02:14:45 Europe / Stockholm

Bifogade filer

Kurs & Likviditet

Kursutveckling och likviditet under dagen för detta pressmeddelande


ListaLarge Cap Helsinki
Citycon är ett fastighetsbolag. Bolaget förvärvar, utvecklar och förvaltar diverse fastigheter, huvudsakligen kommersiella lokaler samt köpcentrum i större nordiska - och baltiska städer. Visionen är att vara en långsiktig ägare som bidrar till att utveckla och modernisera fastighetsbeståndet. Bolaget bildades ursprungligen 1988 och har sitt huvudkontor i Esbo.


2021-10-28 Kvartalsrapport 2021-Q3
2021-08-05 Kvartalsrapport 2021-Q2
2021-05-06 Kvartalsrapport 2021-Q1
2021-03-22 Årsstämma 2021
2021-02-18 Bokslutskommuniké 2020
2020-12-17 Kvartalsutdelning CTY1S 0.125
2020-11-04 Kvartalsrapport 2020-Q3
2020-09-22 Kvartalsutdelning CTY1S 0.125
2020-08-04 Kvartalsrapport 2020-Q2
2020-06-18 Kvartalsutdelning CTY1S 0.125
2020-06-11 Extra Bolagsstämma 2020
2020-04-23 Kvartalsrapport 2020-Q1
2020-03-18 Kvartalsutdelning CTY1S 0.1625
2020-03-17 Årsstämma 2020
2020-02-06 Bokslutskommuniké 2019
2019-12-18 Kvartalsutdelning CTY1S 0.1625
2019-10-24 Kvartalsrapport 2019-Q3
2019-09-20 Kvartalsutdelning CTY1S 0.1625
2019-07-11 Kvartalsrapport 2019-Q2
2019-06-20 Kvartalsutdelning CTY1S 0.1625
2019-04-17 Kvartalsrapport 2019-Q1
2019-03-18 Split CTY1S 5:1
2019-03-14 Kvartalsutdelning CTY1S 0.0325
2019-03-13 Årsstämma 2019
2019-02-07 Bokslutskommuniké 2018
2018-12-13 Kvartalsutdelning CTY1S 0.0325
2018-10-18 Kvartalsrapport 2018-Q3
2018-09-19 Kvartalsutdelning CTY1S 0.0325
2018-07-12 Kvartalsrapport 2018-Q2
2018-06-20 Kvartalsutdelning CTY1S 0.0325
2018-04-19 Kvartalsrapport 2018-Q1
2018-03-21 Kvartalsutdelning CTY1S 0.0325
2018-03-20 Årsstämma 2018
2018-02-08 Bokslutskommuniké 2017
2017-12-13 Kvartalsutdelning CTY1S 0.0325
2017-10-19 Kvartalsrapport 2017-Q3
2017-09-21 Kvartalsutdelning CTY1S 0.0325
2017-07-13 Kvartalsrapport 2017-Q2
2017-06-21 Kvartalsutdelning CTY1S 0.0325
2017-05-16 Kapitalmarknadsdag 2017
2017-04-20 Kvartalsrapport 2017-Q1
2017-03-23 Ordinarie utdelning CTY1S 0.01 EUR
2017-03-23 Bonusutdelning CTY1S 0.0225
2017-03-22 Årsstämma 2017
2017-02-09 Bokslutskommuniké 2016
2016-12-21 Bonusutdelning CTY1S 0.0375
2016-10-20 Kvartalsrapport 2016-Q3
2016-09-22 Bonusutdelning CTY1S 0.0375
2016-07-14 Kvartalsrapport 2016-Q2
2016-06-21 Bonusutdelning CTY1S 0.0375
2016-04-28 Kvartalsrapport 2016-Q1
2016-03-17 Bonusutdelning CTY1S 0.0275
2016-03-17 Ordinarie utdelning CTY1S 0.01 EUR
2016-03-16 Årsstämma 2016
2016-02-11 Bokslutskommuniké 2015
2015-10-28 Kvartalsrapport 2015-Q3
2015-07-15 Kvartalsrapport 2015-Q2
2015-06-15 Extra Bolagsstämma 2015
2015-04-30 Kvartalsrapport 2015-Q1
2015-03-20 Ordinarie utdelning CTY1S 0.15 EUR
2015-03-19 Årsstämma 2015
2015-02-11 Bokslutskommuniké 2014
2014-10-16 Kvartalsrapport 2014-Q3
2014-07-10 Kvartalsrapport 2014-Q2
2014-06-06 Extra Bolagsstämma 2014
2014-04-24 Kvartalsrapport 2014-Q1
2014-03-20 Bonusutdelning
2014-03-20 Ordinarie utdelning
2013-03-22 Ordinarie utdelning
2012-03-22 Ordinarie utdelning
2011-03-24 Ordinarie utdelning
2011-03-24 Bonusutdelning
2010-03-12 Ordinarie utdelning
2010-03-12 Bonusutdelning
2009-03-19 Ordinarie utdelning
2008-03-14 Bonusutdelning
2008-03-14 Ordinarie utdelning
2007-03-14 Ordinarie utdelning
2006-03-15 Ordinarie utdelning
2005-04-06 Ordinarie utdelning
2004-03-16 Ordinarie utdelning
2003-03-21 Ordinarie utdelning
2002-03-27 Ordinarie utdelning
2001-03-30 Ordinarie utdelning
2000-03-31 Ordinarie utdelning CTY1S 0.07 EUR
1999-03-27 Ordinarie utdelning CTY1S 0.06 EUR
1998-03-11 Ordinarie utdelning
1997-03-14 Ordinarie utdelning
2020-11-04 08:00:00

