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ORCO PROPERTY GROUP

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Orco Property Group



Company : Orco Property Group Compartment : Compartment C
ISIN : LU0122624777 Wire : Thomson Reuters ONE
Document type : Periodic information / 3rd Quarter Information    
Publication date : 11/29/2019 6:44:00 PM    

CPI FIM PR for Q3 2019

CPI FIM PR for Q3 2019


Press Release

Luxembourg, 29 November 2019                                                                                                                          

CPI FIM SA reports financial results for the third quarter of 2019

CPI FIM SA (hereinafter “CPI FIM”, the “Company” or together with its subsidiaries the “Group“),
a real estate group with a portfolio in Central and Eastern Europe, hereby publishes its unaudited financial results for the third quarter of the 2019 financial year.

As at 30 September 2019, CPI PROPERTY GROUP S.A. (hereinafter also the “CPI PG”, and together with its subsidiaries as the “CPI PG Group”) indirectly owns 97.31% of the Company shares
(97.31% voting rights).

Financial highlights

Performance 30-Sep-1930-Sep-18Change
     
Gross rental income€ thousands1,1721,1413%
Total revenues€ thousands22,16215,40744%
     
Operating result€ thousands17,2277,199139%
     
Net profit for the period€ thousands56,80535,77459%
     
  
     
Assets 30-Sep-1931-Dec-18Change
     
Total assets€ thousands4,302,1873,192,86835%
EPRA NAV€ thousands799,115736,0669%
     
Property Portfolio€ thousands514,000483,0006%
     
Gross leasable areasqm18,00010,00080%
Occupancy in %%61.9%87.3%(25.4 pp)
     
Land bank areasqm17,626,00017,626,0000%
Total number of propertiesNo.56(17%)
     
  
     
Financing structure 30-Sep-1931-Dec-18Change
     
Total equity€ thousands932,059868,8667%
Equity ratio%22%27%(5.0 pp)
     



Income statement*

Income statement for the nine-month period ended 30 September 2019 and 30 September 2018 respectively was as follows:

 INCOME STATEMENT (€ thousands)30-Sep-1930-Sep-18 
 Gross rental income1,1721,141 
 Sale of services**20,99014,256 
 Cost of service charges**(2,416)(710) 
 Property operating expenses(817)(884) 
 Net service and rental income18,92913,803 
 Development sales-10 
 Development operating expenses-  (7) 
 Net development income-3 
 Total revenues**22,16215,407 
 Total direct business operating expenses**(3,233)(1,601) 
 Net business income18,92913,806 
 Net valuation gain/(loss) on investment property***2,3611,155 
 Net gain on the disposal of investment property and subsidiaries2253,006 
 Amortization, depreciation and impairments5,792(2,434) 
 Administrative expenses(10,013)(9,171) 
 Other operating income58923 
 Other operating expenses(125)(86) 
 Operating result17,2277,199 
 Interest income109,94477,145 
 Interest expense(60,671)(39,082) 
 Other net financial result***(7,053)(1,002) 
 Net finance income 42,22037,061 
 Share of profit/ (loss) of equity-accounted investees (net of tax)(595)(562) 
 Profit before income tax58,85243,698 
 Income tax expense(2,047)(7,924) 
 Net profit from continuing operations56,80535,774 

* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34.

** In connection with the adoption of IFRS 15, the Group changed, in respect of service charges, revenue recognition from net to gross, before deduction of cost of services (please refer to the annual management report for 2018 for further detail). The presentation of the statement of profit or loss for the nine-month period ended 30 September 2018 was adjusted due to the changes in the accounting policy.

*** The Group reclassified the effect of changing foreign exchange rates on the revaluation of the investment properties from the Other net financial result to the Net valuation gain or loss. The comparative information for the 9-month period ended 30 September 2018 was adjusted accordingly.

Sale of services

Sale of services increased to €21.0 million for the 9-month period ended 30 September 2019 compared to €14.3 million for the 9-month period ended 30 September 2018 primarily due to the provision of advisory services to entities controlled by the ultimate shareholder of the Group.

Net finance income

Total net finance income improved to €42.2 million for the 9-month period ended 30 September 2019 from €37.1 million for 9-month period ended 30 September 2018. The majority of the increase relates to higher interest income (from €77.1 million to €109.9 million) due to an increase in loans provided by the Company to entities within the CPI PG Group and other related parties. Other net financial result in the 9-month period ended 30 September 2019 was mainly represented by foreign exchange losses of €7.4 million, reflecting primarily the movement of EUR against CZK during the period.

