Corio's direct result Q1 2010 increased 12.7%
(Thomson Reuters ONE) -
FINANCIAL HIGHLIGHTS Q1 2010
(Comparative figures Q1 2009 results in brackets; unless stated otherwise)
Quote Gerard Groener (CEO): 'It has been an exciting beginning of the year for
Corio. Next to the Multi deal and accompanying successful Accelerated Book
Building we also announced two transactions of operational shopping centres in
Italy. Looking at the small but nevertheless positive result on valuations in
the first quarter of 2010 for Corio we are again working on the future, growing
the portfolio and extending our pipeline in a profitable way, without forgetting
the past. Corio is working hard on the integration and kick-start of the new
business unit in Germany. We are looking forward to work together with our new
colleagues and joint venture partners on a successful future'.
* Net rental income up 2.1% at ? 84.5 m (? 82.8 m).
* Like-for-like net rental growth, retail portfolio: up 0.1% (2.6%).
* Reletting and renewals: 2.2% of the retail contracts were relet or renewed,
increase: 3.1%.
* Direct result up 12.7% at ? 56.0 m (? 49.7 m).
* The average financial occupancy rate for the retail portfolio was 96.0%
(96.8%).
* Direct result per share down ? 0.02 to ? 0.73, reflecting the expanded share
capital in June 2009.
* Net financing expense fell ? 3.5 m to ? 23.4 m (? 26.9 m).
* Leverage: 38.0% at 31 March 2010 (year-end 2009: 40.4%); average interest
rate in Q1 2010 4.1%; fixed interest debt 60% (year-end 2009: 66%).
* Indirect result was ? 12.8 m negative (? 154.8 m negative).
* Positive valuations of ? 2.8 m in Q1 2010 (? 170.3 m negative).
* Value of the property portfolio (including share of associates and
non-controlling interest): ? 6,534.1 m at 31 March 2010 vs year-end 2009: ?
5,885.5 m; percentage invested in retail: 95%.
* Net profit up ? 148.3 m at ? 43.2 m (? 105.1 m negative).
* Pipeline : up ? 535 m at ? 2,800 m, mainly the result of the recent Multi
transaction (31 December 2009: ? 2,265 m).
* Fixed committed part of pipeline (excluding already paid): up ? 389 m at ?
970 m.
* Successful capital increase of ? 600 m in March 2010 via Accelerated Book
Build (ABB); number of outstanding shares up 17.4%.
* Net Asset Value (NAV) per share was ? 44.73 (year-end 2009 ? 44.32), Triple
NAV (NNNAV) per share was ? 47.35 (year-end 2009: ? 47.14);
* The General Meeting of Shareholders approved the dividend proposal of ?
2.65 ( ? 2.64 in cash or shares) per share at the option of the shareholders
in cash or shares.
[HUG#1414916]
Press release: http://hugin.info/134201/R/1414916/366147.pdf
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2010 - 17:45 Uhr
Sprache: Deutsch
News-ID 20701
Anzahl Zeichen: 0
contact information:
Town:
Utrecht
Kategorie:
Business News
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