 million), France (EUR -2,9 million), the Czech Republic (EUR -4,5 million), Romania (EUR -7 million) and Belgium (EUR -0,7 million) due to lower valuations by the property surveyors, mainly in the first half of the year. In the second half of 2009 applied yields stabilised. The decreases for the full financial year were partly offset by the increase in fair value on completion of finalised projects in Aarschot and Libercourt and other projects, and the recognition at fair value of the current project developments in Belgium and the Netherlands (in line with the updated IAS 40 directive) and the added value on the solar panel project (taken directly to equity). A small additional value is realised by the sale of two non-strategic buildings.

The impact of the IAS 39 result was EUR -10,9 million, compared to EUR -28,8 million in 2008. This negative impact is due to the further negative movements of the fair value of interest rate hedges entered into (mainly Interest Rate Swaps) on 31 December 2009 as a result of falling interest rates. Movements in the fair value of these interest rate hedges are taken in full through profit and loss and not equity. This relates to an unrealised result and a non-cash item.

On balance, the total net result of the group in 2009 was EUR 437.000, compared to EUR -15,8 million in 2008. The net current result for 2009 consequently amounted to EUR 34 million, up 18,5% from EUR 28,7 million in the 2008 financial year. This resulted in net current earnings per share of EUR 3,14 (compared to EUR 3,34 last year), taking account of the new shares issued as part of the capital increase on 30 June 2009.

3 Net property result divided by the property result and multiplied by 100.

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