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2024-12-19 Kvartalsutdelning CTY1S 0.075
2024-11-06 Kvartalsrapport 2024-Q3
2024-09-20 Kvartalsutdelning CTY1S 0.075
2024-07-17 Kvartalsrapport 2024-Q2
2024-06-19 Kvartalsutdelning CTY1S 0.075
2024-05-15 Kvartalsrapport 2024-Q1
2024-03-20 Kvartalsutdelning CTY1S 0.075
2024-03-19 Årsstämma 2024
2024-02-16 Bokslutskommuniké 2023
2023-12-19 Kvartalsutdelning CTY1S 0.125
2023-11-01 Kvartalsrapport 2023-Q3
2023-09-21 Kvartalsutdelning CTY1S 0.125
2023-07-18 Kvartalsrapport 2023-Q2
2023-06-15 Kvartalsutdelning CTY1S 0.125
2023-06-01 Extra Bolagsstämma 2023
2023-05-04 Kvartalsrapport 2023-Q1
2023-03-23 Kvartalsutdelning CTY1S 0.125
2023-03-21 Årsstämma 2023
2023-02-16 Bokslutskommuniké 2022
2022-12-14 Kvartalsutdelning CTY1S 0.125
2022-12-08 Extra Bolagsstämma 2022
2022-11-10 Kvartalsrapport 2022-Q3
2022-09-22 Kvartalsutdelning CTY1S 0.125
2022-08-10 Kvartalsrapport 2022-Q2
2022-06-22 Kvartalsutdelning CTY1S 0.125
2022-05-05 Kvartalsrapport 2022-Q1
2022-03-23 Kvartalsutdelning CTY1S 0.125
2022-03-22 Årsstämma 2022
2022-02-17 Bokslutskommuniké 2021
2021-12-15 Kvartalsutdelning CTY1S 0.125
2021-10-28 Kvartalsrapport 2021-Q3
2021-09-21 Kvartalsutdelning CTY1S 0.125
2021-08-05 Kvartalsrapport 2021-Q2
2021-08-02 Extra Bolagsstämma 2021
2021-06-18 Kvartalsutdelning CTY1S 0.125
2021-05-06 Kvartalsrapport 2021-Q1
2021-03-23 Kvartalsutdelning CTY1S 0.125
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 Bonusutdelning CTY1S 0.0225
2017-03-23 Ordinarie utdelning CTY1S 0.01 EUR
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 CTY1S 0.12
2014-03-20 Ordinarie utdelning CTY1S 0.03 EUR
2014-03-19 Årsstämma 2014
2014-02-05 Bokslutskommuniké 2013
2013-10-16 Kvartalsrapport 2013-Q3
2013-09-12 Kapitalmarknadsdag 2013
2013-07-10 Kvartalsrapport 2013-Q2
2013-04-24 Kvartalsrapport 2013-Q1
2013-03-22 Ordinarie utdelning CTY1S 0.15 EUR
2013-03-21 Årsstämma 2013
2013-02-06 Extra Bolagsstämma 2013
2013-02-06 Bokslutskommuniké 2012
2012-10-11 Extra Bolagsstämma 2012
2012-10-10 Kvartalsrapport 2012-Q3
2012-07-11 Kvartalsrapport 2012-Q2
2012-04-25 Kvartalsrapport 2012-Q1
2012-03-22 Ordinarie utdelning CTY1S 0.15 EUR
2012-03-21 Årsstämma 2012
2012-02-08 Bokslutskommuniké 2011
2011-10-12 Kvartalsrapport 2011-Q3
2011-09-15 Kapitalmarknadsdag 2011
2011-07-13 Kvartalsrapport 2011-Q2
2011-05-04 Kvartalsrapport 2011-Q1
2011-03-24 Bonusutdelning CTY1S 0.1
2011-03-24 Ordinarie utdelning CTY1S 0.04 EUR
2011-03-23 Årsstämma 2011
2011-02-09 Bokslutskommuniké 2010
2010-10-13 Kvartalsrapport 2010-Q3
2010-07-14 Kvartalsrapport 2010-Q2
2010-04-21 Kvartalsrapport 2010-Q1
2010-03-12 Ordinarie utdelning CTY1S 0.04 EUR
2010-03-12 Bonusutdelning CTY1S 0.1
2010-03-11 Årsstämma 2010
2010-02-10 Bokslutskommuniké 2009
2009-03-19 Ordinarie utdelning CTY1S 0.10 EUR
2008-03-14 Ordinarie utdelning CTY1S 0.04 EUR
2008-03-14 Bonusutdelning CTY1S 0.04
2007-03-14 Ordinarie utdelning CTY1S 0.14 EUR
2006-03-15 Ordinarie utdelning CTY1S 0.14 EUR
2005-04-06 Ordinarie utdelning CTY1S 0.14 EUR
2004-03-16 Ordinarie utdelning CTY1S 0.14 EUR
2003-03-21 Ordinarie utdelning CTY1S 0.09 EUR
2002-03-27 Ordinarie utdelning CTY1S 0.08 EUR
2001-03-30 Ordinarie utdelning CTY1S 0.08 EUR
2000-03-31 Ordinarie utdelning CTY1S 0.07 EUR
1999-03-27 Ordinarie utdelning CTY1S 0.06 EUR
1998-03-11 Ordinarie utdelning CTY1S 0.00 EUR
1997-03-14 Ordinarie utdelning CTY1S 0.00 EUR

