29.02.2024 Aareal Bank AG  DE000A37FT90

EQS-News: Strong earnings power allows for active risk management in 2023 – consolidated operating profit expected to rise to between €300 million and €350 million in 2024


 

EQS-News: Aareal Bank AG / Key word(s): Annual Results
Strong earnings power allows for active risk management in 2023 – consolidated operating profit expected to rise to between €300 million and €350 million in 2024

29.02.2024 / 06:59 CET/CEST
The issuer is solely responsible for the content of this announcement.


Strong earnings power allows for active risk management in 2023 – consolidated operating profit expected to rise to between €300 million and €350 million in 2024

  • Bank posts operating profit of €221 million for the 2023 financial year; Aareon with an operating loss of €72 million after investments – consolidated operating profit of €149 million
  • Diversified business model inspires dynamic income growth, up 31 per cent to €1.3 billion, with record figures for net interest income and net commission income
  • Risk provisions of €510 million, of which €193 million in Q4 – including provisions to resolve US office NPLs of approx. €0.5 billion in Q1 2024
  • CET1 ratio rises slightly, to 19.4 per cent, despite portfolio growth
  • Aareon’s adjusted EBITDA increased by 33 per cent, to €100 million
  • CEO Jochen Klösges: “During 2023, a year shaped by multiple challenges, we focused on risk management, on actively managing our credit portfolios, and on investing in our future. To this end, we consciously accepted considerable extra charges on our annual results.”
  • CFO Marc Hess: “We have used the past year to make significant investments into Aareon, and to actively reduce non-performing loans. We booked substantial risk provisions to this end, which was made possible thanks to our strong earnings power. We will continue to work on sustainably increasing our profitability in 2024.”

Wiesbaden, 29 February 2024 – Following the 2023 financial year, which featured strong income growth, investments and an active risk management, Aareal Bank Group anticipates a significant increase in earnings for the current year. Consolidated operating profit is projected to rise to between €300 million and €350 million in 2024, even though the Bank anticipates continued above-average risk provisions.

Aareal Bank Group closed the 2023 financial year with consolidated operating profit of €149 million (2022: €239 million). Despite additional charges from the takeover by Atlantic BidCo, the repayment of the refinancing line by Aareon and substantial risk provisions, the Bank generated operating profit of €221 million, roughly in line with the previous year’s €242 million. It booked risk provisions of €193 million in the fourth quarter of 2023, including risk provisions recognised in the net result from financial instruments (fvpl).
The US office property market turned out to be more challenging than originally anticipated around the end of the year. Accordingly, the Bank also booked risk provisions for the significant reduction of non-performing loans (NPLs) for US office property financings in an aggregate volume of approx. €0.5 billion. Restructuring of these exposures is planned for as early as the first quarter of 2024.
Aareal Bank also used 2023 to actively reduce legacy NPL exposures, to a greater extent than originally announced, recognising provisions of €115 million in the financial year.
Including valuation adjustments in the net result from financial instruments (fvpl), the Bank booked aggregate risk provisions of €510 million for the year as a whole, of which €360 million was attributable to financings of US office properties.

Aareal Bank was able to compensate for the substantial risk provisions through its very dynamic income performance. Income rose by 31 per cent in 2023, to a record level of just under €1.3 billion, with €350 million (up 32 per cent) generated in the fourth quarter.

Aareon posted an operating loss (EBT) of €72 million, while adjusted EBITDA rose markedly, by 33 per cent, to €100 million (2022: €75 million).
The operating loss was caused by investments of €96 million, which will no longer be incurred going forward and which are expected to yield a positive annual earnings contribution from efficiency measures of around €20 million. They will also contribute to a planned increase in adjusted EBITDA to between €160 million and €170 million in 2024.
Aareon continued its growth path during the financial year under review: sales revenues rose by 12 per cent to €344 million (2022: €308 million). The share of recurring revenue compared to total sales increased to 81 per cent (2022: 74 per cent).
The goal of developing Aareon into a ‘Rule of 40’ enterprise was therefore achieved earlier than planned. This key performance indicator for software companies means that the sum of EBITDA margin and revenue growth exceeds 40.
Having grown strongly in recent years, both organically and inorganically, Aareon now has business activities in the Germany/Austria/Switzerland (DACH) region, in France, UK, the Netherlands, Scandinavia, and most recently Spain.
Furthermore, in the financial year under review the Group succeeded in refinancing Aareon on a standalone basis: the facility provided by Aareal Bank to Aareon to date was replaced with external long-term debt, and Aareon’s capitalisation was strengthened via a capital increase. As a result, Aareon has achieved capital market readiness earlier than announced.

