CPI PROPERTY GROUP
CPI PROPERTY GROUP continues in successful business operations, expansion plans and refinancing of existing projects
DGAP-News: CPI PROPERTY GROUP / Key word(s): Quarter Results 2015-05-29 / 18:05 --------------------------------------------------------------------- CPI PROPERTY GROUP continues in successful business operations, expansion plans and refinancing of existing projects Corporate highlights Annual General Meeting of 28 May 2015 The Annual General Meeting of the shareholders of the CPI PROPERTY GROUP (the "Company" and together with its subsidiaries the "Group") was held on 28 May 2015 (the "Meeting") and approved the Company's audited consolidated and statutory annual accounts for the financial year ending 31 December 2014. The Meeting also resolved the allocation of the Company's 2014 financial results. The Meeting decided to renew the mandate of the current Board of Directors until the Annual General Meeting for 2016 and in consideration of the approval of the annual accounts for the Company for the financial year ending 31 December 2015. Accordingly, the current Board of Directors of the Company comprises of the following members: Mr. Martin Nemecek, Mr. Edward Hughes, Mr. Radovan Vitek, Mr. Tomas Salajka, Mr. Philippe Magistretti and Mr. Oliver Schlink. The Meeting also appointed Mr. Martin Nemecek as the Managing Director of the Company. Investments and portfolio news The Group pursued new investments in line with its expansion strategy and was successful in obtaining project financing for new projects as well as existing ones under improved terms. The Group plans to grow further through purchases in Central and Eastern Europe as well as in Western Europe. The acquisitions shall be financed through existing cash in the Group as well as new funds where the market currently offers favourable conditions. GSG Berlin continues its expansion * In May 2015 the Company's German subsidiary Gewerbesiedlungs-Gesellschaft ("GSG Berlin") acquired the industrial complex Ullsteinstraße 73 in Berlin-Tempelhof for EUR 6.9 Million. Originally, it was a factory for electronic devices built by Philips between 1955 and 1956. The industrial complex is close to Tempelhofer Hafen (Tempelhof Harbour) and the subway station Ullsteinstraße; an emerging region that has performed very well in recent years. It offers architecturally impressive factory buildings with attached commercial buildings. The highlight of the area is a shed hall with a ceiling height of up to 10 meters. The five buildings offer a total of approximately 16,600 square meters. The unit sizes vary from 50 to 1,400 square meters and offer production, storage and office space for rent. Opening new commercial premises * In April 2015 the Group opened the third phase of the successful office project Meteor Centre Office Park in Prague's Karlín district. The Meteor Centre Office Park C, located directly at Krizikova metro station, comprises approximately 5,000 sqm of offices, shops and other amenities, parking on two underground floors and rental apartments. With exceptional quality of construction and services it fulfils the current demands for work environment and lifestyle. GSG Berlin obtained additional EUR 55 million financing on its Berlin's portfolio. * GSG Berlin and a bank club composed of DG Hyp, HSH Nordbank, Düsseldorfer Hypothekenbank and Investitionsbank Berlin agreed to boost the existing GSG Berlin loan by EUR 55 million, now amounting to a total of EUR 305 million. This loan increase is a consequence of excellent operating performance and an increase in rental income within the portfolio of GSG Berlin, a leading provider of office and commercial space in Berlin. EUR 30 Million Bond Issue on the Slovak market * The Group issued new bonds through its subsidiary CPI Finance Slovakia, a.s. The bonds with a nominal amount of EUR 1,000 each and an aggregate amount of EUR 30 million were issued on 16 April 2015. On the same day EUR 25 million were subscribed and by 27 April 2015 the remaining EUR 5 million were also allocated to investors. The bonds, due in 2018, are registered under ISIN code SK4120010653 and carry a fixed rate coupon of 5.85% p.a. A request for the listing of the bonds on the Bratislava Stock Exchange was filed on 27 April 2015. The prospectus was approved by the National Bank of Slovakia. Financing of EUR 117.7 million for its shopping centers in the Czech Republic. * The Group obtained three investment loans and two development loans for an aggregate amount of EUR 117.7 million. The funds will be used to refinance and increase the existing investment loans and also to finance construction of a new shopping center in the Czech Republic. An investment loan for the sum of EUR 36.5 million is allocated for the refinancing of the shopping center Olympia Teplice and another investment loan for the sum of EUR 27.9 million is allocated for the refinancing of the shopping center Olympia Mladá Boleslav. These syndicate loans were provided in equal portions by a bank club composed of UniCredit Bank, which is the arranger and security agent, and Komerční banka. The second loan portfolio for the IGY shopping center in Ceske Budejovice is allocated as follows: a EUR 30 million investment loan will be used for the refinancing of the existing loan, a EUR 9 million development loan will be used for the modernization and expansion of a cinema multiplex to be built in the current office space, and a EUR 14.3 million development loan will be used for the construction of a new IGY Center 2 with approximately 8,500 square meters of new retail space. The estimated construction time is 18 months, with the opening expected in spring 2017. This loan portfolio is again syndicated by a bank club composed of Komerční banka, which is the arranger and security agent, and UniCredit Bank. Financial highlights The gross rental income increased by 10% to EUR 53 million (Q1 2014: EUR 48 million) and the net rental income grew by 4% to EUR 49 million (Q1 2014: EUR 47 million) compared to the same quarter last year. The increase was mainly driven by new acquisitions and completed developments projects in Q4 2014. The Group expect the net rental income to grow further following to full rental income being realized on Quadrio and Meteor developments. The valuation of the investment property was kept stable in Q1 2015 with modest EUR 8 million net gain on properties with major improvement on operational results. In comparison, the Group revalued the Berlin portfolio in Q1 last year, which was the key reason for gross revaluation gain EUR 97 million. Operating profit reached EUR 45 million in Q1 2015 compared to operating profit of EUR 136 in Q1 2014. The drop in operating profit was primarily affected by the net valuation gain on investment property of EUR 97 million reported by the Group in Q1 2014. Total net finance costs dropped by EUR 19 million to EUR 1 million over 3 months of 2015. This has been caused by the other net financial results where the Group showed profit of EUR 14 million compared to a loss of EUR 5 million in Q1 2014. The main driver of the change represent the foreign exchange gain of EUR 12 million. As a result of the above, the net profit for the period amounted to EUR 37 million compared to EUR 80 million in Q1 2014. Total assets increased by EUR 96 million (2%) to EUR 4,315 million as at 31 March 2015. The increase is primarily connected with increase in property portfolio which rose by EUR 46 million to EUR 3,599 million. EPRA Net Asset Value increased to EUR 1,994 million as at 31 March 2014 which represents EPRA NAV per share of EUR 0.604. All the figures concerning the profit and loss for Q1 2014 commented in this press release relate to the pro forma presentation of the profit and loss statement of the Company as if CPI PROPERTY GROUP and Czech Property Investments, a.s. were combined as at 1 January 2013. For full Interim Report as of 31 March 2015, including Financial Highlights, Income Statement and Balance Sheet please refer to our website at www.cpipg.com For further information please contact: Kirchhoff Consult AG Sebastian Bucher Herrengraben 1 20459 Hamburg T +49 40 60 91 86 18 F +49 40 60 91 86 60 E sebastian.bucher@kirchhoff.de --------------------------------------------------------------------- 2015-05-29 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 363559 2015-05-29
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