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Interim Report 1 January – 30 June 2010

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Interim Report 1 January – 30 June 2010 Interim Report 1 January – 30 June 2010 CITYCON OYJ | INTERIM REPORT 31 Citycon Oyj’s Interim Report for 1 January – 30 June 2010 Summary of the Second Quarter of 2010 Compared with the Previous Quarter - Turnover decreased to EUR 48.6 million (Q1/2010: EUR 49.5 million), due mainly to several (re)development projects initiated in Finland causing temporary reduction in turnover. - Net rental income increased by 4.0 per cent to EUR 31.8 million (EUR 30.6 million). This increase was due to lower property operating expenses reflecting common seasonal variations. - Earnings per share increased to EUR 0.13 (EUR 0.06) due mainly to fair value changes. - Direct result per share (diluted) was EUR 0.05 (EUR 0.05). - The fair value change of investment properties was EUR 22.9 million (EUR 0.8 million), and the fair value of investment proper- ties totalled EUR 2,229.5 million (EUR 2,193.5 million). - The average net yield requirement for investment properties remained at the previous quarter’s level and was 6.6 per cent (6.6%) at the end of the period, according to an external appraiser. - Net financial expenses increased to EUR 14.4 million (EUR 13.1 million) due mainly to higher interest expenses. - On the basis of Citycon’s loan agreement covenants, its interest cover ratio was 2.2x (2.3x) and equity ratio 37.1 per cent (39.2%). - Citycon conducted repurchases of its convertible bonds due 2013 for EUR 3.4 million. - During the period, the company signed three loan agreements, each worth EUR 50 million and maturing in five years. - The construction of the Martinlaakso shopping centre was initiated during the period. The apartments built within the Liljeholms- torget shopping centre were sold, as per a previous agreement, for a price of SEK 176 million (approx. EUR 18.5 million). - Chaim Katzman was elected to the Board of Directors by the Extraordinary General Meeting of 17 May 2010 and was appointed Board Chairman in June. - The company revises its guidance regarding direct result and direct operating profit (from 3-6 per cent to 1-4 per cent). The change is due mainly to slower stabilisation and development of certain projects. Summary of January-June 2010 Compared with the Corresponding Period of 2009 - Turnover grew by 7.3 per cent to EUR 98.1 million (Q1-2/2009: EUR 91.5 million). This increase was due to the growth in gross leasable area and active development of the retail properties. Turnover growth was reduced by a slightly higher vacancy rate and the start-up of new (re)development projects. - Profit/loss before taxes was EUR 52.0 million (EUR -28.7 million), including a EUR 23.7 million (EUR -57.6 million) change in the fair value of investment properties. - Net rental income increased by 1.8 per cent to EUR 62.5 million (EUR 61.3 million). If the impact of the strengthened Swedish krona is excluded, net rental income decreased by -0.1 per cent. - Net rental income from like-for-like properties decreased by 1.0 per cent, due mainly to higher property operating expenses than in the corresponding period. These higher operating expenses were caused mainly by exceptionally severe winter conditions. Interim Report for 1 January – 30 June 2010 Additionally, prevailing low inflation or deflation resulted in very low indexation-based rental increases. - The company’s direct result decreased to EUR 21.5 million (EUR 24.2 million). - Direct result per share (diluted) was EUR 0.10 (EUR 0.11). - Earnings per share were EUR 0.19 (EUR -0.11). Changes in the fair value of investment properties have a substantial impact on earnings per share. - The occupancy rate was 94.6 per cent (94.8%). The decrease in the occupancy rate resulted from the start-up of new (re)devel- opment projects and a slightly higher vacancy rate. - Net cash from operating activities per share decreased to EUR 0.05 (EUR 0.19) due mainly to extraordinary items and timing differences. - The equity ratio was 33.8 per cent (36.2%). This decrease resulted mainly from paid up dividends and equity return and higher debt due to investments. - The company’s financial position remained good during the period. Total liquidity at the end of the reporting period was EUR 246.2 million, including unutilised committed debt facilities amounting to EUR 221.2 million and EUR 25.0 million in cash. CITYCON OYJ | INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2010 1 Key Figures Q2/2010 Q2/2009 Q1/2010 Q1-Q2/2010 Q1-Q2/2009 Change-% ¹⁾ 2009 Turnover, EUR million 48.6 45.6 49.5 98.1 91.5 7.3% 186.3 Net rental income, EUR million 31.8 31.0 30.6 62.5 61.3 1.8% 125.4 Operating profit/loss, EUR million 49.2 1.1 30.3 79.6 -4.7 - 10.3 % of turnover 101.3% 2.4% 61.3% 81.1% - - 5.5% Profit/loss before taxes, EUR million 34.8 -10.7 17.2 52.0 -28.7 - -37.5 Profit/loss attributable to parent company shareholders, EUR million 28.4 -7.0 13.0 41.4 -23.8 - -34.3 Direct operating profit, EUR million 26.3 27.1 26.4 52.7 52.8 -0.2% 107.7 % of turnover 54.2% 59.4% 53.3% 53.7% 57.7% - 57.8% Direct result, EUR million 10.1 12.6 11.4 21.5 24.2 -11.2% 50.9 Indirect result, EUR million 18.3 -19.5 1.6 19.9 -48.0 - -85.2 Earnings per share (basic), EUR 0.13 -0.03 0.06 0.19 -0.11 - -0.16 Earnings per share (diluted), EUR 0.12 -0.03 0.06 0.18 -0.11 - -0.16 Direct result per share (diluted), (diluted EPRA EPS), EUR 0.05 0.06 0.05 0.10 0.11 -10.3% 0.23 Net cash from operating activities per share, EUR 0.01 0.09 0.03 0.05 0.19 -74.5% 0.30 Fair value of investment properties, EUR million 2,193.5 2,229.5 2,104.5 5.9% 2,147.4 Equity per share, EUR 3.20 3.30 3.35 -1.5% 3.31 Net asset value (EPRA NAV) per share, EUR 3.43 3.54 3.58 -1.2% 3.54 EPRA NNNAV per share, EUR 3.22 3.35 3.46 -3.4% 3.35 Equity ratio, % 32.7 33.8 36.2 - 34.2 Gearing, % 175.9 174.6 157.4 - 169.5 Net interest-bearing debt (fair value), EUR million 1,327.2 1,369.6 1,234.8 10.9% 1,312.2 Net rental yield, % 6.0 6.0 6.0 - 6.1 Net rental yield, like-for-like properties, % 6.6 6.6 6.4 - 6.6 Occupancy rate, % 94.5 94.6 94.8 - 95.0 Personnel (at the end of the period) 120 124 114 8.8% 119 ¹⁾ Change-% is calculated from exact figures and refers to the change between 2010 and 2009. CITYCON OYJ | INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2010 2 CEO Petri Olkinuora’s Comments on the First Half of 2010: “Citycon’s net rental income continued to grow in the second quarter. Growth was generated by both active retail property manage- ment and the completed development projects in Stockholm and Tallinn. On the other hand, growth was temporarily slowed down by simultaneous, ongoing (re)development projects, specifically in Finland. The stabilisation of the projects completed last year was slower than expected. Earlier this year, Citycon launched four new (re)development projects. These projects will further enhance the competitive- ness and attractiveness of Citycon's shopping centres. The company has accelerated the execution of its (re)development pipeline, with seven active major construction sites and several more being planned, enjoying softening of the construction cost. Naturally c onstruction projects temporarily lower the rental income of properties, but once the projects are completed the centres will be more competitive in the rental market and more attractive to customers. The financial position of the company is stable. During the reporting period, Citycon continued repurchasing its convertible bonds as well as selling non-core properties including the sales of the apartments in Liljeholmstorget and Jakobsbergs Centrum in Greater Stockholm area. The total value of all the divestments was about EUR 50 million. The property sales are in compliance with the company’s strategy and release capital for core business. During the period, the company signed three unsecured EUR 50 million five-year loan agreements on very competitive terms. At the period end, available liquidity totalled EUR 246.2 million. This is sufficient to fund ongoing development projects as well as maturing loans for at least the next 12 months.” Business Environment During the period, retail sales continued their slow growth both in Finland and Sweden. In spite of unemployment, consumer confi- dence in household economies improved further in all operating countries. In the Baltic countries, high unemployment and the dif- ficult economic situation weakened consumers' purchasing power. Both in Finland and Sweden retail sales grew by 2.7 per cent in May compared with May last year. In Estonia, retail sales decreased by 5.0 per cent. During the first five months of 2010, retail sales have increased by 2.5 per cent in Finland and by 3.3 per cent in Sweden. (Sources: Statistics Finland, Statistics Sweden, Statistics Estonia) In Finland and Sweden, rises in consumer prices continued during the second quarter.
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