Business update for the period 1 January - 31 March 2013
During our Capital Markets Day on 4 December 2012 Corio presented a full strategy update. Based on our vision on the future of consumer spending we presented our plans, which resulted in the following objectives:
- Grow Net Rental Income in the FMP portfolio with 4% - 6% per year
- Dispose of the € 1.4 billion TRC portfolio over 3 - 4 year
- 10% reduction of administrative expenses relative to GTRI
Our business updates as well as our half year and full year reports will focus on the FMP portfolio and address these topics as they are crucial to the success of our company. Additional information on the TRC portfolio can be found in the appendix.
Gerard Groener, CEO: "It's encouraging to see how our strategy shows resilience under difficult macro-economic circumstances. Our operational performance indicates that we are able to offset or mitigate the impact of the existing economic trends.
Our focus on FMPs proves to be the right one. We have grown our NRI in that area in line with our objectives. Furthermore retailers clearly recognize the attractiveness of our FMPs, hosting over 350 million visitors on an annual basis. To retain this interest in our centres, we need to continue our efforts in marketing and innovation. We will further develop programs that bring us closer to the consumer and establish ongoing communications with them. After a pilot and successful introductions of loyalty programs in Italian centres, we have started the first loyalty program outside Italy in Alexandrium in Rotterdam, in January of this year. More centres will follow during the course of 2013.
The ongoing focus on the development of our FMP portfolio and our commitment to further improve the efficiency, gives me confidence that we are in the right place to remain well on track even against this backdrop of negative retail spend throughout our home markets."
CONFERENCE CALL Q1 2013 UPDATE
Gerard Groener (CEO) and Ben van der Klift (CFO) are available for questions on Thursday 16 May 2013 at 10.00 CET. You can listen to the call and ask questions by dialling: +31 (0)20 7965 008 (the Netherlands) or +44 (0)20 7162 0077, Conference ID: 932256. You can also listen to the call via: : http://corio.dutchview.nl/corio20130516-an (http://corio.dutchview.nl/corio20130516-an). More details about the audiocast and call (more toll free numbers) can be found on Corio's website: http://www.corio-eu.com/other-news.html (http://www.corio-eu.com/other-news.html).
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information contained therein.
Source: Corio NV via Thomson Reuters ONE
