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Annual Report 2012 NSI NV

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Annual Report 2012 NSI NV annual report 2012 NSI N.V. annual report 2012 NSI N.V. 3 annual report NSI 2012 This version of NSI’s annual report is a translation of the original Dutch version. Although this English version has been compiled with the utmost care, in case of discrepancies between the English and the Dutch version, the Dutch version will prevail. Colofon This annual report is a publication by NSI. NSI Kruisweg 661-665 t +31 20 76 30 300 2132 NC Hoofddorp f +31 20 25 81 123 P.O. Box 3044 [email protected] 2130 KA Hoofddorp www.nsi.nl Editing and texts NSI Concept and design Bfocussed, Rotterdam Illustrations and icons Bfocussed, Rotterdam Prints Zwarthoed, Volendam Paper This publication is printed on PEFC certified paper. For additional information about NSI: www.nsi.nl 4 General data Supervisory Board H. Habas, chairman H.J. van den Bosch, secretary H.W. Breukink G.L.B. de Greef W.M. Steenstra Toussaint Management Board J. Buijs, ceo D.S.M. van Dongen, cfo General Meeting of Shareholders The General Meeting of Shareholders will be held on Friday 26 April 2013 at 10:30 am in Theatre Het Park, Westerdijk 4 in Hoorn. The agenda fort his meeting is available from the company. Financial Calendar 2013 AGM 26 April 2013 Publication first quarter results 2013 17 May 2013 Publication first half year results 2013 9 Augustus 2013 Publication third quarter results 2013 8 November 2013 Interim-dividends payments 2013 * Setting of final dividend for 2012 26 April 2013 Listing ex-dividend 30 April 2013 Payment of final dividend for 2012 8 May 2013 Setting of Q1 2013 interim dividend 31 May 2013 Listing ex-dividend 4 June 2013 Payment of Q1 interim dividend 25 June 2013 Payment of HY interim dividend 23 August 2013 Listing ex-dividend 27 August 2013 Payment of HY 2013 interim dividend 3 September Establishment of interim dividend for Q3 2013 22 November 2013 Listing ex-dividend 26 November 2013 Interim dividend for Q3 2013 made payable 3 December * This timetable assumes a dividend in cash 5 asset management letting marketing construction & development business development technical building management Preliminary remark for the reader: On 14 October 2011, NSI and Vastned Offices (VNOI) completed the merger of their companies. This merger has been processed in this annual report as follows: ● The first three quarters of 2011 have not been amended for comparison and represent only NSI ● As of the fourth quarter of 2011 all results of NSI and VNOI are fully consolidated Table of contents Message from the CEO 8 Chapter 1 - NSI at a glance 11 Profile 12 Financial key figures 14 Consolidated direct and indirect investment result 15 Chapter 2 - Supervisory board 19 Report of the supervisory board 20 Remuneration committee and remuneration report 25 Selection and appointment committee 27 Audit committee 28 Investment advisory board 29 Details of the Supervisory Board 30 Details of the Management Board 32 Chapter 3 - Report of the management board 33 2012 summary overview 34 Objective and strategy 40 Dividend 43 Prospects 44 Financial results 46 Financing 51 Portfolio trends 58 Management & Organisation 80 Corporate Social Responsibility 82 Corporate governance 88 Risk management 93 NSI shares 98 Chapter 4 - Financial statements 2012 105 Consolidated statement of comprehensive income 106 Consolidated statement of financial position 107 Consolidated statement of cash flow 108 Consolidated statement of changes in equity 109 Notes to the consolidated annual financial statements 2012 110 Company balance sheet 154 Company profit and loss account 155 Notes to the company financial statements 156 Chapter 5 - Other data 161 Other data 162 Independent auditor’s report 163 Advisors 165 List of real estate investments on 1 January 2013 166 7 Message from the CEO 2012 was in many respects a challenging year. The financial investment. Investment in new concepts, such as HNK, as and economic crisis persisted and, under these difficult well as in people and knowledge. Investment in expansions circumstances, NSI had to accomplish a number of challenging and modernisations in order to add value to our retail projects and issues. First, the integration with VastNed Offices/ portfolio. Investment to ensure that our buildings Industrial (VNOI). Furthermore, we knew that 2012 was going continue to win the competitive battle. The delineation of to be characterised by a peak in expirations of lease contracts. the competitive arena between property owners able to In addition, NSI faced a major refinancing operation and had invest and those that cannot is becoming increasingly the ambition to strengthen the balance sheet at the same time, distinct. The ability to invest consequently is an essential while the level of downward valuations was increasing. component of NSI’s