Citycon Oyj - Inside information

Citycon adjusts the dividend level and investigates opportunities to offer an option to convert dividend payments into shares

CITYCON OYJ   Inside information   28 May 2020 at 19:20 hrs

The Board of Directors of Citycon Oyj has today resolved to adjust the remaining
quarterly instalments of the equity repayment in 2020 to further increase long
-term financial stability and to strengthen the credit risk profile of the
company. Following the adjustment, the Board of Directors will use a maximum
total amount of EUR 0.5375 per share from its total dividend and equity
repayment authorization of EUR 0.65 per share from the Annual General Meeting
2020. The Board of Directors will make separate resolutions on each distribution
of the equity repayment. Citycon shall make separate announcements of such Board
resolutions.
The Board of Directors also decided that the Board’s proposal regarding the
company´s dividend and/or equity repayment, which will be made later to the AGM
2021, would be set to maximum total EUR 0.50 per share for the year 2021. This
is approximately 23% less than the original authorization of EUR 0.65 per share
for 2020.

Citycon also investigates opportunities to offer shareholders an option to
convert dividend and equity repayment payment into shares in the future. With
these decisions and considerations the Board of Directors wants to signal its
commitment to gradual deleveraging and protecting Citycon’s investment grade
credit ratings.

Under the authorization by the Annual General Meeting held in 17 March 2020, the
maximum amount of dividend to be distributed shall not exceed EUR 0.05 per share
and the maximum amount of equity repayment to be distributed from the invested
unrestricted equity fund shall not exceed EUR 0.60 per share. Following the
authorization, a dividend of EUR 0.05 per share from retained earnings and an
equity repayment of EUR 0.1125 per share from the invested unrestricted equity
fund of the company were paid on 31 March 2020. After this first instalment the
Board’s authorization for dividend distribution is used in its entirety and the
remaining authorisation for equity repayment is EUR 0.4875 per share.

Citycon´s dividend policy is to pay out more than 50% of the result for the
period excluding fair value changes on property.
Espoo, 28 May 2020
For further information, please contact:
Eero Sihvonen
Executive VP and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com
Laura Jauhiainen
Head of Investor Relations
Tel. +358 40 823 9497
laura.jauhiainen@citycon.com
Citycon is a leading owner, manager and developer of urban, grocery-anchored
shopping centres in the Nordic region, managing assets that total almost EUR 4.5
billion. Citycon is No. 1 shopping centre owner in Finland and among the market
leaders in Norway, Sweden and Estonia. Citycon has also established a foothold
in Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard &
Poor's (BBB-). Citycon Oyj’s share is listed in Nasdaq Helsinki.
www.citycon.com