DGAP-Regulatory: Aroundtown Property Holdings Plc.'s s 9m 2016 results: Strong growth and solid financial structure
Montag, 28.11.2016 07:10 von DGAP
Aroundtown Property Holdings Plc. / 3rd Quarter Results
Aroundtown Property Holdings Plc.'s s 9m 2016 results: Strong growth and
solid financial structure
28-Nov-2016 / 07:04 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group AG.
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AROUNDTOWN'S 9M 2016 RESULTS:
STRONG GROWTH AND SOLID FINANCIAL STRUCTURE
- Rental and operating income for the first nine months in 2016 at EUR183
million, up 127% YOY
- EBITDA amounted to EUR872 million increasing from EUR837 million in 9M
2015
- Adjusted EBITDA at EUR184 million, an increase of 79% YOY
- Net profit at EUR716 million. EPS (basic) is EUR0.87 (EUR1.08 9M 2015)
diluted EPS at EUR0.66 (EUR0.90 9M 2015).
- FFO I at EUR113 million, up 77% YOY
- FFO I per share increased to EUR0.18, 50% YOY
- EPRA NAV at EUR4.1 billion as of September 30 2016, an increase of 36%
from EUR3 billion in December 2015
- Keeping low leverage with LTV at 41% as of September 2016. Considering
conversion of convertible bonds which are in the money, LTV reduces to
35%, forming a wide equity base to support future growth
- Equity ratio at 49%. Considering the conversion of 'in the money'
convertible bonds, the Equity ratio assuming conversion is 56%
- Interest Cover Ratio at 4.4x for the 9M in 2016, corresponding to the
low cost of debt and strong operational performance
- Ample liquidity with EUR274 million in cash and liquid assets as of
September, complemented by EUR500 million perpetual notes issuance in
October 2016 and EUR150 million tap of Series E straight bond in
November 2016, providing significant financial headroom and positioning
the Company towards further growth
28 November 2016.
Well positioned to benefit from the high quality of the purchased assets
and capture effects of economies of scale
Successfully incorporating this year's acquisitions into the existing
management platform, Aroundtown is well positioned to utilize its strengths
and skills in managing the assets and methodically increasing their
operational performance and profitability. With investment property,
including advanced payments, increasing to EUR4.9 billion and total assets
at EUR6.8 billion as of September 2016, the quality of the portfolio in
terms of its individual assets is further emphasized by the benefits
associated with its absolute size, and the quality of the meaningful
diversity across industries, asset types and geographical centers.
Continuously producing strong operational results, supporting growth with
high profitability
Continuous operational achievements in increasing rents and occupancy
levels, along significant volume of accretive investments over the period,
have resulted in an amount of EUR183 million in rental and operating
income, an increase of 127% compared to the first nine months of 2015. The
Adjusted EBITDA amounted to EUR184 million, considering also AT's relative
share in GCP's results. The FFO I of EUR113 million translates to EUR0.18
per share, a 50% increase to 9M 2015, underlying the Company's ability to
generate significant value to its shareholders.
Following the significant acquisitions and operational improvements over
the period the monthly annualized adjusted EBITDA run rate as of October
2016 is EUR288 million, FFO I run rate of EUR188 million, or EUR0.28 per
share.
The EPRA vacancy of the commercial portfolio as of October 2016 is 7.4%.
AT's efforts in repositioning the portfolio and improving the operational
performance of the assets have resulted in a significant value creation,
captured in capital gains of EUR588 million over the first nine months of
2016, leading to a net profit of EUR716 million. Together with the issuance
of EUR270 million in equity in April 2016, the resulting EPRA NAV amounts
to EUR4.1 billion as of September 30th 2016, compared to 3 billion at year-
end 2015. Pro-forma, including the funds raised by the EUR500 million
perpetual notes in October 2016, EPRA NAV including perpetual notes amounts
to EUR4.6 billion.
Forming a diverse financial structure and wide equity base
In order to finance the current and future portfolio growth Aroundtown is
forming a strong and diverse financial structure of straight bonds, bank
debt, equity and perpetual notes.
AT issued EUR600 million straight bond, Series D, in April 2016, and EUR500
million straight bond, Series E, in July 2016, both bearing a coupon of
1.5%. Furthermore, in November 2016 Series E was tapped-up by another
EUR150 million, bringing the combined nominal value of the straight bonds D
and E to EUR1.25 billion.
On the equity side, the Company has issued EUR500 million perpetual notes
during October 2016 in addition to EUR270 million equity in April 2016.
The resulting leverage of 41% LTV as of September 2016 is in line with the
conservative financial approach of the Group, and well clear of the 45%
internal limit set by the Board of Directors. Assuming conversion of
convertible bonds which are in the money, LTV reaches 35%.
Building on its operational capabilities, this diverse and long term
financial structure and modest leverage will allow Aroundtown to focus on
steadily materializing additional value in its portfolio and pursue further
growth opportunities.
The full Q3 2016 interim financial report is available on the Company's
website:
http://www.aroundtownholdings.com/downloads.html
About the Company
Aroundtown Property Holdings Plc (trading symbol: AT1 on Frankfurt Stock
Exchange/Xetra; ALATP on Euronext) 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 in 2004 under the laws
of Cyprus, having its registered office at Artemidos & Nikou Dimitriou, 54
B, 6027, Larnaca, Cyprus (registered number HE148223).
Contact:
Timothy Wright
T: +357-2420-1312
E: info@aroundtownholdings.com
www.aroundtownholdings.com
Disclaimer:
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
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AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH
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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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Language: English
Company: Aroundtown Property Holdings Plc.
Faros, Shop 2, Spyros Thalassines Alkyonides
7560 Larnaca
Cyprus
Internet: www.aroundtownholdings.com
ISIN: XS1151498737
WKN: A1ZTVA
Listed: Regulated Unofficial Market in Berlin, Stuttgart;
Open Market in Frankfurt ; Paris
Category Code: QRT
TIDM: IRSH
Sequence Number: 3632
Time of Receipt: 28-Nov-2016 / 07:00 CET/CEST
End of Announcement EQS News Service
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524493 28-Nov-2016