DGAP-News

Aroundtown Property Holdings Plc.'s H1 2016 results: increasing operational profits and value creation

DGAP-News: Aroundtown Property Holdings Plc. / Key word(s): Half Year
Results/Real Estate
Aroundtown Property Holdings Plc.'s H1 2016 results: increasing operational
profits and value creation

29.08.2016 / 06:53
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AROUNDTOWN'S H1 2016 RESULTS: INCREASING OPERATIONAL PROFITS AND VALUE
CREATION

- Rental and operating income at EUR110 million, up 138% YOY

- EBITDA amounted to EUR610 million, increasing from EUR536 million in H1
2015.

- Adjusted EBITDA increased to EUR113 million, up 85% YOY

- Net profit amounted to EUR 510 million, (EUR505 million H1 2015)

- EPS (basic) is EUR0.6 (EUR0.83 H1 2015) EPS fully diluted is EUR0.46
(EUR0.73 H1 2015).

- FFO I at EUR71 million, up 77% YOY

- FFO I per share increased to EUR0.11, up by 40% YOY

- EPRA NAV amounts to EUR3.9 billion in June 2016, from EUR3 billion in
Dec 2015

- Low leverage: LTV 40%. After conversion of "in-the-money" convertible
bond LTV is down to 32%. High Interest Cover Ratio maintained at 4.6x

- Board of Directors updated the financial policy and set the LTV limit
at 45%, down from 50%

- Equity ratio at 52%, up to 59% including the conversion of "in the
money" convertible bond

- Robust capital structure and conservative financial policy, along with
EUR227 million cash and liquid assets and additional EUR500 million
straight bond issuance in July 2016, providing significant firepower
for additional acquisitions

29 August 2016.

Remarkable operational performance rising from internal and external
portfolio growth boosting top and bottom line

The outstanding portfolio growth and ongoing operational improvements
resulted in 138% growth in the top line to EUR110 million rental and
operating income in the first six months of 2016. Accordingly, and
following successfully repositioning of the portfolio, the Adjusted EBITDA
increased to EUR113 million and the FFO to EUR71 million. Due to successful
repositioning measures performed, and acquisitions of high quality
properties the vacancy of the commercial portfolio decreased to 7.4% of the
rentable area as of August 2016.
AT presents accretive FFO growth with FFO per share increase of 40% to
EUR11.2 cent. Along the increased operational profitability, AT recorded