EQS-News: Branicks Group AG
/ Key word(s): Quarterly / Interim Statement/Real Estate
Frankfurt am Main, May 16, 2024 Press release of the Branicks Group AG
Branicks Group confirms outlook for 2024 after good start to the year
“With another strong letting performance and reduced operating costs, we are on track with our operating business in the first quarter. Following the systematic reorganization of our financial structures, we have set the course to be at the forefront when the industry recovers. We are concentrating on further developing the quality and sustainability of our portfolio within our asset focus areas of office and logistics and on building up the new asset class of renewables,” said Sonja Wärntges, CEO of Branicks Group AG.
Frankfurt, May 16, 2024 - Branicks Group AG (Branicks), ISIN: DE000A1X3XX4, one of Germany's leading listed real estate companies, today published its results for the first three months of the 2024 financial year. In a persistently difficult overall market, the operating business developed according to plan. At +4.6%, like-for-like growth in the letting business was once again noticeable compared to the same quarter of the previous year. The institutional business continues to be a stabilizing factor. The company's total portfolio amounted to EUR 13.1 billion in assets under management as at the balance sheet date of March 31, 2024. Branicks is successfully implementing the action areas of the Plan 2024 action plan. At the end of the first three months, Branicks generated FFO (funds from operations) after minority interests of EUR 9.0 million (previous year: EUR 12.9 million) and confirmed its full-year targets for 2024. Successful reorganization of financial structures Branicks successfully continued the reorganization of its financial structures in the first few months of the 2024 financial year, thus putting its financing on a reliable footing for the coming years. Branicks had already halved the bridge financing for the acquisition of VIB Vermögen AG in the 2023 financial year and repaid the 2018/2023 corporate bond as planned. In March 2024, Branicks Group AG reached agreements with its creditors on the repayment of a further partial amount of EUR 40 million of the VIB bridge financing and a restructuring plan based on a corporate plan reviewed by independent experts on a new timing for the repayment of promissory note loans originally maturing in 2024 and the remaining VIB. This paved the way for a sustainable, financially stable future for the company. Milestones in the first three months of the 2024 financial year
Focus on return to positive net cash flow and significant debt reduction
Invitation to the conference call on May 16, 2024 The Board of Directors of Branicks Group AG invites you to the presentation of the results for the first three months of 2024 at 10:00 a.m. CET.
To participate in the conference call, please register at: https://webcast.meetyoo.de/reg/6H5Yxi9tqdLl
The webcast (incl. replay) can be accessed via the following link: https://presenter.webcast-eqs.com/webcast/branicks-2024-q1
About Branicks Group AG: The Commercial Portfolio segment comprises real estate held for our own account. Here, we generate cash flows from stable rent revenues on long-term leases while also optimizing the value of our portfolio assets through active management and realizing 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. The shares of Branicks Group AG are listed in the Prime Standard of the German Stock Exchange (WKN: A1X3XX / ISIN: DE000A1X3XX4). The company is fully committed to sustainability and occupies top positions in ESG-relevant ratings such as Morningstar Sustainalytics and S&P Global CSA. The Branicks Group is also a signatory to the UN Global Compact and the UN PRI network. Properties in the Branicks portfolio have been awarded renowned ESG certificates such as DGNB, LEED or BREEAM. For more details, go to www.branicks.com
PR Contact Branicks Group AG: Stephan Heimbach Neue Mainzer Strasse 32-36 D-60311 Frankfurt am Main Phone +49 69 9454858-1569 pr@branicks.com
IR Contact Branicks Group AG: Jasmin Dentz Neue Mainzer Strasse 32-36 D-60311 Frankfurt am Main Phone +49 69 9454858-1492 ir@branicks.com
The Branicks Group AG at a glance
1 Figures per share adjusted in accordance with IFRS (number of shares as at 31.03.2024: 83,565,510 thousand /31.03.2023: 83,152,566 thousand) 3 Figures per share adjusted in accordance with IFRS (number of shares as at 31.03.2024: 83,565,510 thousand /31.12.2023: 83,565,510 thousand) 4 inkl. full value of the Institutional Business 5 Only calculated for the Commercial Portfolio excluding repositioning and warehousing
16.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Branicks Group AG |
Neue Mainzer Straße 32-36 | |
60311 Frankfurt am Main | |
Germany | |
Phone: | +49 69 9454858-1492 |
Fax: | +49 69 9454858-9399 |
E-mail: | ir@branicks.com |
Internet: | www.branicks.com |
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: | 1904285 |
End of News | EQS News Service |
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1904285 16.05.2024 CET/CEST
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