DOCSLIB.ORG

Citycon Equity Story

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Citycon Equity Story CITYCON INVESTOR PRESENTATION CITYCON – URBAN CONVENIENCE IN THE HEART OF COMMUNITIES LEADING OWNER, MANAGER AND DEVELOPER OF SHOPPING CENTRES IN THE NORDICS ▪ Net rental income in 2019 MEUR 217 ▪ Portfolio value EUR 4.4BN ▪ 41 shopping centres1) ▪ Market capitalization EUR 1.7 BN ▪ 170 million visitors p.a. ▪ 234 employees ▪ GLA 1.2 million sq.m. ▪ Investment grade credit ratings: Baa3 & BBB- 10 Stable business model and diversified tenant mix 2 Pan-Nordic reach with leading positions in Finland, 181) 9 Sweden, Norway and Estonia Well-balanced portfolio with densification potential 2 3 Key figures 31 December 2019 1) Includes 3 shopping centres acquired on Feb 2020 Number of shopping centres WE HAVE FOUR STRATEGIC FOCUS AREAS OPERATIONAL EXCELLENCE GROWTH FROM SPECIALITY − Harmonize processes, policies and practices LEASING − Centralize procurement − 170 million visitors provide strong basis for specialty leasing opportunities − Re-negotiating large frame contracts with fixed prices − Largest potential in common area leasing − Maintain strict control on operating expenses and − Next action points: Mapping out new GLA in the capital expenditure. highest trafficked areas and creating appropriate pricing structure INCREASED FOCUS ON CAPITAL MIX USE DEVELOPMENT EXPENDITURE − We have significant opportunities to create further value through densification ‒ First step: Rigorous process implemented to review capital expenditure at all assets − Potential GBA can either be developed as residential or offices depending on demand and market situation ‒ Second step: Optimize capital expenditure spend and allocate money based on need / return. Thorough post- − Several options to realize densification potential mortem review of results. − Own development − Joint venture ‒ Third step: maintain strict capex control going forward 4 − Divestment to third party WE ARE A TRUE PAN-NORDIC PLAYER 262 132 110 92 63 FINLAND SPONDA KEVA IDEAPARK ELO 265 228 210 207 185 #1 SWEDEN OLAV THON ATRIUM UNIBAIL- STEEN &STROM LJUNGBERG RODAMCO- 1213 WESTFIELD #2 #5 #2 343 287 214 NORWAY OLAV THON STEEN & STROM SCALA RETAIL 178 PROPERTY 100 80 ESTONIA ASTRI LINSTOW Retail GLA (thousand sq.m.) Source: Company reports, Pangea Property Partners analysis, as per December 2018 and Finnish Shopping Centres 2018. Includes only majority-owned 5 shopping centres. Includes some assumptions on retail proportion out of total GLA, where retail data not available. IN THE CONTINENTAL EUROPEAN CONTEXT WE ARE A MID-SIZED PLAYER TOTAL ASSETS, EUR BILLION PORTFOLIO VALUE 65.2 Finland & Estonia Sweden & 40% Denmark 1) 31% 4.6 23.7 EUR billion 4.6 4.6 3.8 3.7 2.6 Unibail- Klepierre Deutche Citycon Euro- Wereldhave Atrium Norway Rodamco- Euroshop commercial European 29% Westfield RE 6 Source: company reports 1)Including Kista Galleria WE HAVE ALMOST 30 YEARS OF RETAIL EXPERIENCE AND NORDIC EXPANSION 5 PORTFOLIO VALUE Q4/2019 SHAREHOLDER STRUCTURE 31 − Portfolio value EUR 4.5 billion DECEMBER 2019 2014 Gazit Globe 48.6% 4 − CPPIB becomes strategic CPP Investment Board shareholder, European Holdings 15.0% 15% ownership Free float 2005 36.4% 1998 3 − International expansion − Focus shifted to retail starts: first acquisitions in 2015 properties 1988 Sweden and Estonia − Acquisition of − Founded by Sampo Norwegian Sektor Pension Ltd, Gruppen for EUR 1.5 billion Imatran Voima Oy, 2003 Rakennustoimisto 2013 2 − Strategy to include also A. Puolimatka Oy and − Acquisition of Kista − Share listed on Nasdaq Helsinki since 1988 (re)development Postipankki Galleria in Stockholm of assets − Listed on Helsinki in JV with CPPIB − Ticker CTY1S − Ownership base Stock Exchange − Investment-grade credit internationalised − Office assets ratings by S&P and − 17,396 shareholders in total 1 2007 Moody’s − Acquisition of Iso Omena in the greater Helsinki area 0 1990 1995 2000 2005 2010 2015 2020 7 OUR INVESTMENT PROPOSITION 1 STABLE BUSINESS MODEL ENABLING A HIGH DIVIDEND YIELD − Steady and resilient cash flows across the cycle − Solid financial position − High and sustainable dividend yield WELL-BALANCED URBAN PROPERTY PORTFOLIO WITH TREMENDOUS 2 MIXED-USE POTENTIAL − Diversified Pan-Nordic portfolio bringing stability as well as scale − Actions in place to shift the current property portfolio more towards larger and higher quality urban assets − Significant opportunities to create further value through densification 3 FOCUSED STRATEGY IN A CHANGING MARKET ENVIRONMENT − Focus on larger multi-functional shopping centres in growing urban areas − Tenant mix with grocery-anchored and municipal tenants − Increased focus on asset management − Significant growth potential in specialty leasing business 8 STABLE OPERATING ENVIRONMENT NORDICS: A SAFE HAVEN IN AN UNSTABLE WORLD KEY ECONOMIC INDICATORS IN OUR OPERATING COUNTRIES Finland Norway Sweden Denmark Estonia Credit ratings AA+ AAA AAA AAA AA- 5.5M GDP growth, 2019 1.4% 2.5% 1.1% 2.0% 3.2% Unemployment, 2019 6.7% 3.4% 6.8% 4.9% 5.1% 5.3M 10M 1.3M Inflation, 2019 1.2% 1.4% 1.7% 0.8% 2.4% Retail sales growth, 2019 0.9% 0.8% 2.4% 0.8% 4.0% 5.8M 10 Sources: SEB Nordic Outlook, Nordea Economic Outlook, European Commission, Eurostat, Population Statistics Finland/Norway/Sweden/Estonia/Denmark. Some figures are based on estimates. WE OPERATE IN THE FASTEST GROWING CITIES IN EUROPE WITH CONTINUED DEMAND FOR HOUSING PERCENTAGE OF POPULATION IN URBAN AREAS POPULATION GROWTH 2015–2035 100% Sweden 93% 95% Denmark 92% 90% Norway 85% and Finland TAMPERE 12% 90% 80% HELSINKI Estonia 15% 77% 75% OSLO STOCKHOLM 29% 25% TALLINN 70% 10% GOTHEN- BURG 65% 22% 1980 2018 2030 2050 COPEN- Finland Norway Sweden Denmark Estonia HAGEN 16% 11 Source: UN World U rbanization Prospects 2018 THE NORDIC COUNTRIES HAVE A STRONG PURCHASING POWER GDP PER CAPITA GDP OF NORDICS 67,900 EUR Estonia 1.7% Denmark Finland 21.2% 16.4% 50,000 47,100 40,500 Euro area average 34,500 Equivalent 1.4 to Canada EU average 29,900 approx. 19,800 EUR trillion Norway 25.7% Sweden 35.1% Finland Norway Sweden Denmark Estonia 12 Source: IMF ONLINE RETAIL ACCOUNTS FOR AROUND 10% OF TOTAL RETAIL SALES IN THE NORDICS ONLINE PENETRATION IN GROCERIES REMAINS VERY LOW ACROSS THE NORDICS % 15 11.8 12.0 9.9 10.2 10 7.3 5 2.0 1.9 1.1 1.4 0.4 0 Denmark Finland Norway Sweden The Nordics Total Online Retail Sales Total Online Grocery Sales 13 Source: Ocado, Dansk Erhverv Analyse, Nielese and Svensk Digital Handel, Nordea PHYSICAL STORES REMAIN ESSENTIAL CUSTOMER ➢ Nearby physical stores are important when making online EXPERIENCE purchases PROFITABILITY ➢ Retailers lose business when they close a store BRAND ➢ Physical stores generate brand awareness and trust AWARENESS DIFFERENTATION ➢ Opening a store boosts online traffic 14 Source: ICSC WE HAVE A SOLID BUSINESS MODEL WHAT DOES OUR TYPICAL SHOPPING CENTRE LOOK LIKE? − Located at the heart of communities with access to public transport − ~26,800 sq.m. of gross leasable area − ~4,000,000 annual visitors − Average fair value MEUR 118 − Average catchment area − ~480,000 people with above EU average purchasing power of EUR 26,200 within 20 minutes of driving − ~65% linked to rail transportation − ~90% located in capital or major cities CONNECTION TO PUBLIC TRANSPORTATION PROVIDES NATURAL FOOTFALL 100% OF OUR SHOPPING ➢ We are focused on grocery-anchored shopping centers that are CENTRES integrated with public