CPI PROPERTY GROUP
CPI PROPERTY GROUP: Boost in Group Portfolio, Equity Reinforcement and Finance Optimisation
DGAP-News: CPI PROPERTY GROUP / Key word(s): Half Year Results Press Release Luxembourg, 31 August 2016 Boost in Group Portfolio, Equity Reinforcement and Finance Optimisation Corporate news Increase of share capital in amount of EUR 370.3 million The aggregate subscription price of EUR 370.3 million was partially paid by cash contributions amounting to EUR 73.5 million in total and partially by contributions in kind amounting to EUR 296.8 million in total, through contributions of bonds issued by the Company and the Company’s subsidiary Czech Property Investments, a.s. The contributed bonds were valued at their nominal value inclusive of the accrued interest as of the date of contribution. The extraordinary general meeting (the “EGM”) held on 26 May 2016 resolved to decrease the corporate capital of the Company by the amount of EUR 55,069,491.50 by means of cancellation of 550,694,915 shares held in treasury by the Company as of the date of the EGM. The corporate share capital of the Company amounts to EUR 645,110,343.60 represented by 6,451,103,436 shares. Portfolio highlights Acquisition of 97% stake in ORCO Property Group Pursuant to article 6 (2) of the Luxembourg law of 19 May 2006 on takeover bids (the “Takeover Bid Law”) NUKASSO has submitted a draft offer document for approval to the CSSF in its capacity as competent supervisory authority in accordance with article 4 (2) (a) of the Takeover Bid Law. Once approved the Offer Document will be published on the websites of CPI PROPERTY GROUP: www.cpipg.com and the Luxembourg Stock Exchange: www.bourse.lu. On 2 August 2016, the Company filed with the Czech Office for the Protection of Competition a request to obtain merger clearance concerning the acquisitions made on 8 June 2016, resulting in obtaining of direct and indirect ownership of approximately 97.31% of OPG’s share capital. The Czech Office for the Protection of Competition granted the merger clearance on 23 August 2016. OPG is an investor, developer and asset manager in the Central European real estate market. Based in Luxembourg, it is a public company listed on the Luxembourg Stock Exchange. Orco Property Group operates in a number of countries in Central Europe with main focus on the Czech Republic, Germany and Poland. Acquisition of major stake in Sunčani Hvar Acquisition of hotel operator CPI Hotels On 31 August 2016 the Group acquired 100% stake at CPI Hotels, a.s. (the “CPI Hotels”) a long-term business partner of the Group that operates 24 hotels owned by the Group. The aggregate acquisition price was CZK 1,219 million (approx. EUR 45 million). Since 1997 CPI Hotels has been the exclusive representative of the international hotel chain Choice Hotels International known as the Clarion brand in the Czech Republic and Slovakia. In 2009 CPI Hotels introduced the unique project of the five-star Buddha Bar Hotel Prague, the first hotel of the international chain Buddha-Bar Hotels & Resorts. CPI Hotels operates own brand Fortuna Hotels and brand Spa & Kur Hotels. In 2014 the portfolio operated by CPI Hotels expanded to Mamaison Hotels & Residences. Acquisition of the shopping centre in Mladá Boleslav Acquisition of the shopping centre in České Budějovice The Group begun work on the New IGY Centre in České Budějovice Capital market financing EUR 50 million Bonds issue EUR 49 million Bonds redeemed Amendment of terms of CZK 2 billion of Czech Property Investments, a.s. bonds Financial highlights The increase in total revenue has been driven by the strong performance of the recently acquired Sunčani Hvar hotel group and mountain resort in Switzerland. The operating result improved slightly from EUR 94 million in H1 2015 to EUR 95 million. Net profit for the period amounted to EUR 44 million (H1 2015 – EUR 58 million) as in the comparative period the Group recorded a single impact of property revaluation amounting to EUR 18 million. Total assets increased by EUR 580 million (13%) to EUR 4,903 million as at 30 June 2016 (2015 – EUR 4,323 million). This upturn is primarily associated with the expansion in property portfolio which rose by EUR 426 million (from 3,822 million as at 31 December 2015) to EUR 4,248. EPRA NAV increased from EUR 1,732 million as at 31 Dec 2015 to EUR 2,085 million as a result of the performance of the Group during H1 2016 and debt-to-equity transaction described above. For full Interim Management Report as of 30 June 2016, including Condensed Consolidated Interim Financial Statements as at 30 June 2016 please refer to our website at www.cpipg.com. For further information please contact: Kirchhoff Consult AG
2016-08-31 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 | ||
Grand Duchy of Luxembourg | ||
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 | |
End of News | DGAP News Service |