CPI FIM SA Press Release
Luxembourg, 31 May 2023
CPI FIM SA
Reports financial results for Q1 2023
CPI FIM SA (hereinafter "CPI FIM", the "Company" or together with its subsidiaries the "Group"), a real estate group with a property portfolio primarily located in the Czech Republic and Poland, hereby publishes unaudited financial results for the first quarter of 2023.
Financial highlights
Performance | Q1-2023 | Q1-2022 | Change | ||||||||
Gross rental income | € thousands | 9,029 | 8,596 | 5% | |||||||
Total revenues | € thousands | 13,343 | 12,421 | 7% | |||||||
Operating result | € thousands | 7,140 | 4,377 | 63% | |||||||
Net profit for the period | € thousands | 84,381 | 60,428 | 40% | |||||||
Assets | 31-Mar-23 | 31-Dec-22 | Change | ||||||||
Total assets | € thousands | 6,978,455 | 6,867,624 | 2% | |||||||
EPRA NRV | € thousands | 1,671,339 | 1,558,977 | 7% | |||||||
Property Portfolio | € thousands | 1,672,000 | 1,640,000 | 2% | |||||||
Gross leasable area | sqm | 166,000 | 166,000 | -- | |||||||
Occupancy in % | % | 94.0% | 92.3% | 1.7 p.p. | |||||||
Land bank area | sqm | 17,991,000 | 17,991,000 | -- | |||||||
Total number of properties | No. | 8 | 8 | -- | |||||||
Financing structure | 31-Mar-23 | 31-Dec-22 | Change | ||||||||
Total equity | € thousands | 1,829,705 | 1,718,945 | 6% | |||||||
Equity ratio | % | 26% | 25% | 1 p.p. | |||||||
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CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT*
Income statement for the three-month period ended on 31 March 2023 and 31 March 2022 is as follows:
€ thousands | 31-Mar-23 | 31-Mar-22 | |
Gross rental income | 9,029 | 8,596 | |
Sale of services | 4,097 | 3,680 | |
Cost of service charges | (3,772) | (2,873) | |
Property operating expenses | (958) | (415) | |
Net rental income | 8,396 | 8,988 | |
Cost of goods sold | 325 | - | |
Hotel operating expense | (7) | - | |
Net development income | 318 | - | |
Hotel revenue | 217 | 145 | |
Hotel operating expenses | (32) | (202) | |
Net hotel income | 185 | (57) | |
Total revenues | 13,343 | 12,421 | |
Total direct business operating expenses | (4,444) | (3,490) | |
Net business income | 8,899 | 8,931 | |
Net valuation loss on investment property | (405) | (311) | |
Net gain on the disposal of investment property subsidiaries and | - | 58 | |
other investments | |||
Amortization, depreciation and impairments | (803) | (2,329) | |
Administrative expenses | (466) | (2,103) | |
Other operating income | (50) | 494 | |
Other operating expenses | (35) | (363) | |
Operating result | 7,140 | 4,377 | |
Interest income | 60,192 | 54,994 | |
Interest expense | (33,142) | (40,108) | |
Other net financial result | 50,938 | 41,080 | |
Net finance income | 77,988 | 55,966 | |
Share of loss of equity-accounted investees (net of tax) | - | (197) | |
Profit before income tax | 85,128 | 60,146 | |
Income tax expense | (747) | 282 | |
Net profit for the period | 84,381 | 60,428 | |
*The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34
Gross rental income
In Q1 2023, rental income increased from €8,596 million to €9,029 million, primarily due to higher rental income of Polish offices.
Amortization, depreciation and impairments
In Q1 2023, decrease in amortization, depreciation and impairments reflects primarily decrease of impairment of trade receivables (€1.9 million).
CPI FIM SA | PRESS RELEASE - Q1 2023 RESULTS | 2
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Net finance income
The increase in interest income (by €5.2 million) reflects an increase in loans provided. On the other hand, decrease of interest expenses (by €7.0 million) relates to decrease in loans received from related parties.
Other net financial result increased by €9.9 million in Q1 2023 primarily due to retranslation of loans denominated in non-EUR currencies (mainly CZK and PLN).
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION*
€ thousands | 31-Dec-23 | 31-Dec-22 | |||
NON-CURRENT ASSETS | |||||
Intangible assets | 849 | 842 | |||
Investment property | 1,672,010 | 1,640,110 | |||
Property, plant and equipment | 2,777 | 2,752 | |||
Equity accounted investees | 9,724 | 9,724 | |||
Other investments | 61,655 | 61,655 | |||
Loans provided | 4,623,031 | 4,568,394 | |||
Trade and other receivables | 77 | 76 | |||
Deferred tax assets | 120,549 | 120,370 | |||
Total non-current assets | 6,490,672 | 6,403,923 | |||
CURRENT ASSETS | |||||
Inventories | 1,505 | 402 | |||
Income tax receivables | 681 | 522 | |||
Derivative instruments | 8,328 | 13,730 | |||
Trade receivables | 6,600 | 6,074 | |||
Loans provided | 169,847 | 144,579 | |||
Cash and cash equivalents | 91,204 | 104,082 | |||
Other current assets | 209,618 | 194,312 | |||
Total current assets | 487,783 | 463,701 | |||
TOTAL ASSETS | 6,978,455 | 6,867,624 | |||
EQUITY | |||||
1,408,219 | |||||
Equity attributable to owners of the Company | 1,520,581 | ||||
Non-controlling interests | 309,124 | 310,726 | |||
Total equity | 1,829,705 | 1,718,945 | |||
NON-CURRENT LIABILITIES | |||||
Financial debts | 4,642,679 | 4,653,862 | |||
Deferred tax liabilities | 153,039 | 149,139 | |||
Other financial liabilities | 5,016 | 5,383 | |||
Total non-current liabilities | 4,800,734 | 4,808,384 | |||
CURRENT LIABILITIES | |||||
Financial debts | 239,142 | 246,013 | |||
Trade payables | 9,690 | 12,623 | |||
Income tax liabilities | 10,455 | 10,063 | |||
Other current liabilities | 88,729 | 71,596 | |||
Total current liabilities | 348,016 | 340,295 | |||
TOTAL EQUITY AND LIABILITIES | 6,978,455 | 6,867,624 | |||
*The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34
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Total assets
Total assets increased by €110.8 million (1.6%) to €6,978.5 million as at 31 March 2023 primarily due to an increase of long-term loans provided to related parties.
