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Final Results
Secure Property Development & Investment PLC, the AIM quoted South Eastern European focused property and investment company, has announced its full year financial results for the year ended 31 December 2014.
Financial Highlights
· 59% increase in total asset value to €62 million (2013: €39million) reflecting the transformational acquisitions made during the year across the region
· 33% increase in rental income to €3.6 million (2013: €2.7million)
· 300% increase in EBITDA to €0.8 million (2013: €0.2million)
· £0.75 per share of Net Asset Value at year end (2013: £1.13) significant premium to current share price – provides strong asset backing
Operational Highlights
· Successfully implemented strategy to expand geographic spread of the portfolio to encompass fast growing South Eastern European countries which offer high yields and capital growth
· Acquired three income producing assets in Romania & Greece that generate ~€3.5 million of Net Operating Income annually, increasing the Company’s annualised NOI by ~230%
o Blue chip tenants include Danone, Nestle & Kuehne+Nagel
o Long lease terms providing revenue visibility
· Platform in place to take advantage of highly positive South Eastern European property market fundamentals
Post Balance Sheet Highlights
· €26 million of net asset value acquisitions made in Romania and Bulgaria in 2015
o increases total Assets under Management (AuM) to €126 million
o provides further geographic diversification of portfolio, and
o ensures its position as a regional property company
· €8 million cash raised via Open Offer in March 2015
Lambros G. Anagnostopoulos, Chief Executive Officer, said, “2014 has been a transformational year for the Company, one that has seen us embark on the roll-out of our regional growth strategy. Thanks to this, the Company has ended the year with a presence in three countries and a geographically diversified portfolio of prime real estate in Southeastern Europe, which generates visible income streams and offers significant capital growth potential.
“In 2014, we added three income producing properties in Greece and Romania to our portfolio, all of which fit our investment criteria: prime locations; strong covenants with blue chip tenants on long term rental contracts; secured at attractive, double digit yields. As a result we now have a broad asset backed, revenue generative property portfolio. With a strong management team in place with a proven track record in emerging Europe, coupled with positive market fundamentals for the region, I look forward to the year ahead, as we continue to implement our strategy towards our goal of creating the leading institutional South Eastern European income producing and dividend yielding property company.”
