Balance

As a result of acquisitions and downward revaluations, the balance-sheet total of €1.320 million at year-end 2009 increased to €1.351 million on 30 June 2010. The loan-to-value decreased further to 53.2% (30 June 2009: 54.7%, 31 December 2009: 54.9%, 31 March 2010: 54.1%). The decrease in the loan-to-value is the balance of the downward revaluations on properties, the repayment of financing due to the sale of properties, the share issue and the accumulated operating profit. The debts to credit institutions amounted to €708.7 million on 30 June 2010 (30 June 2009: €734.0 million, 31 March 2010: €703.6 million).

NSI issued 3,935,150 (9.99%) new shares to qualified investors on 10 June 2010. The issue price was €14.00 per share and the proceeds amounted to €53.9 million after deduction of costs. During the first half of 2010, equity increased by €26.9 million to €581.7 million compared to 31 December 2009 (first half-year of 2009: € 578.1 million). This was the result of the balance of the share issue, the 2010 result, the final dividend for 2009 of € 12.1 million and the 2010 first quarter interim dividend of €14.9 million.

The net asset value, including tax deferral and the market value of the derivatives, amounted to €13.44 per share on 30 June 2010 (30 June 2009: €14.69). If the tax deferral and the value of the derivatives are excluded, (the net asset value according to EPRA), the net asset value amounts to €14.36 per share.
 

Consolidated balance sheet (before proposed profit appropriation for Q2 2010
(x €1,000)

 

 

30-06-2010
31-12-2009

30-06-2009
Assets
  
 
  
Real estate investments

1,331,954
1,303,207

1,342,583
Intangible fixed assets

8,460

8,327

8,205
Tangible fixed assets

4,090

3,941

4,020
Prepayments and accrued income in relation to rent incentives

2,491

 2,376

2,322
Total fixed assets

1,346,995
1,317,851

1,357,130
 

 
 
  
Financial derivatives

1
4

6
Debtors and other accounts receivable

4,007
2,423

3,960
Cash

-
-

1
Total current assets

4,008
2,427

3,697
 

 
 
  
Total assets

1,351,003
1,320,278

1,361,097
 
  
 
  
Shareholders’ equity
  
 
  
Issued share capital

19,914
18,104

18,104
Share premium reserve

451,075
397,795

397,795
Other reserves

125,659
153,525

192,347
Unallocated result from financial year

- 14,918
- 14,596

- 30,175
Total shareholders’ equity
attributable to shareholders

581,730
554,828

578,071
 

 
 
  
Liabilities
  
 
  
Interest bearing loans

656,449
661,086

729,001
FInancial derivatives

38,145
28,055

24,134
Deferred tax liabilities

723
502

605
Total long-term liabilities

695,317
689,643

753,740
 
  
 
  
Redemption requirement  long-term debts

16,192
29,962

542
Financial derivatives

948

529

180
Debts to credit institutions

36,054
24,523

4,436
Other accounts payables and deferred income

20,762
20,793

24,128
Total current liabilities

73,956
75,807

29,286
 
  
 
  
Total liabilities

769,273
765,450

783,026
 
  
 

 
Total shareholders’ equity and liabilities

1,351,003
1,320,278

1,361,097

 

 

Go to interim report at 30 June 2010