Aroundtown SA (IRSH)
Aroundtown SA announces H1 2019 results
28-Aug-2019 / 06:52 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 STRONG GROWTH DRIVEN BY ACQUISITIONS AND INCREASED
OPERATIONAL RESULTS*
*- Net rental income* increased to *EUR359 million* during the first half of
2019, up 23% from EUR291 million reported in H1 2018.
- *Adjusted EBITDA* grew to *EUR363 million*, +30% YOY.
- *FFO I *up by 26% to *EUR239 million*.
- *FFO I per share* increased to *EUR0.21*, grew by 11% YOY, (*EUR0.42*
annualized, reflecting a yield of 5.6%).
- *FFO I per share after perpetual notes attribution* grew by 12% YOY to
*EUR0.19*
- Active sales pipeline providing substantial funds and enabling capital
recycling into high quality assets: over EUR220 million disposals concluded in
H1 2019, resulting in an *FFO II* of *EUR288 million*.
- *Profit for the period *at *EUR969 million* in H1 2019, resulting in a basic
*EPS* of *EUR0.68*.
- *EPRA NAV *advanced to *EUR9.4 billion* and *EUR8.3 per share* at the end of
June 2019, with a per share growth of 11% (dividend adjusted) since year-end
2018.
- *EPRA NAV including perpetual notes* amounted to *EUR11.4 billion* and
*EUR10.1* *per share*.
- High equity ratio of 51% maintained with *Total Equity* growing by 15% since
year-end 2018 to *EUR11.5 billion*, and *Total Equity pro forma* at *EUR12.6
billion.*
- *Investment property* increased to *EUR16.2 billion, *up by 14% since
year-end 2018.
- Healthy capital structure maintained with a low *LTV* of *36*% at the end of
June 2019, with a high *unencumbered assets* ratio of *74% (EUR11.4 billion in
value).*
- Solid credit profile with *ICR* at *4.5x*, *long* *average debt maturity*
period of *7.5 years*, and *lower average cost of debt* of *1.7%.*
- Robust organic growth is highlighted by the *total net rent LFL growth *of
*4.4%,* 2.3% is attributable to in-place rent increases and 2.1% is due to
occupancy increases in the portfolio.
- Following the strong results and acquisition activity, *2019 Guidance is
updated.*
_28 August 2019._
*Strong operational performance leading to high profitability and unlocking
the value potential*
Aroundtown (the '*Company*' or '*AT*') announces its results for the first
half of 2019, demonstrating a strong growth in both the top-line and
bottom-line results, achieved by continuous strong acquisition activities and
extracting the internal potential of the portfolio. AT continues to unlock its
high reversionary potential, reflected in the total like-for-like net rental
income growth of 4.4%. The combined efforts led to an FFO I per share growth
of 11%, which amounted to EUR0.21, EUR0.42 when annualized, representing an
FFO I yield of 5.6%. Based on the dividend payout policy of 65% of the FFO I
per share, this results in a dividend yield of 3.6%. EPRA NAV per share
increased to EUR8.3, growing by 11% dividend adjusted and 8% net of dividend
paid, showing the consistent value creation at the shareholders' level.
Guidance for FY 2019E is updated based on the strong results and the strong
acquisition activity, which will have a partial effect on 2019 results and
only a full year impact starting 2020. Updated guidance includes additional
EUR25 million FFO I (new guidance at >EUR490 million). FFO I per share
guidance remains at EUR0.41- EUR0.42 (EUR0.37 - EUR0.38 after perpetual notes
attribution), based on the increased number of shares from the EUR601 million
equity increase in July 2019. The equity will support AT's pursuit of
attractive deals generating accretive shareholder profitability.
*Year-to-date signed deals of EUR2.5 billion with high reversionary rent and
value-add potential*
Benefitting from its large deal sourcing network and its market experience,
Aroundtown signed deals year-to-dateof EUR2.5 billion, of which EUR1.2 billion
has been taken over in H1 2019. The year-to-date signed acquisitions are of
high quality with high growth and upside potential, primarily offices and
hotels, mainly located in top tier European cities Munich, Berlin, Cologne,
Hamburg, Frankfurt and in the Benelux. The Acquisitions are expected to be
taken over in Q3 and Q4 2019.
The financial statements for H1 2019 are available on the Company's website:
https://www.aroundtown.de/investor-relations/publications/financial-reports
[1]
For definitions and reconciliations of the Alternative Performance Measures,
please see the relevant sections in the pages 54-56 of the H1 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_H1_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 [3]
*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: IR
TIDM: IRSH
LEI Code: 529900H4DWG3KWMBMQ39
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited
reviews
Sequence No.: 18208
EQS News ID: 864249
End of Announcement EQS News Service
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(END) Dow Jones Newswires
August 28, 2019 00:52 ET (04:52 GMT)
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