Corio's half year results 2013
(Thomson Reuters ONE) -
Gerard Groener: The execution of the plan to achieve our strategic objectives is
on track. While confident on the medium term disposal program of our TRCs and on
the quality of our FMP portfolio, we recognize that 2013 is a transition year as
the new strategic model has just been implemented. With full focus on
operational improvements, occupancy rate and efficiency we also started the roll
out of programs that turn shopping centres into Favourite Meeting Places, using
already existing best practices and implementing new initiatives for our
customers.
Meanwhile markets will remain challenging in the retail business for the
foreseeable future as consumer spending continues to decrease while alternatives
to the shopping centre model as a distribution network present themselves
continuously.
In times of change we need to be adaptable and ready to innovate, while
maintaining day to day operations and improve them. Our FMP concept is the way
forward as innovators like Le Gru and Campania in Italy clearly demonstrate.
Preparing for the long-term and not losing the focus on the short-term, being
flexible and agile at the same time, we ask the utmost from our people in a
changing organization. It is therefore good to see that in the middle of this
transition phase, our performance is stable.
Operational performance
· NRI growth FMP portfolio 4.3% in first half 2013
Disposal program
· As per 7 August 6 assets were sold to different buyers for total proceeds of ?
140 m
· Disposal program on track
Financing
· Interest rate decreased to 3.7% in Q2 2013 (Q2 2012: 3.9%)
· ? 500 m bond at 3.25% was issued in February 2013
· Solid headroom of ? 646 m
· Leverage increased to 44.1% after acquisition of Boulevard Berlin
Valuation
· FMPs stable, TRCs down 11.9%
Gerard Groener (CEO) and Ben van der Klift (CFO) will present the results via an
audiocast and conference call followed by Q&A on Thursday 8 August 2013 at
10.00 CET. You can listen to the call and ask questions by dialing: +31 (0)20
7965 008 (the Netherlands) or +44 (0)20 7162 0077 (UK), Conference ID: 934774 or
listen to the call via: http://corio.dutchview.nl/corio20130808-h1. More details
about the audiocast and call (more toll free numbers) can be found on www.corio-
eu.com. You can download the presentation on our website (www.corio-eu.com =>
Investor Relations => Presentations)
Press release:
http://hugin.info/134201/R/1721798/573510.pdf
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originality of the information contained therein.
Source: Corio NV via Thomson Reuters ONE
[HUG#1721798]
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2013 - 18:05 Uhr
Sprache: Deutsch
News-ID 285672
Anzahl Zeichen: 3290
contact information:
Town:
Utrecht
Kategorie:
Business News
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"Corio's half year results 2013"
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Corio NV (Nachricht senden)
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