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Covivio Hotels — Earnings Release 2011
May 5, 2011
1223_10-q_2011-05-05_7cd67a87-4c4b-4e97-ae9a-5d089b234458.pdf
Earnings Release
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Paris, May 5, 2011
Q1 2011 Turnover : 3.1% like-for-like increase in rental income
Consolidated turnover
| (€ in millions) | Q1 2010 | Q1 2011 | Change (%) | Economic change Like-for-like (%) |
|---|---|---|---|---|
| Hotels* | 26,7 | 26,7 | 0,2% | 4,5% |
| Restaurants | 6,7 | 6,8 | 0,2% | -1,2% |
| Helth | 6,4 | 6,7 | 4,7% | 5,2% |
| Leisure | 8,0 | 8,1 | 0,7% | 0,7% |
| Total Rental Income |
47,8 | 48,3 | 0,9% | 3,1% |
| Services | - | 0,5 | n.a | |
| Total Turnover | 47,8 | 48,8 | 2,0% |
* based on Accor actual turnover, as of March 31, 2010 and 2011 on Foncière des Murs portfolio
Change in turnover
The consolidated turnover totalled €48.8 million for the three-month period ending March 31, 2011, up 2.0 % compared to 2010.
Rental income increased 0.9% as of March 31, 2011. On a like-for-like basis, rental income increased 3.1%, including a 4.5% on the hotel rents, in line with the increase in Accor actual turnover growth, for the assets held by Foncière des Murs.
The increase in conslidated turnover is mainly attributable to :
- Positive effect of hotel activity and rent indexing, of € 1.1 million and € 0.4 million respectively.
- Acquisitions incurred in 2010 and beginning of 2011 generating rents of € 0.4 million.
- Services related to the 20%-held hotel portfolio, in partnership with Predica, for a total amount of € 0.5 million.
- Hotel sales for a global impact of € -1.4 million
Q1 significant events
Growth activities
As of February 2011, Foncière des Murs finalised the acquisition of a B&B porfolio in Germany, according to the protocol signed in July 2010. The rentsgenerated in the period by these hotels amounted to € 0.3 million. These rents are fixed and indexed.
Sales
In Q1 2011, Foncière des Murssigned sales and sales agreements on 17 assets for a total amount of € 120 million.
Outlook for 2011
Foncière des Murs confirms its willingness to continue its ongoing policy of asset turnover and of dynamic asset management, based specifically on its privileged relationship with its tenants.
Foncière des Murs also confirms its forecasted increase in net recurring result in 2011.
Upcoming financial event
July 19, 2011 : 2011 Half-Year results
About Foncière des Murs
Foncière des Murs SCA, a subsidiary of Foncière des Régions, is a listed real estate investment company (SIIC – société d'investissements immobiliers cotée) specialising in holding operating facilities mainly in the hotel, restaurant, health and leisure sectors. The company's investment policy focuses on partnerships with operators that are leaders in their business sectors, with a view to offering shareholders recurrent returns.
Foncière des Murs is listed on Euronext Paris, compartiment B of Eurolist (FR0000060303 - FMU).
Contacts: Foncière des Murs
Dominique Ozanne – Deputy General Manager Tel.: 01 58 97 54 20 [email protected]
Read this press release at www.foncieredesmurs.fr