Earnings Release • Sep 14, 2016
Earnings Release
Open in ViewerOpens in native device viewer
14 September 2016 – Embargo until 07:00 (CET)
Antwerp, Belgium – 14 September 2016 – Interim results for the period from 01/01/2016 to 30/06/2016
Xior confirms its objectives for 2016. Results for the first half year in line with expectations and confirmation of the expected net current result per share and associated gross dividend of EUR 1.13 for 2016
Current pipeline already means portfolio will exceed EUR 300m by the end of 2017, crossing the milestone of 3,000 (existing & pipeline) lettable student units. This is a doubling in 2 years' time. Xior's portfolio currently includes 2,280 lettable student units and shows a 56% rise since 31 December 2015.
In the first half of 2016, Xior Student Housing achieved a net rental income of EUR 4,727k: EUR 2,132k in Q1 and EUR 2,595k in Q2. This is a 21.7% increase since Q1. There will be a further relative increase in this rental income in the second half of the year, as certain properties did not generate a full rental income yet during the first half of the year.
This mainly relates to the following properties:
The following acquisitions are still planned for this year:
1 This is the new official address of the Campus on Voskenslaan in Gent.
14 September 2016 – Embargo until 07:00 (CET)
This is expected to generate an additional total rental income of EUR 1,785k during the second half of the year. The renovation of 74 Bondgenotenlaan experienced some delay due to delays in the permit process. This property will therefore only start generating rental income as of 2017. A number of rooms in some other properties are being renovated as part of the portfolio renovation program.
The net current result and net result will continue to increase proportionally, primarily because of the proportional increase in the net rental income in the second half of the year and the proportional reduction of corporate operating charges and taxes.
On 30 June 2016, the portfolio consisted of 2,108 student units. This resulted in a valuation of the real estate portfolio of EUR 214,417 on 30 June 2016, a 10.1% increase since 31 December 2015. This increase partially arises from the merger with Devimmo on 1 March 2016. The value of the project situated at 42- 44 Overwale also increased2 . On 30 June 2016, 573 units or 27% of the entire portfolio were still under construction. They will be operational and make a full contribution to the rental income as from September 2016. By the end of December, the portfolio is expected to consist of 2,436 lettable student units, a 67% portfolio increase since 31 December 2015. If all acquisitions currently in the pipeline are implemented, the value of the real estate portfolio will rise to EUR 253m by the end of the year and EUR 328m – with more than 3,000 student units – by the end of 2017. This means the lettable units will have doubled in 2 years. On 30 June 2016, the debt ratio was 45.9%, compared with 45% on 31 December 2015.
2 This is the new official address of the Campus on Voskenslaan in Gent.
14 September 2016 – Embargo until 07:00 (CET)
| Consolidated income statement | in KEUR | 30/06/2016 | 31/12/2015 |
|---|---|---|---|
| Net rental income | 4,727 | 563 | |
| Real estate result | 4,413 | 667 | |
| Operating result before result on the portfolio | 2,184 | 132 | |
| Financial result (excl IAS 39) | -603 | -54 | |
| Net current result3 | 1,280 | 14 | |
| Net current result excl impact IFRIC 21 | 1,585 | NA | |
| Result for the portfolio (IAS 40) | 1,912 | -529 | |
| Reevaluation of financial instruments (ineffective interest rate hedges - IAS 39) | -2,173 | 0 | |
| Net result (IFRS) | 1,018 | -514 | |
| Net result excl. impact IFRIC 21 | 1,323 | NA | |
| Number of lettable student units4 | 1,535 | 1,462 | |
| Consolidated balance sheet | in KEUR | 30/06/2016 | 31/12/2015 |
| Equity | 115,166 | 108,382 | |
| Fair value of the real estate portfolio5 | 214,471 | 194,753 | |
| Debt ratio (GVV-Wet)6 | 45.9% | 45% | |
| Key figures per share | 30/06/2016 | 31/12/2015 | |
| Number of shares | 4,857,437 | 4,626,780 | |
| Weighted average number of shares7 | 4,781,396 | NA | |
| Net current result (based on the weighted average number of shares) | 0.27 | NA | |
| Net current result (based on the number of outstanding shares) | 0.26 | 0.0031 | |
| Net current result (excl. IFRIC 21) | 0.33 | NA | |
| Result on the portfolio (IAS 40) | 0.39 | -0.11 | |
| Reevaluation of financial instruments (IAS 39) | -0.45 | NA | |
| Net result per share (IFRS) | 0.21 | 0.0031 | |
| Net result per share (excl. IFRIC 21) | 0.27 | NA | |
| Closing price of the share | 34.65 | 26.7 | |
| Net asset value per share (IFRS) | 23.71 | 23.42 |
3 The net current result is the net result excluding the portfolio result and the variable fair value of ineffective interest rate hedges.
