Company

During the year 2010 and mainly resulting from its sustained and continued development and construction efforts, Ghelamco Group has been able to confirm and further strengthen its position in the different markets in which it is active, leading to sound financial results.

The Group closed its 2010 accounts with a net profit of 38,027 KEUR, a balance sheet total of 773,910 KEUR (+ 6%) and an equity of 442,157 KEUR (+ 9%). The solvency ratio remained strong (57% against 55% at 31 Dec. 2009).

Also in 2010, Ghelamco Group further pursued sustained growth through new land acquisitions and continued development, construction and commercialization efforts, mainly in Belgium and Poland, without impacting negatively on its leverage, which amounts to 31% (vs. 35% per end 2009).

In March 2010 and upon an attractive bid by an investor, the Group sold its Trinity Park III office project in the Mokotów district of Warsaw, with a total net leasable area of 30,516 m². This transaction resulted in a net cash inflow of approx. 25 MEUR.

Shortly after year-end, per end January 2011, the Crown Square office project (16,000 m² office space in the Wola district, BREEAM certified with a “very good” rating and named “Best Office Project of the Year”at the Eurobuild CEE Awards 2010) was sold, which resulted in a net cash inflow of approx. 28 MEUR.

By applying its current development strategies, the Group had already created a valuable competitive advantage. Ghelamco Group is ready to respond to the improvement of economy and the expected positive evolution of tenant demand in its core markets.