Headline FY 2017 Results

RNS Number : 0514J

Summit Germany Limited

27 March 2018

 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Summit Germany Limited

(the "Company")

Headline FY 2017 Results

27 March 2018

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited headline results for the year ended 31 December 2017:

Profits

·     Net profit more than doubled to €113.0 million (FY 2016: €55.6 million)

·     Profit Before Tax (PBT) of €128.7 million (FY 2016: €63.9 million)

·     EBITDA up 93.9% to €146.0 million (FY 2016: €75.3 million) of which Revaluation Profit is €88.0 million (FY 2016: €28.2 million)

·     Gross profit of €55.8 million (FY 2016: €52.7 million)

NAV

·      EPRA NAV of €572.9 million increased by 22.9% compared to €466.3 million in 2016

·      EPRA NAV per share of €1.23 (FY 2016: €1.00)

·      Company's NAV increased 21.8% to €533.3 million (FY 2016: €437.9 million)

·      Total Assets of €1,057.1 million (FY 2016: €882.3 million)

Rent

·     Rental income increased by 5.8% to €60.5 million (FY 2016: €57.2 million)

·     Funds From Operations (FFO) up 4.6% to €36.5 million (FY 2016: €34.9 million)

The Company's audited annual results for the year ended 31 December 2017 will be announced on 26 April 2018.

For further information please contact:

Summit Germany Limited	Tel: [phone]
Zohar Levy - Managing Director
Itay Barlev (Braun) - Finance Director
Non-Executive Chairman	Tel: [phone]
Harry Hyman
Carey Group, Company Secretary	Tel: [phone]
Sara Bourne
Liberum Capital Limited, Nominated Adviser and Joint Broker	Tel: [phone]
Chris Clarke / Jill Li
Cenkos Securities, Joint Broker	Tel: [phone]
Mark Connelly
Russell Kerr / Selwyn Jones (Broking)

 

END

 

 

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