In 2022, with a rental revenue of EUR 15.54 million, the Budapest office complex Graphisoft Park achieved a pro forma net result of EUR 6.02 million, which is more than EUR 400,000 higher than the forecast published last November and 24% higher than our previous year's result.
The significantly better result than the forecast is due – according to an executive summary of the annual report –, to the following factors:
" (1) The contractual indexation of rents brought higher revenue due to higher-than-expected European price indices,
(2) we realized small savings in operating costs,
(3) the result of other income was also more favorable, due to one-off items,
(4) the interest realized on free forint and euro funds increased significantly in the fourth quarter."
Based on all of this, the Board of Directors plans to propose to the General Meeting a dividend payment of approximately EUR 5.4 million, corresponding to 90% of the 2022 pro forma result, which is approximately EUR 0.54 dividend per ordinary share.
“Considering the 2022 results and the changes in the economic environment, we also modify our forecast for 2023: in addition to the higher indexation of rents, taking into account the possible need to reduce space due to increased energy prices, the revenue forecast has been increased by EUR 300,000 to EUR 16.3 million, which means an increase of nearly 5% compared to the previous year,” the summary says.
The utilization of the office park is still exceptionally high, at the end of 2022 it was 97%, the drastic price increase in the market of energy carriers has not caused any significant vacancy so far. Tenants of Graphisoft Park are mostly technology and knowledge-based companies employing highly qualified employees, therefore personnel costs still make up a significant part of the total costs, so the increased utility costs represent only a small proportion of the total cost structure for the majority of tenants.
“At the same time, we are increasing the Company's operating cost forecast for 2023 by an additional EUR 100,000: in addition to the inflationary price increase of services, we are also counting the costs of projects that support tenant needs and promote energy efficiency, energy consumption and operation optimization, which we plan to implement in accordance with our ESG strategy that is currently being developed,” according to the summary.
Based on the above – maintaining the previous forecast for depreciation and for the net financial result – Graphisoft Park management expects a pro forma net result of 6.3 million euro for the year 2023.
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