EQS-News: Branicks Group AG / Key word(s): 9 Month figures
Frankfurt am Main, 8 November 2023
Press release by Branicks Group AG
Review of the 3rd Quarter and Outlook
“The third quarter has shown: With our “Performance 2024” action plan, we are facing up to the global challenges of our industry. With success. We have been reducing our debt, lowering costs, and completing large-scale lettings for attractive and sustainable units in our office and logistics properties. Encouraged by these achievements, we confirm the forecast for our full-year target.”
Branicks Group AG (“BRNK”), ISIN: DE000A1X3XX4, one of Germany’s leading listed property companies, published its financials for the first nine months (“9M”) of the year today.
Branicks earned EUR 33.1 million in funds from operations (FFO) after non-controlling interests (previous year: EUR 76.1 million) by the end of the nine-month period, and reaffirmed its projected full-year target of FFO (after non-controlling interests, before taxes) in a range of EUR 50 to 55 million.
Noticeable Progress with the “Performance 2024” Action Plan
In the implementation of its “Performance 2024” action plan, Branicks already has demonstrable achievements to report. These concern both the financing issues and the operating activities as well as the company’s ambitions to improve its cost effectiveness. In conjunction with the effort to reduce the company’s debt, the disposals that were notarised during the previous quarter had a positive effect on the LTV ratio, which equalled 56.9% by the end of September, and therefore improved slightly quarter on quarter (Q2: 57.6%). In addition, the 2018/2023 corporate bond was repaid on schedule in early October.
The lettings business grew by 6.8% like-for-like while the Institutional Business continued to show a robust performance along the expected lines, bringing assets under management up to EUR 9.9 billion. Given the current situation on the markets, it will take some time yet before the transaction business starts to deliver earnings, but productive talks concerning further disposals are already underway, with letter of intents signed in some cases. At the same time, Branicks is making swift progress toward its target to reduce the operating costs by 5-10%, starting in 2024.
Milestones of the First Nine Months of 2023:
Invitation to a Conference Call on 08 November 2023
The Management Board of Branicks Group AG invites you to attend the presentation of the financial statement for the first nine months of 2023 at 10:00 CET.
To attend the conference call, please register at:
The webcast (incl. replay) is available under the link below:
For more details on Branicks Group AG, visit the company’s homepage at www.branicks.com/en.
About Branicks Group AG
Branicks Group AG (formerly DIC Asset AG) is Germany’s leading listed specialist for office and logistics real estate with 25 years of experience on the real estate market and with access to a broad-based network of investors. Our business is based on a regional and inter-regional real estate platform with nine offices on the ground in all major German markets (with VIB Vermögen AG included). We currently manage a total of 355 assets with a combined market value of EUR 13.9 billion on site, always close to our properties and their occupiers.
The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate steady cash flows from stable rent revenues on long-term leases while also optimising the value of our portfolio assets through active management, and realising gains from sales.
In the Institutional Business segment, we earn recurrent fees from real estate services we provide to national and international institutional investors by structuring and managing investment products that return attractive dividend yields.
For more details, go to branicks.com.
IR/PR Contact Branicks Group AG:
Branicks Group AG at a Glance
* Per-share figures adjusted in accordance with IFRS (number of shares 9M 2023: 83,381k | 9M 2022: 82,533k)
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|Company:||Branicks Group AG|
|Neue Mainzer Straße 32-36|
|60311 Frankfurt am Main|
|Phone:||+49 69 9454858-1492|
|Fax:||+49 69 9454858-9399|
|ISIN:||DE000A1X3XX4, DE000A12T648, DE000A2GSCV5, DE000A2NBZG9|
|WKN:||A1X3XX, A12T64, A2GSCV, A2NBZG|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange|
|EQS News ID:||1767591|
|End of News||EQS News Service|