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    DGAP-News  120  0 Kommentare TAG Immobilien AG starts into 2021 with significant earnings increase and new ESG initiatives - Seite 2

    FFO I, calculated solely based on the rental business in Germany, increased by EUR 3.6m or 8.6% year-on-year in the reporting period. This significant increase was due in particular to a EUR 2.1m rise in the operating result (adjusted EBITDA) and lower income taxes. Overall, TAG generated consolidated net income of EUR 34.5m in the first three months, up from EUR 32.1m in the same period of the previous year.

    The business performance in Poland was positive as well: in the first quarter of 2021, the contractually secured pipeline for the construction of residential units was expanded by around 300 units and therefore comprises more than 9,000 units as of the reporting date. Of this total, c. 5,900 residential units are intended to be let and c. 3,100 are intended for sale. Revenues from property sales in Poland amounted to EUR 19.2m in the first quarter of 2021, compared to EUR 11.4m in the same period of the previous year.

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    TAG further optimised its financing structure at the beginning of the 2021 financial year. In March, a new unsecured promissory note of EUR 100.0m was issued with a maturity of two years and a fixed interest rate of 0.1% p.a. As a result of this and further refinancing, the average interest rate of the total financial debt decreased to 1.4% after 1.5% as of 31 December 2020. The loan-to-value (LTV) ratio dropped to 44.8% as of 31 March 2021 after 45.1% at the end of the 2020 financial year. As a consequence of TAG's extremely stable economic development even during the pandemic, the rating agency Moody's raised its outlook for TAG's existing Baa3 investment grade rating from 'stable' to 'positive' in April 2021.

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    Focus of sustainability activities: climate protection and liveable communities at affordable rents

    The Sustainability Report 2020, published on 22 April 2021, reported in detail on aspects relating to sustainability (ESG). One of TAG's main goals is to develop and manage a nearly climate-neutral residential portfolio in the long term. A comprehensive decarbonisation strategy will be completed by the end of 2021 and will set the framework for future investments in climate protection.

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    DGAP-News TAG Immobilien AG starts into 2021 with significant earnings increase and new ESG initiatives - Seite 2 DGAP-News: TAG Immobilien AG / Key word(s): Quarterly / Interim Statement/Quarter Results TAG Immobilien AG starts into 2021 with significant earnings increase and new ESG initiatives 10.05.2021 / 06:55 The issuer is solely responsible for the …

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