TTL Beteiligungs- und Grundbesitz AG Releases Preliminary 2023 Financial Results

TTL Beteiligungs- und Grundbesitz AG has released its preliminary financial figures for 2023, revealing a significant deviation from its initial earnings forecasts. The company, headquartered in Munich, reported an anticipated consolidated earnings before taxes ranging between EUR -14.0 to -14.5 million, a stark contrast to the forecasted EUR -3.3 to -3.9 million.

This discrepancy is largely attributed to the disappointing performance of Branicks Group AG, which significantly impacted TTL's financial outcomes. Branicks' earnings per share plummeted to EUR -0.79 from a positive EUR +0.38 in the previous year. Additionally, TTL faced further impairments on financial receivables and investments, prompting a reassessment of risk provisions following new financial disclosures from Branicks.

Due to these challenges, TTL's Executive Board has opted against a dividend distribution for the 2023 fiscal year. Despite these setbacks, TTL reported a positive development from Montano Real Estate GmbH, a subsidiary which contributed earnings of EUR +0.5 million in 2023. Optimism surrounds Montano's performance in the upcoming year, bolstered by a successful transaction completed in Hamburg during the first quarter of 2024.

TTL plans to disclose its final financial results and the annual report for 2023 on May 31, 2024, offering more detailed insights into its fiscal operations and performance throughout the turbulent year.