Vonovia FY23 Group FFO, Revenues Down; Lifts Dividend; Warns On FY24 Adj. Earnings

(RTTNews) - German real estate services company Vonovia SE (VONOY) reported that its fiscal 2023 Group funds from operations or FFO from continuing operations dropped 9.1 percent to 1.80 billion euros from last year's 1.98 billion euros.

Group FFO per share from continued operations dropped 11.1 percent to 2.23 euros from 2.51 euros a year ago.

Group FFO, including contributions from the development-to-hold business and the non-strategic Care segment, was 1.85 billion euros, down 9.3 percent from 2.04 billion euros last year. Group FFO per share was 2.27 euros.

The company recorded a loss of 6.76 billion euros, compared to prior year's loss of 669.4 million euros.

EBT was negative 9.19 billion euros, wider than prior year's loss of 604.6 million euros. Adjusted EBT fell to 1.87 billion euros from 2 billion euros a year ago.

Adjusted EBITDA Total from continuing operations dropped to 2.58 billion euros from 2.61 billion euros a year ago.

The Adjusted EBITDA total was 2.65 billion euros, including the development-to-hold business and the non-strategic Care segment, down 4 percent from last year.

Total segment revenue for the year dropped 7.5 percent to 5.15 billion euros from 5.57 billion euros last year.

Vonovia's core business, the Rental segment, continued to develop positively. It was supported by synergies from the company's merger with Deutsche Wohnen.

Further, Vonovia said its Supervisory Board plans to propose a dividend of 0.90 euro per share to its shareholders on May 8, 6 percent higher than previous year.

Looking ahead, the company said it is confident of 2024 financial year wih positive developments in Vonovia's core business and disposals well above target.

For the current financial year, Vonovia is expecting to see an Adj. EBITDA range of 2.55 billion euros to 2.65 billion euros, the Adj. EBT will be in a range of 1.70 billion euros to 1.80 billion euros.

In 2024, Vonovia is aiming to realise 3 billion euros in disposals.

In Germany, Vonovia shares settled on Thursday at 26.82 euros, down 1.43 percent.

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