transportation. ➢ All of our centres are accessible by bus, 10 centres are directly CONNECTED TO connected to metro lines, 17 to train lines and 6 to tram lines. PUBLIC TRANSPORTATION 54% OF VISITORS ARRIVE ➢ Almost 4,000 dedicated bicycle parking spaces. BY PUBLIC ➢ Almost 90% of our shopping centres have dedicated areas for secure bicycle parking. TRANSPORTATION, FOOT OR BICYCLE ISO OMENA IS A GREAT ➢ Footfall increased +74 % to 20 million annual visitors after metro EXAMPLE OF opening. POWERFUL PUBLIC ➢ Tenant sales +17%, same-store sales +7%. TRANSPORTATION 17 MORE THAN RETAIL ONLY: SHARE OF NON-RETAIL REVENUE IS SIGNIFICANT WITH AN AIM TO INCREASE FURTHER Groceries 17% Services and Offices 13% Cafés and Restaurants 10% Cosmetics and Pharmacies 7% GOOD REVENUE MIX: GRI Wellness 4% Leisure 1% HIGH IN DAILY Residentials and hotels 1% CONVENIENCE & Specialty stores 1% ENTERTAINMENT, 232 RELATIVELY LOW IN MEUR Home and Sporting Goods 19% FASHION & ACCESSORIES Fashion and Accessories 25% As per 31 December 2019 18 1) Including Kista Galleria (50%) WE HAVE A DIVERSIFIED TENANT PORTFOLIO REDUCING CONCENTRATION RISK TOP 5 TENANTS1) OCCUPANCY COST RATIO VS PEERS PROPORTION OF 2019 Citycon 9.4% RENTAL INCOME, % Kesko 5.0 Peer 1 10.5% Varner-Group 4.1 Peer 2 12.2% S Group 3.9 Peer 3 12.3% ICA Group 2.3 Peer 4 15.5% H&M 2.2 Top 5, total 17.5 Peer 4 18.2% 1) Including Kista Galleria (50%) Peer group: Hammersson, Klepierre, Mercialys, Unibail-Rodamco-Westfield, Wereldhave Source: Companies' annual reports 19 WE HAVE A STABLE AND HIGH OCCUPANCY RATE − 4,404 lease agreements with an average length of 3.2 years − Clear majority of tenants pay fixed market rent. Only a small portion of tenants pay turnover-based rent 96.5% 96.8% 95.7% 96.0% 96.3% 96.0% 96.4% 95.5% − Majority of tenants pay service charge covering the running costs of the property, such as heating, electricity, water and marketing − Majority of rent agreements are tied to CPI indices 95.7% 96.1% 94.8% 95.5% 2012 2013 2014 2015 2016 2017 2018 Q3/2019 Finland & Estonia Norway Sweden & Total Denmark 20 1) Including Kista Galleria (50%) PUBLIC SECTOR TENANTS - A GROWING PART OF OUR BUSINESS SWEDEN NORWAY FINLAND ESTONIA
Load more

Recommended publications
  • Citycon Group Successfully Places 200 Million Euro Denominated Notes in a Tap Issue
    CITYCON OYJ Stock Exchange Release 3 June 2020 Citycon Group successfully places 200 million Euro denominated notes in a tap issue NOT TO BE RELEASED, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN OR INTO OR TO ANY PERSON LOCATED IN OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (TOGETHER THE "UNITED STATES"), AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. Citycon Group has successfully placed a 200 million Euro denominated tap issue. The issuer of the notes is Citycon Treasury B.V. and the guarantor is Citycon Oyj. The notes are issued under the same terms and conditions as the existing 10-year notes issued by Citycon Treasury B.V. on 1 October 2014 and maturing on 1 October 2024 (the “2024 Notes”). The notes will be consolidated and form a single series with the 2024 Notes. The notes carry a fixed annual interest rate at the rate of 2.50 per cent, which in the tap issue corresponds to a yield of 4.50 per cent. Citycon Treasury B.V. has applied for the notes to be admitted to the Official List of the Irish Stock Exchange and to trade on its regulated market. The notes have been rated BBB- by Standard & Poor's, Baa3 by Moody's and BBB- by Fitch, in line with Citycon's corporate credit rating. The net proceeds from the offering will mainly be used to refinance existing debt and for general corporate purposes for the Group, including for the development of existing properties.
