Wereldhave Belgium : Half yearly financial statement 2016

logo WH Half yearly financial statement 2016 Vilvoorde, 20 July 2016 CONTENTS

1. Overall summary real estate markets 1

2. Interim financial report

Key figures 2

Profit 2

Direct result 3

Indirect result 3

Shareholders' equity and net asset value 3

Property portfolio 4

Sustainability 5

Corporate-dividend 5

Prospects 6

1. Portfolio summary at 30 June 7

2. Summarised financial statements 1st half year

   Consolidated statement of financial position 10

   Consolidated profit and loss account 11

   Consolidated statement of direct and indirect result 13

   Statement of comprehensive income 13

   Consolidated cash flow statement 14

   Consolidated statement of movements in equity 15

   Segment information 16

   Movements in investment properties 1st half year 18

   Real Estate Experts' report 18

   Shareholders 19

   Basis of preparation half year figures 19

   Consolidation 20

   Risk management 20

   Related parties 20

   Significant events after 30 June 20

3. Obligations regarding the provision of information to the public 21

4. Statutory Auditor's Review Report 21
5. OVERALL SUMMARY REAL ESTATE MARKETS RETAIL

   Shopping centres that are dominant in a stable and / or developing catchment area provide an excellent opportunity to increase rental and value growth by active management. The occupancy rate of efficiently functioning shopping centres remains consistently high, but nevertheless endures an increasing pressure.

   The investment volume in shopping centres in Belgium over the first semester was very high. Demand for this type of property by institutional investors (European as well as non-European) remains high.

   The interest for space from retailers remains focused on prime locations. In general, rent pressure increases. Both the realized turnover of tenants as the number of visitors of shopping centres remains stable to slightly decreasing.

   The (future) consumer's spending habits will also be determined by the internet and social media. These trends, which are closely followed, will surely change the future retail landscape.

   OFFICES

   The investment volume in this real estate segment remains low; the yields for well-located and leased office buildings remain stable.

   The rental market remains difficult; older buildings are exchanged for new, sustainable, usually with a lower take-up. This mostly has to do with a more efficient way of utilization of surface and a limited work area per employee.

6. INTERIM FINANCIAL REPORT
   • Direct result per share € 2.97 (2015: € 2.79)
   • Investment portfolio € 775.3 mln (2015: € 774.0 mln)
   • Occupancy rate retail 94.5% (2015: 94.9%)

   • Increase in rental income (9.2%) up to € 25.0 mln (2015: € 23.0 mln)

KEY FIGURES

(x € 1.000)

Profit

Direct result Indirect result

Direct result per share (x €1) Profit per share (x €1)

Equity

Investment properties excl. development projects Development projects Shareholders' Equity

Net asset value per share (x €1)

Debt ratio on total of assets Number of shares

01/01/16 - 30/06/16

19 517

20 641

-1 124

2.97

2.81

30 June 2016

750 257

25 083

552 450 2)

79.62 2)

29.1 %

6 939 017

01/01/15 - 30/06/15

36 375

19 387

16 988

2.79

5.24

31 December 2015

733 482

40 547

567 310 1)

81.76 1)

27.5 % 6 939 017

1) before profit distribution and dividend payment

2) before profit distribution and after dividend payment (Gross dividend €4.90/share - € 34mln)

PROFIT

During the first half year, the profit, consisting of the direct and indirect result, amounted to € 19.5 mln (2015: € 36.4 mln). Compared to the same period in 2015, this decrease in profit is the result of a higher direct result (€ 1.2 mln) and a lower indirect result (€ -18.1 mln).