Eurocastle Releases First Half 2018 Financial Results and
Announces Second Quarter Dividend of €0.15 per share
Guernsey, 10 August 2018 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its financial results for the first half year ended 30 June 2018.
Net Asset Value (“NAV”) of €494.7 million1, or €9.38 per share2 (€9.53 per share pro forma post share tender).
Normalised FFO3 of €7.3 million, or €0.14 per share2, for the second quarter of 2018 (€0.15 per share pro forma post share tender).
Second Quarter 2018 Dividend of €0.15 per share declared on 9 August 2018 and to be paid on 31 August 2018 to shareholders of record at close of business on 17 August 2018, with an ex-dividend date of 16 August 2018.
Q2 2018
Q1 2018
H1 2018
H1 2017
€ million
€ per share
€ million
€ per share2
€ million
€ per share
€ million
€ per share2
NAV1
494.7
9.382
505.1
9.58
494.7
9.382
630.6
10.49
Normalised FFO3
7.3
0.142
7.3
0.14
14.6
0.282
35.1
0.58
Distributions2
7.24
0.15
17.4
0.33
24.64
0.48
42.1
0.70
SECOND QUARTER 2018 BUSINESS HIGHLIGHTS
doBank Financial Performance
For the first half of 2018, the doBank Group reported EBITDA of €34.1 million, up 13% over the same period last year (H1 2017: €30.3 million) following an increase in its EBITDA margin by 3% from 29% to 32%.
doBank’s net profit for the first six months of 2018 was €21.0 million, up 7% over the same period last year (H1 2017: €19.7 million).
doBank Business Update
In June 2018, doBank’s Board of Directors approved a project to restructure doBank into a listed servicing company, allowing for a better use of capital to support the group’s growth. As part of this restructuring, doBank’s banking activity will be transferred to a newly established banking entity wholly owned by the parent company. doBank views the new group structure, which it expects to come into effect in 2019 (subject to regulatory approvals), as a means to align itself with its European peers by removing significant limits to the use of its capital whilst optimising the group’s financial structure.
On 1 August 2018, doBank announced that it has reached final agreement with four of the main Greek banks to manage on an exclusive basis a €1.8 billion GBV portfolio of non-performing exposures (“NPEs”).