After a disastrous year in the financial markets in 2008, 2009 was the year of the aftermath. Amid widespread corporate restructuring, Corio maintained a firm course and showed great resilience throughout the year. A major focus for us, as with all companies, was our balance sheet and the need to secure our longer term funding at sustainable rates. Even for highly respected companies like Corio this was a challenge as the availability of funding in the market shrank to near zero and any financing that could be obtained came at a high price.
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Corio is a retail property company. It specialises in the selection, development, redevelopment and management of shopping centres. Currently Corio runs operations in five countries: the Netherlands, France, Italy, Spain and Turkey. The company’s shares are traded on Euronext NYSE in Amsterdam and Paris. Under Dutch law Corio is a closed-end fiscal investment institution (FBI). It has a SIIC status in France. As of March 2008, Corio has been included in the Dutch blue-chip index of 25 leading shares, the AEX.
Corio wants to create favourite meeting places: sustainable centres where people like to meet, spend their leisure time and shop; places they want to visit again.
In selecting investments, Corio focuses on shopping centres that are dominant in their catchment area. These are the projects where we can present the consumer a full range of shops, convenience stores, restaurants, leisure & entertainment as well as event space and a wide range of services.
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Consumers determine the success of our centres.
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Retailers are close to the consumer, so they know better than anyone why people visit our centres, why they stay around and buy.
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Municipalities are always seeking ways to improve the quality of the public realm.
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People at Corio always give their best.
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To view the highlights, click below.
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To view the supervisory board, click below.
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To the general meeting of shareholders
Herewith we present the 2009 annual report and financial statements as drawn up by the Management Board. KPMG Accountants N.V. has audited the financial statements and issued an unqualified report on these statements. We recommend that you adopt the financial statements as presented and declare a dividend payable in cash or in shares of € 2.65 per share for 2009 in accordance with the Management Board’s proposal. The objective of Corio’s dividend policy, to be found on Corio’s website (www.corio-eu.com), is at least to comply with the Dutch requirements for a fiscal investment institution (FBI) imposed on tax-exempted investment institutions and, except in special circumstances, to maintain the level of dividend on a per share basis and preferably increase this dividend by the average rate of inflation in the Euro Area.
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The organisation of the Supervisory Board is entirely consistent with the recommendations of the Dutch corporate governance code.
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