CEO Jochen Klösges commented: “During 2023, a year shaped by multiple challenges, we focused on risk management, on actively managing our credit portfolios, and on investing in our future. To this end, we also consciously accepted considerable extra charges on our annual results, thus strengthening the Group's net worth – which is also evident in our very good capital ratio of 19.4 per cent. Whilst we expect the environment to remain challenging, our diversified business model should allow us to generate consolidated operating profit in a range between 300 and 350 million euros in 2024.”

CFO Marc Hess stated: “We have used the past year to make significant investments into Aareon, and to actively reduce non-performing loans. We booked substantial risk provisions to this end, which was made possible thanks to our strong earnings power. We reached our goals for Aareon earlier than announced, and we are proud to report an excellent cost/income ratio of just over 30 per cent for the Bank. In view of still challenging market conditions we will continue to work on sustainably increasing our profitability.”

Business development in 2023 driven by highly dynamic income, impacted by investments and increased risk provisions

Aareal Bank increased net interest income by 39 per cent to €978 million in the financial year under review (2022: €702 million). This increase reflected an expanded lending portfolio, strong margins, as well as the positive impact of higher interest rates on the deposit-taking business. The constructive trend of previous quarters continued into the fourth quarter, with net interest income rising to a new record level of €268 million (Q4 2022: €188 million).

Net commission income also increased by 11 per cent, reaching a new record of €307 million in the financial year under review (2022: €277 million), driven in particular by the strong sales revenue development at the Aareon software subsidiary. At €82 million, net commission income in the fourth quarter was 5 per cent higher than in the same period of the previous year (Q4 2022: €78 million).

Risk provisions totalled €441 million in 2023 (2022: €192 million), due in particular to substantial risk provisions booked for US office property financings and the active management of legacy NPLs. An additional €69 million was booked for valuation adjustments in the net gain or loss from financial instruments (fvpl). Fourth-quarter risk provisions (including fvpl) amounted to €193 million (Q4 2022: €28 million). No particular anomalies have been identified to date regarding exposures outside the US office property market.
In view of the planned NPL reduction of approx. €0.5 billion in US office properties in the first quarter of 2024, the Bank expects the share of NPLs in the overall portfolio as at the end of March to remain largely stable compared to the previous year (NPE ratio 31 Dec 2023: 3.4 per cent, 31 Dec 2022: 2.8 per cent), despite the very challenging market environment.

Consolidated administrative expenses rose to €645 million (2022: €571 million), due in particular to investments in Aareon. These non-recurring expenses totalled €96 million, exceeding original projections by €61 million. Expenses at the Bank were kept stable thanks to strict cost discipline. Administrative expenses in the fourth quarter totalled €159 million (Q4 2022: €148 million). Aareal Bank improved its cost/income ratio (CIR) in the banking business to 32 per cent for the full year (2022: 40 per cent), retaining its top ranking amongst European peers.

Consolidated operating profit totalled €149 million in the 2023 financial year (2022: €239 million). Fourth-quarter consolidated operating profit was minus €6 million (Q4 2022: €+82 million), including €1 million attributable to the Bank.

Taking tax deductions of €101 million into account, full-year consolidated net income was €48 million (2022: €153 million). The income taxes item was impacted by the write-off of Aareon’s loss carryforwards in the context of Aareal Bank Group’s takeover by Atlantic BidCo GmbH. Consolidated net income for the fourth quarter thus amounted to minus €56 million (Q4 2022: €+53 million).

Solid capital position and successful funding

Aareal Bank continues to be solidly financed. In fact, despite the tense situation on the US office property market and in view of portfolio growth, the Bank managed to slightly increase its Common Equity Tier 1 ratio (Basel IV phase-in ratio) to 19.4 per cent at the end of 2023 (31 Dec 2022: 19.3 per cent). The total capital ratio was 23.5 per cent (31 December 2022: 24.0 per cent).

Aareal Bank successfully expanded its funding activities during the financial year under review, further diversifying the funding mix and broadening the investor base. The Bank placed a total of €2.4 billion in funding instruments on the capital markets during the financial year under review, including two benchmark Pfandbriefe of €750 million each plus one €500 million issue. The volume of fixed-interest retail deposits sourced through platforms reached approximately €2.6 billion by the end of 2023 (31 Dec 2022: €636 million). Furthermore, via Raisin, Aareal Bank became the first German bank to offer fixed-term deposits in the Netherlands in February 2024.

