The Grounds Real Estate Development AG Reports H1 2024 Loss and Confirms Annual Forecast

The Grounds Real Estate Development AG has reported a consolidated loss for the first half of 2024. Sales revenues dropped to EUR 8.7 million, down from EUR 16.2 million in the first half of 2023. Group EBIT was negative at EUR -4.3 million, compared to EUR 0.4 million in H1 2023, resulting in an after-tax consolidated result of EUR -8.1 million.

The company's balance sheet total decreased by EUR 8.3 million to EUR 139.5 million. Declines were noted in various asset categories including non-current assets and inventories. Equity also fell to EUR 16.8 million, lowering the equity ratio to 12.1%.

Non-current liabilities saw a significant rise to EUR 48 million, majorly due to a new bonds item of EUR 30.7 million. Meanwhile, current liabilities dropped to EUR 74.6 million. The company's cash and cash equivalents stood at EUR 1.3 million at the end of the reporting period.

The Grounds has confirmed its revised forecast for a negative EBIT of between EUR -7 million and EUR -9 million for the entire year, based on annual sales of EUR 10 million to EUR 12 million.