DGAP-News: Grand City Properties S.A.: Strong growth and profitability in H1 2013
(firmenpresse) - DGAP-News: Grand City Properties S.A., / Key word(s): Half Year
Results/Interim Report
Grand City Properties S.A.: Strong growth and profitability in H1 2013
22.08.2013 / 19:50
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Grand City Properties S.A.: Strong growth and profitability in H1 2013
- Net profit amounts to EUR 58 million (EUR 0.728 EPS), 59% YOY increase
- EBITDA of EUR 69.2 million, 27% YOY increase
- EPRA NAV improved to EUR 448 million, 32% increase from December 2012
Luxembourg / Berlin, 22 August 2013 - Grand City Properties S.A. ('GCP',
ISIN: LU0775917882), a specialist for residential properties in Germany
with high value creation potential in urban growth regions, reports on a
successful first half of 2013.
The company's profitability is reflected in a EUR 58 million net profit in
H1 2013 higher by 59% in comparison to EUR 36 million in H1 2012.
GCP proved its continuing strong performance with reported EBITDA of EUR
69.2 million, 27% higher than in the comparable period (H1 2012 EUR 54.5
million).
H1 2013 revenue increased to EUR 33.4 million (H1 2012 EUR 18.3 million,
83% YOY increase) due to rental income from newly acquired assets and
increase in occupancy and rent.
Funds from Operations (FFO) have been boosted by 125% to EUR 8.1 million in
the period compared with EUR 3.6 million at H1 2012.
FFO proforma amounts to EUR 14.3 million, assuming full operation of the
entire GCP portfolio as of the beginning of the year and neutralizing the
interest of the converted bond to date. This exhibits the strong
operational performance of the current portfolio.
Net Assets Value (EPRA NAV) amounted to EUR 448 million at the end of June
2013, reflecting an increase of 32% since the end of December 2012 (EUR 339
million).
GCP's capital structure with an LTV of 43.9% demonstrates the conservative
approach on financial leverage. The debt schedule has maturities ranging
from 4 to 10 years with no material maturities until 2017. Average maturity
is approximately 6 years.
The high liquidity of EUR 136 million provides GCP with sufficiently
equipped liquidity for future growth and enables the company to receive
attractive opportunities and accomplish its goals.
The company follows primarily a buy and hold strategy. Efficient management
tools enable fast turnaround in the assets. The company increases the value
of the objects through targeted modernization and runs an intensive tenant
management. In H1 2013, the company continued its acquisition plan and
purchased 4,400 units primarily in Berlin, Nuremberg, Mannheim, Essen and
Dresden. The takeover of these units took place in July 2013 and will
predominantly impact the performance in the second half of 2013. The
company's portfolio currently comprises over 16,000 units with lettable
space in excess of 1.1 million square meters.
An additional achievement of GCP has been the successful placement of a
straight bond in 2013. The issuance was set in two tranches of which the
first tranche was issued in June 2013 to the amount of EUR 100 million
through a private placement, and the second tranche of additional EUR 100
million was issued in July 2013 in a public offering. The bonds are traded
at the Frankfurt Stock Exchange. The bonds received the same S&P rating of
BB- as the company rating.
The convertible bond issued in October 2012 is mostly converted into
equity, reflecting the investors' expectations of the company's continuing
success. As of June 30, 2013 more than 57% and as of the date of this
report 84% of the bond was converted into equity.
Furthermore, GCP received in February 2013 proceeds of EUR 35.7 million
from additional capital increase as part of an international private
placement to institutional investors.
The half-year report 2013 of Grand City Properties S.A. is available on the
company website at http://www.grandcityproperties.com/en/downloads.
Press Contact:
Dariusch Manssuri
IR.on AG
T: +49 (0) 221 9140 975
E: dariusch.manssuri(at)ir-on.com
Contact:
Kathrin Behlau
Grand City Properties S.A.
T: +49 (30) 887088183
E: anleihe(at)grandcityproperties.com
www.grandcityproperties.com
End of Corporate News
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227154 22.08.2013
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