Adler Group SA (WBO:ADJ)
€ 0.1982 0.0094 (4.98%) Market Cap: 29.41 Mil Enterprise Value: 5.83 Bil PE Ratio: 0 PB Ratio: 0 GF Score: 26/100
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Q2 2024 Adler Group SA Earnings Call Transcript

Aug 29, 2024 / 08:00AM GMT
Release Date Price: €0.186 (-1.59%)

Key Points

Positve
  • Adler Group SA (WBO:ADJ) achieved a strong like-for-like rental growth of 4.6% year-on-year.
  • Operational vacancy rates remained low at 1.8%, indicating high occupancy levels.
  • The company successfully extended bank loans totaling EUR261 million, eliminating 2024 maturities.
  • Net cash of EUR26 million was generated from the disposal of the Leipzig development project.
  • Received overwhelming support from bondholders and shareholders for the comprehensive recapitalization plan.
Negative
  • Group net rental income decreased by 4% to EUR103 million in H1 2024.
  • Portfolio value decreased by 2.1% in the first half of 2024.
  • Development portfolio value decreased by 5.9% due to rising construction costs and low transaction levels.
  • FFO 1 from rental activity was negative at minus EUR54 million, driven by increased interest expenses.
  • EPRA LTV increased to 105.7%, reflecting negative development of group equity.
Julian Mahlert
Adler Group SA - Head of IR & Public Relations

Good morning, everyone. Thank you for joining us here today for the Adler Group H1 2024 results call. Along with along with me, as always, we have our CEO Thierry Beaudemoulin; and our CFO, Thomas Echelmeyer, will now guide us through today's presentation. This presentation will be followed by a Q&A session in which the management team will your answer questions.

Please note that this call will be recorded and made available on the company's website where you can also download today's presentation. With that, I would like to hand you over to Thierry.

Thierry Beaudemoulin
Adler Group SA - Chief Executive Officer and Daily Manager, Director

Thank you, Julian. Welcome, everyone, and thanks for joining us here today. Let's start with the restructuring plan update on page 4. You will recognize this slide from our Q1 results presentation. It summarizes the key pillar of our comprehensive recapitalization that we agreed with our bondholders in May this year. The message remains the same.

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