Press Release
Luxembourg, 31 March 2023
CPI FIM SA
2022 Financial Results Financial highlights
Performance | 2022 | 2021 | Change | ||||||||
Gross rental income | € thousands | 34,685 | 34,880 | (1%) | |||||||
Total revenues | € thousands | 46,432 | 67,625 | (31%) | |||||||
Operating result | € thousands | 93,085 | 316,543 | (71%) | |||||||
Net profit for the period | € thousands | 180,645 | 366,843 | (51%) | |||||||
Assets | 31-Dec-22 | 31-Dec-21 | Change | ||||||||
Total assets | € thousands | 6,867,624 | 7,383,642 | (7%) | |||||||
EPRA NRV | € thousands | 1,558,977 | 1,372,647 | 12% | |||||||
Property Portfolio | € thousands | 1,640,000 | 1,590,000 | 3% | |||||||
Gross leasable area | sqm | 166,000 | 166,000 | -- | |||||||
Occupancy in % | % | 92.3% | 95.0% | (2.7 p.p.) | |||||||
Land bank area | sqm | 17,991,000 | 18,075,000 | (0.5%) | |||||||
Total number of properties | No. | 8 | 7 | 14% | |||||||
Financing structure | 31-Dec-22 | 31-Dec-21 | Change | ||||||||
Total equity | € thousands | 1,718,945 | 1,515,970 | 13% | |||||||
Equity ratio | % | 25% | 21% | 4 p.p. | |||||||
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CONSOLIDATED INCOME STATEMENT
Twelve-month period ended | ||
€ thousands | ||
31-Dec-22 | 31-Dec-21 | |
Gross rental income | 34,685 | 34,880 |
Service charge and other income | 11,150 | 32,499 |
Cost of service and other charges | (10,449) | (9,719) |
Property operating expenses | (3,485) | (4,048) |
Net service and rental income | 31,901 | 53,612 |
Hotel revenue | 597 | 246 |
Hotel operating expenses | (480) | (248) |
Net hotel income | 117 | (2) |
Total revenues | 46,432 | 67,625 |
Total direct business operating expenses | (14,414) | (14,015) |
Net business income | 32,018 | 53,610 |
Net valuation gain on investment property | 62,674 | 263,702 |
Net gain on the disposal of investment property and subsidiaries | 7,839 | 3,746 |
Net gain on the disposal of other investment | - | 6,175 |
Amortization, depreciation and impairments | (2,726) | 3,455 |
Administrative expenses | (6,679) | (14,022) |
Other operating income | 513 | 704 |
Other operating expenses | (554) | (827) |
Operating result | 93,085 | 316,543 |
Interest income | 215,972 | 211,507 |
Interest expense | (125,827) | (161,231) |
Other net financial result | 35,826 | 56,554 |
Net finance income | 125,971 | 106,830 |
Share of profit of equity-accounted investees (net of tax) | 1,481 | 1,146 |
Profit before income tax | 220,537 | 424,519 |
Income tax expense | (39,892) | (57,676) |
Net profit for the period | 180,645 | 366,843 |
Service charge and other income
Service charge income decreased by €21.3 million in 2022, primarily due to decrease of management
services by €21.9 million.
Net valuation gain
Net valuation gain of €62.7 million in 2022 primarily reflects revaluation of the Czech land bank
portfolio.
Net gain on the disposal of investment property and subsidiaries
Net gain on the disposal of investment property of €7.8 million in 2022 relates to disposal of one Czech
land bank.
CPI FIM SA | PRESS RELEASE - 2022 RESULTS | 2
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Administrative expenses
In 2022, administrative expenses decreased by €7.3 million due to lower management services received from related parties.
Net finance income
Net finance income increased by €19.1 million in 2022. Interest income increased from €211.5 million in 2021 to €216.0 million in 2022. Interest expense decreased from €161.2 million in 2021 to €125.8 million in 2022.
Other net financial result decreased by €20.7 million in 2022 primarily due to retranslation of loans provided to related parties in foreign currencies.
