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15/05-2019 08:00:00: (PPG-PREF.OAX) PPG/PPP Financial Report for Q1 2019

PPG/PPP Financial Report for Q1 2019

Please find attached the combined first quarter financial report for Pioneer
Property Group ASA (PPG PREF) and Pioneer Public Properties AS (PPU01) 

Highlights for Pioneer Property Group ASA:

- Total revenue for the first quarter of 2019 was MNOK 77.6 compared to MNOK
69.7 in the first quarter of 2018. The increase is related to acquisition of new
properties as well as CPI-adjustments to the rental income.
- Operating profit (EBIT) for the quarter was MNOK 69.0 and pre-tax profit was
MNOK 20.3 compared to MNOK 61.7 and MNOK 27.8 in the first quarter of 2018,
respectively.
- At the end of the quarter PPG had total assets of MNOK 5 522.6 where
Investment Properties were valued at MNOK 5 236.4, and with a cash balance of
MNOK 277.6. Total liabilities were NOK 3 462.3 with total equity of MNOK 2
060.3. The change related to valuation of Investment Properties from the fourth
quarter 2018 is solely due to currency fluctuations.
- The company effectuated a one-year extension of the MNOK 260 facility with
Pareto Bank. 
- At the end of the quarter PPG paid quarterly dividend to holders of preference
shares in total NOK 1.875 per preference share. 
- In March, The Board of Directors of Pioneer Property Group ASA initiated a
process to evaluate different strategic alternatives for the group. See section
Key material events during the quarter.
- The company estimates that insourcing of the management services will entail
an annual reduction in the company's consolidated operational expenses (OPEX) in
the range of NOK 5-10 million, excluding non-recurring cost and based on
continued operations at the current level. 
- The company is in compliance with all bank and bond-related financial
covenants.

Pioneer Public Properties AS: 

The Pioneer Public Properties AS (PPP) group of companies was established
towards the end of 2015 and comprise all the operational companies in Pioneer
Property Group ASA. The reason for establishing this subset group of companies
was for the issuance of the PPP unsecured bond of MNOK 1 000, which was issued
in the third quarter of 2016. The financial statements of Pioneer Public
Properties AS are therefore very closely related to the financial statements of
Pioneer Property Group ASA, with the key difference being the exclusion of the
mother company of the PPG group including its newly acquired subsidiary Pioneer
Management AS. All operational discussions will be identical for the two groups,
and discussions of financial accounts will be similar, with a few exceptions.
See the attached report for more details. 

Contact: 

Anders Løken (CEO) - phone +47 97769200

Ekstern link: https://newsweb.oslobors.no/message/476980

Nyheten er levert av OBI.