Citycon Oyj   Stock Exchange Release   4 November 2020 at 09:00 hrs

  • YTD total tenant sales were slightly above prior year (+0.3%) reflecting an increase in average consumer purchase
  • Rent collection for YTD stands currently at 94%, Q3 currently at 93%. % and H1 at 95%.
  • YTD financial performance remained solid: total net rental income adjusted for FX rates was -2.2%
  • Administrative expenses declined from last year by -5.0%
  • Valuation decline was modest being -0.6 % in Q3
  • Leasing activity has continued strong - YTD we have 175,000 sq.m. commencing compared to 113,000 for the corresponding period in 2019
  • Net rental income was EUR 52.9 million (Q3/2019: 54.2). Net rental income was affected by COVID-19 pandemic and discounts granted to tenants in Q2 as well as lower turnover based rents and parking income. The acquisition of SPII in Norway, closed in the beginning of 2020, increased net rental income by EUR 2.6 million. This was offset by impact of weaker currencies that reduced net rental income by EUR 1.1 million.
  • EPRA Earnings decreased to EUR 33.5 million (35.5) as result of a decrease in net rental income, currency changes, lower share of profit of joint ventures and associated companies. EPRA Earnings per share (basic) was EUR 0.188 (0.199), impact from weaker currencies being EUR -0.005 per share.
  • Adjusted EPRA earnings decreased to EUR 29.4 million (35.5) due to hybrid bond coupons for the bond issued in late 2019 and lower earnings.
  • IFRS-based earnings per share was EUR -0.00 (0.08) as a result of higher fair value losses, lower net rental income and hybrid bond coupons and expenses.
  • Net rental income was EUR 155.5 million (Q1-Q3: 164.0). Acquisitions increased NRI by EUR 6.7 million, while previous year's divestments and weaker NOK and SEK decreased net rental income by EUR 2.4 million and by EUR 5.0 million respectively. Like-for-like net rental income decreased by EUR 5.9 million mainly due to discounts granted to tenants in Q2 and volume driven income items that were affected by Covid-19 pandemic.
  • EPRA Earnings decreased to EUR 104.5 million (110.0) as result of lower net rental income, currency changes, lower share of profit of joint ventures and associated companies. EPRA Earnings per share (basic) was EUR 0.587 (0.618), impact from weaker currencies being EUR -0.025 per share.
  • Adjusted EPRA earnings decreased to EUR 92.4 million (110.0) due to hybrid bond coupons for the bond issued in late 2019 and weaker earnings.
  • IFRS earnings per share was EUR -0.18 (0.19) as a result of higher fair value losses, lower net rental income and hybrid bond coupons.



