Sedlmayr Grund und Immobilien (SPB) H1 23/24 earnings summary

Executive summary

• Revenue for the first half-year rose to €68.0 million, up from €59.5 million year-over-year, driven by new leases, index adjustments, and consolidation effects.

• Operating profit (EBIT) increased to €35.2 million from €31.7 million year-over-year, mainly due to higher revenues.

• Net income for the period reached €20.7 million, up from €19.9 million in the prior year.

• Major investments focused on project development and modernization in Munich, with €25.5 million invested in property assets.

Financial highlights

• Total assets increased to €1,184.0 million, up €13.8 million since September 2023.

• Equity rose by €19.7 million to €268.5 million, improving the equity ratio to 22.7%.

• Cash flow from operating activities was €32.9 million, €2.9 million higher year-over-year.

• Free cash flow remained stable despite higher investments.

• Net liabilities decreased by €7.1 million, mainly due to lower debt and other liabilities.

Outlook and guidance

• The outlook for the full year 2023/24 remains unchanged from the previous annual report.

• No significant changes in risk or opportunity assessment compared to the prior year.