Q32011Interim report. per 30 September publication: 9 November 2011 before opening of Euronext Amsterdam NSI N.V. For additional information:
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1 Q32011Interim report per 30 September 2011 NSI N.V. publication: 9 November 2011 before opening of Euronext Amsterdam For additional information: Johan Buijs, ceo Daniël van Dongen, cfo t +31 (0) info@nsi.nl
2 maart 2011 interim report Interim report per 30 September 2011 Contents Report of the Management Board 3 Key figures 11 Consolidated direct and indirect investment result 12 Consolidated statement of comprehensive income 14 Consolidated statement of financial position 15 Consolidated cash flow statement 16 Consolidated statement of movements in shareholders equity 17 Notes to the figures for the first three quarters 18 Other information 24 Financial calendar 26 2
3 Report of the Management Board NSI announces again constant results in Q3 Highlights Q interim-dividend of 0.30 per share Direct result of 39.1 million for the first three quarters 2011 compared to 39.6 million during the same period in 2010 (including a one-off income item in 2010) Q gross rental income up by 0.2 million compared to Q3 2010: 25.7 million vs million Q net rental income equals Q net rental income ( 21.7 million) NSI and VastNed Offices/Industrial NV (VastNed O/I) have merged per 14 October 2011 and the new combination is being continued under the NSI name. Therefore, the third quarter 2011 had already ended by the time the merger was completed. For this reason, NSI and VastNed O/I will each publish a separate interim-report per 30 September This interim-report exclusively reports about NSI before the merger except were this is expressly stated otherwise. During the first three quarters of 2011, NSI achieved a direct investment result of 39.1 million compared to 39.6 million during the same period in However, the direct result for three quarters in 2010 included a one-off income item of 1.2 million related to the termination of a lease in the La Tour office building. Adjusted for this one-off income item the direct result for the three quarters period in 2011 has increased by 0.7 million compared to the direct result during the first three quarters in This difference is mainly caused by the contribution of the two shopping centres acquired during the course of 2010 and the dividends for 2010 that NSI received on its 4.99% stake in VastNed O/I. Although NSI and VastNed O/I issue a separate Q3 interim-report NSI will distribute the combined Q interim-dividend of the merged company. This interim-dividend amounts to 0.30 per share. 3 Johan Buijs, CEO of NSI, said in a response: We are glad to see that NSI once more has achieved a strong direct result. Net rental income in the third quarter remained on the same level as in the second quarter despite pressure on the occupancy rates in the office portfolio. It is good to see that already now we are able to distribute an interim-dividend out of VastNed O/I s results that equals the NSI dividend. The integration process of VastNed O/I into the NSI organisation is running smoothly. The commercial teams are already completely integrated and operational, and it is expected that the integration process can be completed in December. The indirect investment result, that besides the revaluations of the real estate portfolio mainly consists of the changes in the market value of the financial derivatives, amounted to million over the first three quarters 2011 (three quarters 2010: million). The market value of the financial derivatives decreased by 7.7 million. The total investment result for the first three quarters of 2011 amounted to 7.4 million (three quarters 2010: 5.3 million). The net asset value decreased due to the indirect investment result, the 2010 final dividend and the payments of the Q1 and Q interim-dividends to per share (31 December 2010: per share; 30 June 2011: per share). The net asset value without tax deferral and the value of the derivatives (net asset value according to EPRA) was per share on 30 september On 30 September 2011, the occupancy rate was 89.0% while it stood at 89.5% and 90.1% on 30 June 2011 and 31 December 2010 respectively. The slight decrease of the occupancy rate is the result of the termination of several leases.
