COVIVIO HOTELS (EPA:COVH) - Q1 2011 Turnover : 3.1% like-for-like increase in rental income
Transparency directive : regulatory news
05/05/2011 07:00
Click here to download pdf version
Paris, May 5, 2011
Q1 2011 Turnover :
3.1% like-for-like increase in rental income
Consolidated turnover
Economic
(EUR in millions) Q1 2010 Q1 2011 Change (%) 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 EUR48.8 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 EUR 1.1
million and EUR 0.4 million respectively.
● Acquisitions incurred in 2010 and beginning of 2011 generating rents
of EUR 0.4 million.
● Services related to the 20%-held hotel portfolio, in partnership with
Predica, for a total amount of EUR 0.5 million.
● Hotel sales for a global impact of EUR -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 rents
generated in the period by these hotels amounted to EUR 0.3 million. These rents
are fixed and indexed.
Sales
In Q1 2011, Foncière des Murs signed sales and sales agreements on 17 assets
for a total amount of EUR 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
dominique.ozanne@fdr.fr
Read this press release at www.foncieredesmurs.fr