DOCSLIB.ORG

Anticipation Expansion

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Anticipation Expansion Anticipation and expansion Annual Financial Report 2016 ANNUAL FINANCIAL REPORT 2016 Profile Home Invest Belgium Market leader in residential property 1 700 nice places investments to live Who we are? Since its creation in June 1999, Home Invest Belgium has been a listed Belgian real estate company specialising in residential property, in the broad sense, from studios for students to second homes, traditional apartments and new forms of housing. With a portfolio in Belgium and The Netherlands valued at more than € 400 million, it provides quality properties to its tenants who benefit from a professional management. Home Invest Belgium also develops its own projects to ensure the growth of its portfolio and, in parallel, regularly divests part of it. Home Invest Belgium is listed on Euronext Brussels [HOMI] and enjoys the Belgian tax status of a Regulated Real Estate Company (RREC) and its activities are controlled by the Financial Services and Markets Authority (FSMA). 6.25% Increase of the dividend in 2016 PROFIL 3 174 000 sq.m. Our strategic properties in operation priorities: 10.7% The growth NETHERLANDS of our portfolio 9.9% FLANDERS 61.6 % The quality of service BRUSSELS 17.8 % to our tenants WALLONIA The value creation for our shareholders Our team covers the entire property life cycle: Summary Development and Acquisitions renovation Risk factors ............................................4 of buildings Panorama ............................................. 18 Management report .............................32 Real estate report ................................56 Stock market activity ............................82 Corporate governance statement ........92 Financial statements ...........................114 Administrative, Permanent document ........................ 150 Sales commercial and technical RREC and its tax regime ................... 161 management Glossary ............................................. 164 Shareholders’ agenda ........................ 167 4 ANNUAL FINANCIAL REPORT 2016 Risk Factors RISK FACTORS 5 Managed by a proactive team As a real estate investor, Home Invest Belgium operates in a constantly chang- ing environment, which presents certain risks. The realisation of these risks could have an adverse effect on the company, its business, prospects, financial situa- 96% tion or results. OCCUPANCY RATE OF THE PROPERTIES IN Home Invest Belgium takes this into account as part of the OPERATION overall management of the company, its investment and divestment decisions, funding and the optimal re-use of its funds. These risks are therefore subject to regular monitoring. The Management, the Risk Manager and the Board have adopted prudent policies to better protect the Regulated Real Estate Company and its shareholders from their possible occurrence. The main risks are identified below, as well as the various fac- tors and measures to mitigate their potential negative impact. The list of risks in this report is not exhaustive and is based on information known in 31 March 2017. There may be other risks unknown and/or unlikely today, % whose influence could be detrimental to the business, pros- 48.5 pects and financial situation of Home Invest Belgium. DEBT RATIO ON 31.12.2016 Risk factors Market risks ............................................ 7 Risks associated with the property portfolio ................................. 7 Risks relating to tenants and leases ........10 Risks linked to regulation and policy factors .........................................11 Financial risks ........................................13 Risks related to the internal organisation ............................................17 6 ANNUAL FINANCIAL REPORT 2016 THE LINK The Link is a new way of thinking about student accommodation. These high quality student rooms are designed with connectivity in mind: ensuring that university life is the complete, well-rounded and inspiring experience which will take students from youth to adulthood. RISK FACTORS 7 1. MARKET RISKS RISK MITIGATION Given the particularities of residential property and the 1.1 Risk of Inflation type of properties in which Home Invest Belgium has invested, theconcentration risk has been spread over a DESCRIPTION OF THE RISK large number of tenants - almost 1 700. Only one large A change in inflation is related to a change in real interest property complex is leased to a single