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EQS-News: TTL Beteiligungs- und Grundbesitz-AG / Key word(s): Annual Report
TTL publishes Annual Report 2023
2024-06-28 / 19:09 CET/CEST
The issuer is solely responsible for the content of this announcement.
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 

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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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2024-06-28 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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Language:     English 
Company:      TTL Beteiligungs- und 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 2024-06-28 CET/CEST

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June 28, 2024 13:09 ET (17:09 GMT)