ProLogis European Properties (PEPR) : Results for the quarter ended 31 March 2012

Tuesday, 01. May 2012 14:00

News release          

Results for the quarter ended 31 March 2012

PEPR reduces LTV below 45% through non-core asset sales and maintains strong leasing activity


Luxembourg - 01 May 2012
- ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, reports results for the quarter ended 31 March 2012.

Highlights

  • €255.1 million proceeds from previously announced disposals of 18 assets in the UK, Germany and Poland, in line with latest valuations.
  • 41 lease transactions covering 540,900m2, including 25,900m2 of new or expanded leases
  • 80% customer retention rate
  • 93.6% portfolio occupancy (Q4 2011: 94.4%)
  • 1.1% decline in portfolio value from 31 December 2011, excluding disposals and currency impacts
  • Loan-to-value ratio improved to 44.1% from 46.7% at the end of 2011
  • EPRA([1]) earnings of €0.11 per ordinary unit (Q1 2011: €0.10 per ordinary unit)
  • Generated €21.5 million, or €0.10 per ordinary unit, of distributable cash flow (Q1 2011: €18.3 million or €0.10 per ordinary unit)
  • IFRS loss of €0.11 per ordinary unit (Q1 2011: €0.06 earnings per ordinary unit)
  • EPRA net asset value of €6.46 per ordinary unit (Q4 2011: €6.50 per ordinary unit)
  •             IFRS net asset value of €5.77 per ordinary unit (Q4 2011: €5.77 per ordinary unit)

Commenting on the results, Peter Cassells, chief executive officer of PEPR, said: "We are pleased to report steady operating and financial results in what remains an unsettled macro-economic environment.

"Portfolio occupancy and leasing activity remains high and our 80% retention rate for the quarter demonstrates the strength of our customer relationships. In addition, we have seen positive rental growth in prime markets where there is limited supply.  

"A key achievement for the first quarter was the successful completion of three portfolio sales in the UK, Germany and Poland. The disposals, in line with market values, confirm our belief that we continue to value the portfolio appropriately to market. As a result of these disposals, we have made considerable progress in reducing our loan-to-value ratio, which now stands at 44.1%.

"During this period of ongoing economic uncertainty, we will remain focused on reducing our loan-to-value ratio further by retaining earnings, while continuing to actively managing our assets to drive cash flow."

Update to Management Regulations

PEPR held an Extraordinary General Meeting ('EGM') on 14 March 2012, to vote on the proposal made by Prologis, Inc. under Article 18.1 of the Management Regulations to amend PEPR's Management Regulations. The proposed amendments were approved by the Commission de Surveillance du Secteur Financier, the Management Company and the PEPR Board prior to the EGM. At the EGM, the resolution to amend the Management Regulations was passed with 96.7% of the ordinary units represented or present at the meeting voting in favour.

The amended Management Regulations allow for unitholders owning more than one per cent of the ordinary units to be offered the option to elect for distributions "in specie" (e.g. by transfer of ownership in a property or of the shares in companies holding properties) or in cash in the event of a wind-up of PEPR.

In light of the amendments made to the Management Regulations, the Management Company deemed it appropriate and in the best interests of unitholders to have the portfolio independently valued as at 31 March 2011.

Change to PEPR Board
In accordance with Article 4 of the Management Regulations, Mr. Edward Nekritz, Prologis' Legal Officer and General Counsel has been appointed as a member of the PEPR Board on 30 April 2012, as a replacement for Mr. Philip Dunne.

Market outlook
Despite the uncertain economic environment, occupier activity has resulted in an annual estimated take-up volume of approximately 14.8 million square metres according to Jones Lang LaSalle. This is a new record volume and 80% above the 10-year annual average of 8.2 million square metres.

Larger and mid-sized logistics service providers increased their market share, both in freight management and contract logistics. This allows for expansion and new market entry in the emerging markets and Central Eastern Europe.

Prime headline rents stabilised in the majority of markets. During the first quarter, rental growth was achieved in a number of core markets where good quality, modern space is increasingly scarce due to a limited level of new supply. Prime rents in Europe's regional markets remained generally stable while rents in non-core locations continue to be under pressure.