tenant. This, the rates. There is risk that financial charges increase more largest tenant, accounts for 9.7% of total rents. The next rapidly than the indexation of income, which would result largest tenant represents 1.8% of rents (see Real Estate in a decline in the company’s net result. Report page 60). RISK MITIGATION This concentration risk is also mitigated by the recent Home Invest Belgium has taken the following measures to geographic diversification of the company. Operating ex- cover this type of risk: clusively in Belgium until 2016, Home Invest Belgium has — lease agreements provide for an indexation of the base strengthened its geographical diversification with its first rent (in function of the health index) and in accordance acquisition in the Netherlands - 241 holiday homes in a ho- with the applicable legislation; liday complex in Ouddorp in the province of Zeeland (NL). — the risk of an increase in real interest rates is mitigated by the introduction of a strict hedging policy of these rates, which is based, firstly on fixed-rate financing and, second- ly, on the conclusion of hedging contracts to exchange the variable rate into a fixed rate (Interest Rate Swap agreement or IRS) (Annex 24 to the Financial Statements). 1.2 Deflation risk DESCRIPTION OF THE RISK If the general economic situation becomes deflationary, or in the event of a temporary freezing – full or partial – of the 9.7% rents imposed by the government, the increase in rental SHARE OF THE MOST income growth could be curbed. Deflation can lead to lower IMPORTANT TENANT IN interest rates, which would lead to a limited reduction in THE OVERALL RENT financial costs, due to recourse to the above-mentioned interest rate hedging instruments. The current legislation on residential leases does not cater for a rent floor in the event of deflation. RISK MITIGATION The company closely monitors (through the real estate as- sociation UPSI) the intentions of the various competent 2. RISKS ASSOCIATED WITH authorities regarding the freezing of rents or setting ceilings. THE PROPERTY PORTFOLIO It also includes in its business plan very prudent assump- tions in terms of inflation and the evolution of rents. Finally, 2.1 Inappropriate choice of it implements an active maintenance and renovation policy investments or developments to ensure that rents for newly-concluded leases are at least for own account equal to the last rent collected. DESCRIPTION OF THE RISK 1.3 Concentration risk An error in the choice of investments or developments for own account could result in a mismatch with market de- DESCRIPTION OF RISK mand, with potentially the following negative effects: (i) an In the event of a sudden default or departure of a major increase in rental vacancies, (ii) a decrease in the sale price tenant, the turnover and the net result of the company of the property and, therefore, (iii) a decrease in company could fall significantly. revenues. 8 ANNUAL FINANCIAL REPORT 2016 RISK MITIGATION 2.3 Risk of obsolescence in property This risk is mitigated by the following factors: portfolio — strategic analysis of the property, accompanied by technical, legal, tax and accounting due diligence (audit) DESCRIPTION OF RISK before each acquisition; The obsolescence of the property portfolio can result in: — for development projects, careful monitoring of demand (i) reduced commercial attractiveness in the rental and/ on the rental market and the possible adaptation of pro- or acquisition market, (ii) a negative impact on occupancy jects being developed so that it best meets the needs levels, (iii) an increase in maintenance and renovation of the market; costs of the property portfolio (Iv) a negative change in — internal and external valuation (independent expert) of the fair value of the properties and, consequently, (v) a each property to be acquired or developed; negative impact on the net result, net assets and debt — and asset diversification: ratio of the company. • a property complex may not exceed 20% of the port- folio (RREC legislation ); RISK MITIGATION • limits set by the Board of Directors for development Home Invest Belgium mitigates this risk through: activity for own account; — a policy of regular maintenance, including the constant o maximum 12.5% per project; renovation of the property portfolio and investment in o maximum 25% for all projects. development projects for own account, which enables it to ensure the quality of the buildings with the long-term in mind; — a systematic policy of replacing obsolete equipment; — and the resale of less attractive buildings1. 2.4 Negative change in the fair value of the building DESCRIPTION OF RISK The company is exposed to changes in the fair value of its portfolio resulting from independent quarterly appraisals. The potential negative effects of a negative change in the fair value of the buildings have a negative impact on the company’s net result, net assets and debt ratio. For example, a drop of 1% in the fair value of the invest- ment properties in operation would lead to a reduction of ArchView, Etterbeek € 3.8 million in the net result of the statutory accounts on 31
