Summit Properties Limited Half-year Report (5400N)
September 25 2019 - 2:00AM
UK Regulatory
TIDMSMTP
RNS Number : 5400N
Summit Properties Limited
25 September 2019
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
Summit Properties Limited
(the "Company")
2019 Half Year Results
25 September 2019
We are pleased to present the interim unaudited results for the
six months ended 30 June 2019 ("the Reporting Period") for Summit
Properties Limited and its subsidiaries ("the Group").
Profits
-- Gross profit of EUR39.5 million (H1 2018: EUR29.1 million, FY 2018: EUR64.8 million)
-- Net profit of EUR47.8 million (H1 2018: EUR87.1 million, FY 2018: EUR289.6 million)
-- Earnings Per Share (EPS) 9.6 cents (H1 2018: 17.1 cents)
-- Profit Before Tax (PBT) of EUR56.3 million (H1 2018: EUR102.1
million, FY 2018: EUR334.2 million)
-- EBITDA of EUR64.2 million (H1 2018: EUR107.2 million, FY
2018: EUR345.4 million) of which Revaluation Profit is EUR38.6
million (H1 2018: EUR91.8 million, FY 2018: 296.8 million)
NAV
-- EPRA NAV increased 6.5% to EUR922.0 million (FY 2018: EUR866.0 million)
-- Group NAV 5.6% up to EUR825.7 million (FY 2018: EUR782.0 million)
-- NAV and EPRA NAV per share of EUR1.81/EUR2.02 (FY 2018: EUR1.71/EUR1.89)
-- Total Assets of EUR1.63 billion (FY 2018: EUR1.19 billion)
Rent and operations
-- Rental income 28.6% up to EUR40.5 million (H1 2018: EUR31.5
million, FY 2018: EUR67.4 million)
-- Annualised net rent of EUR82.2 million, equivalent to 5.4% rental yield
-- Funds From Operations (FFO) increased 35.2% to EUR26.9
million (H1 2018: EUR19.9 million, FY 2018: EUR44.3 million)
-- Average rent per sqm per month of EUR7.1m across the portfolio is lower than ERV
-- 92% occupancy over the portfolio's majority (91% including properties for re-development)
-- New leases and renewals for approximately 65,000 sqm,
securing rental income of ca. EUR5.7million p.a.
Portfolio
-- Portfolio of 103 properties with a Net Market Value (NMV) of
EUR1.5 billion (FY 2018: 103 properties at EUR1.5 billion NMV)
-- A binding agreement for the disposal of an office building at
EUR225 million, 7.9% above its 2018 year-end valuation, completion
of which is expected at the end of 2019.
-- Further progress on residential development projects; all 62
units sold; EUR2.2 million profit recognised in the Reporting
Period.
Financing
-- Refinancing of ca. EUR27 million of short-term debt
facilities. New loan provided for a 20-year term at 2.7% fixed
interest rate and 3.00% annual amortisation.
-- Following refinancing activities, Group's Net LTV is 36.6%
(FY 2018: 39.5%) with an average interest rate of 2.2% and average
unexpired term of 6.7 years.
Dividends
-- An interim dividend of 0.5 of a cent per share declared today
and we intend to declare a further interim dividend of 0.5 of a
cent per share in 2019. Following completion of the sale of the
office building referred to above and subject to market conditions,
we expect to declare a further interim dividend of 1 cent per
share.
Harry Hyman, Chairman, commented: "I'm pleased with the
portfolio performance, which benefited again from our experienced
property and asset management platform. The outlook for Germany's
commercial property markets remains positive and I'm confident that
we will continue to generate attractive income and capital returns
for our shareholders."
Zohar Levy, Managing Director, commented: "During another very
active half year we identified numerous opportunities to capitalise
upon our portfolio's potential and built up revenues from our
existing properties. The disposal of one property is expected to
release capital for further strategic investments, as well as for
the development of our existing surplus building rights. We
carefully monitor the macro--economic environment and are more
selective with new investments. However, our portfolio is under
rented and reflects substantial reversionary potential and upside
due to additional building rights in many of our properties. The
strong investment and letting markets bode well for the full year
and beyond and we are confident that we will further enhance asset
quality and future returns."
For the full report please download the PDF.
http://www.rns-pdf.londonstockexchange.com/rns/5400N_1-2019-9-24.pdf
For further information please contact:
Summit Properties Limited Tel: +44 (0) 1481 700 300
Zohar Levy - Managing Director
Itay Barlev - Finance Director
Non-Executive Chairman Tel: +44 (0) 20 7451 7050
Harry Hyman
Carey, Company Secretary Tel: +44 (0) 1481 700 300
Chris Le Page / Tom Lancaster-King
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
IR SEUFULFUSEFU
(END) Dow Jones Newswires
September 25, 2019 02:00 ET (06:00 GMT)
Summit Properties (LSE:SMTP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Summit Properties (LSE:SMTP)
Historical Stock Chart
From Aug 2023 to Aug 2024