Summit Germany Limited Q3 2018 Unaudited Key Performance Indicators (9467I)
30 November 2018 - 1:15AM
UK Regulatory
TIDMSMTG
RNS Number : 9467I
Summit Germany Limited
29 November 2018
Summit Germany Limited
(the "Company")
Q3 2018 Unaudited Key Performance Indicators
29 November 2018
Summit Germany Limited, the AIM-listed German commercial
property investment company, is pleased to announce its unaudited
key performance indicators for the nine months ended 30 September
2018:
Profits
-- Net profit of EUR96.4 million (9/2017: EUR96.2 million, FY 2017: EUR113.0 million)
-- Profit Before Tax of EUR110.1 million (9/2017: EUR121.3 million, FY 2017: EUR128.7 million)
-- EBITDA of EUR117.9 million (9/2017: EUR129.5 million, FY 2017: EUR146.0 million)
-- Revaluation profit of EUR79.3 million (9/2017: EUR93.8
million, FY 2017: EUR88.0 million profit)
-- Gross profit of EUR44.2 million (9/2017:EUR41.2 million, FY 2017: EUR55.8 million)
NAV
-- EPRA NAV of EUR667.5 million (FY 2017: EUR572.9 million)
-- Group's NAV of EUR615.2 million (FY 2017: EUR533.3 million)
-- NAV and EPRA NAV per share of EUR1.32/EUR1.43 (FY 2017: EUR1.15/EUR1.23)
-- Total Assets of EUR1.31 billion (FY 2017: EUR1.06 billion)
Rent
-- Rental income increased 6.3% to EUR47.3 million (9/2017:
EUR44.5 million, FY 2017: EUR60.5 million)
-- Funds From Operations 13.6% up to EUR31.0 million (9/2017:
EUR27.3 million, FY 2017: EUR36.5 million)
Outlook and Valuation
-- According to the latest market reviews by leading German
brokerage firms, there is a lack of supply in the German commercial
market, therefore rental demand is resilient and rent levels are
increasing
-- German commercial rent levels may continue to grow in the
coming years until demand is satisfied
-- These dynamics are expected to have a positive impact on the
valuation of the Company's portfolio for the year ending 31
December
-- In keeping with past practice, the Company will carry out a
valuation of its portfolio for the year ending 31 December
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014.
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, Company Secretary Tel: +44 (0) 1481 700 300
Sara Bourne
Liberum Capital Limited, Nominated Adviser Tel: +44 (0) 20 3100 2222
and Joint Broker
Chris Clarke / Gillian Martin / Owen Matthews
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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