PREOS REAL ESTATE AG EQS-Adhoc: PREOS Global Office Real Estate & Technology AG expected to post high loss in 2022

Directive transparence : information réglementée

24/07/2023 16:42

EQS-Ad-hoc: PREOS Global Office Real Estate & Technology AG / Key word(s): Preliminary Results
PREOS Global Office Real Estate & Technology AG expected to post high loss in 2022

24-Jul-2023 / 16:42 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Publication of inside information pursuant to Art. 17 of Regulation (EU) No. 596/2014


PREOS Global Office Real Estate & Technology AG expected to post high loss in 2022


  • Adjustment of carrying amounts of around EUR 211 million
  • Net loss of around EUR 214 million expected
  • Equity expected to be around EUR 204 million as of Dec. 31, 2022
  • Reduction in current costs necessary in the coming quarters


Frankfurt am Main, July 24, 2023 - PREOS Global Office Real Estate & Technology AG ("PREOS", ISIN DE000A2LQ850) publishes key data according to HGB accounting for the financial year 2022 after a comprehensive coordination with the auditors. Accordingly, comprehensive adjustments of the valuations of Alpha Investor GmbH as well as the investment in GORE German Office Real Estate AG ("GORE") in the total amount of approximately EUR 211 million have to be made. The write-downs at Alpha Investor GmbH are mainly the result of the weak state of the German real estate market and the associated corrections to the appraised values of corresponding individual properties.  The value adjustments for the investment in GORE are the result of the non-executed capital increase in kind at the company. Overall, the Management Board of PREOS assumes that, due to the aforementioned - predominantly non-cash effects - PREOS will incur a net loss of around EUR 214 million for the financial year 2022. Accordingly, the balance sheet equity of the AG is expected to decrease from EUR 418.0 million as of December 31, 2021 to EUR 204 million as of December 31, 2022. This is expected to correspond to an equity ratio of around 43 percent. PREOS expects to have audited financial statements available by the end of this week. The company is also currently exploring measures to significantly reduce ongoing costs in various areas in the coming quarters. Against this backdrop, the Management Board also considers it necessary to reduce current financing costs.


End of Inside Information

Information and Explanation of the Issuer to this announcement:

Information and explanations on this announcement


For the 7.5 % convertible bond 2019/2024 of PREOS (ISIN: DE000A254NA6), a vote without a meeting will be held, inter alia, on a resolution on the adjustment of the bond terms and conditions from July 28, 2023, 00:00 hours (CEST) to July 30, 2023, 24:00 hours (CEST). Against the background of market speculation, the Management Board of PREOS expressly points out that the vote was convened at the request of an external bondholder. These are neither current or former executive bodies of PREOS nor companies in which they hold an interest. Nor is it a company that is affiliated with PREOS in terms of company law or shareholdings, or current or former executive bodies of such companies.  publity AG, which as a major shareholder of PREOS also holds a significant proportion of the shares in the convertible bond, has also informed the Management Board of PREOS that it will abstain from voting on all items to be put to the vote. The Management Board of PREOS expresses its hope that these clarifications and the publication of the key data for the 2022 financial year will also significantly improve the information base for bondholders in the run-up to the vote.

Press Contact:

Financial Press and Investor Relations:

edicto GmbH

Axel Mühlhaus

Phone: +49 69 905505-52

Mail: preos@edicto.de


24-Jul-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

Language: English
Company: PREOS Global Office Real Estate & Technology AG
Bockenheimer Landstraße 2-4
60306 Frankfurt/Main
Phone: +49 695973566
E-mail: info@preos.de
Internet: www.preos.de
ISIN: DE000A2LQ850
Listed: Regulated Unofficial Market in Frankfurt, Munich
EQS News ID: 1686923

End of Announcement EQS News Service

1686923  24-Jul-2023 CET/CEST