Corio's Q1 2011 direct result increased 18.2%
(Thomson Reuters ONE) -
FINANCIAL HIGHLIGHTS Q1 2011
(Comparative figures for Q1 2010 results in brackets; unless stated otherwise)
* Net rental income up 19.4% at ? 98.0 m (? 82.1 m).
* Like-for-like net rental growth, retail portfolio: 2.1% (0.1%).
* Re-letting and renewals: 1.9% of the retail contracts were re-let or
renewed, increase: 6.1%.
* The average financial occupancy rate for the retail portfolio stable at
96.0% (96.0%).
* Net direct financing expense1 up ? 3.0 m to ? 26.1 m (? 23.1 m).
* Direct result up 18.2% at ? 66.2 m (? 56.0 m).
* Direct result per share stable at ? 0.73 (? 0.73).
* Positive valuations1 of ? 30.1 m in Q1 2011 (? 2.6 m).
* Value of the property portfolio1: ? 7,081.0 m at 31 March 2011 vs year-end
2010: ? 6,988.8 m.
* Percentage invested in retail: 96% (year-end 2010: 96%).
* Leverage1 (after netting cash and debt) : 37.8% at 31 March 2011 (year-end
2010: 38.2%); average interest rate1 Q1 2011 4.1% (Q4 2010: 4.0%); fixed
interest debt1 62% (year-end 2010: 64%).
* Net result up ? 43.9 m at ? 87.1 m (? 43.2 m).
* Pipeline: decrease of ? 47 m to ? 2,991 m (31 December 2010: ? 3,038 m).
* Fixed committed part of pipeline (including already paid of ? 239 m): stable
at ? 1,184 m.
* Net Asset Value (NAV) per share was ? 47.21 (year-end 2010 ? 46.10), NNNAV1
per share was ? 47.71 (year-end 2010: ? 46.82).
* The proposed dividend of ? 2.69 for the 2010 financial year has been
approved by the AGM on 21 April 2011.
BUSINESS HIGHLIGHTS Q1 2011
* Passage Provence Opéra in Paris was sold for ? 21.8 m in January 2011.
* Liekeblom in Leek was sold for ? 7.4 m in January 2011.
* Corio has acquired part three of shopping centre Globo in Italy for around ?
53.9 m at a net initial yield of 6.3%. Corio already owned Globo I and II.
Globo III has been consolidated as from 1 January 2011.
* Corio has appointed Hubertus Kobe as CEO of Corio Deutschland.
1 Corio decided to early adopt IFRS 11 (IAS 31) per 1 January 2011. As a result
of this Corio's Joint Ventures are now reported under equity accounted investees
(EAIs) instead of separate line items. For comparison reasons the 2010 figures
have been restated. The notes to the press release include a reconciliation.
Conference call Q1 2011 results
On Friday 6 May 2011, Gerard Groener (CEO) and Ben van der Klift (CFO) will
present the Q1 2011 results at 10:00 CET via a conference call. You can
participate by calling : + 31 10 29 44 271. A replay will be available after the
call for two weeks via + 31 10 29 44 210 , access code: 1192929#. The
presentation can be downloaded from (www.corio-eu.com =>Investor Relations =>
Presentations).
Press release:
http://hugin.info/134201/R/1513016/448738.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
[HUG#1513016]
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2011 - 17:40 Uhr
Sprache: Deutsch
News-ID 54320
Anzahl Zeichen: 3666
contact information:
Town:
Utrecht
Kategorie:
Business News
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