DGAP-News: Colonia Real Estate AG: still positive development of operating business
(firmenpresse) - Colonia Real Estate AG / Interim Report
12.05.2010 07:15
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Colonia Real Estate AG still positive development of operating business
- Rental income (NOI) with EUR 10.4 million stable
- Compared to Q1 2009 EBIT increased 7.4% to EUR 8.2 million
- In three month vacany rate reduced by 0.6% to 13.0%
Cologne (Germany), May 12, 2010 - Colonia Real Estate AG (ISIN:
DE0006338007; SIN: 633800) with a positive result in the
1. Quarter 2010 the business operations of CRE Group continued to perform
well. With no extraordinary effects in Q1 2010 the CRE Group generated a
consolidated pre-tax profit of EUR 0.3 million.
Compared to Q1 2009 earnings figures of the Q1 2010 EBITDA and EBIT
improved significantly. In the first three month 2010 EBITDA rose 8.8% to
EUR 8.4 million. A partial restructuring of our financing structure
improved finance expenses from EUR 8.6 million to EUR 8.1 million. Thus CRE
Group generated a pre-tax profit of EUR 0.3 million. Considering income
taxes consolidated profit after tax of Q1 2010 amounted EUR 0.1 million.
First Quarter 2010 saw our residential portfolio continue its steady rise
in performance. Dynamics to lower vacancy sped up and vacancy rate was down
0.6% against December 2009 to 13.0%. Rent per square meter remained almost
constant at EUR 4.60 (31. December 2009: EUR 4.59).
Net rental income (NRI) decreased slightly compared to the 1. Quarter 2009
from EUR 15.1 million to EUR 14.1 million, but that was only a result of
the smaller residential portfolio compared to a year ago. During Q3 2009 we
sold some 1,000 residential units which provided approx. EUR 1.3 million
rental income in Q1 2009. The sale of that portfolio is also reflected in
net operating income (NOI), which likewise decreased slightly by 1.5% to
EUR 10.4 million. On a like-for-like basis our rental income improved in Q1
2010.
Administrative expenses decreased again by 4.1% to EUR 2.5 million. CRE
Asset Management also benefited from cost savings and showed a small profit
of EUR 0.1 million.
'Without disposals, valuation movements or one-time effects we showed that
profitability of our operating core business is sustainable and that we are
on a good track torwards achieving our goals for 2010', said Stephan Rind,
CEO of Colonia Real Estate AG.
Managing Board
Cologne, May 12, 2010
Colonia Real Estate AG
Zeppelinstraße 4-8
D - 50677 Cologne
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE0006338007
SIN: 633800
About Colonia Real Estate AG
CRE AG is one of the leading listed real estate investment and management
groups in Germany with round about 19,000 residential units and EUR 2.1 bn
Assetsunder Management.
The CRE business model is based on two columns - the investment and service
segment. The investment segment concentrates on high-yield residential
property portfolios held for the company's account and opportunistic real
estate co- investments in commercial and residential properties together
with institutional partners. The service segment comprises our CRE Asset
Management and Residential Property Resale division. CRE Asset Management
is specialized in tailor-made solutions and the sustainable repositioning
of complex residential and commercial real estate portfolios. The focus is
on yield optimization and realizing long-term appreciation potential.
Contact
Claudia Kellert
Head of Investor Relations&Communication
Zeppelinstraße 4-8, 50667 Köln, Germany
phone: +49. (0)221. 71 60 71-0, fax +49. (0)221. 71 60 71-99
ir(at)cre.ag
Contact:
Claudia Kellert
Head of Investor Relations and Communication
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Cologne, Germany
Phone +49 (0)221 71 60 71 0
Fax +49 (0) 221 71 60 71 99
E-Mail: pr(at)cre.ag
12.05.2010 07:15 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Colonia Real Estate AG
Zeppelinstr. 4 - 8
50667 Köln
Deutschland
Phone: +49 221-716071-0
Fax: +49 221-716071-99
E-mail: ir(at)cre.ag
Internet: www.cre.ag
ISIN: DE0006338007
WKN: 633800
Indices: SDAX, GPR 250, MSCI Germany Small Cap Index, FTSE EPRA/
NAREIT, E&G DIMAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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Datum: 12.05.2010 - 07:15 Uhr
Sprache: Deutsch
News-ID 20716
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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