Balance sheet*

 BALANCE SHEET (€ thousands)    
 30-Sep-1931-Dec-18 
 NON-CURRENT ASSETS   
 Intangible assets1527 
 Investment property513,577474,778 
 Property, plant and equipment33398 
 Equity accounted investees3,2943,890 
 Other investments133,336125,406 
 Loans provided2,924,2112,283,819 
 Trade and other receivables9,8967,988 
 Deferred tax assets179,073180,021 
 Total non-current assets3,763,4353,076,327 
 CURRENT ASSETS   
 Inventories2897,967 
 Income tax receivables85275 
 Trade receivables9,4925,400 
 Loans provided150,79984,474 
 Cash and cash equivalents376,19214,705 
 Other current assets1,5163,334 
 Assets held for sale379386 
 Total current assets538,752116,541 
 TOTAL ASSETS4,302,1873,192,868 
 EQUITY   
 Equity attributable to owners of the Company765,175702,413 
 Non-controlling interests166,884166,453 
 Total equity932,059868,866 
 NON-CURRENT LIABILITIES   
 Financial debts3,147,8522,091,697 
 Deferred tax liabilities35,01834,160 
 Provisions1,5691,574 
 Other financial liabilities4,4812,356 
 Total non-current liabilities3,188,9202,129,787 
 CURRENT LIABILITIES   
 Financial debts133,08587,853 
 Trade payables5,36118,941 
 Income tax liabilities2141 
 Other current liabilities42,76087,280 
 Total current liabilities181,208194,215 
 TOTAL EQUITY AND LIABILITIES4,302,1873,192,868 

* The presented financial statements do not represent full set of interim financial statements as if prepared in compliance with IAS 34.

Total assets
Total assets increased by €1,109.3 million (35%) compared to 31 December 2018. The main reason is an increase of long-term loans provided to entities within the CPI PG Group. Further, cash and cash equivalents increased by €361.5 million since 31 December 2018.

Total liabilities

Total liabilities increased by €1,046.1 million (45%) compared to 31 December 2018. The increase primarily relates to additional loans provided to the Group by CPI PG (increase of €1,050.1 million).

Key events occurring after quarter-end include:

  • Acquisition of two office properties, Equator IV and Eurocentrum, in central Warsaw, Poland in November 2019.
  • Acquisition of an entity which owns three luxury residential properties in the south of France and 67 million shares of CPI PG in November 2019. CPI FIM now directly owns 252,302,248 of CPI PG shares (2.8% of shares and voting rights) and indirectly owns 67,000,000 of CPI PG shares (0.7% of shares and voting rights).

For more information please refer to our website at www.cpifimsa.com.

Investors contact:                                                                                                                                                           David Greenbaum, Director                                                                                                                                                         Tel: + 352 26 47 67 1                                                                                                                                                                                                   Fax: + 352 26 47 67 67                                                                                                                                                                                             Email: generalmeetings@cpifimsa.com


GLOSSARY

The Group presents alternative performance measures (APMs). The APMs used in this press release are commonly referred to and analysed amongst professionals participating in the Real Estate Sector to reflect the underlying business performance and to enhance comparability both between different companies in the sector and between different financial periods. APMs should not be considered as a substitute for measures of performance in accordance with the IFRS. The presentation of APMs in the Real Estate Sector is considered advantageous by various participants, including banks, analysts, bondholders and other users of financial information:

  • APMs provide additional helpful and useful information in a concise and practical manner.
  • APMs are commonly used by senior management and Board of Directors for their decisions and setting of mid and long-term strategy of the Group and assist in discussion with outside parties.
  • APMs in some cases might better reflect key trends in the Group’s performance which are specific to that sector, i.e. APMs are a way for the management to highlight the key value drivers within the business that may not be obvious in the consolidated financial statements.

EPRA Net Asset Value per share
EPRA Net Asset Value per share is defined as EPRA NAV divided by the diluted number of shares at the end of period.

EPRA NAV
EPRA NAV is a measure of the fair value of net assets assuming a normal investment property company business model. Accordingly, there is an assumption of owning and operating investment property for the long term. For this reason, deferred taxes on property revaluations and the fair value of deferred tax liabilities are excluded as the investment property is not expected to be sold and the tax liability is not expected to materialize. In addition, the fair value of financial instruments which the company intends to hold to maturity is excluded as these will cancel out on settlement. All other assets including trading property, finance leases, and investments reported at cost are adjusted to fair value.
The performance indicator has been prepared in accordance with best practices as defined by EPRA (European Public Real Estate Association) in its Best Practices Recommendations guide, available on EPRA’s website (www.epra.com).

Equity ratio
Equity Ratio provides a general assessment of financial risk undertaken. It is calculated as Total Equity divided by Total Assets.

Gross Leasable Area
Gross leasable area (GLA) is the amount of floor space available to be rented. Gross leasable area is the area for which tenants pay rent, and thus the area that produces income for the property owner.

Occupancy rate
The ratio of leased premises to total GLA.

Property Portfolio
Property Portfolio covers all properties held by the Group, independent of the balance sheet classification, from which the Group incurs rental or other operating income.

APM reconciliation

EPRA NAV per share reconciliation (€ thousands)30-Sep-1931-Dec-18
Consolidated equity765,175702,413
Deferred taxes on revaluations33,94033,653
EPRA Net asset value799,115736,066
Existing shares (in thousands)1,314,5081,314,508
EPRA Net asset value in per share0.610.56


Equity ratio reconciliation (€ thousands)30-Sep-1931-Dec-18
Total equity932,059868,866
Total assets4,302,1873,192,868
Equity ratio22%27%

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