Wereldhave Belgium - Results 2021

VOLATILE FINANCIAL YEAR 2021 CLOSED WITH POSITIVE SIGNS

Net result of core activities up 6.4% to € 39 m (€ 36.7 m at end 2020)
Strengthening of financial structure: debt ratio falls to 28.2% (30.0% end of 2020)
Successful green financings of € 82 m concluded
EPRA occupancy rate increases by 2% to 93.9% for the entire portfolio (91.9% end of 2020)
Increase of € 4,8 m in fair value of investment properties to € 926 m (€ 921,2 m at year-end 2020)
Strong visitor numbers translated into good tenant turnover figures
Dynamic letting activities: 93 contracts (15% of the entire portfolio)

The Company's net result from core activities increased by 6.4% in 2021 compared to 2020. Its net result from core activities per share decreased slightly from € 4.65 in 2020 to € 4.56 in 2021 due to optional dividend that was only realised in November 2020 and to the optional dividend realised in April 2021. This net result from core activities per share is also better than the € 4.30 that the Company had anticipated during the year, mainly due to a decrease in Covid-19 related rent rebates and fewer write-offs of rental receivables.

The EPRA occupancy rate of the retail portfolio was 97.2% at 31 December 2021 compared to 94.4% at 31 December 2020. For the whole investment property portfolio, the EPRA occupancy rate was 93.9% at 31 December 2021, compared with 91.9% a year earlier.Despite the fact that the start of the year was still heavily impacted by the concessions granted to tenants as a result of the Covid-19 pandemic and the resulting temporary compulsory closures of commercial activities and other measures imposed by the authorities, the 'Like-for-Like' development of the operating property results stood at +13.5% in 2021 compared to 2020 (retail portfolio: +15.2%; office portfolio: -26.7%).

The net asset value per share before dividend distribution was € 77.19 as at 31 December 2021 (2020: € 78.20).

The debt ratio was 28.2% at 31 December 2021, down from 30% at 31 December 2020.

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