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Annual Report ’06 Contents Annual Report ’06 Contents Citycon in Brief ............................................................................................................1 Citycon as an Investment and Information for Shareholders ....2 Mission, Vision, Goals and Strategy ...............................................................4 CEO’s Review ..................................................................................................................6 Business Environment ............................................................................................8 Business and Property Portfolio ...................................................................10 Finland ............................................................................................................................20 Sweden ...........................................................................................................................24 Baltic Countries ........................................................................................................28 Human Resources ...................................................................................................30 Profit Performance and Financial Position ...........................................32 Risks and Risk Management ...........................................................................36 Corporate Governance .........................................................................................38 Glossary ANNUAL REPORT 2006 CITYCON OYJ 1 Forward-Looking Statements Some statements in this annual report are not historical facts and are “forward-looking”. Words such as “believes”, “expects”, “esti- mates”, “may”, “intends”, “will”, “should”, or “anticipates” and similar expressions or their negatives frequently identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, achievements or industry results to be materially different from those expressed or implied by those forward- looking statements. Citycon in Brief AN EXPANDING RETAIL PROPERTY EXPERT Citycon is a real estate company investing in retail premises and national investors accounted for 94.1 per cent of the company’s engaging in the retail property business throughout the owner- shareholders at the end of 2006. ship chain, i.e. the company owns, manages, leases and develops For Citycon, 2006 marked a year of growth. The company shopping centres and other large retail units. The company’s busi- strengthened its position in Sweden and Finland while entering ness consists of the regional business areas Finland, Sweden and Lithuania. Leading the Finnish shopping centre business, on 31 the Baltic Countries. The business areas are further sub-divided December 2006 Citycon owned a total of 26 shopping centres into Retail Properties and Property Development. – 19 in Finland, five in Sweden, one in Estonia and one in Lithua- Listed on the Helsinki Stock Exchange since 1988, Citycon nia. In addition, the company owned 53 other retail properties in is a Mid Cap company in the Financials sector on the OMX Nordic Finland and Sweden. At the end of 2006, the market value of the Exchange. Its year-end market capitalisation totalled EUR 844.3 company’s property portfolio totalled EUR 1,447.9 million. million and its year-end share price closed at EUR 5.05. Inter- KEY FIGURES AND RATIOS 2006 2005 Turnover, EUR million 119.4 92.2 Operating profit, EUR million 196.5 105.2 % of turnover 164.6 114.1 Profit before taxes, EUR million 165.6 74.2 Profit for the period, EUR million 126.4 59.8 Fair market value of investment properties, EUR million 1,447.9 956.6 Earnings per share (basic), EUR 0.78 0.47 Earnings per share (diluted), EUR (EPRA EPS) 0.74 0.46 Earnings per share (basic), excluding the effects of net fair value gains, gains on sale and other extraordinary items, EUR 0.20 0.20 Dividend per share, EUR 0.14 * 0.14 Net cash from operating activities per share, EUR 0.20 0.19 Equity per share, EUR (EPRA NAV) 3.38 2.45 EPRA NNNAV 3.22 2.45 P/E (price/earnings) ratio 6 7 P/E ratio, excluding the effects of changes in fair value, gains on sale and other extraordinary items 25 15 Return on equity (ROE), % 25.8 22.5 Return on investment (ROI), % 16.8 13.5 Equity ratio, % 39.1 36.7 Gearing, % 136.6 156.8 Interest-bearing net debt, EUR million 811.2 564.9 Net rental yield, % 7.6 8.5 Occupancy rate, % 97.1 97.2 Personnel (average for the period) 62 43 Personnel at the end of the period 73 57 * Proposal by the Board of Directors 2 CITYCON OYJ ANNUAL REPORT 2006 Citycon is included in international indices of property invest- Citycon as an ment companies. For example, the FTSE EPRA/NAREIT Global Real Estate Index serves as a benchmarking index