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Aroundtown SA (IRSH)
Aroundtown SA announces FY 2018 results
28-March-2019 / 07:05 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer 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, CANADA, AUSTRALIA, JAPAN, SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF APPLICABLE LAWS OR REGULATIONS*
*AROUNDTOWN ANNOUNCES FY 2018 RESULTS: HIGH OPERATIONAL PROFITABILITY AND
STRONG VALUE CREATION*
- *Net rental income *of *EUR633 million*, improved by 41% from EUR449 million
recorded in 2017
- *Adjusted EBITDA* of *EUR606 million*, an increase of 41% compared to the
EUR429.3 million recorded in 2017
- *FFO I* growing 38% YOY to *EUR405.7 million*, from EUR293 million in 2017
- *FFO I per share *of *EUR0.39*, up from EUR0.36 in 2017. FFO I per share
after perpetual attribution increased to EUR0.34
- *FFO II *amounted to *EUR575 million, *69% higher than in 2017, due to
disposals over EUR740 million
- *Dividend per share *of *EUR0.25, up 9% *from 2017 (subject to next AGM
approval), reflecting a dividend yield of 3.2%
- *Net profit* amounted to *EUR1.8 billion* during the period, increasing *19%
*in comparison to 2017. Diluted *EPS *increased 10% to *EUR1.49*, from EUR1.35
in 2017
- *EPRA NAV *at *EUR8.7 billion*, *+35%* from December 2017, *EUR7.7 *on a per
share basis, growing *+22*% YOY (+18% excluding dividend adjustment)
- *EPRA NAV incl. perpetual notes *expanded to *EUR10.3 billion *(*+34% *from
2017)and *EUR9.1 per share*
- Total *Equity* growing *37%* to *EUR9.9* billion; with a consistently strong
equity ratio of *52%*.
- *Investment property* increased to *EUR14.2 billion*, up *45%* as compared
to EUR9.8 billion as at year-end 2017
- Strong capital structure with a low *LTV* at *35%* as of December 2018
- Robust credit profile with an *ICR* of *4.7x, *long average *debt maturity*
of *7.4* years and *cost of debt *of *1.8% *and high *unencumbered assets*
ratio *of 72% (EUR10.2 billion in value)*
- Strong like-for-like results with a *total net rent LFL growth *of *4.8%,*
of which 2.6% is attributable to in-place rent increases and 2.2% to occupancy
increases
_28 March 2019._
*High quality portfolio centrally located in top tier European metropolises*
Utilizing its deal sourcing network, Aroundtown executed EUR3.7 billion of
acquisitions in 2018 including acquisitions through joint ventures, and
together with high revaluations gains of EUR1.5 billion the portfolio grew by
45% to over EUR14 billion consisting for 83% of offices and hotels in top tier
cities mainly in Germany and the Netherlands.
In addition, the Company disposed over EUR740 million of properties in 2018 as
part of its capital recycling, reflecting a profit over total cost of approx.
30%, which added to Aroundtown's track record of successful value creation.
The disposals, which were non-core and/or mature in nature were sold at a 12%
margin above net book value and affirm the properties' conservative
valuations. The proceeds from the capital recycling were directed into further
acquisitions in high quality, centrally located properties in top tier
European cities, with further upside potential.
*Corporate milestones and achievements highlight non-financial growth*
In line with its strong financial results in 2018 Aroundtown had several
note-worthy corporate achievements. The corporate governance was further
strengthened with the appointment of Dr. Gerhard Cromme as Chairman of the
Advisory Board as well as the appointment of Mr. Andrew Wallis as Deputy CEO
of the Company. Furthermore, in September 2018, EPRA awarded Aroundtown with
the EPRA BPR gold award for the second consecutive year, the highest award for
financial reporting standards, as well as the EPRA sBPR Gold award and most
improved award for its sustainability reporting. In addition, Aroundtown was
ranked as an Outperformer in the 93rd percentile among 319 global peers by the
sustainability rating agency Sustainalytics in September 2018, affirming the
Company's progress regarding sustainability.
Besides these, 2018 also marked the year where the Company was included into a
range of key benchmark indices, such as the MSCI Index series in December and
the MDAX and FTSE EPRA Index Series in March. The company was already a
constituent in the STOXX 600 series since December 2017. The inclusion of
Aroundtown in these key benchmark indices further improves its market
visibility and continued strong access to capital.
The financial statements for FY 2018 are available on the Company's website:
https://www.aroundtown.de/investor-relations/publications/financial-reports/?L
=0 [1]
For definitions and reconciliations of the Alternative Performance Measures,
please see the relevant sections in the pages 76-80 of the FY 2018 financial
statements. You can find the financial statements in AT's website under
Investor Relations > Publications > Financial Reports or under this link:
https://www.aroundtown.de/fileadmin/user_upload/04_investor_relations/download
s/2018/AT_FY_2018.pdf [2]
*About the Company*
Aroundtown SA (symbol: AT1), trading on the Prime Standard of the Frankfurt
Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German
commercial real estate company. Aroundtown invests in income generating
quality properties with value-add potential in central locations in top tier
European cities mainly in Germany/NL.
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company
(société anonyme) established under the laws of the Grand Duchy of Luxembourg,
registered with the Luxembourg Trade and Companies Register (Registre de
Commerce et des Sociétés, Luxembourg) under number B217868, having its
registered office at 1, Avenue du Bois, L-1251 Luxembourg, Grand Duchy of
Luxembourg.
*Contact *
Timothy Wright
T: +352 285 7741
E: info@aroundtown.de
www.aroundtown.de
*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 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 AROUNDTOWN 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 AROUNDTOWN
SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
ISIN: LU1673108939, XS1227093611, XS1336607715, XS1403685636,
XS1449707055, XS1532877757, XS1540071724, XS1586386739,
XS1649193403, XS1700429308, XS1715306012, XS1761721262,
XS1815135352, XS1753814141, CH0398677689, XS1857310814
Category Code: MSCL
TIDM: IRSH
LEI Code: 529900H4DWG3KWMBMQ39
Sequence No.: 7977
EQS News ID: 792805
End of Announcement EQS News Service
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(END) Dow Jones Newswires
March 28, 2019 02:05 ET (06:05 GMT)
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