9. May 2017
Please find attached the combined fourth quarter financial report
for Pioneer Property Group ASA (PPG PREF) and Pioneer Public
Properties AS (PPU01)
Highlights for Pioneer Property Group ASA:
- Total revenue in the first quarter of 2017 was MNOK 61, compared
to MNOK 52 in the first quarter of 2016 as a result of properties
acquired during the second half of last year.
- Operating profit (EBIT) in the quarter was MNOK 54 and pre-tax
profit was MNOK 24, compared to MNOK 47 and MNOK 23 in the first
quarter of 2016, respectively.
- At the end of the quarter PPG executed the quarterly dividend to
holders of preference shares - in total NOK 1.875 per preference
share. The next dividend to preference shareholders is scheduled for
the end of the second quarter 2017. See the company's website for
updated financial calendar information.
- At the end of the first quarter PPG had total assets of MNOK
4,410, where Investment Properties were valued at MNOK 4,043, and
with a cash balance of MNOK 363. Total debt was MNOK 2,582 with
total equity of MNOK 1,828.
- Towards the end of the quarter PPG acquired three pre-school
properties from operator Norlandia which will be included in the
second quarter results and will marginally increase revenues going
forward.
- After the end of the first quarter there was an extraordinary
general meeting which approved an extraordinary dividend to the
ordinary shareholders of NOK 5 per share - a total payment of MNOK
49.
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. 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 persons:
Runar Rønningen (CEO) - tlf +47 90690038
Martin P. Hoff (CFO) - tlf +47 47214721