Equity, EPRA NRV and EPRA NDV
In Q1 2023, consolidated equity increased by €112.4 million primarily due to:
- profit to the owners of €86.0 million;
- increase of translation reserve by €26.4 million.
EPRA NRV per share amounts | to | €1.27 | as | at | 31 | March | 2023 | compared | to | €1.19 | as | at | |||
31 December 2022. | |||||||||||||||
EPRA NDV per share amounts | to | €1.15 | as | at | 31 | March | 2023 | compared | to | €1.07 | as | at | |||
31 December 2022. | |||||||||||||||
31 March 2023 | 31 December 2022 | ||||||||||||||
Consolidated equity | 1,520,581 | 1,408,219 | |||||||||||||
Deferred taxes on revaluations | 150,758 | 150,758 | |||||||||||||
EPRA NRV | 1,671,339 | 1,558,977 | |||||||||||||
Number of shares (in thousands) | 1,314,508 | 1,314,508 | |||||||||||||
NRV per share (in €) | 1.27 | 1.19 | |||||||||||||
EPRA NRV | 1,671,339 | 1,558,977 | |||||||||||||
Deferred taxes on revaluations | (150,758) | (150,758) | |||||||||||||
EPRA NDV | 1,520,581 | 1,408,219 | |||||||||||||
Diluted number of shares (in thousand) | 1,314,508 | 1,314,508 | |||||||||||||
NDV per share (in €) | 1.15 | 1.07 |
For more information please refer to our website at www.cpifimsa.com.
Investors contact:
David Greenbaum, Managing Director
Tel: + 352 26 47 67 1
Fax: + 352 26 47 67 67
Email:generalmeetings@cpifimsa.com
CPI FIM SA | PRESS RELEASE - Q1 2023 RESULTS | 4
CPI FIM SA
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Glossary
Alternative Performance Measures
The Company presents alternative performance measures (APMs). The APMs used in our report are commonly referred to and analysed amongst professionals participating in the Real Estate Sector to reflect the underlying business performance and to enhance comparability both between different companies in the sector and between different financial periods. APMs should not be considered as a substitute for measures of performance in accordance with the IFRS. The presentation of APMs in the Real Estate Sector is considered advantageous by various participants, including banks, analysts, bondholders and other users of financial information:
- APMs provide additional helpful and useful information in a concise and practical manner.
- APMs are commonly used by senior management and Board of Directors for their decisions and setting of mid and long-term strategy of the Group and assist in discussion with outside parties.
- APMs in some cases might better reflect key trends in the Group's performance which are specific to that sector, i.e. APMs are a way for the management to highlight the key value drivers within the business that may not be obvious in the consolidated financial statements.
For new definitions of measures or reasons for their change, see below.
EPRA NRV (former EPRA NAV)
EPRA NRV assumes that entities never sell assets and aims to represent the value required to rebuild the entity. The objective of the EPRA Net Reinstatement Value measure is to highlight the value of net assets on a long-term basis. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value movements on financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Since the aim of the metric is to also reflect what would be needed to recreate the company through the investment markets based on its current capital and financing structure, related costs such as real estate transfer taxes should be included.
The performance indicator has been prepared in accordance with best practices as defined by EPRA (European Public Real Estate Association) in its Best Practices Recommendations guide, available on EPRA's website (www.epra.com).
EPRA NRV per share
EPRA NRV divided by the diluted number of shares at the period end.
EPRA NDV (former EPRA NNNAV)
EPRA NDV represents the shareholders´ value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. The objective of the EPRA NDV measure is to report net asset value including fair value adjustments in respect of all material balance sheet items which are not reported at their fair value as part of the EPRA NRV.
The performance indicator has been prepared in accordance with best practices as defined by EPRA (European Public Real Estate Association) in its Best Practices Recommendations guide, available on EPRA's website (www.epra.com).
EPRA NDV per share
EPRA NDV divided by the diluted number of shares at the period end.
EPRA NAV and EPRA NAV per share
The Group no longer provides the calculation of these measures, since they were replaced by the calculation of EPRA NRV and EPRA NRV per share.
CPI FIM SA | PRESS RELEASE - Q1 2023 RESULTS | 5
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CPI FIM SA published this content on 31 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2023 18:05:28 UTC.