Load more

Recommended publications
  • ORES Assets Scrl
    ORES Assets scrl ANNUAL REPORT 2017 1 TABLE OF ORES Assets scrl ANNUAL REPORT 2017 CONTENTS I. Introductory message from the Chairman of the Board of Directors and the Chief Executive Officer p.4 II. ORES Assets consolidated management report p.6 Activity report and non-financial information p.6 True and fair view of the development of business, profits/losses and financial situation of the Group p.36 III. Annual financial statements p.54 Balance sheet p.54 Balance sheet by sector p.56 Profit and loss statement p.60 Profit and loss statement by sector p.61 Allocations and deductions p.69 Appendices p.70 List of contractors p.87 Valuation rules p.92 IV. Profit distribution p.96 V. Auditor’s report p.100 VI. ORES scrl - ORES Assets consolidated Name and form ORES. cooperative company with limited liability salaries report p.110 VII. Specific report on equity investments p.128 Registered office Avenue Jean Monnet 2, 1348 Louvain-la-Neuve, Belgium. VIII. Appendix 1 point 1 – List of shareholders updated on 31 December 2017 p.129 Incorporation Certificate of incorporation published in the appen- dix of the Moniteur belge [Belgian Official Journal] on 10 January 2014 under number 14012014. Memorandum and articles of association and their modifications The memorandum and articles of association were modified for the last time on 22 June 2017 and published in the appendix of the Moniteur belge on 18 July 2017 under number 2017-07-18/0104150. 2 3 networks. However, it also determining a strategy essen- Supported by a suitable training path, the setting up of a tially hinged around energy transition; several of our major "new world of work" within the company should also pro- business programmes and plans are in effect conducted to mote the creativity, agility and efficiency of all ORES’ active succeed in this challenge with the public authorities, other forces.
    [Show full text]
  • Doing Business in Belgium
    DOING BUSINESS IN BELGIUM CONTENTS 1 – Introduction 3 2 – Business environment 4 3 – Foreign Investment 7 4 – Setting up a Business 9 5 – Labour 17 6 – Taxation 20 7 – Accounting & reporting 29 8 – UHY Representation in Belgium 31 DOING BUSINESS IN BELGIUM 3 1 – INTRODUCTION UHY is an international organisation providing accountancy, business management and consultancy services through financial business centres in over 100 countries throughout the world. Business partners work together through the network to conduct transnational operations for clients as well as offering specialist knowledge and experience within their own national borders. Global specialists in various industry and market sectors are also available for consultation. This detailed report providing key issues and information for investors considering business operations in Belgium has been provided by the office of UHY representatives: UHY-CDP PARTNERS Square de l’Arbalète, 6, B-1170 Brussels Belgium Phone +32 2 663 11 20 Website www.cdp-partners.be Email [email protected] You are welcome to contact Chantal Bollen ([email protected]) for any inquiries you may have. A detailed firm profile for UHY’s representation in Belgium can be found in section 8. Information in the following pages has been updated so that they are effective at the date shown, but inevitably they are both general and subject to change and should be used for guidance only. For specific matters, investors are strongly advised to obtain further information and take professional advice before making any decisions. This publication is current at July 2021. We look forward to helping you doing business in Belgium DOING BUSINESS IN BELGIUM 4 2 – BUSINESS ENVIRONMENT OVERVIEW COUNTRY AND NATION Belgium is a small country (30,528 square kilometres) at the centre of the most significant industrial and urban area in Western Europe.