CPI FIM SA | PRESS RELEASE - 2022 RESULTS | 3
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ thousands | 31-Dec-22 | 31-Dec-21 | |
NON-CURRENT ASSETS | |||
Intangible assets | 842 | 610 | |
Investment property | 1,640,110 | 1,514,430 | |
Property, plant and equipment | 2,752 | 22,193 | |
Equity accounted investees | 9,724 | 8,190 | |
Other investments | 61,655 | 52,990 | |
Loans provided | 4,568,394 | 4,948,061 | |
Other receivables | 76 | 74 | |
Deferred tax assets | 120,370 | 133,921 | |
Total non-current assets | 6,403,923 | 6,680,469 | |
CURRENT ASSETS | |||
Inventories | 402 | 355 | |
Income tax receivables | 522 | 116 | |
Derivative instruments | 13,730 | 2,078 | |
Trade receivables | 6,074 | 6,929 | |
Loans provided | 144,579 | 186,859 | |
Cash and cash equivalents | 104,082 | 210,076 | |
Other current assets | 194,312 | 296,760 | |
Total current assets | 463,701 | 703,173 | |
TOTAL ASSETS | 6,867,624 | 7,383,642 | |
EQUITY | |||
Equity attributable to owners of the Company | 1,408,219 | 1,238,649 | |
Non-controlling interests | 310,726 | 277,321 | |
Total equity | 1,718,945 | 1,515,970 | |
NON-CURRENT LIABILITIES | |||
Financial debts | 4,653,862 | 5,400,425 | |
Deferred tax liabilities | 149,139 | 130,866 | |
Other financial liabilities | 5,383 | 4,793 | |
Total non-current liabilities | 4,808,384 | 5,536,084 | |
CURRENT LIABILITIES | |||
Financial debts | 246,013 | 261,324 | |
8,953 | |||
Trade payables | 12,623 | ||
Income tax liabilities | 10,063 | 687 | |
Other current liabilities | 71,596 | 60,624 | |
Total current liabilities | 340,295 | 331,588 | |
TOTAL EQUITY AND LIABILITIES | 6,867,624 | 7,383,642 | |
Total assets and total liabilities
Total assets decreased by 516.0 million (7%) to €6,867.6 million as at 31 December 2022 primarily due to decrease of long-term loans provided to related parties.
Non-current and current liabilities decreased by €719.0 million to €5,148.7 million as at 31 December 2022 primarily due to decrease of loans provided to CPIPG SA.
CPI FIM SA | PRESS RELEASE - 2022 RESULTS | 4
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Equity, EPRA NRV and EPRA NDV
In 2022, consolidated equity increased by €169.6 million due to 2022 profit to the owners of 147.2 million and increase of revaluation reserve by €7.5 million and translation reserve by €14.9 million.
EPRA NRV per share | amounts | to | €1.19 | as | at | 31 | December | 2022 | compared | to | €1.04 | |||
as at 31 December 2021. | ||||||||||||||
EPRA NDV per share | amounts | to | €1.07 | as | at | 31 | December | 2022 | compared | to | €0.94 | |||
as at 31 December 2021. | ||||||||||||||
31 December 2022 | 31 December 2021 | |||||||||||||
Consolidated equity | 1,408,219 | 1,238,649 | ||||||||||||
Deferred taxes on revaluations | 150,758 | 133,998 | ||||||||||||
EPRA NRV | 1,558,977 | 1,372,647 | ||||||||||||
Number of shares (in thousands) | 1,314,508 | 1,314,508 | ||||||||||||
NRV per share (in €) | 1.19 | 1.04 | ||||||||||||
EPRA NRV | 1,558,977 | 1,372,647 | ||||||||||||
Deferred taxes on revaluations | (150,758) | (133,998) | ||||||||||||
EPRA NDV | 1,408,219 | 1,238,649 | ||||||||||||
Diluted number of shares (in thousand) | 1,314,508 | 1,314,508 | ||||||||||||
NDV per share (in €) | 1.07 | 0.94 |
For disclosures regarding Alternative Performance Measures used in this press release please refer to our 2022 Financial Information, chapter GLOSSARY & DEFINITIONS; accessible at http://www.cpifimsa.com(FOR INVESTORS - Financial Reports - FULL YEAR RESULTS).
For full Interim Management Report as at 31 December 2022, including Condensed Consolidated Interim Financial Statements as at 31 December 2022, please refer to our website at www.cpifimsa.com.
CPI FIM SA | PRESS RELEASE - 2022 RESULTS | 5
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CPI FIM SA published this content on 31 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2023 23:41:15 UTC.