CPI PROPERTY GROUP publishes financial results for the first quarter of 2024
EQS-News: CPI PROPERTY GROUP / Key word(s): Quarter Results/Real Estate
CPI PROPERTY GROUP publishes financial results for the first quarter of 2024
31.05.2024 / 23:40 CET/CEST
The issuer is solely responsible for the content of this announcement.
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CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254
Press Release - Corporate News
Luxembourg, 31 May 2024
CPI PROPERTY GROUP publishes financial results for the first quarter of 2024
CPI PROPERTY GROUP ('CPIPG' or the 'Group'), a leading European landlord,
hereby publishes unaudited financial results for the three-month period
ending 31 March 2024.
'CPIPG's like-for-like rents continued to grow at healthy rates through a
combination of positive rent reversion and indexation,' said David
Greenbaum, CEO. 'Leverage, both value and earnings-based, declined during
the first quarter and is on track to decline further as we progress on
disposals.'
Highlights for the first quarter of 2024 include:
* Total assets were EUR21.5 billion, and EPRA NRV (NAV) was EUR7.0 billion.
* CPIPG's property portfolio was EUR19.2 billion (versus EUR19.5 billion at
year-end 2023), reflecting completed disposals and negative FX and
valuation movements, partially offset by CapEx investments.
* The Group has closed more than EUR600 million of disposals year-to-date
(EUR340 million in Q1 2024). In addition, more than EUR600 million of signed
disposals are expected to close in the coming months.
* Despite disposals, net rental income increased by almost 6% to EUR208
million, supported by a strong rental income growth of 5.5% on a
like-for-like basis. Net business income rose to EUR221 million.
* Hotels had an excellent start to the new year with a net income of EUR5
million, an increase of 12% compared to Q1 2023.
* Consolidated adjusted EBITDA was EUR199 million; FFO1 increased to EUR111
million.
* Occupancy remained solid at 91.4% with a stable WAULT of 3.5 years.
* Net Loan-to-Value (LTV) decreased to 51.9%, down 0.4 p.p. from year-end
2023. Net LTV is 49.7% pro forma only for disposals closed
post-reporting date or to be closed in the coming months.
* Net debt was reduced by more than EUR250 million versus year-end.
* Net debt/EBITDA declined by 0.6x to 12.5x on an annualised basis.
* Total available liquidity was EUR1.3 billion at the end of Q1 2024. Net
proceeds from disposals signed post-Q1 plus disposals signed and due to
close soon will contribute EUR600 million to the Group's liquidity,
complemented by new financings and possible minority equity
transactions.
* The average weighted debt maturity (4.6 years) and average cost of debt
(3.12%) were unchanged from year-end.
* Unencumbered assets stood at 47%, and Net ICR was 2.5x.
Hot Topics for Our Investors
While CPIPG understands the keen investor interest in some of the topics
below, we look forward to refocusing the discussion onto our diversified,
well-positioned, well-managed property portfolio as soon as possible.
Credit Ratings and Capital Structure
Today, S&P Global Ratings unexpectedly downgraded CPIPG from BBB- to BB+
with a negative outlook (please see our press release published earlier
today, 'Comments on Recent Events').
Based on our business plan, the Group expects to remain within S&P's rating
thresholds for both a BBB- and BB+ rating with S&P adjusted debt to debt
plus equity below 60%, an EBITDA interest coverage of above 1.8x, and a debt
to annualised EBITDA below 14x-15x in 2024 and 13x-14x in 2025. Hence, the
Group will target stabilising our outlook and eventually regaining our
investment grade rating with S&P.
The additional five years of equity credit assigned by S&P to our perpetual
notes as part of the rating change is a development CPIPG did not
anticipate, as the Group always believed CPIPG could remain investment
grade. Prior to the downgrade, CPIPG had been vocal about the fact that we
value our hybrid bondholders, that we know many of our hybrid bondholders
also own our senior unsecured bonds, and that we place a high value on
market access and our reputation.
The Group will reevaluate our liability management options in the coming
weeks and months and looks forward to deploying our liquidity to optimise
our maturity profile and interest expense.
Liquidity and disposals
CPIPG has EUR184 million of debt maturities for the remainder of 2024, and
EUR401 million in 2025. Nearly all the debt relates to secured bank loans.
Because of the quality of CPIPG's assets, the Group is confident that
secured lenders in our local markets will continue to be interested both in
rolling over and new financing.