    [Show full text]
  • CALENDRIER DES MANIFESTATIONS Sites Semi-Naturels Et Naturels En Ville D’Aubange
    2021 CALENDRIER DES MANIFESTATIONS Sites semi-naturels et naturels en Ville d’Aubange Au seuil de cette nouvelle année, le Syndicat d’Initiative d’Aubange vous présente ses meilleurs vœux. Ce calendrier est un outil que vous aurez à cœur d’utiliser et de conserver précieusement. Le syndicat d’initiative remercie les annonceurs et les associations qui ont contribué à sa réalisation. Il remercie également G. Schmidt, A. Remacle et C. Waltener pour la mise à disposition des photos, ainsi que le service infographie de la Ville d’Aubange pour la mise en page. Editeur responsable : Christian Binet SYNDICAT D’INITIATIVE D’AUBANGE Rue de Clémarais 28 A, B-6790 AUBANGE [email protected] - www.visitaubange.be Les manifestations présentées peuvent être modifiées, reportées ou annulées en fonction des restrictions gouvernementales en vi- gueur (voir notre site internet). L’orée du bois Le Chenoi et son vallon bocager donnant sur Rachecourt (zone d’intérêt paysager) JANVIER | Les Griechten à Guerlange, colonisés par des saules, ravins étroits où s’écoulent les eaux pluviales 1 vendredi 2 samedi 3 dimanche 4 lundi Prise de commande de 09 à 11h 5 mardi Aubange : Club de marche « La Fourmi » et S.I. AUBANGE : Promenade « Rando-Dé- Ouvert du lundi au samedi de 10h à 15h couverte », Willancourt, 10 km, départ place abbé Michel Gigi, à 13h30. 6 mercredi 7 jeudi 8 vendredi Battincourt : Harmonie Royale « Les Échos de la Batte » : Reprise des répétitions HREB. Aubange : Chorale « Les Choeurs de Lorraine » : Reprise des répétitions à 20h15. 9 samedi 10 dimanche Aix-sur-Cloie : Service Cohésion sociale : « Repair café » à la maison de quartier, rue Reiffenberg de 9h à 12h.
    [Show full text]
  • 2017-11-30 DP Winter in Brussels EN
    PRESS KIT Brussels, 30 November 2017 A bright winter in Brussels... If the sun's rays are scarcer and no longer bring warmth and comfort at this time of the year, Brussels undertakes to brighten winter days and warm hearts with events and activities of all kinds which will lend rhythm to the season there. As it does every year, Brussels is putting on its finery for the close of year festivities. From Winter Wonders to the many Christmas markets that flourish in the four corners of the capital, not forgetting the magnificent son et lumière show that further glorifies one of the most beautiful "Main Squares" in the World, young and old will have plenty to feast their eyes on. A great chance to enjoy the magic of the holidays and turn your back on gloom in the heart of the capital of Europe. Contents Unmissable events this winter in Brussels ............................................................................................... 2 Exhibitions .......................................................................................................................................................... 3 Christmas Markets ........................................................................................................................................... 7 New Year’s outings ........................................................................................................................................... 9 What can you do with the children this winter? ...................................................................................
    [Show full text]
  • The London House of Rothschild and Its Belgian Contacts (1815‒1860)¹
    The London house of Rothschild and its Belgian contacts (1815‒1860)¹ Hans Willems explains the significance of correspondence in The Rothschild Archive to the historian of Belgian financial history and the Antwerp Stock Exchange. The manner in which it is possible to conduct transactions at the Brussels stock exchange may, from a technological point of view, be ranked amongst the most progressive systems in the world today. As a full-fledged partner within Euronext,² the Brussels exchange makes use of the virtual market environment, which allows members (clients) of the exchange to log in via their computer and engage in trades from any place in the world. Methodology has indeed come a long way since the inception of the modern Belgian stock exchange at the time of the French occupation (1798–1815), when communications relied on a The Bourse at Antwerp slow-moving mail service or carrier pigeons, rather unreliable messengers. So while during the in 1802, an engraving from the collection of the first half of the nineteenth century, personal contact between the brokers and their clients was Antwerp Stock Exchange certainly very important, the technical impediments made smooth-running exchange transac- archives. tions practically impossible. University of Antwerp. During this period, the Antwerp stock exchange dominated the market for transactions in commodities and government bonds that were undertaken in the Belgian regions. Only after Belgium’s independence in 1830, under the stimulus of transactions in corporate shares and Belgian government bonds, did the Brussels exchange begin to gain steadily in importance, to the extent that, as of the second half of the nineteenth century, it played a leading role in Belgian stock exchange history.
