Von der Heyden Group’s holding company TIMAN Investments Holdings Limited, reported its consolidated results for 2022 that saw a 32% increase in the Group’s overall revenue, reaching €15.2 million. A significant improvement in profitability has also been achieved with an increase in adjusted EBITDA by 10% to €4.7 million.
TIMAN Investments Holdings Limited and its subsidiaries (collectively the “Group”) is 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 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. The improved results were due to the increased occupancy levels and higher room rates which were complemented with the cost efficiencies realized through the recent restructuring in operations. The catering segment also saw improvements, with an increase of 6% in sales to €2.4 million.
The Group’s strategy of growing its luxury offering under the Cugó Gran Collection brand, continues as it targets new properties and operations in Malta, Italy, Spain and Costa Rica.
These achievements have been recorded despite the continued pressures from inflation, as a result of the war in Ukraine, disruption in supply chains and an increase in energy prices.
The Group’s total assets increased by 6% from the previous year, reaching €142 million. Attributing factors include improved operating results, further investments in the development activities, and fair value gains.
During the year under review, the Group’s investment properties have also increased by a significant 38%, reaching a total of €45 million. This increase was mainly driven by the construction of Andersia Silver, a 26-storey A-class office tower, the Group’s flagship development 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.
In Q4 of 2022 the Group successfully raised a €35 million 5% unsecured bond with a 10-year term, maturing in 2032 on the Malta Stock Exchange. As part of the new bond issue, the Company early redeemed its €25 million bonds that were due to mature in 2024. The bondholders representing 78% of the €25 million bond, for a total of €19.5m, rolled-over their holdings to the new €35 bond, a testament to the bondholders’ unwavering confidence in the Group.
The Group has also published its first ESG report, communicating the environmental and social impact of its activity and the steps being taken, aimed to reduce its total energy consumption and carbon footprint in line with the objectives of the European Green Deal.