Citycon Oyj (COYJF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to Citigon's first quarter 2025 results audiocast. My name is Anni Torkko and I work as the investor relations manager here at Citigon. Last night we published our first quarter 2025 interim report. And in this audiocast, our new CEO, Mr. Oleg Saslavski, and our CFO, Mr. Eero Sihvonen, will present the results. We will start by Oleg going through our business and operational highlights. After that, Eero will go through our financial results. After the presentations, we will be opening the line for questions from the audience. Please, Oleg, go ahead. Thank you. Good morning, everybody, and thank you for joining us today. This is my first quarterly call as the CEO of Citicon, and I look forward for a productive and transparent cooperation with this forum and all of Citicon stakeholders. Let me take you through key developments and results of the first quarter. Operation-wise, it was a solid quarter for Citicon. Our footfall, like-for-like footfall, increased by 2.4%, while tenant sales grew by 1.2%. Retail occupancy stood at 94.8%, which is slightly decreased from the year-end numbers. Our like-for-like net rental income on same comparable FX basis increased by 3.5%, driven by rent increases, indexation, improved recovery rates, and lower operating cost. Direct operating profit increased by 8.2%, the same comparable FX basis, reaching 42.7 million. Main contributing factor here was reduction in SG&A cost. Throughout the first quarter, we took several important steps to improve our debt portfolio and manage upcoming maturities. During the quarter, we repaid 215 million of debt and additional 200 after the quarter end. In April, we raised 450 million of new bond with six and a quarter years of maturity. The offer was more than six times oversubscribed during ...