COVIVIO HOTELS (EPA:COVH) - 2009 Third Quarter turnover

Transparency directive : regulatory news

05/11/2009 17:47

November 5th, 2009

        A stable turnover for Foncière des Murs as at September 30, 2009

Consolidated turnover

in MEUR             9M 2008   9M 2009    Change    Change
                                          (%)   Like-for-like
                                                     (%)

Hotels                 90.0      85.7    - 4.8%    - 4.3%
Restaurants            19.0      19.7    + 3.8%    + 1.9%
Health                 20.2      20.2      0.0%    + 3.7%
Leisure                19.2      22.7   + 17.9%    + 6.4%
      Total           148.5     148.3    - 0.1%    - 1.1%

The consolidated turnover totalled 148.3 MEUR for the nine-month period ended
September 30, 2009, stable compared to 2008 despite a 7% drop in revenues for
Accor hotels.

The consolidated turnover includes the impacts of the acquisitions made at the
end of 2008 and over the 9-month period ended September 2009, as well as the
positive impact of rent indexing on the restaurant, health and leisure sectors.

The evolution in turnover is primarily the result of:

   - acquisitions made in 2008, for a global impact of 2.5 MEUR
   - acquisition in July 2009 of the Sunparks holiday village expansion
     (Schorrepolder), for an impact of 0.2 MEUR
   - rent indexing in health, restaurant and leisure sectors, for a global
     impact of 2.2 MEUR
   - sales of 4 residences for the elderly and Italians assets, for a total
     impact of respectively - 0.8 MEUR and - 0.5 MEUR
   - decrease in rents in the hotel sector due to the drop in revenues for
     Accor hotels, with an impact of - 3.8 MEUR.

The residual firm length of leases is 9.6 years at September 30, 2009 with an
occupancy rate of 100%.

Significant events of the period

Acquisition for 15 MEUR

In July 2009, Foncière des Murs acquired the Sunparks holiday village expansion
located in Schorrepolder, Belgium, for a amount of 15 MEUR at an average yield
of 7.2%.

Asset sales

No sales of real estate assets occurred over the Q3 period. During the first
6-month period of 2009, Foncière des Murs sold 4 dependent elderly buildings
(EHPAD) to Foncière Sagesse Retraite that were leased to the Korian Group and
sold off its shares in an Italian fund owner of its assets in Italy.

Outlook

Confirming its sound and sustainable fundamentals, Foncière des Murs is
maintaining its target for stable recurring net profit in 2009.

Upcoming financial events

February 10, 2010 : 2009 annual 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 managed by Yan Perchet.

Foncière des Murs is listed on Euronext Paris, compartiment B of Eurolist
(FR0000060303 - FMU).

Contacts:
Foncière des Murs

Dominique Ozanne - Deputy Managing Director
Tél. : 01 58 97 54 20
dominique.ozanne@fdr.fr

Frédéric Gaignon - Secretary General
Tél. : 01 58 97 51 67
frederic.gaignon@fdr.fr

This press release can be found at www.foncieredesmurs.fr

COVIVIO HOTELS's latest news

16/05/2024 18:20

COVIVIO HOTELS (EPA:COVH) - 2009 Third Quarter turnover

Transparency directive : regulatory news

COVIVIO HOTELS's latest news

Other stories