Rene Benko’s transfer from Cigna is pending

According to the current balance sheet, Signa Development also received a capital increase.

Since Friday, the stripping of Rene Benko of power at Cigna has been discussed. Some co-owners had hoped German repairman Arndt Goetz would take the wheel of the car on Monday. But it appears that the handover of all Banco’s powers is still pending.

Meanwhile, another business report from one of Signa’s subsidiaries is now available. Signa Development, like the Signa Prime sub-range, is in red. After generating a pre-tax profit of €386 million in 2021, it had to report a negative pre-tax result of €380 million in 2022 as a result of the currency depreciation. Signa received a capital injection of €200 million in May 2022. Operating cash flow of €24 million was offset by loan repayment obligations of €401 million. This gap has been mainly filled through capital raising and property sales. The 2022 numbers for Signa Prime selection were previously published. Therefore, the company must repay loans and other liabilities amounting to 2.2 billion euros this year.

Meanwhile, FAZ reported that Signa lost the contract to build the Mynd high-rise building on Alexanderplatz in Berlin. Fund company Commerzbank has terminated Signa Real Estate.