EQS-News

HOWOGE Wohnungsbaugesellschaft mbH: positive operating result with continued strategic growth

EQS-News: HOWOGE Wohnungsbaugesellschaft mit beschränkter Haftung / Key word(s): Annual Report/ESG HOWOGE Wohnungsbaugesellschaft mbH: positive operating result with continued strategic growth 25.04.2024 / 09:55 CET/CEST The issuer is solely responsible for the content of this announcement. NOT FOR PUBLICATION, DISTRIBUTION OR FORWARDING, EITHER DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR PUBLICATION WOULD BE UNLAWFUL.

HOWOGE Wohnungsbaugesellschaft mbH: positive operating result with continued strategic growth

Berlin, 25^th April 2024. HOWOGE Wohnungsbaugesellschaft can look back on a successful financial year. The municipal housing company presented its IFRS annual financial statement for 2023 today. Despite the continuing challenges in the market environment, HOWOGE has not left the path of strategic growth and has increased its holdings to around 76,400 units by completing the construction of just under 1,000 rental apartments. Taking into account the cash items taxes on earnings and financial expenses, FFO (funds from operations) was, at around EUR 200 million, only slightly lower than the level for the previous year. The loan-to-value ratio (LTV) was at around 32 per cent as of 31^st December 2023. As HOWOGE managing director Ulrich Schiller explains, “Despite difficult conditions, HOWOGE completed the year successfully. In view of the high demand for affordable housing, we are continuing on our path of manageable growth. An important precondition for this continued growth is the modification of the cooperation agreement with the State of Berlin last year, which allows us to implement a moderate increase in rents. This makes it possible for us to continue to meet our social responsibilities.”

Katharina Greis, HOWOGE managing director: “HOWOGE is in a sound financial position. We have a diversified capital structure and an established system for managing our liabilities proactively. We have, for example, already ensured ahead of time the refinancing of the corporate bond that is due for repayment in November 2024.”