DGAP-News: Grand City Properties S.A. / Key word(s): Real Estate/Half Year Results
GRAND CITY PROPERTIES S.A. ANNOUNCES H1 2018 RESULTS:
- Rental and operating income increased to EUR268 million, up by 12% from EUR239 million YOY
- Adjusted EBITDA of EUR137 million, up 13% YOY from EUR121 million in H1 2017
- FFO I grew to EUR99 million, reflecting a growth of 16% YOY
- FFO I per share increased 9% YOY to EUR0.60, EUR1.20 on an annualized level, reflecting a yield of 5.1%. FFO I per share after perpetual notes attribution up 11% YOY to EUR0.52
- Net profit increased by 21% YOY to EUR271 million; EPS (basic) grew 15% YOY to EUR1.43
- EPRA NAV increased by 5% to EUR3.5 billion and EUR21.2 per share, up from EUR20.2 per share at year-end 2017
- EPRA NAV incl. perpetual notes increased 13% to EUR4.5 billion and EUR27.3 per share, grew from EUR4.0 billion and EUR24.2 per share at year-end 2017
- Equity of EUR4.3 billion, increased 12% since year-end 2017; reflecting an equity ratio at 49%
- Low leverage maintained with LTV of 35%; sustainable sound credit profile, highlighted by strong credit metrics with high ICR of 5.9x in H1 2018, long debt duration of 8.3 years, low cost of debt of 1.6% and high unencumbered ratio of 65% (EUR4.6 billion)
- Continued strong organic growth, reflected in like-for-like net rents growth of 3.2% as of June 2018, with 2.5% from in-place rents growth and 0.7% from occupancy growth
- Guidance for 2018 confirmed
Luxembourg, August 17, 2018 - Grand City Properties S.A. ("GCP" or the "Company") has continued its successful performance in the first half of 2018. The strong operational performance and cost discipline lead to an increase in FFO I of 16% to EUR99 million. On a per share level, FFO I increased 9% to EUR0.60 per share (EUR1.20 per share on an annualized basis) and 11% per share after perpetual notes attribution. The consistent shareholder value creation is also evident by the increase in the EPRA NAV including perpetual notes growth of 13% to EUR4.5 billion.
The financial statements for H1 2018 are available on the Company's website:
About the Company
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 MANAGERS 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 GRAND CITY PROPERTIES S.A. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
|Company:||Grand City Properties S.A.|
|1, Avenue du Bois|
|Phone:||+352 28 77 87 86|
|Fax:||+352 28 77 87 84|
|ISIN:||LU0775917882, XS1130507053, XS1191320297, XS1220083551, XS1491364953, XS1373990834, XS1654229373, XS1811181566, XS1706939904, XS1763144604, XS1781401085, CH0401956872|
|WKN:||A1JXCV , A1ZRRK, A1ZW4K, A1ZZ49, A186BF, A18YJ1, A19ZQE, A19MBW, A1V4P0, A19WVU, A19WU2|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Dublin, Luxembourg Stock Exchange, SIX|
|End of News||DGAP News Service|