strategy. When there is a lot of turmoil around you, it is of utmost In 2012, NSI deployed various instruments designed to importance that your foundation is solidly anchored. Last create room for the necessary investments and to strengthen year we demonstrated that NSI’s strategy has strengthened the balance sheet. For example, we have introduced optional this foundation. The conscious decision to have all property dividend; the opportunity to opt for dividend in shares. By management knowledge and expertise required to actively distributing the dividend in shares we were able to retain manage the portfolio in-house has proven its strength. Close €32.7 million within the company for investment. However, to the tenant, close to the market and operationally strong. this resulted in dilution of the share. NSI has evaluated its dividend policy in this context. We are of the opinion that Our operational performance was strong. We succeeded in NSI’s long-term value/shareholder value creation benefits having VNOI’s portfolio make a significant contribution to the from a dividend policy in which the payout ratio leaves room direct result per share within the year. In the third quarter we for investments that enable us to execute our strategy. To hit rock bottom in terms of the occupancy rate of the Dutch make sure that NSI can continue to invest in its portfolio, office portfolio, after which we reached a turning point in the even in a downward market, NSI furthermore proposes fourth quarter and the occupancy rate once again showed some that the level and format of the dividend will be linked to the improvement. We successfully launched the ‘Het Nieuwe loan to value (LtV) performance of the company, in order to Kantoor’ (‘The New Office’) (HNK) concept: NSI’s response sustainably achieve the LtV target of below 55%. to the increasing demand for full service and flexible letting concepts in the office market. HNK-Rotterdam, the first HNK During the past year I received more questions and building, is a spot that bubbles with energy, that inspires and comments from shareholders than ever before. Sometimes that invites people to come there to work and socialise. And we the tone was one of concern, sometimes it was an have refinanced no less than 60% of the Dutch debt in a market expression of incomprehension about the behaviour of the where financing has become a scarce commodity. stock market. However, in general with every confidence in NSI. In the current market, and certainly in the financial Of course the considerable negative indirect investment markets as well, sentiment was given free reign. And thus result is painful. However, NSI has limited control over this. I conclude with what I stated earlier. When it is storming Valuations are generally driven by external factors. On the outside, you have to build on your own strength. Through other hand we are working very hard on the elements that means of the right strategy and our operational strength we can control: the occupancy rate and the rental levels. With – and in this context I would like to thank every NSI our integral, proactive letting strategy and with appealing and employee – I am convinced that NSI will emerge stronger innovative propositions. Our strategy and operational focus is than ever from the storm. geared to this. The implementation of our strategy requires Johan Buijs CEO 9 annual report NSI 2012 Management Board of NSI, Johan Buijs, CEO (left) and Daniël van Dongen, CFO (right) 10 chapter 1 chapter 1 - NSI AT A GLANCE NSI AT A GLANCE Profile 12 Financial key figures 14 Consolidated direct and indirect investment result 15 11 annual report NSI 2012 Profile NSI N.V. (NSI) is a publicly listed closed-end real estate investment company with a variable capital. NSI’s statutory seat is in Amsterdam with its principal place of business in Hoofddorp. The company is registered in the Trade Register under number 36.040.044. Brief history Activities and Markets NSI was incorporated on 1 March 1993. NSI was granted NSI invests in offices and retail located at high-quality a licence from De Nederlandsche Bank N.V. within and bustling sites in the Netherlands and in offices and the meaning of Article 2:67 of the Dutch Financial logistics real estate in Belgium. NSI is an active landlord Supervision Act (Wet op het financieel toezicht) on and manager of its real estate portfolio. 8 August 1995. The present licence was issued by the Netherlands Authority for the Financial Markets (AFM) NSI manages a €2.1 billion real estate portfolio of which on 13 July 2006. Since 3 April 1998, NSI has been listed €1.5 billion is located in the Netherlands and €0.6 billion on the Official Market of the stock exchange maintained in Belgium. by Euronext N.V. Until 2008, NSI invested exclusively in the Netherlands. The company made its first foreign investments in 2008 in Switzerland.
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