Corio's direct result H1 2010 rises 19.5%
(Thomson Reuters ONE) -
'The fragile recovery in European commercial real estate investment markets of
2009 was sustained during the first half of 2010. Despite new stress factors
such as the sovereign debt crisis and still weak consumer spend, the value of
Corio's portfolio increased and like-for-like performance remained positive as
before. Gerard Groener (CEO)
FINANCIAL HIGHLIGHTS FOR SIX MONTHS ENDED 30 JUNE 2010
(Comparative figures for H1 2009 results in brackets; unless stated otherwise)
* Net rental income up 11.0% at ? 183.0 m (? 164.9 m).
* Like-for-like net rental growth, retail portfolio: up 1.3% (1.1%).
* Re-letting and renewals: 4.6% of the retail contracts were re-let or
renewed, increase: 1.9%.
* The average financial occupancy rate for the retail portfolio slightly down
to 96.2% (96.6%).
* Net financing expense fell ? 2.0 m to ? 47.0 m (? 49.0 m).
* Direct result up 19.5% at ? 121.7 m (? 101.8 m).
* Direct result per share down ? 0.04 to ? 1.46, reflecting the expanded share
capital in 2009 and 2010.
* Positive valuations of ? 62.7 m in H1 2010 (? 341.2 m negative).
* Value of the property portfolio (including share of associates and
non-controlling interest): ? 6,999.5 m at 30 June 2010 vs year-end 2009: ?
5,885.5 m; percentage invested in retail: 95%.
* Leverage: 40.5% at 30 June 2010 (year-end 2009: 40.4%); average interest
rate in Q2 2010 4.0%; fixed interest debt 64% (year-end 2009: 66%).
* Net profit up ? 354.4 m at ? 158.0 m (? 196.4 m negative).
* Pipeline: up ? 700 m at ? 2,965 m, mainly the result of the recent
transaction with Multi Corporation (31 December 2009: ? 2,265 m).
* Fixed committed part of pipeline (excluding already paid): up ? 369 m at ?
951 m.
* Net Asset Value (NAV) per share was ? 43.75 (year-end 2009 ? 44.32), Triple
NAV (NNNAV) per share was ? 48.00 (year-end 2009: ? 47.14).
* Successful capital increase of ? 600 m in March 2010 via Accelerated Book
Build (ABB); number of outstanding shares up 17.4%.
* Corio obtained a BBB+ rating from S&P's and a Baa1 rating from Moody's.
Webcast and Conference call H1 2010 results
On Friday 27 August 2010, the Management Board of Corio will present the H1
2010 result to the press at 9.30 and to analysts at 11.30 in the Hilton Hotel in
Amsterdam. The meeting with analysts can be followed by webcast which is
accessible via (http://corio.dutchview.nl/corio20100827an-ams). The presentation
can be downloaded from the site (www.corio-eu.com => Investor Relations =>
Presentation). You can also listen to the analyst meeting by phone.
PARTICIPANT - CONNECTION DETAILS
PARTICIPANT MUST QUOTE CEO (Groener) or Company (Corio)
Austria: +43 (0)268 2205 6293; Belgium: +32 (0)2 290 14 11; Czech Republic: +420
(2)3900 0636; Denmark: +45 3271 4611; Finland: +358 (0)9 2313 9202; France: +33
(0)1 7099 3212; Germany: +49 (0)695 8999 0509; Hungary: +36 (0)618
8932 17; Ireland: +353 (0)1 4364 108; Italy: +39
023 0350 9005; Luxembourg:+352 2700 0734 18; Netherlands:+31 (0)20
7965 012; Norway: +47 (0)2 156 31 22; Spain:+34 917 889 897; Sweden: +46 (0)8
5052 0114; Switzerland (Geneva): +41 (0)2 2592 7011; Switzerland (Zürich): +41
(0)434 5692 63; UK: +44 (0)207 1620 177
[HUG#1440758]
Press release:
http://hugin.info/134201/R/1440758/385096.pdf
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originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Corio NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.08.2010 - 17:45 Uhr
Sprache: Deutsch
News-ID 40253
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contact information:
Town:
Utrecht
Kategorie:
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