Beskrivning

LandFinland
ListaLarge Cap Helsinki
SektorFastigheter
IndustriFörvaltning
Citycon är verksamt inom fastighetsbranschen. Bolaget förvärvar, utvecklar och förvaltar fastigheter, huvudsakligen kommersiella lokaler samt köpcentrum i större nordiska - och baltiska städer. Visionen är att vara en långsiktig aktör som bidrar till att utveckla och modernisera fastighetsbeståndet. Bolaget bildades ursprungligen under 1988 och har sitt huvudkontor i Esbo.
2024-05-15 18:20:00

Citycon Oyj   Interim Report   15 May 2024 at 19:20 hrs

Strong operational performance
  • Total net rental income increased by 6.7% compared to the previous year.
  • In comparable FX rates, total net rental income increased by 8.2%.

  • Like-for-like net rental income increased by 6.5% compared to the previous year.

  • The weakening NOK and SEK FX-rates impacted on our results; the impact on total net rental income was EUR -0.7 million.
  • Average rent per sq.m. increased by 4.1% with comparable FX to EUR 25.1 per sq.m (vs. Q1/2023).
  • Retail occupancy 94.9% vs 94.6% in Q1/2023 (including Kista).
  • Like-for-like footfall unchanged (-0.1%).
  • Like-for-like tenant sales increased 3.0%.
  • Fair value change of investment properties in Q1/2024 EUR 46.2 million, including Kista.
The strengthening of the balance sheet as a priority
  • In Q1, Citycon continued to improve its balance sheet by EUR 48.2 million share issue which was 4-times oversubscribed.
  • Citycon placed a 5-year EUR 300 million green bond with an orderbook approximately seven times over-subscribed.
  • Citycon executed approx. EUR 213 million tender of its bond maturing in October 2024.
  • Following the successful execution of these financing transactions, Citycon's debt maturity profile was significantly improved and refinancing risk was further reduced.

KEY FIGURES
 

Citycon Q1/20 Q1/2023 % FX FX Q1
Group key 24 Adjusted Adjusted -Q4/202
figures 1) Q1/2023 % 2) 3
Net rental MEUR 51.0 47.8 6.7 47.2 8.2 % 195.7
income %
Like-for % 6.5 % 9.4 % - - - 6.5 %
-like net
rental
income
development
Direct MEUR 39.7 38.3 3.7 37.7 5.4 % 164.8
operating %
profit 3)
IFRS EUR 0.33 0.32 3.6 0.31 4.9 % -0.70
Earnings %
per
share
(basic) 4)
Fair value MEUR 4082.4 3996.7 2.1 - - 3858.2
of %
investment
properties
Loan to % 48.3 42.9 12.6 - - 46.3
Value (LTV) %
3)

EPRA based
key
figures 3)
EPRA MEUR 24.5 25.3 -3.0 24.8 -1.1 % 109.6
Earnings %
Adjusted MEUR 22.1 17.9 23.9 17.4 27.4 % 80.6
EPRA %
Earnings 5)
EPRA EUR 0.138 0.150 -8.0 0.147 -6.1 % 0.651
Earnings %
per
share
(basic)
Adjusted EUR 0.125 0.106 17.6 0.103 21.0 % 0.479
EPRA %
Earnings
per share
(basic) 5)
EPRA NRV EUR 8.96 10.78 -16.9 - - 9.30
per share %
6)

1) Standing portfolio key figures have not been presented for Q1/2024 because there have been no divestments impacting the figures during the reporting period or the comparison period.
2) Change from previous year (comparable exchange rates). Change-% is calculated from exact figures.
3) 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.
4) The key figure includes hybrid bond coupons, amortized fees and gains and expenses on hybrid bond repayments.
5)  Starting from the beginning of 2024, Citycon excludes reorganisation and one-time costs (Q1/2024: EUR 4.3 million) from Adjusted EPRA Earnings. Due to this, Q1/2024 Adjusted EPRA Earnings is not fully comparable with Q1/2023. The adjusted key figure includes hybrid bond coupons and amortized fees.
6) The effect of currency rates to EPRA NRV/share was EUR -0.20.

