Reclassification and renegotiation of the pipeline
In the light of the financial crisis and economic recession, Corio reverted to expressing the pipeline in terms of contractual commitments in order to give shareholders a clear insight into the associated risks and the way in which Corio has hedged them. The company worked hard last year to reduce these risks still further. Under this new approach, the pipeline is classified into committed projects, projects that can be deferred and projects that can be waived. The committed pipeline, which still amounted to € 1,257 million in mid-2008, shrank by € 753 million to € 504 million, only € 137 million of which has to be invested in 2009. The total pipeline fell by € 773 million to € 2,339 million, excluding € 373 million which has already been invested (year-end 2007: € 3,133 million, excluding € 352 million already invested), mainly due to the transfer of the Grand Littoral centre in Marseille and the Pieter Vreedeplein centre in Tilburg to the investment portfolio.
Source: Annual Report 2008, Chapter Overview & Strategy, page 19 (PDF, 476 kB)
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