CPI FIM SA Press Release
Luxembourg, 31 August 2023
CPI FIM SA
H1 2023 Financial Results
Financial highlights
Performance | H1-2023 | H1-2022 | Change | ||||||||
Gross rental income | € thousands | 17,897 | 17,413 | 3% | |||||||
Total revenues | € thousands | 27,562 | 23,518 | 17% | |||||||
Operating result | € thousands | 13,824 | 44,690 | 69% | |||||||
Net profit for the period | € thousands | 91,775 | 69,897 | 31% | |||||||
Assets | 30-Jun-23 | 31-Dec-22 | Change | ||||||||
Total assets | € thousands | 7,296,775 | 6,867,624 | 6% | |||||||
EPRA NRV | € thousands | 1,691,810 | 1,558,977 | 9% | |||||||
Property Portfolio | € thousands | 1,646,000 | 1,640,000 | 0.3% | |||||||
Gross leasable area | sqm | 158,000 | 166,000 | (5%) | |||||||
Occupancy in % | % | 95.9% | 92.3% | 3.6 p.p. | |||||||
Land bank area | sqm | 17,991,000 | 17,991,000 | -- | |||||||
Total number of properties | No. | 7 | 8 | (0.1%) | |||||||
Financing structure | 30-Jun-23 | 31-Dec-22 | Change | ||||||||
Total equity | € thousands | 1,849,741 | 1,718,945 | 8% | |||||||
Equity ratio | % | 25% | 25% | -- | |||||||
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CONSOLIDATED INCOME STATEMENT
Income statement for the six-month period ended 30 June 2023 and 30 June 2022 is as follows:
€ thousands | H1 2023 | H1 2022 |
Gross rental income | 17,897 | 17,413 |
Service charge and other income | 8,812 | 6,105 |
Cost of service and other charges | (8,410) | (5,361) |
Property operating expenses | (1,388) | (1,221) |
Net service and rental income | 16,911 | 16,936 |
Hotel revenue | 853 | - |
Hotel operating expenses | (648) | - |
Net hotel income | 205 | - |
Total revenues | 27,562 | 23,518 |
Total direct business operating expenses | (10,446) | (6,582) |
Net business income | 17,116 | 16,936 |
Net valuation gain (loss) on investment property | (408) | 24,402 |
Net gain on the disposal of investment property and subsidiaries | 1,282 | 8,498 |
Amortization, depreciation and impairments | (1,090) | (2,582) |
Administrative expenses | (2,992) | (2,694) |
Other operating income | 88 | 545 |
Other operating expenses | (172) | (415) |
Operating result | 13,824 | 44,690 |
Interest income | 122,880 | 113,843 |
Interest expense | (68,700) | (94,176) |
Other net financial result | 25,214 | 5,083 |
Net finance income | 79,394 | 24,750 |
Share of loss of equity-accounted investees (net of tax) | (609) | (410) |
Profit before income tax | 92,609 | 69,030 |
Income tax expense | (834) | 867 |
Net profit for the period | 91,775 | 69,897 |
*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 H1 2023, rental income increased from €17,413 million to €17,897 million, primarily due to higher rental income of Polish offices.
Net gain on the disposal of investment property and subsidiaries
Net gain on the disposal of investment property of €1.3 million in H1 2023 reflects sale of one office property to related party S IMMO AG.
Net finance income
The increase in interest income (by €9.0 million) reflects an increase in loans provided. On the other hand, decrease of interest expenses (by €25.5 million) relates to decrease in loans received from related parties.
Other net financial result increased by €20.1 million in H1 2023 primarily due to retranslation of loans denominated in non-EUR currencies (mainly CZK and PLN).
