Brief: Eurocastle YTD Net Income Up At EUR 44.7 Million

Eurocastle Investment

18/11/2019 07:29

Nov 18 (Reuters) - Eurocastle Investment Ltd  ECT.AS :
    * NORMALISED FFO OF EUR 25.7 MILLION, OR EUR 0.60 PER SHARE,
FOR
Q3 OF 2019
    * Q3 NET ASSET VALUE (“NAV”) OF €327.5 MILLION, OR €8.97 PER
SHARE
    * Q3 YTD 2019 EBITDA OF €90.6 MILLION AND NET INCOME  OF
€44.7
MILLION, UP BY 61% AND 30% RESPECTIVELY VERSUS. YTD 2018 (UP 13%
AND 17% RESPECTIVELY ON A CONSTANT PERIMETER BASIS)
    * Q3 EBITDA MARGIN, EXCLUDING NON-RECURRING ITEMS, UP BY 4%
TO 39%
VERSUS. YTD 2018 (UP 3% ON A CONSTANT PERIMETER BASIS)
    * ON 8 NOVEMBER 2019, DOVALUE UPDATED ITS 2020-2022 BUSINESS
PLAN
TARGETS; EUR 7BN GBV PER YEAR GROWTH ON AVERAGE ALONG WITH AN
IMPROVEMENT IN GROUP COLLECTION RATE AND LOWER OUTSOURCING FEES
    * * ON 8 NOVEMBER 2019, DOVALUE UPDATED ITS 2020-2022
BUSINESS
PLAN TARGETS ;TARGETING 3% TO 5% ANNUAL CAGR IN EBITDA
(EXCLUDING NON-RECURRING ITEMS).
    * COMPANY'S DISTRIBUTION POLICY, INCLUDING REGULAR QUARTERLY
DIVIDEND, WILL NOT APPLY WITH EFFECT FROM Q3 2019
    * IN Q3 2019 EUROCASTLE BOUGHT BACK 75,697 ORDINARY SHARES
UNDER
THE BUYBACK PROGRAMME AT AN AVERAGE PRICE OF €7.52 PER ORDINARY
SHARE, REPRESENTING A 16% DISCOUNT TO THE Q3 NAV
    * SHARE BUYBACK PROGRAMME ENDED 13 NOV 2019, WITH A FURTHER
€0.7
MILLION WORTH OF SHARES BOUGHT BACK; COMPANY CHOSEN NOT TO
EXTEND PROGRAMME IN LIGHT OF ITS REALISATION PLAN ANNOUNCED
TODAY

Source text for Eikon:  ID:nGNE49L0SY 
Further company coverage:  ECT.AS 

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