Brack Capital Real Estate Inv N.V Subsidiary Financial Report for 3rd Quarter 2015 (6658G)
November 23 2015 - 11:00AM
UK Regulatory
TIDMBCRE
RNS Number : 6658G
Brack Capital Real Estate Inv N.V
23 November 2015
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Subsidiary Interim Financial Report for Third Quarter of
2015
BCRE is pleased to announce that Brack Capital Properties N.V.
("BCRE Germany"), a subsidiary of the Company, whose shares are
traded on the Tel Aviv Stock Exchange, has published its Interim
Financial Report for the third quarter of 2015 ("Interim Financial
Report").
The Interim Financial Report published by BCRE Germany
includes:
1. Board of Directors' Report on the Corporation's State of Affairs
2. Interim Condensed Consolidated Financial Statements as of 30 September 2015 (unaudited)
3. Presentation of financial data from the Interim Condensed
Consolidated Financial Statements attributed to BCRE Germany itself
as of 30 September 2015 (unaudited)
For ease of reference, we have provided an uncertified English
translation of the Interim Financial Report and the Hebrew version
published by BCRE Germany on the Company's website -
www.brack-capital.com.
Key highlights relating to the principal results for the Interim
Financial Report:
1. Profitability - in the third quarter of 2015, BCRE Germany's
net income attributed to BCRE Germany's shareholders amounted to c.
EUR 20.4 million compared to a net income of c. EUR 13.5 million in
the corresponding quarter last year. Contribution from the income
producing real estate assets and the residential development
activities to BCRE Germany's results were:
- Income producing real estate assets - in the third quarter of
2015, the Funds From Operations ("FFO") amounted to c. EUR 6.4
million compared to c. EUR 5.2 million in the corresponding quarter
last year. The FFO in the reported quarter grosses up to an
annualized FFO of c. EUR 25.6 million.
- Residential development activity - in the third quarter of
2015, BCRE Germany completed the delivery of all apartments under
phase A in the Grafental project. The delivery of apartments of
phases B1 and B2 is scheduled to take place in the fourth quarter
of 2015 and the first quarter of 2016 and BCRE Germany will
recognize the related profits accordingly.
2. Balance sheet structure and financial strength:
- Equity and NAV - the equity attributed to the shareholders of
BCRE Germany amounted to c. EUR 325.5 million and the NAV(1)
amounted to c. EUR 391.7 million as of the report date.
- Debt ratios - the LTV ratio(2) is c. 53% and the net debt to
CAP ratio(3) is c. 59.7% as of the date of the report. The EBITDA
(only from the income producing portfolio, excluding operating
profit from the development activity) to interest expenses is c.
2.8x in the third quarter of 2015.
- Liquidity - cash balances amounted to c. EUR 74.7 million as of the report date.
(1) EPRA NAV - for information regarding the index and the
calculation method see section 5 of part A of BCRE Germany's Board
of Directors' Report on the Corporation's State of Affairs.
(2) Net debt to net total balance sheet.
(3) For details regarding the calculation method, see part E of
BCRE Germany's Board of Directors' Report on the Corporation's
State of Affairs - designated disclosure to the bondholders,
section 4c, the CAP ratio calculation in the report.
ENQUIRIES:
BCRE - Brack Capital Real Estate Investments
N.V.
Ariel Podrojski, Chief Executive Officer
Nansia Koutsou, Chief Financial Officer +31 20 514 1004
Novella Communications
Tim Robertson
Ben Heath +44 203 151 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 an
international portfolio of real estate assets, predominantly
located in the USA, Germany, Russia, India and the UK.
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 400 staff. At
present, the Company has offices and teams in New York, London,
Frankfurt, Düsseldorf, Moscow, Kazan, New Delhi, Amsterdam,
Limassol and Budapest.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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