Grand City Properties S.A. (IRSH)
Grand City Properties S.A.announces H1 2019 results
19-Aug-2019 / 06:53 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*
*GRAND CITY PROPERTIES ANNOUNCES SOLID H1 2019 RESULTS WITH STABLE GROWTH*
- *Rental and operating income at EUR278 million, up 4% compared to H1 2018.*
*- Adjusted EBITDA of EUR146 million for the first half of 2019 was up 7% YOY*
*- FFO I increased to EUR106 million, up 7% YOY, demonstrating the robust
nature of business profitability.*
*- On a per share basis, FFO I during H1 2019 was EUR0.64, up 7% YOY. FFO I
per share after perpetual attribution increased 4% to EUR0.54 for the H1 2019
period.*
*- Successful disposal of properties 7% over book value at the amount of
EUR187 million pushed up the FFO II to EUR191 million *
*- The profit for the period amounted to EUR250 million, EPS basic at EUR1.28
and EPS diluted at EUR1.21 *
*- EPRA NAV grew to EUR3.9 billion and EUR23.1 per share, at the end of the
first half of 2019, increasing by 6% (dividend adjusted) since December 2018 *
*- As of 30th June 2019, EPRA NAV including perpetual notes was EUR4.9 billion
which was EUR29.2 per share. *
*- Total Equity was EUR4.7 billion as of June 2019, showing a 4% dividend
adjusted increase compared to the end of December 2018. Equity ratio remains
strong at 51%*
*- Strong credit metrics preserved with the low LTV of 34% *
*- Steady like-for-like rental growth of 3.8%, with 3.5% contributed from
in-place rent increases and 0.3% contributed from occupancy increases.*
*- Guidance for 2019 confirmed*
*Luxembourg, August 19, 2019 *- Grand City Properties S.A. ('GCP' or the
'Company') witnessed another solid performance supported by strong
like-for-like rental growth of 3.8% demonstrating the underlying potential of
the portfolio. Adjusted EBITDA increased 7% to EUR146 million for the first
half of 2019 over the corresponding period in 2018 and the FFO I also improved
7% YOY, highlighting the Company's scalable platform at marginal cost.
Capital recycling measures during the first half of 2019 included disposals of
EUR187 million of mature and non-core assets, at a profit over cost (including
capex) of EUR85 million reflecting a 7% gain over book values. In addition,
the Company acquired assets worth approx. EUR300 million and continues to
generate further improvements in the portfolio's asset quality demonstrated by
the 8% growth in value to EUR1,359 per sqm since year-end 2018.
GCP's financing structure retains its conservative nature with an average cost
of debt of 1.4% and a long average debt maturity of 8.4 years. Furthermore,
the sustainable character of the financing structure is reflected in the
strong ICR of 6.4x and the growing proportion of unencumbered assets as seen
in the unencumbered assets ratio of 76% which amounts to EUR5.9 billion in
value. As of June 2019, GCP liquid assets stand on EUR769 million, providing
the Company ample firepower to pursue attractive opportunities.
Christian Windfuhr, CEO of Grand City Properties: 'GCP completed yet another
successful quarter with a strong performing portfolio. At the halfway mark of
the year, the Company is well placed and confident of meeting its guidance for
the full year 2019.'
Financial statements for H1 2019 are available on the Company's website:
https://www.grandcityproperties.com/investor-relations/publications/financial-
reports/ [1]
For definitions of the alternative performance measures please see the
relevant section in the pages 42 - 45 of the financial statements for H1 2019,
which you can find on the website under investor relations > publications >
financial reports or follow this link:
https://www.grandcityproperties.com/fileadmin/user_upload/03_investor_relation
s/Downloads/2019/GCP_H1_2019.pdf [2]
*About the Company*
The Company is a specialist in residential real estate, value-add
opportunities in densely populated areas primarily in Germany. The Company's
strategy is to improve its properties by repositioning and intensive tenant
management, and then create value by subsequently raising occupancy and rental
levels. Further information: www.grandcityproperties.com
Grand City Properties S.A. (ISIN: LU0775917882) is a public limited liability
company (société anonyme) incorporated under the laws of the Grand Duchy of
Luxembourg, having its registered office at 1, Avenue du Bois, L-1251
Luxembourg, Grand Duchy of Luxembourg and being registered with the Luxembourg
trade and companies register (Registre de Commerce et des Sociétés Luxembourg)
under number B 165 560. The shares of the Company are listed on the Prime
Standard segment of Frankfurt Stock Exchange.
*Contact: *
Grand City Properties S.A.
1, Avenue du Bois
L-1251 Luxemburg
T: +352 28 77 87 86
E: info@grandcity.lu
www.grandcityproperties.com
*Press Contact: *
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 374-381 5218
E: katrin.petersen@grandcity.lu
*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 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 THE COMPANY.
ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
ISIN: LU0775917882, XS1130507053, XS1191320297, XS1220083551,
XS1491364953, XS1373990834, XS1654229373, XS1811181566,
XS1706939904, XS1763144604, XS1781401085, CH0401956872
Category Code: MSCL
TIDM: IRSH
LEI Code: 5299002QLUYKK2WBMB18
Sequence No.: 17146
EQS News ID: 859269
End of Announcement EQS News Service
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(END) Dow Jones Newswires
August 19, 2019 00:53 ET (04:53 GMT)