CPIPG has a EUR700 million revolving credit facility (RCF) with a large
syndicate of banks maturing in January 2026. As the Group has prioritised
repaying our bridge financing (now fully extinguished), and because of
delayed regulatory approvals for certain disposals, the RCF was drawn. The
current RCF balance is EUR460 million. CPIPG intends to repay and/or refinance
the RCF before the end of 2024.
Since the end of Q1, the Group received about EUR150 million in net cash
proceeds from disposals. EUR449 million in additional net proceeds are
expected in Q2 / Q3 from disposals signed but not yet closed. The Group's
disposal pipeline under discussion still exceeds EUR2 billion.
In total, the Group is currently in discussions with secured lenders for
EUR267 million of fresh financing. While CPIPG prefers senior unsecured
financing, for the moment secured financing has a lesser impact on our ICR.
CPIPG sees ample opportunity to increase the scope of the Group's secured
borrowing, if necessary, but also prefers to minimise structural
subordination for our bondholders wherever possible.
As announced or commented previously, CPIPG is currently engaged in
discussions with several highly respected international investors for up to
EUR800 million of minority equity investments in Poland, Germany, and Italy.
CPIPG sees benefits in the liquidity and flexible capital offered through
these transactions but acknowledges drawbacks in terms of cost and
complexity. Therefore, the Group seeks the right balance in terms of number
and quantum. More details and decisions on these transactions should be
expected in the coming months.
CPIPG Liquidity Analysis
The table below demonstrates CPIPG's ample liquidity coverage of near-term
maturities. Minority equity or new financing discussions would increase the
level of available liquidity.
Amounts in Liquidity Disposals Disposals Active Total
EURmm at Q1 '24 post-Q1 signed financing
(net) (net) discussions
CPIPG (Group) 1,302 150 449 267 2,168
Liquidity 2.2x 3.7x
coverage (Q2
2024-2025)
Distributions and Shareholder Loans
As part of our ongoing deleveraging efforts, CPIPG will sharply reduce
distributions relative to our target of 65% of FFO, just as we did in 2022
and 2023. As stated previously, the Group intends to distribute to our
shareholders only via share buybacks going forward, with final decisions on
distributions made in Q4 each year.
The Group's past practice of providing shareholder loans will be eliminated.
More details on shareholder loans and related party transactions (policy,
approach, and governance) can be expected from the Group over the summer, as
announced on 24 May.
Selected actions occurring post-Q1
On 28 April, the Group signed a commitment agreement with Sona Asset
Management regarding a proposed equity investment of EUR250 million in Poland.
On 2 May, the Group completed the sale of Crans-Montana Ski Resort for more
than CHF 100 million.
On 6 May, IMMOFINANZ completed the sale of City Tower Vienna for more than
EUR150 million.
On 7 May, CPIPG completed a successful EUR500 million green bond transaction,
and fully repaid the remaining EUR460 million of bridge loans. With that,
CPIPG successfully completed the repayment of around EUR2.7 billion in
acquisition financings for IMMOFINANZ and S IMMO.
On 24 May, IMMOFINANZ commenced preparations for a squeeze-out of S IMMO,
which would contribute significantly to simplification of the Group's
structure and improve costs/EBITDA going forward.
On 29 May, S IMMO announced the disposal of several commercial and
residential assets across German cities for a total transaction volume of
EUR255 million.
FINANCIAL HIGHLIGHTS
Performance Q1-2024 Q1-2023 Change
Total revenues EUR 412 410 0.5%
mil-
lio-
n
Gross rental income (GRI) EUR 237 229 3.5%
mil-
lio-
n
Net rental income (NRI) EUR 208 197 5.6%
mil-
lio-
n
Net hotel income EUR 5 5 12.4%
mil-
lio-
n
Net business income (NBI) EUR 221 213 3.9%
mil-
lio-
n
Consolidated adjusted EBITDA EUR 199 198 0.6%
mil-
lio-
n
Funds from operations (FFO) EUR 111 108 2.6%
mil-
lio-
n
Net profit for the period EUR 41 53 (23.1
mil- %)
lio-
n
Assets 31-Mar-20- 31-Dec-20- Change
24 23
Total assets EUR 21,465 21,930 (2.1%)
mil-
lio-
n
Property portfolio EUR 19,183 19,531 (1.8%)
mil-
lio-
n
Gross leasable area sqm 6,406,000 6,462,000 (0.9%)
Occupancy % 91.4 92.1 (0.7
p.p.)
