DGAP-News: Grand City Properties S.A., / Key word(s): 9-month figures
GRAND CITY PROPERTIES S.A.: Board of Directors reports strong growth
and profitability for the first nine months report of 2013. Further
measures to strengthen corporate governance and reporting standards.
26.11.2013 / 08:38
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GRAND CITY PROPERTIES S.A.
Luxembourg, 26 November, 2013.
Board of Directors reports strong growth and profitability for the first
nine months report of 2013. Further measures to strengthen corporate
governance and reporting standards.
- Net profit for 1-9/2013 amounts to EUR 137 million (EUR 1.603 EPS), 105
% YOY increase
- EBITDA for 1-9/2013 of EUR 157.2 million, 70 % YOY increase
- FFO for 1-9/2013 of EUR 22.4 million (EUR 0.32 FFO per share), 182 %
YOY increase
- EPRA NAV as of 30 September 2013 improved to EUR 556 million, 64 %
increase from 31 December 2012
- Strong acquisition pipeline in advanced signing stages. Company is
considering options to fund the growth of the portfolio including
equity, bond or bank financing.
- Corporate governance and reporting standards: Appointment of Mr
Windfuhr as CEO, Mr Gabay as Chairman of the Advisory Board, quarterly
financial reporting starting with this quarter and going forward.
Grand City Properties S.A. (the 'Company') reports on the successful
results for the first nine months of 2013. To strengthen reporting and
listing standards, the Board of Directors decided to start publishing
quarterly financial statements beginning with third quarter 2013
financials.
The Company's profitability is reflected in a EUR 137 million net profit
for 1-9/2013 which is 105 % higher in comparison to EUR 67 million for
1-9/2012.
The Company proved its continuous strong performance with reported EBITDA
of EUR 157.2 million; 70 % higher than in the last year's period (1-9/2012
EUR 92.7 million).
The 1-9/2013 revenue increased to EUR 64.3 million (1-9/2012 EUR 34.3
million, 88 % increase).
Funds from operations (FFO) were improved significantly by 182 % to EUR
22.4 million in 1-9/2013 compared to EUR 7.9 million in 1-9/2012.
The net assets value (EPRA NAV) amounted to EUR 556 million as of 30
September 2013, reflecting an increase of 64 % since 31 December 2012 (EUR
339 million).
The Company's portfolio currently comprises over 22,000 units. The Company
intends to continue the successful implementation of its growth strategy
and is in an advanced process of signing a string of new acquisitions and
options over various under-performing property portfolios with a total
volume of more than EUR 200 million.
As of 30 September 2013 the Company has cash and liquid securities at the
amount of EUR 165.2 million, a conservative balance sheet with a LTV of
45.8 %, and unencumbered assets at the amount of over EUR 200 million. The
debt schedule has maturities ranging from 4 to 13 years with no material
maturities until 2017. The average maturity is approximately 6 years. In Q3
2013 the EUR 100 million 2017 convertible bond has been completed the full
conversion into equity. This successful full conversion strengthened the
Company's equity and reduced its interest payments significantly.
The Board of Directors has decided that the Company's target LTV shall stay
conservative below 55% with a strategic target to further improve the
corporate rating. At present the Company is considering various options to
fund the further growth of the Company's portfolio including potential
equity, bond or bank financing.
Furthermore, the Board of Directors appointed Mr Christian Windfuhr as
Chief Executive Officer with immediate effect. Mr Windfuhr is envisaged to
be elected in the upcoming OGM as fourth member of the Board of Directors.
In addition, Mr Yakir Gabay was appointed as the Chairman of the Company's
Advisory Board.
The Q3 report 2013 of Grand City Properties S.A. is available on the
Company's website: http://www.grandcityproperties.com/en/node/205
About Grand City Properties:
Grand City Properties (ISIN: LU0775917882) focuses on investing in and
managing turnaround opportunities in the German real estate property
market, especially in large urban high-density areas. The company follows
primarily a buy and hold strategy. Efficient management tools enable
sustainable and targeted improvement of the real estate properties. The
company's portfolio comprises of approximately 22,000 units. Since May
2012, Grand City Properties is listed on the Frankfurt Stock Exchange.
Further information: www.grandcityproperties.com.
Contact:
Grand City Properties S.A.
6, boulevard Pierre Dupong
L 1430 Luxemburg
www.grandcityproperties.com
Press Contact:
Katrin Petersen
Grand City Properties S.A.
T: +49 (30) 887088-1128
E: info@grandcity.lu
www.grandcityproperties.com
End of Corporate News
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241610 26.11.2013
DGAP-News: GRAND CITY PROPERTIES S.A.: Board of Directors reports strong growth and profitability for the first nine months report of 2013. Further measures to strengthen corporate governance and reporting standards.
| Source: EQS Group AG