DGAP-News CPI PROPERTY GROUP reports financial results for the first quarter of 2019
DGAP-News: CPI PROPERTY GROUP / Schlagwort(e): Quartals-/Zwischenmitteilung/Immobilien
Luxembourg, 22 May 2019
CPI PROPERTY GROUP reports financial results for the first quarter of 2019
CPI PROPERTY GROUP (hereinafter "CPIPG" the "Company" or together with its subsidiaries the "Group"), the largest owner of income-generating real estate in the Czech Republic, Berlin and the CEE region, hereby publishes its financial results for the first quarter of 2019.
"In the first quarter of 2019, CPIPG continued our strong trajectory," said Martin Nemecek, CEO of CPIPG. "Income and profitability are rising, and our capital structure is extremely strong."
Key highlights for the first quarter of 2019, plus recent events, include:
- Total assets of EUR8.7 billion at the end of Q1, an increase of EUR0.5 billion from the end of 2018, primarily driven by an increase in cash and cash equivalents.
- Total revenues in Q1 of EUR163 million (up 12% versus Q1 2018), reflecting the combined effects of acquisitions in 2018 and 2019 and 3.2% like-for-like growth in rental income.
- Group occupancy increased to 94.7% in Q1, versus 94.5% at year-end.
- Funds from operations increased to EUR50 million for the quarter (up 8% versus Q1 2018).
- EPRA NAV remained unchanged at EUR4.5 billion.
- Net Interest Coverage Ratio increased to 7.7x for Q1 2019 (compared to 4.2x for 2018), reflecting the Group's successful refinancing activities during 2017 and 2018.
- Net Loan to Value (LTV) increased slightly from 36.7% at year-end to 37.4%.
- Unencumbered assets as a percentage of total assets rose to 67%, versus 65% at the end of 2018.
- Secured debt was reduced to 32% of total debt, relative to 37% at the end of 2018.
- Issuance of HKD 450 million (approximately EUR50 million) of senior bonds under the Group's EMTN programme in February 2019.