    [Show full text]
  • Using Geographically Weighted Poisson Regression to Examine the Association Between Socioeconomic Factors and Hysterectomy Incidence in Wallonia, Belgium
    Using Geographically Weighted Poisson Regression to Examine the Association Between Socioeconomic Factors and Hysterectomy Incidence in Wallonia, Belgium Aline Clara Poliart ( [email protected] ) ULB École de Santé Publique: Universite Libre de Bruxelles Ecole de Sante Publique https://orcid.org/0000-0003-1510-0648 Fati Kirakoya-Samadoulougou ULB École de Santé Publique: Universite Libre de Bruxelles Ecole de Sante Publique Mady Ouédraogo ULB School of Public Health: Universite Libre de Bruxelles Ecole de Sante Publique Philippe Collart ESP ULB: Universite Libre de Bruxelles Ecole de Sante Publique Dominique Dubourg ESP ULB: Universite Libre de Bruxelles Ecole de Sante Publique Sékou Samadoulougou ESP ULB: Universite Libre de Bruxelles Ecole de Sante Publique Research article Keywords: geographically weighted Poisson regression, Wallonia, hysterectomy, socioeconomic factors Posted Date: May 11th, 2021 DOI: https://doi.org/10.21203/rs.3.rs-505108/v1 License: This work is licensed under a Creative Commons Attribution 4.0 International License. Read Full License 1 Using geographically weighted Poisson regression to examine the 2 association between socioeconomic factors and hysterectomy 3 incidence in Wallonia, Belgium 4 Aline Poliart1, Fati Kirakoya-Samadoulougou1, Mady Ouédraogo1, Philippe Collart1,2, Dominique 5 Dubourg2, Sékou Samadoulougou 3,4 6 1 Centre de Recherche en Epidémiologie, Biostatistiques et Recherche Clinique, Ecole de Santé 7 Publique, Université Libre de Bruxelles, 1070 Brussels, Belgium; [email protected] (AP); 8 [email protected] (MO); [email protected] (PC) ; [email protected] (FKS) 9 2 Agence pour une Vie de Qualité (AVIQ), 6061 Charleroi, Belgium ; [email protected] 10 (PC), [email protected] (DD) 11 3 Evaluation Platform on Obesity Prevention, Quebec Heart and Lung Institute, Quebec, QC, G1V 12 4G5, Canada; [email protected] (SS).
    [Show full text]
  • Analyse Des Résultats Des Élections 2019
    Analyse des résultats des élections fédérales et régionales du 26 mai 2019 Un travail du CIEP, Centre d’Information et d’Éducation Populaire du MOC Luxembourg Juillet 2019 2 MOC Luxembourg Table des matières 1. Élections à la Chambre : les résultats ..................................................................... 5 1.1 Les résultats en pourcentages ........................................................................................... 5 A. Les partis francophones ................................................................................................. 5 B. Les partis flamands ......................................................................................................... 7 C. Quelle place pour l’extrême droite en Belgique ? .......................................................... 8 1.2 Les résultats en sièges....................................................................................................... 9 1.3 Les résultats dans la Province de Luxembourg .............................................................. 11 A. Quelle place pour l’extrême droite dans la province ? ................................................. 13 1.4 Quels gouvernements possibles ? ................................................................................... 14 2. Élections au Parlement Wallon : les résultats ...................................................... 15 2.1 Les résultats en pourcentages ......................................................................................... 15 A. Quelle place pour l’extrême
    [Show full text]
  • Brussels 1 Brussels
