28.03.2023 TTL Beteiligungs- und Grundbesitz-AG  DE0007501009

EQS-News: TTL Beteiligungs- und Grundbesitz-AG: TTL publishes Annual Report 2022


EQS-News: TTL Beteiligungs- und Grundbesitz-AG / Key word(s): Annual Report/Annual Results
TTL Beteiligungs- und Grundbesitz-AG: TTL publishes Annual Report 2022

28.03.2023 / 08:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

Munich, 28.03.2023

TTL publishes Annual Report 2022

  • Holdings show stability in a difficult environment
  • Results below previous year mainly due to changed market environment for commercial real estate
  • Proposed dividend of EUR 0.20 per share

TTL Beteiligungs- und Grundbesitz-AG ("TTL AG", "TTL") (ISIN DE0007501009) published its financial results for the year 2022 on 28 March 2023. The reporting year was characterised by high uncertainties due to rising inflation rates and the interest rate turnaround, which led to a massive change in the market environment for the commercial real estate market. This also affected the business of TTL’s holdings. Despite the difficult market environment, they demonstrated stability and set an important basis for the expansion of their business under changed market conditions, although the contributions to earnings for 2022 were lower than those of the previous year, which was still in the low-interest phase.

Operational highlights of the TTL holdings in 2023
TTL Real Estate GmbH, in which TTL holds 50 percent of the shares, has further increased its stake in DIC Asset AG - from 7.95 percent to 8.22 percent. At the same time, DIC Asset AG itself was able to develop the logistics asset class as a further strong pillar through the successful acquisition of VIB Vermögen AG. And finally, Montano Real Estate GmbH ("Montano"), a 50 percent holding of TTL, has achieved in all of its important asset classes. Particular highlights are, in the first place, the expansion of Montano's business model to include the conception and sale of its own investment products, among other things through the launch of its own multi-investor real estate special fund in the area of public infrastructure. On the other hand, Montano continued to expand its partnership with Carlyle in the logistics segment by acquiring seven logistics properties. The volume of the joint portfolio of Carlyle and Montano thus increased to 25 properties and more than EUR 300 million.

Interest rate turnaround affects earnings contributions
The changed market conditions are reflected in the earnings contributions of the TTL holdings. Thus, the earnings contributions achieved by both Montano and TTL Real Estate in the 2022 financial year are lower than those of the previous year. At the level of TTL Real Estate, the decline in earnings per share at DIC Asset AG, which resulted in particular from one-off costs in connection with the acquisition of VIB Vermögen, contributed to this. In addition, Montano could not realise some larger planned transactions in 2022; however, the company achieved a considerable positive result in this environment.

As a result, TTL generated negative consolidated earnings (in accordance with IFRS) before taxes of EUR 0.9 million in the financial year 2022. Eliminating the one-off effects from the acquisition of VIB at the level of DIC Asset AG results in adjusted earnings of EUR -0.5 million. At the level of TTL AG, as announced in December, a positive operating result was achieved, i.e. an EBTDA (HGB earnings before taxes and depreciation) of EUR 3.1 million; the annual result after taxes amounted to EUR 1.6 million and was thus slightly above the forecast.

"2022 was an extremely challenging year and TTL was effected by the developments in the commercial real estate market. But our holdings are well positioned in their segments and have managed to further develop their business models and broaden their base despite the difficult market conditions," says Theo Reichert, CEO of TTL AG. "We also see challenges for the German commercial real estate market in 2023.  However, TTL is well positioned and so we can take advantage of opportunities as they arise."

Dividend continuity to be maintained
The Executive Board and Supervisory Board of TTL AG will again propose to the Annual General Meeting a stable dividend payment of EUR 0.20 per share for the 2022 financial year. This is to be paid in full from the tax contribution account and is therefore not subject to any deduction of capital gains tax.

For the current financial year 2023, TTL expects the general conditions to remain challenging. For the TTL Group, a negative pre-tax result of around EUR 1.1 to 1.8 million is therefore expected for 2023, if necessary with the elimination of one-off effects, based on an investment and interest result of EUR -0.5 to -1.0 million and assuming a stable development in the valuation of financial assets.

