Merlin’s Revenues Rose by 5.2% to €509M in 2018

1 March 2019 – Expansión

The Socimi Merlin Properties closed 2018 with an increase in revenues thanks to the strong performance of its rental properties. Its total turnover amounted to €509 million, up by 5.2%, boosted by a 6.5% improvement in gross sales to €500 million. The real estate company’s EBITDA reached €403 million, up by 2.8%. The operating result fell by 22% to €855 million.

The company’s main source of income is the rental from its office buildings, followed by its shopping centres. The value of the Socimi’s assets amounted to €12.0 billion at the end of December 2018, which represented a YoY increase of 6.1%. The occupancy rate of its property portfolio rose to 93.4%.

Yesterday, the company highlighted the cost control of its financial debt, which amounted to €4.9 billion with an indebtedness ratio of just over 40% and financial costs that have reduced to 2.13% following the most recent refinancings.

The company has a cash balance of €350 million (…). In 2018, Merlin undertook investments amounting to €569 million and property sales amounting to €594 million, with a premium for its divestments of 3.1% (…).

Merlin’s share price closed trading at €11.10 per share yesterday, down by 1.2%.

Original story: Expansión

Translation: Carmel Drake

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