Corio's first nine months 2010 direct result increased 16%
(Thomson Reuters ONE) -
FINANCIAL HIGHLIGHTS FOR NINE MONTHS ENDED 30 SEPTEMBER 2010
(Comparative figures for 9M 2009 results in brackets; unless stated otherwise)
* Net rental income up 12.9% at ? 283.5 m (? 251.0 m).
* Like-for-like net rental growth, retail portfolio: up 1.1% (1.8%).
* Re-letting and renewals: 6.8% of the retail contracts were re-let or
renewed, increase: 3.2%.
* The average financial occupancy rate for the retail portfolio slightly down
to 96.2% (96.4%).
* Net financing expense up ? 1.2 m to ? 73.5 m (? 72.3 m).
* Direct result up 16.0% at ? 188.2 m (? 162.2 m).
* Direct result per share down ? 0.10 to ? 2.19, reflecting the expanded share
capital in 2009 and 2010.
* Positive valuations of ? 83.2 m in 9M 2010 (? 357.0 m negative).
* Value of the property portfolio (including share of associates and non-
controlling interest): ? 7,217.4 m at 30 September 2010 vs year-end 2009: ?
5,885.5 m; percentage invested in retail: 95%.
* Leverage: 42.1% at 30 September 2010 (year-end 2009: 40.4%); average
interest rate down Q3 2010 3.9%; fixed interest debt 63% (year-end
2009: 66%).
* Net profit up ? 387.9 m at ? 236.1 m (? 151.8 m negative).
* Pipeline: up ? 875 m at ? 3,140.4 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 ? 334 m at ?
914 m.
* Net Asset Value (NAV) per share was ? 44.61 (year-end 2009 ? 44.32), Triple
NAV (NNNAV) per share was ? 47.26 (year-end 2009: ? 47.14).
* Corio obtained a BBB+ rating from S&P's and a Baa1 rating from Moody's.
BUSINESS HIGHLIGHTS FOR NINE MONTHS ENDED 30 SEPTEMBER 2010
* Corio announced on 25 March 2010 that it had acquired an operational
portfolio, consisting of four shopping centres in Germany, Spain and
Portugal for ? 662 m, and a development portfolio consisting of five
projects in Germany, requiring a total expected investment of approximately
? 660 m. The total expected investment in relation to the transaction is
therefore approximately ? 1.3 billion.
* Acquisition of Le Vele shopping centre on Sardinia for ? 103.3 m in March
2010.
* Corio acquired 50% of the shares in the greater portion of Porta di Roma
shopping centre for ? 220 m (excluding acquisition cost) at a Net Initial
Yield of 6.4%. The project will be 50/50% owned by Allianz and Corio through
a joint venture structure. Corio consolidated the project proportionately as
from 1 May 2010. The project will be managed by Corio.
* Corio closed the development agreement for Anatolium shopping centre in
Turkey for ? 176 m. The opening of the shopping centre was on 1 November
2010.
AFTER BALANCE SHEET DATE
* Corio issued a long 7-year ? 500 m bond in October maturing in January 2018.
* Corio closed a turnkey development contract in November 2010 for the
Markthal shopping centre in the city centre of Rotterdam for ? 44.3 m.
Conference call 9M 2010 results
On Friday 5 November 2010, Francine Zijlstra (COO) and Ben van der Klift (CFO)
will present the 9M 2010 results at 15:00 CET via a conference call. You can
participate by calling + 31 10 29 44 290 (international access numbers are
available on our website (www.corio-eu.com => other news). A replay will be
available after the call for two weeks via + 31 10 29 44 210, access code:
18 15 64 #. The presentation can be downloaded from (www.corio-eu.com =>Investor
Relations => Presentation).
[HUG#1459170]
Press release:
http://hugin.info/134201/R/1459170/398670.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Corio NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2010 - 17:40 Uhr
Sprache: Deutsch
News-ID 48451
Anzahl Zeichen: 4592
contact information:
Town:
Utrecht
Kategorie:
Business News
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