FINANCE
Key figures (in €m)
| Consolidated statements (€m) | 2009 | 2010 | 2011 |
|---|---|---|---|
| Gross rental income | 54,4 | 50,0 | 48,3 |
| Current operating profit (1) | 34,2 | 34,4 | 34,6 |
| Net profit | (4,6) | 10,5 | 16,6 |
| Net profit – group share | (2,9) | 10,3 | 15,3 |
| EPRA earnings | 15,6 | 16,0 | 18,5 |
| Funds from operation | 33,3 | 27,7 | 19,7 |
| Investments | 39,7 | 24,4 | 25,5 |
| of which Investment properties (2) | 32,8 | 23,6 | 25,3 |
| of which others | 7,9 | 0,8 | 0,2 |
| FV of investment properties (incl. TT) (3) | 801 | 725 | 709 |
| FV of investment properties (excl. TT) (3) | 760 | 687 | 672 |
| EPRA net asset value (excl. TT) (4) | 284,4 | 281,9 | 287,6 |
| Net financial debt | 535 | 465,3 | 434,7 |
| LTV (%) (5) | 55,0 | 51,5 | 50,8 |
| Average cost of debt (%) (6) | 3,8 | 3,7 | 4,0 |
| Figures per share (€) | 2009 | 2010 | 2011 |
| Net profit (diluted) | (0,68) | 0,83 | 1,26 |
| EPRA earnings | 1,33 | 1,45 | 1,60 |
| Dividend | 1,78 | 2,43 | 1,20 |
| EPRA net asset value excl TT (4) | 31,41 | 30,26 | 28,97 |
| Share price | 16,25 | 17,10 | 12,50 |
(1) This amount excludes the depreciation on the development activities of €3.0m and €5.4m in 2011 and 2010 respectively and appears under other income and expenses.
(2) At historic cost, in full ownership or lease financed.
(3) Fair value of investment properties, including property held for sale, including or excluding transfer taxes. The transfer tax rate used for buildings is 6.2%.
(4) Including ORA (mandatory convertible bonds) and after neutralization of Perpetual Subordinated Loan notes (PSL).
(5) The LTV corresponds to the ratio of the net financial debt associated with investment properties excluding buildings in anticipation of completion and including buildings in stock.
(6) Including hedging costs.