    [Show full text]
  • Sweetest Spots for Your Shops
    Sweetest spots for your shops Urban | Grocery-anchored | Everyday life The most attractive shopping centres where you can thrive 35 shopping centres Citycon is a leading owner, manager and developer 25 other retail assets of urban grocery-anchored shopping centres in the most attractive locations in the Nordic and Baltic regions, with Assets under management assets under management totaling approximately EUR 3.3 EUR 3.3 billion billion and a market cap of more than EUR 1.5 billion. Headquartered in Helsinki and specialising in necessity- Turnover based, everyday retail shopping centres, Citycon is the EUR 288 million No. 1 shopping centre owner in Finland and Estonia, and among the market leaders in Sweden. Citycon has also GLA 1.0 million sq.m. established foothold in Denmark. Our community oriented shopping centres are located 3,833 lease agreements in the largest and fastest growing cities in the region and placed in urban environments close to where customers live and work and with a direct connection to public Figures include Kista Galleria transport, health care and municipal services. 02 Citycon Oyj 150 million visitors per year FINLAND SWEDEN NORWAY Finland 21 shopping centres 73 million visitors ESTONIA Sweden 10 shopping centres 54 million visitors LITHUANIA Baltics and New Business LATVIA 4 shopping centres DENMARK 21 million visitors Citycon Oyj 03 We deliver on our customer promise: We bring urban Easy to visit, crosspoints alive lovely to stay Citycon is about vivid and vibrant centres acting as enjoyable parts of people’s everyday lives and as active community hubs. Our shopping centres DAILY needs have a necessity-based nature as they are anchored by grocery stores and other daily shopping.
    [Show full text]
  • 2012 Annual and Sustainability Report 2012 Incl
    ANNUAL AND SUSTAINABILITY REPORT 2012 Koskikara Sampokeskus Citycon’S SHOPPING CENTRES IN SWEDEN Åkersberga Centrum Valkeakoski Rovaniemi Österåker Contents Citycon’s gross leasable area 5,800 sq.m. Citycon’s gross leasable area 13,800 sq.m. Citycon’s gross leasable area 27,500 sq.m. Fruängen Centrum Anchor tenants: S-market, Alko, Vapaa Valinta, Seppälä Anchor tenants: Dressmann, Jack&Jones, MODA, Gina Anchor tenants: ICA, KappAhl, Lindex, library, Systembolaget Stockholm Tricot, Pentik, Vero Moda, Vila, Duetto INTRODUCTION SUSTAINABILITY Citycon’s gross leasable area 14,900 sq.m. Introduction of theme ................................. 1 Greetings from VP sustainability ...... 36 Anchor tenants: Library, Systembolaget, Läkarhuset Åkermyntan Centrum CEO's review .................................................... 2 Sustainability summary .......................... 37 Koskikeskus Torikeskus Hässelby Highlights in 2012 ........................................ 4 Stakeholders ................................................ 38 Tampere Seinäjoki Högdalen Centrum Citycon’s gross leasable area 9,500 sq.m. Materiality assessment ............................. 6 Environmental responsibility ............... 40 Citycon’s gross leasable area 34,300 sq.m. Citycon’s gross leasable area 11,700 sq.m. Stockholm Anchor tenants: ICA, Coop, pharmacy, Lidl Strategy ............................................................. 7 Economic responsibility ......................... 44 Anchor tenants: Intersport, Gina Tricot, Bik Bok, Promod, Anchor tenants: H&M,
    [Show full text]
  • Citycon Equity Story
    CITYCON INVESTOR PRESENTATION CITYCON – URBAN CONVENIENCE IN THE HEART OF COMMUNITIES LEADING OWNER, MANAGER AND DEVELOPER OF SHOPPING CENTRES IN THE NORDICS ▪ Net rental income in 2019 MEUR 217 ▪ Portfolio value EUR 4.4BN ▪ 40 shopping centres ▪ 241 employees ▪ 170 million visitors p.a. ▪ Investment grade credit ratings: ▪ GLA 1.2 million sq.m. Baa3 & BBB- 10 Stable business model and diversified tenant mix 2 Pan-Nordic reach with leading positions in Finland, 17 9 Sweden, Norway and Estonia Well-balanced portfolio with densification potential 2 3 Number of shopping centres WE HAVE FOUR STRATEGIC FOCUS AREAS OPERATIONAL EXCELLENCE GROWTH FROM SPECIALITY − Harmonize processes, policies and practices LEASING − Centralize procurement − 170 million visitors provide strong basis for specialty