Development volume of 10 billion euros
Frankfurt – Consus Real Estate, the real estate developer created over the last few years, has reduced its high level of debt. “The net liabilities at the end of June were 8.3 times the adjusted pro forma earnings before interest, taxes, depreciation and amortisation (EBITDA),” announced the company in an interim report. “This is 0.4 multiple points less than in the first quarter. If an upfront sale from July is taken into account this leverage ratio is reduced to 5.7. The decrease underlines the outstanding progress made with debt reduction.” In the medium term it is intended that the debt-to-equity ratio will be reduced to 3x times.
“The average interest rate is now 7.9 %” states the report. The rate is set to decrease further in the second half of the year as a result of the refinancing or repayment of mezzanine capital. The adjusted EBITDA in the first six months was 138 million euros, compared to 57 million euros in the same period of the previous year. All in all the net profit amounted to 3.7 (2.8) million euros. The total operating performance increased from 242 million to 333 million euros. The gross development volume is stated to be 10 billion euros. At the end of March 2019 this figure was 9.6 billion euros.
Chief Executive Officer Andreas Steyer views the first six months of the year as an important stage in the development of Consus: “The second half of the year will see strong growth again.” At the end of 2018 Consus took over the SSN Group, which now has been renamed Consus Swiss Finance. The company regards itself as the leading property developer in the German Top 9 cities and focuses on the development of city districts and multi-storey dwellings. Its stock is listed on the Scale segment of Frankfurt Stock Exchange and the company has a market capitalisation of approx. 940 million euros. Following the planned move to the Prime Standard the company believes it is a candidate for the SDAX small cap index. The major shareholder with a stake of 57% is the Aggregate Group, whose main shareholder is the Austrian Günther Walcher.