Nordic shopping center giant Citycon’s revenues increased significantly during 2015 after the aquisition of Norwegian Sektor. Like-for-like, the net rental income increased by 1.1 percent.
Sweden and Norway were the strongest markets.
Citycon’s gross rental income 2015 increased to 223.9 million EUR (189.4) mainly due to the Sektor acquisition in Norway, which contributed by 43.0 million EUR to gross rental income. . Net rental income increased by 17.9 percent, to 199.6 million EUR (169.4). Net rental income of like-for-like properties increased by 1.2 million EUR, or 1.1 percent, excluding currency changes.
”The Sektor transaction was another milestone in Citycon’s history and made us a truly pan-Nordic actor and the largest shopping centre specialist in the Nordics. ”
Marce Kokkeel comments the integration of the Norwegian operations has proceeded well and ahead of the original schedule. Citycon now expect to be able to deliver synergies that are larger than those initially communicated, especially due to t successful refinancing.
”The company’s result was supported by strong performance in Sweden and Norway as well as lower financing expenses. In Finland, despite the challenging retail environment, we managed to keep our performance stable through active management and strict cost control. This result again validates Citycon’s resilient business model with day-to-day grocery-anchored shopping centres. ”
During the year, Citycon divested 17 assets stated as non-core for a total value of 150 million EUR and invested approximately 170 million in (re)developments, including Iso Omena, IsoKristiina and Mölndal Galleria.
”In 2016, our main priorities will include consolidation and further integration of the Norwegian operations within Citycon,” says Marcel Kokkeel.
|Q4/2015||Q4/2014||% 3)||2015||2014||% 3)|
|Gross rental income||MEUR||65.3||46.4||40.7||223.9||189.4||18.2|
|Net rental income||MEUR||57.5||41.5||38.6||199.6||169.4||17.9|
|Direct Operating profit||MEUR||48.2||35.0||37.5||175.4||149.8||17.1|
|Profit/ loss attributable to parent company shareholders||MEUR||24.6||23.4||5.4||108.8||84.5||28.7|
|Earnings per share (basic) 2)||EUR||0.03||0.04||-21.9||0.14||0.15||-4.7|
|Net cash from operating activities per share 2)||EUR||0.02||0.04||-59.7||0.15||0.12||22.2|
|Fair value of investment properties||MEUR||4,091.6||2,769.1||47.8||4,091.6||2,769.1||47.8|
|Loan to Value (LTV)||%||45.7||38.6||18.4||45.7||38.6||18.4|
|EPRA based key figures|
|EPRA Earnings per share (basic) 2)||EUR||0.039||0.038||1.7||0.173||0.178||-2.8|
|EPRA NAV per share 4)||EUR||2.74||3.01||-9.1||2.74||3.01||-9.1|