CEO HENRICA GINSTRÖM:
First, I want to say that I am both excited and grateful for this opportunity to serve as the next CEO of Citycon. During my 13 years in the company, I have had the privilege to be part of Citycon's journey to become the leading owner and developer of urban hubs in the Nordics and Baltics. We continue to stay committed to our long-stated necessity-based strategy, focusing on high-quality assets in strong, growing urban markets in the major Nordic cities, and most importantly, creating value for all our stakeholders. At the same time, it is important to acknowledge the changes in our operating environment over the last two years, in particular the high interest rates, which have had a major impact on the real estate sector and also Citycon.
Operational performance in January-March 2024 was strong with like-for-like net rental income increasing by 6.5 % supported by rent indexation and strong performance of our core assets. Like-for-like tenant sales increased 3.0 % as sales development continued strong especially in our main tenant categories. Retail occupancy rate, including Kista Galleria, increased 30 bps compared to same period previous year. There was a decline in the occupancy rate compared to year-end due to the Kista consolidation and normal seasonal variation. 
Our EPRA earnings remained stable and was EUR 24.5 million, including some one-time costs and restructuring costs related to organizational changes. Excluding these one-off costs, EPRA earnings grew and amounted to EUR 28.8 million.
In connection with the financial statements 2023 we outlined actions to be taken in 2024 regarding asset disposals and cost savings measures with the main goal of strengthening our balance sheet and cash flow. I would like to highlight our commitment to the investment-grade credit rating, which enables us to access the financing market with competitive terms. We demonstrated this commitment during the first quarter as we executed an approximately EUR 50 million share issuance. This action was necessary to defend our investment grade credit rating, and the best solution for the company and all its shareholders. The share issue also facilitated a very successful EUR 300 million new green bond issuance in February, which significantly improved our debt maturity profile and reduced our refinancing risk.
We have set a divestment target of EUR 950 million over next the 24 months and are confident that we will execute that by the end of 2025. In May, we signed a deal to sell Kongssenteret in Norway with pricing close to our book value. With that transaction, we showcase the attractiveness of our necessity-based centers but also highlight the fact that the transaction market is picking up.
During the first quarter of 2024 we have executed several cost-saving measures. Through organizational changes and consolidation of group functions to our Iso Omena head office we have been able to reduce our headcount costs substantially and are committed to delivering on our overhead run-rate target of less than 10% of NRI by the end of this year.
Years 2024 and 2025 will be years of execution and delivery. I am looking forward to building the company's future together with a strong team. Our business fundamentals are strong, and together with a focus on the balance sheet, Citycon is and will be well-positioned going forward. We acknowledge that now is the time to execute on our promises, and that is the key priority for me as a new CEO and for the whole management team.
OUTLOOK (unchanged)

Direct operating profit MEUR 185-203
EPRA Earnings per share (basic) EUR 0.62-0.74
Adjusted EPRA Earnings per share (basic) EUR 0.46-0.58

The outlook assumes that there are no major changes in macroeconomic factors and no major disruptions from the war in Ukraine. These estimates are based on the existing property portfolio, including Kista 100%, as well as year-end 2023 estimates of inflation, EUR-SEK and EUR-NOK exchange rates, and interest rates.

WEBCAST
 

Citycon's investor, analyst and press conference call and live webcasting will be held on Thursday, 16 May 2024 at 10 am EEST. The webcast can be participated by calling in and following live at this website: https://citycon.videosync.fi/q1-2024

Questions for the management can be presented by phone. To ask questions, join the teleconference by registering on the following link: https://palvelu.flik.fi/teleconference/?id=50048750

After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, press *5 on your telephone keypad to enter the queue.

The webcast will be recorded and it will be available afterwards on Citycon's website.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
CFO
Tel. +358 50 387 8180
sakari.jarvela@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.1 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit rating from Standard & Poor's (BBB-). Citycon Oyj's shares are listed on Nasdaq Helsinki.
www.citycon.com