August 24, 2015
The Board of Directors of Pioneer Property Group ASA has
approved the unaudited group financial results for the second
quarter and first half year of 2015. See the attached document
including the report and financial figures.
Key highlights of the Q2/2015 report:
- Pioneer Property Group ASA ("PPG") was established on May 12th
as a result of the acquisition of four separate property
portfolio companies.
- During the quarter PPG issued MNOK 650 in preference shares
and these shares were listed on the Oslo Axess stock exchange in
June.
- To further strengthen the Company's balance sheet a private
placement of MNOK 90 ordinary shares was completed.
- Total revenues in the quarter amount to MNOK 27.2, and pre-tax
loss MNOK -5.3 (from the period of the Group's establishment 12
May to the end of the quarter 30 June). The negative bottom line
was in line with expectations and a result of non-recurring IPO-
related costs in the period.
- The company had total assets of MNOK 3,682, where Investment
Property (112 preschools) were valued at MNOK 3,441 and with a
cash balance of MNOK 206. Total debt was MNOK 2,055 and total
equity of MNOK 1,627.
Contact persons:
Runar Rønningen (CEO) - tlf 90690038
Martin P. Hoff (CFO) - tlf 47214721