EQS-News: CPI PROPERTY GROUP publishes half-year financial results for 2023
CPI PROPERTY GROUP (hereinafter “CPIPG”, the “Company” or together with its subsidiaries the “Group”), a leading European landlord, hereby publishes unaudited financial results for the six-month period ended 30 June 2023.
EQS-News: CPI PROPERTY GROUP / Key word(s): Half Year Results CPI PROPERTY GROUP publishes half-year financial results for 2023 31.08.2023 / 19:40 CET/CEST The issuer is solely responsible for the content of this announcement. CPI Property Group
In connection with the acquisitions of IMMOFINANZ and S IMMO in 2022, CPIPG borrowed €2.7 billion through bridge loans from our relationship banks. As of 31 August 2023, about €1.7 billion of the bridge loans have been repaid through disposals, fresh external financing, and existing liquidity resources, for a current balance of about €1 billion. CPIPG expects to make additional bridge repayments during September and October, further reducing the balance. On 30 August 2023, CPIPG signed a new €635 million 3-year bridge loan provided by Santander, Société Générale, Komerční banka, Raiffeisen, SMBC, Barclays, and Erste Bank. The new bridge loan, which includes an accordion feature of up to €1 billion to accommodate potential additional lending interest from our relationship bank group, is expected to be drawn by the end of October and will replace the existing bridge arrangements. Half-year results webcast CPIPG will host a webcast in relation to its financial results for the six-month period ended 30 June 2023. The webcast will be held on Thursday, 7 September 2023, at 11:00 am CET / 10:00 am UK. Please register for the webcast in advance via the link below: https://edge.media-server.com/mmc/p/wjzps3y3
Net rental income increased by €135.3 million (51%) to €398.6 million in H1 2023 primarily due to the acquisitions of IMMOFINANZ and S IMMO and strong like-for-like rental growth. Net hotel income Net hotel income increased from €7.6 million in H1 2022 to €29.5 million in H1 2023 as travel demand improved significantly across Europe and due to the acquisition of S IMMO. Net valuation loss Net valuation loss of €217.2 million in H1 2023 primarily relates to IMMOFINANZ (€119 million) and S IMMO (€80 million), mainly lower-yielding office and residential portfolios in Germany and offices in Austria. Other operating income Other operating income decreased in H1 2023 as there was a one-off bargain purchase from the acquisition of IMMOFINANZ and S IMMO of €285.9 million recognised in H1 2022. Interest expense Interest expense increased by €84.2 million in H1 2023 compared to H1 2022 primarily due to the acquisition of IMMOFINANZ (€9.2 million) and S IMMO (€18.2 million), the overall increase of cost of new financing and the relatively higher cost of the Group’s temporary bridge financing.
Total assets decreased by €454.8 million (1.9%) to €23,066.4 million as of 30 June. The decrease was driven primarily by revaluation of investment property of negative €217.2 million and property disposals of €657 million, offset by value-enhancing CapEx investments of €155 million. Total liabilities Total liabilities decreased by €548.3 million (3.8%) to €13,709.9 million as at 30 June 2023 compared to EQUITY AND EPRA NRV Total equity increased by €44.6 million to €9,307.5 million as at 30 June 2023. The movements of equity components were primarily as follows:
EPRA NRV was €8,051 million as at 30 June 2023, representing increase of 0.6% compared to 31 December 2022. The increase of EPRA NRV was driven by the above changes in the Group’s equity attributable to the owners (translation reserve).
For further information please contact: David Greenbaum
31.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | CPI PROPERTY GROUP |
40, rue de la Vallée | |
L-2661 Luxembourg | |
Luxemburg | |
Phone: | +352 264 767 1 |
Fax: | +352 264 767 67 |
E-mail: | [email protected] |
Internet: | www.cpipg.com |
ISIN: | LU0251710041 |
WKN: | A0JL4D |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart |
EQS News ID: | 1716547 |
End of News | EQS News Service |
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1716547 31.08.2023 CET/CEST