Growth across all business segments

In the Structured Property Financing segment, Aareal Bank increased its lending volume, and hence its interest-bearing business, by €2 billion to €32.9 billion (31 Dec 2022: €30.9 billion), thus reaching the upper end of the full-year forecast range of €32 billion to €33 billion. New business increased to €10 billion (2022: €8.9 billion). Margins on newly-originated loans remained clearly ahead of the previous year’s level, averaging around 290 basis points.
Average loan-to-value ratios in the existing portfolio remained at a healthy 56 per cent (2022: 55 per cent).
The Bank completed its exit from any exposure to Russia during the financial year under review; it also no longer holds any lending exposure to China.

A dedicated team for financing alternative living properties was established in the third quarter, with the goal of further expanding financing business in this market segment, which comprises student housing and co-living – a market segment where Aareal Bank already ranks amongst the leading providers. For instance, the Bank provided a GBP 380 million financing to Chapter, a specialist provider in this segment, for a prime portfolio comprising three student housing properties in London. Moreover, the Bank is now also active in the New Zealand market, where it commenced business activities last year.

Aareal Bank also further expanded the share of green loans in its portfolio. The Bank extended approximately €3 billion in newly-originated green loans during the financial year under review, raising the portfolio volume of green financings to around €4.8 billion.

In the Banking & Digital Solutions segment, average deposit volumes from housing industry clients rose to €13.6 billion (2022: €13.4 billion), exceeding the target level of around €13 billion set for the year under review. Net interest income for the segment more than doubled to €238 million (2022: €92 million), reflecting the impact of normalised interest rate levels in conjunction with the continued high volume of deposits. The segment’s net commission income also developed favourably, rising to €33 million (2022: €31 million).

With the conclusion of a long-term cooperation agreement (joint venture) between the Bank and Aareon regarding First Financial at the beginning of 2024, Aareal Bank Group has strengthened its market position as a leading international property specialist whilst building the foundations for further growth, especially in the Group's banking and software units.

Software subsidiary Aareon increased sales revenues to €344 million in the financial year under review (2022: €308 million). The transformation process towards SaaS and subscription solutions continued to be on track. Recurring revenues rose by 22 per cent, from €228 million to €278 million, raising the share of recurring revenue compared to total sales to 81 per cent (2022: 74 per cent). The adjusted EBITDA margin grew by four percentage points to 29 per cent (2022: 25 per cent), whilst adjusted EBITDA rose by 33 per cent to €100 million (2022: €75 million), reaching the upper end of the target corridor.

During the financial year under review, besides investments in enhancing efficiency and optimising the product range, Aareon continued to focus upon both organic and inorganic growth. Acquisitions included UTS innovative Softwaresysteme GmbH in Germany, and Embrace – The Human Cloud in the Netherlands. Aareon took its first step to explore the Spanish market with the acquisition of software provider IESA. The company also increasingly opened up to third-party solutions with "Aareon Connect". By the end of 2023, the open ecosystem already had more than 30 partners.

Outlook for 2024: marked earnings increase expected

Aareal Bank Group expects the environment in the US office property market to remain challenging in the 2024 financial year. Thanks to its strong earnings power, the Group nonetheless anticipates consolidated operating profit between €300 million and €350 million.
The Bank is expected to achieve operating profit of €250 million to €300 million, despite risk provisions projected to remain at above-average levels. This is based on a planned increase in the credit portfolio to between €33 billion and €34 billion, with target new business of €8 billion to €9 billion. The Bank continues to expect deposit volumes to remain stable, averaging around €13 billion.
Aareon’s sales revenues are expected to rise to between €440 million and €460 million, with adjusted EBITDA projected to rise to between €160 million and €170 million.


Contacts for the media:

Margarita Thiel
Phone: +49 611 348 2306
Mobile: +49 171 2069740
[email protected]

Christian Feldbrügge
Phone: +49 611 348 2280
Mobile: +49 171 8667919
[email protected]


Contact for investors:

Aareal Bank AG – Investor Relations
Phone: +49 611 348 3009
[email protected]


About Aareal Bank Group

Aareal Bank Group, headquartered in Wiesbaden, is a leading international property specialist. The Bank uses its expertise to identify trends, challenges and opportunities at an early stage, and to exploit them for the benefit of its stakeholders. Aareal Bank Group provides smart financings, software products, and digital solutions for the property sector and related industries, and is present across three continents, Europe, North America and the Asia/Pacific region. Aareal Bank Group’s business strategy focuses on sustainable business success, with environmental, social and governance (ESG) aspects as an integral part of this strategy.