leasing opportunities − Re-negotiating large frame contracts with fixed prices − Largest potential in common area leasing − Maintain strict control on operating expenses and − Next action points: Mapping out new GLA in the capital expenditure. highest trafficked areas and creating appropriate pricing structure INCREASED FOCUS ON CAPITAL MIX USE DEVELOPMENT EXPENDITURE − We have significant opportunities to create further value through densification ‒ First step: Rigorous process implemented to review capital expenditure at all assets − Potential GBA can either be developed as residential or offices depending on demand and market situation ‒ Second step: Optimize capital expenditure spend and allocate money based on need / return. Thorough post- − Several
    [Show full text]
  • Citycon Annual Report 2007 Annual Report Citycon Business and Property Portfolio
    Pohjoisesplanadi 35 AB Tel. +358 9 680 36 70 www.citycon.fi FI-00100 Helsinki, Fax +358 9 680 36 788 [email protected] Finland Annual Report 2007 Contents 2007 Citycon in Brief .....................................................................................................................................1 Citycon as an Investment and Information for Shareholders .............................2 CEO’s Review ...........................................................................................................................................4 Business Environment .....................................................................................................................6 Citycon Annual Report Annual Report Citycon Business and Property Portfolio ...............................................................................................9 Finland ....................................................................................................................................................27 Sweden ...................................................................................................................................................30 Baltic Countries ................................................................................................................................32 Human Resources ...........................................................................................................................34 Profit Performance and Financial Position ..................................................................37
    [Show full text]
  • Urban | Grocery-Anchored | Everyday Life SWEETEST SPOTS for YOUR SHOPS 02 Sweetest Spots for Your Shops
    Urban | Grocery-anchored | Everyday life SWEETEST SPOTS FOR YOUR SHOPS 02 Sweetest spots for your shops THE MOST ATTRACTIVE SHOPPING CENTRES WHERE YOU CAN THRIVE Citycon is a leading owner, SHOPPING CENTRES manager and developer of urban, +13 MANAGED/RENTED grocery-anchored shopping centres SHOPPING CENTRES in the Nordic region. 42 TOTAL ASSETS Citycon’s shopping centres are located at urban crosspoints close TO CLOSE EUR BILLION to where customers live and work, 5 and with a direct connection to GLA THAN public transportation, healthcare MORE and municipal services. Citycon MILLION SQ.M. is more than shopping. 1.2 4,800LEASE AGREEMENTS 03 TRULY NORDIC, CLOSE TO THE CUSTOMER Citycon operates in the largest and fastest growing cities in the Nordics. Citycon is the No. 1 shopping centre owner in Finland and among the MILLION180 VISITORS FINLAND market leaders in Norway, Sweden and Estonia. Citycon also has an SWEDEN million visitors established foothold in Denmark. 55 NORWAY 50million visitors + 21* 13 TENANT SALES million visitors DIVERSE RETAIL MIX WITH 3.7 35 2 STRONG GROCERY ANCHORING* EUR BILLION 9 % 2 1 17 + 13* 8 25 Home and leisure 9 Fashion ESTONIA & DENMARK GroceriesHome and leisure Fashion Services and o ces 13 Groceries HealthServices andand o ces beauty million visitors CafésHealth and and beauty restaurants Number of 17 shopping centres SpecialtyCafés and restaurants stores 24 Specialty stores * managed/rented DepartmentDepartment stores stores shopping centres 19 1 * Key figures 31 December 2016 04 Sweetest spots for your shops A broad food and beverage WE BRING URBAN offering is an increasingly important part of a shopping CROSSPOINTS ALIVE centre visit.
