DGAP-News: ESTAVIS AG: ESTAVIS Quarterly Accounts: Strategy Bears Fruit
(firmenpresse) - DGAP-News: ESTAVIS AG / Key word(s): Quarter Results/Interim Report
ESTAVIS AG: ESTAVIS Quarterly Accounts: Strategy Bears Fruit
19.11.2012 / 07:30
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- Growth in brokerage and rent revenues in strategic business areas
- At EUR 8.3 million, total revenues remain stable year on year
- Consolidated income of EUR -1.8 million (previous year: EUR 0.03 million)
- Earnings impacted by premature repayment of mezzanine capital, among
other factors
- Positive result expected by the end of the financial year
Berlin, 19 November 2012 - The development of ESTAVIS AG during the first
quarter of its 2012/13 financial year was defined by the progressing
implementation of the company's new strategic orientation. By the end of
the quarter under review, it was already safe to say that the two strategic
areas of expanding and managing the proprietary portfolio, on the one hand,
and of housing privatisation, on the other hand, have precipitated an
increase in brokerage and rent revenues while also boosting the margins in
these two business areas.
At EUR 8.3 million, the consolidated revenues more or less matched last
year's level (EUR 8.5 million), while the total operating performance rose
from EUR 9.9 million to EUR 10.4 million year on year. The operating result
came to EUR 0.05 million. The consolidated income of Q1 equalled EUR -1.8
million (down from EUR 0.03 year on year), and was essentially defined by
expenditures for the premature repayment of a mezzanine financing in
addition to the encumbrances incurred by winding up the discontinued
activities in the project development sector. The equity ratio rose to 34.5
percent as of 30 September 2012 (up from 33.3 percent as of 30 June 2012).
Said Andreas Lewandowski, Member of the Board of ESTAVIS AG: 'Our two
strategic core business areas developed rather handsomely during the first
quarter. This shows that we have chosen a viable business model. The
repayment of the mezzanine financing will be a relief to us looking
forward. As far as the wind-up of the discontinued activities in the
project development sector goes, we have made rapid progress, and are right
on schedule. At this time, we have disposed of all properties in the
project development sector except for one, and even for this remaining
property a potential buyer has submitted a letter of intent. In a parallel
move, we achieved an important milestone in the expansion of our
proprietary portfolio by securing a large housing portfolio in Berlin. It
will make positive contributions to income from the moment the rights and
duties are transferred to us.'
'Our housing privatisation business continues to benefit from the strong
demand for condominiums that is driven by private buyers from inside and
outside Germany. As a result, we topped the 2011 year-end total of retailed
apartments as early as October 2012. The demand for tangible assets on the
part of private investors remains high, and the superior sales performance
of Accentro GmbH enables ESTAVIS to benefit directly from the trend,' said
Jacopo Mingazzini, Member of the Board of ESTAVIS AG.
With a view to the swift wind-up of the encumbrances resulting from the
discontinued project development activities, the Management Board expects
to see a positive result at the end of the 2012/13 financial year.
About ESTAVIS:
ESTAVIS AG is a listed property company focusing on residential properties
in Germany. Its corporate strategy rests on two mainstays, one being the
setup and management of a proprietary portfolio yielding a sustainably high
income, the other being the retailing of apartments to private investors
(housing privatisation). The latter business activity is handled by
Accentro GmbH, a fully owned subsidiary of ESTAVIS AG. ESTAVIS AG is
headquartered in Berlin and is listed on the Prime Standard of the
Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB).
Contact:
ESTAVIS AG
Investor&Public Relations
Tel.: + 49 30 887 181 799
E-mail: ir(at)estavis.de
End of Corporate News
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Language: English
Company: ESTAVIS AG
Uhlandstr. 165
10719 Berlin
Germany
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info(at)estavis.de
Internet: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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193727 19.11.2012
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Datum: 19.11.2012 - 07:30 Uhr
Sprache: Deutsch
News-ID 204782
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Kategorie:
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