Aareal Bank AG comprises the business segments Structured Property Financing, Banking & Digital Solutions, and Aareon. The Structured Property Financing segment encompasses all of Aareal Bank Group’s property financing and funding activities. Here, the Bank supports its clients in making large-volume commercial property investments. The investment properties mostly comprise office buildings, hotels, shopping centres, logistics and residential property, as well as student apartments. In the Banking & Digital Solutions segment, Aareal Bank Group supports businesses from the housing, property management and energy industries as a digitalisation partner – combining extensive advisory services and product solutions with traditional corporate banking services and deposit-taking. The Group's subsidiary Aareon, the leading supplier of SaaS solutions for the European property sector, represents the third business segment. It is digitalising property management by offering user-oriented software solutions that simplify and automate processes, support sustainable and energy-efficient operations, and interconnect all process participants.

 

Aareal Bank Group – Key Indicators

    1 Jan - 31 Dec 2023   1 Jan - 31 Dec 2022
Results        
Operating profit (€  mn)   149   239
Consolidated net income (€  mn)   48   153
Consolidated net income allocated to ordinary shareholders (€  mn)1)   42   138
Cost/income ratio (%)2)   31.7   40.3
Dividend per share (€)3)   -   -
Earnings per ordinary share (€)1)   0.69   2.32
RoE before taxes (%)1)   5.0   7.9
RoE after taxes (%)1)   1.4   5.0

 

    31 Dec 2023   31 Dec 2022
Statement of Financial Position        
Property finance (€  mn)   32,876   30,901
Equity (€  mn)   3,300   3,258
Total assets (€  mn)   46,833   47,331
         
Regulatory Indicators4)        
Basel IV (phase-in)        
Risk-weighted assets (€  mn)   13,720   12,782
Common Equity Tier 1 ratio (CET1 ratio) (%)   19.4   19.3
Tier 1 ratio (T1 ratio) (%)   21.6   21.7
Total Capital Ratio (TC ratio) (%)   23.5   24.0
Basel III        
Common Equity Tier 1 ratio (CET1 ratio) (%)   19.4   19.3
         
Employees   3,463   3,316

1) The allocation of earnings is based on the assumption that interest payable on the AT1 bond is recognised on an accrual basis.

2) Structured Property Financing and Banking & Digital Solutions segments: in line with common practice in the banking sector, bank levy and contributions to the deposit guarantee scheme are not included.

3) There are no plans to distribute profits for 2023 in 2024, in line with the strategy. On 10 August 2023, the Annual General Meeting had resolved not to distribute any dividends for the 2022 financial year.

4) 31 December 2022: including originally proposed dividend of € 1.60 per share in 2022 and pro rata temporis accrual of interest on the AT1 bond, excluding profits for 2022 under commercial law.
31 December 2023: including profits for 2023 and pro rata temporis accrual of interest on the AT1 bond, given that there are no plans to distribute profits for 2023 in 2024. The appropriation of profits is subject to approval by the Annual General Meeting. The SREP recommendations concerning the NPL inventory and the ECB’s NPL guidelines for the regulatory capital of new NPLs and an additional voluntary and preventive capital deduction for regulatory uncertainties from ECB tests were taken into account.
Adjusted total risk exposure amount (as defined in Article 3 CRR – RWAs), in accordance with currently applicable law (CRR II) and applying the partial regulation for the “output floor” in connection with commercial property lending and equity exposures, based on the European Commission’s proposal dated 27 October 2021 for implementation of Basel IV (CRR III). The adjusted risk-weighted exposure amount for commercial property lending and equity exposures is determined using the higher of (i) total RWAs calculated in accordance with CRR II currently in force, and (ii) the figure calculated in accordance with the revised CRSA (pursuant to CRR III), applying the transitional provisions for 2025 (50% output floor).

