DJ Interim Results
Arricano Real Estate Plc (ARO) Interim Results 22-Sep-2021 / 12:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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22 September 2021 Arricano Real Estate plc
("Arricano" or the "Company" or, together with its subsidiaries, the "Group")
Unaudited Interim Results for the 6 months ended 30 June 2021
Arricano is one of the leading real estate developers and operators of shopping centres in Ukraine with over 148,100 sqm of gross leasable area under operation and land for a further three sites under development.
Highlights
-- Operating activity was still affected by COVID-19 restrictions with the shopping centres in differentregions partially closed for up to 59 days
-- Group revenue increased by 19% to USD 16.9 million (2020: USD 14.2 million)
-- Underlying operating profit before revaluation of investment property increased by 23% to USD 11.9million (2020: USD 9.6 million)
-- Group average occupancy was 99.5%, as at 30 June 2021
-- Investment property revaluation loss of USD 9.0 million was due to the Hryvnia strengthening against theUS Dollar, this was then offset by a foreign exchange gain of USD 10.2 million included in Other ComprehensiveIncome
-- The total value of the investment property portfolio comprised USD 281.6 million (31 December 2020: USD275.5 million)
-- Net asset value increased to USD 125.2 million (31 December 2020: USD 119.4 million)
-- Cash flows from operating activity were USD 10.0 million, an increase by 52% compared to the six monthended 30 June 2020
-- Average cost of bank loans continued to decrease, down from 10.1% as at 31 December 2020, to 8.3% as at30 June 2021
Ganna Chubotina, Chief Executive Officer of Arricano, commented:
"Despite the challenges created by the global pandemic, our portfolio of shopping centres continued to operate close to capacity with occupancy at 99.5%. This demonstrates, in our view, that we have been successful in supporting some of our tenants through the last 18 months and equally importantly the appeal amongst our tenant base of retaining their retail presence in our centres over a period when the retail market has been very challenging. While the impact of COVID-19 remains, normal trading is returning which enables us to switch from protecting the business to once again growing it."
For further information please contact:
CEO:
Arricano Real Estate plc
Ganna Chubotina Tel: +357 25 582 535
Nominated Adviser and Broker:
WH Ireland Limited
Tel: +44 (0)20 7220 1666
Chris Fielding/Ben Good
Financial PR:
Novella Communications Limited
Tel: +44 (0)20 3151 7008
Tim Robertson/Fergus Young