COVIVIO HOTELS (EPA:COVH) - 2010 first quarter turnover

Transparency directive : regulatory news

07/05/2010 07:30

May 7, 2010

                        Turnover as at March 31, 2010

Consolidated turnover

                                                         Economic
in EUR million         Q1 2009    Q1 2010    Change       change
                                              (%)      Like-for-like
                                                          (%)
Hotels                 31.7       28.3     - 10.7%       + 4.5%
Restaurants             6.6        6.8      + 2.6%       + 2.6%
Health                  7.0        6.3      - 8.2%       + 4.0%
Leisure                 7.4        8.0      + 7.7%       + 0.4%
Total portfolio        52.7       49.4      - 6.1%       + 3.6%

Change in accounting turnover
The consolidated turnover totalled EUR49.4 million for the three-month period
ended March 31, 2010, down by 6.1% compared to 2009.

The evolution in consolidated turnover is primarily the result of:

  The accounting method used to record the hotel sector turnover, with an
    impact of EUR - 2.9 million.

    On an accounting point of view, the evolution in the hotel sector turnover
    is impacted by:
    - the delay between actual economic situation of the hotels and rent
      invoiced as rent invoicing is based on the previous year turnover.
    - rent adjustments accounted for at the beginning of each year and related
      to the previous year.

  The sales incurred in 2009, for a total impact of EUR -1.1 million of
    respectively EUR -0.5 million in the hotel sector and EUR -0.6 million in
    the health sector.

  Rent indexing in health, restaurant and leisure sectors, for a global
    impact of EUR0.7 million.

Change in economic turnover
On an economic point of view, the hotels turnover increased by + 4.6%, on a
like-for-like basis, compared to Q1 2009. This evolution in hotels turnover
leads to an increase in hotel rents, on a likefor-like basis, assessed + 4.5%
and + 3.6% for the total portfolio.

The residual firm length of leases remains over 9 years with an occupancy rate
of 100%.

First sales: hotels with variable rents

During the first quarter of 2010, Foncière des Murs sold three hotels located
in Montpellier, Lille and Courbevoie, for a total amount of EUR19.7 million.
These first sales of hotels with variable rents, in line with the latest
appraisal values, confirm the liquidity of the portfolio and the soundness of
its valuation. Moreover, a fourth hotel, located in Nantes, has been sold in
April, for an amount of EUR4.3 million.

Outlook for 2010

Confirming its sound and sustainable fundamentals, Foncière des Murs is
maintaining its target for stable recurring net profit in 2010.

Upcoming financial events

19 July 2010: 2010 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 Managing Director
Tél. : + 33 (0)1 58 97 54 20
dominique.ozanne@fdr.fr

Frédéric Gaignon - Secretary General
Tél. : + 33 (0)1 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) - 2010 first quarter turnover

Transparency directive : regulatory news

COVIVIO HOTELS's latest news

Other stories