Reviewed interim condensed consolidated financial results for the six months ended 30 June 2021
NEPI Rockcastle plc
Incorporated and registered in the Isle of Man
Registered number 014178V
Share code: NRP
("NEPI Rockcastle" or "the Company" or "the Group")
SHORT-FORM ANNOUNCEMENT: REVIEWED INTERIM CONDENSED CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
"After a difficult first quarter, Q2 saw our business fully reopening, driven by good progress in vaccinations and a
decline in Covid-19 cases in all CEE countries. Most trading restrictions have been lifted and all GLA is operational.
The risk of new restrictions remains, as the spread of new virus variants elsewhere in the world and the slowdown in
vaccinations in some CEE countries create the possibility of a new surge in Covid-19 cases during the second half of
Recent trading data is very encouraging and points to a quick recovery. Tenant sales since reopening came very close
to 2019 levels and rebounded faster than after the summer reopening of 2020. Retailers and customers adapted to the
new circumstances which made the impact of restrictions in 2021 less severe than in 2020. There were no material
tenant bankruptcies; occupancy reached 95.6% on 30 June 2021, and a positive trend is expected to continue as
retailers are expanding to take advantage of the economic rebound.
More than 99% of reported revenues for FY 2020 have been collected, while significant progress is being made with
tenant negotiations for 2021, leading to a collection rate for H1 2021 reported revenues of 94% at mid-August. After
repaying secured bank loans of EUR242 million in H1 2021, available liquidity is close to EUR1 billion. NEPI Rockcastle
will pay 100% of its H1 2021 earnings as dividends, in cash, confirming the strength of the Company's balance sheet.
The Group recently announced several changes to the Board of Directors and executive management team. These are
being implemented in an orderly fashion, while maintaining the continuity of the Group's strategy and operations. I
have full confidence that the future leadership team will build on the Company's established strengths and consolidate
its position as one of CEE's premier real estate operators." Alex Morar, CEO
The Group achieved 17.64 euro cents in distributable earnings per share for the six months ended 30 June 2021, 10.3%
lower than for the six months ended 30 June 2021. The decrease is mostly due to the impact of the disposal of the
Romanian office portfolio (completed in August 2020) and higher finance costs, due to maintaining additional liquidity
compared to H1 2020. Retail-only Net Operating Income was 4.4% higher in H1 2021 as compared to H1 2020.
The Board has declared a dividend of 17.64 euro cents per share for the first half of 2021, corresponding to 100% of the
distributable earnings per share for this period. This decision is in line with NEPI Rockcastle's policy of distributing
at least 90% of distributable earnings and further underlines the Board's confidence in the Company's strong balance
sheet and good performance during the recent period. The distribution will be paid in cash on 16 September 2021, and
further detailed announcements will follow.
KEY FINANCIAL INFORMATION
30 June 2021 30 June 2020 % Change
Net rental and related income (EUR thousand) 154,919 160,257 (3.33%)
Distributable earnings (EUR thousand) 107,409 118,168 (9.10%)
EPRA Earnings (EUR thousand) 107,187 123,710 (13.36%)
Distributable earnings per share (EUR cents) 17.64 19.66 (10.27%)
EPRA Earnings per share (EUR cents) 17.60 20.59 (14.52%)
Headline earnings/(loss) per share (EUR cents)* 16.43 (0.98) 1,776.53%
Basic/diluted earnings(loss) per share (EUR cents)* 19.96 (32.99) 160.50%
Net asset value (NAV) per share (EUR) 6.08 6.21 (2.09%)
EPRA Net Reinstatement Value (NRV) (EUR) 6.50 6.65 (2.26%)
EPRA Net Tangible Assets (NTA) (EUR) 6.47 6.59 (1.82%)
EPRA Net Disposal Value (NDV) (EUR) 5.78 6.13 (5.71%)
EPRA Net Initial Yield (NIY) 6.75% 6.83% (1.17%)
EPRA 'topped-up' NIY 6.78% 6.89% (1.60%)
EPRA vacancy rate 4.40% 4.20% 4.76%
* Weighted average number of shares has been adjusted for June 2020 period presented in respect of the
capitalisation issue on 21 September 2020, as required by IAS 33 Earnings per Share
EXTERNAL AUDIT REVIEW
The review auditor report on the Group's interim condensed consolidated financial statements has been issued by PwC
Isle of Man, who have expressed an unmodified review report after having reviewed and obtained the necessary
documentation from PwC local offices in jurisdictions where the Group operates through subsidiaries.
A copy of the auditors review opinion, together with the reviewed interim condensed consolidated financial statements
is available on the Company's website at
This short-form announcement is the responsibility of the board of directors of NEPI Rockcastle. This short-form
announcement is only a summary of the information in the full announcement and does not contain complete details.
Any investment decision should be based on consideration of the interim condensed consolidated financial statements
published on the Company's website at:
and on the long-form announcement (interim condensed consolidated financial results) available on the Company's
and on the JSE's website at: https://senspdf.jse.co.za/documents/2021/jse/isse/NRPE/H12021.pdf
The full announcement is also available for inspection at the registered offices of the Company (2nd Floor, 30 Athol
Street Douglas, Isle of Man, IM1 1JB) and at the offices of the JSE sponsor, Java Capital (6th Floor, 1 Park Lane,
Wierda Valley, Sandton, 2196) at no charge during normal business hours from Thursday, 19 August 2021 to Friday,
27 August 2021.
For further information please contact:
NEPI Rockcastle plc
Alex Morar/ Mirela Covasa
+44 1624 654 704
+2711 722 3050
Euronext Listing Agent
+31 20 563 6685
19 August 2021
Date: 19-08-2021 07:30:00
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