 

Consolidated Income Statement of Aareal Bank Group
Preliminary results for the financial year 2023
(unaudited, in accordance with IFRSs)

    1 Jan - 31 Dec 2023   1 Jan - 31 Dec 2022   Change
    €  mn   €  mn   %
Net interest income   978   702   39
Risk provisioning   441   192   130
Net commission income   307   277   11
Net derecognition gain or loss   23   1   2,200
Net gain or loss from financial instruments (fvpl)   -71   26    
Net gain or loss from hedge accounting   1   -2    
Net gain or loss from investments accounted for using the equity method   3   -2    
Administrative expenses   645   571   13
Net other operating income/expenses   -6   0    
Operating profit   149   239   -38
Income taxes   101   86   17
Consolidated net income   48   153   -69
Consolidated net income attributable to non-controlling interests   -23   0    
Consolidated net income attributable to shareholders of Aareal Bank AG   71   153   -54
Earnings per share (EpS)            
Consolidated net income attributable to shareholders of Aareal Bank AG1)   71   153   -54
of which: allocated to ordinary shareholders   42   138   -70
of which: allocated to AT1 investors   29   15   93
Earnings per ordinary share (€)2)   0.69   2.32   -70
Earnings per AT1 unit (€)3)   0.29   0.15   93

 

1)The allocation of earnings is based on the assumption that interest payable on the AT1 bond is recognised on an accrual basis. Figures for the comparative period were based on net interest payable on the AT1 bond.

2) Earnings per ordinary share are determined by dividing the earnings allocated to ordinary shareholders of Aareal Bank AG by the weighted average of ordinary shares outstanding during the financial year (59,857,221 shares). Basic earnings per ordinary share correspond to diluted earnings per ordinary share.

3) Earnings per AT1 unit (based on 100,000,000 AT1 units with a notional amount of € 3 each) are determined by dividing the earnings allocated to AT1 investors by the weighted average of AT1 units outstanding during the financial year. Basic earnings per AT1 unit correspond to diluted earnings per AT1 unit.

 

Consolidated Income Statement of Aareal Bank Group
Preliminary results for the fourth quarter of 2023
(in accordance with IFRSs)

    Q4 2023   Q4 2022   Change
    €  mn   €  mn   %
Net interest income   268   188   43
Risk provisioning   179   22   714
Net commission income   82   78   5
Net derecognition gain or loss   5   -23    
Net gain or loss from financial instruments (fvpl)   -13   4    
Net gain or loss from hedge accounting   3   4   -25
Net gain or loss from investments accounted for using the equity method   1   0    
Administrative expenses   159   148   7
Net other operating income/expenses   -14   1    
Operating profit   -6   82    
Income taxes   50   29   72
Consolidated net income   -56   53    
Consolidated net income attributable to non-controlling interests   -10   0    
Consolidated net income attributable to shareholders of Aareal Bank AG   -46   53    
Earnings per share (EpS)            
Consolidated net income attributable to shareholders of Aareal Bank AG1)   -46   53    
of which: allocated to ordinary shareholders   -54   49    
of which: allocated to AT1 investors   8   4   100
Earnings per ordinary share (€)2)   -0.92   0.83    
Earnings per AT1 unit (€)3)   0.08   0.04   100

 

1)The allocation of earnings is based on the assumption that interest payable on the AT1 bond is recognised on an accrual basis.

2) Earnings per ordinary share are determined by dividing the earnings allocated to ordinary shareholders of Aareal Bank AG by the weighted average of ordinary shares outstanding during the financial year (59,857,221 shares). Basic earnings per ordinary share correspond to diluted earnings per ordinary share.

3) Earnings per AT1 unit (based on 100,000,000 AT1 units with a notional amount of € 3 each) are determined by dividing the earnings allocated to AT1 investors by the weighted average of AT1 units outstanding during the financial year. Basic earnings per AT1 unit correspond to diluted earnings per AT1 unit.

 

Segment Results of Aareal Bank Group
Preliminary results for the 2023 financial year
(unaudited, in accordance with IFRSs)

