Brack Capital Real Estate Inv N.V Subsidiary Reports for 2015 (1007T)
March 23 2016 - 12:30PM
UK Regulatory
TIDMBCRE
RNS Number : 1007T
Brack Capital Real Estate Inv N.V
23 March 2016
23 March 2016
BCRE - Brack Capital Real Estate Investments N.V.
("BCRE" or the "Company")
Subsidiary Reports for 2015
The Company announces that the Company's subsidiary Brack
Capital Properties N.V. ("BCRE Germany"), whose shares are traded
on the Tel Aviv Stock Exchange, has published the following in
relation to the year ended 31 December 2015:
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 BCRE Germany 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 2015 are:
1. Profitability - For 2015, BCRE Germany's net income
attributed to BCRE Germany's shareholders amounted to EUR 63.4
million compared to a net income of EUR 38 million for 2014.
Contribution from the income producing real estate assets and the
residential development activity to the BCRE Germany's results
were:
- Income producing real estate assets - For 2015, the Funds From
Operations ("FFO") amounted to EUR 24.3 million compared to EUR
19.9 million for 2014. In the fourth quarter of 2015, the FFO
amounted to EUR 6.54 million grossing up to an annual FFO of EUR
26.2 million.
- Residential development activity- For 2015, the contribution
to income from the Grafental project amounted to EUR 13.7 million
(consolidated) from the completion of the delivery of Phase A
apartments (21 apartments), the delivery of 63 apartments of Phase
B1 and the delivery of Phase B2 apartments in full (79
apartments).
2. Balance sheet structure and financial strength:
a. Equity and EPRA NAV(1) - The equity attributed to the
shareholders of BCRE Germany amounted to EUR 345.5 million and the
EPRA NAV amounted to EUR 411.5 million as of 31 December 2015.
b. Debt ratios - The LTV ratio(2) is 52.9% and the net debt to
CAP ratio(3) is 58.11% as of 31 December 2015. The EBITDA (only
from the income producing portfolio, excluding operating profit
from the development activity) to interest expenses ratio is 2.88x
in the fourth quarter of 2015.
c. Liquidity - Cash and liquid assets amounted to EUR 80.8 million as of 31 December 2015.
(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 /
Chief Operating 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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