Rental income |
|
262 |
348 |
453 |
556 |
624 |
704 |
742 |
792 |
|
Other income |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Operating costs |
|
-101 |
-136 |
-168 |
-187 |
-228 |
-255 |
-264 |
-278 |
|
Net operating income |
|
161 |
213 |
286 |
369 |
396 |
449 |
478 |
514 |
|
NOI margin (%) |
|
61,4 |
61,1 |
63 |
66,3 |
63,5 |
63,8 |
64,4 |
64,9 |
|
Value change realized |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Value change unrealized |
|
321 |
212 |
292 |
406 |
1311 |
-16 |
-743 |
233 |
|
Administration costs |
|
-26 |
-34 |
-36 |
-53 |
-56 |
-60 |
-54 |
-54 |
|
All other income & costs |
|
0 |
N/A |
0 |
0 |
0 |
0 |
0 |
0 |
|
EBIT |
|
464 |
396 |
542 |
806 |
1694 |
392 |
-293 |
721 |
|
Net financial items |
|
-23 |
-49 |
-72 |
-92 |
-94 |
-141 |
-188 |
-213 |
|
Value change derivatives |
|
-13 |
-40 |
-82 |
-62 |
67 |
128 |
0 |
0 |
|
Pretax profit |
|
429 |
307 |
388 |
651 |
1667 |
378 |
-481 |
508 |
|
Deferred profit tax |
|
-92 |
-40 |
-78 |
-110 |
-346 |
-75 |
100 |
-104 |
|
Current tax |
|
0 |
0 |
-2 |
-4 |
-9 |
-1 |
-1 |
-1 |
|
Net profit |
|
337 |
267 |
307 |
538 |
1311 |
303 |
-382 |
403 |
|
Minority interest |
|
-8 |
-11 |
3 |
-18 |
-7 |
0 |
0 |
0 |
|
Net profit to shareholders |
|
330 |
256 |
296 |
490 |
1269 |
266 |
-421 |
363 |
|
Cash earnings |
|
104 |
120 |
164 |
173 |
202 |
230 |
222 |
234 |
|
Tax rate (%) |
|
-21,4 |
-12,9 |
-20,8 |
-17,5 |
-21,3 |
-19,9 |
-20,6 |
-20,6 |
|
Net investments |
|
-685 |
-717 |
-1169 |
-1040 |
-957 |
-509 |
-494 |
-624 |
|
Acquisitions |
|
-2 |
-469 |
-887 |
-383 |
-868 |
0 |
0 |
0 |
|
Other investments |
|
-1 |
-3 |
-1 |
-117 |
-315 |
-37 |
0 |
0 |
|
Divestments |
|
0 |
0 |
0 |
59 |
587 |
0 |
0 |
0 |
|
EPS |
|
2,42 |
1,86 |
2,15 |
3,27 |
8,08 |
1,7 |
-2,68 |
2,31 |
|
CEPS |
|
0,77 |
0,87 |
1,19 |
1,15 |
1,28 |
1,46 |
1,41 |
1,49 |
|
CEPS adj. |
|
0,77 |
0,87 |
1,19 |
1,15 |
1,28 |
1,46 |
1,41 |
1,49 |
|
Dividend per share Adj |
|
0 |
0,29 |
0 |
0,45 |
0,5 |
0,57 |
0,63 |
0,68 |
|
Payout ratio of CEPS (%) |
|
0 |
33 |
0 |
39,1 |
39 |
39,3 |
44,3 |
45,3 |
|
Rental growth (%) |
|
0 |
33 |
30,2 |
22,7 |
12,2 |
12,8 |
5,5 |
6,7 |
|
NOI growth (%) |
|
0 |
32,4 |
34,3 |
29,1 |
7,5 |
13,4 |
6,5 |
7,5 |
|
CEPS growth (%) |
|
0 |
13,6 |
36,7 |
-3,2 |
11,5 |
14,1 |
-3,6 |
5,6 |
|
CEPS adj. growth (%) |
|
0 |
13,6 |
36,7 |
-3,2 |
11,5 |
14,1 |
-3,6 |
5,6 |
|
Properties |
|
4693 |
5905 |
7958 |
9462 |
12666 |
13122 |
12873 |
13731 |
|
Deferred tax asset |
|
23 |
32 |
48 |
57 |
56 |
47 |
47 |
47 |
|
Receivables |
|
71 |
60 |
36 |
76 |
179 |
15 |
16 |
17 |
|
Cash and liquid assets |
|
44 |
30 |
178 |
280 |
87 |
139 |
136 |
144 |
|
Other assets |
|
72 |
