Summit Germany Limited Q3 2018 Unaudited Key Performance Indicators (9467I)

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RNS Number : 9467I

Summit Germany Limited

29 November 2018

Summit Germany Limited

(the "Company")

Q3 2018 Unaudited Key Performance Indicators

29 November 2018

Summit Germany Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited key performance indicators for the nine months ended 30 September 2018:

Profits

   --      Net profit of EUR96.4 million (9/2017: EUR96.2 million, FY 2017: EUR113.0 million) 
   --      Profit Before Tax of EUR110.1 million (9/2017: EUR121.3 million, FY 2017: EUR128.7 million) 
   --      EBITDA of EUR117.9 million (9/2017: EUR129.5 million, FY 2017: EUR146.0 million) 

-- Revaluation profit of EUR79.3 million (9/2017: EUR93.8 million, FY 2017: EUR88.0 million profit)

   --      Gross profit of EUR44.2 million (9/2017:EUR41.2 million, FY 2017: EUR55.8 million) 

NAV

   --      EPRA NAV of EUR667.5 million (FY 2017: EUR572.9 million) 
   --      Group's NAV of EUR615.2 million (FY 2017: EUR533.3 million) 
   --      NAV and EPRA NAV per share of EUR1.32/EUR1.43 (FY 2017: EUR1.15/EUR1.23) 
   --      Total Assets of EUR1.31 billion (FY 2017: EUR1.06 billion) 

Rent

-- Rental income increased 6.3% to EUR47.3 million (9/2017: EUR44.5 million, FY 2017: EUR60.5 million)

-- Funds From Operations 13.6% up to EUR31.0 million (9/2017: EUR27.3 million, FY 2017: EUR36.5 million)

Outlook and Valuation

-- According to the latest market reviews by leading German brokerage firms, there is a lack of supply in the German commercial market, therefore rental demand is resilient and rent levels are increasing

-- German commercial rent levels may continue to grow in the coming years until demand is satisfied

-- These dynamics are expected to have a positive impact on the valuation of the Company's portfolio for the year ending 31 December

-- In keeping with past practice, the Company will carry out a valuation of its portfolio for the year ending 31 December

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

For further information please contact:

 
Summit Germany Limited                         Tel: [phone] 
Zohar Levy - Managing Director 
Itay Barlev (Braun) - Finance Director 
 
Non-Executive Chairman                         Tel: [phone] 
Harry Hyman 
 
Carey, Company Secretary                       Tel: [phone] 
Sara Bourne 
 
Liberum Capital Limited, Nominated Adviser     Tel: [phone] 
 and Joint Broker 
Chris Clarke / Gillian Martin / Owen Matthews 
 
Cenkos Securities, Joint Broker                Tel: [phone] 
Mark Connelly 
Russell Kerr / Selwyn Jones (Broking) 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 29, 2018 09:15 ET (14:15 GMT)