Like-for-like gross rental growth* % 5.5 7.9 (2.4
p.p.)
Total number of properties** No. 685 711 (3.7%)
Total number of residential units No. 13,594 13,630 (0.3%)
Total number of hotel rooms*** No. 6,412 8,019 (20.0%)
* Based on gross headline rent **
Excluding residential properties in
the Czech Republic *** Including
hotels operated, but not owned by
the Group
Financing structure 31-Mar-20- 31-Dec-20- Change
24 23
Total equity EUR 8,231 8,257 (0.3%)
mil-
lio-
n
EPRA NRV (NAV) EUR 6,964 7,033 (1.0%)
mil-
lio-
n
Net debt EUR 9,965 10,220 (2.5%)
mil-
lio-
n
Net Loan-to-value ratio (Net LTV) % 51.9 52.3 (0.4
p.p.)
Net debt/EBITDA x 12.5x 13.1x (0.6x)
Secured consolidated leverage % 24.0 24.0 --
Secured debt to total debt % 47.1 46.5 0.6
p.p.
Unencumbered assets to total assets % 47.1 47.8 (0.7
p.p.)
Unencumbered assets to unsecured % 176% 174% 2.0
debt p.p.
Net interest coverage (Net ICR) x 2.5x 2.5x --
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT*
Three-month
period ended
(EUR million) 31 March 2024 31 March
2023
Gross rental income 237.2 229.2
Service charge and other income 105.9 116.4
Cost of service and other charges (96.6) (104.2)
Property operating expenses (38.2) (44.2)
Net rental income 208.3 197.2
Development sales 8.4 -
Development operating expenses (8.4) -
Net development income - -
Hotel revenue 32.5 37.5
Hotel operating expenses (27.1) (32.7)
Net hotel income Revenues from other 5.4 4.8
business operations
Other business revenue 28.2 27.0
Other business operating expenses (20.6) (16.0)
Net other business income 7.6 11.0
Total revenues 412.2 410.1
Total direct business operating (190.9) (197.1)
expenses
Net business income 221.3 213.0
Net valuation loss (22.6) (6.6)
Net loss on disposal of investment (4.2) (1.7)
property and subsidiaries
Amortization, depreciation and (16.1) (17.8)
impairment
Administrative expenses (32.6) (26.6)
Other operating income 5.5 3.5
Other operating expenses (4.5) (3.8)
Operating result 146.8 160.0
Interest income 10.1 6.0
Interest expense (89.9) (75.4)
Other net financial result (21.4) (30.2)
Net finance costs (101.2) (99.6)
Share of gain of equity-accounted 5.5 8.2
investees (net of tax)
Profit before income tax 51.1 68.7
Income tax expense (10.3) (15.7)
Net profit from continuing operations 40.8 53.0
* The presented financial statements do not represent a full set of interim
financial statements as if prepared in accordance with IAS 34
Gross rental income
Gross rental income increased by EUR8.0 million (3.5%) to EUR237.2 million in Q1
2024 compared to Q1 2023. The increase was primarily driven by rent
indexation.
Property operating expenses
Property operating costs decreased by EUR6.0 million in Q1 2024 compared to Q1
2023, primarily due to lower repairs, maintenance, and personnel costs.
Administrative expenses
Administrative expenses increased by EUR6.0 million in Q1 2024 compared to Q1
2023, primarily due to an increase in admin payroll costs and overall
advisory costs.
Net valuation loss
Net valuation loss of EUR22.6 million in Q1 2024, represented primarily by
revaluation loss generated by S IMMO.
