Significantly higher results, in line with budget:
? Net result from core activities - Group share: 41 million EUR (30 million EUR as at 31.03.2019), i.e. +34%
Investments in healthcare real estate since 01.01.2020 :
? Delivery of the extension of an orthopaedic clinic in the Netherlands (11 million EUR) and a psychiatric clinic in Germany (22 million EUR)
? With 2.4 billion EUR, healthcare real estate accounts for 56% of the portfolio, which amounts to 4,3 billion EUR
Recentering of the office portfolio in line with the strategy
? Acquisition of a company owning an office building with a medical centre in the Central Business District of Brussels (CBD) for 40 million EUR
? Signature of a sale agreement for approximately 4 million EUR in the periphery of Brussels
Solid operational performance:
? Gross rental revenues up 10.7% over the first three months of the financial year (or 1.6% on a like-for-like basis)
? Operating margin increased to 83.4% (82.6% as at 31.12.2019)
? High occupancy rate: 97.0% (97.0% as at 31.12.2019)
? Particularly long residual lease length: 12 years
Management of the financial structure demonstrating the financial community's confidence in Cofinimmo:
? All the credit lines maturing in 2020 have already been refinanced, the company no longer has any significant maturities prior to September 2021
? Conclusion of new long-term credits totalling 239 million EUR since the beginning of 2020
? Availabilities on the committed credit lines of more than 420 million EUR as at 31.03.2020 (after deduction of the backup of the commercial paper programme)
? Extension of the long-term commercial paper programme to 950 million EUR (800 million EUR before)
? Low average cost of debt: 1.4% (1.4% as at 31.12.2019)
? Low debt-to-assets ratio: 40.7% (41.0% as at 31.12.2019)
? Rating BBB/A-2 confirmed by S&P
Jean-Pierre Hanin, CEO of Cofinimmo : “Despite the outbreak of the coronavirus COVID-19 in the countries where the group is active and the subsequent uncertainties created in the markets and the economy, the 2020 financial year started with good results, in line with the budget. In the healthcare real estate segment, the group continues to strengthen its position at European level with the delivery of several projects which contribute to our objective of reducing the energy intensity of our portfolio (project ‘30³’). In the office segment, we continue to optimise our portfolio, in particular through the acquisition in the CBD of the Trône/Troon 100 office building, which combines office spaces and a medical centre. With a debt ratio of less than 41%, the consolidated balance sheet of Cofinimmo shows a strong solvency, which is a valuable asset when addressing the current crisis.
In these difficult times, we remain confident thanks to the perseverance of the nursing staff and of all those fighting every day to maintain the activity and prepare for the economic recovery. Our teams are also fully mobilised to manage our portfolios in cooperation with our tenants. Meanwhile, we have taken concrete initiatives to express our solidarity, both at the personal level of the governance bodies and at Cofinimmo level, wishing to implement our social responsibility more than ever.”
Next Ordinary General Meeting:
Wednesday 13.05.2020 at 3:30pm only by postal vote or by giving a proxy to the Secretary General.
The 2019 annual financial report and the 2019 sustainability report
are already available on the website www.cofinimmo.com
zie & lees verder op
https://www.cofinimmo.com/media/4333/200428_résultats-1t2020_en.pdf |