4 Financial results The total investment result, consisting of the balance of the direct and indirect investment results amounted to 7.4 million over the first three quarters of 2011 (first three quarters 2010: 5.3 million). Direct result NSI uses the direct result (rental income less operating costs, service costs not recharged, administrative costs and financing costs) as a measure for its core business and for its dividend policy. The direct result for the first three quarters 2011 amounted to 39.1 million while the direct result for the same period in 2010 amounted to 39.6 million including a one-off income item of 1.2 million. Adjusted for this one-off income item in 2010 the direct result for the first three quarters of 2011 increased by 0.7 million compared to the same period in This difference is mainly caused by the contribution of the two shopping centres acquired during the course of 2010 and the final dividend for 2010 that NSI received on its 4.99% stake in VastNed O/I. The direct result in Q equals the direct result in Q3 2010: 12.8 million. Gross rental income decreased compared to the first three quarters of 2010, from 77.8 million in 2010 to 77.4 million in Adjusted for the above mentioned one-off income item, gross rental income for the first three quarters of 2010 amounted to 76.6 million. During Q gross rental income increased by 0.2 million compared to Q ( 25.5 million) as a result of the acquisitions of Sterpassage in Rijswijk in June 2010, shopping centre Zuiderterras at the end of December 2010 and the retail units in shopping centre Zuidplein at the end of February Net rental income during the first three quarters of 2011 was 65.3 million compared to 66.4 million for the first three quarters of The impact of the one-off income item in Q was 1.2 million; the adjusted net rental income during the first three quarters of 2010 was therefore 65.2 million. Net rental income during Q ( 21.7 million) equalled the net rental income during Q Operating costs increased during the first three quarters of 2011 to 10.8 million compared to the first three quarters in 2010 with 0.8 million due to higher maintenance, rental and other costs. Interest expenses increased during the 2011 three quarters period to 24.9 million compared to 24.6 million during the first three quarters of 2010 because of the increased level of debt funding. The interest rates as such decreased. Rental income in the Netherlands and Switzerland x 1,000 Three quarters 2011 Three quarters 2010 The Netherlands Gross rental income 71,900 72,778 Net rental income 61,195 62,885 Switzerland Gross rental income 5,489 4,998 Net rental income 4,098 3,533
5 Development of gross rental income over the three quarters period Q in the Netherlands and Switzerland x 1,000 Three quarters Purchases Disposals Organic growth Three quarters Netherlands Offices 39, ,472 * 36,818 Retail 29,330 2, ,451 Industrials 3, ,154 Residentials Total the Netherlands 72,778 2, ,076 71,900 Switzerland Offices 2, ,327 Retail 2, ,162 Total Switzerland 4, ** 5,489 Total for NSI 77,776 2, ,585 77,389 * The effect of the one-off income item is 1.2 million in the item organic growth ** The item organic growth in Switzerland includes exchange-rate differences ( 0.6 million) 5 Indirect result The indirect investment result for the first three quarters of 2011 amounted to million (first three quarters 2010: million.) The indirect result consists of both realised revaluations (sales results on investments sold) and unrealised revaluations. These unrealised revaluations concern the changes in the market value of the property portfolio ( million) and the interest-rate hedging instruments (- 7.7 million). The revaluation of the Dutch property portfolio for the first three quarters of 2011 amounted to million (three quarters 2010: million) The value of the Swiss properties remained almost unchanged except for exchange-rate differences. NSI s Dutch retail portfolio showed a positive revaluation of 2.7 million. The value of the office portfolio decreased by 21.1 million because market rents (and corresponding incentives) and occupancy rate are still under pressure. In Q3 2011, the value of the real estate portfolio decreased by 6.0 million compared to a decrease of 6.8 million in Q The revaluation of the interest-rate hedging instruments amounted to million during the first three quarters of 2011 (Three quarters period 2010: million). During the previous three quarters of positive revaluations of the financial derivatives, the revaluation turned negative in Q by 15.4 million due to a strong decrease of interest rates during the quarter.
