Half Year 2018 Preliminary Results

RNS Number : 0488Z

Summit Germany Limited

29 August 2018

 

Summit Germany Limited

(the "Company")

HY 2018 Preliminary Results

29 August 2018

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its preliminary unaudited key parameter indicators for the first half of 2018.

Profits

·     Net profit of €87.1 million (H1-2017: €12.9 million, FY 2017: €113.0 million)

·     Profit Before Tax (PBT) of €102.1 million (H1-2017: €14.1 million, FY 2017: €128.7 million)

·     EBITDA of €107.2 million (H1-2017: €19.1 million, FY 2017: €146.0 million)

·     Revaluation profit of €91.8 million (H1-2017: €3.8 million expense, FY 2017: €88.0 million profit) 

·     Gross profit of €29.1 million (H1-2017:€26.1 million, FY 2017: €55.8 million)

NAV

·     EPRA NAV of €655.0 million (FY 2017: €572.9 million)

·     Group's NAV of €605.0 million (FY 2017: €533.3 million)

·     NAV and EPRA NAV per share of €1.30/€1.41 (FY 2017: €1.15/€1.23)

·     Total Assets of €1.19 billion (FY 2017: €1.06 billion)

Rent

·     Rental income increased 10.9% to €31.5 million (H1-2017: €28.4 million, FY 2017: €60.5 million)

·     Funds From Operations (FFO) 13.7% up to €19.9 million (H1-2017: €17.5 million, FY 2017: €36.5 million)

The Company's HY 2018 results for the period ended 30 June 2018 will be announced on 26 September 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)
Inside Information This announcement contains inside information for the purposes of EU Regulation 596/2014.

 

END

 

 

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