BRÈVE

sur Mainvestor GmbH / MAGNAT Real Estate Opportunities GmbH & Co (isin : DE000A0XFSF0)

DEMIRE AG Annual Report Postponement and Preliminary Financial Results Released

DEMIRE AG has announced the postponement of its 2023 annual report, initially scheduled for April 25, to sometime in May due to extended negotiations over the restructuring of its corporate bonds, with the current maturity looming on October 15, 2024. Intensified discussions with bondholders are aimed at securing an extension and an increased coupon rate for the €499 million outstanding nominal amount.

Preliminary financial results for fiscal year 2023 show a decline in rental income by 3.2% year-over-year to €78.5 million, primarily due to property sales exceeding CPI-linked rent increases. This led to a 12.0% decrease in Funds From Operations (FFO), totaling €36.7 million, influenced by elevated income taxes. Despite these declines, DEMIRE reached its adjusted guidance for rental income and FFO, which had been revised upward twice over the year.

The company's preliminary EBIT for FY '23 was reported at €-187.9 million, dramatically down from €-72.9 million the previous year, largely due to property devaluation and setting aside provisions. The entire portfolio saw a 13.2% impairment on a like-for-like basis.

In a notable corporate development, DEMIRE’s supervisory board appointed Frank Nickel as the new CEO, succeeding Alexander Goepfert. Nickel brings significant industry experience, including high-level roles at CA Immo and Cushman & Wakefield.

NuWays AG maintains a "hold" recommendation on DEMIRE stock with a target price of €1.20, reflecting ongoing market uncertainties.

R. E.

Copyright © 2024 FinanzWire, tous droits de reproduction et de représentation réservés.
Clause de non responsabilité : bien que puisées aux meilleures sources, les informations et analyses diffusées par FinanzWire sont fournies à titre indicatif et ne constituent en aucune manière une incitation à prendre position sur les marchés financiers.

Cliquez ici pour consulter le communiqué de presse ayant servi de base à la rédaction de cette brève

Voir toutes les actualités de Mainvestor GmbH / MAGNAT Real Estate Opportunities GmbH & Co