13 March 2017
€634 million in consolidated revenue excluding taxes
At 31 December 2016, Immochan posted organic growth in revenue of 3.4%, driven both by expansion (2.7%) and by its comparable network (0.7%). On a like-for-like basis, traders’ revenues are tending to increase and vacancies are declining: thanks to the daily efforts of teams, Immochan shopping centres have an occupancy rate of 96%. Lastly, disposals had a negative impact of 1.6% on revenues.
Proforma EBITDA, excluding the impact of disposals, grew by 2.8%, above expectations in all countries. This increase was a result of strong rental performances and control over day-to-day costs and improved client risk management.
The fair value of assets reached €7.5 billion, 50% of which were in France. They grew by €543 million (7.8%), due in particular to increased rents and capitalisation rates, and to investments net of disposals made by the business during the year. A central feature of 2016 was the transformation of existing sites. 10% of the worldwide network was modernised, while the re-branding programme to the “Aushopping” quality label continued in France, Romania and Poland: Immochan opened its first branded centre in Gdansk. In parallel, four shopping centres were opened in China.
Read more in the press release