6 Revaluation results of properties in the Netherlands (x 1,000) Q3 Q Q Q Q Q Q Q Q Q Q Offices - 5,667-8,795-6,660-4,562-5,876-6,767-4,230-6,094-4,092-4,300-23,389 Retail ,661 1, , , ,099 Industrial ,342-2, ,830 Residential , Total -5,625-7,715-5,089-4,400-7,799-9,613-4,965-12,372-4,665-4,806-29,412 Revaluation results of properties in Switzerland (x 1,000) Q Q Q Q Q Q Q Q Q Q Q Offices Retail Totaal
7 Yields in % op 30 september 2011 en 31 december 2010 Gross yield * Net yield ** Gross yield * Net yield ** Offices Retail Industrial Residential Total * gross yield: the theoretical annual rent expressed as a percentage of the market value of the real estate portfolio. ** net yield: the theoretical net rental income expressed as a percentage of the market value of the real estate portfolio. Bruto yield * Netto yield ** Bruto yield * Netto yield ** The Netherlands Switzerland Totaal Balance-sheet ratios and finance The value of the real estate investments amounted to 1,349.0 million on 30 September 2011 (31 December 2010: 1,358.1 million). This decrease is the result of the balance of purchases, disposals, revaluations, exchange-rate differences and investments. The loan-to-value amounted to 56.4% on 30 September 2011 and increased by 1.6% compared to 31 December 2010 (54.8%). This increase is mainly the result of the negative indirect result and the payment of NSI s 2010 final dividend and the Q1 and Q interimdividends. The debts to credit institutions amounted to million on 30 September 2011 (31 December 2010: million). Equity NSI s equity decreased during the first three quarters of 2011 by 31.4 million to million (31 December 2010: million). This was the result of the balance of the net profit over the first three quarters 2011 ( 7.4 million), the statutory reserve for exchange-rate differences ( 0.2 million), the payment of the 2010 final dividend ( 13.0 million) and the Q1 and Q interim-dividends ( 26.0 million). The net asset value, including tax deferral and the market value of the derivatives, amounted to per share on 30 September 2011 (30 September 2010: 13.27; 31 December 2010: 13.44). If the tax deferral and the value of the derivatives are excluded (the net asset value according to EPRA), the net asset value on 30 September 2011 amounts to per share (30 September 2010: 14.21; 31 December 2010: 14.11).
8 Financial ratios The funding available to the company under the credit facilities committed as at 30 September 2011 amounted to 57.3 million (31 December 2010: 97.4 million). Net debts to credit institutions increased from million at year-end 2010 to million as at 30 September The average remaining maturity of the loans decreased from 2.3 years at year-end 2010 to 1.8 years and the fixed-interest part of the mortgage loans decreased from 93.7% at year-end 2010 to 91.7% as at 30 September The average interest rate on the loans including interest-rate hedging instruments decreased from 4.4% to 4.1%, including margin, on 30 September The interest-rate coverage ratio was 2.7 on 30 September 2011 (31 December 2010: 2.7). Interim dividend Q The Q interim dividend will be 0.30 per share. The basic principle of the company s dividend policy is to distribute almost the entire direct result to shareholders as dividend. NSI s direct result amounts to 0.30 per share in Q However, this is calculated over the number of shares outstanding on 30 September 2011, being 43,286,677. At that time, the number of outstanding shares is 60,361,376 as a consequence of the merger. NSI will utilise a part of VastNed O/I s Q direct result in order to achieve a Q interim dividend of Any differences to the dividend policy described above will be corrected with the 2011 final dividend. NSI shares will be quoted ex-dividend on 24 November 2011 and the dividend will be made payable on 1 December
9 Developments in the portfolio The value of the real estate portfolio decreased by 9.1 million, or 0.7%, from 1,358.1 million to 1,349.0 million during the first three quarters of This decrease is the result of the balance of revaluations of million, investments of 2.8 million, exchange-rate differences of 3.2 million, disposals of 3.6 million and acquisitions of 7.3 million. NSI continued to extend its position in shopping centre Zuidplein during the first half of 2011 by acquiring an additional three retail units. These retail units with a surface area of approximately 2,500 m 2 were purchased for 6.9 million. The purchase is complementary to the acquisition of shopping centre Zuiderterras at the end of December 2010 and the part of shopping centre Zuidplein that was already owned by NSI. The retail units now acquired by NSI are fully let to fashion chain 1982, part of the German Takko Fashion Group, fitness club SportCity and De Beddenfabriek. Rental income is 0.5 million per year. During the first nine months of 2011, NSI sold an office in Utrecht for 0.9 million, the shopping centre in Winterswijk for 1.5 million and an office at Zernikepark in Groningen for 2.0 million. As at 30 September 2011 the portfolio consisted of 96 residential properties and 147 commercial properties, spread across: in % x 1,000 9 Sector spread Retail ,783 Industrial ,883 Residential 4 49,545 Woningen 1 9,780 Total real estate investments 100 1,348,991 Geographical spread Netherlands 91 1,226,690 Switzerland 9 122,301 Total real estate investments 100 1,348,991 Occupancy rate The vacancy level in the entire portfolio as at 30 September 2011 amounted to 11.0% (31 December 2010: 10,2%; 30 June 2011: 10.5%). Vacancy levels per sector were: 16.1% in offices, 13.6% in industrial premises and 4.7% in retail. The slight increase of vacancy was caused by a combination of terminations of leases and new leases, but is mainly the result of the bankruptcy of Impact Retail (electronics chain It s) and the termination of several leases. Contractual rental income from the portfolio amounted to million as at 30 September 2011.
