“It is pleasing that our core rental business continues to prosper, with rental values and growth well supported by the positive trends that continue to exist within the Berlin residential property market. Higher interest rates have affected property values across Europe and, against this backdrop, our enhanced disposal programme and, where feasible, returning proceeds to shareholders, remain a key focus during the current stage of the real estate cycle.”
Robert Hingley
Chairman
|
Year to 31 December 2023 |
Year to 31 December 2022 |
2023 v 2022 % change | |
|
Income Statement |
|
|
|
|
Gross rental income (€m) |
27.5 |
25.9 |
5.9 |
|
Loss before tax (€m) |
(111.8) |
(17.5) |
537.1 |
|
Dividend per share in respect of the period (€ cents (£ pence)) |
0.00 (0.00) |
2.35 (2.09) |
|
|
|
|
|
|
|
Balance Sheet |
|
|
|
|
Portfolio valuation (€m) 1 |
675.6 |
775.9 |
(12.9) |
|
Like-for-like valuation decrease (%)4 |
(11.9) |
(3.1) |
283.9 |
|
IFRS NAV per share (€) |
3.43 |
4.50 |
(23.8) |
|
IFRS NAV per share (£)2 |
2.97 |
3.99 |
(25.6) |
|
EPRA NTA per share (€)5 |
3.96 |
5.10 |
(22.4) |
|
EPRA NTA per share (£)2,5 |
3.43 |
4.52 |
(24.0) |
|
EPRA NTA per share total return (€%) |
(22.4) |
(8.4) |
166.7 |
|
Net LTV3 (%) |
46.3 |
39.1 |
18.4 |
|
|
|
|
|
|
Operational Statistics |
|
|
|
|
Portfolio valuation per sqm (€) |
3,598 |
4,082 |
(11.9) |
|
Annual like-for-like rent growth (%)4 |
5.6 |
6.1 |
(8.2) |
|
Annual like-for-like rent per sqm growth (%)4 |
4.1 |
3.9 |
5.1 |
|
EPRA vacancy (%) |
2.0 |
2.4 |
(16.7) |
|
Condominium sales notarised (€m) |
7.2 |
4.7 |
53.2 |
1 - 2022 Portfolio valuation includes investment properties under construction.
2 - Calculated at FX rate GBP/EUR 1:1.153 as at 31 December 2023 (2022: GBP/EUR 1:1.128)
3 - Net LTV uses nominal loan balances (note 22) rather than the loan balances on the Consolidated Statement of Financial Position which include Capitalised Finance Arrangement Fees.
4 – Like-for-like excludes the impact of acquisitions and disposals in the period.
5 – EPRA metrics defined and calculated in note 29
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