Bankinter S.A. - INMOBILIARIA COLONIAL (COLN) COL: 1Q19 results undermined by one-offs from Axiare

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Bankinter S.A.

Juan Moreno

EUR 10.00 For Business Accounts Only

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.

10/05/2019 1 EN

Underlying

INMOBILIARIA COLONIAL

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ES0139140042 Mexican Stock Exchange Spain

Provider

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.

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Analysts

Juan Moreno

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Operating 3Q18 results in line and FFO affected by one-offs. Pro-forma NAV of â‚¬9.44/share.

The FFO was lower than our estimates in 3Q18 results, eroded by a €19mn non-recurrent financial cost, from: 1) Colonial’s bond buyback, maturing in 2019; 2) the cancelled debt of Axiare and the associated derived instruments. Excluding these impacts, the FFO would be slightly higher than our estimates (€23mn in 3Q18 vs. €21mn BKTSe).

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

Coffee, Croissants & Credit/Swisscom, Telefonica, Wolters Kluwer, Klepierre, Colonial, Public Storage, WP Carey, Aedifica

Operating 3Q18 results in line and FFO affected by one-offs. Pro-forma NAV of â‚¬9.44/share.

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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