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 CLOSES FINANCIAL YEAR 2015 WITH RECORD
GROWTH AND OPERATIONAL PERFORMANCE
- Rental and operating income at EUR 125.2 million, up 388% from the 2014
pro-forma rental income
- Adj. EBITDA increased to EUR 153.3 million, up 157% YOY
- Net profit increased to EUR 921 million, earnings per share at EUR1.26
- FFO I at EUR 94.5 million, up 144% YOY
- FFO I per share increased to EUR 0.17, up by 122% YOY
- Total Assets EUR 4.4 billion; Total Group Assets (including GCP's
assets at 100%) EUR8 billion
- EPRA NAV EUR 3.04 billion, up 139% since year-end 2014
- Loan-To-Value of 34.5%. After conversion of convertible bonds which are
in the money, LTV is 19.9%.
- Conservative capital structure also evident in an equity ratio of 54.6%
(66.8% assuming conversion) and Interest Coverage Ratio of 5.2
- Well positioned for 2016 with acquisition firepower of EUR 387 million
in cash and liquid assets
29 March 2016.
Significant growth coming from accretive deals and incremental operational
improvements achieved during the year
Aroundtown Property Holding PLC (AT) is pleased to report a highly
profitable year. The success is marked by decisive, steady growth and
increased performance of assets across the portfolio, achieved through
vacancy reduction, improved rent terms and introduction of cost efficiency
measures. March 2016 monthly annualized run rate (12*March 2016) adjusted
EBIDTA increased to EUR 224 million, and FFO I run rate to EUR141.
Going into 2016 with a larger, more diversified, high quality portfolio,
with many profitable growth drivers
Total group assets, including Grand City Properties S.A. at 100%, increased
during the year to EUR8 billion as of December 2015, owing to the
capitalized value of property improvements, and to numerous realized
acquisition opportunities. The carefully selected properties complement the
Group's well-diversified, stable cash yielding portfolio. AT is optimally
positioned for the upcoming year to capitalize on economies of scale, and
pursue the numerous internal growth drivers embedded in its portfolio.
Widening the equity base, supporting future growth at modest leverage
AT is firmly keeping a well-balance low leverage financing structure, with
an LTV of 34.5% (19.9% assuming conversions) as of December 2015, and a
conservative ICR of 5.2. Affirming the Company's prudent conduct, Standard
& Poor's Ratings Services (S&P) assigned AT on December 2015 an investment
grade rating of 'BBB-'. AT's strategy is to keep improving its rating in
the next years.
With a wide equity base, 56% unencumbered assets and EUR 387 million in
cash and liquid assets, AT is perfectly situated to pursue further
acquisition opportunities that match the Company's skills and experience.
The full FY 2015 interim 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.
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,
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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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