9 – Discontinued operations
Implementing its corporate strategy, Corio announced on 22 November 2007 that the greater part of its portfolio of offices and industrial buildings was expected to be sold in the first half of 2008. This part of the portfolio has accordingly been treated as ‘discontinued operations’ in the financial statements and, as such, has been presented separately, with the exception of the financing activities, in the 2008 balance sheet and the profit and loss account and the comparative figures for 2007. The sale of the Dutch part of the portfolio took place on 25 April 2008 with the transfer of title taking place for the most part on 30 September 2008. The sales activities for the remaining part of the portfolio have terminated so that the remaining office portfolio can no longer be regarded as a discontinued operation. The comparative figures for 2007 have been adjusted accordingly.
| (€ million) |
2008 |
2007 |
| Results of the discontinued operations |
|
|
|
|
| Gross rental income |
33.2 |
|
45.9 |
|
| Net service charges |
-0.6 |
|
-0.6 |
|
| Property operating expenses |
-4.3 |
|
-6.6 |
|
| Net rental income |
|
28,3 |
|
38.7 |
|
|
|
|
|
| Administrative and other expenses |
|
-0.3 |
|
-1.1 |
|
|
|
|
|
| Result on sales of property |
|
-15.5 |
|
– |
|
|
|
|
|
| Valuation gains |
– |
|
38.2 |
|
| Valuation losses |
– |
|
-3.0 |
|
| Net valuation gain on investment property |
|
– |
|
35.2 |
|
|
|
|
|
| Net result on discontinued operations |
|
12.5 |
|
72.8 |
|
|
|
|
|
| Investment property |
– |
|
635.4 |
|
| Investment property under development |
�� |
|
0.6 |
|
| Property, plant and equipment* |
– |
|
12.0 |
|
| Assets of discontinued operations |
|
– |
|
648.0 |
|
|
|
|
|
| Other payables |
– |
|
11.8 |
|
| Liabilities of discontinued operations |
|
– |
|
11.8 |
|
|
|
|
|
|
|
|
|
|
| Cash flow from operating activities |
28.3 |
|
34.4 |
|
| Cash flow from investing activities |
632.4 |
|
-13.4 |
|
| Net cash flow from discontinued operations |
|
660.7 |
|
21.0 |
Source: Annual Report 2008, Chapter Financial Statements, page 164 (PDF, 179 kB)
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