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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. 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.