Interest expense
Interest expense increased by EUR14.5 million in Q1 2024 compared to Q1 2023,
mainly due to an overall increase in the cost of financing. IMMOFINANZ and S
IMMO interest expense increased by EUR6.8 million and EUR9.4 million,
respectively.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION*
(EUR million) 31 March 31 December
2024 2023
NON-CURRENT ASSETS
Intangible assets and goodwill 81.6 129.8
Investment property 16,980.6 17,262.6
Property, plant and equipment 631.0 866.5
Deferred tax assets 117.2 118.2
Equity accounted investees 804.9 717.2
Other non-current assets 591.8 452.0
Total non-current assets 19,207.1 19,546.3
CURRENT ASSETS
Inventories 69.8 73.5
Trade receivables 239.5 227.8
Cash and cash equivalents 920.2 1,022.6
Assets linked to assets held for sale 699.4 722.7
Other current assets 329.3 337.3
Total current assets 2,258.2 2,383.9
TOTAL ASSETS 21,465.3 21,930.3
EQUITY
Equity attributable to owners of the 5,511.2 5,567.6
Company
Perpetual notes 1,600.9 1,585.1
Non-controlling interests 1,119.0 1,104.5
Total equity 8,231.1 8,257.2
NON-CURRENT LIABILITIES
Bonds issued 4,287.6 4,274.1
Financial debts 5,787.9 6,325.7
Deferred tax liabilities 1,495.7 1,547.7
Other non-current liabilities 207.0 223.7
Total non-current liabilities 11,778.2 12,371.2
CURRENT LIABILITIES
Bonds issued 43.8 209.2
Financial debts 748.5 412.2
Trade payables 177.4 218.3
Other current liabilities 486.3 462.1
Total current liabilities 1,456.0 1,301.8
TOTAL EQUITY AND LIABILITIES 21,465.3 21,930.2
* The presented financial statements do not represent a full set of interim
financial statements as if prepared in accordance with IAS 34
Total assets
Total assets decreased by EUR465.0 million (2.1%) to EUR21,465.3 million as at
31 March 2024 compared to 31 December 2023. The decrease relates primarily
to disposals of investment property (EUR133.4 million), negative foreign
retranslation effect on investment property (EUR104.0 million) and decrease of
property, plant and equipment (EUR235.0 million), related to the sale of
hotels portfolio to the newly established joint venture.
Total liabilities
Total liabilities decreased by EUR438.8 million (3.2%) to EUR13,234.2 million as
at 31 March 2024 compared to 31 December 2023, primarily due to a decrease
in financial debts (EUR201.5 million) and bonds issued (EUR151.9 million).
Equity and EPRA NRV
Total equity decreased by EUR26.1 million from EUR8,257.2 million as at 31
December 2023 to EUR8,231.1 million as at 31 March 2024. The movements of
equity components were as follows:
* Increase due to the profit for the period of EUR40.8 million (profit to
the owners of EUR7.6 million);
* Increase in retained earnings due to sale of hotel portfolio to newly
established joint venture (EUR23.8 million);
* Decrease in translation, revaluation and hedging reserve of EUR87.6
million;
* Net interests to perpetual notes holders of EUR15.7 million;
* Increase of NCI in the period of EUR14.4 million.
EPRA NRV was EUR6,964 million as at 31 March 2024, representing a decrease of
1.0% compared to 31 December 2023. The decrease of EPRA NRV was driven by
the above changes in the Group's equity attributable to the owners (increase
of retained earnings and decrease of translation, revaluation and hedging
reserves).
31 March 31 December
2024 2023
Equity attributable to the owners 5,511 5,568
(NAV)
Diluted NAV 5,511 5,568
Fair value of financial instruments (101) (93)
Deferred tax on revaluations 1,596 1,601
Goodwill as a result of deferred tax (43) (43)
EPRA NRV (EUR million) 6,964 7,033
GLOSSARY
Alter- Definition Rationale
nativ-
e
Perfo-
rmanc-
e
Measu-
res
(APM)
Conso- Net business income as This is an important economic
lidat- reported deducting indicator showing a business's
ed administrative expenses operating efficiency comparable
adjus- as reported. to other companies, as it is
ted unrelated to the Group's
EBITD- depreciation and amortisation
A policy and capital structure or
tax treatment. It is one of the
fundamental indicators used by
companies to set their key
financial and strategic
objectives.
Conso- Consolidated adjusted
lidat- total assets is total
ed assets as reported
adjus- deducting intangible
ted assets and goodwill as
total reported.
asset-
s
EPRA EPRA NRV assumes that Makes adjustments to IFRS NAV to
Net entities never sell provide stakeholders with the
Reins- assets and aims to most relevant information on the
tatem- represent the value fair value of the assets and
ent required to rebuild the liabilities within a true real
Value entity. estate investment company with a
(NRV) long-term investment strategy.
Funds It is calculated as net Funds from operations provide an
from profit for the period indication of core recurring
opera- adjusted by non-cash earnings.
tions revenues/expenses (like
or deferred tax, net
FFO valuation gain/loss,
impairment,
amortisation/depreciatio-
n, goodwill etc.) and
non-recurring (both cash
and non-cash) items.
Calculation also
excludes accounting
adjustments for
unconsolidated
partnerships and joint
ventures.