10 The theoretical gross rental income per segment in the Netherlands and Switzerland per 30 September 2011: (x 1,000) Netherlands Switzerland Total Offices 56,010 3,329 59,339 Retail 44,440 4,772 49,212 Industrials 5,124 5,124 Residentials Total 106,260 8, ,415 Outlook 2011 The merger between NSI and VastNed O/I was completed on 14 October In the meanwhile, the commercial teams are fully operational and it is expected that the integration process can be completed in December. The fact that the commercial teams are now fully operational will be used to turn the utmost attention towards the relationship with NSI s clients and the letting of the properties. This will be the main emphasis during 2011 and Revaluations of property values seem to continue for a longer period than expected due to the volatile developments in Europe. These downward revaluations are limited in size and only occur in the office portfolio. Because of these developments, acquisition opportunities in especially retail can only be investigated in a limited number of cases and now that the merger has been completed the attention will once more be turned to the disposal programme of non-strategic assets. 10 As part of the acquisition accounting (IFRS 3), NSI is currently performing its purchase price allocation of the merger. An example of possible adjustments is that VastNed O/I reports a lower value than the net asset value of its Intervest Offices participation. These kind of differences will be further analysed. Hoofddorp, 9 November 2011 The Management Board
11 Key figures Results (x 1,000) Gross rental income 77,389 77, ,170 Net rental income 65,293 66,418 88,685 Direct investment result 39,142 39,612 52,398 Indirect investment result - 31,754-34,325-27,314 Result after tax 7,388 5,287 25,084 Occupancy rate (in %) Balance sheet data (x 1,000) Real estate investments 1,348,991 1,326,150 1,358,097 Shareholders equity 550, , ,626 Net debts to credit institutions (excluding other investments) 760, , ,188 Loan-to-value (net debts to credit institutions / real estate investments in %) Issued share capital Ordinary shares with a nominal value of ,286,677 43,286,677 43,286, Average number of outstanding ordinary shares during period under review 43,286,677 40,980,362 41,561,680 Data per average outstanding ordinary share (x 1) Direct investment result * 1.26 Indirect investment result Total investment result Data per share (x 1) Cash (interim) dividend Net asset value on 30 September Net asset value according to EPRA Average stock-exchange turnover (shares per day, without double counting) 67,660 54,012 58,713 Highest price Lowest price Last price * including one-off income item
12 Consolidated direct and indirect investment result (x 1,000) Until end of Q3 Until end of Q3 Q3 Q Gross rental income 77,389 77,776 25,695 25,465 Service costs not recharged - 1,282-1, Operating costs - 10,814-9,993-3,515-3,366 Net rental income 65,293 66,418 21,713 21,672 Financing income 1, Financing costs - 24,922-24,571-8,508-8,092 Administrative costs - 2,361-2, Direct investment result before tax 39,194 39,674 12,808 12,866 Corporate income tax Direct investment result 39,142 39,612 12,826 12,847 Revaluation of investments - 18,873-21,547-6,018-6,827 Net result on sales of investments Result from other investments - 2, ,263 - Merger costs - 1, Movements in market value of financial derivatives - 7,681-10,974-15, Exchange-rate differences Allocated management costs - 1, Indirect investment result before tax - 31,146-34,183-24,150-7, Corporate income tax Indirect investment result - 31,754-34,325-24,449-7,597 Total investment result 7,388 5,287-11,623 5,250 Data per average outstanding share (x 1) Direct investment result Indirect investment result Total investment result
13 In den Boogerd Rijswijk
