15. November 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 third quarter of 2017 was MNOK 66, compared to MNOK 52 in the third quarter of 2016. The increase is primarily through the acquisition of two portfolios in Finland during the past twelve months.
- Operating profit (EBIT) in the quarter was MNOK 58 and pre-tax profit was MNOK 33, compared to MNOK 47 and MNOK -25 in the third 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 fourth quarter 2017. See the company's website for updated financial calendar information.
- At the end of the quarter PPG had total assets of MNOK 4,616, where Investment Properties were valued at MNOK 4,432, and with a cash balance of MNOK 179. Cash is down from the second quarter primarily due to the acquisition of 14 properties in Finland, as announced in July. Total debt was MNOK 2,826 with total equity of MNOK 1,790.
- In the quarter PPG consolidated the fourteen finish properties acquired in July, which have annual rental income of EUR 2.3. Towards the end of the quarter, PPG also acquired three pre-school properties from Norlandia Care Group which will be consolidated in Q4.
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