LE BÉNÉFICE D'EXPLOITATION DE COLONIAL AU PREMIER TRIMESTRE DE 2008 S'ÉLÈVE À 61,6 M D'E.
LE GROUPE ANNONCE 272,4 M D'E DE PERTES IMPUTABLES POUR L'EXERCICE SUR LA RÉÉVALUATION DE L'ACTIF.
- Colonial indique les actifs immobiliers aux prix du marché, des experts indépendants réputés appliquant des évaluations aux résultats de l'exercice avec la plus grande transparence et la plus grande rigueur.
- Les revenus locatifs ont augmenté de 10,1 % au cours du premier trimestre de 2007 en ce qui concerne 95,3 % des occupations.
- Colonial's residential development and land sales surge by 125% to E72.6 M, defying residential sector slowdown.
- Portfolio of property projects under development set to contribute around E256 M annual rental income, with the first operational in 2009, plus E1.4 Bn sale proceeds.
Madrid, 15 May 2008. The Colonial Group has reported its results for the first quarter of 2008 to Spain's National Securities Market Commission (Comisión Nacional del Mercado de Valores). Of particular note in these was the strong rental business performance, with a 10.1% expansion over Q1 2007, as well as buoyancy in the residential market in which it boosted development and land sales by 125%, to E73.6 M, despite the sector slowdown. The Group's operating profit came to E61.6 M.
Taking into account the marked-to-market valuation of its buildings and a provision for development and land - so making a combined E395 M negative contribution - the Group posted a E272.4 M attributable loss for the period. This mark-to-market of real-estate assets and related provisioning reflects the efforts MADE in accounting transparency to bring market and investor information into line with the Company's and sector's actual situation. Based on appraisals by experts of the highest standing such as CB Richard Ellis, Jones Lang Lasalle, Savills and Altis Real, the value of the Colonial Group's assets totalled E11.106 Bn at the end of the first quarter, of which E9.187 Bn relates to rental activities in operation and under development.
Taking this market valuation, the Company's NNNAV (net asset value after tax) ended March at E1.96 per share - a considerable premium over Colonial's market price at the date of unveiling these results.
The Group has only limited exposure to the residential sector since the land bank and development portfolio makes up just 17% of its total real-estate assets, with the other 83% corresponding to the property activity. Furthermore, Colonial is pressing ahead with its land sale strategy to reduce exposure to the residential market gradually, in order to focus solely on the property management business.
The Company has excellent future revenue growth potential from property projects under development entering into operation, which they are set to begin doing in 2009 and so unlocking new income. The Group's current project portfolio under implementation covers eight office buildings, 23 retail centres and 17 business parks, to be added to those it currently operates. In all, the new projects represent more than 2.5 M square metres of property development.
The potential revenue from these is forecast at some E256 M a year, with a 7.7% yield from the rental income. They are also expected to free up more than E1.4 Bn in proceeds from disposals.
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