TIDMSMTG

RNS Number : 7392P

Summit Germany Limited

31 May 2018

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Summit Germany Limited

(the "Company")

Q1 2018 Financial Results

31 May 2018

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited results for the period ended 31 March 2018:

Profits

-- Net profit increased 66% to EUR7.3 million (Q1-2017: EUR4.4million, FY 2017: EUR113.0 million)

-- Profit Before Tax (PBT) up 73% to EUR8.5 million (Q1-2017: EUR4.9 million, FY 2017: EUR128.7 million)

   --     EBITDA of EUR11.3 million (Q1-2017: EUR7.8 million, FY 2017: EUR146.0 million) 
   --     Gross profit of EUR14.6 million (Q1-2017:EUR12.8 million, FY 2017: EUR55.8 million)

NAV

   --      EPRA NAV of EUR573.8 million (FY 2017: EUR572.9 million) 
   --      EPRA NAV per share of EUR1.23 (FY 2017: EUR1.23) 
   --      Group's NAV of EUR537.6 million (FY 2017: EUR533.3 million) 
   --      Total Assets of EUR1,091.1 million (FY 2017: EUR1,057.1 million)

Rent

-- Rental income increased 13% to EUR15.9 million (Q1-2017: EUR14.1 million, FY 2017: EUR60.5 million)

-- Funds From Operations (FFO) 20% up to EUR10.1 million (Q1-2017: EUR8.4 million, FY 2017: EUR36.5 million)

For further information please contact:

 
Summit Germany Limited                 Tel: +44 (0) 1481 700 300 
Zohar Levy - Managing Director 
Itay Barlev (Braun) - Finance 
 Director 
 
Non-Executive Chairman                 Tel: +44 (0) 20 7451 7050 
Harry Hyman 
 
Carey Group, Company Secretary         Tel: +44 (0) 1481 700 300 
Sara Bourne 
 
Liberum Capital Limited, Nominated     Tel: +44 (0) 20 3100 2222 
 Adviser and Joint Broker 
Chris Clarke / Jill Li 
 
Cenkos Securities, Joint Broker        Tel: +44 (0) 20 7397 8900 
Mark Connelly 
Russell Kerr / Selwyn Jones (Broking)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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