Portfolio revaluation

The entire portfolio was independently revalued at 31 March 2012, with market value decreasing by 1.1%, excluding foreign exchange adjustments and asset disposals (completed and held for sale), from the valuation carried out at 31 December 2011. The overall portfolio value, taking into account disposals and the impact of foreign exchange, declined by 4.6% to €2,483.1 million compared to €2,602.6 million at 31 December 2011.

The value of the Continental European portfolio decreased by 5.2% over the quarter to €2,144.2 million, primarily due to the German and Polish asset disposals (completed and held for sale). Excluding these disposals, continental European values fell by 1.2%. The Southern European portfolio value declined by 1.6% primarily driven by France where an outward yield shift in short dated income had a notable impact. Values for both the Northern European and Central European portfolios recorded a more modest decline of 0.7%.

The UK portfolio value remained broadly stable, down 0.6% from 31 December 2011 to 31 March 2012. The strengthening of the sterling exchange rate over the quarter reduced this valuation decline to 0.2% in euro terms, to €338.9 million from €339.6 million at 31 December 2011.

The net initial yield([2])of the portfolio at 31 March 2012 increased to 7.6% compared to 7.5% at 31 December 2011.

Portfolio performance

The increase in leasing activity concluded during the fourth quarter of last year continued into the first quarter 2012, with the completion of 41 lease transactions covering 540,900 square metres. Within this number, the proportion of new and expanded leases fell, with two new leases, totalling 3,200 square metres, and seven lease expansions (adding 22,700 square metres to existing customers' operations) completed. The retention rate for the quarter was 80% with thirty-two lease renewals, covering 515,000 square metres, signed with customers including Fiege in Germany and Hungary, Burberry and Ceva in Italy and ND Logistics in France.

Despite this activity, portfolio occupancy decreased as expected by the end of the quarter to 93.6% from 94.4%, primarily due to four large known customer move-outs in France, Spain and Poland, totalling 60,100 square metres or 1.1% of the portfolio.

First quarter leasing transactions were concluded with an average of 3.4 years to lease break or 4.9 years to lease expiry and resulted in a weighted average rental decline of 5.2% over the previous rental levels. The majority of the decline relates to the regearing of seven leases, totalling 206,000 square metres, in Italy. Excluding these leases, the remaining transactions generated weighted average rental growth of 2.8% largely due to rents achieved on lease renewals in Sant Boi, a prime logistics park near Barcelona in Spain and at Venlo, an established logistics hub in The Netherlands.

During the quarter, PEPR sold 18 assets in three portfolio transactions for a total of €255.1 million. All transactions were completed in line with 31 December 2011 external valuations. 10 assets in the UK were sold to Blackstone, a global private equity fund manager, for €183.3 million (£153.0 million). Post closing adjustments have increased sales proceeds from the £150.9 million announced on 8 February 2012. The portfolio comprised 231,650 square metres in 10 fully-leased buildings in the Midlands and North-East of the UK.

Three fully-leased assets in Germany were sold to Tristan Capital Partners, a pan-European real estate investment manager, for €20.6 million at the end of the quarter. The portfolio comprised 36,300 square metres in Saarwellingen in Western Germany and Malsfeld in Northern Germany.

Also at the end of the first quarter, five assets in Poland were sold to Hines Global REIT, a privately owned real estate firm, for €51.2 million. The portfolio comprised 73,000 square metres in five buildings, which are 93% occupied in Warsaw and Bedzin. Two additional assets in Poland are expected to be sold to Hines before the end of the year in a second phase of the transaction. These assets are shown as "assets held for sale".

Excluding the assets held for sale, the portfolio comprises 210 distribution facilities, covering 4.5 million square metres across 11 European countries with a market value of €2.5 billion at 31 March 2012. The portfolio risk profile remains attractive, with occupancy at 93.6% and a diversified customer base. On average, the portfolio has 3.0 years to lease break or 5.1 years to lease expiry. An overview of the portfolio is shown on page 11.

Guidance

PEPR maintains its guidance for 2012, with EPRA earnings expected to be between €0.37 and €0.42 per ordinary unit and distributable cash flow expected to be between €0.33 and €0.38 per ordinary unit.

PEPR has retained distributable cash flow since December 2008 as part of the business' strategic initiatives to improve liquidity and intends to continue to do so for the foreseeable future in order to further deleverage the balance sheet.

