On April 25th, 2023, One United Properties (BVB: ONE), the leading green developer of residential, mixed-use, and office real estate in Romania, convened a General Meeting of Shareholders (GMS).
During the GMS, the shareholders approved, among other items, the distribution of the second tranche of the dividends from 2022 profits, the 2023 budget, as well as re-elected the existing members of the Board of Directors. The quorum of the GMS was over 66%.
“On behalf of One United Properties' Board of Directors, I would like to express our gratitude to all our shareholders for their active participation in our annual General Meeting of Shareholders, where we successfully approved all agenda items. Today, ONE counts nearly 7,500 shareholders, including reputable, globally active institutional investors, retail investors, and ultra-high-net-worth individuals. Our unwavering commitment to sustainable development has consistently exceeded expectations. With a robust pipeline of approximately 5,700 permitted and under-construction apartments, we remain steadfast in our strategy of focusing on the Bucharest region, where the demand for our safe, energy-efficient, sustainable developments continues. We are thrilled to expand our portfolio and offer extraordinary living and working spaces, with the ultimate goal of delivering outstanding results to our shareholders,"
said Claudio Cisullo, Chairman of the Board at One United Properties.
One United Properties posted a consolidated turnover of EUR 236.5 million in 2022, a 4% increase compared to 2021. The gross profit reached EUR 116.2 million, a 5% year-on-year decline, while the bottom line decreased by 2%, amounting to EUR 101.9 million. The company ended the year with a strong cash position of EUR 114.6 million, higher by 12% compared to the beginning of the year, due to capital increase contribution, which brought EUR 51.5 million in Q3 2022 and despite continuous investments and dividend pay-outs. The company's gross loan-to-value ratio stood at 28% as of December 31st, 2022, while its net loan-to-value ratio was 9%.
For 2022, One United Properties will pay a total gross dividend of EUR 14.7 million. The first tranche of gross dividends of EUR 7.2 million was approved in the GMS in September 2022, and was distributed in November 2022. For the April 2023 GSM, the Board of Directors proposed to the shareholders the approval of the second tranche of EUR 7.2 million. Following the approval at the GMS, the gross dividend of EUR 0.002 (RON 0.01) per share will be paid on May 30th, 2023. One United Properties’ dividend policy includes the payment of dividends on a semi-annual basis.
The shareholders further re-elected the existing Board of Directors of One United Properties, comprising of seven Members: Claudio Cisullo, Victor Capitanu, Andrei-Liviu Diaconescu, Dragos Manda, Marius Diaconu, Augusta Dragic, and Magdalena Souckova (Soucek). As of 2022, the mandates granted to the members of the Board of Directors are for one year, with the possibility of re-election.
Following the approval of the shareholders at the GSM, for 2023, One United Properties targets consolidated gross turnover in 2023 of EUR 290.2 million, a 23% increase compared to the 2022 result, and a consolidated gross profit of EUR 125.9 million, 9% higher than the 2022 result. The net profit is estimated to reach EUR 107.3 million in 2023, a 5% increase versus 2022, with the net margin expected at 37%. The total investments and CAPEX costs for 2023, including land acquisitions and development costs, are estimated at EUR 235.6 million.
One United Properties shareholders casted their votes in the GMS in person and online, using the eVote solution, which streamed both the Ordinary and Extraordinary meetings in real-time