Vonovia 1st Half Earnings Fell on Proceeds, Recurring Sales Decline; Backs 2023 Outlook
04 8월 2023 - 3:12PM
Dow Jones News
By Maitane Sardon
Vonovia on Friday reported a decrease in revenue and earnings in
the first half of the year as sale proceeds and recurring sales
fell and confirmed its outlook for 2023.
The German real-estate company posted adjusted earnings before
interest, taxes, depreciation and amortization of 1.34 billion
euros ($1.47 billion) for the first half compared with EUR1.40
billion in the same period of the previous year.
Total segment revenue for the period was EUR2.93 billion,
compared with EUR3.10 billion.
Vonovia said the fall in revenue was mainly due to lower
proceeds from the sale of real estate inventories and lower sales
in the recurring sales segment.
Group funds from operations --the company's key figure for
operational profitability, also called FFO-- was EUR964.8 million
compared with EUR1.06 billion.
The company confirmed its previously given outlook. It continues
to expect segment revenue of EUR6.4 billion to EUR7.2 billion and
FFO of between EUR1.75 billion and EUR1.95 billion in 2023.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
August 04, 2023 01:57 ET (05:57 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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