CTP 2010 financial results
CTP reached an all time high of €94 million rent income for 2010. Vacancy was historically low at 6% within our portfolio of 1.7 million m². The value of CTPs diversified portfolio is stable (this was confirmed by independent valuers, Jones Lang LaSalle).
Significant take-up for 2010: At Spielberk Office Centre - Brno, CTP welcomed new clients such as Miele & AVG. We also experienced a number of existing clients taking additional space such as Lufthansa for its global call centre. Strong take-up was also seen in our locations of CTPark Ostrava and CTPark Bor including international tenants such as Brembo and CEVA.
Developments: With a mixture of Custom-Built, warehouse, flexi-Space and office developments 2011 will see around 200 000 m2 of pre-leased projects constructed and financed by our current banks. CTP has also entered into contracts for financing with new
banks. Some major projects such as for Kompan and Wistron have achieved pre-leases of 75 000 m² at the CTPark Brno - (Phase II). At our new IQ Ostrava office project the company Tieto pre-leased 15 000 m².
Efficiency: CTP reported an operating profit
(before financial expenses & taxes) of € 119 mln. Excluding valuation profit – the operating profit of CTP increased significantly in 2010 to € 78 mln from € 62 mln in 2009.
Fulfilling agreements & low interest rates: CTP has fulfilled covenants to its banks and maintains low interest rates that were agreed in the past. CTP also profits from the historically low Euribor rate, as only 15% of CTP’s loans have a fixed interest rate. For € 384 mln from the bank loans CTP has hedging instruments in place in order to mitigate the interest rate risk. Moving into 2011 full steam ahead. CTP signed purchase agreements with the City of Brno for an additional 420 000 m² of land - CTPark Brno (Phase II). This will be used for realizing a substantial part of CTP’s pipeline in 2011. CTP has a clear business plan until 2015.
2010 Awards: CTPark Bor Logistic Park Of The
Year 2010, CTPark Ostrava Best Industrial Park Of The Year, Spielberk Office Centre - Best Overall Development 2010.