Q3 2018 Unaudited Key Performance Indicators

RNS Number : 9467I

Summit Germany Limited

29 November 2018

 

Summit Germany Limited

(the "Company")

Q3 2018 Unaudited Key Performance Indicators

29 November 2018

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited key performance indicators for the nine months ended 30 September 2018:

Profits

·      Net profit of €96.4 million (9/2017: €96.2 million, FY 2017: €113.0 million)

·      Profit Before Tax of €110.1 million (9/2017: €121.3 million, FY 2017: €128.7 million)

·      EBITDA of €117.9 million (9/2017: €129.5 million, FY 2017: €146.0 million)

·    Revaluation profit of €79.3 million (9/2017: €93.8 million, FY 2017: €88.0 million profit) 

·      Gross profit of €44.2 million (9/2017:€41.2 million, FY 2017: €55.8 million)

NAV

·      EPRA NAV of €667.5 million (FY 2017: €572.9 million)

·      Group's NAV of €615.2 million (FY 2017: €533.3 million)

·      NAV and EPRA NAV per share of €1.32/€1.43 (FY 2017: €1.15/€1.23)

·      Total Assets of €1.31 billion (FY 2017: €1.06 billion)

Rent

·    Rental income increased 6.3% to €47.3 million (9/2017: €44.5 million, FY 2017: €60.5 million)

·    Funds From Operations 13.6% up to €31.0 million (9/2017: €27.3 million, FY 2017: €36.5 million)

Outlook and Valuation

·      According to the latest market reviews by leading German brokerage firms, there is a lack of supply in the German commercial market, therefore rental demand is resilient and rent levels are increasing

·    German commercial rent levels may continue to grow in the coming years until demand is satisfied

·    These dynamics are expected to have a positive impact on the valuation of the Company's portfolio for the year ending 31 December

·      In keeping with past practice, the Company will carry out a valuation of its portfolio for the year ending 31 December     

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

 

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, Company Secretary	Tel: [phone]
Sara Bourne
Liberum Capital Limited, Nominated Adviser and Joint Broker	Tel: [phone]
Chris Clarke / Gillian Martin / Owen Matthews
Cenkos Securities, Joint Broker	Tel: [phone]
Mark Connelly
Russell Kerr / Selwyn Jones (Broking)

 

END

 

 

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