DJ EQS-News: CPI PROPERTY GROUP publishes financial results for the first quarter of 2024

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EQS-News: CPI PROPERTY GROUP / Key word(s): Quarter Results/Real Estate
CPI PROPERTY GROUP publishes financial results for the first quarter of 2024
2024-05-31 / 23:40 CET/CEST
The issuer is solely responsible for the content of this announcement.
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 EURmm     Liquidity Disposals     Disposals    Active financing 
at Q1 '24 post-Q1 (net) signed (net) discussions       Total 
CPIPG (Group)      1,302     150           449          267               2,168 
Liquidity coverage 2.2x                                                   3.7x 

(Q2 2024-2025)
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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

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Performance                                     Q1-2024     Q1-2023     Change 
Total revenues                        EUR million 412         410         0.5% 
Gross rental income (GRI)             EUR million 237         229         3.5% 
Net rental income (NRI)               EUR million 208         197         5.6% 
Net hotel income                      EUR million 5           5           12.4% 
Net business income (NBI)             EUR million 221         213         3.9% 

Consolidated adjusted EBITDA          EUR million 199         198         0.6% 
Funds from operations (FFO)           EUR million 111         108         2.6% 

Net profit for the period EUR million 41 53 (23.1 %)


Assets 31-Mar-2024 31-Dec-2023 Change
Total assets EUR million 21,465 21,930 (2.1%) Property portfolio EUR million 19,183 19,531 (1.8%)

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%) 

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* 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-2024 31-Dec-2023 Change
Total equity EUR million 8,231 8,257 (0.3%) EPRA NRV (NAV) EUR million 6,964 7,033 (1.0%)
Net debt EUR million 9,965 10,220 (2.5%)

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 debt % 176% 174% 2.0 p.p. Net interest coverage (Net ICR) x 2.5x 2.5x --
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CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT*

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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                                             5.4               4.8 

Revenues from other 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 expenses                     (190.9)           (197.1) 
Net business income                                          221.3             213.0 
Net valuation loss                                           (22.6)            (6.6) 
Net loss on disposal of investment property and subsidiaries             (4.2) (1.7) 
Amortization, depreciation and impairment                    (16.1)            (17.8) 
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 investees (net of tax)     5.5               8.2 
Profit before income tax                                     51.1              68.7 
Income tax expense                                           (10.3)            (15.7) 
Net profit from continuing operations                        40.8              53.0 

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* 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*

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(EUR million) 31 March 2024 31 December 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 Company 5,511.2       5,567.6 
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 

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* 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 (EUR23.8million); . 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).

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31 March 2024 31 December 2023

Equity attributable to the owners (NAV)  5,511         5,568 
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 

Alternative
Performance Definition Rationale
Measures
(APM)

Consolidated  Net business income as reported deducting        This is an important economic indicator showing a 
adjusted      administrative expenses as reported.             business's operating efficiency comparable to other 
EBITDA                                                         companies, as it is unrelated to the Group's 

depreciation and amortisation policy and capital
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structure or tax treatment. It is one of the fundamental
indicators used by companies to set their key financial
and strategic objectives.

Consolidated  Consolidated adjusted total assets is total 
adjusted      assets as reported deducting intangible assets 
total assets  and goodwill as reported. 
EPRA Net      EPRA NRV assumes that entities never sell assets Makes adjustments to IFRS NAV to provide stakeholders 
Reinstatement and aims to represent the value required to      with 
Value (NRV)   rebuild the entity.                              the most relevant information on the fair value of the 

assets and
liabilities within a true real estate investment company
with a
long-term investment strategy.

Funds from    It is calculated as net profit for the period    Funds from operations provide an indication of core 
operations or adjusted by non-cash revenues/expenses (like     recurring earnings. 
FFO           deferred tax, net valuation gain/loss, 

impairment, amortisation/depreciation, goodwill
etc.) and non-recurring (both cash and non-cash)
items. Calculation also excludes accounting
adjustments for unconsolidated partnerships and
joint ventures.

Net debt/     It is calculated as Net debt divided by          A measure of a company's ability to pay its debt. This 
EBITDA        Consolidated adjusted EBITDA.                    ratio measures the amount of income generated and 

available to pay down debt before covering interest,
taxes, depreciation and amortisation expenses.

