Fintech PR
One United Properties posts a consolidated turnover of 171 million euros and a gross profit of 69.8 million euros in H1 2023
BUCHAREST, Romania, Aug. 29, 2023 /PRNewswire/ — One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office real estate, posts a consolidated turnover of 171 million euros in H1 2023, a 26% increase compared to H1 2022. The gross profit reached 69.8 million euros, a 17% increase (excluding the one-off gain from Bucur Obor’s bargain purchase recognized in H1 2022 in amount of 19 million euros). The net profit amounted to 58.2 million euros, an increase of 13% compared to H1 2022 (a 17% year-on-year decrease if including the gain impact). The Company ended the quarter with a significant cash position of 80.2 million euros, down 30% since the beginning of the year due to major development activity carried out in H1 2023 as well as payment of the second tranche of the 2022 dividend. The amounts to be received under contracts concluded with customers as of June 30th, 2023, reached the historically high amount of 281 million euros in additional cash by 2025. The gross loan-to-value indicator improved by 3pp, going down to 25% as of June 30th, 2023, while the net of cash loan-to-value was 14%.
“One United Properties delivered outstanding results in the first half of the year. Despite a double-digit drop in Bucharest’s residential sales, our team nearly tripled new unit sales versus first half of 2022, highlighting our developments’ unique appeal and an accelerated flight to quality. We have reached a historical record of 152.4 million euros in new residential sales in H1 2023. This accomplishment is a testament to our distinct position in the market and the demand for our developments. The decline of the net margin of the residential segment can be attributed to our revenue recognition approach. From Q4 2022 to H1 2023, we initiated a considerable number of new construction sites. Typically, the cost trajectory of a development construction is not linear; early stages incur elevated costs due to excavation, foundation-laying, and infrastructure development. However, across all our residential development activity, we maintain our target to achieve gross profit margins in excess of 35%, allowing us to deliver consistent returns to our shareholders,” said Victor Capitanu, co-CEO at One United Properties.
The increase in turnover was supported by a 57% increase in revenues from residential property sales, which reached 122.5 million euros in H1 2023 versus 78.2 million euros in H1 2022. The increase was driven by enlarged and more diverse residential offering, particularly at One Lake District and One Lake Club, where sales launched this year. The net income from residential property decreased 4% YoY, reaching 36.1 million euros due to the revenue recognition applied by the Group, as a significant number of new developments where construction started in 2023 was added to the sales portfolio, while the units at One Verdi Park and One Floreasca Vista were completed and handed over to the clients. Regardless of the payment method chosen by the client, the Group recognizes the revenues from sales of all residential developments in line with the construction progress. Consequently, the net margin of the residential segment decreased from 48.2%, as recorded for H1 2022, to 29.5% for H1 2023.
In H1 2023, One United Properties sold and pre-sold 466 apartments (+179% YoY) with a total surface of 39,082 sqm (+146% YoY) and 794 parking spaces and other unit types (+89 YoY) were sold and pre-sold for a total of 152.4 million euros in the first six months of 2023 (+129% YoY). As of June 30th, 2023, 65% of all available apartments were sold out, with One High District being the most desired development in H1 2023, with 214 units sold.
“Our historical challenge has been meeting the overwhelming demand that often eclipsed our supply. Today, thanks to a well-planned land acquisition strategy, even with 65% of the units at our developments being already sold out, by June 30th, we still had 1,762 units available for sale and pre-sale and an additional 2,573 units in permitted developments that are currently awaiting construction and sales kick-off. We can fully adapt our sales portfolio to meet client demand by adding these new units. Moreover, apart from a rich residential pipeline in progress, our commercial segment promises to deliver sustained quarterly growth. Our strategic business approach focused on the best locations paired with unparalleled quality assures a steady influx during the construction phase and forecasts predictable future earnings. This makes us an ideal investment option for those in pursuit of predictable but accelerated growth,” said Andrei Diaconescu, co-CEO at One United Properties.
The rental income, which includes the income generated by the commercial division and the revenues from the tenant services, registered a 119% increase, reaching 12.7 million euros. The effect has been driven by the revenues from the entire portfolio, particularly from tenants at the largest developments: One Tower, One Cotroceni Park 1, One Victoriei Plaza, and the impact of the results generated by Bucur Obor, consolidated under the retail division. The rental revenues will continue to grow in H2 2023 due to the delivery of One Cotroceni Park 2 in Q1 2023, once the fit-outs are completed. As of the end of H1 2023, the Company’s office portfolio GLA totals 118,000 sqm, including One Tower, One Cotroceni Park Office Phase 1 and Phase 2, and One Victoriei Plaza. Along with the retail component, One United Properties’ commercial portfolio, that includes Bucur Obor and One Gallery, will reach a GLA of approximately 160,000 sqm.