    [Show full text]
  • Financial Statements Release January—December Q1–Q4/2019 | 2
    Q1–Q4 2019 FINANCIAL STATEMENTS RELEASE JANUARY—DECEMBER Q1–Q4/2019 | 2 CITYCON 2019: GOOD OPERATIONAL PERFORMANCE – Solid overall performance in 2019 – Like-for-like net rental income grew in all business units – Total tenant sales grew by 2.6%; positive like-for-like sales development – Total footfall increased by 3.8%; positive like-for-like footfall development – Continued positive leasing spread driven by Sweden & Denmark – Loan-to-value improved to 42.4 % as a result of the successful issuance of the EUR 350 million hybrid bond OCTOBER—DECEMBER 2019 – Net rental income was EUR 53.5 million (Q4/2018: 53.7). Like-for-like properties increased net rental income by EUR 0.5 mil- lion, and the acquisition of Straedet in Denmark increased net rental income by EUR 0.4 million. Net rental income developed positively in best assets, Iso Omena in particular. This was partly offset by divestments in 2018 and Q2/2019, impacting net rental income by EUR -1.6 million. Weaker currencies had an impact of EUR -1.2 million. Adoption of IFRS 16 standard increased net rental income in Q4/2019 by EUR 1.7 million in total. – EPRA Earnings increased to EUR 35.6 million (34.2) particularly due to lower administrative expenses. EPRA Earnings per share (basic) was EUR 0.200 (0.192), impact from weaker currencies was EUR -0,005 per share. – IFRS-based earnings per share decreased to EUR -0.15 (0.03) mainly as a result of higher fair value losses of investment properties. In addition, net financial expenses were higher following one-off bond buy-back costs during the quarter.
    [Show full text]
  • Development Overview
    DEVELOPMENT OVERVIEW CHIEF DEVELOPMENT OFFICER ERIK LENNHAMMAR ERIK LENNHAMMAR – CHIEF DEVELOPMENT OFFICER 08/2019 -> Career history ▪ Nuveen, Head of Asset Management, 2014-2019 ▪ Steen och Ström Sverige AB, various positions of which latest Development Director, 2006-2014 ▪ NCC Construction, various positions of which latest Business Manager, 1998-2006 1. 2. 3. CITYCON’S KEY OVERVIEW OF OVERVIEW OF INVESTMENT ON-GOING POTENTIAL CRITERIA DEVELOPMENT DEVELOPMENT PROJECTS PROJECTS CORE ASSET AND DEVELOPMENT CRITERIA FOR CITYCON NRI POTENTIAL OVER 5 YEARS TOP 1 OR 2 CITY IN THE COUNTRY VALUE-ADD POTENTIAL IRREPLACEABLE LOCATION CAPEX REQUIREMENTS AREA DEMOGRAPHICS MINIMUM SIZE DOMINANT CENTRE WITHIN ITS CATCHMENT AREA TENANT MIX CONNECTION TO PUBLIC TRANSPORTATION DEVELOPMENT CRITERIA PROFITABILITY: 150 BPS OVER REQUIRED VALUATION YEILD LEASING: >60% PRE-LEASING RATE 4 ISO OMENA IS AN EXCELLENT EXAMPLE OF WHAT WE WANT TO OFFER IN THE FUTURE OUR CRITERIA ISO OMENA Urban locations in capital or major Location in Espoo, Finland’s cities second largest city. 15 minutes from central Helsinki. Strong population growth and Espoo’s population to increase by natural footfall to the asset 16% or 45,000 people by 2030. 20 million visitors p.a. Connected to public transportation Integrated to new metro line. Metro station with 30,000 users daily More than retail only Non-retail income 37% (e.g. Public Service Square, seven screen Cinema, extensive F&B offering) Necessity-based and dominant in 4 grocery stores accounting for the asset’s catchment area 25% of the GLA; services account for 18 % of the GLA Value creation potential in the Possibilities to capitalize on future significant footfall 5 Size> ~20,000 sq.m.
