Business review for the first quarter of 2017

Paris – April 26, 2017

  • At €320.6 million, total revenues in line with Q1 2016, despite significant asset disposals in 2016 and early 2017;
  • Shopping center gross rental income +0.4% to €293.2 million;
  • Retailer sales +0.6% on a like-for-like basis (on a 12-month rolling basis ended March 2017);
  • Accelerated leasing activity with 523 leases signed (vs 386 in Q1 2016), representing €10.0 million in additional minimum guaranteed rents on a yearly basis (excluding new projects and extensions) vs €4.2 million in Q1 2016;
  • Strong consumer response to Hoog Catharijne first redevelopment phase opening (footfall +11%) and Val d’Europe extension (footfall +31%);
  • Further €100 million reduction in net debt at March 31, 2017 vs year-end 2016; net cost of debt reduced to less than 2.0% for the first quarter of 2017;
  • Disposals completed and signed worth €213.0 million year-to-date.
  • 2017 outlook confirmed: net current cash flow per share expected between €2.35 and €2.40

Download the press release

April 26 2017

See also
Back to top