Brief: TAG Immobilien Net Profit Turns Negative In H1

TAG Immobilien AG

14/08/2023 06:03

Aug 14 (Reuters) - TAG Immobilien AG  TEGG.DE :
    * REPORTS GOOD OPERATING RENTAL RESULTS AND INCREASED SALES
RESULTS IN H1 2023; EXTENSIVE REPAYMENTS MADE ON FINANCIAL
LIABILITIES
    * FFO I OF EUR 89.1M IN H1 2023; DOWN 7% YEAR-ON-YEAR DUE TO
HIGHER COSTS OF FINANCING
    * H1 OPERATING RENTAL RESULT IMPROVED BY EUR 4.2M TO EUR
121.8M
    * H1 FFO II UP 11% YEAR-ON-YEAR TO EUR 111.6M DUE TO STRONG
SALES
RESULTS IN POLAND
    * GERMAN REAL ESTATE PORTFOLIO DEVALUED BY 7.4% AS AT 30
JUNE 2023
    * GROUP CONSOLIDATED NET PROFIT FOR H1 2023 WAS NEGATIVE AT
EUR
-304.7M (AFTER A NET PROFIT OF EUR 301.8M IN H1 2022)
    * ALL FORECASTS FOR FULL YEAR 2023, INCLUDING FFO I AND FFO
II
FORECASTS, REMAIN UNCHANGED
    * TAG'S PORTFOLIO IN GERMANY IS NOW VALUED AT APPROXIMATELY
EUR
1,100 PER SQM AND A GROSS INITIAL YIELD OF 5.9%
    * LOAN-TO-VALUE (LTV) RATIO OF 47.5% AS AT 30 JUNE 2023 WAS
MARGINALLY CHANGED COMPARED TO 31 DECEMBER 2022 (46.7%)
    * FROM JANUARY TO JUNE 2023, SALES CONTRACTS WERE SIGNED FOR
A
TOTAL OF 1,051 UNITS, THEIR CUMULATIVE SALES PRICE AMOUNTS TO
EUR 161.8 MILLION

Source text for Eikon:  ID:nEQ7GMgh4a 
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