    [Show full text]
  • FINANCIAL REVIEW 2019 FINANCIAL REVIEW FINANCIAL STATEMENTS Contents
    FINANCIAL REVIEW 2019 FINANCIAL REVIEW FINANCIAL STATEMENTS contents CONTENTS Information to shareholders ...............................................................................3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ..................................................................47 3.3. Classification of financial instruments ....................................... 68 Citycon in brief ............................................................................................................4 1. OPERATING PERFORMANCE .................................................... 49 3.4. Loans ..............................................................................................................70 CEO’s interview ...........................................................................................................5 1.1. Segment information .............................................................................. 49 3.5. Financial risk management .................................................................71 Key figures .....................................................................................................................6 1.2. Gross rental income .................................................................................52 3.6. Derivative financial instruments ....................................................74 How we create value .................................................................................................7 1.3. Revenue from contracts with customers ....................................53
    [Show full text]
  • Annual and Corporate Social Responsibility Report 2009
    Annual and Corporate Social Responsibility Report 2009 Annual and Corporate CITYCON OYJ POHJOISESPLANADI 35 AB FI-00100 HELSINKI, FINLAND TEL. +358 (0)207 664 400 [email protected] WWW.CITYCON.COM Citycon’s Shopping Centres in Finland Citycon’s Shopping Centres in Sweden and in the Baltic Countries PARTNERS IN MEETING POINTS IN CITY CENTRES LOCAL SHOPPING CENTRES EVERYDAY LIFE CENTRES STOCKHOLM AREA ESTONIA Forum IsoKristiina Torikeskus Columbus Myyrmanni Espoontori Fruängen Centrum Åkersberga Centrum Magistral Jyväskylä Lappeenranta Seinäjoki Helsinki, Vuosaari Vantaa, Myyrmäki Espoo, Espoon keskus Stockholm Österåker Tallinn Citycon's gross leasable Citycon's gross leasable Citycon's gross leasable Citycon’s gross leasable Citycon's gross leasable area Citycon's gross leasable area Citycon's gross Citycon's gross leasable Citycon's gross leasable area area 30,500 sq.m. leasable area 9,500 sq.m. area 17,500 sq.m. area 18,700 sq.m. area 11,500 sq.m. area 21,000 sq.m. 40,300 sq.m. 17,300 sq.m. Built in 1997. 14,600 sq.m. Built in 1985. Built in 2000. Built in 1953/1972/1980. Built in 1987/1993. Built in 1992. Built in 1994. Built in 1987. Extended and/or Built in 1965. Extended and/or Extended and/or renovated Extended and/or renovated renovated in 2007. Extended and/or renovated Extended and/or renovated renovated in 1995/1996. in 1991. in 2007. in 2007. in 2010. Galleria Jyväskeskus Trio Duo Tikkuri Isomyyri Liljeholmstorget Tumba Centrum Rocca al Mare Oulu Jyväskylä Lahti Tampere, Hervanta Vantaa, Tikkurila Vantaa, Myyrmäki Stockholm Botkyrkan Tallinn Citycon's gross leasable area Citycon's gross leasable area Citycon's gross leasable area Citycon's gross leasable area Citycon's gross leasable area Citycon's gross leasable area Citycon's gross Citycon's gross leasable Citycon's gross leasable area area 31,300 sq.m.
