TTL Beteiligungs- und Grundbesitz-AG: TTL publishes 2023 half-year results

EQS-News: TTL Beteiligungs- und Grundbesitz-AG / Key word(s): Half Year
Report/Half Year Results
TTL Beteiligungs- und Grundbesitz-AG: TTL publishes 2023 half-year results

11.08.2023 / 21:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Munich, 11.08.2023

TTL publishes 2023 half-year results

TTL Beteiligungs- und Grundbesitz-AG ('TTL', 'TTL AG') (ISIN DE0007501009)
today published its results for the first half of 2023. These primarily
reflect the difficult market environment in the real estate investment
market. Rising interest rates and the difficult overall political
environment made pricing on the real estate markets more difficult and led
to a strong restraint on the part of investors. As a result, the volume of
transactions declined massively, which also affected TTL's portfolio
companies.

Despite the difficult market environment, Montano Real Estate GmbH
('Montano') nevertheless recorded important transaction successes in the
first half of 2023 and showed solid operational development. In addition to
purchase agreements worth EUR 212 million, Montano expanded its logistics
portfolio and added the 'Public Social Infrastructure' investment segment to
its Public Sector division - a segment with great potential. In addition to
further developing its asset classes, Montano successfully concluded lease
agreements for 22,000 square meters and completed the sale of the Eschborn
KÖ-CAMPUS at the beginning of July. This is the largest transaction on the
Frankfurt investment market so far this year. The special quality of Montano
is also reflected in the fact that it is represented with two transactions
in the 'Thomas Daily Top 20' of the first half of the year: with the
Eschborn KÖ-CAMPUS and the 'Haus des Lebenslangen Lernens' in Dreieich.
Despite its strong operating performance, Montano was not immune to the
effects of the difficult market environment. Its earnings for the first half
of 2023 were therefore lower than planned at the beginning of the year.

At the level of TTL Real Estate GmbH, the development of DIC Asset AG ('DIC
Asset') is of particular importance. It maintained its assets under
management at a high level of EUR 14.2 billion as of June 30, 2023, and
increased its space-based rental performance by 50 percent year-on-year to
around 257,900 square meters - the main reason for this was the higher
proportion of logistics leases. At the same time, DIC Asset's gross rental
income rose to EUR 96.9 million (previous year: EUR 75.2 million), partly
due to the consolidation of VIB and like-for-like growth (i.e. excluding
portfolio additions and disposals). Overall, however, the results of DIC
Asset, in which TTL holds a stake via its subsidiary TTL Real Estate GmbH,
were particularly impacted by the ongoing restraint on the transaction
market. The operating FFO result (after minority interests, before taxes)
was EUR 22.4 million (previous year: EUR 53.0 million). In addition to a
higher interest burden, the market-related complete absence of transaction
and performance fees in the first half of 2023 contributed to this. DIC
Asset's consolidated result was EUR -16.6 million (previous year: EUR 30.8
million).

Earnings and asset situation of the TTL Group

Revenues from management services for portfolio companies amounted to around
EUR 0.7 million in the first half of 2023 compared to EUR 0.9 million in the
first half of 2022.

TTL Real Estate contributed EUR -2.1 million to TTL's consolidated earnings
in the first six months (previous year: EUR 0.4 million). Montano's
contribution to earnings was EUR 0.1 million, compared with EUR 0.5 million
in the previous year. Including interest and similar income, investment and
interest income totaled EUR -1.9 million (previous year: EUR 1.0 million).

TTL's interest expenses were further reduced compared to the previous year
and amounted to EUR 0.3 million in the reporting period (H1 2022: EUR 0.4
million). Overall, this resulted in a financial result (interest and
investment result) of EUR -2.2 million (H1 2022: EUR 0.6 million).

TTL's consolidated earnings before taxes amounted to EUR -2.5 million in the
first half of 2023, compared to EUR 0.3 million in the previous year. The
decline is due to the developments at the level of the portfolio companies
described above. The half-year result after taxes amounted to EUR -3.7
million (prior-year period: EUR 0.3 million).

TTL's equity declined by 19.8 percent to EUR 35.2 million (December 31,
2022: EUR 43.9 million), which corresponds to an equity ratio of 32.1
percent (December 31, 2022: 37.1 percent). The reasons for the decline are
the dividend payment of EUR 4.9 million and the negative overall result for
the first half of the year of EUR -3.7 million. Liabilities were virtually
unchanged compared with December 31, 2022. TTL is financed in the amount of
EUR 108.5 million (December 31, 2022: EUR 116.8 million) by equity and
long-term debt. This corresponds to 98.7 percent of total assets (December
31, 2022: 98.8 percent).

Outlook

Currently, there is still no turnaround in sight on the transaction market.
TTL therefore does not expect any significant improvement in the real estate
investment market in the second half of 2023 and has today adjusted its
forecast for the year 2023. For the full year, TTL now expects - depending
on the transaction volume in the second half of the year - a consolidated
pre-tax result of EUR -3.3 to -3.9 million, adjusted for one-off effects if
necessary, based on an investment and interest result of EUR -2.6 to -3.1
million.

'We are convinced that our portfolio companies are well positioned to return
to their former earnings strength when the real estate investment market
normalizes. At the same time, we continue to examine new investment
opportunities in order to broaden TTL's position through additional
investments in privately held and high-dividend listed companies,' says Theo
Reichert, CEO of TTL AG.

Key figures for the first six months from January 1 to June 30, 2023

   TTL AG | Group according to IFRS
   in thousands of EUR, unless otherwise stated
   Key Balance Sheet Figures                           30.06.2023        31.12.2022
   Financial assets                                        89,710            92,194
   Equity                                                  35,243            43,859
   Long-term debt                                          73,208            72,908
   Total Assets                                           109,860           118,215

   Income statement data                                  H1 2023           H1 2022
   Revenues                                                   657               914
   Financial result                                        -2,228               567
   Consolidated result                                     -3,675               298
   Earnings per share (in EUR)                          EUR -0.15          EUR 0.01

The full 2023 half-year report (German language only) can be downloaded from
the TTL AG website at the following address:
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 commercial
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 50 % in TTL Real Estate GmbH, which has a
direct stake of around 8.2 % in DIC Asset AG. Since the end of 2020, TTL AG
has held a 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

Annette Kohler-Kruse
Instinctif Partners
Tel. +49 89 3090 5189-23
ir@ttl-ag.de
presse@ttl-ag.de


---------------------------------------------------------------------------

11.08.2023 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

---------------------------------------------------------------------------

   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:    1702355

End of News EQS News Service
---------------------------------------------------------------------------

1702355 11.08.2023 CET/CEST