4 This does not include the 573 student units still under construction on 30 June 2016.
7 Shares are counted from the time of issue.
3
5 The fair value of the property investments is the investment value, as determined by an independent property expert, minus transaction fees.
6 Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Law of 12 May 2014 on Regulated Real Estate Companies.
14 September 2016 – Embargo until 07:00 (CET)
Regulated information
Barring any unforeseen circumstances, for the 2016 financial year, Xior confirms its projected net current result per share and the associated gross dividend of EUR 1.13 (at a payout ratio of 100%, and subject to approval by the Annual General Meeting), in line with the projection found in the IPO prospectus. On 30 June 2016, the result per share was EUR 0.27.
The Company also announced a change in its promotership on 3 August 2016. This is linked with the CEO and CFO increasing their engagement. Christian Teunissen (CEO) and Frederik Snauwaert (CFO) have acquired the full shareholding of Ben Van Loo in Aloxe NV, the main shareholder and Promoter of the Company. In doing so, the CEO and CFO increased their investment in Aloxe NV (in which they now hold shares of 82% and 18% respectively), which is also in the best interest of the further development of the Company. Following this transaction, Christian Teunissen became the Promoter of the Company together with Aloxe NV.
For a complete overview of the results for the first half of 2016, please refer to the semi-annual report found on the company's website www.xior.be.
Announcement of the results of the third quarter of 2016 10 November 2016
Xior Student Housing NV 34 Mechelsesteenweg, P.O. Box 108 2018 Antwerp, Belgium www.xior.be
Christian Teunissen, CEO T +32 3 257 04 89
Frederik Snauwaert, CFO T +32 3 257 04 89
Xior Student Housing NV is the first Belgian public regulated real estate company (RREC0 specialising in the student housing segment in Belgium and the Netherlands. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with communal facilities to en-suite rooms and fully-equipped studios. Since 2007, as owner-operator, Xior Student Housing has built high-quality, reliable student housing for students looking for the ideal place to study, live and relax. A place with that little bit extra, where every student will immediately feel at home.
Xior Student Housing is accredited as a public RREC under Belgian law since 24 November 2015. Xior Student Housing's shares have been listed on Euronext Brussels (XIOR) since 11 December 2015. On 30 June 2016, Xior Student Housing had a property portfolio worth approximately EUR 214m. More information is available on www.xior.be.
14 September 2016 – Embargo until 07:00 (CET)
Xior Student Housing NV, Public RREC under Belgian law (BE-REIT) 34 Mechelsesteenweg, P.O. Box 108, 2018 Antwerp (Belgium) BE 0547.972.794 (Antwerp company register, Antwerp section)
This press release contains forward-looking information, projections, convictions, opinions and estimates produced by Xior in relation to the expected future performance of Xior and of the market in which it is active ('forward-looking statements'). By nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, that appear justified at the time at which they are made but which may or may not turn out to be accurate, and there is a risk that the forward-looking statements will not be realised. Some events are difficult to predict, and may depend on factors outside of Xior's control. In addition, the forward-looking statements are only valid on the date of this press release. Statements in this press release relating to past trends or activities may not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers can guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can they indicate, guarantee or predict whether the expected results set out in such a forward-looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance or results may therefore differ substantially from the information projected or implied in forward-looking statements. Xior expressly declines any obligation or guarantee to publicly update or review forward-looking statements unless it is required to do so by law. This press release has been prepared in Dutch and has been translated into English and French. In case of discrepancies between the different versions of this press release, the Dutch version will prevail.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.