ARTICLES LABELLED WITH TAG financial report

Immofinanz’s like-for-like rental income rose by 4.3% in the first quarter of 20221, the occupancy rate remained high at 94.4%, and FFO 1 before tax was stable at a very good level of €34.4 million. Net profit totalled €72.4 million, compared with a substantial positive effect in the first quarter of the previous year from the revaluation of the stake in S Immo. With an equity ratio of 52.3% and a conservative debt level with a net LTV of 32.7%, Immofinanz has a strong capital foundation.

With profitable sales of non-strategic properties and good progress in the implementation of the development pipeline, CA Immo's operating performance remained stable in the first quarter, seamlessly from the previous quarters. The strong sales result combined with lower indirect costs led to an increase in operating profit of around 6%. In addition, a significant increase in revaluation results helped to more than triple consolidated net income compared with the previous year.

In the first quarter of 2022, MLP Group almost doubled its net profit, which came in at PLN 29.7 million, having increased 84% year on year.

In Q1 2022, GTC’s adjusted EBITDA was at €26 million (€24 million in Q1 2021) and the net profit amounted to €15 million (€9 million in Q1 2021). This mainly resulted from a strong operating performance combined with profit from revaluation/impairment of assets of €3 million, partially offset by an increase in foreign exchange differences loss by €1 million.

The 2021 financial year brought a massive increase in Immofinanz’s earning power. The results of operations rose by roughly 46% to €210.1 million and clearly topped the previous year as well as the pre-crisis period in 2019. Net profit improved significantly to €345.8 million, compared with the crisis-related loss of €-165.9 million in the previous year.

In 2021, GTC recorded an adjusted EBITDA of €113 million (€105 million in 2020) with the net profit amounting to €43 million in 2021 (€71 million loss in 2020). This mainly resulted from a strong operating performance combined with lower loss from revaluation/impairment of assets by €130 million, partially offset by an increase in finance cost by €8 million and recognition of tax expenses of €14 million.

Echo Investment has had another successful year. The obtained net profit of PLN 189 million mainly results from handing over to customers 1,622 apartments built by Echo Investment, as well as 1,128 apartments of Archicom, an increase in the value of office buildings and stronger performance of the Libero shopping centre.

Globalworth’s net profit in 2021 significantly improved to €47.5 million (2020: net loss of €46.8 million) while it recorded its best year in office leasing with 214,500 sqm of spaces taken up or extended. The company has released its annual report and audited consolidated financial results for 2021.

At €479.8 million, CA Immo reached its highest consolidated net income in the company's history, up 89% on the previous year (2020: €254.0 million), mainly due to a high revaluation result. The company published its latest financial results.

MLP Group's financial standing remains very strong, as confirmed by the posted results for 2021. Last year, MLP Group’s net asset value (NAV) went up 51%, to PLN 1.82 billion (€396.7 million). The value of its investment property rose 46%, to around PLN 3.4 billion (€752 million). Consolidated rental income (i.e. revenue from the Group's core business) was PLN 196 million (€42.8 million), representing a nearly 15% increase year on year. At PLN 632.3 million (€138.1 million), operating profit surged 112% year on year, with a nearly threefold increase in net profit, to PLN 480.5 million (€105.0 million).