14 Consolidated statement of comprehensive income (x 1,000) Note Until end of Q3 Until end of Q3 Q3 Q Gross rental income 77,389 77,776 25,695 25,465 Service costs recharged to tenants 9,511 11,482 3,112 2,990 Service costs - 10,793-12,847-3,579-3,417 Service costs not recharged - 1,282-1, Operating costs 4-10,814-9,993-3,515-3,366 Net rental income 2 65,293 66,418 21,713 21,672 Revaluation of investments - 18,873-21,547-6,018-6,827 Sales revenues real estate investment Total net proceeds from investments 47,127 44,624 16,389 14,843 Administrative expenses 5-4,964-3,226-1,949-1,104 Financing income Financing expenses - 25,015-25,009-8,445-8,030 Result from other investments - 1,447-1,962 Movements in market value of financial derivatives - 7,681-10,974-15, Net financing result - 34,115-35,907-25,782-8,427 Result before tax 8,048 5,491-11,342 5, Corporate income tax Result after tax 7,388 5,287-11,623 5,250 Exchange-rate differences on foreign participations Total non realised result Total comprehensive income attributable to shareholders 7,547 5,372-11,683 5,335 Data per average outstanding share (x 1) Diluted as well as non-diluted result after tax
15 Consolidated statement of financial position Before proposal profit appropriation Q (x 1,000) Note Assets Real Estate Investments 6 1,348,991 1,358,097 1,326,150 Intangible assets 8,483 8,505 8,482 Tangible assets 3,337 3,409 4,054 Financial derivatives 471 Prepayment and accrued income in relation to rent incentives 6 2,272 2,592 2,467 Total fixed assets 1,363,083 1,373,074 1,341,153 Other investments 7 9,232 11,835 10,286 Debtors and other accounts receivable 8 3,174 2,305 4,704 Cash 3,872 2,885 Total current assets 16,278 17,025 14,990 Total assets 1,379,361 1,390,099 1,356, Shareholders equity Issued share capital 19,914 19,914 19,914 Share premium reserve 451, , ,075 Other reserves 97,807 85, ,149 Unallocated result from financial year -18,587 25,084-21,790 Total shareholders equity Attributable to shareholders 9 550, , ,348 Liabilities Interest bearing loans , , ,090 Financial derivatives 11 35,532 28,455 38,994 Deferred tax liabilities 12 1, ,065 Total long-term liabilities 616, , ,149 Redemption requirement long-term liabilities ,821 44,109 43,756 Financial derivatives Debts to credit institutions 38,197 45,300 36,527 Other accounts payable and deferred income 13 18,324 19,914 20,803 Total current liabilities 212, , ,646 Total liabilities 829, , ,795 Total shareholders equity and liabilities 1,379,361 1,390,099 1,356,143
16 Consolidated cash flow statement (x 1,000) Note Result after tax 7,388 5,287 Adjusted for: Revaluation of investments 18,873 21,547 Revaluation other investments 7 2,603 Net result on sales of investments Net financing expenses 32,639 35,469 Deferred tax liabilities Rent incentives provided Depreciation 1, Cash flow from operating activities 54,620 57,590 Movement in debtors and accounts receivable ,281 Movements in accounts payable and accrued expenses and deferred income - 1, Financing income Financing expenses - 25,207-24,571 Cash flow from operations 34,656 36,111 Purchases of real estate and Investments in existing properties 6-10,189-44,541 Proceeds of sale of real estate investments 4,355 11,032 Investments in tangible fixed assets Divestments of tangible fixed assets Investments in intangible assets Cash flow from investments activities - 6,024-34, Dividend paid - 38,963-39,671 Share issue 53,819 Drawdown of loans 10 31,010 33,700 Redemption of loans 10-12,783-52,721 Cash flow from financing activities - 20,736-4,873 Net cash flow 7,896-2,814 Exchange-rate differences 194 1,096 Cash and accounts payable to credit institutions as at 1 January - 42,415-24,523 Cash and accounts payable to credit institutions as at 30 September - 34,325-26,241
17 Consolidated statement of movements in shareholders equity (x 1,000) The development of the item shareholders equity for the first three quarters of 2011 was as follows: issued share capital share premium reserve overige reserves unallocated result total Situation as at 1 January , ,076 85,552 25, ,626 Result for three quarters ,388 7,388 Exchange-rate difference on foreign participations Comprehensive result up to and including Q ,388 7, final cash dividend - 12,988-12, profit appropriation 25,084-25, interim cash dividend - 25,975-25,975 Total contribution by and to shareholders 12,096-51,059-38,963 Situation as at 30 September , ,076 97,807-18, , The development of the item shareholders equity over the first three quarters of 2010 was as follows: issued share capital share premium reserve overige reserves unallocated result total Situation as at 1 January , , ,525-14, ,828 Result for three quarters ,287 5,287 Exchange-rate difference on foreign participations Comprehensive result up to and including Q ,287 5, final cash dividend - 12,594-12, profit appropriation - 14,596 14, cash interim dividend - 27,077-27,077 Share issue 1,810 53,280-1,271 53,819 Total contribution by and to shareholders 1,810 53,280-28,461-12,481 14,148 Situation as at 30 September , , ,149-21, ,348
