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Group AG.
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OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR
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APPLICABLE LAWS OR REGULATIONS
AROUNDTOWN PROPERTY HOLDINGS PLC OPENS 2016 WITH OUTSTANDING OPERATIONAL
PERFORMANCE AND IS WELL POSITIONED TO REALIZE THE DEAL PIPELINE
- Rental and operating income at EUR50 million, up 149% YOY
- EBITDA amounted to EUR286 million. Adj. EBITDA increased to EUR 53
million, up 87% YOY
- Net profit amounted to EUR 230 million, EPS (basic) at EUR0.27
- FFO I at EUR 33 million, up 73% YOY
- FFO I per share increased to EUR5.5 cents, up by 45% YOY
- EPRA NAV EUR 3.3 billion; EPRA NAV including April 2016 equity increase
at EUR3.6 billion up 17% from Dec 2015
- Low leverage with LTV at of 38.5%. After conversion of convertible bond
series in the money and including the April 2016 equity increase LTV is
down to 19.3%
- Conservative capital structure also evident in an equity ratio of
55.5%, up to 61.5% including April 2016 equity issuance, supported by
high Interest Coverage Ratio of 4.6x
- Well positioned for further acquisitions, supported by strong cash
firepower steaming from April 2016 EUR267 million equity increase and
EUR600 million bond issuance
27 May 2016.
High operational growth reflecting the substantial year-over-year internal
and external portfolio growth
AT recorded remarkable operational performance in the first 3 months of
2016, reflected in the strong growth of adjusted EBITDA and FFO I. The
increased performance is a result of internal growth, arising from the
success of the turnaround of the portfolio, and from external growth
achieved by accretive and granular acquisitions. The FFO I per share
amounted to EUR5.5 cent in the first three months of 2016, up 45% in
comparison to the first quarter of 2015, validating the continuous
operational return to shareholders.
Continuing the strong value creation steaming from the materializing of the
upside potential embedded in the Group's assets
AT kept its strong growth momentum of 2015 into the first quarter of 2016,
performing various acquisitions in the Company's main focus areas thereby
widening its current income base as well as adding significant internal
growth opportunities going forward.
As a result, EPRA NAV climbed to EUR3.3 billion at the end of March 2016
and to EUR3.6 billion on a pro forma basis, including the recent equity
capital issuance from April 2016.
AT has continued the external portfolio growth in the second quarter of
2016 and as of June 2016 the Group generates a monthly annualized adjusted
EBITDA of EUR250 and an annualized FFO I of EUR160 million. The Company has
the operational platform to further capture and materialize the turnaround
potential in its current asset base.
Building a stronger and well balanced capital structure to cater additional
portfolio growth
In April 2016, AT raised EUR267 million through a successful equity capital
increase and additional EUR600 million through an issuance of 6-year
straight bonds bearing a coupon of 1.5%. As a result, AT has further
strengthened its equity and debt structure. The low leverage and the high
amount of acquisition firepower provide a substantial headroom for the
Company to pursue attractive growth opportunities.
The full Q1 2016 interim financial report is available on the Company's
website:
www.aroundtownholdings.com/downloads.html
About the Company
Aroundtown Property Holdings PLC is a specialist real estate company
focused on value-add income generating properties primarily in the German
real estate markets.
Aroundtown Property Holdings PLC (ISIN: CY0105562116) is a public limited
liability company incorporated under the laws of Cyprus, having its
registered office at Artemidos & Nikou Dimitriou, 54 B, 6027, Larnaca,
Cyprus (registered number HE148223).
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED
STATES.
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RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL
SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE
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IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA"), THIS ANNOUNCEMENT
AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE
"QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE
2003/71/EC, AS AMENDED (THE "PROSPECTUS DIRECTIVE") ("QUALIFIED
INVESTORS"). ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER
(AN "INVESTOR") OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE
DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY
INVESTOR WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY
SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF
PERSONS IN THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES
BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS
WHERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY THE COMPANY OR
ANY OF THE JOINT BOOKRUNNERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE
PROSPECTUS DIRECTIVE.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS
AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES,
FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT
TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF
AROUNDTOWN PROPERTY HOLDINGS PLC. ACTUAL RESULTS COULD DIFFER MATERIALLY,
DEPENDING ON A NUMBER OF FACTORS.
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