    Structured
Property
Financing
  Banking & Digital Solutions   Aareon   Consolidation / Reconciliation   Aareal Bank Group
    1 Jan -
31 Dec
2023
  1 Jan -
31 Dec
2022
  1 Jan -
31 Dec
2023
  1 Jan -
31 Dec
2022
  1 Jan -
31 Dec
2023
  1 Jan -
31 Dec
2022
  1 Jan -
31 Dec
2023
  1 Jan -
31 Dec
2022
  1 Jan -
31 Dec
2023
  1 Jan -
31 Dec
2022
€  mn                                        
Net interest income   776   627   238   92   -36   -17   0   0   978   702
Risk provisioning   441   192   0   0   0   0           441   192
Net commission income   6   6   33   31   284   252   -16   -12   307   277
Net derecognition gain or loss   23   1                           23   1
Net gain or loss from financial instruments (fvpl)   -71   26   0   0   0   0           -71   26
Net gain or loss from hedge accounting   1   -2                           1   -2
Net gain or loss from investments accounted for using the equity method   1   0   2   -1       -1           3   -2
Administrative expenses1)   231   260   110   79   320   244   -16   -12   645   571
Net other operating income/expenses   -4   -6   -2   -1   0   7   0   0   -6   0
Operating profit   60   200   161   42   -72   -3   0   0   149   239
Income taxes   44   70   50   14   7   2           101   86
Consolidated net income   16   130   111   28   -79   -5   0   0   48   153
Consolidated net income
attributable to non-controlling interests
  -1   0   0   0   -22   0           -23   0
Consolidated net income attributable to shareholders of Aareal Bank AG   17   130   111   28   -57   -5   0   0   71   153

 

1) During the course of a regular review, intra-Group cost allocation between the SPF and BDS segments was adjusted in 2023, aligning it to the size of the respective segment.

 

Segment Results of Aareal Bank Group
Preliminary results for the fourth quarter of 2023
(unaudited, in accordance with IFRSs)

    Structured
Property
Financing
  Banking & Digital Solutions   Aareon   Consolidation / Reconciliation   Aareal Bank Group
    Q4 2023   Q4 2022   Q4 2023   Q4 2022   Q4 2023   Q4 2022   Q4 2023   Q4 2022   Q4 2023   Q4 2022
€  mn                                        
Net interest income   212   152   68   43   -12   -7   0   0   268   188
Risk provisioning   179   22   0   0   0   0           179   22
Net commission income   0   1   9   8   77   72   -4   -3   82   78
Net derecognition gain or loss   5   -23                           5   -23
Net gain or loss from financial instruments (fvpl)   -13   4   0   0   0   0           -13   4
Net gain or loss from hedge accounting   3   4                           3   4
Net gain or loss from investments accounted for using the equity method   1   0               0           1   0
Administrative expenses   58   60   35   25   70   66   -4   -3   159   148
Net other operating income/expenses   -11   -2   -1   0   -2   3   0   0   -14   1
Operating profit   -40   54   41   26   -7   2   0   0   -6   82
Income taxes   16   18   12   8   22   3           50   29
Consolidated net income   -56   36   29   18   -29   -1   0   0   -56   53
Consolidated net income
attributable to non-controlling interests
  -1   0   0   0   -9   0           -10   0
Consolidated net income attributable to shareholders of Aareal Bank AG   -55   36   29   18   -20   -1   0   0   -46   53


29.02.2024 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: Aareal Bank AG
Paulinenstr. 15
65189 Wiesbaden
Germany
Phone: +49 (0)611 348 - 0
Fax: +49 (0)611 348 - 2332
E-mail: [email protected]
Internet: www.aareal-bank.com
ISIN: DE000A37FT90
WKN: A37FT9
Listed: Regulated Unofficial Market in Hamburg, Hanover; Stockholm
EQS News ID: 1847811

 
End of News EQS News Service

1847811  29.02.2024 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 928,00 775,00 764,00 1.118,00 865,00 979,00 1.308,00
EBITDA1,2 328,00 316,00 248,00 -75,00 155,00 298,00 223,00
EBITDA-Marge3 35,34 40,77 32,46 -6,71 17,92 30,44
EBIT1,4 328,00 316,00 248,00 -75,00 155,00 239,00 149,00
EBIT-Marge5 35,34 40,77 32,46 -6,71 17,92 24,41 11,39
Jahresüberschuss1 213,00 226,00 163,00 -69,00 68,00 153,00 48,00
Netto-Marge6 22,95 29,16 21,34 -6,17 7,86 15,63 3,67
Cashflow1,7 -80,00 -294,00 485,00 3.009,00 2.626,00 -1.260,00 -4.326,00
Ergebnis je Aktie8 3,20 3,48 2,42 -1,50 0,89 2,32 0,69
Dividende8 2,50 2,10 0,00 0,40 0,00 0,00 2,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - 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: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Aareal Bank
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A37FT9 33,500 2.005,22
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
16,75 18,47 0,91 16,08
KBV KCV KUV EV/EBITDA
0,63 - 1,53 8,99
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 03.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
15.05.2024 08.08.2024 07.11.2024 28.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-0,44% 1,21% -1,06% 0,61%
    
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