Net It is calculated as Net A measure of a company's ability
debt/- debt divided by to pay its debt. This ratio
EBITD- Consolidated adjusted measures the amount of income
A EBITDA. generated and available to pay
down debt before covering
interest, taxes, depreciation and
amortisation expenses.
Net It is calculated as This measure is an important
ICR Consolidated adjusted indicator of a firm´s ability to
EBITDA divided by a sum pay interest and other fixed
of interest income as charges from its operating
reported and interest performance, measured by EBITDA.
expense as reported.
Net It is calculated as Net Loan-to-value provides a general
Loan-- debt divided by fair assessment of financing risk
to-Va- value of Property undertaken.
lue Portfolio.
or
Net
LTV
Secur- Secured consolidated This measure is an important
ed leverage ratio is a indicator of a firm´s financial
conso- ratio of a sum of flexibility and liquidity. Lower
lidat- secured financial debts levels of secured debt typically
ed and secured bonds to also means lower levels of
lever- Consolidated adjusted mortgage debt - properties that
age total assets. are free and clear of mortgages
ratio are sources of alternative
liquidity via the issuance of
property-specific mortgage debt,
or even sales.
Secur- It is calculated as a This measure is an important
ed sum of secured bonds and indicator of a firm´s financial
debt secured financial debts flexibility and liquidity. Lower
to as reported divided by a levels of secured debt typically
total sum of bonds issued and also means lower levels of
debt financial debts as mortgage debt - properties that
reported. are free and clear of mortgages
are sources of alternative
liquidity via the issuance of
property-specific mortgage debt,
or even sales.
Unenc- It is calculated as This measure is an important
umber- total assets as reported indicator of a commercial real
ed less a sum of encumbered estate firm´s liquidity and
asset- assets as reported flexibility. Properties that are
s to divided by total assets free and clear of mortgages are
total as reported. sources of alternative liquidity
asset- via the issuance of
s property-specific mortgage debt,
or even sales. The larger the
ratio of unencumbered assets to
total assets, the more
flexibility a company generally
has in repaying its unsecured
debt at maturity, and the more
likely that a higher recovery can
be realized in the event of
default.
Unenc- It is calculated as This measure is an additional
umber- unencumbered assets as indicator of a commercial real
ed reported divided by a estate firm's liquidity and
asset- sum of unsecured bonds financial flexibility.
s to and unsecured financial
unsec- debts as reported.
ured
debt
Non-financ- Definition
ial
definition-
s
Company CPI Property Group S.A.
Property The sum of value of Property Portfolio owned by the Group
Portfolio
value or
PP value
Gross Gross leasable area is the amount of floor space
Leasable available to be rented. Gross leasable area is the area
Area or for which tenants pay rent, and thus the area that
GLA produces income for the property owner.
Group CPI Property Group S.A. together with its subsidiaries
Net debt Net debt is borrowings plus bank overdraft less cash and
cash equivalents.
Occupancy Occupancy is a ratio of estimated rental revenue
regarding occupied GLA and total estimated rental
revenue, unless stated otherwise.
Property Property Portfolio covers all properties and investees
Portfolio held by the Group, independent of the balance sheet
classification, from which the Group incurs rental or
other operating income.
