DGAP-News: CPI PROPERTY GROUP / Key word(s): Quarter Results 
CPI PROPERTY GROUP - Financial Results for the First Quarter of 2021 
2021-05-31 / 08:31 
The issuer is solely responsible for the content of this announcement. 
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CPI Property Group 
(société anonyme) 
40, rue de la Vallée 
L-2661 Luxembourg 
R.C.S. Luxembourg: B 102 254 
Press Release 
Luxembourg, 31 May 2021 
CPI PROPERTY GROUP - Financial Results for the First Quarter of 2021 
CPI PROPERTY GROUP (hereinafter "CPIPG", the "Company" or together with its subsidiaries the "Group"), the leading 
owner of income-generating real estate in the Czech Republic, Berlin, Warsaw and the CEE region, hereby publishes 
unaudited financial results for the first quarter of 2021. 
"CPIPG's resilient performance during Q1 2021 continued the steady trajectory of 2020," said Martin Nemecek, CEO. "The 
impact of COVID-19 on the Group's business has been mild, and we see positive trends in our key markets and property 
portfolios." 
Key highlights for the first quarter of 2021 include: 
- CPIPG's property portfolio increased by 2% to EUR10.5 billion compared to the end of 2020 due to selective 
acquisitions, positive revaluations and currency effects; 
- Total assets increased slightly to EUR11.9 billion, driven by increases to the property portfolio and partly offset by 
a reduction in shareholder loans; 
- Net rental income increased by 6% to EUR88 million compared to the first quarter of 2020, reflecting the contribution 
from recent acquisitions, 0.5% like-for-like growth in gross rental income and steady occupancy; 
- Consolidated adjusted EBITDA increased by 7% to EUR90 million and funds from operations (FFO) increased by 4% to EUR61 
million compared to the first quarter of 2020 based on higher net rental income, lower costs and the Group's 
proportionate share in Globalworth Real Estate Investments Limited ("Globalworth"); 
- Net business income increased by 1% to EUR92 million as the increase in net rental income was offset by slightly lower 
net income from hotels and resorts; 
- The Group's net interest coverage ratio (Net ICR) was 5.6x and net loan to value (Net LTV) was 40.6%, slightly 
improved from year end 2020 and well within the Group's financial policy; 
- Unencumbered assets remained high at 71% at the end of Q1 2021; 
- Total available liquidity stood at EUR1.4 billion at the end of the first quarter of 2021; 
- EPRA NRV (NAV) slightly decreased to EUR5.0 billion (versus EUR5.1 billion at the end of 2020) as an increase in equity 
from additional hybrid issuance and revaluations was offset by share buybacks; 
- The Group collected 91% of Q1 2021 rent before one-time COVID-19 discounts and 94% after discounts, despite 
non-essential retailers being closed for the entire period. CPIPG expects collections to increase as invoicing and 
collections continue in the second quarter; 
 
