Q1 2018 Financial Results

RNS Number : 7392P

Summit Germany Limited

31 May 2018

 

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

Summit Germany Limited

(the "Company")

Q1 2018 Financial Results

31 May 2018

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited results for the period ended 31 March 2018:

Profits

·     Net profit increased 66% to €7.3 million (Q1-2017: €4.4million, FY 2017: €113.0 million)

·     Profit Before Tax (PBT) up 73% to €8.5 million (Q1-2017: €4.9 million, FY 2017: €128.7 million)

·     EBITDA of €11.3 million (Q1-2017: €7.8 million, FY 2017: €146.0 million)

·     Gross profit of €14.6 million (Q1-2017:€12.8 million, FY 2017: €55.8 million)

NAV

·      EPRA NAV of €573.8 million (FY 2017: €572.9 million)

·      EPRA NAV per share of €1.23 (FY 2017: €1.23)

·      Group's NAV of €537.6 million (FY 2017: €533.3 million)

·      Total Assets of €1,091.1 million (FY 2017: €1,057.1 million)

Rent

·     Rental income increased 13% to €15.9 million (Q1-2017: €14.1 million, FY 2017: €60.5 million)

·    Funds From Operations (FFO) 20% up to €10.1 million (Q1-2017: €8.4 million, FY 2017: €36.5 million)

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)

 

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