Annual Report 2009
WDP
- General information about the company
- Basis of presentation
- Accounting rules
- 1. Consolidation principles
- 2. Business combinations and goodwill
- 3. Foreign currency
- 4. Investment property
- 5. Other tangible fixed assets
- 6. Leasing
- 7. Special amortisation
- 8. Financial instruments
- 9. Assets held for sale
- 10. Provisions
- 11. Staff remunerations
- 12. Income
- 13. Costs
- 14. Tax on profits
- Significant estimates
- Segment information
- Notes to the balance sheet and income statement
- I Criteria of the consolidation method used
- II Information on subsidiaries and joint ventures
- III Status of the intangible fixed assets
- IV Investment property – Statement of changes
- V Investment property – Building ground reserve division
- VI Statement of other tangible fixed assets
- VII Financial fixed assets and other long term and short term financial commitments
- VIII Financial Lease Debts
- IX Assets held for sale
- X Trade receivables and doubtful debts
- XI Tax benefits and other current assets
- XII Capital
- XIII Explanatory table of the carried-forward consolidated result
- XIV Provisions 2009
- XV Statement of liabilities
- XVI Other current liabilities
- XVII Overview of future rental income
- XVIII Average workforce and breakdown of members of personnel
- XIX Result on disposal of investment property
- XX Variations in the fair value of investment property
- XXI Financial result
- XXII Taxes
- XXIII Transactions between associated companies
- XXIV Off-balance-sheet rights and commitments
- Rental returns
- Report of the company auditor on the financial statements
2009 Annual consolidated
financial statements
Notes
SEGMENT INFORMATION
ANALYTICAL PRESENTATION BY GEOGRAPHIC SEGMENT
|
Year 31-12-2009 |
Year 31-12-2008 |
|||||
|
EUR (x 1.000) |
Western Europe |
Central and Eastern Europe |
Total |
Western Europe |
Central and Eastern Europe |
Total |
|
Operating income |
56.019 |
2.506 |
58.525 |
44.694 |
2.473 |
47.167 |
|
Net rental income |
51.544 |
2.506 |
54.050 |
43.520 |
2.473 |
45.993 |
|
Other operating income |
4.475 |
0 |
4.475 |
1.174 |
0 |
1.174 |
|
Operating charges |
-4.885 |
-276 |
-5.161 |
-4.668 |
-267 |
-4.935 |
|
Property management costs |
-1.216 |
-65 |
-1.281 |
-1.353 |
-45 |
-1.398 |
|
General incidental expenses |
-3.669 |
-211 |
-3.880 |
-3.315 |
-222 |
-3.537 |
|
Operating result |
51.134 |
2.230 |
53.364 |
40.026 |
2.206 |
42.232 |
|
Financial income |
3.136 |
28 |
3.164 |
2.302 |
2.005 |
4.307 |
|
Financial charges |
-31.085 |
-1.088 |
-32.173 |
-43.726 |
-2.517 |
-46.243 |
|
Pre-tax operating result |
23.185 |
1.170 |
24.355 |
-1.398 |
1.694 |
296 |
|
Taxes |
1.383 |
1.479 |
2.862 |
1.437 |
321 |
1.758 |
|
Operating result |
24.568 |
2.649 |
27.217 |
39 |
2.015 |
2.054 |
|
Result on portfolio |
-15.302 |
-11.478 |
-26.780 |
-19.387 |
1.548 |
-17.839 |
|
Realised capital gains and losses |
11 |
0 |
11 |
80 |
0 |
80 |
|
Unrealised capital gains |
7.985 |
0 |
7.985 |
13.140 |
6.166 |
19.306 |
|
Unrealised capital losses |
-26.184 |
-11.478 |
-37.662 |
-28.741 |
-4.929 |
-33.670 |
|
Impairment (recognised) |
-1.152 |
0 |
-1.152 |
-4.020 |
0 |
-4.020 |
|
Impairment (reversed) |
4.038 |
0 |
4.038 |
154 |
311 |
465 |
|
TOTAL RESULT |
9.266 |
-8.829 |
437 |
-19.348 |
3.563 |
-15.785 |
The basic segmentation for segment reporting within WDP is by geographical region. This basic segmentation reflects the two geographical markets in Europe in which WDP operates. WDP’s activities are accordingly subdivided into the following two regions:
1. the region Western Europe (Belgium, the Netherlands, France)
2. the region Central and Eastern Europe (Czech Republic and Romania)
This segmentation is important for WDP as the nature of the activities and the customers have similar economic characteristics within those segments. Business decisions are taken at that level and various key performance indicators (including rental income and occupancy level) are followed up in this way.
