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Summit Germany Ltd (SMTP)

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Thursday 31 May, 2018

Summit Germany Ltd

Q1 2018 Financial Results

RNS Number : 7392P
Summit Germany Limited
31 May 2018
 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Summit Germany Limited

(the "Company")

 

Q1 2018 Financial Results

 

31 May 2018

 

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited results for the period ended 31 March 2018:

Profits

·     Net profit increased 66% to €7.3 million (Q1-2017: €4.4million, FY 2017: €113.0 million)

·     Profit Before Tax (PBT) up 73% to €8.5 million (Q1-2017: €4.9 million, FY 2017: €128.7 million)

·     EBITDA of €11.3 million (Q1-2017: €7.8 million, FY 2017: €146.0 million)

·     Gross profit of €14.6 million (Q1-2017:€12.8 million, FY 2017: €55.8 million)

 

NAV

·      EPRA NAV of €573.8 million (FY 2017: €572.9 million)

·      EPRA NAV per share of €1.23 (FY 2017: €1.23)

·      Group's NAV of €537.6 million (FY 2017: €533.3 million)

·      Total Assets of €1,091.1 million (FY 2017: €1,057.1 million)

 

Rent

·     Rental income increased 13% to €15.9 million (Q1-2017: €14.1 million, FY 2017: €60.5 million)

·    Funds From Operations (FFO) 20% up to €10.1 million (Q1-2017: €8.4 million, FY 2017: €36.5 million)

 

For further information please contact:

 

Summit Germany Limited

Tel: +44 (0) 1481 700 300

Zohar Levy - Managing Director


Itay Barlev (Braun) - Finance Director




Non-Executive Chairman

Tel: +44 (0) 20 7451 7050

Harry Hyman




Carey Group, Company Secretary

Tel: +44 (0) 1481 700 300

Sara Bourne




Liberum Capital Limited, Nominated Adviser and Joint Broker

Tel: +44 (0) 20 3100 2222

Chris Clarke / Jill Li




Cenkos Securities, Joint Broker

Tel: +44 (0) 20 7397 8900

Mark Connelly


Russell Kerr / Selwyn Jones (Broking)






 


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