Other notable events occuring during Q1 
- During Q1, CPIPG issued about EUR1.1 billion of senior unsecured and hybrid bonds, including the Group's inaugural 
10-year benchmark-sized issuance in Euros. The proceeds were used in part to repay more than EUR750 million of senior 
unsecured bonds, Schuldschein and hybrid bonds callable or maturing in 2022, 2023 and 2024; 
- In January 2021, CPIPG concluded a mandatory tender offer for the remaining shares of Nova RE SIIQ S.p.A. ("Nova 
RE"). A total of 9,348,018 shares were tendered for a consideration of EUR2.36 per share and a total value of EUR22.061 
million. Following the mandatory tender offer, the Group increased its stake in Nova RE to 92.44% of the relevant share 
capital. At the end of May 2021, CPIPG held an 87.09% stake in Nova RE. 
- In February 2021, CPIPG completed a share buyback offer and purchased a total of 641,658,176 shares for an aggregate 
amount of EUR395,261,436 (or EUR0.616 per share). About 94% of shares were tendered by CPIPG's primary shareholder, Radovan 
Vitek (350,500,000 shares) and CPIPG's subsidiary CPI FIM SA (252,302,248 shares), together with management and third 
parties. Mr. Vitek used the proceeds to repay loans to CPIPG. The tendered shares were cancelled by the extraordinary 
general meeting of the shareholders held on 31 March 2021; 
- In March 2021, CPIPG increased the ambition of our environmental targets and now aims to reduce GHG emissions 
intensity by 30% by 2030 versus baseline 2019 levels across all scopes 1-3 (versus the previous 20% target across only 
scopes 1 and 2). In support of this objective, the Group has committed to transition all electricity purchases to 100% 
renewable sources by 2024. CPIPG believes these targets align to Paris Agreement goals to limit the global temperature 
increase to well-below 2 degrees centigrade versus pre-industrial levels. In May 2021, CPIPG was was officially 
recognised as being committed to science based targets; the Group's strategy is currently being assessed by the Science 
Based Targets initiative ("SBTi"), with results and feedback expected in the summer. 
Notable events occurring after Q1 
- On 6 April 2021, the defamation claim filed in June 2020 by Kingstown Capital Management L.P. and Investhold LTD 
against CPIPG and Radovan Vitek in New York State Court was dismissed in its entirety. As previously communicated to 
our stakeholders, the separate SDNY Court Lawsuit was dismissed in September 2020 and the plaintiffs appealed that 
decision, with briefing scheduled to be completed during H1 2021. CPIPG is confident that the appeal lacks merit and 
that the SDNY Court's decision is on sound footing; 
- On 14 April 2021, CPIPG formed a consortium with Aroundtown SA and announced a cash offer for the entire issued share 
capital of Globalworth not already held by the consortium. The offer document was posted to Globalworth shareholders on 
12 May and the First Closing Date of the Offer is 1.00 p.m. (London Time) on 2 June 2021. Further updates on the 
progress of the Offer will be provided to stakeholders in due course. 
"CPIPG is committed to our dual objectives of portfolio growth and capital structure strength," said David Greenbaum, 
CFO. "We are certain that the quality of CPIPG's properties and people will fuel our continued success." 
 
FINANCIAL HIGHLIGHTS 
Performance                                                             Q1-2021      Q1-2020     Change 
 
Gross rental income                                           EUR million 93           90          3.8% 
Net rental income                                             EUR million 88           84          5.6% 
Net hotel income                                              EUR million (3)          (1)         (164.1%) 
Total revenues                                                EUR million 158          164         (3.7%) 
Net business income                                           EUR million 92           91          0.8% 
 
Consolidated adjusted EBITDA                                  EUR million 90           85          7.0% 
Funds from operations (FFO)                                   EUR million 61           59          4.2% 
 
Net profit for the period                                     EUR million 111          62          78.8% 
 
 
 
Assets                                                                  31-Mar-2021  31-Dec-2020 Change 
 
Total assets                                                  EUR million 11,854       11,801      0.4% 
Property portfolio                                            EUR million 10,514       10,316      1.9% 
Gross leasable area                                           sqm       3,637,000    3,636,000   0.0% 
Occupancy                                                     %         92.7         93.7        (1.0 p.p.) 
Like-for-like gross rental growth*                            %         0.5          0.8         (0.3 p.p.) 
 
Total number of properties**                                  No.       348          343         1.5% 
Total number of residential units                             No.       11,929       11,929      0.0% 
Total number of hotel beds***                                 No.       12,768       12,768      0.0% 
 
* Based on headline rent, excluding one-time discounts 
** Excluding residential properties in the Czech Republic 
*** Including hotels operated, but not owned by the Group 
 
Financing structure                                                     31-Mar-2021  31-Dec-2020 Change 
 
Total equity                                                  EUR million 5,801        5,787       0.3% 
EPRA NRV (NAV)                                                EUR million 5,004        5,118       (2.2%) 
 
Net debt                                                      EUR million 4,268        4,194       1.8% 
Net Loan-to-value ratio (Net LTV)                             %         40.6         40.7        (0.1 p.p.) 
Net debt/EBITDA                                                         11.8x        12.4x       (0.6x) 
Secured consolidated leverage ratio                           %         11.3         12.0        (0.7 p.p.) 
Secured debt to total debt                                    %         27.0         29.0        (2.0 p.p.) 
Unencumbered assets to total assets                           %         70.7         70.0        0.7 p.p. 
Net ICR                                                                 5.6x         5.4x        0.2x

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