28.03.2018
Aroundtown SA LU1673108939
DGAP-News: Aroundtown SA announces its FY 2017 results with record profitability and outstanding performance
DGAP-News: Aroundtown SA / Key word(s): Real Estate/Final Results
Aroundtown SA announces its FY 2017 results with record profitability and
outstanding performance
28.03.2018 / 06:58
The issuer is solely responsible for the content of this announcement.
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NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE
U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN
MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA
(THE "UNITED STATES") OR IN OR INTO OR TO ANY PERSON RESIDENT OR LOCATED IN
ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO PUBLISH OR DISTRIBUTE THIS
DOCUMENT.
AROUNDTOWN ANNOUNCES ITS FY 2017 RESULTS WITH RECORD PROFITABILITY AND
OUTSTANDING PERFORMANCE
- Rental and operating income of EUR527 million, increased from EUR274m in
2016
- Adjusted EBITDA up 60% to EUR429 million from EUR268 million
- FFO I of EUR293 million, increasing 77% from EUR166 million
- FFO I per share growth of 44% to EUR0.36 from EUR0.25 in 2016
- 2017 dividend distribution of EUR0.23 (subject to AGM approval), up 44%
YOY
- Net profit recorded of over EUR1.5 billion, increased 71% from EUR0.9
billion for 2016; Basic earnings per share up to EUR1.56, Diluted EPS up to
EUR1.35
- EPRA NAV incl. perpetual notes of EUR7.7 billion and EUR7.6 per share (up
41%); further increased to EUR8.7 billion incl. Q1 2018 equity and perpetual
issuances
- EPRA NAV of EUR6.5 billion and EUR6.5 per share (up 33%)
- Equity increased 84% to EUR7.2 bn, strong equity ratio of 53%; further
increased to EUR8.3 billion pro forma for March 2018 equity increase
- Investment property almost doubled to EUR9.8 billion from EUR5 bn at
year-end 2016
- LTV further decreased to 36% as of year-end 2017; 33% assuming conversion
- Conservative financial and credit position demonstrated with an ICR of
5.4x, long average debt maturity of almost 8 years and low average cost of
debt of 1.6%
- High investment-grade credit rating from S&P further upgraded to BBB+,
making Aroundtown the highest-rated company in German commercial real estate
- Strong organic growth maintained with total net rent like-for-like of 5.1%,
with 3.3% from in-place rent growth and 1.8% from occupancy increase
28 March 2018.
Quality portfolio supports record profitability and accretive growth
Aroundtown's (the "Company" or "AT") record profit of over EUR1.5 billion in
2017 is the result of its successful business model of acquiring income
generating quality properties with value-add potential in central locations
in top tier cities. The record profitability translated into strong
shareholder value creation evident from the high growth in EPRA NAV per
share (incl. perpetuals) of 41% to EUR7.6 as well as the strong FFO I per
share growth of 44% to EUR0.36, reflecting an FFO yield of 5.8%.
Accordingly, the dividend increased by 44% to EUR0.23 (subject to AGM
approval), reflecting a dividend yield of 3.7%.
Aroundtown's successful year, as well as accretive growth on a per share
basis, positioned the Company as a top performer in the market,
outperforming all benchmarks and key market indices and resulting in a
market cap of currently EUR6.4 billion, making Aroundtown the largest listed
German commercial real estate company. These achievements are topped by the
latest inclusions into major indices - the MDAX, FTSE/EPRA Index Series,
Stoxx Europe 600, GPR 250 and DIMAX.
Conservative financial structure and rating upgrade to BBB+
Aroundtown's growth was supported along a conservative capital structure.
The Loan-to-Value as of end of 2017 decreased to 36% from 39% in year-end
2016, providing significant headroom to the board's limit of 45%. In
December 2017, S&P further increased Aroundtown's credit rating to BBB+
based on a stronger asset profile. AT enjoys the best-in-class ICR of 5.4x,
the highest unencumbered ratio among German commercial real estate peers of
71% (EUR7.1 billion), and longest debt duration of almost 8 years.
Significant ESG improvement
In 2017, AT achieved important milestones on the ESG front as it was ranked
in the 88th percentile and Outperformer for its ESG efforts by
Sustainalytics among almost 300 peers worldwide and received the EPRA BPR
Gold award from EPRA for the highest reporting standards. Additionally,
after the re-domiciliation to Luxembourg, the Board of Directors has been
strengthened to 7 members of which 3 are independent.
Strong momentum maintained in 2018
Aroundtown continues in 2018 with its strong growth path, bringing the
portfolio size to EUR10.2 billion which generates an FFO I on an annualized
basis as of April 2018 of EUR369 million. The Company issued since January
2018 a total of EUR2.1bn in equity, perpetual notes and straight bonds,
supporting additional growth as well as further optimizing the debt
structure.
The full year 2017 annual report is available on the Company's website:
http://www.aroundtown.de/investor-relations/publications/financial-reports/
About the Company
Aroundtown SA (symbol: AT1), is trading on the Prime Standard of the
Frankfurt Stock Exchange, and is the largest listed German commercial real
estate company.
Aroundtown invests in income generating quality properties with value-add
potential in central locations in top tier cities in Germany/NL.
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company
(société anonyme) established under the laws of the Grand Duchy of
Luxembourg, registered with the Luxembourg Trade and Companies Register
(Registre de Commerce et des Sociétés, Luxembourg) under number B217868,
having its registered office at 1, Avenue du Bois, L-1251 Luxembourg, Grand
Duchy of Luxembourg.
Contact
Timothy Wright
T: +352 285 7741
E: [email protected]
www.aroundtown.de
DISCLAIMER
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION
OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE SECURITIES ACT), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED
STATES.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED
KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING
TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE ORDER), (II) HIGH NET
WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE
COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO
WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER
BEING REFERRED TO AS RELEVANT PERSONS). THIS COMMUNICATION MUST NOT BE READ,
ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY
INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS
AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT
PERSONS.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA), THIS ANNOUNCEMENT AND
ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE
"QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE
2003/71/EC, AS AMENDED (THE PROSPECTUS DIRECTIVE) (QUALIFIED INVESTORS). ANY
PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN INVESTOR) OR
TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO HAVE
REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL
ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED
BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA
OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A
VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS WHERE THIS WOULD RESULT
IN A REQUIREMENT FOR PUBLICATION BY THE COMPANY OR ANY OF THE MANAGERS OF A
PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND
OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE
FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH
STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO
RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN
SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF
FACTORS.
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28.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Aroundtown SA
1, Avenue du Bois
1251 Luxembourg
Grand Duchy of Luxembourg
Phone: +357 2420 1312
E-mail: [email protected]
Internet: www.aroundtownholdings.com
ISIN: LU1673108939, XS1508392625, XS1227093611, XS1336607715,
XS1403685636, XS1449707055, XS1532877757, XS1540071724,
XS1586386739, XS1649193403, XS1634523754
WKN: A2DW8Z, A1871P, A1Z07A, A18V71, A180VY, A1839S, A1899S,
A19A2V
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Stuttgart; Luxemburg
SDAX
End of News DGAP News Service
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669631 28.03.2018
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