Aroundtown Property Holdings Plc. / 3rd Quarter Results Aroundtown Property Holdings Plc.'s s 9m 2016 results: Strong growth and solid financial structure 28-Nov-2016 / 07:04 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.
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CORPORATE NEWS THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS AROUNDTOWN'S 9M 2016 RESULTS: STRONG GROWTH AND SOLID FINANCIAL STRUCTURE - Rental and operating income for the first nine months in 2016 at EUR183 million, up 127% YOY - EBITDA amounted to EUR872 million increasing from EUR837 million in 9M 2015 - Adjusted EBITDA at EUR184 million, an increase of 79% YOY - Net profit at EUR716 million. EPS (basic) is EUR0.87 (EUR1.08 9M 2015) diluted EPS at EUR0.66 (EUR0.90 9M 2015). - FFO I at EUR113 million, up 77% YOY - FFO I per share increased to EUR0.18, 50% YOY - EPRA NAV at EUR4.1 billion as of September 30 2016, an increase of 36% from EUR3 billion in December 2015 - Keeping low leverage with LTV at 41% as of September 2016. Considering conversion of convertible bonds which are in the money, LTV reduces to 35%, forming a wide equity base to support future growth - Equity ratio at 49%. Considering the conversion of 'in the money' convertible bonds, the Equity ratio assuming conversion is 56% - Interest Cover Ratio at 4.4x for the 9M in 2016, corresponding to the low cost of debt and strong operational performance - Ample liquidity with EUR274 million in cash and liquid assets as of September, complemented by EUR500 million perpetual notes issuance in October 2016 and EUR150 million tap of Series E straight bond in November 2016, providing significant financial headroom and positioning the Company towards further growth 28 November 2016. Well positioned to benefit from the high quality of the purchased assets and capture effects of economies of scale Successfully incorporating this year's acquisitions into the existing management platform, Aroundtown is well positioned to utilize its strengths and skills in managing the assets and methodically increasing their operational performance and profitability. With investment property, including advanced payments, increasing to EUR4.9 billion and total assets at EUR6.8 billion as of September 2016, the quality of the portfolio in terms of its individual assets is further emphasized by the benefits associated with its absolute size, and the quality of the meaningful diversity across industries, asset types and geographical centers. Continuously producing strong operational results, supporting growth with high profitability Continuous operational achievements in increasing rents and occupancy levels, along significant volume of accretive investments over the period, have resulted in an amount of EUR183 million in rental and operating income, an increase of 127% compared to the first nine months of 2015. The Adjusted EBITDA amounted to EUR184 million, considering also AT's relative share in GCP's results. The FFO I of EUR113 million translates to EUR0.18 per share, a 50% increase to 9M 2015, underlying the Company's ability to generate significant value to its shareholders. Following the significant acquisitions and operational improvements over the period the monthly annualized adjusted EBITDA run rate as of October 2016 is EUR288 million, FFO I run rate of EUR188 million, or EUR0.28 per share. The EPRA vacancy of the commercial portfolio as of October 2016 is 7.4%. AT's efforts in repositioning the portfolio and improving the operational performance of the assets have resulted in a significant value creation, captured in capital gains of EUR588 million over the first nine months of 2016, leading to a net profit of EUR716 million. Together with the issuance of EUR270 million in equity in April 2016, the resulting EPRA NAV amounts to EUR4.1 billion as of September 30th 2016, compared to 3 billion at year- end 2015. Pro-forma, including the funds raised by the EUR500 million perpetual notes in October 2016, EPRA NAV including perpetual notes amounts to EUR4.6 billion. Forming a diverse financial structure and wide equity base In order to finance the current and future portfolio growth Aroundtown is forming a strong and diverse financial structure of straight bonds, bank debt, equity and perpetual notes. AT issued EUR600 million straight bond, Series D, in April 2016, and EUR500 million straight bond, Series E, in July 2016, both bearing a coupon of 1.5%. Furthermore, in November 2016 Series E was tapped-up by