INTERCONTINENTAL INTERNATIONAL REIC S.A. (the “Group”) hereby announces that its Rental Income has recorded an increase of 25.2% in relation to the previous year 2016. Funds from Operations (FFO) recorded an increase of 18.8% and Operating Income an increase of 5.9%.
As at 31.12.2017, the Group owned a total sum of 30 properties – mainly retail and office – comprising 37,472 sqm, compared to 20 properties of 24,995 sqm on 31.12.2016 (49.9% building areas increase).
The Group’s main operational metrics for the year of 2017 vs. the previous year are as follows:
- Rental income amounted to €5,915.4 thousand Euros vs. €4,723.9 thousand Euros in 2016 (increased by 25.2%), due to new investment and the revaluation of rents.
- Fair value adjustments on investment property amounted to €1,101.6 thousand Euros vs. €1,793.2 thousand Euros in 2016.
- Operating Income (before Tax) amounted to €5,951 thousand Euros vs. €5,622.3 thousand Euros in 2016 (5.9% increase).
- Earnings Before Taxes (EBT) amounted to €3,468.6 thousand Euros, by considering the negative exchanging differences of €2,192.3 thousand Euros and after the deduction of financial expenses (net) €290.2 thousand Euros (2016: €6,007.7 thousand Euros by considering the positive exchanging differences of €670.2 thousand Euros and after the deduction of financial expenses (net) €284.7 thousand Euros).
- Taxes amounted to €726.6 thousand Euros, raising the net profits of the year at €2,742 thousand Euros (2016: €672.3 thousand Euros, raising the net profits of the year at €5,335.5 thousand Euros).
The basic ratios of the Group are as follows.
- Current (Working Capital) Ratio (Current Assets to Current Liabilities): 7.56
- Loans to Value (LTV): 37.58%
- Funds from Operations (FFO): €3,888,422
- Adjusted EBITDA: €4,869,416
- Net Asset Value per Share (NAV ps): €6.42
The financial information for the year ended December 31st, 2017 is available at the company website: www.ici-reic.com