For 2023, One United Properties targets a turnover of 290.2 million euros and a net profit of 125.9 million euros, in line with the budget published at the beginning of the year. Consistent with the Company’s dividend strategy, the Board of Directors intends to propose a distribution of the 2023 half-year dividend to the shareholders in the upcoming period. This proposal will be subject to approval at the semi-annual General Meeting of the Shareholders.
In H1 2023, ONE was the 7th most traded stock on the Bucharest Stock Exchange in terms of absolute liquidity and the 6th most traded by liquidity to free-float. The market capitalization as of June 30th, 2023, was approximately 700 million euros. In H1 2023, ONE shares grew 9.23%, surpassing the performance of the BET index, which increased 7%, while the total return for ONE amounted to 10.4% vs. 10% for BET-TR.
As of June 1st, 2023, ONE shares were included in the MSCI Frontier Markets Small Cap index and MSCI Romania Small Cap index. On August 10th, 2023, MSCI announced that effective August 31st, 2023, ONE shares will be promoted from the Small Cap to the Mid Cap category, becoming part of the MSCI Frontier and MSCI Romania indices, which exclusively feature Mid Cap and Large Cap companies.
One United Properties (BVB: ONE) is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, Romania. One United Properties is an innovative company dedicated to accelerating the adoption of construction practices for safe, energy-efficient, sustainable, and healthy buildings, and has received numerous awards and recognitions for its superior sustainability, energy efficiency, and wellness. The company is publicly traded on the Bucharest Stock Exchange and its shares are included in multiple indices such as BET, STOXX, MSCI, FTSE, ROTX and CEEplus.
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Australian property developer and operator to utilise innovative cloud platform for construction and investment accounting
SYDNEY, Sept. 18, 2024 /PRNewswire/ — Apt.Residential, an owner, developer and operator of residential properties in Australia, has chosen Yardi’s single connected platform to support growth, connect teams and manage capex projects and build.
With Yardi®, Apt.Residential can manage its funds and simplify complex financial processes, mitigate risk and deliver real-time insights into projects. The platform provides more visibility from investor to asset and delivers enhanced and accurate reporting. The company can access live data for costing, expenses, and revenue on all projects, from ground-up development to single-unit improvements and will allow Apt.Residential to grow the volume of units within BTR once they have operational units.
“We wanted to find the best platform for BTR that would support growth, streamline management of capex projects and handle our complex accounting,” said Michael Hogg, co-founder & head of operations for Apt.Residential. “Yardi’s single integrated platform was the best solution as it ensures our team can connect on one system and not worry about integrations or using multiple platforms.”
“We’re excited to work with Apt.Residential and support its growth as the company expands its BTR projects,” said Neal Gemassmer, vice president and general manager for Yardi. “Our connected platform will help Apt.Residential enhance communication and set them up so they’re ready to operate once development has completed.”
See how Yardi’s end-to-end technology can help drive your digitalisation strategies.
About Apt.Residential
Apt.Residential is a leading vertically integrated owner, developer, and operator of residential properties in Australia backed by global institutional capital. The company develops residential communities where wellbeing and connectedness come first. Its human-centric approach allows Apt.Residential to shape places for people who crave comfort, community, and elevated living. For more information, please visit aptresidential.au.
About Yardi
Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.com.au.
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Fintech PR
NewCo Capital Group Continues Global Expansion as 2024 Milestones Set The Stage for an Ambitious Q4
NEW YORK, Sept. 18, 2024 /PRNewswire/ — As Q4 fast approaches, NewCo Capital Group (“NewCo”) and Australia-based Bizcap are finalizing year-end initiatives to strategically position both companies for an ambitious expansion in 2025.
Both companies have celebrated a highly successful 2024, marked by remarkable and accelerated growth. This momentum has been driven by Bizcap’s unique Line of Credit product, NewCo’s introduction of their “Line of Capital” product and the launch of NewCo’s new mobile app. CEO Albert Gahfi emphasized the importance of closing 2024 on a high note to set the stage for future growth. “We’ve had an exceptional year so far, but our focus is on what comes next. We’re building the foundation for 2025 and beyond, ensuring that NewCo and Bizcap are positioned for continued global expansion.”
The plan for Q4 includes deepening their presence in existing markets while making calculated moves into new territories, including Singapore, Germany, and Luxembourg. “There are new opportunities in emerging markets that are currently underserved, where we believe we can make a significant impact. As a result, 2025 promises to be an exciting year for SMB financing globally.”
By reinforcing their operational and technological infrastructure, the companies are preparing to meet the demands of a rapidly evolving global financing landscape. “2024 has been a year of strong growth, but we’re not stopping here,” Gahfi said. “We are focused on delivering innovative financing solutions that not only meet the needs of today but also anticipate the demands of tomorrow. As we head into 2025, we’re ready to expand our reach and provide even more businesses with the capital they need.”