Q3/2020 Q3/2019 % Comparable
change % 1)
Net rental MEUR 52.9 54.2 -2.4 % -0.4 %
Direct MEUR 47.1 48.0 -1.8 % 0.4 %
profit  2)
IFRS EUR 0.00 0.08 - -
per share
(basic) 3)
Fair value  MEUR 4155.1 4105.9 1.2 % -
Loan to % 46.8 49.6 -5.8 % -
(LTV) 2)

EPRA based
figures 2)
EPRA MEUR 33.5 35.5 -5.7 % -3.2 %
Adjusted MEUR 29.4 35.5 -17.2 % -15.0 %
EPRA EUR 0.188 0.199 -5.7 % -3.2 %
per share
Adjusted EUR 0.165 0.199 -17.2 % -15.0 %
per share
(basic) 3)
EPRA NAV EUR 11.14 12.58 -11.5 % -
per share

Q1 Q1-Q3/2019 % Comparable 2019
-Q3/202 change % 1)
Net rental income MEUR 155.5 164.0 -5.2 % -2.2 % 217.4
Direct Operating MEUR 137.3 146.4 -6.2 % -3.0 % 193.5
profit  2)
IFRS Earnings per EUR -0.18 0.19 - - 0.04
share (basic) 3)
Fair value of  MEUR 4155.1 4105.9 1.2 % - 4160.2
investment properties
Loan to Value (LTV) % 46.8 49.6 -5.8 % - 42.4

EPRA based key
figures 2)
EPRA Earnings MEUR 104.5 110.0 -4.9 % -1.0 % 145.6
Adjusted EPRA MEUR 92.4 110.0 -16.0 % -12.5 % 143.9
Earnings 3)
EPRA Earnings per EUR 0.587 0.618 -4.9 % -1.0 % 0.818
share (basic)
Adjusted EPRA EUR 0.519 0.618 -16.0 % -12.5 % 0.809
Earnings per share
(basic) 3)
EPRA NAV per share EUR 11.14 12.58 -11.5 % - 12.28

1) Change from previous year (comparable exchange rates). Change-% is calculated from exact figures.
2) Citycon presents alternative performance measures according to the European Securities and Markets Authority (ESMA) guidelines. More information is presented in Basis of Preparation and Accounting Policies in the notes to the accounts.
3) The adjusted key figure includes hybrid bond coupons and amortized fees.



Stability in an unstable world

Citycon continued to demonstrate the strength and stability of its portfolio in the COVID-19 environment. The strong operational figures reflect our convenient urban hub strategy, which is focused on necessity and municipal services tenants while operating in the strongest cities in the Nordic countries that have outperformed during the COVID-19 pandemic. 

Financial performance

The strong operational performance was reflected in Citycon's financials. Total NRI adjusted for FX rates was -2.2% after three quarters. Our like-for-like net rental income decline also remained relatively modest being -4.7% for the same period (also adjusted for FX rates). The decline was mainly driven by lower volume-based revenue such as parking fees, specialty leasing and volume-based leases that suffer from lower footfall. Our core business remains fundamentally strong and stable. While there were no new COVID-19 related discounts granted to tenants during Q3, discounts given in Q2 slightly affected net rental income. At the same time, our rent collection remained strong, YTD collection rate standing currently at 94% and Q3 at 93%. The decline in fair values remained modest being -0.6%. This again reflects the resilience of our mixed-use strategy and the stability it brings to our business. Our loan-to-value (LTV) slightly increased to 46.8% at the end of the third quarter. Strengthening the balance sheet continues to be one of our top priorities and we are taking steps to lower our LTV-ratios, including monitoring the disposal market and acting accordingly.