61 |
228 |
367 |
367 |
213 |
214 |
215 |
|
Current liabilities |
|
101 |
157 |
147 |
174 |
331 |
167 |
178 |
189 |
|
Total assets |
|
4861 |
6041 |
8420 |
10303 |
13581 |
14083 |
13858 |
14752 |
|
Shareholders equity |
|
1757 |
1978 |
2453 |
3085 |
4805 |
5003 |
4491 |
4756 |
|
Minority |
|
53 |
86 |
464 |
551 |
439 |
404 |
404 |
404 |
|
Deferred tax |
|
325 |
373 |
467 |
587 |
857 |
919 |
819 |
923 |
|
Interest bearing debt |
|
2625 |
3447 |
4889 |
5907 |
7149 |
7590 |
7966 |
8480 |
|
Short-term debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Derivatives |
|
101 |
157 |
147 |
174 |
331 |
167 |
178 |
189 |
|
Total liabilities and equity |
|
4861 |
6040 |
8420 |
10303 |
13581 |
14083 |
13858 |
14752 |
|
Net IB debt |
|
2443 |
3303 |
4379 |
5266 |
6779 |
7122 |
7501 |
8007 |
|
Rental area m2 (000) |
|
223 |
272 |
341 |
402 |
488 |
492 |
501 |
516 |
|
Rent per m2 |
|
1174 |
1280 |
1328 |
1381 |
1278 |
1430 |
1482 |
1534 |
|
Equity ratio (%) |
|
36,1 |
32,8 |
29,1 |
29,9 |
35,4 |
35,5 |
32,4 |
32,2 |
|
Loan to value (%) |
|
52 |
55,9 |
57,4 |
58 |
55,2 |
55,8 |
59,8 |
59,8 |
|
Net loan to value (%) |
|
56,9 |
58,9 |
63,7 |
65,4 |
57,1 |
58,9 |
62,9 |
62,8 |
|
ICR real estate |
|
6 |
4 |
3 |
3 |
4 |
3 |
2 |
2 |
|
Interest rate on debt (%) |
|
2 |
2 |
2 |
2 |
1 |
2 |
2 |
3 |
|
Occupancy rate (%) |
|
85 |
89 |
94 |
94,5 |
95 |
95,6 |
96 |
96 |
|
NAV per share |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BVPS |
|
12,91 |
14,39 |
17,84 |
20,58 |
30,6 |
31,86 |
28,61 |
30,29 |
|
EPRA NAV per share |
|
15,62 |
17,45 |
21,87 |
25,23 |
36,16 |
37,01 |
33,12 |
35,47 |
|
Shares outstanding adj. |
|
136 |
137 |
137 |
150 |
157 |
157 |
157 |
157 |
|
Share price |
|
12,55 |
16,04 |
20,51 |
28,71 |
48,64 |
26 |
26 |
26 |
|
Market cap. (m) |
|
1708 |
2205 |
2819 |
4302 |
7636 |
4082 |
4082 |
4082 |
|
P/E |
|
5,2 |
8,6 |
12 |
10,5 |
7,4 |
15,3 |
-9,7 |
11,2 |
|
Net IB debt / share |
|
18 |
24 |
32 |
35 |
43 |
45 |
48 |
51 |
|
P/CEPS |
|
16,6 |
18,3 |
21,8 |
29,8 |
46,4 |
17,8 |
18,4 |
17,4 |
|
P/CEPS adj. |
|
16,6 |
18,3 |
21,8 |
29,8 |
46,4 |
17,8 |
18,4 |
17,4 |
|
EV/EBIT |
|
9,1 |
14,1 |
15,5 |
13,4 |
9,5 |
28,4 |
-39,2 |
16,6 |
|
Implicit yield (%) |
|
3,5 |
3,5 |
3,4 |
3,5 |
2,6 |
3,7 |
3,8 |
3,9 |
|
Yield on BV (%) |
|
3,4 |
3,6 |
3,6 |
3,9 |
3,1 |
3,4 |
3,7 |
3,7 |
|
Dividend yield (%) |
|
0 |
1,8 |
0 |
1,3 |
0,8 |
2,2 |
2,4 |
2,6 |
|
P/NAV |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
P/EPRA NAV |
|
0,81 |
0,91 |
1,18 |
1,36 |
1,65 |
0,7 |
0,79 |
0,73 |
|
P/BVPS |
|
0,98 |
1,11 |
1,45 |
1,66 |
1,94 |
0,82 |
0,91 |
0,86 |
|
EV/NOI |
|
26,29 |
26,25 |
29,42 |
29,34 |
40,79 |
24,79 |
24,01 |
23,27 |
|