Annual report 2017

Highlights

Main consolidated economic and
financial data.

In its second year of operations the company consolidated its portfolio generating solid economic and financial results.

Rents

34.2 Euro millions

Noi

30.5 Euro millions

Net Result

28.9 Euro millions

EPRA Earnings

15.3 Euro millions
0.42 Euro per share

Recurring FFO

16.8 Euro millions
0.47 Euro per share

EPRA net initial yield

5.3%

Manfredi Catella
Founder & CEO, COIMA RES
CEO Review

In 2017, COIMA RES consolidated its property portfolio and strengthened the Board of Directors and its internal structure.

The market in which COIMA RES has operated in 2017 has been favourable for Italy from a macro economic and a real estate point of view. During the year, the company's Board of Directors was strengthened by the arrival of Luciano Gabriel (Chairman of PSP Swiss Properties) and Olivier Elamine (CEO of alstria office) who also joined respectively the Control and Risk Committee and the Remuneration Committee.

Read the CEO Review
Company

A company managed according to the international best practice.

COIMA RES is a company managed according to the international best practices with the aim of creating value for its shareholders. In 2017, COIMA RES demonstrated that it is a solid and transparent vehicle offering Italian and foreign investors an attractive access point to the Italian real estate market.

Caio Massimo Capuano Chairman of COIMA RES
Value of the portfolio 610.7 Euro millions
72% in Milan 189.000 Square metres
management

A close-knit team which has worked together for more than 10 years.

Manfredi Catella
Founder & CEO COIMA RES
Gabriele Bonfiglioli
Head of Investment Management COIMA RES
Fulvio Di Gilio
CFO COIMA RES
Matteo Ravà
Head of Asset Management COIMA RES
Governance

COIMA RES has
strengthened its governance.

To better protect the interests of shareholders
and other stakeholders.

  • 7 Independent
    members
  • 3 Committees

Investments committee

Supports investment and divestment decisions by the Board of Directors. All transactions should be submitted to the Committee. Both employees of the Company and third parties reporting to COIMA SGR, all in possession of a high degree of specialisation in financial and real estate matters, can take part in meetings. The BoD has the final decision in terms of investments and disposals.

Control and risk committee

Assists and supports the Board of Directors, ensuring adequate investigations for evaluations and decisions relating to the Internal Control and Risk Management System of the Company and those relating to the approval of periodic financial reports. Carries out all the tasks allocated by the Code of Corporate Governance. Also acts as the committee for related parties. With regard to related-party transactions, if the BoD does not agree with the proposal of the Committee, the issue is brought to the attention of the Shareholders' Meeting.

Remuneration committee

Draws up proposals with regard to the remuneration of directors and senior management and any stock option plans and share grant plans to executive directors and senior management. The BoD makes the final decision over the remuneration plan.


financial review

A year of consolidation for the activities.

EPRA NAV per share 10.68 €
LTV equal to 38.1 %