CPI PROPERTY GROUP
CPI PROPERTY GROUP publishes half-year financial results for 2020
DGAP-News: CPI PROPERTY GROUP
/ Key word(s): Half Year Results
Press Release Luxembourg, 31 August 2020 CPI PROPERTY GROUP publishes half-year financial results for 2020 “CPIPG had a successful first half of 2020,” said Martin Němeček, CEO. “Our property portfolio, rental income and occupancy grew as our team responded effectively to the challenges of COVID-19.” Key highlights for the first half of 2020 include: – CPIPG’s property portfolio increased to €9.8 billion (up 8% from year-end 2019) as the Group made €928m of acquisitions, primarily offices in Warsaw and a 29.4% stake in Globalworth. – Total assets increased to €11 billion. The Group’s results also include a fair value adjustment of -€252 million (-2.8%) because of prudent revaluations of hotels and certain retail properties, plus the impact of a weaker CZK versus EUR. – Net rental income was €164 million (up 13% versus H1 2019), because of acquisitions, higher occupancy at 94.8%, and 1.7% like-for-like growth in gross rental income. Net business income was €168 million (unchanged from H1 2019). – Consolidated adjusted EBITDA was €164 million (up 15% versus H1 2019), and funds from operations (FFO) was €115 million (up 12%). – The Group collected 93% of contracted rent before the impact of one-time COVID-19 discounts, and 97% including discounts. – Net Loan-to-Value (LTV) at 42.5% and Net ICR at 5.5x remain comfortably within the Group’s financial policy. – During the first half of 2020, the Group issued €1.19 billion equivalent of senior unsecured bonds in Euros, Sterling and Hong Kong Dollars. In January, CPIPG also issued SGD 150 million of perpetual hybrid bonds. The Group also signed a secured loan of €116 million. – Proceeds from external financings were used for acquisitions and to repay about €850 million of bonds and schuldschein maturing in 2022, 2023, 2024 and 2025.
– In July, the Group increased the size of our secured loan facility in Berlin by €259 million. – In August, the Group issued HUF 30 billion (about €86 million) of senior unsecured green bonds and acquired Concept Tower, an A+ office property in Warsaw.
CPIPG will host a webcast in relation to its financial results for the first half of 2020. The webcast will be held on Monday 7 September 2020 at 11:00am CET / 10:00am UK. Please register for the webcast via the link below: https://globalmeet.webcasts.com/starthere.jsp?ei=1361538&tp_key=9e53b7046e FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT*
* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34 Gross rental income Gross rental income increased by €17.6 million (11%) to €172.8 million in the six-month period ended Net hotel income Because of lockdowns and travel restrictions related to the COVID-19 outbreak, hotel revenue decreased by €36.9 million (65%) to €19.8 million in the six-month period ended 30 June 2020. Because the Group operates our own hotels, we were able to sharply reduce hotel operating expenses by €16.5 million (40%) to €24.6 million. Net valuation loss The valuation loss of €11.0 million in the six-month period ended 30 June 2020 primarily reflects decreased fair value of two retail properties in Budapest, Hungary. Amortization, depreciation and impairment Amortization, depreciation and impairment increased by €38.5 million to €54.9 million in the period due to negative revaluation of hotels (€37.6 million). Interest expense Interest expense increased by €13.3 million to €38.8 million in the period as the Group increased gross debt to fund acquisitions.
* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34 Total assets Total assets increased by €289.6 million (3%) to €10,962.4 million at 30 June 2020 compared Total liabilities Total liabilities increased by €367.4 million (7%) to €5,570.7 million at 30 June 2020 compared to 31 December 2019. The Group issued senior unsecured bonds of €1.19 billion and completed new loans for €116 million while repaying loans and bonds of €850 million. EQUITY AND EPRA NRV Total equity decreased by €77.8 million from €5,469.5 million as at 31 December 2019 – Decrease of retained earnings due to the loss for the period of €24.5 million; – Increase of perpetual bonds by €126.5 million; – Decrease in revaluation and hedging reserve of €30.4 million; – Decrease in translation reserve of €148.9 million; – Decrease in non-controlling interest of €0.5 million. EPRA NRV was €4,865 million as at 30 June 2020, representing a decrease of 4.6% compared to
For disclosures regarding Alternative Performance Measures used in this press release please refer to our Half-year Management Report 2020, chapters Glossary, Key Ratio Reconciliations and EPRA Performance; accessible at http://cpipg.com/reports-presentations-en.
Unaudited documents will be available tonight on:
INVESTORS CPI PROPERTY GROUP CPI PROPERTY GROUP MEDIA/ PR
31.08.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | CPI PROPERTY GROUP |
40, rue de la Vallée | |
L-2661 Luxembourg | |
Luxemburg | |
Phone: | +352 264 767 1 |
Fax: | +352 264 767 67 |
E-mail: | contact@cpipg.com |
Internet: | www.cpipg.com |
ISIN: | LU0251710041 |
WKN: | A0JL4D |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart |
EQS News ID: | 1125709 |
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