18 Notes to the figures for the first three quarters Most important principles for valuation and determination of the result The financial statements of NSI N.V. for the first three quarters of 2011 were drawn up in compliance with International Financial Reporting Standards, IFRS, as approved within the European Union. This report on the first three quarters of 2011 has been drawn up in accordance with IAS 34, Interim Financial Reporting. For the most important principles for consolidation, valuation and determination of the result applied in this report, please refer to the published 2010 financial statements (see The consolidated figures are drawn up on the basis of historical cost, except for property investments and financial derivatives, which are recognised at fair value. Unless stated otherwise, the figures are presented in thousands of euros rounded to the nearest thousand. This report for the first three quarters of 2011 was approved by the Management Board and Supervisory Board on 9 November The compilation of this interim report in accordance with IFRS requires that the Management Board forms an opinion, and should make estimates and assumptions that affect the application of the accounting policies and the reported value of assets and liabilities, and of income and expenses. The estimates and the associated assumptions are based on past experience and various other factors that are regarded as reasonable. The actual results may deviate from these estimates. The estimates and their underlying assumptions are continually assessed. Revisions of the estimates are recognised in the period in which the estimate is revised, if the revision has consequences only for that period, or in the period of revision and future periods as well, if the revision has consequences for both the period under review and future periods Segment information Below, a summary is included of the results of each of the reporting segments Per country the Netherlands Switzerland Total Gross rental income 71,900 72,778 5,489 4,998 77,389 77,776 Service costs not recharged - 1,092-1, ,282-1,365 Operating costs - 9,613-8,717-1,201-1,276-10,814-9,993 Net rental income 61,195 62,885 4,098 3,533 65,293 66,418 Revaluation result -18,428-22, ,873-21,547 Realised sales result Segment result 43,496 40,317 3,631 4,307 47,127 44,624 Administrative costs - 4,964-3,226 Net financing expenses - 34,115-35,907 Result before tax 8,048 5,491 Corporate income tax Result after tax 7,388 5,287 Acquisitions and investments in existing properties 8,191 43,527 1,998 1,014 10,189 44,541
19 Segmentation The performance is determined on the basis of the total net rental income from investments as these are included in the internal management reports and assessed by the management. No interest costs are allocated towards the Swiss loans because the loan-to-value in Switzerland is higher due to the fiscal structure and would therefore lead to higher interest costs. These higher interest costs would give a wrong impression of the separate economic performance and is therefore excluded from the segment information. 3. Exchange rates For the hedge of currency risk, investments in currencies other than euros are usually financed by loans borrowed in the currency of the investments (Swiss francs). As at 30 September 2011, the exchange-rate for the Swiss franc was: CHF1 is (2010: ). 4. Operating costs The operating costs for the properties can be specified as follows: Municipal taxes 2,706 2,770 Insurance premiums Maintenance costs 1,883 1,369 Contributions to owners associations Property management 2,322 2,333 Rental costs 2,104 1,597 Other expenses Total 10,814 9, Administrative expenses The administrative expenses can be broken down as follows: Management costs 2,312 1,791 Audit costs Consultancy costs Appraiser costs Compensation of Supervisory Directors, members of the Investment Advisory Board and Stichting Prioriteit NSI Merger costs 1,584 Other costs Total 4,964 3,226 Management costs allocated to asset management - 1, Merger costs - 1,584 Total 2,361 2,249
