• Over its past financial year, (1 April 2019 to 31 March 2020), Castellana achieved an EBITDA of €44 M, a 58% increase on the previous year

• At the Ordinary General Meeting of Shareholders held today, the decision to postpone the scheduled capital increase in light of the better than expected trading conditions and a positive outlook for the coming months was taken

• Monthly footfall and sales in the company's 16 shopping centres and retail parks have been steadily increasing during last 3 months reaching levels of almost 75% by August in footfall and c.88% in sales in July compared to the same month last year

Castellana Properties approved today its annual financial statements at its Ordinary General Meeting of Shareholders, in which it achieved an EBITDA of €44 M, a 58% increase on the previous year, and a distribution to its shareholders of €40.4 M with a dividend of 0.47 euros per share. In addition, the long-term incentive plan and the remuneration of the Board members were approved at the meeting.

The firm is experiencing a recovery above expectations and remains very positive, an aspect that has slightly slowed down the execution of the forecast plan defined by the company. For this reason, with regard to the capital increase, the decision to postpone the action in light of the better than expected trading conditions, and a favorable outlook for the coming months after the reopening of its 16 shopping centres and retail parks, was taken. Since opening, visitor numbers to all Castellana Properties' assets have been growing steadily, where in August footfall had recovered almost to 75% of the levels achieved versus the same period in 2019. Furthermore, it is expected that in the coming months, once the improvement projects in Los Arcos, Bahía Sur and El Faro are complete, footfall will continue to improve and likely exceed pre-covid levels.

The drop in sales has moderated

Sales have also gradually increased since June 2020. In July sales reached 88% compared to the same period in 2019. DIY, electronics, pets, and homeware sectors were the best performers with remarkable growth of over 20% versus the same period in 2019. Leisure and restaurant sectors continue to face challenges, and Castellana Properties continues to show its support, as it does with all tenants in the portfolio. Further to this, in the last two months, new open-air spaces have been opened and terraces have been extended so that tenants can continue to trade normally within the strict health and safety guidelines. Furthermore, in the last two months, Castellana Properties has opened 4,000 m2 of new spaces comprising 10 new best in class tenants.

Alfonso Brunet, CEO of Castellana Properties, assures that 'Castellana Properties has a robust balance sheet. Given our 'excellent' cash position, a strong set of results and a positive outlook, for now it is not necessary to undertake any capitalization. We are still convinced of the potential of the retail sector in Spain and the figures registered in our centres and retail parks support this view. Sales have reached 90% in July compared to last year, a figure that is improving every day. In the current context it is key to maintain a close and direct relationship with tenants and to find solutions that benefit both parties in the long run. This is the mindset we have maintained at Castellana Properties and because of this our occupancy ratio remains stable at 98%'.

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Castellana Properties SOCIMI SA published this content on 15 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2020 16:14:10 UTC