APM RECONCILIATION (*)
EPRA NRV reconciliation (EUR million) 31-Ma- 31-De-
r-24 c-23
Equity attributable to owners of the company 5,511 5,568
Effect of exercise of options, convertibles and 0 0
other equity interests
Diluted NAV, after the exercise of options, 5,511 5,568
convertibles and other equity interests
Revaluation of trading property and property, plant 0 0
and equipment
Fair value of financial instruments (101) (93)
Deferred tax on revaluation 1,596 1,601
Goodwill as a result of deferred tax (43) (43)
EPRA NRV 6,964 7,033Net LTV reconciliation (EUR million) 31-Mar-24 31-Dec-23
Financial debts 6,536 6,738
Bonds issued 4,331 4,483
Net debt linked to assets held for sale 17 22
Cash and cash equivalents (920) (1,023)
Net debt 9,965 10,220
Total property portfolio 19,183 19,531
Net LTV 51.9% 52.3%
Net Interest coverage ratio reconciliation (EUR Q1-202- FY
million) 4 2023
Interest income 10 39
Interest expense (90) (348)
Consolidated adjusted EBITDA 199 778
Net Interest coverage ratio 2.5x 2.5x
Secured debt to total debt reconciliation (EUR 31-Mar-2- 31-Dec-2-
million) 4 3
Secured bonds 0 0
Secured financial debts 5,128 5,232
Total debts 10,888 11,257
Secured debt to total debt 47.1% 46.5%
Unencumbered assets to total assets 31-Mar-- 31-Dec--
reconciliation (EUR million) 24 23
Bonds collateral 0 0
Bank loans collateral 11,349 11,440
Total assets 21,465 21,930
Unencumbered assets ratio 47.1% 47.8%
Consolidated adjusted EBITDA reconciliation (EUR Q1-202- Q1-202-
million)* 4 3
Net business income 221 213
Administrative expenses (33) (27)
Other effects 10 11
Consolidated adjusted EBITDA 199 198
Funds from operations (FFO) reconciliation (EUR Q1-20- Q1-20-
million)* 24 23
Net profit/(loss) for the period 41 53
Deferred income tax (3) 20
Net valuation gain or loss on investment property (23) (7)
Net valuation gain or loss on revaluation of 14 (30)
derivatives
Net gain or loss on disposal of investment property (4) (2)
and subsidiaries
Net gain or loss on disposal of PPE/other assets (1) 0
Amortization, depreciation and impairments (16) (18)
Other non-cash items (38) (1)
GW/Bargain purchase 0 0
Other non-recurring items 0 (24)
Share on profit of equity accounted investees/JV 5 8
adjustments
Other effects 5 3
Funds from operations 111 108
Secured consolidated leverage ratio 31-Mar-- 31-Dec--
reconciliation (EUR million) 24 23
Secured bonds 0 0
Secured financial debts 5,128 5,232
Consolidated adjusted total assets 21,384 21,800
Secured consolidated leverage ratio 24.0% 24.0%
Unencumbered assets to unsecured debt 31-Mar-- 31-Dec--
reconciliation (EUR million) 24 23
Total assets 21,465 21,930
Bonds collateral 0 0
Bank loans collateral 11,349 11,440
Total debt 10,888 11,257
Secured bonds 0 0
Secured financial debts 5,128 5,232
Unencumbered assets to unsecured debt 176% 174%
* Includes pro-rata EBITDA/FFO for Q1 2024 and Q1 2023 of Equity accounted
investees.
Property portfolio reconciliation (EUR million) 31-Mar-2- 31-Dec-2-
4 3
Investment property - Office 7,953 8,035
Investment property - Retail 4,734 4,801
Investment property - Landbank 1,884 1,930
Investment property - Residential 1,393 1,424
Investment property - Development 693 726
Investment property - Agriculture 135 139
Investment property - Other hospitality 101 102
Investment property - Other 44 44
Investment property - Industry & Logistics 43 60
Investment property - Hospitality 0 --
Property, plant and equipment - Hospitality 547 775
Property, plant and equipment - Other 24 18
Property, plant and equipment - Office 18 3
Property, plant and equipment - Agriculture 16 16
Property, plant and equipment - Development 11 11
Property, plant and equipment - Residential 7 6
Property, plant and equipment - Retail 6 1
Property, plant and equipment - Landbank 1 1
Property, plant and equipment - Mountain 0 --
resorts
Equity accounted investees 805 717
Inventories - Development 63 65
Inventories - Agriculture 3 --
Inventories - Landbank 2 2
Inventories - Office 1 --
Inventories - Other 0 --
Inventories - Hospitality 0 --
Inventories - Retail 0 --
Inventories - Mountain resorts 0 --
Inventories - Residential 0 --
Inventories - Hotels rented 0 --
Assets held for sale 696 653
Total 19,183 19,531
Net debt/EBITDA reconciliation (EUR million) 31-Mar-24 31-Dec-23
Net debt 9,965 10,220
Net business income* 885 874
Administrative expenses* (130) (138)
Other effects* 41 42
Net debt/EBITDA 12.5x 13.1x
*Annualised.
For further information please contact:
Investor Relations
Moritz Mayer
Manager, Capital Markets
m.mayer@cpipg.com
For more on CPI Property Group, visit our website: www.cpipg.com
Follow us on X (CPIPG_SA) and LinkedIn
(*)* Totals might not sum exactly due to rounding differences.
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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: contact@cpipg.com
Internet: www.cpipg.com
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulated Market in Frankfurt (General Standard);
Regulated Unofficial Market in Dusseldorf, Stuttgart
EQS News ID: 1915851
End of News EQS News Service
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1915851 31.05.2024 CET/CEST