20 6. Investments The book value of the properties until the time of revaluation is equal to the acquisition price plus the costs of any improvements made, including attributable costs of acquisition, such as legal costs, transfer tax, agents charges, the costs of due diligence investigations and other transaction charges, and thereafter equal to the market value. Changes in the real estate investments are as follows: The Netherlands Switzerland Total Balance sheet as at 1 January 1,240,575 1,206, ,522 96,313 1,358,097 1,303,207 Purchases 7,331 41,508 7,331 41,508 Investments 860 2,019 1,998 1,014 2,858 3,033 Sales - 3,648-11,279-3,648-11,279 Revaluations - 18,428-22, ,873-21,547 Exchange-rate differences - 3,226 11,228 3,226 11,228 Balance as at 30 September 1,226,690 1,216, , ,385 1,348,991 1,326,150 Other accounts payable and deferred income 2,272 2,467 2,272 2, Valuation as at 30 September 1,228,962 1,219, , ,385 1,351,263 1,328,617 retail offices industrials residentials total Balance as at 1 January , ,793 49,825 9,710 1,358,097 Purchases 7,331 7,331 Investments 1,848 1,010 2,858 Sales - 1,535-2,113-3,648 Revaluations 2,514-21, ,873 Exchange-rate differences 1,956 1,270 3,226 Balance as at 30 September , ,783 49,545 9,780 1,348,991 As at 30 September 2011, properties with a carrying amount of 1,322.1 million had been supplied as mortgage collateral for loans taken up and overdraft facilities with banks for a total of 805,8 million.
21 7. Other investments VastNed O/I shares: Fair market value 1 January 11,835 Cost price of shares 10,286 Revaluation - 2,603 Fair market value 30 September 9,232 10,286 NSI received the 2011 cash interim dividend of 0.3 million on 29 August NSI sold its 4.99% stake in VastNed O/I on 4 October Debtors and receivables The largest items concern prepaid costs 2011 for an amount of 1.9 million and prepaid rent for an amount of 0.9 million. 9. Shareholders equity 21 The number of shares issued did not change during the period under review. 10. Interest bearing debt The changes in the interest bearing debt during the period under review are as follows: Balance as at 1 January 713, ,048 Drawdowns 31,010 33,700 Redemptions - 12,783-52,721 Exchange-rate differences 3,301 11,819 Balance as at 30 September 735, ,846 Redemption requirement long-term debt 155,821 43,756 Balance as at 30 September 579, ,090
22 Remaining maturities of the interest bearing debt at 30 September 2011 were as follows: Fixed interest rate Variable interest rate Total Up to 1 year 33, , ,821 From 1 to 2 year 45, , ,439 From 2 to 5 year 129, , ,875 Total loans 209, , ,135 The interest bearing debt contains loans from banks with agreed residual terms averaging 1.8 years. As collateral for the loans and the overdraft facilities at the banks, mortgages have been attached to properties with a value of 1,322.1 million. The weighted average interest rate on the mortgages and interest rate swaps outstanding as at 30 September 2011 amounted to 4.1% per annum including margin. The interest coverage ratio amounted to 2.7 as at 30 September Financial derivatives NSI limits its interest rate risk by exchanging the variable rates of interest that are paid on some of its loans for fixed rates of interest. Derivative contracts have been entered into for this purpose with fixed interest rates varying from 1.95% to 4.58% and expiration dates varying from 2011 up to The market value of the financial derivatives amounted to million as at 30 September number of contracts nominal positive market value negative market value Up to 1 year 4 55, From 1 to 5 year ,681 21,873 From 5 to 10 year 8 165,000 13,659 Total swaps ,681 35,933 The interest rate risk on the mortgages is 91.7% hedged for an average period of 3.8 years as at 30 September 2011.
