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AFI net income up 8% at 9M, Romanian projects valued at 600 mln. euro

The net operating income (NOI) of the Romanian portfolio of AFI Europe Romania increased to euro 30 million, 8.2% higher then the first nine months (9M) of 2014. AFI Palace Cotroceni, the biggest asset, was valued as of 30.09.2015 at euro 434 million.

2015-11-23 16:11:47 - by Bogdan Tudorache

The NOI for 3rd quarter (Q3) was of euro 10.2 million and close to euro 30 million in the first 9 months of 2015, representing an 8.2% higher result compared to the similar periods of 2014.

Total value of the completed projects, shopping malls AFI Palace Cotroceni, AFI Palace Ploiesti and the first 3 office buildings of AFI Park, increased to close to euro 600 million, as of September 30, 2015.

AFI Palace Cotroceni Shopping Mall in Bucharest, the company's largest and most important asset, generated a NOI of euro 7.7 million in Q3 2015, representing 3.3% higher result than 2014 and euro 23 million in the first 9 months of 2015, representing a 4% higher result compared to the same period of 2014.

The shopping mall was valued as of September 30, 2015 at euro 434 million, representing an increase of 8.2% compared to last year.

AFI Palace Cotroceni retailer's sales (turnover) excluding the hypermarket increased by 7.3% in Q3 and by 7.4% in the first 9 months of 2015, compared to the same periods in 2014.

AFI Palace Ploiesti shopping mall net operating income (NOI) resulted in euro 3.2 million for the first 9 months of 2015 representing a 7% increase compared to the same period last year.

AFI Palace Ploiesti results show significant increase in retailer's sales (Turn-Over) which was increased in Q3, 2015 by 28% and by 23% in the first 9 months of 2015, compared to the same periods in 2014. Current occupancy rate of the shopping mall in Ploiesti exceeds 99%.

AFI Palace Ploiesti was valued at euro 67.7 million as of September 30, 2015, as opposed to euro 66 million last year.

"AFI Europe Romania has concluded Q3 and the first 9 months of 2015 with excellent operational and financial results as shown by the growth in NOI (Net Operating Income) of our income generating assets in Romania by 8.2% and by the valuation of our existing assets, 2 shopping malls and 3 office buildings, rising to a value close to euro 600 million," said David Hay, CEO AFI Europe Romania.

"Currently the portfolio in Romania consists of 150,000 sqm of leasable areas with an average occupancy rate in all income producing assets of over 98%. Additional 32,000 sqm of GLA are to be added to the portfolio upon the completion of AFI Park 4&5 in January 2016.

The good financial results coupled with positive microeconomic numbers of Romania encourage us to start more projects during next year such as: The new shopping Mall to be developed in Brasov (45,000 sqm GLA) and the Office Park to be developed on Progresului Boulevard in Bucharest (50,000 sqm GLA), which are planned to commence construction in 2016".

AFI Properties announces Dividend Distribution of euro 45 million

"AFI Properties", the parent company of "AFI Euroope", has published its Q3 and first 9 months of 2015 financial reports, registering profits of euro 34 million in Q3 and euro 46 million for the first 9 months of 2015.

AFI Properties also announced a net operating income (NOI) of euro 20 million for Q3 2015 and euro 61 million for the first 9 months of 2015 representing an increase of 2.3% in comparison to the first 9 months of 2014. Results for the first 9 months of 2015 compared to 2014 were influenced by the sale of the shopping mall in Pardubice in the Czech Republic and the weakening of the euro currency vs. the Shekel. The operational profit increased in the first 9 months of 2015 by 24% to euro 98 million compared to same period in 2014.

AFI Properties announced an additional dividend distribution to its shareholders of approximately euro 45 million following euro 18 million previously distributed this year.

Currently, AFI Properties through its subsidiaries is developing 75,000 sqm of offices (32,000 sqm in AFI Park 4 & 5 in Bucharest) and 575 residential units in addition to several hundreds of thousands of sqm which are currently in design phase.

AFI Properties currently owns 548,000 sqm of income producing assets.

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