AI assistant
Tour Eiffel (Société de la) — Earnings Release 2011
Feb 16, 2012
1712_iss_2012-02-16_13b32183-9fc5-49cb-ad1d-4714edb83b35.pdf
Earnings Release
Open in viewerOpens in your device viewer
2012/02/16 Société de la Tour Eiffel 2011 turnover
Solid fundamentals reinforced by excellent operation performance
The company's consolidated turnover for 2011 amounted to € 82.3M, compared to € 85.8M for 2010, of which rents represented respectively € 69.4M and € 72.2M.
This rental outcome results from a combination of property disposals during the said period (-€ 3.4M of rents) and the extinction of an interim rent pertaining to a property destined for redevelopment invoiced in early 2010 (-€ 0.7M), set against rents received on newly delivered properties (+€ 0.7M), net relettings (+€ 0.1M) and indexation of the passing rents (+€ 0.5M).
Setting aside disposals and the short-term lease adjustment, rents show an increase of 1.4%.
| (in M€) | 2011 | 2010 |
|---|---|---|
| First quarter | 20.2 | 22.7 |
| Second quarter | 20.8 | 21.4 |
| Third quarter | 20.9 | 21.8 |
| Fourth quarter | 20.4 | 19.9 |
| Cumulated as at 31 December | 82.3 | 85.8 |
| Of which rents | 69.4 | 72.2 |
Consolidated turnover
Operational highlights for the fourth quarter:
- 18,000 m² of new lettings and lease renewals representing € 3.2M of annual rents including a 9 year closed lease to Altran of 10,541 m² in the green labeled building Topaz at Vélizy (complementing the leasing of 2,500 m² to General Mills in early 2011);
- the on-going development of 7,700 m² of new buildings (€ 27M of investment pre-financed in 2011), comprising a green LEB 5,500 m² office building in Montrouge and a pre-leased 2,200 m² office building in the Parc Eiffel Moulin à Vent in Lyon completed to the latest thermal standards;
- the sale of a vacant office building rue de Charonne in Paris for € 14.4M to a residential developer. Disposals completed in 2011 amount to € 38.7M, a further € 8.9M being under contract.
2012/02/16 Société de la Tour Eiffel 2011 turnover
As a further illustration rewarding business activity, both the physical and financial occupancy rates of the core portfolio showed a net improvement as at the 31 st of December 2011 relative to the preceding year at respectively 89.1% (85.8%) and 91.1% (86%). This trend looks set to continue in 2012 in the light of the encouraging level of letting activity in hand.
Calendar: - 24th May 2012: General Meeting - 15th March 2012: 2011 results
About Société de la Tour Eiffel
A « SIIC » quoted on the Euronext Paris Exchange, the company pursues a strategy focused on the ownership and the development of quality office and business space capable of attracting a wide range of tenants in both established and emerging locations. The company's portfolio stands close to 1 billion Euros of assets spread evenly between the Paris area and the regions. Société de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) – ISIN code : 0000036816 – Reuters: TEIF.PA – Bloomberg EIFF.FP
www.societetoureiffel.com Communication Deputy Managing Director (Finances) [email protected]
Press contact Jean-Philippe MOCCI Capmot Tel: + 33 (0)1 71 16 19 13 / + 33 (0)6 71 91 18 83 [email protected]
Jerôme DESCAMPS
Tel: +33 (0)1 53 43 07 06