For TTL AG, the Executive Board expects a positive annual result of EUR 1.0 to 1.5 million, with an investment result at the level of 2022 of around EUR 2.5 to 3 million.



TTL AG | consolidated IFRS
in Euro thousand
  2022   2021
Income statement data        
Revenues   2,415   1,644
Result of operating activities   -308   52
Financial result   -563   2,005
Earnings before taxes   -871   2,057
Adjusted earnings before taxes   -487   2,774
Annual result   -889   1,690
Earnings per share   -0.04 €   0.08 €
Key Balance Sheet Figures        
Non-current assets   93,200   128,502
Current assets   25,015   32,835
Total assets   118,215   161,337
Equity   43,859   51,431
Non-current liabilities   72,908   108,583
Current liabilities   1,449   1,323
Total equity and liabilities   118,215   161,337


The 2022 Annual Report can be downloaded from the TTL AG website at the following link: https://www.ttl-ag.de/en/investor-relations/financial-reports.html

About TTL

TTL Beteiligungs- und Grundbesitz-AG (ISIN DE0007501009/Stock exchange symbol TTO) is a listed holding company focusing on the German real estate market. As a holding company, its aim is to enter into profitable investments, to accompany and develop them in order to participate in their value enhancement and to sustainably increase the earning power of TTL AG in the interest of its shareholders. TTL invests in both privately held and listed real estate companies with high dividends. In addition, TTL also participates in real estate projects and properties via platforms, whereby TTL Group provides mezzanine financing for these investments in addition to equity.

The Munich-based company holds a 50 % stake in TTL Real Estate GmbH, which has a direct 8.22 % holding in the SDAX-listed DIC Asset AG. Since the end of 2020, TTL AG has held a stake in Montano Real Estate GmbH, also based in Munich, one of the leading independent real estate investment and management companies in the German commercial real estate market with offices in Munich, Frankfurt and Berlin.


Media and Investor Relations contact
Annette Kohler-Kruse
Instinctif Partners
Tel. +49 89 3090 5189-21
[email protected]
[email protected]

28.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: TTL Beteiligungs- und Grundbesitz-AG
Theresienhöhe 28
80339 München
Phone: +49 (0)89 381611-0
Fax: +49 (0)89 3915-92
E-mail: [email protected]
Internet: www.ttl-ag.de
ISIN: DE0007501009
WKN: 750100
Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1593755

End of News EQS News Service

1593755  28.03.2023 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022
Umsatzerlöse1 0,03 0,01 0,61 1,17 3,19 1,64 2,42
EBITDA1,2 -0,16 -0,37 -1,48 -0,81 1,17 0,06 -0,30
EBITDA-Marge3 -533,33 -3.700,00 -242,62 -69,23 36,68 3,66 -12,40
EBIT1,4 -0,16 -0,37 -1,49 -0,81 1,17 0,05 -0,31
EBIT-Marge5 -533,33 -3.700,00 -244,26 -69,23 36,68 3,05 -12,81
Jahresüberschuss1 -0,16 0,86 4,14 4,81 2,63 1,69 -0,89
Netto-Marge6 -533,33 8.600,00 678,69 411,11 82,45 103,05 -36,78
Cashflow1,7 -0,14 -0,39 -0,93 -1,74 -2,56 -1,20 0,08
Ergebnis je Aktie8 -0,02 0,05 0,19 0,22 0,12 0,08 -0,04
Dividende8 0,00 0,00 0,24 0,20 0,20 0,20 0,20
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Rödl & Partner

TTL Beteil.- und Grundbesitz-AG
WKN Kurs in € Einschätzung Börsenwert in Mio. €
750100 1,420 Halten 34,91
KGV 2024e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
17,75 22,03 0,88 31,63
0,90 447,62 14,46 -344,56
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,20 0,00 0,00 26.05.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
14.08.2023 - 28.03.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-9,55% -21,59% -22,83% -35,45%
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Immobilien (Gewerbe) , 750100 , TTO , XETR:TTO