    Brussels 1 Brussels Brussels • Bruxelles • Brussel — Region of Belgium — • Brussels-Capital Region • Région de Bruxelles-Capitale • Brussels Hoofdstedelijk Gewest A collage with several views of Brussels, Top: View of the Northern Quarter business district, 2nd left: Floral carpet event in the Grand Place, 2nd right: Brussels City Hall and Mont des Arts area, 3rd: Cinquantenaire Park, 4th left: Manneken Pis, 4th middle: St. Michael and St. Gudula Cathedral, 4th right: Congress Column, Bottom: Royal Palace of Brussels Flag Emblem [1] [2][3] Nickname(s): Capital of Europe Comic city Brussels 2 Location of Brussels(red) – in the European Union(brown & light brown) – in Belgium(brown) Coordinates: 50°51′0″N 4°21′0″E Country Belgium Settled c. 580 Founded 979 Region 18 June 1989 Municipalities Government • Minister-President Charles Picqué (2004–) • Governor Jean Clément (acting) (2010–) • Parl. President Eric Tomas Area • Region 161.38 km2 (62.2 sq mi) Elevation 13 m (43 ft) [4] Population (1 January 2011) • Region 1,119,088 • Density 7,025/km2 (16,857/sq mi) • Metro 1,830,000 Time zone CET (UTC+1) • Summer (DST) CEST (UTC+2) ISO 3166 BE-BRU [5] Website www.brussels.irisnet.be Brussels (French: Bruxelles, [bʁysɛl] ( listen); Dutch: Brussel, Dutch pronunciation: [ˈbrʏsəɫ] ( listen)), officially the Brussels Region or Brussels-Capital Region[6][7] (French: Région de Bruxelles-Capitale, [ʁe'ʒjɔ̃ də bʁy'sɛlkapi'tal] ( listen), Dutch: Brussels Hoofdstedelijk Gewest, Dutch pronunciation: [ˈbrʏsəɫs ɦoːft'steːdələk xəʋɛst] ( listen)), is the capital
    [Show full text]
  • Donald Duck Gets Hurt
    VOL. II, NO. 11 N E W Y O E K, N . Y. MARCH 14, 1942 These periodical bulletins may be obtained on request addressed to the BELGIAN INFORMATION CENTER, Room 3055, 630 Fifth Ave., New York Donald Duck Gets Hurt "L6on Degrelle, leader of the Rexist move• ment, has been wounded in Russia while warding off an enemy air attack."—RADIO SAPLITZKY BERLIN, Mar. 5, 1942. It is a matter of constant amazement to Euro•Chantal. After the elections of 1938 in which peans that Americans as a rule have a decided he ran against Van Zeeland, the Rexist Party weakness for colorful characters, regardless ofdwindled like Lenten snow. It was clear by then their moral standing. Billy the Kid has always that Degrelle got his orders and funds from been much more admired in this country, for Berlin and Rome. The Fascist radio gave him instance, than Blessed Mother Cabrini. ample occasion to insult the Belgian Govern• Belgians in particular have been completely ment. He was seen and followed in Berlin. But puzzled by the amount of publicity which the all his intrigues were of little importance with antics of the Fascist agitator, Leon Degrelle, regard to the absolute unity of the Belgian have received in the United States from a people against the Nazi menace. His machina• generally well-informed press. Belgians have tions belonged to political vaudeville and not always known perfectly well that he was a tem• to international politics. However, the rest of porary phenomenon. They did not, like some Degrelle's story may have an interest and a American correspondents, picture him as a part moral for all people at war.
    [Show full text]
  • Stock Market Development and Economic Growth in Belgium
    Stock Market Development and Economic Growth in Belgium Stijn Van Nieuwerburgh¤ New York University Stern School of Business Frans Buelens University of Antwerp Ludo Cuyvers University of Antwerp July 5, 2005 ¤First version February 2001. Correspondence: [email protected]. Stern School of Business Suite 9-120, 44 West Fourth Street, New York, NY 10012. The ¯rst author acknowledges ¯nancial support from the Flanders Fund for Scienti¯c Research. The second author acknowledges support from GOA-BOF. The authors thank the SCOB for the provision of data. The authors thank Jan Annaert, Marc De Ceuster, Avner Greif, Laura Veldkamp, and Hans Willems and the participants of the University of Antwerp (UFSIA) economics seminar for comments. We also thank Steven Cappoen of the National Bank of Belgium for data on credit institutions. All remaining errors are our own. 1 Abstract This paper investigates the long-term relationship between ¯nancial market development and economic development in Belgium. We use a new data set of stock market development indicators to argue that ¯nancial market development substantially a®ected economic growth. We ¯nd strong evidence that stock market development caused economic growth in Belgium, es- pecially in the period between 1873 and 1935. Institutional changes a®ecting the stock exchange explain the time-varying nature of the link between stock market development and economic growth. 2 1 Introduction The deepening and level of sophistication of modern ¯nancial markets is arguably a recent phenomenon. However, stock markets have long played an important role in economic life. DeClercq (1992) describes the early history of the ¯nancial system in Belgium, starting in the 14th century.
