Direct investment result and overall annual retail sales turnover up strongly
Direct Investment Result
The direct investment result for the nine month period to 31 March 2016 rose 18.8% to €77.3 million from
€65.1 million for the previous corresponding period ended 31 March 2015. 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
“result 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 2016 rose 5.2% to €1.62 from €1.54 in the previous
corresponding period ended 31 March 2015.
Retail Sales Turnover
Like for like (same floor area) retail sales turnover growth in Eurocommercial’s shopping centres for the 12
and three months to 31 March 2016 are set out in the tables below.
Central Paris properties continue to suffer from the terrorist attacks in France and Belgium, while Italian and
Swedish turnovers remain strongly positive. Excluding the Passage du Havre in Paris, French retail sales
increased by 2.6% for the twelve months to March 2016.
Gallery Retail Sales Turnover by Country*
Twelve months to 31 March 2016 Three months to 31 March 2016
Overall +3.8% +2.1%
France +0.6% -0.4%
Italy +4.9% +2.5%
Sweden +6.3% +6.0%
* Excluding hypermarkets, Systembolaget and extensions

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