Noratis AG Publishes 2023 Business Figures

Noratis AG has announced its business figures for 2023. Earnings before interest and taxes (EBIT) totaled EUR 3.5 million. This represents a decrease from EUR 12.5 million in the previous year. Rental income rose by 10.7% to EUR 32.9 million.

The group recorded a net loss of EUR 11.0 million. In comparison, the previous year's surplus was EUR 8.3 million. Noratis AG's property portfolio was reduced to 4,265 units from 4,548 units. The company acquired 18 units and sold 301 units during the year.

Write-downs on the real estate portfolio amounted to EUR 6.0 million. This impacted earnings but not liquidity. Increased interest rates and market value changes of interest rate hedges also affected the results. Noratis expects a slightly positive but lower EBIT for 2024.

Noratis AG has implemented a cost-cutting program. CFO André Speth indicated that high demand for affordable housing positions the company well for future improvement.