GxP German Properties AG

  • WKN: A2E4L0
  • ISIN: DE000A2E4L00
  • Land: Deutschland

Nachricht vom 15.03.2018 | 08:54

GxP German Properties records earnings after taxes of EUR 15.5 million in 2017 according to provisional figures

GxP German Properties AG / Key word(s): Preliminary Results
GxP German Properties records earnings after taxes of EUR 15.5 million in 2017 according to provisional figures

15-March-2018 / 08:54 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Insider information according to Article 17 of the MAR

GxP German Properties records earnings after taxes of EUR 15.5 million in 2017 according to provisional figures

Frankfurt, 15 March 2018 - GxP German Properties AG (ISIN DE000A2E4L00 / WKN: A2E4L0) recorded earnings after taxes of EUR 15.5 million in fiscal year 2017 according to provisional IFRS figures which are, as yet, unaudited. Net income in the previous year totaled EUR 7.3 million. EPRA Net Asset Value per share increased to EUR 6.12 and is thus slightly higher than the company's forecast of at least EUR 6.05. The company has enjoyed very positive operating growth, however due to high one-off effects in 2017 the funds from operations (FFO) target of 3.5 million for 2017 was not reached.

Information and Explanation of the Issuer to this News:

The provisional figures reflect a successful year of business for GxP German Properties AG. As announced, the 2017 consolidated financial statements were prepared using International Financial Reporting Standards (IFRS) for the first time. According to IFRS accounting, the company recorded provisional earnings after taxes of EUR 15.5 million, compared to EUR 7.3 million in 2016.

Active asset management and the expansion of the company's real estate portfolio from eight to twelve properties as of 31 December 2017 caused the market value of the portfolio to increase from around EUR 88 million in 2016 to around EUR 165 million. The total area for rent increased to 106,700 m² (previous year: 65,100 m²), and the weighted average unexpired lease term (WAULT) increased to 3.7 years compared to 2.9 years at the end of 2016.

Annualised rental income increased to EUR 10.7 million as a result of rental agreements that were concluded, with a vacancy rate of 12.1%. The net loan to value (LTV) was reduced substantially to 59 % from 63.3% at the end of 2016. EPRA Net Asset Value (NAV) increased to around EUR 64.8 million as of 31 December 2017, or around EUR 6.12 per share, which is even slightly higher than the forecast NAV per share of at least EUR 6.05. At the end of 2016 the company recorded a comparable figure of EUR 4.88 per share. This corresponds to growth in the Net Asset Value per share of 25% throughout 2017.

Despite a very successful operating year, earnings are still impacted to a great extent by one-off factors. It was not possible to reach the target for 2017 of reaching an FFO of EUR 3.5 million. In 2017 the company was impacted, in particular, by the catch up of the maintenance backlog in the portfolio, by transitioning its accounting to IFRS, broken deal costs as well as restructuring charges.
GxP German Properties AG will publish its annual report for 2017 after completion of the final annual financial statements in April 2018 on the company's Web site www.gxpag.com.

IR Contact

Axel Mühlhaus / Patrick Wang
edicto GmbH
Eschersheimer Landstr. 42-44
D-60322 Frankfurt
Tel. +49 (0) 69 905505-52
Fax: +49 7082- 0 905505-77
E-mail: gxp@edicto.de

15-March-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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