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HB Reavis announces performance for 2016

HB Reavis Group (the "Group") reported solid consolidated net profit of EUR 107.5 million in the year to 31 December 2016 according to its latest annual consolidated financial statements. The Group achieved record level of project completions, maintained strong leasing performance and advanced with its development programme.

  • Net profit reached EUR 107.5 million vs. EUR 239.4 million in 2015;
  • Operating profit achieved EUR 235.3 million, vs. EUR 302.5 million in 2015;
  • Currency movements, mainly GBP devaluation and to a lesser extent of PLN, impacted net profit by aggregate EUR 95.4 million loss, of which less than EUR 10 million has been realised losses;
  • Modest return on shareholders’ equity at 6.9 pct. vs 29.3 pct. in 2015;
  • Flat total assets at EUR 2.1 billion with Net Asset Value reaching almost EUR 1.2 billion;
  • Significant drop in net debt to total assets ratio to 17.4 pct. at the end of 2016 from 29.7 pct. at the end of 2015;
  • Robust cash reserves amounting to EUR 316.4 million, or almost 15 pct. of the total balance sheet. 

Continued strong demand for our buildings across all markets: signed agreements for almost 134,000 sqm of gross lettable area (“GLA”), high average occupancy (88 pct.) on income-producing portfolio, solid level of pre-completion lease agreements, with clients including BNP Paribas, Accenture, General Electric International and SAP across two cities – Prague and Bratislava. 

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