CPI Property Group has published unaudited profit and credit estimates for the financial year ended 31 December 2021. While publication of the audited annual financial report is scheduled for 31 March 2022, the company is proceeding with this unaudited disclosure so that investors and stakeholders are updated about the Group’s performance.
"CPIPG’s excellent financial performance in 2021 reflects the robust health of Central European real estate markets and the actions of our asset management teams,” said Martin Nemecek, CEO. “The Group’s scale, market position, and capital structure are stronger than ever.”
The Group estimates the following preliminary financial and operating results for the financial year ended 31 December 2021:
- CPIPG’s property portfolio increased to €13.1 billion, (+27% versus 2020), driven by acquisitions and higher valuations in Berlin, Warsaw, the Czech Republic and Italy.
- Total assets reached €14.4 billion (+22% versus 2020).
- Net rental income rose to €363 million (+7% versus 2020) driven by acquisitions, 3.3% growth in like-for-like gross rental income and higher occupancy at 94.2%.
- The Group collected 96% of contracted rent before the impact of COVID-19 discounts, and 99% included discounts. COVID related disruption was mostly limited to Q1 2021.
- Net business income was €384 million (+11% versus 2020), reflecting the impact of higher net rental income and positive net income from hotels.
- Consolidated adjusted EBITDA increased to more than €360 million. Funds from operations (FFO) exceeded €250 million.
- Net Loan-to-Value (LTV) was 35.8% (a reduction of 4.9 p.p versus year-end 2020 and 6.1 p.p versus H1 2021) and Net Interest Coverage Ratio (Net ICR) was 4.6x, both comfortably within the Group´s financial policy.
- EPRA NRV (NAV) was €7.0 billion (+38% versus 2020).
- Average cost of funding was stable at 1.7%. In 2021 the Group repaid more than €800 million of senior unsecured bonds, Schuldschein and hybrid bonds.
- Unencumbered assets as a percentage of total assets were stable at 70%.
- Secured debt slightly decreased to 27% of total debt versus 29% at the end of 2020.
- Total liquidity (comprising cash and undrawn revolving credit facilities) exceeded €1.2 billion.