    [Show full text]
  • Interim Report January–September Q3/2020 | 2 Citycon Q3/2020: Solid Performance in Covid-19 Environment
    Q3 2020 INTERIM REPORT JANUARY–SEPTEMBER Q3/2020 | 2 CITYCON Q3/2020: SOLID PERFORMANCE IN COVID-19 ENVIRONMENT CITYCON’S OPERATIONAL FIGURES WERE STRONG IN Q3 – YTD total tenant sales were slightly above prior year (+0.3%) reflecting an increase in average consumer purchase – Rent collection for YTD stands currently at 94%, Q3 currently at 93% and H1 at 95%. – YTD financial performance remained solid: total net rental income adjusted for FX rates was -2.2% – Administrative expenses declined from last year by -5.0% – Valuation decline was modest being -0.6% in Q3 – Leasing activity has continued strong – YTD we have 175,000 sq.m. commencing compared to 113,000 for the corresponding period in 2019 JULY—SEPTEMBER 2020 – Net rental income was EUR 52.9 million (Q3/2019: 54.2). Net rental income was affected by COVID-19 pandemic and discounts granted to tenants in Q2 as well as lower turnover based rents and parking income. The acquisition of SPII in Norway, closed in the beginning of 2020, increased net rental income by EUR 2.6 million. This was offset by impact of weaker currencies that reduced net rental income by EUR 1.1 million. – EPRA Earnings decreased to EUR 33.5 million (35.5) as result of a decrease in net rental income, currency changes, lower share of profit of joint ventures and associated companies. EPRA Earnings per share (basic) was EUR 0.188 (0.199), impact from weaker currencies being EUR -0.005 per share. – Adjusted EPRA earnings decreased to EUR 29.4 million (35.5) due to hybrid bond coupons for the bond issued in late 2019 and lower earnings.
    [Show full text]
  • Citycon Equity Story
    CITYCON INVESTOR PRESENTATION Q2/2020 TABLE OF CONTENTS 1. COMPANY CITYCON IS A LEADING NORDIC PLAYER… OVERVIEW 2. OPERATING …OPERATING IN STABLE BUSINESS ENVIRONMENT… ENVIRONMENT 3. BUSINESS …WITH A BUSINESS MODEL THAT PROVIDES PROTECTION EVEN DURING CRISIS… MODEL 4. MAXIMIZING … AND SERVES AS A PLATFORM FOR ATTRACTIVE LONG-TERM OPPORTUNITIES... VALUE 5. SUSTAINABILITY … WITH AMBITIOUS SUSTAINABILITY TARGETS… STRATEGY 6. KEY FINANCIALS … AND HIGHLIGHTING VERY GOOD Q1 RESULT AND STRONG LIQUIDITY. APPENDIX FINANCIAL AND OPERATIONAL INFORMATION 2 1. COMPANY OVERVIEW 3 LEADING OWNER, MANAGER AND DEVELOPER OF URBAN COMMUNITY HUBS IN THE NORDICS ▪ Net rental income in 2019 MEUR 217 1) ▪ Portfolio value EUR 4.4BN 2,3) ▪ 40 premises 2,3) ▪ 223 employees 2) ▪ 170 million visitors p.a. 1) ▪ Investment grade credit ratings: ▪ GLA 1.2 million sq.m. 2) Baa3, BBB- & BBB- 10 Finland Stable business model and diversified tenant mix Pan-Nordic reach with leading positions in Finland, 17 9 2 Norway Sweden 2 Sweden, Norway and Estonia Estonia Nordic countries less severely affected by COVID-19 than rest of Europe and better equipped to support companies through the crises 2 1) As of 31 December 2019 2 4 2) Key figures 30 June 2020 Denmark 3) Including Kista Galleria Number of shopping centres LEADING OWNER, MANAGER AND DEVELOPER OF URBAN COMMUNITY HUBS IN THE NORDICS LEADING OPERATOR AND DEVELOPER OF – A €4.4bn portfolio of urban community hubs in the heart where people live and work and connect to 1 public transportation provides natural visitor flow
    [Show full text]