Corio N.V.

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Publicatie datum 26 aug 2010 - 17:44

Statutaire naam Corio N.V.

Titel Corio’s direct result H1 2010 rises 19.5%

Bericht ‘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

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Datum laatste update: 27 juli 2024