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Corio NV: Corio NV : Corio's half-year results 2014

2014-08-06 18:27:00
Ticker Giełda ISIC Kraj Miasto
CORA XAMS Netherlands Utrecht


? Footfall strong with 1.0% up and stable tenant sales


? Direct result ? 122.6 m or ? 1.24 per share

? Net rental income like-for-like number continues an upward trend; 0.6%

negative for H1 2014 (H1 2013: 4.4% negative)

? Average occupancy stable at 94.9% (2013: 95.0%)

? Efficiency improved by reducing administrative expenses ?7.9 m from ? 22.7 m

to ? 14.8 m supported by a few one-offs in charges (down to 6.3% of Gross

Theoretical Rental Income)

? Re-letting and renewal of portfolio 2.5% negative, improved from 8.2% negative

in H1 2013

? Overall, the portfolio showed further signs of improvement compared to

previous periods reflecting the successful implementation of our refined

strategy as announced in December 2012


? Financing costs decreased to 3.5% in Q2 2014 (Q2 2013: 3.7%)

? Solid headroom of ? 606 m

? Leverage at 42.2% as per 30 June 2014, (31 December 2013: 43.7%)


? Valuations (including EAI and turnkey projects) slightly down with ? 51.5 m or

0.7% negative.

? Successful opening of Nave de Vero near Venice (? 188.8 m) with a 98%

occupancy rate, now valued at ? 200.3 m

? Multiple leasing and re-tenanting activities expanding with leading brands

like Inditex, H&M, Primark and Apple, throughout the portfolio

? Following the progress made on the disposal program, the portfolio now

consists almost entirely of core assets in strategic locations

? Asset by asset business plans to set the stage for budget cycle and capital



? As per 6 August 2014, 31 assets were sold to a number of buyers since early

2013 for total proceeds of ? 638 m

? Sold and transferred in H1 2014: ? 397.2 m

? Disposal program ahead of schedule


? Corio expects to arrive at a direct result between ? 227 m and ? 233 m or

between ? 2.28 and ? 2.34 on a per share basis for 2014


? Klépierre and Corio announced on 29 July 2014 that they have reached

conditional agreement to create the leading pure play retail property company in

Europe. For more details we refer to our website (www.corio-eu.com)

Gerard Groener:

'Looking back at Corio's operational performance during the first half of 2014,

I'm pleased to be able to conclude that the trend of quarterly improvements of

our operating metrics has continued. Both our kpi's such as footfall and sales

as well as financial metrics such as re-letting & renewals and the like-for-like

performance showed an upward trend. And we expect this trend to continue. In an

ongoing challenging market place these are encouraging signs, clearly indicating

that Corio is on the right track. In the midst of this upward movement we have

the intention to team up with Klépierre. An exciting step as we feel that the

combination can accelerate this positive trend. Both companies firmly believe

that all our stakeholders will benefit from the proposed transaction. Size is

becoming an increasingly decisive factor in the retail property market in order

to create attractive shareholder returns over the long term and being able to

compete for larger high-performing retail properties. The combined group is

geographically complementary and will benefit from significant scale advantages,

synergies and a solid financial position. The combination will be able to offer

180-plus locations to the leading retail brands in order to expand their

business. I am confident that the combination will play an important role in the

further consolidation of the European real estate investment industry. While

working on the next steps of this process together with Klépierre, the focus of

our teams will

be on the ongoing improvement of our businesses in line with our strategy,

aiming for a continuation of the upward trend we have seen during the first half

of the year.'

Gerard Groener (CEO) and Ben van der Klift (CFO) will present the results via an

audiocast and conference call followed by Q&A on Thursday 7 August 2014 at

10.00 CET.

You can listen to the call and ask questions by dialling: +31 (0)20 7965 008

(the Netherlands) or +44 (0)20 7162 0077 (UK), Conference ID: 946529 or listen

to the call via: http://corio.dutchview.nl/corio20140807-q2/. You can download

the presentation on our website (www.corio-eu.com => Investor Relations =>


Press release:


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Source: Corio NV via GlobeNewswire