23 12. Deferred tax liabilities Deferred tax liabilities are recognized at nominal value for the corporate income tax payable in future periods that arise because of the differences between market value and value for tax purposes of the properties in Switzerland. 13. Other payables and accrued liabilities The largest items recognized under the other payables and accrued liabilities concern prepaid rent of 7.5 million and payable interest of 1.8 million. 14. Off-balance sheet commitments Merger with Vastned O/I. As of 14 October 2011, all assets and liabilities including the attached rights and obligations have passed to NSI by ways of a legal demerger and VastNed O/I ceased to exist. Hoofddorp, 9 november 2011 Management Board Supervisory Board J. Buijs, ceo H. Habas, chairman Drs. D.S.M. van Dongen rc, cfo H.J. van den Bosch G.L.B. de Greef A.P. van Lidth de Jeude H.W. Breukink, as of 14 October 2011 W.M. Steenstra Toussaint, as of 14 October
24 Other information Statement pursuant to the Financial Supervision Act The Netherlands Authority for the Financial Markets granted a licence to NSI N.V. on 13 July A copy of this license can be obtained at the company s office as well as via its website: The members of NSI s Supervisory Board and Management Board have no personal interests in any of the investments made by NSI. Furthermore, they never had any such interest at any time during the period under review. The company is not aware of any property transactions during the period under review with any people or organisations that could be considered to have a direct relationship with the company. Holders of shares with a capital interest of 5% or more: NSI has one major investor, Stichting Prioriteit NSI, holder of all 5,000 preference shares. In accordance with the Financial Supervision Act, the Netherlands Authority for the Financial Markets received a notification of a shareholder with an interest of more than 5% in the company. According to the most recent notification, this interest was as follows: Habas-H. Z. Investments (1960) Ltd. (19.3%). The date of the notification mentioned above was 14 October Events after balance sheet date Merger with Vastned O/I. As of 14 October 2011, all assets and liabilities including the attached rights and obligations have passed to NSI by ways of a legal demerger and VastNed O/I ceased to exist. 24
25 Review report To: the shareholders of NSI N.V. Introduction We have reviewed the condensed consolidated interim report of NSI N.V., Hoofddorp (statutory Hoorn), which comprises of the consolidated statement of financial position as at 30 September 2011, the consolidated statements of comprehensive income, movements in shareholders equity, and cash flows for the period ended 30 September 2011, and the notes. Management is responsible for the preparation and presentation of this consolidated interim report in accordance with IAS 34, Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on these interim financial information based on our review. Scope We conducted our review in accordance with Dutch law including standard 2410, Review of Interim Financial Information Performed by the Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim report as at 30 September 2011 is not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting, as adopted by the European Union. 25 Amstelveen, 9 November 2011 KPMG ACCOUNTANTS N.V. H.D. Grönloh ra
26 Financial calendar 2011 Interim-dividenduitkeringen Establishment of interim-dividend Q November 2011 Listing ex-dividend 24 November 2011 Interim-dividend for Q made payable 1 December 2011 Future-oriented information disclaimer This press release contains future-oriented information related to the financial position, objectives and market circumstances in which the company operates. Because they concern known and unknown events and situations that might or might not occur in the future, making future-oriented statements and forecasts obviously entails risks and uncertainties. The future-oriented statements and forecasts in this press release are based in the current insights and assumptions of the management board. Actual results and developments can deviate from expectations due to the effects of a number of factors including the general economic situation, results of financial markets, changes in interest rates, amendments to legislation and regulations, and changes in the policy of government bodies and/or regulatory authorities. 26
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