TTL publishes Annual Report 2023

EQS-News: TTL Beteiligungs- und Grundbesitz-AG / Key word(s): Annual Report
TTL publishes Annual Report 2023

28.06.2024 / 19:09 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Munich, 28.06.2024

TTL publishes Annual Report 2023

  * Market environment in the commercial real estate market remains
    challenging

  * Earnings performance significantly influenced by investment in Branicks
    Group AG

* No dividend payment planned

TTL Beteiligungs- und Grundbesitz-AG ('TTL AG', 'TTL') (ISIN DE0007501009)
published its results for the financial year 2023 on June 28, 2024.
Transaction activity on the German investment market for commercial real
estate in 2023 was characterized by the difficult financing environment and
the unfavorable macroeconomic environment. This presented TTL with major
challenges in the 2023 financial year. As a result, earnings contributions
were significantly lower than in the previous year.

Development of TTL shareholdings in 2023
The operating performance of TTL's portfolio companies varied in 2023.

The investment in Montano Real Estate GmbH ('Montano') successfully
concluded transactions in the office, retail, logistics and public social
infrastructure asset classes relevant to the company with a total volume of
EUR 270 million. At EUR 0.54 million, Montano's contribution to earnings was
only slightly down on the previous year (previous year: EUR 0.55 million).

The indirect investment Branicks Group AG ('Branicks', formerly: DIC Asset
AG) closed the 2023 financial year on a subdued note. Assets under
management amounted to EUR 13.2 billion at the end of the 2023 financial
year (2022: EUR 14.7 billion). This decline was due to sales and valuation
effects of -6.0 percent. Branicks reorganized its financial structures in
2023 and in the first months of the 2024 financial year, thereby setting the
course for a sustainable, financially stable future for the company.

Branicks development impacts the result
Due in particular to the negative annual result of Branicks and further
impairments of financial receivables and investments, which the Executive
Board carried out for reasons of risk provisioning, TTL Beteiligungs- und
Grundbesitz-AG ('TTL') recorded a negative financial result of EUR -13.8
million (previous year: EUR -0.6 million) and a negative consolidated result
(according to IFRS) before taxes of EUR -14.0 million (previous year: EUR
-0.9 million) for the 2023 financial year. The annual result after taxes
amounted to EUR -15.1 million (previous year: EUR -0.9 million).

'2023 was an extremely challenging year for TTL. We have acted consistently
in response. Our strategy of focusing on reliability and stable partnerships
is proving its worth,' says Theo Reichert, CEO of TTL AG. 'For us, 2024 is
now all about consolidation.'

No dividend payment planned
Against the backdrop of the longer than expected stagnation on the
transaction market and in view of the short and medium-term maturities of
existing financing, the Management Board felt compelled to take measures to
stabilize the financial situation and decided to propose to the Supervisory
Board that no dividend payment be made for the 2023 financial year. Instead,
the cost-cutting course already initiated at the beginning of 2023 is to be
systematically continued.

Outlook
For 2024, we assume that the general conditions on the commercial real
estate market will not improve before the end of the year. We therefore also
expect a negative consolidated result before taxes and non-recurring items
of EUR -5.9 million to EUR -6.4 million for the current financial year. We
are therefore not planning to actively pursue any investment opportunities
in the current financial year.

IMPORTANT KEY FIGURES

     TTL AG | consolidated IFRS               2023           2022
     in Euro thousand
     Income statement data
     Revenues                                1,289          2,415
     Result of operating activities           -260           -308
     Financial result                      -13,781           -563
     Earnings before taxes                 -14,042           -871
     Adjusted earnings before taxes         -8,936           -487
     Annual result                         -15,052           -889
     Earnings per share                    -0.61 EUR        -0.04 EUR

     Key Balance Sheet Figures
     Non-current assets                     79,840         93,200
     Current assets                         13,999         25,015
     Total assets                           93,839        118,215

     Equity                                 19,489         43,859
     Non-current liabilities                63,254         72,908
     Current liabilities                    11,096          1,449
     Total equity and liabilities           93,839        118,215

The 2023 Annual Report can be downloaded from the TTL AG website at the
following link:
https://www.ttl-ag.de/en/investor-relations/financial-reports.html

About TTL
TTL Beteiligungs- und Grundbesitz-AG (ISIN DE0007501009/Stock exchange
symbol TTO) is a listed holding company focusing on the German real estate
market. As a holding company, its aim is to enter into profitable
investments, to accompany and develop them in order to participate in their
value enhancement and to sustainably increase the earning power of TTL AG in
the interest of its shareholders. TTL invests in both privately held and
listed real estate companies with high dividends. In addition, TTL also
participates in real estate projects and properties via platforms, whereby
TTL Group provides mezzanine financing for these investments in addition to
equity.

The Munich-based company holds a 50 percent stake in TTL Real Estate GmbH,
which has a direct 8.22 percent holding in the SDAX-listed DIC Asset AG.
Since the end of 2020, TTL AG has held a 50 percent stake in Montano Real
Estate GmbH, also based in Munich, one of the leading independent real
estate investment and management companies in the German commercial real
estate market with offices in Munich, Frankfurt and Berlin.

Media and Investor Relations contact
Kornelia Kneissl
K2K GmbH
Tel. +49 151 565 96120
Email: presse@ttl-ag.de


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   Language:       English
   Company:        TTL Beteiligungsund Grundbesitz-AG
                   Maximilianstraße 35C
                   80539 München
                   Germany
   Phone:          +49 (0)89 381611-0
   Fax:            +49 (0)89 3915-92
   E-mail:         sekretariat@ttl-ag.de
   Internet:       www.ttl-ag.de
   ISIN:           DE0007501009
   WKN:            750100
   Listed:         Regulated Market in Frankfurt (General Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1935865

End of News EQS News Service
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1935865 28.06.2024 CET/CEST