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Gerard Groener: «Strong operational results underwrite the quality of the portfolio and organisation, achieving good like-for-like and reletting/renewal results. Especially in regarding the current economic environment this is a sign of resilience, providing confidence in future performance. Still our focus will remain on achieving progress on the accelerated disposal program envisaging completion of a larger part in the first half of 2012».
FINANCIAL HIGHLIGHTS 2011
(Comparative figures for 2010 results in brackets, unless stated otherwise)
· Net rental income up 7.8% at € 396.5 m (€ 367.9 m).
· Like-for-like net rental growth retail portfolio: 1.9% (1.9%).
· Positive re-letting and renewals: 6.6% up for 7.7% of the retail contracts.
· Financial occupancy rate for the retail portfolio stable : 96.2% (96.2%).
· Net direct financing expense up € 13.9 m to € 105.2 m (€ 91.3 m).
· Direct result up 6.4% to € 267.0 m (€ 251.0 m).
· Direct result per share up € 0.03 to € 2.91 (€ 2.88).
· Revaluations of € 2.6 m in 2011 (€ 164.4 m).
· Bookprofit on sales was € 5.5 m or 4.0% of total sales of € 136.3 m
· Net result at € 218.2 m (€ 375.7 m).
· Value of the property portfolio: € 7,426.5 m at year-end 2011 (year-end 2010: € 6,988.8 m);
· Percentage invested in retail: 97% (year-end 2010: 96%).
· Leverage (after netting cash and debt): 41.0% at 31 December 2011 (year-end 2010: 38.2%); average interest rate Q4 2011: 4.1% (Q3 2011 4.1%); fixed interest debt 64% (year-end 2010: 65%).
· Corio signed Revolving Credit Facilities totalling € 855 m, replacing the € 600 m RCF due in April 2012.
· Pipeline: decrease of € 526 m to € 2,512 m (31 December 2010: € 3,038 m).
· Committed pipeline (including already paid of € 251.6 m) decreased € 256 m to € 926 m.
· Net Asset Value (NAV) per share at € 45.57 (year-end 2010 € 46.10), NNNAV per share at € 47.15 (year-end 2010: € 46.82).
· Corio plans to propose a dividend of € 2.76 in cash or shares, in line with its long standing policy.
Fonte: CS della Società
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