Citycon Oyj's Interim Report for 1 January - 30 June 2009>
Citycon Oyj's Interim Report for 1 January - 30 June 2009
(Thomson Reuters ONE) - CITYCON OYJ Stock Exchange Release 17 July 2009 at 9:00 a.m.Solid operational performance and lower financing costsSummary of the Second Quarter of 2009 Compared with the PreviousQuarter- Turnover came to EUR 45.6 million and was at the same level as inthe previous quarter (Q1/2009: EUR 45.9 million).- Net rental income increased by 2.3 per cent to EUR 31.0 million(EUR 30.3 million) mainly due to lower property operating expensesthan in the previous quarter reflecting the common seasonalvariations.- Net cash from operating activities per share was EUR 0.09 (EUR0.10).- Earnings per share were EUR -0.03 (EUR -0.08).- Direct result per share (diluted) increased and was EUR 0.06 (EUR0.05).- The fair value change of investment properties was EUR -26.0million (EUR -31.6 million). The fair market value of the investmentproperties was EUR 2,104.5 million (EUR 2,097.3 million).- The average net yield requirement for investment properties roseand was 6.6 per cent (6.5%) at the end of the period, according to anexternal appraiser. The increase in the net yield requirement was dueto general market conditions.- Financial expenses totalled EUR 11.8 million (EUR 12.2 million),decreasing due to lower interest rates. The previous quarter includeda one-off EUR 0.6 million gain from the buybacks of the company'sconvertible bonds. The company booked a fair value gain of EUR 0.3million related to derivative contracts in Q2 (Q1/2009: fair valueloss of EUR 0.3 million).- Citycon's interest cover ratio covenant was 2.1x (2.0x) and equityratio covenant as defined in the loan agreements was 42.9 per cent(43.2%).- The second stage of the redevelopment project of the Rocca al Mareshopping centre in Tallinn, Fashion Gallery, was opened in May, fullyleased.- The apartments under construction in Liljeholmen in Stockholm,Sweden, were agreed to be sold for SEK 176 million (approx.EUR 16.3 million).Summary of January-June 2009 Compared with the Corresponding Periodof 2008- Turnover increased by 3.3 per cent to EUR 91.5 million (Q1-2/2008:EUR 88.5 million), due to growth in gross leasable area, particularlyat Rocca al Mare, and development of retail properties. Turnovergrowth was reduced by slightly higher vacancy.- Profit/loss before taxes was EUR -28.7 million (EUR -62.1 million),including a EUR -57.6 million (EUR -85.1 million) change in the fairvalue of investment properties.- Net rental income increased by 2.0 per cent to EUR 61.3 million(EUR 60.1 million). If the impact of the weakened Swedish krona isexcluded, net rental income increased by 4.9 per cent.- Net rental income from like-for-like properties rose by2.1 per cent.- The company's direct result rose to EUR 24.2 million(EUR 20.6 million).- Direct result per share (diluted) was EUR 0.11 (EUR 0.09).- Earnings per share were EUR -0.11 (EUR -0.21). The fair valuechanges of the investment properties have a significant impact onearnings per share.- The occupancy rate was 94.8 per cent (95.7%). The decrease inoccupancy rate resulted from the slightly increased vacancy acrossthe portfolio in all of Citycon's operating countries.- Net cash from operating activities per share was EUR 0.19 (EUR0.12). The increase was due mainly to non-recurring realized foreignexchange rate gains, positive change of working capital as well aslower financing costs.- The equity ratio was 36.2 per cent (42.1%). This decrease resultedmainly from the fair value changes of the investment properties andhigher debt due to investments.- The company's financial position remained good during the period.Total liquidity at the end of the reporting period wasEUR 242.5 million, including unutilised committed debt facilitiesamounting to EUR 225.8 million and EUR 16.7 million in cash. Theavailable liquidity will cover the authorised investments andscheduled debt interest and repayments until at least the end of2010, without the need for additional financing.CEO Petri Olkinuora's Comments on January-June 2009:"Citycon continued its solid financial performance. The direct resultincreased to EUR 24.2 million and the net cash flow from operatingactivities was strong. Net rental income from like-for-likeproperties grew 2.1 per cent during the period despite thechallenging market conditions. Occupancy rate decreased due todecline of demand. Aggregate sales in all shopping centres were atthe previous year's level.The company's key (re)development projects progressed according tothe plans and the second phase of the Rocca al Mare redevelopmentproject was opened successfully in early May. The centre has beenwell received by the shoppers and enjoys a good footfall. In June,Citycon agreed to sell the apartments under construction inLiljeholmen and shopping centre Trio in Lahti was granted the firstLEED-certificate in the Nordic countries.Financial position remained good and the decrease in financialexpenses continued as a result of lower interest rates."OutlookCitycon continues to focus on increasing its cash flow and operatingprofit (excluding fair value changes). In order to implement thisstrategy, the company will focus on value-added activities whilecautiously monitoring the market for potential acquisitions.Due to market changes and tight financing conditions, the launch ofplanned projects will be re-evaluated. Citycon intends to continuethe divestment of its non-core properties to improve the propertyportfolio and strengthen the company's financial position. Thecompany is also considering alternative property financing sources.The grocery sales sector, which accounts for a substantial share ofthe company's lease portfolio, cushions the impact of rentalcyclicality in the company's business. The company expects itsfull-year direct result and net cash from operating activities toincrease and net rental income to remain stable as a result ofredevelopment projects coming online, active shopping centremanagement as well as lower interest rates.Helsinki, 16 July 2009Citycon OyjBoard of DirectorsThe entire report with tables in pdf-format can be downloaded fromthe link below.Financial reports in 2009In 2009, Citycon will publish one more interim report as follows:January-September 2009, on Thursday, 15 October 2009, atapproximately 9:00 a.m.For further information for investors, please visit Citycon'swebsite, www.citycon.com.For further information, please contact:Petri Olkinuora, CEOTel +358 20 766 4401 or +358 400 333 256petri.olkinuora(at)citycon.fiEero Sihvonen, CFOTel +358 20 766 4459 or +358 50 557 9137eero.sihvonen(at)citycon.fiDistribution:NASDAQ OMX HelsinkiMajor mediawww.citycon.comhttp://hugin.info/3030/R/1329360/313791.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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