for international in- Investment and vestors, tracking share-price performance and total return. Financial targets Information for The Board of Directors has set the following financial targets for the company: Shareholders - The company will pay out a minimum of 50 per cent of its distributable earnings per share after tax deduction in divi- dends. Changes in the fair value of investment property (IAS 40) are not included in distributable earnings. Investment in Citycon - The company’s long-term equity ratio target is 40 per cent. Investment in Citycon has been an investment in a growing Finn- On 31 December 2006, equity ratio stood at 39.1 per cent. ish real estate company. Citycon’s focus on selected retail premis- es with development potential – especially shopping centres and Annual General Meeting 2007 other large retail units – in Finland, Sweden and the Baltic coun- Citycon Oyj will hold its AGM at Finlandia Hall, Hall B, Manner- tries, and their development, has provided solid foundations for heimintie 13e, Helsinki, Finland, on Tuesday 13 March 2007, the company’s success. starting at 2.00 p.m. Company shareholders listed in the shareholders’ register Equity related transactions, by 2 March 2007 are entitled to attend the AGM if they have share price development and ownership notified the company of their intention to do so by 4.00 p.m. on The company had two successful equity related transactions dur- 8 March 2007. ing the year, a rights issue of about EUR 75 million in the spring A shareholder whose shares have been entered in his/her 2006, and EUR 110 million convertible bonds issued in August. personal book-entry securities account is listed on the sharehold- The success was evidenced by the subscription of more than 99 ers’ register. A shareholder holding nominee-registered shares per cent of the shares offered in the rights issue, and the full should contact his/her account manager if (s)he wishes to at- exercise of EUR 10 million overallocation option of the convert- tend the AGM. ible bonds. If you wish to attend the AGM, please visit our website, www. International investors accounted for 94.1 per cent of the citycon.fi/agm2007 or contact Tiina Tahkolahti, tel. +358 9 680 company’s shareholders at the end of 2006. During the financial 36 70, fax +358 9 680 36 788, e-mail: [email protected] or year, Citycon also increased the number of new Finnish share- by letter addressed to Citycon Oyj, Tiina Tahkolahti, Pohjoisespla- holders by over 300. Totalling EUR 844.3 million at the end of nadi 35 AB, FI-00100 Helsinki, Finland. 2006, up by over EUR 400 million on a year earlier, the compa- Please send any proxies before the above deadline. ny’s market capitalisation has more than quintupled over the last three years. Company shareholders’ register available for public review The shareholders’ register is available for public review at Finn- ish Central Securities Depository Ltd’s customer-service outlet, COMPARATIVE INDICES 6 Urho Kekkosen katu 5 C, Helsinki. 5 Proposal for dividend distribution 4 The company’s Board of Directors has proposed a per-share dividend of EUR 0.14 for 2006 to be paid on 23 March 2007 to 3 shareholders listed in the company’s shareholders’ register on 16 March 2007 at the latest. 2 1 Notifi cation of changes in shareholders’ register Shareholders should notify their book-entry account manager of 0 01-04 04-04 07-04 10-04 01-05 04-05 07-05 10-05 01-06 04-06 07-06 10-06 01-07 any changes in addresses or names, which will also automatically update information in the shareholders’ register maintained by Citycon Oyj FTSE EPRA OMX Helsinki CAP Finnish Central Securities Depository Ltd. ANNUAL REPORT 2006 CITYCON OYJ 3 Financial reports in 2007 Contact information During 2007, Citycon Oyj will disclose financial information in CEO CFO Finnish and English as follows: Mr Petri Olkinuora Mr Eero Sihvonen Tel.: +358 9 680 36 738 Tel.: +358 50 557 9137 - Interim Report for January–March, noon, 26 April 2007 [email protected] [email protected] - Interim Report for January–June, noon, 20 July 2007 - Interim Report for January–September, noon, Investor Relations Officer 18 October 2007 Ms Hanna Jaakkola Citycon’s annual and interim reports and other releases are avail- Tel.: +358 40 566 6070 [email protected] able on the company’s website at www.citycon.fi. The site also dis- plays up-to-date information on share trading and share-price performance. Brokerage and other fi rms analysing Citycon The company will publish its printed Annual Report in week Based on the information received by the company, analysts from the fol- 10. The printed version can be ordered via the website, by e-mail lowing banks, brokerage and other firms
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