Financial results

Earnings

PEPR recorded an IFRS loss of €21.3 million in Q1 2012 (Q1 2011: €12.4 million earnings), primarily due to a €28.5 million higher decline in portfolio value and a €17.4 million loss on property disposals, offset by a €6.9 million deferred income tax benefit in Q1 2012 compared to a €4.2 million deferred income tax charge in the comparable period.

Adjusted EPRA earnings for ordinary unitholders, which provide a better guide to underlying business performance, increased to €21.9 million in Q1 2012 (Q1 2011: €19.4 million).

A reconciliation between IFRS and EPRA earnings is shown on page 9.

Total revenue

Q1 2012 rental and other property income decreased to €56.5 million (Q1 2011: €60.5 million), primarily due to the loss of €2.8 million of rental income from property disposals and a €1.2 million drop in rental income given lower market rents on new lease agreements. These declines were partially offset by the relatively higher average occupancy during the quarter and a €0.2 million increase in UK and Swedish sourced income when measured in euro.

Operating expenses

The cost of rental activities decreased to €5.5 million in Q1 2012 (Q1 2011: €6.6 million), driven by a €0.4 million reduction in bad debt provisions and higher recovery of property-related costs given the relatively higher average occupancy during Q1 2012. Property management fees remained broadly flat given their direct correlation to gross portfolio value.

Fund expenses comprise the non-property related costs associated within our business, including fund management, custodian and professional fees. These expenses declined slightly to €2.3 million (Q1 2010: €2.6 million). Fund management fees are directly correlated to gross portfolio value.

Loss on disposal of investment property

The €17.4 million net loss on disposal of investment property in Q1 2012 relates to the sale of 18 assets in three portfolio transactions for a total of €255.1 million. All transactions were completed in line with 31 December 2011 external valuations, however the loss on disposal includes a €20.6 million allocation from equity of unrealised historical currency translation adjustments associated with the UK portion of the disposals.

Further details on these transactions are provided in the Portfolio performance section on page 3.

Debt structure and finance cost

Total outstanding debt as at 31 March 2012 is €1,159.4 million, a €201.3 million decrease since 31 December 2011 (€1,360.7 million), driven by the full repayment of the €160.0 million outstanding under both the senior unsecured credit facility and the Crédit Agricole bank loan, the €40.9 million reduction in the Deutsche Pfandbriefbank bank loan and contractual amortisation of other facilities. These reductions were partially offset by the strengthening of sterling over the quarter. PEPR has no outstanding debt maturities in 2012.

The weighted average interest rate for Q1 2012 decreased to 5.3% (Q1 2011: 5.6%) given the 1.75% reduction in the rate payable on the €500 million Eurobond to 5.875% on 23 October 2011 and the improvement in the senior unsecured credit facility interest rates following PEPR's return to an investment grade credit rating. At 31 March 2012, 100% of debt was at fixed rates of interest with only the undrawn €50 million revolving credit facility at floating rates of interest, currently at 225 basis points over Euribor or Libor.

Net finance expense for Q1 2012 decreased to €21.6 million (Q1 2011: €24.7 million), primarily due to a €2.1 million saving in interest expense given the lower Eurobond interest mentioned above and €2.9 million of savings relating to the €392.9 million reduction in debt between both periods as well as the improvement in the weighted average interest rate for the quarter. These declines were offset by €2.8 million of accelerated amortisation and debt breakage costs related to the early repayment of the senior unsecured credit facility and the Crédit Agricole bank loan.

At 31 March 2012, PEPR was in compliance with all financial debt covenants within its credit facilities.                                                                                                   

Tax

PEPR recorded a €2.8 million tax benefit for Q1 2012 (Q1 2011: €8.9 million tax charge), primarily due to a positive movement in the deferred income tax position. The portfolio valuation exercise completed at 31 March 2012 resulted in a deferred income tax benefit of €6.9 million for Q1 2012 (Q1 2011: €4.2 million charge).

The Q1 2012 current income tax expense was €4.1 million (Q1 2011: €4.7 million), reflecting lower taxable profits and further utilisation of available tax losses. The Q1 2012 current income tax expense represents an effective tax rate of 14.9%, using EPRA earnings before taxation as a proxy for taxable income, down from 17.8% for Q1 2011.

PEPR will continue to manage and implement tax strategies to maintain its future tax expense at a reasonable level.

