Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

NSI, PRELIMINARY RESULTS FULL YEAR 2017.

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Overig advies 31/01/2018 11:19
• Successful 2017, with more than €400m in transactions and new strategy well on track • EPRA NAV €36.66 per share (up 6% vs YE 2016) • EPRA EPS of €2.72 per share (up 3% on 2016) • EPRA EPS to fall in 2018 due to net disposals in 2017 • €300m+ internal (re-)development program • Vacancy rate down 3.0pp to 18.4% • Stable dividend of €2.16 per share, with final dividend at €1.12 per share

NSI HIGHLIGHTS
Key financials metrics1 Supplemental2 IFRS3 FY 2017 FY 2016 FY 2017 FY 2016 Change % Revenues and Earnings (€ '000) Gross rental income 89,056 94,589 89,000 94,523 -5.8% Net rental income 74,483 74,262 74,468 74,205 0.4% Direct investment result 49,365 47,325 4.3% Indirect investment result 42,237 -65,158 Total investment result 91,602 -17,833 Earnings per share (€) 5.05 -1.00 EPRA earnings per share (€) 2.72 2.64 3.0% Dividend per share (€)4 2.16 2.16 0.0% EPRA cost ratio A (incl. direct vacancy costs) 26.5% 31.7% -5.2pp EPRA cost ratio B (excl. direct vacancy costs) 24.3% 27.7% -3.4pp 31 Dec 2017 31 Dec 2016 Change % Balance Sheet (€ '000)5 Real estate investments 1,072,180 764,613 Assets held for sale 28,791 389,923 Net debt -408,453 -512,267 -20.3% Equity 672,688 604,255 11.3% IFRS equity per share (€) 36.63 33.76 8.5% EPRA NAV per share (€) 36.66 34.61 5.9% EPRA NNNAV per share (€) 36.53 33.56 8.8% Net LTV 36.9% 44.1% -7.3pp Number of ordinary shares outstanding6 18,364,998 17,900,230 2.6% Weighted average number of ordinary shares outstanding 18,133,178 17,900,230 1.3%

Zie meer op
https://nsi.nl/wp-content/uploads/2016/12/NSI-Preliminary-Results-Full-Year-2017.pdf

Outlook for 2018
Whilst most of the restructuring is now behind us, in 2018 we will continue to streamline the business and further improve systems and processes. With the foundations now in place and the Dutch economy and property market in good shape, we are optimistic about the outlook.
We appreciate that everyone looks like a rock star in a bull market. Whilst we too benefit from the current up-cycle, at NSI we are in it for the long run and therefore are working hard to prove good stewards of capital over the entire property cycle.
This sometimes comes at a cost. Having been a net seller in 2017, we are likely to face a fall in EPS in 2018 – notwithstanding the positive effects of the recent debt refinancing, improving cost efficiency, a better portfolio and improving leasing prospects.
Based on the portfolio at year-end 2017 we anticipate an EPRA EPS in the range of €2.35-2.45 for the whole of 2018. The actual outcome will, however, very much depend on the timing and size of future disposals and acquisitions.
Looking back on a successful 2017 and looking forward to 2018 with confidence, we are pleased to propose to our shareholders a final dividend of €1.12 per share, resulting in a stable dividend of €2.16 per share for the year.

Bernd Stahli



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