DGAP-News: Madison Property AG: Results H1 2011/12
(firmenpresse) - DGAP-News: Madison Property AG / Key word(s): Half Year Results
Madison Property AG: Results H1 2011/12
31.01.2012 / 08:30
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- Promising pre-sales of EUR 60.7 million
- Well-prepared for challenging market environment
- On track to meet full year revenue forecast of over EUR 100 million
Berlin/Frankfurt, 31 January 2012 - Chinese property developer Madison
Property AG (ISIN DE000A0V9KR3 / WKN A0V9KR / Ticker MPD) today announced
its results for the first half of the financial year 2011/12. The Company
has achieved a very promising level of pre-sales of EUR 60.7 million.
Mainly due to the cyclicality of its business, the Company realised a net
loss of EUR 2.6 million compared to a net profit of EUR 1.2 million in the
previous year period.
Since the real estate projects currently under construction are planned to
be delivered in the second half of the financial year, only minor revenue
could be recognised in the first half year. Therefore, the H1 2011/12
revenue included mainly revenue recognised for the remaining portion of the
already completed projects and rental income out of Madison's investment
properties. In the first six months of the financial year 2011/12 the
Company realised revenues of EUR 0.2 million with an average gross profit
margin of 58%.
The Company's pre-sale results were very promising. During the first half
of the financial year 2011/12, Madison has already achieved pre-sales of
EUR 60.7 million, reflecting more than 50% of its revenue target of about
more than RMB 1.0 billion (approximately EUR 104.3 million) for the full
financial year.
Although total expenses decreased by EUR 0.2 million compared to the
previous year period, Madison reported a net loss amounting to EUR 2.6
million, mainly due to the cyclicality of its business (net profit 2010/11:
EUR 1.2 million).
The increase in inventories from approximately EUR 84 million as at 30
April 2011 to approximately EUR 97 million as at 31 October 2011 was mainly
due to the progress of the projects under development.
'We are happy that the construction work of all our current projects is
running on time. Several projects are fully or almost completed. These will
be delivered and revenue recognized in the current financial year.
Therefore I am convinced that we will achieve our revenue forecast of more
than EUR 100 million for the full year 2011/12', explains Qingtong Tian,
CEO and founder of Madison Property AG.
Well-prepared for a challenging market environment
The macro-control measures introduced by the People's Republic of China are
becoming more obvious to the real estate industry. As the main activity of
Madison is constructing residential properties, the impacts caused by the
Government measures have begun to become apparent, putting pressure on the
pre-sales of Madison Group in the second quarter of 2011/12. In response to
the continued Government measures, Madison has increased the investments in
industrial real estate projects and slowed down the development plan of
future residential projects as well as the acquisition of such new
projects.
Outlook 2011/12
Madison will put great effort on sales and marketing and at the same time
will focus on the construction progress and project quality in order to
further enhance the competitiveness of its products. The projects Green Bay
Western Zone, The Villa with Springs Phase II, Fragrance Town Mountain,
State Garden Phase III and Yinlian Industrial Park Phase I are expected to
be completed, delivered and recognised as revenue in the current financial
year 2011/12. The successful progress of these projects is the basis of our
revenue forecast for the full year 2011/12 of RMB 1.0 billion
(approximately EUR 104 million).
Please find the complete half-year report 2011/12 at:
http://www.madison-property.com/en/investor-relations/publications/financi
al-reports.html
About Madison Property AG
Madison Property AG is a German stock corporation under the laws of Germany
with its legal seat in Berlin. It is the holding company of Madison
Property Group Limited which operates as a large-scale property developer
with its local subsidiaries in China, mainly in the Shandong Province and
the municipality of Chongqing. Founded in 1998, Madison already completed
and successfully sold 17 projects/project phases. It is focused mainly on
residential properties with high quality and travel as well as leisure
properties. Madison is recognised as a Class I property developer by the
People's Republic of China Ministry of Housing and Urban-Rural Development
and can therefore undertake projects nationwide without limitation on the
construction scale.
For further information please contact:
Kirchhoff Consult AG
Dr. Kay Baden
T: +49 40 60 91 86 34
F: +49 40 60 91 86 60
E-Mail: baden(at)kirchhoff.de
or visit www.madison-property.com
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Madison Property AG.
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of Madison
Property AG (the 'Shares') have not been registered under the U.S.
Securities Act of 1933, as amended (the 'Securities Act') and may not be
offered or sold in the United States unless registered under the Securities
Act or pursuant to an exemption from such registration. There will be no
public offering of the Shares in the United States and the Shares will not
be registered under the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
End of Corporate News
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