PR Newswire/Les Echos/ First half 2010: Increase of portfolio value and Consolidation of activity Rental income EUR86.0 (up 2.6%) Portfolio value: EUR3.3bn (up 4.7%) Net Asset Value per share EUR110.7* (up 0.6%) * Replacement value The Board of Directors reviewed activity and results for the first half of 2010 at their meeting of 27 July 2010. The auditors have performed a limited review of the interim financial statements and business review. Consolidated data in EURm H1-10 H1-09 Var. % Rental income 86.0 83.7 + 2.6 EBITDA 77.3 74.6 + 3.6 Current cash flow 59.0 60.7 - 2.7 o/w recurring cash flow (1) 59.0 58.8 + 0.3 Net profit 22.9 25.2 - 9.1 Per share data in EUR Current cash flow 3.41 3.52 - 3.1 Net Asset Value (2) 110.71 110.02 + 0.6 (1) Excluding exceptionnel item of EUR1.9m in H1-2009 (2) Replacement value Consolidation of operating results and good financial results * Commercial activity in the first half with lettings totalling 56,500 m2, higher than 2009 as a whole (46,200 million2); * Rental income up 2.6% despite a negative indexation effect; * Continued steady growth in average rent on the let portfolio, reaching 183 per m2 versus 181 at 31 December 2009 and an attractive rental offering in line with companies expectations. There were no rent renegotiations during the first half. The quality and diversity of the tenant base is borne out by the lack of tenant default and property management remains highly effective with the EBITDA margin (EBITDA/rental and fee income) rising to 87.0%; * The average financing cost is 4.09% and the cost of debt is secured by an active hedging policy. The average remaining maturity of existing credit facilities is 4.25 years with a gradual refinancing profile; * With an LTV of 40% and ICR of 3.1x, Silic has additional borrowing capacity to finance its developments and seize any investment opportunities; * Cash flow remains stable excluding the non-recurring items in 2009, reaching 59.0 million at 30 June 2010. Continued sustained investment to prepare for the future Silic continues to invest with 147.2 million devoted to property development in the first half. The acquisition of a fully-let 14,500 m2 office building at Nanterre-Préfecture is in line with the development plan, which continues according to the objectives. Apart from refurbishments, maintenance and adaptation of existing buildings, the plan comprises: o A 17,000 m2 office building at Nanterre-Préfecture due for completion in September 2010 and fully pre-let; o A 25,000 m2 office building at Nanterre-Seine due for completion in the third quarter of 2010; o A 15,000 m2 office building at Orly-Rungis due for completion in early 2011; o A 23,000 m2 office building at Saint Denis due for completion at end 2011; o Major redevelopment of a retail park at Fresnes with more than 50,000 m2 of retail space, due for completion in two stages. The total cost of these developments is covered by confirmed credit facilities. Portfolio value up 4.7% to 3.3 billion Yields have begun to ease and rental values remain buoyant against a background of downward indexation, resulting in a 4.7% increase in the portfolio's appraisal value to 3,333.3 million. The portfolio in service accounted for 2,8 15.8 million with an average yield of 7.0%. Replacement NAV stood at 1 10.71 per share at 30 June 2010, versus 1 10.02 per share one year earlier. Liquidation NAV (excluding transfer taxes and the impact of changes in the fair value of derivative financial instruments) stood at 96.13 per share versus 99.27 per share at 30 June 2009. Outlook After strong growth in 2009 results, Silic has consolidated its activity and results in the first half of 2010 despite a continued difficult economic environment. Leveraging its major strengths - diversified offering, high quality portfolio, prudent strategy and shareholder confidence - Silic intends to continue its development plan and confirms its forecast of growth in rental income and stable recurring cash flow in 2010 barring exceptional circumstances. Eligible for deferred settlement (SRD) ISIN FR 0000050916 Euroclear 5091 Symbol SIL Member of the SBF 120, CAC Mid 100, CAC Mid and Small 190 and GPR 250 indices Investor Relations: Bruno Meyer Deputy Managing Director Tel.: +33 (0)1.41.45.79.65 www.silic.fr 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.
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- SILIC : - FIRST HALF RESULTS 2010