A second basis of segmentation is not deemed relevant by WDP as the activity focuses primarily on letting semi-industrial buildings (warehouses and buildings serving a logistics purpose).
Operating income in Belgium, the Netherlands and France was respectively EUR 40,9 million (70% of total operating income), EUR 9,4 million (16% of total operating income) and EUR 5,8 million (10% of total operating income).
ASSETS AND LIABILITIES BY GEOGRAPHIC SEGMENT
|
Year 31-12-2009 |
Year 31-12-2008 |
|||||
|
EUR (x 1.000) |
Western Europe |
Central and Eastern Europe |
Total |
Western Europe |
Central and Eastern Europe |
Total |
|
Assets |
||||||
|
Intangible assets |
286 |
0 |
286 |
183 |
0 |
183 |
|
Investment property |
768.174 |
47.218 |
815.392 |
685.139 |
56.990 |
742.129 |
|
Other MFA |
54.910 |
322 |
55.232 |
32.026 |
334 |
32.360 |
|
Financial fixed assets |
11.737 |
0 |
11.737 |
10.619 |
0 |
10.619 |
|
Financial lease receivables |
195 |
0 |
195 |
277 |
0 |
277 |
|
Receivables on more than 1 year |
168 |
0 |
168 |
320 |
0 |
320 |
|
Assets tax deferrals |
836 |
0 |
836 |
761 |
0 |
761 |
|
Assets held for sale |
14.199 |
0 |
14.199 |
4.642 |
0 |
4.642 |
|
Financial lease receivables |
83 |
0 |
83 |
77 |
0 |
77 |
|
Trade debtors |
9.601 |
77 |
9.678 |
3.935 |
321 |
4.256 |
|
Other debtors |
2.957 |
151 |
3.108 |
2.425 |
173 |
2.598 |
|
Cash investments and liquid assets |
1.426 |
778 |
2.204 |
769 |
504 |
1.273 |
|
Accruals and deferred income active |
2.820 |
138 |
2.958 |
3.180 |
28 |
3.208 |
|
TOTAL ASSETS |
867.392 |
48.684 |
916.076 |
744.353 |
58.350 |
802.703 |
|
Equity |
||||||
|
Capital |
97.853 |
0 |
97.853 |
68.913 |
0 |
68.913 |
|
Premiums on issue |
63.960 |
0 |
63.960 |
0 |
0 |
0 |
|
Reserves |
173.700 |
-2.175 |
171.525 |
179.955 |
7.333 |
187.288 |
|
Result |
55.823 |
3.781 |
59.604 |
22.514 |
3.099 |
25.613 |
|
Impact on the fair value of estimated transfer taxes and charges for hypothetical disposal of investment properties (-) |
-27.123 |
-1 |
-27.124 |
-22.105 |
-1 |
-22.106 |
|
Exchange rate differences |
-342 |
1.367 |
1.025 |
-240 |
1.839 |
1.599 |
|
Minority interest |
0 |
0 |
0 |
0 |
0 |
0 |
|
TOTAL EQUITY |
363.871 |
2.972 |
366.843 |
249.037 |
12.270 |
261.307 |
| |
||||||
|
Liabilities |
||||||
|
Provisions |
1.188 |
0 |
1.188 |
1.272 |
1 |
1.273 |
|
Deferred taxes |
4.707 |
1.521 |
6.228 |
6.145 |
2.894 |
9.039 |
|
Long term financial liabilities |
398.560 |
7.675 |
406.235 |
311.916 |
6.667 |
318.583 |
|
Short term financial liabilities |
113.971 |
7.806 |
121.777 |
170.954 |
9.350 |
180.304 |
|
Short term trade liabilities |
9.402 |
34 |
9.436 |
14.464 |
113 |
14.577 |
|
Social security and tax debt |
1.046 |
149 |
1.195 |
537 |
48 |
585 |
|
Other short term liabilities |
496 |
50 |
546 |
13.765 |
66 |
13.831 |
|
Accruals and deferred income passive |
-17.949 |
20.577 |
2.628 |
2.699 |
505 |
3.204 |
|
TOTAL LIABILITIES |
511.421 |
37.812 |
549.233 |
521.752 |
19.644 |
541.396 |
Investment property in Belgium, the Netherlands and France is respectively EUR 527,7 million (65% of total investment property), EUR 156,7 million (19% of total investment property) and EUR 83,8 million (10% of total investment property).
Investment property in the Czech Republic and Romania accounts for less than 10% of the ‘Investment property’ total.