Annual results for 2023

Nasdaq OMX Copenhagen A/S

Charlottenlund, April 8, 2024

Announcement no. 255

Annual results for 2023

Following stock exchange announcement no. 253 of March 27, 2024, the board of directors has adopted the annual report for 2023 today.

  • The group's result of continuing activities before tax amounted to EUR -4.8 million (EUR -3.8 million in 2022). The management considers the result as expected, given the current economic conditions and market conditions in Germany.

  • The group's result of continuing activities before value adjustments and tax amounted to EUR 0.3 million in 2023 (EUR 0.9 million in 2022), which is in accordance with the latest expectations range of EUR 0.2 – 0.6 million, announced in the interim report for the first quarter of 2023.

  • The group's revenue of continuing activities amounted to EUR 4.5 million (EUR 4.7 million in 2022).

  • Negative fair value adjustment of investment properties of the German properties amounted to EUR -5.1 million (EUR -4.7 million in 2022) according to stock exchange announcements no. 244 of November 1, 2023, and no. 252 of February 19, 2024.

  • As of December 31, 2023, total equity of the group amounted to EUR 57.7 million (EUR 61.2 million in 2022), corresponding to a solvency ratio of 56.5% (solvency ratio of 57.2% in 2022). Equity decreased in the period from January 1 to December 31 due to a negative result for the period of EUR -3.5 million.

  • The management expects for the fiscal year 2024 a result before value adjustment and tax in the range between EUR 0.0 - 0.3 million.

The general meeting will be held on April 30, 2024.

Any questions can be directed to the undersigned at +45 8110 0800.

Sincerely, German High Street Properties A/S

Hans Thygesen
Chairman of the Board



German High Street Properties 2023 529900BT3M81VV58P678-2023-12-31-en