Brack Capital Real Estate Inv N.V Associate undertaking Reports for 2016 (8082A)
29 March 2017 - 4:30AM
UK Regulatory
TIDMBCRE
RNS Number : 8082A
Brack Capital Real Estate Inv N.V
28 March 2017
28 March 2017
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Associate undertaking Reports for 2016
The Company announces that Brack Capital Properties N.V.
("BCP"), an associate undertaking of the Company whose shares are
traded on the Tel Aviv Stock Exchange, has published the following
in relation to the year ended 31 December 2016:
1. Board of Directors' report on the Corporation's state of affairs
2. Consolidated financial statements
3. Presentation of financial data from the consolidated
financial statements attributed to BCP itself
For ease of reference, the uncertified English translation of
the above documents along with the Hebrew certified versions, are
available on the Company's website www.brack-capital.com.
Key highlights relating to the principal results for the year
ended 31 December 2016 are:
1. Profitability - for 2016, BCP's net income attributed to
BCP's shareholders amounted to c. EUR 76.3 million compared to a
net income of c. EUR 63.4 million for 2015. Contribution from the
income producing real estate assets and the residential development
activity to BCP's results were:
- Income producing real estate assets - for 2016, the Funds From
Operations ("FFO") amounted to c. EUR 29.3 million compared to c.
EUR 24.3 million for 2015. The FFO in the fourth quarter of 2016
amounted to c. EUR 8 million, which grosses up to an annualized FFO
of c. EUR 32.1 million.
- Residential development activity - for 2016, the contribution
to profit from the Grafental project amounted to c. EUR 15.4
million (consolidated) from the completion of the delivery of the
remaining 55 flats, out of 118 in total, of phase B1 and the
delivery of 93 flats, out of 107 in total, of phase B3.
2. Balance sheet structure and financial strength:
a. Equity and EPRA NAV(2) - the equity attributed to the
shareholders of BCP amounted to c. EUR 419.2 million and to c. EUR
466.2 million, as of the report date and as of the report signing
date(1) , respectively. The EPRA NAV amounted to c. EUR 491.2
million and c. EUR 538.2, as of the report date and as of the
report signing date(1) , respectively
b. Debt ratios - the LTV ratio(3) is 51.3% and 47.5% as of the
report date and as of the report signing date(1) , respectively.
The EBITDA (only from the income producing portfolio, excluding
operating profit from the development activity) to interest expense
is c. 3.25x in the fourth quarter of 2016.
c. Liquidity - cash and liquid assets amounted to c. EUR 89.3
million and c. EUR 136 million as of the report date and as of the
report signing date(1) , respectively.
(1) Include the net consideration of the public offering
completed by BCP in January 2017. For additional information
regarding the public offering see material events section of the
consolidated financial statements.
(2) EPRA NAV - for information regarding the index and the
calculation method see section 5 of part A of BCP's Board of
Directors' report on the Corporation's state of affairs.
(3) Net debt to net total balance sheet.
ENQUIRIES:
BCRE - Brack Capital Real Estate
Investments N.V.
Ariel Podrojski, Chief Executive
Officer
Nansia Koutsou, Chief Financial Officer +31 20 514
/ Chief Operating Officer 1004
Novella Communications
Tim Robertson
+44 203 151
Toby Andrews 7008
About BCRE
BCRE is an international real estate development and investment
group, headquartered in the Netherlands and listed on the London
Stock Exchange. Through its subsidiary and associated undertakings,
the Company is interested in, develops and operates and
international portfolio of real estate assets, predominantly
located in the USA, Germany and Russia.
The Company has established local management team platforms with
significant local market expertise in the US, Germany, Russia,
India and the UK with exclusive access to over 550 staff. At
present, the Company has offices and teams in New York, London,
Frankfurt, Dusseldorf, Moscow, Kazan, New Delhi, Amsterdam and
Limassol.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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