Results (€ million) 2019 2018 2017 2016 2015
Gross rental income 69.3 77.1 77.5 89.5 93.2
Direct result 35.0 40.4 41.1 46.2 49.2
Indirect result (12.6) 0.7 53.5 (19.7) 16.3
Result 22.4 41.1 94.6 26.4 65.5
Balance sheet (€ million)
Property 1,571.4 1,579.6 1,591.6 1,614.8 1,647.9
Equity 882.9 923.0 933.4 891.5 901.0
Equity Vastned Retail shareholders 793.7 830.4 838.7 804.4 816.6
Long-term liabilities 612.1 505.4 633.9 636.9 692.1
Average number of shares in issue 17,270,106 18,151,962 18,505,783 19,036,646 19,036,646
Number of share in issue (at year-end) 17,151,976 17,894,592 18,186,800 19,036,646 19,036,646
Per share (€)
Equity Vastned Retail shareholders
Vastned Retail primo (incl dividend) 46.4 46.12 42.26 42.90 41.09
Adjustment related to IFRS 9 - (0.07) - - -
Final dividend previous financial year (1.34) (1.41) (1.32) (1.31) (1.27)
Equity Vastned Retail shareholder
at the beginning of the year (excl. dividend) 45.06 44.64 40.94 41.59 39.82
Direct result 2.03 2.22 2.22 2.42 2.58
Indirect result (0.73) 0.04 2.89 (1.03) 0.86
Result 1.30 2.26 5.11 1.39 3.44
Other movements 0.57 0.21 0.71 0.01 0.38
Interim dividend (0.58) (0.71) (0.64) (0.73) (0.74)
Equity Vastned Retail shareholder
at year-end 46.28 46.40 46.12 42.26 42.90
EPRA NNNAV 46.20 46.46 45.66 41.68 42.31
Share price (at year-end) 26.70 31.30 41.30 36.86 42.35
Dividend in cash 2.05 2.05 2.05 2.05 2.05
Shareholder return (%) (8.6) (19.7) 17.1 (8.1) 17.3
Other
Solvency ratio (%) 56.6 59.0 59.2 56.1 56.0
Loan-to-value ratio (%) 41.6 39.0 38.8 41.8 41.6
Capital expenses (€ million) 2.4 3.9 3.8 5.8 3.0
Number of employees (FTEs, average) 41 41 45 49 52