Part of a multinational collaboration, NewCo and Bizcap have successfully deployed over $1.5 billion to over 35,000 businesses worldwide. Gahfi commented, “We’re moving capital faster and more effectively than any other sector and our clients are benefiting from that growth.”
NewCo’s strength lies in its ability to adapt quickly, using a unique mix of proprietary technology, nuanced underwriting, and an experienced risk management team. The companies’ hybrid approach is challenging outdated financing models, making NewCo a preferred partner for SMBs looking for custom capital solutions that truly fit their needs.
“We’re not just growing; we’re leading,” Gahfi added. “As we expand globally, our goal remains the same—helping small businesses scale, create jobs, and thrive.”
With a clear strategy and a relentless focus on delivering value, NewCo Capital Group is primed to deepen its market influence and capitalize on emerging opportunities. As the company prepares for its next wave of market entries, Q4 will serve as a pivotal launchpad for an even more ambitious 2025, setting the stage for continued growth and global leadership.
For more information, visit www.NewCoCapitalGroup.com.
Contact:
NewCo Capital Group
Email: [email protected]
Website: www.NewCoCapitalGroup.com
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Fintech PR
Zulu Ecosystems and Severn Trent Water secure Innovate UK funding to pioneer catchment-scale Nature-based Solutions
- Partnership aims to develop innovative funding model for nature-based solutions that enhance water resilience in the Idle and Torne catchment, a priority area for environmental improvement
- Project will aggregate supply and demand for ecosystem services across the 1,200km2 catchment, benefiting both nature and local communities
- Led by Zulu Ecosystems, the collaboration seeks to accelerate private investment in nature recovery while addressing critical water challenges
LONDON, Sept. 18, 2024 /PRNewswire/ — Zulu Ecosystems and Severn Trent Water have been awarded funding from Innovate UK, the UK’s innovation agency, for a £580,000 project to develop a groundbreaking catchment system operator model for unlocking private investment in nature. The project aims to enhance water resilience and deliver multiple benefits for both nature and local communities in the Idle and Torne River catchment.
The Idle and Torne catchment, identified as a priority catchment by the Environment Agency, faces significant challenges including drought risk, flood vulnerability, and water quality issues. Approximately 60% of water bodies in the catchment currently fail to meet good ecological status. However, the area also presents substantial opportunities for nature recovery, with potential to restore over 5,000 hectares of priority habitats and significantly improve water resources management.
This innovative partnership will leverage Zulu Ecosystems’ cutting-edge natural capital assessment capabilities and Severn Trent Water’s expertise in water management to create a scalable approach for funding and delivering nature-based solutions. The project will focus on interventions such as woodland creation, wetland restoration, and riparian woodland to address the catchment’s pressing environmental challenges. The project will engage local stakeholders, including farmers, landowners, and community groups, to ensure that interventions reflect local needs and knowledge.
Ed Asseily, CEO of Zulu Ecosystems, said:
“This funding from Innovate UK is a game-changer for how we approach local nature recovery and water resilience. By developing a catchment-scale model that aggregates both the supply of and demand for ecosystem services, we can accelerate the flow of private capital into nature-based solutions.”
Severn Trent Water will play a key role as the project’s System Operator, strategically coordinating plans and aligning stakeholder priorities to maximise outcomes for water services and the environment.
Richard Smith, Strategic Asset Planning Manager at Severn Trent Water, commented:
“We’re excited to partner with Zulu Ecosystems on this transformative project. By adopting a system operator approach, we can ensure that investments in nature-based solutions deliver the greatest possible benefits for our customers, local communities, and the environment.”
This project has been funded by Innovate UK as part of the ‘Integrating Finance and Biodiversity for a Nature Positive Future’ programme, a joint initiative between the Natural Environment Research Council (NERC) and Innovate UK. This £7 million programme aims to develop solutions that embed the values of biodiversity into financial decision-making.
By bridging the gap between nature recovery and water resilience, this project has the potential to create a replicable model for sustainable landscape management across the UK. Innovate UK’s support underscores the national significance of developing new approaches to environmental management that can deliver multiple benefits, including improved water security, enhanced biodiversity, climate resilience, and potential new income streams for landowners.
Over the next 9 months, the project team will work closely with local stakeholders to identify priority interventions and develop a portfolio of investable nature-based solutions. The project aims to demonstrate how multi-stakeholder nature-based projects can be developed, funded, and delivered at catchment-scale to address climate adaptation and reverse biodiversity loss. Findings will be published to help scale similar initiatives across the UK and beyond.
For more information, please contact:
[email protected]
[email protected]
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