Brief: Branicks Group AG: 2024 Ffo Seen At Between Eur 40 And 55 Mln

BRANICKS AG

30/04/2024 06:50

April 30 (Reuters) - Branicks Group AG  BRNKn.DE :
    * ASSETS UNDER MANAGEMENT AS SUM OF EXISTING PORTFOLIO AND
ASSETS
MANAGED BY BRANICKS AS PART OF INSTITUTIONAL BUSINESS AMOUNTED
TO EUR 13.2 BLN FY23 (2022: 14.7 BLN)​
    * AUM DOWN DUE TO VALUATION EFFECT -6% AS WELL AS SALES
    * AT THE END OF THE FIRST QUARTER OF 2024, BRANICKS REACHED
AGREEMENTS WITH ITS CREDITORS ON THE REPAYMENT OF A FURTHER
PARTIAL AMOUNT OF EUR 40 MLN OF VIB BRIDGE FINANCING
    * CLOSED THE 2023 FINANCIAL YEAR WITH AN FFO RESULT (AFTER
MINORITY INTERESTS, BEFORE TAXES) OF EUR 51.9 MILLION (2022:
114.2 MLN)
    * FFO II (AFTER MINORITY INTERESTS, BEFORE TAXES), ADJUSTED
FOR
THE EFFECTS OF DISPOSALS, AMOUNTED TO EUR 59.4
MILLION
    * LETTING PERFORMANCE UP 19% ON THE PREVIOUS YEAR -
LIKE-FOR-LIKE
RENTAL GROWTH OF 5.4%
    * THE MARKET VALUE OF THE COMMERCIAL PORTFOLIO FELL TO
AROUND EUR
3.64 BILLION AS AT THE REPORTING DATE AT THE END OF THE 2023
FINANCIAL YEAR (PREVIOUS YEAR: EUR 4.45 BILLION)
    * NET ASSET VALUE (NAV) AMOUNTED TO EUR 1,298.3 MILLION OR
EUR
15.54 PER SHARE (PREVIOUS YEAR: EUR 1,593.5 MILLION OR EUR 19.16
PER SHARE)
    * ADJUSTED NET ASSET VALUE (ADJUSTED NAV), ADJUSTED FOR THE
FULL
VALUE OF THE INSTITUTIONAL BUSINESS SEGMENT, AMOUNTED TO EUR
1,473.5 MILLION OR EUR 17.63 PER SHARE AT THE END OF
2023(PREVIOUS YEAR: EUR 1,888.4 MILLION OR EUR 22.71 PER SHARE)
    * BRANICKS GROUP AG IS PLANNING TRANSACTIONS WITH A TOTAL
VOLUME
OF BETWEEN EUR 0.8 BILLION AND EUR 1.2 BILLION ACROSS ALL
SEGMENTS FOR 2024
    * 2024 FFO SEEN AT BETWEEN EUR 40 AND 55 MLN
    * PARTNERSHIP ESTABLISHED WITH ENCAVIS ASSET MANAGEMENT AG 
TO DEVELOP FUND TO INVEST IN RENEWABLES, EUR 300 MLN FUND TO BE
LAUNCHED SHORTLY
    * BRANICKS ASSUMES THAT THE TRANSACTION MARKET WILL BEGIN TO
RECOVER IN THE SECOND HALF OF 2024 AND PLANS TO RETURN TO A NET
PROFIT AND POSITIVE NET CASH FLOW BY THE END OF 2026
    * IN NEXT YEARS EXPECTS INCOME FROM ESG EXPERTISE TO
OUTSTRIP
INCOME FROM TRADITIONAL REAL ESTATE MANAGEMENT
    * AIMS TO REDUCE LTV RATIO TO BELOW 50% OVER 2025

    
 Further company coverage:  BRNKn.DE  

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