EANS-News: Grand City Properties S.A. /
20.03.2013 – 10:23
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Annual Reports Luxembourg (euro adhoc) - Luxembourg, 20 March 2013 Grand City Properties S.A. Year end 2012 audited financial results exhibit strong operational growth, conservative capital structure, significantly improved performance and reflect an adequate platform for future growth: * EBITDA increased to EUR122.4million * Net profit increased to EUR92.9million * Revenues increased to EUR60.4million * EPRA NAV improved to EUR243.1million * Loan-to-Value decreased to 46.63% * High liquidity with EUR81million cash balances Luxembourg, 18 March 2013 - Grand City Properties S. A. ("GCP" or the "Company") demonstrated strong and improved performance with reported EBITDA of EUR122.4million, reflecting an increase of 45% compared to last year. Net profit increased to EUR92.9million in comparison to EUR58.7million in 2011 (including non-controlling interests), reflecting a 58% increase to 2011. GCP achieved strong and stable operational growth with revenues of EUR60.4million, reflecting an increase of 129% compared to the prior year. The investment portfolio increased to EUR560million (including joint ventures), a 72% growth compared to 2011. Net Assets Value (EPRA NAV) amounted to EUR243million in 2012, an increase of 119% from EUR111million in 2011. GCP maintains a sustainable and conservative capital structure. LTV has decreased to 46.6% in 2012 from 50.3% in 2011, with long term loan maturities ranging from 2017 till 2021. The high cash balances of EUR81million provides GCP sufficiently equipped liquidity for future growth to perceive attractive opportunities and accomplish its goals. GCP's share capital increased by EUR20million from two successful capital increases. An additional achievement has been the completed placement of bonds (the "Bonds"), convertible into ordinary shares of GCP, with an aggregate principal amount of EUR100million. The Bonds were offered to institutional investors in a private placement in Europe, managed by Credit Suisse. Furthermore, GCP received in February 2013 gross proceeds of EUR35.7million from additional capital increase as part of an international private placement to institutional investors. S&P assigned Grand City Properties, a BB- Rating and ilA rating with a stable Outlook. The rating applies also to the convertible bonds. GCP's effective growth strategy is set to continue. The Company is in advanced stages to purchase over 3,500 units in several transactions predominantly in Berlin, NorthRhineWestphalia and Nürnberg. The Company believes its platform has the right skills and systems to continue to perform strongly and to further expand in the German market. GRAND CITY PROPERTIES S.A. Grand City Properties S.A. is a specialist real estate company focused on investing in and managing turnaround opportunities in the German real estate property market. Grand City Properties S.A.'s business model is focused on buying apartment buildings with strong underlying fundamentals which are not optimally managed or positioned, and turning them around through targeted modernisation and intensive tenant management. This enables the Company to create significant value in its portfolio. The full financial statements are presented in the company's website. Contact: Grand City Properties S.A. 6, boulevard Pierre Dupong L 1430 Luxemburg www.grandcityproperties.com Further inquiry note: Herr David Netzer Tel.: 004930887088-168/004930887088-192 E-Mail: david.netzer@grandcity.lu end of announcement euro adhoc -------------------------------------------------------------------------------- company: Grand City Properties S.A. boulevard Pierre Dupong 6 D-L-1430 Luxembourg phone: 0035226187379 FAX: 0035226187779 WWW: http://www.grandcityproperties.com sector: Real Estate ISIN: LU0775917882 indexes: Entry Standard Index stockmarkets: Open Market: Frankfurt language: English