another EUR150 million, bringing the combined nominal value of the straight bonds D and E to EUR1.25 billion. On the equity side, the Company has issued EUR500 million perpetual notes during October 2016 in addition to EUR270 million equity in April 2016. The resulting leverage of 41% LTV as of September 2016 is in line with the conservative financial approach of the Group, and well clear of the 45% internal limit set by the Board of Directors. Assuming conversion of convertible bonds which are in the money, LTV reaches 35%. Building on its operational capabilities, this diverse and long term financial structure and modest leverage will allow Aroundtown to focus on steadily materializing additional value in its portfolio and pursue further growth opportunities. The full Q3 2016 interim financial report is available on the Company's website: http://www.aroundtownholdings.com/downloads.html About the Company Aroundtown Property Holdings Plc (trading symbol: AT1 on Frankfurt Stock Exchange/Xetra; ALATP on Euronext) is a specialist real estate company focused on value-add income generating properties primarily in the German real estate markets. Aroundtown Property Holdings Plc (ISIN: CY0105562116) is a public limited liability company incorporated in 2004 under the laws of Cyprus, having its registered office at Artemidos & Nikou Dimitriou, 54 B, 6027, Larnaca, Cyprus (registered number HE148223). Contact: Timothy Wright T: +357-2420-1312 E: info@aroundtownholdings.com www.aroundtownholdings.com 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 JOINT BOOKRUNNERS 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 PROPERTY HOLDINGS PLC. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
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The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de/ukreg
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Language: English Company: Aroundtown Property Holdings Plc. Faros, Shop 2, Spyros Thalassines Alkyonides 7560 Larnaca Cyprus Internet: www.aroundtownholdings.com ISIN: XS1151498737 WKN: A1ZTVA Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market in Frankfurt ; Paris Category Code: QRT TIDM: IRSH Sequence Number: 3632 Time of Receipt: 28-Nov-2016 / 07:00 CET/CEST End of Announcement EQS News Service
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524493 28-Nov-2016
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CORPORATE NEWS THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS AROUNDTOWN'S 9M 2016 RESULTS: STRONG GROWTH AND SOLID FINANCIAL STRUCTURE - Rental and operating income for the first nine months in 2016 at EUR183 million, up 127% YOY - EBITDA amounted to EUR872 million increasing from EUR837 million in 9M 2015 - Adjusted EBITDA at EUR184 million, an increase of 79% YOY - Net profit at EUR716 million. EPS (basic) is EUR0.87 (EUR1.08 9M 2015) diluted EPS at EUR0.66 (EUR0.90 9M 2015). - FFO I at EUR113 million, up 77% YOY - FFO I per share increased to EUR0.18, 50% YOY - EPRA NAV at EUR4.1 billion as of September 30 2016, an increase of 36% from EUR3 billion in December 2015 - Keeping low leverage with LTV at 41% as of September 2016. Considering conversion of convertible bonds which are in the money, LTV reduces to 35%, forming a wide equity base to support future growth - Equity ratio at 49%. Considering the conversion of 'in the money' convertible bonds, the Equity ratio assuming conversion is 56% - Interest Cover Ratio at 4.4x for the 9M in 2016, corresponding to the low cost of debt and strong operational performance - Ample liquidity with EUR274 million in cash and liquid assets as of September, complemented by EUR500 million perpetual notes issuance in October 2016 and EUR150 million tap of Series E straight bond in November 2016, providing significant financial headroom and positioning the Company towards further growth 28 November 2016. Well positioned to benefit from the high quality of the purchased assets and capture effects of economies of scale Successfully incorporating this year's acquisitions into the existing management platform, Aroundtown is well positioned to utilize its strengths and skills in managing the assets and methodically increasing their operational performance and profitability. With investment property, including advanced payments, increasing to EUR4.9 billion and total assets at EUR6.8 billion as of September 2016, the quality of the portfolio in terms of its individual assets is further emphasized by the benefits associated