Distributable cash flow and distributions

PEPR generated €21.5 million, or €0.10 per unit of distributable cash flow for ordinary unitholders in Q1 2012 (Q1 2011: €18.3 million or €0.10 per unit). PEPR will continue to retain distributable cash flow for the foreseeable future in order to further deleverage the balance sheet.

PEPR will pay a preferred dividend distribution to holders of its Class A(1) convertible preferred units on 9 May 2012. The €0.157392 per unit distribution relates to the period from 1 January 2012 to 31 March 2012. The ex-dividend date is 3 May 2012 and the record date is 7 May 2012.

Net asset value

IFRS NAV per ordinary unit was €5.77 at 31 March 2012, equal to the value per unit at 31 December 2011. The €0.16 per ordinary unit impact of the portfolio devaluation, losses on disposals of €0.08 per unit and the preferred dividend of €0.01 per ordinary unit were offset by €0.14 per unit of earnings (including a deferred income tax benefit of €0.03 per unit), an €0.11 per unit movement in the cumulative foreign currency translation adjustment and a €0.01 positive movement in the fair value of interest rate hedges.

EPRA NAV per ordinary unit, which makes adjustments for deferred income tax and the fair value of financial instruments, decreased to €6.46 at 31 March 2012, compared to €6.50 at 31 December 2011.

A reconciliation between IFRS and EPRA NAV is shown on page 9.

Financial statements and portfolio information

The financial statements have been produced in accordance with International Financial Reporting Standards.

Page
Consolidated income statement 7
Consolidated statement of financial position 8
Statement of performance measures - EPRA earnings and EPRA net asset value 9
Reconciliation of profit to distributable cash flow 10
Portfolio overview 11

For further information, please contact:

Investor relations
ProLogis European Properties
Jennifer Crooke
+44 207 518 8708
jcrooke@prologis.com
Media
M:Communications
Charlotte McMullen
+44 20 7920 2349
mcmullen@mcomgroup.com

Notes:
Forward-looking statements

This document may contain certain 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes of results expressed or implied by such forward-looking statements.

Any forward-looking statements made by or on behalf of PEPR speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their accuracy or completeness or the basis on which they were prepared. PEPR does not undertake to update forward-looking statements to reflect any changes in PEPR's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Information contained in this document relating to PEPR should not be relied upon as an indicator of future performance.


CONSOLIDATED INCOME STATEMENT
(Unless otherwise stated, amounts are expressed in thousands of euros)
Year ended Three months ended
31 December 2011 31 March 2012 31 March 2011
Audited Unaudited Unaudited
236,092 Rental income 56,440 60,389
797 Other property income 75 90
236,889 Total revenue 56,515 60,479
(2,168) Ground rents paid (564) (557)
(13,220) Property management fees (3,223) (3,336)
(10,451) Other property rental expenses (1,668) (2,693)
(25,839) Cost of rental activities (5,455) (6,586)
211,050 Gross profit 51,060 53,893
(4,403) Fund management fees (1,072) (1,111)
(135) Fund custodian fees (35) (29)
(8,660) Other fund expenses (1,185) (1,421)
(13,198) Fund expenses (2,292) (2,561)
33,674 Investment property disposal proceeds 255,076 -
(29,743) Carrying value of investment property and currency translation effect on disposal (272,475) -
3,931 (Loss)/gain on disposal of investment property (17,399) -
22,223 Gross valuation gains on property 8,970 -
(63,388) Gross valuation losses on property (44,735) (5,346)
1,139 Purchasers costs 1,918 -
(40,026) Property fair value movements (33,847) (5,346)
161,757 (Loss)/earnings before net financial cost and tax (2,478) 45,986
82 Finance income 52 39
(94,722) Finance expense (21,667) (24,695)
(94,640) Net financial cost (21,615) (24,656)
67,117 Net (loss)/earnings before tax (24,093) 21,330
(19,500) Charge for current income tax (4,089) (4,719)
(21,337) Deferred income tax benefit/(charge) 6,883 (4,205)
(40,837) Benefit/(charge) for taxation 2,794 (8,924)
26,280 Net (loss)/earnings for the period (21,299) 12,406
Attributable to:
25,398 Unitholders (20,888) 12,307
882 Non-controlling interest (411) 99
26,280 Net (loss)/earnings for the period (21,299) 12,406
195,476,893 Weighted average number of ordinary units in issue 206,247,440 190,522,441
€0.10 IFRS (loss)/earnings per ordinary unit (€0.11) €0.06
€0.38 EPRA earnings per ordinary unit €0.11 €0.10



