Report
Juan Moreno
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COL: 1Q19 results undermined by one-offs from Axiare

The GRI increased by +4.9% YoY to €86mn in 1Q19. Barcelona increased by +10.0% to €11mn in 1Q19 and Madrid +9.5% to €23mn in 1Q19, while Paris remained unchanged at €48mn in 1Q19. The occupancy rate remained almost flat in 1Q19 at 99% in Barcelona and Paris, while it improved by 100b.p. in Madrid to 100%. The bad news came from the EBITDA margin, which decreased by 120bp to 74.4% mainly affected by a higher SG&A. Below EBITDA, the financial results were higher than expected (€28mn vs. €26mn BKTSe), affected by a €5mn extraordinary cost from the Axiare’s debt cancelation. The FFO increased by +2.0% to €25mn or €0.049/share (vs. €30mn or €0.060/share BKTSe). Excluding one-offs from the acquisition of Axiare, the recurrent FFO amounted to €33mn or €0.065/share in 1Q19.

Underlying
INMOBILIARIA COLONIAL

Provider
Bankinter S.A.
Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

Analysts
Juan Moreno

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