Operational performance

Footfall remained on a stable level after a recovery in late Q2 and early Q3. More importantly, tenant sales were strong as a result of 15% higher average purchase per customer in the third quarter. After Q3, total sales in our centers were 0.3% ahead of last year's corresponding period. This reflects changes in consumer habits as people follow government recommendations and mainly visit with a clear intention to spend. Having said this, we see there are clear differences across tenant sectors. This highlights our tenant mix which is based on a large share of necessity tenants such as groceries, pharmacies, municipal and health services. Not only are these sectors and tenants doing well in this changed environment, but they also bring footfall to our centers which benefits our other tenants. We are pleased to see that leasing activity has been strong in 2020. As of Q3 we have  approximately 175,000 sq.m. of new leases commencing in 2020 compared to 113,000 sq.m. during corresponding period in 2019.

Densification/ Diversification

Even during the crisis, we have remained focused on our goal of urbanization/densification. We strongly believe in our mixed-use strategy and further diversifying our urban hubs. The majority of our assets are located in top cities with strong existing urbanization and direct connection to the most important transportation hubs. These areas continue to demonstrate significant demand for new residential and office space. Not only does this densification increase the number of people using the services of our centers, it also opens new opportunities for Citycon which already owns prime locations in these areas. Gaining additional building rights for approximately 500,000 sq.m. in our existing locations untaps value of approximately 200 MEUR with minimal capital investment over the next several years. Therefore, working pro-actively and closely with municipalities and progressing our zoning and permitting initiatives has continued to be a top priority for Citycon.

Citycon's third quarter performance continued to show the stability of the portfolio. While our strategy and geographic positioning lend themselves to these results, that would not be possible without our team's commitment to the success of the company. We expect challenging times to continue, but the past two quarters have provided the ultimate "stress test" for our strategy which, thus far, has proven successful. These results allow us to tighten our guidance towards the high end of the range previously communicated.


Citycon forecasts the 2020 direct operating profit to be in range EUR 178-185 million, EPRA EPS EUR 0.740-0.780 and adjusted EPRA EPS EUR 0.650-0.690

Direct operating profit MEUR 178-185 171-189
EPRA Earnings per share (basic) EUR 0.740-0.780 0.710-0.810
Adjusted EPRA Earnings per share (basic) EUR 0.650-0.690 0.610-0.710

The outlook assumes that there are no major changes in macroeconomic factors and that there will not be a second wave of COVID-19 with restrictions resulting in significant store closures. These estimates are based on the existing property portfolio as well as on the prevailing level of inflation, the EUR-SEK and EUR-NOK exchange rates, and current interest rates.



No material events after the reporting period.



Citycon's investor, analyst and press conference call and live audiocasting will be arranged on Wednesday 4 November at 10 am EET. The audiocast can be participated by calling in and followed live on the following website: https://citycon.videosync.fi/2020-q3-results/register (https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fcitycon.videosync.fi%2F2020-q3-results%2Fregister&data=04%7C01%7C%7Ce546f4f46b88452e1ef508d87755b81d%7Cb8ce972b3da445f6994995d1668226c6%7C0%7C0%7C637390557334102159%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=fn5oGkzUpZ1My7v5kN8gzX88j1qGCFdXQ5iDivPNpmA%3D&reserved=0)
Conference call numbers are:
Participants from Europe +44 3333 000 804        PIN: 77779031#
Participants from the US +1 6319 131 422          PIN: 77779031#

For more investor information, please visit the company's website at www.citycon.com.
Helsinki, 3 November 2020
Citycon Oyj
Board of Directors
For further information, please contact:
Eero Sihvonen
Executive VP and CFO
Tel. +358 50 557 9137
Laura Jauhiainen
Head of Investor Relations
Tel. +358 40 823 9497
Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total almost EUR 4.5 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.