Please find attached the combined first 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 2018 was MNOK 69.7, compared to MNOK 61.4 in the first quarter of 2017. The increase is due to the acquisition of new properties during 2017, the majority in Finland.
- Operating profit (EBIT) in the quarter was MNOK 61.7 and pre-tax profit was MNOK 27.8, compared to MNOK 53.9 and MNOK 24.3 in the first quarter of 2017.
- At the end of the quarter PPG executed the quarterly dividend to holders of preference shares in total NOK 1.875 per preference share.
- At the end of the quarter PPG had total assets of MNOK 5,121, where Investment Properties were valued at MNOK 4,952, and with a cash balance of MNOK 153. Total debt was MNOK 3,166 with total equity of MNOK 1,955. Investment Properties increased in the quarter due to the acquisition of nine new properties in Finland.
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