Noratis AG publishes business figures for 2023

EQS-News: Noratis AG / Key word(s): Annual Results
Noratis AG publishes business figures for 2023

27.05.2024 / 09:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Noratis AG publishes business figures for 2023

* Earnings before interest and taxes, EBIT, at EUR 3.5 million

* Rental income increased by around 10.7 % to EUR 32.9 million

* Group result minus EUR 11.0 million

  * Forecast: Due to the unchanged challenging market environment, a lower
    but slightly positive EBIT is expected for 2024 with significantly
    negative earnings before taxes

Eschborn, May 27, 2024. Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK), a
leading portfolio developer of residential real estate in Germany, closed
the fiscal year 2023 in line with expectations. In a challenging market
environment characterized by significantly higher interest rates, price
declines on the real estate market and substantially lower real estate
transactions, Noratis AG achieved IFRS earnings before interest and taxes,
EBIT, of EUR 3.5 million. In the previous year, EBIT amounted to EUR 12.5
million. Rental income increased by around 10.7 % to EUR 32.9 million in
2023, compared to EUR 29.7 million in the previous year. At 4,265 units at
the end of 2023, the property portfolio was down on the previous year's
figure of 4,548 units.

Noratis AG purchased 18 residential units in the period under review. A
total of 301 units were sold, with the majority of sales taking place in the
first half of the year. In the previous year, 615 units were purchased, and
279 units were sold. Based on the real estate values determined by experts
at the end of the year, there was a need for write-downs on the inventory
real estate portfolio of around EUR 6.0 million in 2023, which will have an
impact on earnings and not on liquidity. Due to the impairment losses, the
significant increase in interest rates and the non-cash maturity-related
changes in the market values of interest rate hedges, the consolidated
result for 2023 was EUR -11.0 million, compared to a surplus of EUR 8.3
million in 2022. As announced, no properties were reclassified from current
assets to non-current assets in 2023, meaning that no hidden reserves were
realized.

Noratis AG has responded to the changed market environment with a
cost-cutting program. Savings potential also results from the stronger focus
on portfolio management. In a market environment that remains challenging,
Noratis AG expects a slightly positive, but comparatively lower EBIT than in
2023 and a clearly negative earnings before taxes for 2024 without the need
for further writedowns.

André Speth, CFO of Noratis AG, explains: "With the cost savings already
initiated and the continued high demand for affordable housing, we have a
good starting point to benefit from an improved environment in the future."

The 2023 Annual Report will be available in the Investor Relations section
at www.noratis.de from May 27, 2024.

About Noratis:

Noratis AG (www.noratis.de, ISIN: DE000A2E4MK4, WKN: A2E4MK) is a leader in
the development of residential real estate portfolios in Germany. The
company identifies and realizes potential for tenants and investors. In this
way, Noratis creates and maintains attractive living space throughout
Germany that is affordable at the same time. Noratis specializes in
upgrading aging residential properties, mostly factory apartments,
neighbourhoods and estates in cities with a population of 10,000 or more as
well as in secondary locations of metropolitan areas. After successful
development, the properties remain in the portfolio or will be sold in the
medium term to investors or in individual sales to existing tenants, capital
investors and owner-occupiers. In doing so, Noratis creates tangible and
sustainable added value for all stakeholders: from investors/shareholders,
buyers/sellers, service providers and employees to current and future
tenants. Noratis AG is listed on the Frankfurt Stock Exchange.

Contact Investor & Public Relations:

edicto GmbH

Dr. Sönke Knop

+49 (0)69 905 505 51

noratis@edicto.de

Eschersheimer Landstraße 42

60322 Frankfurt am Main


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   Language:       English
   Company:        Noratis AG
                   Hauptstraße 129
                   65760 Eschborn
                   Germany
   Phone:          +49 (0) 69 / 170 77 68 20
   E-mail:         info@noratis.de
   Internet:       www.noratis.de
   ISIN:           DE000A2E4MK4
   WKN:            A2E4MK
   Indices:        Scale 30
   Listed:         Regulated Unofficial Market in Berlin, Dusseldorf,
                   Frankfurt (Scale), Hamburg, Munich, Stuttgart,
                   Tradegate Exchange
   EQS News ID:    1911137

End of News EQS News Service
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1911137 27.05.2024 CET/CEST