with its absolute size, and the quality of the meaningful diversity across industries, asset types and geographical centers. Continuously producing strong operational results, supporting growth with high profitability Continuous operational achievements in increasing rents and occupancy levels, along significant volume of accretive investments over the period, have resulted in an amount of EUR183 million in rental and operating income, an increase of 127% compared to the first nine months of 2015. The Adjusted EBITDA amounted to EUR184 million, considering also AT's relative share in GCP's results. The FFO I of EUR113 million translates to EUR0.18 per share, a 50% increase to 9M 2015, underlying the Company's ability to generate significant value to its shareholders. Following the significant acquisitions and operational improvements over the period the monthly annualized adjusted EBITDA run rate as of October 2016 is EUR288 million, FFO I run rate of EUR188 million, or EUR0.28 per share. The EPRA vacancy of the commercial portfolio as of October 2016 is 7.4%. AT's efforts in repositioning the portfolio and improving the operational performance of the assets have resulted in a significant value creation, captured in capital gains of EUR588 million over the first nine months of 2016, leading to a net profit of EUR716 million. Together with the issuance of EUR270 million in equity in April 2016, the resulting EPRA NAV amounts to EUR4.1 billion as of September 30th 2016, compared to 3 billion at year- end 2015. Pro-forma, including the funds raised by the EUR500 million perpetual notes in October 2016, EPRA NAV including perpetual notes amounts to EUR4.6 billion. Forming a diverse financial structure and wide equity base In order to finance the current and future portfolio growth Aroundtown is forming a strong and diverse financial structure of straight bonds, bank debt, equity and perpetual notes. AT issued EUR600 million straight bond, Series D, in April 2016, and EUR500 million straight bond, Series E, in July 2016, both bearing a coupon of 1.5%. Furthermore, in November 2016 Series E was tapped-up by another EUR150 million, bringing the combined nominal value of the straight bonds D and E to EUR1.25 billion. On the equity side, the Company has issued EUR500 million perpetual notes during October 2016 in addition to EUR270 million equity in April 2016. The resulting leverage of 41% LTV as of September 2016 is in line with the conservative financial approach of the Group, and well clear of the 45% internal limit set by the Board of Directors. Assuming conversion of convertible bonds which are in the money, LTV reaches 35%. Building on its operational capabilities, this diverse and long term financial structure and modest leverage will allow Aroundtown to focus on steadily materializing additional value in its portfolio and pursue further growth opportunities. The full Q3 2016 interim financial report is available on the Company's website: http://www.aroundtownholdings.com/downloads.html About the Company Aroundtown Property Holdings Plc (trading symbol: AT1 on Frankfurt Stock Exchange/Xetra; ALATP on Euronext) is a specialist real estate company focused on value-add income generating properties primarily in the German real estate markets. Aroundtown Property Holdings Plc (ISIN: CY0105562116) is a public limited liability company incorporated in 2004 under the laws of Cyprus, having its registered office at Artemidos & Nikou Dimitriou, 54 B, 6027, Larnaca, Cyprus (registered number HE148223). Contact: Timothy Wright T: +357-2420-1312 E: info@aroundtownholdings.com www.aroundtownholdings.com 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 JOINT BOOKRUNNERS 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 PROPERTY HOLDINGS PLC. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
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The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de/ukreg
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Language: English Company: Aroundtown Property Holdings Plc. Faros, Shop 2, Spyros Thalassines Alkyonides 7560 Larnaca Cyprus Internet: www.aroundtownholdings.com ISIN: XS1151498737 WKN: A1ZTVA Listed: Regulated Unofficial Market in Berlin, Stuttgart; Open Market in Frankfurt ; Paris Category Code: QRT TIDM: IRSH Sequence Number: 3632 Time of Receipt: 28-Nov-2016 / 07:00 CET/CEST End of Announcement EQS News Service
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524493 28-Nov-2016
