INTERIM STATEMENT
1 JANUARY - 31 MARCH
DEMIRE
INTERIM STATEMENT
1 JANUARY - 31 MARCH 2023
HIGHLIGHTS 3M 2023
KEY EARNINGS FIGURES | KEY FINANCIAL INDICATORS | PORTFOLIO DEVELOPMENT | |||
9.2 | 53.9 | 1.3 | 4.6 |
in EUR million | in % |
FFO I (after taxes, | NET LOAN-TO-VALUE1 |
before minority interests), | (NET LTV), |
compared to EUR 10.5 million | compared to 54.0% |
as of 3M 2022 | at the end of 2022 |
in EUR billion | in years |
PORTFOLIO VALUE, | WALT, |
unchanged compared | compared to 4.8 years |
to year-end 2022 | as of year-end 2022 |
20.8 | 1.67 | 84.1 | 9.2 |
in EUR million | in % p.a. | in EUR million | in % |
RENTAL INCOME, | AVERAGE NOMINAL | ANNUALISED | EPRA VACANCY RATE 2, |
compared to EUR 19.3 million | INTEREST COSTS, | CONTRACTUAL RENT, | compared to 9.5% |
as of 3M 2022 | stable compared to | compared to EUR 85.1 million | as of year-end 2022 |
year-end 2022 | as of year-end 2022 |
- According to the definition of bond 2019/2024
- Excl. properties classified as project developments
4.80 | 8.8 |
in EUR | in % |
NET ASSET VALUE | LIKE-FOR-LIKE INCREASE |
(PER SHARE, BASIC), | of annualised contractual |
compared to EUR 4.99 | rent compared to -1.2% |
as of year-end 2022 | as of 3M 2022 |
10,200
in m 2
LETTING PERFORMANCE, compared to 43,000 m ² as of 3M 2022
DEMIRE
INTERIM STATEMENT
1 JANUARY - 31 MARCH 2023
1
Key for navigating the interim statement:
Reference to table of contents
Reference to another page in the interim statement
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CONTENTS
FOREWORD BY THE EXECUTIVE BOARD | 2 |
DEMIRE AT A GLANCE | 3 |
Key Group figures | 4 |
Portfolio highlights | 5 |
INTERIM GROUP MANAGEMENT REPORT | 6 |
Overview | 7 |
Economic report | 10 |
Opportunities and risks | 18 |
Subsequent events | 18 |
INTERIM CONSOLIDATED FINANCIAL | |
STATEMENTS | 19 |
Consolidated statement of income | 20 |
Consolidated statement of comprehensive income 21
Consolidated balance sheet | 22 |
Consolidated statement of cash flows | 24 |
Consolidated statement of changes in equity | 26 |
Notes to the consolidated financial statements | 27 |
IMPRINT | 39 |
DEMIRE
INTERIM STATEMENT2 1 JANUARY - 31 MARCH 2023
FOREWORD BY THE EXECUTIVE BOARD
FOREWORD BY THE | |
EXECUTIVE BOARD | 2 |
DEMIRE AT A GLANCE | 3 |
INTERIM GROUP | |
MANAGEMENT REPORT | 6 |
INTERIM CONSOLIDATED | |
FINANCIAL STATEMENTS | 19 |
IMPRINT | 39 |
Dear Shareholders, dear Readers,
DEMIRE's business performance in the first quarter of 2023 has been stable and thus satisfactory. So far, the weak economic environment and high inflation have not had a significant negative impact on our operational business activity, and our business model continues to prove resilient. The key areas to focus on in terms of performance during the first quarter of the financial year are as follows:
- Rental income totalled EUR 20.8 million (previous year: EUR 19.3 million) in line with expectations.
- Funds from operations (FFO I, after taxes, before minority interests) decreased to EUR 9.2 million compared with EUR 10.5 million in the previous year.
- At around 10,200m², letting performance was down on the previous year's strong figure of around 43,000m².
- Like-for-likerental growth amounted to 8.8%, compared to -1.2% in the prior-year period.
- Excluding project developments, the EPRA vacancy rate continued to decrease slightly to 9.2% (31 December 2022: 9.5%) and the WALT decreased slightly by 0.2 years to 4.6 years compared to year-end 2022.
- NAV per share (basic) was slightly down to EUR 4.80, a fall of EUR 0.19
compared to the end of 2022. - Net loan-to-value1 (net LTV) fell slightly to 53.9%. Liquidity as at the reporting date was comfortable at EUR 73.4 million.
- Average nominal financing costs remain at a low level nominally at 1.67% p.a., with no significant maturities arising before mid-2024.
The year-on-year increase in rental income, one of DEMIRE's key performance indi- cators, is the result of the strong letting performance and rent indexations in recent years. The other key performance indicator, funds from operations (FFO I) after taxes and before minority interests, declined slightly. The decline is primarily due to impairments of rent receivables in connection with the insolvency of Galeria Karstadt Kaufhof and higher income tax expense.
The results obtained in the first three months of 2023 give us confidence that our performance will also be in line with our plans for the financial year as a whole. We are working on the assumption that neither the consequences of the pandemic nor the armed conflict in Ukraine will have a noticeable impact on our business activity. As DEMIRE has solid foundations, the fundamental shape of the real estate market, including in particular the office and commercial sector, and expected developments on the capital markets - including the possibility of the ECB further increasing interest rates - also give us grounds to believe our Company will continue to perform as planned in the foreseeable future.
Now the first quarter has ended, we therefore remain committed to our forecast for the 2023 financial year. In this regard, we expect rental income to be between EUR 71.0 million and EUR 73.0 million (2022: EUR 81.1 million). We also expect FFO I (after taxes, before minority interests) to be between EUR 30.0 million and EUR 32.0 million (2022: EUR 41.8 million).
Frankfurt am Main, 10 May 2023
Prof. Dr Alexander Goepfert | Tim Brückner | Ralf Bongers |
(CEO) | (CFO) | (Member of the |
Executive Board) |
1 According to the definition of bond 2019/2024
ANSBACH
DEMIRE
AT A GLANCE
Key Group figures | 4 |
Portfolio highlights | 5 |
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DEMIRE Deutsche Mittelstand Real Estate AG published this content on 20 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 12:33:08 UTC.