Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

EUROCOMMERCIAL PROPERTIES N.V. NINE MONTHS RESULTS 2016/2017.

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Algemeen advies 12/05/2017 08:39
Strong earnings and like for like rental growth Tenant sales improving in March

Direct Investment Result
The direct investment result for the nine month period to 31 March 2017 rose 4.7% to €80.9 million from €77.3 million for the previous corresponding period ended 31 March 2016. The direct investment result is defined as net property income less net interest expenses and company expenses after taxation and, in the view of the Board, more accurately represents the underlying profitability of the Company than the IFRS “profit after tax” which must include unrealised capital gains and losses. The direct investment result per depositary receipt for the nine month period to 31 March 2017 rose 3.7% to €1.68 from €1.62 in the previous
corresponding period ended 31 March 2016.

Rental Growth
Net Property Income
Net property income, including joint ventures on the basis of proportional consolidation, for the nine months
to 31 March 2017 increased by 5.6% to €122.0 million from €115.5 million in the previous corresponding
period.
Like for Like Rental Growth
Rental uplifts on renewals and relettings averaged 17% across the Group. Like for like (same floor area) rental growth in the Company’s galleries for the twelve months to 31 March 2017 was 2.8% overall.
Indexation remains almost flat in France and Italy but a 1% uplift was applied to all Swedish rents on 1 January 2017.

Average rental uplift
on relettings and renewals Number of relettings and renewals % of total leases
relet and renewed Like for like rental growth
Overall +17% 271 17% +2.8%
France +10% 63 13% +2.3%
Italy +24% 157 18% +3.2%
Sweden +9% 51 20% +3.0%

Retail Sales
Like for like (same floor area) retail sales turnover growth in Eurocommercial’s shopping centres for the three and twelve months to 31 March 2017 are set out in the tables below.
The start to 2017 was relatively weak but turnover picked up in all three markets in March, averaging +3.8% overall for the month (France: +1.5%, Italy: +5.8% and Sweden: +2.7%).

Like for Like Retail Sales by Country*
Three months to 31 March 2017 Twelve months to 31 March 2017
Overall -0.7% -0.9%
France -1.7% -2.6%
Italy -0.2% -0.7%
Sweden -0.3% +1.4%

* Excluding hypermarkets, Systembolaget and extensions/redevelopments

Like for Like Retail Sales by Sector*
Three months to 31 March 2017 Twelve months to 31 March 2017
Fashion -1.0% -1.5%
Shoes +2.4% +0.3%
Gifts and jewellery -0.8% +1.6%
Health and beauty +1.8% +2.3%
Sport +2.2% +0.4%
Restaurants -1.0% -0.9%
Home goods +0.2% -3.1%
Electricals -3.2% -2.6%
Hyper/supermarkets -0.5% +0.4%

* Excluding extensions/redevelopments

Occupancy Cost Ratios (OCR)
The total occupancy cost ratio (rent plus marketing contributions, service charges and tenant property taxes
as a proportion of sales turnover including VAT) for Eurocommercial galleries excluding hypermarkets and Systembolaget (the Swedish state-owned monopoly alcohol retailer) at the end of the period was 8.3% overall.
OCR with turnover including VAT*
Overall 8.3%
France 8.9%
Italy 8.0%
Sweden 7.7%
* Excluding hypermarkets, Systembolaget and extensions/redevelopments

see and read more on
http://hugin.info/133644/R/2104102/798440.pdf



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