DGAP-News: GIEAG Gewerbe Immobilien Entwicklungs AG publishes figures for 2010.
(firmenpresse) - DGAP-News: GIEAG Gewerbe Immobilien Entwicklungs AG / Key word(s):
Final Results/AGM/EGM
GIEAG Gewerbe Immobilien Entwicklungs AG publishes figures for 2010.
29.03.2012 / 09:19
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GIEAG Pressemitteilung / Corporate News:
GIEAG Gewerbe Immobilien Entwicklungs AG publishes figures for 2010:
* Sales increase by 79 percent, result also increased
* Optimistic outlook for 2012
Munich, 28 March 2012: The figures for the financial year 2010 underline
the successful realignment of the publicly owned real estate developer for
commercially used properties and investors in residential property in
southern Germany, GIEAG Gewerbe Immobilien Entwicklungs AG (www.gieag.de).
Sales revenues and earnings
Sales revenues in the financial year 2010 were up 79 percent or EUR 1.255
million on the previous year to EUR 2.840 million (previous year: EUR 1.585
million). Above all it represents sales revenues with affiliated companies,
in particular commissions as well as project development and management
fees from ongoing projects. Cash flow from operating activities increased
considerably in the reporting year to EUR 1.585 million on the previous
year (EUR 0.620 million).
Earnings before interest and taxes (EBIT) were recorded at EUR 0.515
million (previous year: EUR 0.686 million). Compared to the previous year
the financial result improved through lower interest payments and at the
same time increased interest earnings by EUR 0.166 million to EUR 0.487
million. The profit from ordinary activities increased by 67 percent or EUR
0.670 million on the previous year to EUR 1.677 million. Despite
exceptional items for assumed liabilities and guarantees in the amount of
EUR 0.650 million which dampened profits, earnings before taxes for 2010
(EBT) are in positive figures at EUR 1.027 million, which is approximately
the same level as the previous year (EUR 1.007 million). Net income
amounted to EUR 0.758 million, thereby slightly higher than the previous
year's result of EUR 0.746 million.
Assets and liabilities, earnings per share
In March 2010 there was an increase share capital of EUR 1.9 million to EUR
4.2 million as an investment in kind. The undiluted earnings per share sunk
from EUR 0.32 to EUR 0.18 despite a slight increase in net income due to
the associated increase in the number of shares from 2.3 to 4.2 million.
Shareholders' equity as of 31 December 2010 amounts to EUR 6.453 million
(previous year: EUR 5.694 million). The balance sheet total as of the 2010
reporting date amounted to EUR 16.264 million (previous year: EUR 8.587
million). With an equity capital ratio of just less than 40 percent
(previous year: 66 percent) the company is solidly financed.
Economic divestiture completed
Christoph Klotz, Chairman of GIEAG AG: 'Despite the difficult circumstances
due to the current financial crisis we were able to once again achieve a
gratifying result in 2010. In 2010 and 2011 the focus was on the economic
divestiture of the historic relationship between the company and its
founding family alongside expanding the portfolio of residential properties
and the development of office and retail projects. This is the major reason
for the delayed completion of the financial statements as well as the
change of auditor at the same time.'
More residential properties in the portfolio; positive outlook for 2011 and
2012
Christoph Klotz: 'According to current data we are also able to achieve a
positive result for the financial year 2011 on a group basis. We plan to
present consolidated financial statements for the first time in 2011. In
the current financial year 2012 we will concentrate on our financial
structure and we plan to expand our portfolio of residential properties
once more. The aim is to also achieve a positive result in the GIEAG Group
in the current financial year'.
Service
The financial statements (audited in accordance with the Commercial Code)
for the financial year 2010 an the company report 2010 are available from
our newly redesigned company website for you to download at www.gieag.de.
The shareholders' meeting will take place on Monday 7 May 2012 in Munich.
End of press release
About GIEAG Gewerbe Immobilien Entwicklungs AG (GIEAG):
The quoted project development company GIEAG Gewerbe Immobilien
Entwicklungs AG, which is abbreviated as GIEAG and was founded in December
1999, supports its clients from the initial idea, to the financial and
realization of projects, and on to the sale of the finished property. Its
main focus is the realization of long-term retailing projects, office
buildings, and logistic centers located primarily in southern Germany. In
addition, GIEAG also operates as an investor for residential real estate
with particularly high potential for development. The Internet site
www.gieag.de provides you an overview of our corporation, as well as its
history and our portfolio of services.
GIEAG Gewerbe Immobilien Entwicklung AG
Investor Relations, Philipp Pferschy
Oettingenstraße 35
80538 München
Email: ir(at)gieag.de
Tel: +49 89 290516-13
End of Corporate News
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29.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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162852 29.03.2012
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Datum: 29.03.2012 - 09:19 Uhr
Sprache: Deutsch
News-ID 129716
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