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unless otherwise stated, amounts are expressed in thousands of euros)
31 December 2011 31 March 2012 31 March 2011
Audited Unaudited Unaudited
Assets
  Non Current Assets
2,602,553 Investment in property 2,483,115 2,810,548
- Hedging instruments - 746
1,918 Deferred tax asset 1,741 3,619
2,604,471 2,484,856 2,814,913
Current Assets
184,677 Assets held for sale 21,950 -
37,267 Accounts receivable, net 44,036 41,545
34,210 Other current assets 20,020 24,284
7,479 Cash and cash equivalents 101,867 39,807
263,633 187,873 105,636
2,868,104 Total assets 2,672,729 2,920,549
  Equity
2,009,305 Ordinary capital 2,009,305 1,911,810
61,070 Preferred capital 61,070 61,070
2,070,375 Capital contributions 2,070,375 1,972,880
(44,705) Costs of raising capital (44,705) (44,705)
2,025,670 Net capital contributed 2,025,670 1,928,175
(641,133) Net retained losses (663,644) (649,326)
(114,824) Cumulative foreign currency translation adjustment (92,870) (121,934)
(18,870) Cash flow hedge valuation reserve (17,470) (5,759)
1,250,843 Equity attributable to unitholders 1,251,686 1,151,156
2,504 Non-controlling interests in subsidiaries 2,727 1,874
1,253,347 Total equity 1,254,413 1,153,030
 

Non-current liabilities
1,215,749 Interest bearing notes and bank loans, net of current portion 1,140,687 1,522,407
18,876 Hedging instruments 17,476 6,505
129,661 Deferred tax liability 122,998 114,283
1,364,286 1,281,161 1,643,195
Current liabilities
125,942 Interest bearing notes and bank loans, current portion 3,580 4,584
392 Accounts payable 4,686 7,753
7,338 Due to related parties 11,751 2,134
13,567 Income and other taxes payable 13,667 11,130
40,434 Accrued expenses and other current liabilities 62,475 57,640
57,488 Deferred income 40,996 41,083
5,310 Liabilities held for sale - -
250,471 137,155 124,324
1,614,757 Total liabilities 1,418,316 1,767,519
2,868,104 Total equity and liabilities 2,672,729 2,920,549
206,247,440 Number of ordinary units in issue 206,247,440 190,522,441
€5.77 IFRS NAV per ordinary unit €5.77 €5.72
€6.50 EPRA NAV per ordinary unit €6.46 €6.37


STATEMENT OF PERFORMANCE MEASURES - EPRA EARNINGS
(Unless otherwise stated, amounts are expressed in thousands of euros)
Year ended Three months ended
31 December 2011 31 March 2012 31 March 2011
Unaudited Unaudited Unaudited
25,398 Net (loss)/earnings attributable to unitholders (20,888) 12,307
Adjustments for:
40,026 Revaluation movements on investment properties 33,847 5,346
(2,949) Loss/(gain) on disposal of investment properties, net of tax 17,399 -
16,366 Deferred tax in respect of EPRA adjustments (6,759) 3,408
(110) Non-controlling interests in respect of the above (59) (15)
78,731 EPRA earnings for the period 23,540 21,046
(6,501) Preferred distributions (1,621) (1,603)
72,230 EPRA earnings for ordinary unitholders 21,919 19,443
- Income received not in the ordinary course of business - -
2,768 Expenses incurred not in the ordinary course of business - -
74,998 Adjusted EPRA earnings 21,919 19,443
195,476,893 Weighted average number of ordinary units in issue 206,247,440 190,522,441
€0.38 Adjusted EPRA earnings per ordinary unit €0.11 €0.10

STATEMENT OF PERFORMANCE MEASURES - EPRA NET ASSET VALUE
(Unless otherwise stated, amounts are expressed in thousands of euros)
31 December 2011 31 March 2012 31 March 2011
Unaudited Unaudited Unaudited
1,250,843   Net asset value attributable to unitholders per IFRS financial statements 1,251,686 1,151,156
Adjustments for:
18,876 Fair value of financial instruments 17,476 5,759
131,273 Deferred tax 124,514 118,315
1,400,992 EPRA net asset value 1,393,676 1,275,230
Attributable to:
1,339,922 Ordinary unitholders 1,332,606 1,214,160
61,070 Preferred unitholders 61,070 61,070
1,400,992 EPRA net asset value 1,393,676 1,275,230
206,247,440 Number of ordinary units in issue 206,247,440 190,522,441
€6.50 EPRA net asset value per ordinary unit €6.46 €6.37



