Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this announcement.
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY
OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR
ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
APPLICABLE LAWS OR REGULATIONS
AROUNDTOWN PROPERTY HOLDINGS PLC
ANNOUNCES H1 2015 RESULTS DEMONSTRATING SUCCESSFUL GROWTH AND STRONG
OPERATIONAL DEVELOPMENT
- EBITDA totaling to EUR 536.4 million, up by 193% from H1 2014
- Net profit increased by 213% to EUR 505.4 million from H1 2014
- Earnings per share rose to EUR 83 cent, up by 388% from H1 2014
- Rental and operating income amounted to EUR 46.2 million, up 338% from
H1 2014 pro-forma rental income
- Adj. EBITDA increased to EUR 61.1 million, up 138% from H1 2014
- FFO I increased to EUR 40.2 million, up 150% from H1 2014
- FFO I per share increased to EUR 8.04 cent, up by 150% from H1 2014
- FFO I run rate (12*July 2015) amounts to EUR97 million, EUR 0.19 per
share.
- Total assets increased to EUR 3.09 billion.
- Total pro-forma Group assets (including GCP's assets and the capital
increase in July) grew to EUR 6.13 billion
- Total equity amounted to EUR 1.74 billion. Total equity pro-forma
including the EUR320 million capital increase in July amounts to EUR
2.06 billion
- EPRA NAV grew to EUR 1.85 billion. EPRA NAV pro-forma including July
capital increase amounts to EUR 2.17 billion
- High amount of flexibility with EUR 225 million cash and liquid assets.
- Conservative capital structure with an LTV of 33%, an equity ratio of
56% and Interest Coverage Ratio of 6x
28 August 2015.
Aroundtown Property Holdings PLC (the "Company", "AT") announces the
interim results for the first half of 2015 demonstrating the Company's
successful implementation of its growth and operational development.
AT's asset base including GCP assets and the July capital increase grew to
over EUR6 billion. The equity base increased substantially and exceeded
EUR2 billion including July capital increase.
The operational improvements over the first half of the year do not reflect
the full impact of the portfolio, as a significant amount of assets were
added during and towards the end of the reporting period and has
contributed only partially to the results. The current portfolio's monthly
annualized FFO I run rate (12*July 2015) amounts to EUR97 million and
reflects the portfolio's strong cash generating ability.
Large cash amounts and low leverage pave the way for further growth
The high amount of cash and liquid assets of EUR225 million combined with
the recent capital increase of EUR320 million and a low leverage reflected
by an LTV of 33%, (20% on a pro-forma basis considering the capital
increase), provides the Company with substantial financial flexibility to
pursue attractive acquisition opportunities. The proven access to capital
markets will support the Company's growth as well.
About the Company
Aroundtown Property Holdings PLC is a specialist real estate company
focused on investing in and managing, directly and indirectly, turnaround
opportunities in the real estate property market primarily in Germany. In
July 2015, the Company increased its capital by EUR 320 million to fund the
Company's further growth.
Aroundtown Property Holdings PLC is a public limited liability company
incorporated under the laws of Cyprus, having its registered office at 2
Faros Avenue Spyros Thalassines Alkyonides, 7560 Pervolia, 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.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE
UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS
RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL
SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE
"ORDER"), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY
OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER,
AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL
SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS
COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE
NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE
ENGAGED IN ONLY WITH RELEVANT PERSONS.
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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