COLONIAL AFFICHE 27,8 MILLIONS D'EUROS DES BÉNÉFICES NETS POUR LE PREMIER TRIMESTRE 2006
- Les revenus de location sont en progression de 14,3 % pour atteindre 66,7 millions d'euros.
- L'évolution favorable du marché des bureaux a amené le taux d'occupation des immeubles du Groupe à 97,4 %.
- Les investissements dans l'activité de location atteignent 154 millions d'euros.
Barcelone, le 25 avril 2006
Résultats
Le Groupe Colonial a atteint 27,8 millions d'euros de bénéfices nets pendant le premier trimestre 2006, un résultat inférieur à celui du premier trimestre 2005 (35,8 millions d'euros), en raison de l'effet saisonnier des ventes des terrains pendant cette période. Il faut néanmoins signaler l'importante contribution des principales activités du Groupe, la location et la promotion résidentielle, dans la même période.
In this respect, the Colonial Group had booked net revenues of €176 M by end-quarter, or a 12.2% year-on-year improvement. Growth was boosted by rental income — increasing by 6.7% to reach €80.7 M — and €70.9 M in sales of housing developments, against the previous year's €59.2 M.
Group investments totalled €184 M in the first quarter, of which €154 M were focused on the rental business and the remaining €30 M on residential development and land. This all left the Company's debt at €2,820 M at end-quarter, representing a comfortable 45% gearing level as measured by debt to the market value of Group assets.
Rental business
The Colonial Group's rental income in the first quarter of the year advanced by 12.2%, to €68.7 M. The Group's office properties contributed most of this figure that was generated exclusively in the Group's three markets: Paris (57% of revenues), Madrid (24%) and Barcelona (the remaining 19%).
Healthy rental income performance took place in the context of a gradual office market upturn in the central business districts of Madrid and Barcelona, cities where occupancy in Group office properties is close to 100%. This left overall occupancy in Group properties at 97.4%, significantly above March 2005's 95.3%.
The main highlights for the rental business in Q1 2006 included the entry into operation of Barcelona's Torre Marenostrum building. This boasts above ground surface area of 22,000 m2 and 553 parking places and is to be fully let to the Gas Natural Group.
The Group invested more than €154 M in rental buildings in the first quarter. Most of the figure relates to the €103 M purchase of Madrid's Philips building, located at the junction of the M30 and Avenida de América. The property, with around 25,000 m2 of office space and more than 200 parking places, is fully let to Philips Ibérica.
Investments also included Colonial's €27 M purchase of a site in Barcelona's 22@ technology district, a plot where the Group intends to develop an office complex with surface area nearing 21,000 m2.
As well as investments made in the first quarter, Colonial's portfolio of projects in either the study or implementation stages includes 10 office buildings, a logistics facility and a retail centre, spread across the three markets where the Group is present and covering more than 245,000 m2.
Residential development and land business
Book sales of housing in Q1 2006 totalled €70.8 M, significantly in excess of the previous period's €7.9 M due to the timetable in notarising deeds for the developments. Meanwhile, the residential development and land business's Ebitda, of €20.1 M, was less than the previous year's €40.7 M, as a result of 2005's land sales being focused entirely in Q1.
On the commercial side, contracts were signed for 162 homes in Q1 2006, at a value of €54.7 M. The previous quarters' healthy pace of sales continued in the first three months of 2006, thanks to the success of developments being marketed by the Group in Vallecas (Madrid) and Sant Cugat (Barcelona)
The pre-sale portfolio of flats to be booked in future quarters, totals €338 M, equivalent to more than 1.5 years' annual sales.
Other information
Like in 2005, Colonial continued to enjoy the support of investors in Q1 2006. Its stock price thus re-rated by 21%, taking the Company's market capitalisation to more than €3,000 M for the first time in its history.
Colonial intends to hold its Ordinary General Meeting of Shareholders on 24 May 2006, at which a final dividend from 2005's earnings shall be proposed of €0.70 per share, representing 15.5% growth on the final dividend for 2004.
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