    [Show full text]
  • Returns on Investments During the Colonial Era: the Case of Congo
    DISCUSSION PAPER / 2006.07 Returns on Investments during the Colonial Era: The Case of Congo Frans Buelens Stefaan Marysse Comments on this Discussion Paper are invited. Please contact the authors at <[email protected]> or <[email protected]> Instituut voor Ontwikkelingsbeleid en -Beheer Institute of Development Policy and Management Institut de Politique et de Gestion du Développement Instituto de Política y Gestión del Desarrollo Venusstraat 35, B-2000 Antwerpen België - Belgium - Belgique - Bélgica Tel: +32 (0)3 220 49 98 Fax: +32 (0)3 220 44 81 e-mail: [email protected] http://www.ua.ac.be/dev DISCUSSION PAPER / 2006.07 Returns on Investments during the Colonial Era: The Case of Congo Returns on Investments during the Colonial Era: The Case of Congo Frans Buelens* Stefaan Marysse** April 2006 * Frans Buelens is a researcher at the Faculty of Applied Economics, University of Antwerp. ** Stefaan Marysse is a professor at the Institute of Development Policy and Management (IOB), University of Antwerp. CONTENTS Abstract 3 Résumé 3 Introduction 5 Section 1 5 Section 2 8 Section 3 12 Section 4 15 Section 5 21 Section 6 27 Section 7 28 Appendix 1. 29 References 30 ABSTRacT Returns on Investments during the Colonial Era: The Case of Congo Before the First World War a global wave of for- eign direct investment materialised. Belgium participated in it on a global scale but after the War a shift towards the Belgian colony (Congo) was observed. With regard to these colonial in- vestments, it is commonly argued that higher (expected) profit rates were a strong incentive, although others propose that the colonial powers actually lost money on their overseas posses- sions.
    [Show full text]
  • 731 Bus Dienstrooster & Lijnroutekaart
    731 bus dienstrooster & lijnkaart 731 Athus Ecoles →Saint-Leger Rue du 5 Septembre Bekijken In Websitemodus De 731 buslijn (Athus Ecoles →Saint-Leger Rue du 5 Septembre) heeft 3 routes. Op werkdagen zijn de diensturen: (1) Athus Ecoles →Saint-Leger Rue du 5 Septembre: 16:06 (2) Messancy Ecole Primaire →Saint-Leger Rue du 5 Septembre: 11:40 (3) Saint-Leger Rue du 5 Septembre →Athus Ecoles: 07:00 Gebruik de Moovit-app om de dichtstbijzijnde 731 bushalte te vinden en na te gaan wanneer de volgende 731 bus aankomt. Richting: Athus Ecoles →Saint-Leger Rue du 5 731 bus Dienstrooster Septembre Athus Ecoles →Saint-Leger Rue du 5 Septembre 58 haltes Dienstrooster Route: BEKIJK LIJNDIENSTROOSTER maandag Niet Operationeel dinsdag 16:06 Athus Ecoles Rue Neuve, Athus woensdag 13:00 Athus Rue Houillon donderdag 16:06 38 Rue Houillon, Athus vrijdag 16:06 Athus Centre - Rue Houillon zaterdag Niet Operationeel N 88, Athus zondag Niet Operationeel Athus Grand Rue Athus Gare Athus Clinique 731 bus Info Route: Athus Ecoles →Saint-Leger Rue du 5 Aubange Rue D'Athus Septembre 21 Rue d'Athus, Aubange Haltes: 58 Ritduur: 61 min Aubange Rue du Village Samenvatting Lijn: Athus Ecoles, Athus Rue 35 Rue du Village, Aubange Houillon, Athus Centre - Rue Houillon, Athus Grand Rue, Athus Gare, Athus Clinique, Aubange Rue Aubange Place D'Athus, Aubange Rue du Village, Aubange Place, 3 Rue du Village, Aubange Aubange Rue De Messancy 70, Aubange Rue De Messancy 120, Messancy La Hart, Messancy Avenue Aubange Rue De Messancy 70 De Longwy, Messancy Clinique, Messancy Ecole
    [Show full text]