Aroundtown SA (IRSH)
Aroundtown SA announces Q1 2019 results
29-May-2019 / 06:57 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 ENTERS 2019 WITH STRONG PERFORMANCE IN OPERATIONAL PROFITABILITY
AND VALUE CREATION BACKED BY ACCRETIVE ACQUISITIONS *
- Robust *net rental income* of *EUR178 million* during the first three months
of 2019, advancing 28% over the EUR139 million reported in Q1 2018
- *Adjusted EBITDA* increased to *EUR180 million*, rising 34% YOY
- *FFO I *up 29% to *EUR118 million*.
- *FFO I per share* increased to *EUR0.105*, higher by 12% YOY, (*EUR0.42*
annualized, reflecting a yield of 5.7%).
- *FFO I per share after perpetual notes attribution* increased by 14% YOY to
*EUR0.095 *displaying the strong sustainable profitability of the business.
- Substantial gains over cost observed with disposals of over EUR170 million
leading to a strong *FFO II* of *EUR161 million* during the first quarter of
2019 compared to EUR93.5 million in Q1 2018
- *Profit for the period *increased to *EUR437 million,* rising 18% over
EUR371 million reported a year earlier with the *diluted EPS* progressing 16%
YOY to *EUR0.36*
- *EPRA NAV *grew to *EUR9.2 billion* as of March 2019. *EPRA NAV per share*
grew by 6% to *EUR8.2* (from EUR7.7 per share at year-end 2018).
- *EPRA NAV including perpetual notes* amounted to *EUR10.7 billion* and
*EUR9.5* per share.
- High equity ratio of 51% maintained with *Total Equity* expanding 5% over
three months to *EUR10.4 billion* as of March 2019.
- *Investment property* advanced to *EUR14.8 billion, *rising 4% from year-end
2018.
- Solid capital structure maintained with a low *LTV* of *37*% as of the end
of the first quarter of 2019 with a high *unencumbered assets* ratio of *76%
(EUR11.1 billion in value)*
- Strong credit profile with *ICR* at *4.7x*, long average debt maturity
period of 7.5 years, *and cost of debt* has remained *low at 1.8%.*
- Sustained strong organic growth displayed in the positive like-for-like
increase in the top-line, with *total net rent LFL growth *of *4.5%,* 2.3% is
attributable to in-place rent increases and 2.2% due to occupancy increases in
the portfolio.
- Following the strong first quarter, *guidance for 2019 is confirmed*.
_29 May 2019._
*Robust operational profitability leading to sustained value creation*
Aroundtown (the '*Company*' or '*AT*') announces its results for the first
quarter of 2019 driven by the strong growth displayed in the top-line with the
efficient operational platform ensuring a strong bottom-line development as
well. On a like-for-like basis, net rental income increased by 4.5% which,
coupled with operational efficiencies of the organization has led to a 12%
growth in the FFO I per share, which amounted to EUR0.105, reflecting yield of
5.7%. Based on the dividend payout policy of 65% this results in a dividend
yield of 3.7%. EPRA NAV per share increased by 6% to EUR8.2, a result of
Aroundtown's sustained value creation.
*Year-to-date signed deals of EUR1.4 billion, further materializing the strong
pipeline throughout German top tier cities.*
Building on its significant experience and large acquisition network,
Aroundtown signed deals year-to-dateof EUR1.4 billon, of which nearly EUR300
million have been taken over in Q1 2019. These acquisitions are high quality
assets, primarily office and hotel assets, of which 90% are located in German
top tier cities such as Munich, Berlin, Frankfurt, Cologne and Hamburg.
The financial statements for Q1 2019 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 52-55 of the Q1 2019 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/2019/AT_Q1_2019.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: QRF
TIDM: IRSH
LEI Code: 529900H4DWG3KWMBMQ39
Sequence No.: 8846
EQS News ID: 816959
End of Announcement EQS News Service
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(END) Dow Jones Newswires
May 29, 2019 00:57 ET (04:57 GMT)
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