Intu Properties PLC Statement on COVID-19 Impact (6405H)
26 Março 2020 - 4:00AM
UK Regulatory
TIDMINTU
RNS Number : 6405H
Intu Properties PLC
26 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
LEI: 213800JSNTERD5CJZO95
INTU PROPERTIES PLC
26 MARCH 2020
STATEMENT ON COVID-19 IMPACT
In light of the rapidly evolving COVID-19 situation, intu
provides the following update. Our three priorities are to look
after our employees, to protect our business and to play our role
in society.
All of our centres in the UK and Spain are operating on a
semi-closed basis. In line with the latest Government advice in
both countries, only essential stores, such as supermarkets,
pharmacies and banks, remain open.
Rent for the second quarter of the year in the UK was due on 25
March (the quarter day) and we have received 29 per cent of this.
We are in discussions with our customers on the outstanding rents.
For the same period last year, we had received 77 per cent on the
quarter day.
As at 24 March 2020, we had immediately available cash and
facilities of GBP184 million at the corporate level. The impact of
COVID-19 in Europe is delaying certain regulatory approvals in
relation to the disposal of intu Puerto Venecia and we now expect
the GBP95 million proceeds to be received in the middle of May at
the earliest.
We have significantly reduced capital expenditure for the
foreseeable future and are cutting back on head office costs to
maintain additional cash within the business. In addition, to
support our customers, we have initiated a programme of reducing
non-essential service charge costs and are passing on these savings
to them.
The reduced social activity is likely to continue for the
foreseeable future impacting our footfall and potential future
rents. The impact of the reduced rents received is expected to
require us to seek covenant waivers and we are in constructive
discussions with the relevant lenders.
In addition to the immediate actions we have taken to preserve
liquidity, we have an ongoing dialogue with the UK Government and
may look to access their GBP330 billion support package. In their
recent announcement for the protection of commercial tenants from
the non-payment of rent, they also stated that they are actively
monitoring the impact of this on commercial landlords' cash flow.
Other Government measures announced of business rates suspension,
employee cost support and tax payment deferrals, are also expected
to have a positive impact.
Given the ongoing uncertainty around COVID-19, we are no longer
able to provide guidance in relation to the 2020 financial
year.
In these difficult times we continue to assess all strategic
alternatives and will provide further updates as appropriate.
The person responsible for arranging the release of this
announcement is Susan Marsden, Company Secretary of intu properties
plc.
ENQUIRIES
intu properties plc
Matthew Roberts Chief Executive +44 (0)20 7960 1353
Robert Allen Chief Financial Officer +44 (0)20 7960 1360
Adrian Croft Head of Investor Relations +44 (0)20 7960 1212
Public relations
UK: Justin Griffiths, Powerscourt +44 (0)20 7250 1446
SA: Frédéric Cornet, Instinctif Partners +27 (0)11 447 3030
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END
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March 26, 2020 03:00 ET (07:00 GMT)
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