PR Newswire/Les Echos/
Paris, November 13th, 2009
FINANCIAL INFORMATION FOR THE QUARTER ENDED 30 SEPTEMBER 2009
CONSOLIDATED FIGURES (excluding tax, in
thousands of Euros)
Cumulative
From From
3rd 3rd 12 Feb. 2009(1) 1 Jan. 2008
quarter quarter to to
2009 2008 30 Sept. 2009 30 Sept. 2008
Sales
Of which
- Rental income 3 208 - 8 092 -
- Management fees 27 - 69 -
Financial revenues - 321 25 1 039
3 235 321 8 186 1 039
(1) Date of the start of the 2009 financial year, the previous financial
year having ended exceptionally on 11 February 2009
The group's profile was changed by its first investment, carried out on
12 February 2009 - comprising the acquisition of a portfolio of twelve
properties used for ci nematographic complexes rented to UGC Ciné Cité:
- Financial revenues represent only a marginal proportion of total
revenues, the parent company's cash having been almost entirely
(EUR28.1 million) invested in this acquisition by subscribing to
two capital increases of its subsidiary CFI-Image to enable the
latter fully to fund its 95% equity participation in the
transaction;
- The sales figure now essentially comprises rental income and, to
a lesser extent, management fees.
Net rental income for the third quarter, amounting to EUR3,208 thousand,
relates exclusively to the scope of this portfolio, and reflects the
characteristics of the new leases signed with the lessee: "investor"
type leases (that is to say net of all charges to the owner), with a
fixed term of twelve years and incorporating a guaranteed minimum
rental. For the first two years, these leases are protected by way of
a contractual indexation of +2% p.a. applicable from 1 January 2010
and 1 January 2011, after which the ILC (commercial rental index)
will apply.
Cumulative net rental income from 12 February 2009 to 30 September 2009
amounted to EUR8,092 thousand, which on a pro-forma whole-year basis
would be EUR12,832 thousand.
Comparison with the same periods of the 2008 financial year is
meaningless, for the reason explained above.
The key factors determining results for the third quarter were not
noticeably different from those in the previous quarter, given that
the payment in that quarter by CFI-Image to its parent company of an
interim dividend of EUR53 8,600 on 2009 earnings is neutral in the
consolidated accounts and the fact that, regarding finance costs,
the bank borrowings contracted by the Group were completely covered
at fixed rate for the duration of the loan, namely five years.
The same applies to the balance sheet ratios, notably the loan to value
ratio.
For further details, please refer to the half-yearly financial report as
at 30 June 2009 on the Company's website: www.cfifrance.com.
The quality of the assets, all of them located in the greater Paris region
or in major regional conurbations, the quality of the Lessee, which is
one of the best performing operators in the market, and the structure of
the leases, secured long-term and offering a guaranteed escalation for
the first two years, are all factors giving this portfolio a profile that
is well suited to current market conditions.
Investor relations: contact@cfi-france.com
Tel. 01 40 07 81 03
72, rue du Faubourg Saint-Honoré 75008 Paris / Tél. 01 40 07 81 03 /
Fax. 01 40 07 85 12 / www.cfi-france.com
Société Anonyme au capital de 25 625 720 euros - 542 033 295 R.C.S /
FR 45 542 292
The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.