Tag Immobilien Ag (TAGOF) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Yeah, many thanks, and good morning, everyone. This is Martin from GE. Many thanks for dialing in despite the summertime for H1 conference call. Let's start the presentation on page number four, the highlight slide, and perhaps it's worth discussing at this time already perhaps the five most important aspects of today's publication. First of all, look at our asset disposal activity in Germany. In total, in the first half of 2023, we sold more than 1,000 units, If you want to give me a breakdown between the different quarters, we sold 750 units in the second quarter, and 300 units have been sold in the first quarter. This number, so there's more than 1,000 units, excludes the so-called asset swap that we announced with the Q1 figures. So regarding this transaction, which was a disposal of 1,300 units and a parallel acquisition of around 700 units, we stepped back from the contract as the buyer was not able to prepare the financing due time. So this 1,050 units, just to make this clear, is a clean number without this asset swap transaction. And we think that's a quite successful number that allowed us to generate net cash proceeds, which is basically the most important figure we look at when realizing such transactions of 140 million. Looking back in the sales activity in the last 12 months, we came out now with nearly 2,000 units that we have sold, and we received total net cash proceeds of more than 200 million, which is for us, of course, something that helped us a lot regarding repaying debts. And that brings me to the second point. We've done really material repayments of unsecured debt in the last month. So alone in the first half of 2023, we repaid corporate bonds and promissory notes of unsecured of more than $300 million, and including the repayments regarding...