Von Der Heyden Group reports 32% turnover increase with improved profitability
Group announces 2022 results
Von der Heyden Group’s holding company TIMAN Investments Holdings Limited achieved a €4.7 million adjusted EBIDTA in 2022, as revenues leapt by 32 per cent to reach €15.2 million.
TIMAN Investments Holdings Limited and its subsidiaries are involved in real estate investments and development, hospitality and catering, and other private equity investments across Europe including Germany, Italy, Malta, Poland, and Spain.
The group has been based in Malta since 2014.
In a statement issued on Saturday, the group said adjusted EBITDA was up by 10% to €4.7 million last year.
The accommodation segment of the group contributed to 84% of the group’s overall increase in revenue which itself saw a 43% growth from last year to €10.4 million. It attributed the improved results to increased occupancy levels and higher room rates, along with cost efficiencies obtained through restructuring. The catering segment also saw improvements, with an increase of 6% in sales to €2.4 million.
The group’s total assets increased by 6% from the previous year, reaching €142 million. Attributing factors include improved operating results, further investments in development activities, and fair value gains.
The group’s investment properties also increased by 38 per cent, reaching a total of €45 million, mainly due to the construction of Andersia Silver, a 26-storey A-class office tower in Poznań, Poland. The project, will complete the four-phase 27-year partnership with the City of Poznań and is progressing at a construction pace of two levels per month, with the shell and core expected to be completed by Q1 2024.
The group is also targeting new properties and operations in Malta, Italy, Spain and Costa Rica, as it seeks to grow its luxury offering under the Cugó Gran Collection brand.
It also raised a €35 million, 5 per cent unsecured bond on the Malta stock exchange in Q4 of 2022. The 10-year bond allowed the company to redeem a €25 million bond that was due to expire in 2024 early.
Bondholders representing 78 per cent, or €19.5 million of that 2024 bond opted to roll over their holdings into the new €35 million, 2032 bond.
The group also published its first ESG report in 2022, communicating the environmental and social impact of its activity and the steps it is taking to reduce its total energy consumption and carbon footprint in line with the objectives of the European Green Deal.
Note: The original article has since been amended in line with the group's financial statements.