ZUBLIN IMMOBILIERE : Züblin Immobilière France announces preliminary results for Financial Year 2009/2010
04/30/2010| 03:00am US/Eastern
PR Newswire/Les Echos/
Paris, 29 April 2010
Züblin Immobilière France announces preliminary results for Financial Year
Züblin Immobilière France today announced unaudited, preliminary financials
for its Financial Year ended 31.03.2010. Consolidated sales(1) for the Financial
Year 2009/2010 are expected to be EUR26.2m, out of which gross rental income
amounted to EUR24.3m.
The Company expects:
* A gross open value of the portfolio of EUR325m (+1.8% vs 30 September 2009),
with a physical vacancy rate of 5.7%;
* Fully diluted operating cash flow per share of EUR0.89;
* Fully diluted EPRA(2) Net Asset Value per share of EUR8.36.
All financial information included in this press release is unaudited and has
not yet been approved by the Board of Directors.
Sales by quarter
In million of euros 2009/2010 2008/2009 VAR. (%)
First quarter (01.04 - 30.06) ........... 6.7 7.1 -6%
Second quarter (01.07 - 30.09) ......... 6.7 7.1 -6%
Third quarter (01.10 - 31.12) ........... 6.7 7.1 -6%
Fourth quarter (01.01 - 31.03) 6.1 6.5 -6%
Full=year total (01.04 = 31.03) ...........26.2 27.8 -6%
Compared to the same period in the previous Financial Year 2008/2009, fourth
quarter consolidated sales (amounting to EUR6.1m) were down 6%.
(1) Consolidated sales encompass gross rental income as stated in IFRS financial
statements + service charges invoiced to the tenants
(2) EPRA Net Asset Value is determined by excluding the net mark to market
adjustment to the value of financial instruments which are economically
effective from reported Fully diluted liquidation Net Asset Value calculation
Consolidated sales for the 2009-2010 Financial Year totalled EUR26.2m out of
which gross rental income amounted to EUR24.3m. Sales declined by 6% compared to
the previous year, due to the decrease in rents on the Jatte 1 and Magellan
buildings granted on the second half of FY 2008/2009.
As of 31 March 2010, the gross open market value of the Company's investment
property portfolio as estimated by BNP Paribas Real Estate was EUR325m,
representing an increase of 3.4% over the 12 months period. After taking into
account realized capital expenditures and IFRS adjustment for lease incentives,
the growth of the portfolio net value is 2.2%.
On an annualised basis, rents totalled EUR23.0m (-6% over the 12 months period)
and the gross yield of the portfolio was 7.1%. As of 31 March 2010, the
Company's physical occupancy rate was 94.3%, compared to 98.9% 6 months ago.
In terms of net asset value, considering the impact of operating earnings,
together with the impact of the change in market value, cash-flow hedge swaps
revaluations and share premium reserves distribution, Züblin Immobilière
France expects reported fully diluted liquidation NAV per share to be at
EUR6.95, representing an increase of 15% over the 12 months period. EPRA NAV per
share is expected to be at EUR8.36 (EUR7.21 as of 31 March 2009), representing
an increase of 16% over the 12 months period.
Result and cash flow per share
The net increase in market value of the investment property reported in the
profit and loss statement for the Financial Year 2009/2010 should be EUR6.5m
(representing a +2.2% increase on investment property portfolio net open market
value as of 31 March 2009).
Operationally, due to the decrease in rents for the Jatte 1 and Magellan
buildings, operating cash flow decreased. Fully diluted operating cash flow per
share for the Financial Year 2009/2010 is expected to be of EUR0.89,
representing a decline of 14.3% compared with the previous year.
Audited and final full=year results will be released on 19 May 2010.
For more information
Eric Berlizon, CFO, Züblin Immobilière France
52, rue de la Victoire, 75009 Paris
Tel. +33 (0)1 40 82 72 40, firstname.lastname@example.org
More information can be found on our website www.zueblin.fr
Steve Grobet, Dusan Oresansky, NewCap., Financial communication
Tel. +33 (0)1 44 71 94 94, Fax +33 (0)1 44 71 94 90, Email email@example.com
A brief outline of Züblin Immobilière France
Züblin Immobilière France is a listed property company, which has elected for
REIT status (SIIC status). The company invests in office properties, and its
real estate in France consists of 8 office buildings in Paris area, Lyon and
Shares of Züblin Immobilière France trade on compartment C of Euronext Paris
market of Nyse Euronext - ISIN: FR0010298901
This press release is not intended as an offer or a solicitation to buy Züblin
Immobilière France shares in the United States of America nor any other country
where such an offer would be in breach of applicable laws and regulations.
Züblin Immobilière France shares have not been, and will not be, registered
under the United States Securities Act of 1933, as amended. Züblin Immobilière
France does not intend to register Züblin Immobilière France shares under the
US Securities Act of 1933 or to offer these shares for sale in the United States
The shares are only available and may only be offered to or issued to those
relevant persons who are legally authorised, and any offer, solicitation or
agreement in view of a purchase of existing shares or an application for new
shares can only be carried out with those who are legally entitled to do so.
Other persons should not act or rely on this press release. This document or any
other document related to the company should only be distributed in accordance
with the conditions above.
This document does not constitute an offer to sell or the solicitation of an
offer to invest.
Distribution of this press statement in some countries can be a violation of
This press release is not for publication or distribution in the United States,
the United Kingdom, Canada, Italy, Australia or Japan.
The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.