RECONCILIATION OF PROFIT TO DISTRIBUTABLE CASH FLOW
(Unless otherwise stated, amounts are expressed in thousands of euros)
Year ended Three months ended
31 December 2011 31 March 2012 31 March 2011
Unaudited Unaudited Unaudited
25,398 Net (loss)/earnings attributable to unitholders for the period (20,888) 12,307
Adjustments for items per the Management Regulations:
41,165 Net valuation losses on property 35,765 5,346
(1,139) Purchasers costs (1,918) -
(9,444) Reversal of rent levelling adjustment (2,116) (2,572)
805 Unrealised currency (gains)/losses (606) 605
9,614 Amortisation of debt transaction costs 5,064 2,008
21,337 Movements on deferred tax balances (6,883) 4,205
(2,949) Loss/(profit) on asset disposals, net of tax 17,399 -
(9,808) Allowance for capital and re-letting expenses (2,725) (2,040)
(6,501) Preferred distributions (1,621) (1,603)
43,080 Total adjustments 42,359 5,949
68,478 Distributable cash flow 21,471 18,256
195,476,893 Weighted average number of ordinary units in issue 206,247,440 190,522,441
€0.35 Distributable cash flow per ordinary unit for the period([3]) €0.10 €0.10


Number of facilities Market value([4]) % of total market value Leasable area % of total leasable area Annualised rental income([5]) ERV([6])
€ m 000m2 € m € m
France 61 785.3 32% 1,590.4 35% 65.2 63.0
Italy 18 244.6 10% 523.1 12% 20.5 18.4
Spain 13 232.3 9% 309.4 7% 17.1 17.6
Southern 92 1,262.2 51% 2,422.9 54% 102.8 99.0
Belgium 5 54.3 2% 98.3 2% 4.4 4.1
Germany 16 174.7 7% 271.0 6% 14.8 13.8
Nether-lands 20 209.9 8% 380.2 9% 19.3 16.3
Sweden 4 98.7 4% 130.4 3% 8.6 7.1
Northern 45 537.6 21% 879.9 20% 47.1 41.3
Czech Republic 12 98.5 4% 180.1 4% 9.1 9.1
Hungary 14 89.2 4% 181.8 4% 7.2 7.5
Poland([7]) 19 156.7 6% 374.9 8% 12.6 12.4
Central 45 344.4 14% 736.8 16% 28.9 29.0
UK 28 338.9 14% 464.9 10% 27.8 29.6
TOTAL 210 2,483.1 100% 4,504.5 100% 206.6 198.9
Vacant space (at ERV per m2) 12.6
ERV of entire portfolio, assuming 100% leased 211.5

Net initial yield ([8]) Occupancy level Average age of facilities Numb of leases Average number of years to next lease break Average number of years to lease expiry
years
France 7.8% 94.5% 10.8 82 1.8 5.2
Italy 6.7% 90.8% 11.8 22 6.4 6.6
Spain 7.1% 91.1% 9.3 27 3.9 6.1
Southern 7.5% 93.2% 10.6 131 3.0 5.6
Belgium 7.8% 100.0% 7.8 5 3.2 7.0
Germany 7.3% 95.5% 7.7 25 2.1 2.3
Nether-lands 7.1% 91.2% 11.7 30 2.4 3.8
Sweden 7.9% 100.0% 17.1 4 5.5 6.9
Northern 7.4% 94.8% 11.0 64 3.0 4.2
Czech Republic 9.0% 100.0% 9.0 28 2.0 2.1
Hungary 8.0% 88.7% 8.9 37 2.8 3.1
Poland([9]) 7.6% 91.4% 8.7 35 3.2 3.5
Central 8.1% 92.8% 8.9 100 2.7 3.0
UK 7.9% 94.6% 10.2 26 3.4 6.8
TOTAL 7.6% 93.6% 10.4 321 3.0 5.1
         






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