CPI FIM SA | PRESS RELEASE - H1 2023 RESULTS | 2
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ thousands | 30-Jun-23 | 31-Dec-22 | |
NON-CURRENT ASSETS | |||
Intangible assets | 880 | 842 | |
Investment property | 1,645,529 | 1,640,110 | |
Property, plant and equipment | 2,657 | 2,752 | |
Equity accounted investees | 9,115 | 9,724 | |
Other investments | 61,898 | 61,655 | |
Loans provided | 4,882,258 | 4,568,394 | |
Other receivables | 76 | 76 | |
Deferred tax assets | 120,543 | 120,370 | |
Total non-current assets | 6,722,956 | 6,403,923 | |
CURRENT ASSETS | |||
Inventories | 1,581 | 402 | |
Income tax receivables | 826 | 522 | |
Derivative instruments | 1,652 | 13,730 | |
Trade receivables | 5,952 | 6,074 | |
Loans provided | 194,844 | 144,579 | |
Cash and cash equivalents | 195,300 | 104,082 | |
Other current assets | 173,664 | 194,312 | |
Total current assets | 573,819 | 463,701 | |
TOTAL ASSETS | 7,296,775 | 6,867,624 | |
EQUITY | |||
Equity attributable to owners of the Company | 1,540,451 | 1,408,219 | |
Non-controlling interests | 309,290 | 310,726 | |
Total equity | 1,849,741 | 1,718,945 | |
NON-CURRENT LIABILITIES | |||
Financial debts | 4,969,404 | 4,653,862 | |
Deferred tax liabilities | 151,338 | 149,139 | |
Other financial liabilities | 7,005 | 5,383 | |
Total non-current liabilities | 5,127,747 | 4,808,384 | |
CURRENT LIABILITIES | |||
Financial debts | 218,557 | 246,013 | |
12,623 | |||
Trade payables | 7,529 | ||
Income tax liabilities | 9,454 | 10,063 | |
Other current liabilities | 83,747 | 71,596 | |
Total current liabilities | 319,287 | 340,295 | |
TOTAL EQUITY AND LIABILITIES | 7,296,775 | 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
Total assets and total liabilities
Total assets increased by €429.2 million (6%) to €7,296.8 million as at 30 June 2023 primarily due to increase of long-term loans provided to related parties.
Non-current and current liabilities increased by €298.4 million to €5,447.0 million as at 30 June 2023 primarily due to new bank loans drawn by Polish subsidiaries.
CPI FIM SA | PRESS RELEASE - H1 2023 RESULTS | 3
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Equity, EPRA NRV and EPRA NDV
In H1 2023, consolidated equity increased by €132.2 million, primarily due to profit to the owners of €93.2 million and increase in translation reserve by €39.9 million.
EPRA NRV per share amounts to €1.29 as at 30 June 2023 compared to €1.19 as at 31 December 2022.
EPRA NDV per share amounts to €1.17 as at 30 June 2023 compared to €1.07 as at 31 December 2022.
30 June 2023 | 31 December 2022 | |||||||
Consolidated equity | 1,408,219 | |||||||
1,540,451 | ||||||||
Deferred taxes on revaluations | 150,758 | 150,758 | ||||||
EPRA NRV | 1,691,209 | 1,558,977 | ||||||
Number of shares (in thousands) | 1,314,508 | 1,314,508 | ||||||
NRV per share (in €) | 1.29 | 1.19 | ||||||
EPRA NRV | 1,691,209 | 1,558,977 | ||||||
Deferred taxes on revaluations | (150,758) | (150,758) | ||||||
EPRA NDV | 1,540,451 | 1,408,219 | ||||||
Diluted number of shares (in thousand) | 1,314,508 | 1,314,508 | ||||||
NDV per share (in €) | 1,17 | 1.07 |
For disclosures regarding Alternative Performance Measures used in this press release please refer to our 2023 Financial Information, chapter GLOSSARY & DEFINITIONS; accessible at http://www.cpifimsa.com(FOR INVESTORS - Financial Reports - HALF YEAR RESULTS).
For full Interim Management Report as at 30 June 2023, including Condensed Consolidated Interim Financial Statements as at 30 June 2023, please refer to our website at www.cpifimsa.com.
CPI FIM SA | PRESS RELEASE - H1 2023 RESULTS | 4
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CPI FIM SA published this content on 31 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2023 14:04:11 UTC.
