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EPRA key figures

EPRA key figures 31 December 2013 31 December 2012 31 December 2011 31 December 2010 31 December 2009
35. EPRA Earnings1, 2 , M€ 111.5 111.9 75.4 74.0 67.4
36. EPRA Earnings per share1, 2 ,€ 0.39 0.40 0.27 0.27 0.29
37. EPRA NAV1, 2, M€ 1,497.8 1,472.5 1,369.5 1,274.5 1,159.9
38. EPRA NAV per share1, 2, € 5.29 5.20 4.84 4.59 4.18
39. EPRA NNNAV1, 2, M€ 1,278.1 1,227.7 1,132.1 1,078.6 1,005.2
40. EPRA NNNAV per share1, 2, € 4.52 4.34 4.00 3.89 3.62
41. EPRA Net Initial Yield (NIY),% 5.84 6.61 6.39 6.37
42. EPRA "topped-up" NIY,% 5.84 6.63 6.40 6.38
43. EPRA Vacancy rate,% 12.1 11.9 11.8 12.0 13.4
44. EPRA Cost Ratio (including direct vacancy costs) 16.27
45. EPRA Cost Ratio (excluding direct vacancy costs) 11.37
¹) 2012 figure was adjusted following the voluntary amendment of accounting principles with regard to IAS 12 and the amendment of IAS 19
2) In 2013, Sponda have changed the calculation and the presentation of EPRA key figures to match better to the EPRA Best Practices Recommendations. 2012 figures were adjusted accordingly. The notable change relates to deferred taxes on investment properties.
EPRA Earnings
Sponda's result includes several non-operating items. These items are primarily the result of the nature of Sponda's business and the IFRS reporting obligations. In order to facilitate the monitoring of the operating result, Sponda presents the Group's operating result and operating result per share in accordance with EPRA recommendations. The operating result illustrates the result from the Group's core business operations. The operating result is calculated by adjusting the Group's result by, inter alia, changes in the fair values of properties and financial instruments, gains and losses on sales, impairment on goodwill and other income and expenses considered by the company to be non-operating items.
In 2013, Sponda have changed the calculation and the presentation of EPRA key figures to match better to the EPRA Best Practices Recommendations. Due to this change, EPRA Earnings is presented with two different calculation methods. The notable change relates to deferred taxes on investment properties.
EPRA Earnings, M€, new presentation method 31 December 2013 31 December 2012
Earnings per IFRS income statement 103.1 114.2
-/+ (i) Net profits or losses from fair value assessment of investment properties 24.9 -25.5
-/+ (ii) Net profits or losses on disposal of investment property -0.8 -2.5
-/+ (iii) Net profits or losses on sales of trading properties 0.0 -5.2
+/- (iv) Tax on profits or losses on disposals 0.0 -0.2
-/+ (vi) Changes in fair value of financial instruments 0.9 -4.8
+/- (viii) Change in deferred taxes arising from the items above -16.6 35.8
EPRA Earnings 111.5 111.9
EPRA Earnings per share, € 0.39 0.40
EPRA Earnings, M€, old presentation method 31 December 2013 31 December 2012
Net operating income 190.9 192.2
+ Realised gains from real estate funds 10.7 7.5
- Marketing and administration -23.2 -22.7
+/- Other operating income and expenses -1.4 0.3
Operating profit 177.1 177.3
+/- Financial income and expenses -58.9 -63.5
- Taxes based on operational result -3.8 -3.9
- Deferred taxes on operating result -2.9 2.0
EPRA Earnings 111.5 111.9
EPRA Earnings per share, € 0.39 0.40
EPRA NAV, M€ 31 December 2013 31 December 2012
Equity attributable to equity holders of the parent company 1,407.5 1,445.9
- Other equity reserve -94.0 -186.1
-/+ (iv) Fair value of financial instruments 17.2 22.8
+ (v.a) Deferred tax liabilities resulting from the assessment of fair value of properties 181.7 204.5
- (v.b) Goodwill created from the deferred tax liabilities on properties -14.5 -14.5
EPRA NAV, M€ 1,497.8 1,472.5
EPRA NAV per share, € 5.29 5.20
EPRA NNNAV, M€ 31 December 2013 31 December 2012
EPRA NAV, M€ 1,497.8 1,472.5
+/- (i) Fair value of financial instruments -17.2 -22.8
-/+ (ii) Difference between the fair value and balance sheet value of liabilities -20.8 -17.6
+ (iii) Deferred tax liabilities resulting from the assessment of fair value of properties -181.7 -204.5
EPRA NNNAV, M€ 1,278.1 1,227.7
EPRA NNNAV per share, € 4.52 4.34
EPRA NIY ja "topped-up" NIY
The EPRA Net Initial Yield NIY and "topped-up" NIY represent the annual net yield on investment property on the date of closing the books.
The annual computational net yield is the annualised rental yield for the month of closing the books adjusted by the effect of known rent increases on the following year's yield deducted by the predicted 12-month maintenance costs of comparable properties.
The annual computational adjusted net yield is calculated by making an adjustment to the annual computational net yield in respect of the annualised effect of rent-free periods and graded rents for the coming year.
M€ 31 December 2013 31 December 2012
Investment properties 3,253.3 3,261.3
- Developments -148.6 -537.9
Yield-producing investment properties 3,104.7 2,723.4
+ Estimated buyer's expenses 49.7 43.6
Adjusted value of investment properties B 3,154.4 2,767.0
Annual computational net yield A 184.4 182.8
Graded rents, rent-free periods etc. 0.0 0.5
Annual computational adjusted net yield C 184.3 183.3
EPRA NIY A/B 5.84% 6.61%
EPRA "topped-up" NIY C/B 5.84% 6.63%
EPRA COST RATIOS
M€ 31 December 2013
Include:
i Administrative/operating expense line per IFRS income statement 102.0
ii Net service charge costs/fees -6.2
iii Management fees less actual/estimated profit element -4.1
iv Other operating income/recharges intended to cover overhead expenses less any related profits 0.0
v Share of Joint Ventures expenses 0.0
Exlude (if part of the above): 0.0
vi Investment Property depreciation 0.0
vii Ground rent costs -4.2
viii Service charge cost recovered throught rents but not separately invoiced -56.1
EPRA Costs (including direct vacancy costs) (A) 31.5
ix Direct vacancy costs -9.5
EPRA Costs (excluding direct vacancy costs) (B) 22.0
x Gross Rental Income less ground rent costs 249.7
xi Service fees and service charge costs components of Gross Rental Income, but not separately invoiced -56.1
xii Share of Joint Ventures 0.0
Gross Rental Income ( C) 193.6
EPRA Cost Ratio (including direct vacancy costs) (A/C) 16.27%
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 11.37%
In the cost ratio calculation the part of operating expences that is not charged separately from the tenants (e.g. "warm" rent), has been deducted as a whole from the leased space.
This is because the rent covers maintenance expences of the leased area.
Property maintenance expenses which are charged directly from tenants are shown on a separate line (ii).
No overhead costs are capitalized.
Sponda has a policy of not capitalizing any overhead and operating expenses.