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 for the second quarter of 2019 was MNOK 77.2 compared to MNOK 72.3 in the second quarter of 2018. The increase is related to acquisition of new properties as well as CPI-adjustments to the rental income.
- Operating profit (EBIT) for the quarter was MNOK 119.6 and pre-tax profit was MNOK 84.2 compared to MNOK 63.4 and MNOK 22.7 in the second quarter of 2018, respectively. Profitability in the second quarter was positively impacted by net fair value adjustments amounting to MNOK 48.9.
- At the end of the quarter PPG had total assets of MNOK 5 560.1 where Investment Properties were valued at MNOK 5 288.7, and with a cash balance of MNOK 255.3. Total liabilities were NOK 3 446.9 with total equity of MNOK 2 113.2.
- At the end of the quarter PPG paid quarterly dividend to holders of preference shares in total NOK 1.875 per preference share.
- In March, The Board of Directors of Pioneer Property Group ASA initiated a process to evaluate different strategic alternatives for the group.
- The company is in compliance with all bank and bond-related financial covenants.
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 in preparation 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. 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:
Anders Løken (CEO) – phone +47 97769200