Eurocommercial Properties N.V. announced its March 2003 nine months results today, showing net income up 13% on the previous corresponding period.
Financial Results
Net income for the nine months to 31 March 2003 was â⬠30.8 million compared to
â⬠27.2 million for the same period in 2001/2002. The net earnings per depositary receipt were â⬠1.07 compared to â⬠1.06 for the same period in 2001/2002. Under current circumstances the Board expects that the annual dividend per depositary receipt for 2003 will be not less than the dividend for 2002.
The net asset value per depositary receipt at 31 March 2003 was â⬠21.68 which compares with â⬠20.68 at 31 March 2002. The net asset value at the full year end at 30 June 2002 was â⬠22.09 but this figure included the annual dividend of â⬠1.40 per depositary receipt. All properties will be valued at the year end, in accordance with the Company´s normal procedures. Shareholders´ equity at 31 March 2003 was â⬠635 million.
Investment Commentary
French, Italian and Swedish shopping centre markets, in which the Company has 85% of its assets, remain firm despite the economic slowdown with demand for good investments exceeding supply. Rent levels have been maintained although generally retail sales growth has slowed in most markets. The Company´s property portfolio has maintained an occupancy level of over 99%.
Negotiations continue for the purchase of several new retail properties in the Company´s core markets but legally binding contracts have not yet been finalised.
Source: Eurocommercial Properties
