Brief: Tag Immobilien FY FFO I At EUR 189.4 Mln

TAG Immobilien AG

16/03/2023 06:10

March 16 (Reuters) - TAG IMMOBILIEN AG  TEGG.DE :
    * TAG IMMOBILIEN AG MEETS FFO I AND FFO II FORECASTS IN
2022;
OPERATIONS IN POLAND DELIVER STRONG EARNINGS CONTRIBUTION
    * FFO I OF EUR 189.4M (+4% VERSUS. 2021) AND FFO II OF EUR
247.3M
(+31% VERSUS. 2021); TARGETS FOR GROWTH IN RENTS AND VACANCY
REDUCTION IN GERMAN PORTFOLIO EXCEEDED IN 2022
    * STRONG INCREASE IN RESULT FROM OPERATIONS IN POLAND TO EUR
59.3M
AFTER EUR 6.7M IN 2021 DUE TO FIRST-TIME CONSOLIDATION OF ROBYG
S.A. IN 2022; POLISH BUSINESS WILL ACHIEVE CASH FLOW NEUTRALITY
IN 2023
    * PROPERTY SALES IN GERMANY OF APPROX. 1,600 RESIDENTIAL
UNITS
REALISED NEAR-BOOK VALUE WITH NET CASH PROCEEDS OF EUR 86M
    * MARKET-RELATED VALUATION LOSS OF 5.5% ON GERMAN REAL
ESTATE
PORTFOLIO IN SECOND HALF OF 2022, OR 1.5% FOR FULL YEAR
    * EXTENSIVE EARLY REFINANCING MEASURES IN 2022 LEAD TO
SIGNIFICANTLY REDUCED MATURITY PROFILE IN 2023 AND 2024
    * DIVIDEND SUSPENSION FOR 2022 FINANCIAL YEAR PROPOSED BY
MANAGEMENT BOARD AND SUPERVISORY BOARD, WHICH ENTAILS A
LIQUIDITY SAVING OF EUR 143M COMPARED TO ORIGINAL PLANNING

Source text for Eikon:  ID:nEQ3x3M8a 
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