Net ICR       It is calculated as Consolidated adjusted EBITDA This measure is an important indicator of a firm´s 
divided by a sum of interest income as reported  ability to pay interest and other fixed charges from its 
and interest expense as reported.                operating performance, measured by EBITDA. 
Net           It is calculated as Net debt divided by fair     Loan-to-value provides a general assessment of financing 
Loan-to-Value value of Property Portfolio.                     risk undertaken. 

or Net LTV

Secured       Secured consolidated leverage ratio is a ratio   This measure is an important indicator of a firm´s 
consolidated  of a sum of secured financial debts and secured  financial flexibility and liquidity. Lower levels of 
leverage      bonds to Consolidated adjusted total assets.     secured debt typically also means lower levels of 
ratio                                                          mortgage debt - properties that are free and clear of 

mortgages are sources of alternative liquidity via the
issuance of property-specific mortgage debt, or even
sales.
Secured debt It is calculated as a sum of secured bonds and This measure is an important indicator of a firm´s
to total debt secured financial debts as reported divided by a financial flexibility and liquidity. Lower levels of

sum of bonds issued and financial debts as       secured debt typically also means lower levels of 
reported.                                        mortgage debt - properties that are free and clear of 

mortgages are sources of alternative liquidity via the
issuance of property-specific mortgage debt, or even
sales.

Unencumbered  It is calculated as total assets as reported     This measure is an important indicator of a commercial 
assets to     less a sum of encumbered assets as reported      real estate firm´s liquidity and flexibility. Properties 
total assets  divided by total assets as reported.             that are free and clear of mortgages are sources of 

alternative liquidity via the issuance of
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.

Unencumbered  It is calculated as unencumbered assets as       This measure is an additional indicator of a commercial 
assets to     reported divided by a sum of unsecured bonds and real estate firm's liquidity and financial flexibility. 
unsecured     unsecured financial debts as reported. 

debt
Non-financial Definition
definitions

Company              CPI Property Group S.A. 
Property Portfolio   The sum of value of Property Portfolio owned by the Group 

value or PP value

Gross Leasable Area  Gross leasable area is the amount of floor space available to be rented. Gross leasable area is 
or GLA               the area for which tenants pay rent, and thus the area that 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 Portfolio Property Portfolio covers all properties and investees held by the Group, independent of the
balance sheet classification, from which the Group incurs rental or other operating income.
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APM RECONCILIATION[*]

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EPRA NRV reconciliation (EUR million)                                                 31-Mar-24 31-Dec-23 
Equity attributable to owners of the company                                        5,511     5,568 
Effect of exercise of options, convertibles and other equity interests               0         0 
Diluted NAV, after the exercise of options, convertibles and other equity interests 5,511     5,568 
Revaluation of trading property and property, plant and equipment                   0         0 
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     7,033 
Net 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 million)  Q1-2024 FY 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 million) 31-Mar-24 31-Dec-23

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 reconciliation (EUR million) 31-Mar-24 31-Dec-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 million)* Q1-2024 Q1-2023

Net business income                                      221     213 
Administrative expenses                                  (33)    (27) 
Other effects                                            10      11 
Consolidated adjusted EBITDA                             199     198 
Funds from operations (FFO) reconciliation (EUR million)*              Q1-2024 Q1-2023 
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 derivatives 14 (30) Net gain or loss on disposal of investment property and subsidiaries (4) (2) Net gain or loss on disposal of PPE/other assets (1) 0
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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 adjustments         5       8 
Other effects                                                        5       3 

Funds from operations 111 108 Secured consolidated leverage ratio reconciliation (EUR million) 31-Mar-24 31-Dec-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 reconciliation (EUR million) 31-Mar-24 31-Dec-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%
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* Includes pro-rata EBITDA/FFO for Q1 2024 and Q1 2023 of Equity accounted investees.

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Property portfolio reconciliation (EUR million)    31-Mar-24          31-Dec-23 
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 resorts                  0 -- 
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 

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*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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2024-05-31 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:      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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