25. August 2017
Please find attached the combined second 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 second quarter of 2017 was MNOK 62, compared
to MNOK 52 in the second quarter of 2016. The increase is primarily
due to the properties acquired during the second half of last year.
- Operating profit (EBIT) in the quarter was MNOK 55 and pre-tax
profit was MNOK 15, compared to MNOK 48 and MNOK 25 in the second
quarter of 2016, respectively. The results for Q2 are negatively
impacted by non-cash currency effects.
- 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 third quarter 2017. See the company's website for
updated financial calendar information.
- At the end of the quarter PPG had total assets of MNOK 4,372,
where Investment Properties were valued at MNOK 4,093, and with a
cash balance of MNOK 274. Cash is reduced from the first quarter due
to the previously announced dividend to ordinary shareholders of NOK
5 per share. Total debt was MNOK 2,594 with total equity of MNOK
1,778.
- In the quarter PPG consolidated the three pre-school properties
which were acquired towards the end of the first quarter from
operator Norlandia.
- After the end of the second quarter the Board of Directors
approved the purchase of fourteen new properties in Finland. These
properties will be included in the next financial report (Q3). See
the stock exchange notice for more information.
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