DGAP-News: ESTAVIS AG: ESTAVIS AG off to a Successful Start into the 2013/2014 Financial Year
(firmenpresse) - DGAP-News: ESTAVIS AG / Key word(s): Quarter Results/Interim Report
ESTAVIS AG: ESTAVIS AG off to a Successful Start into the 2013/2014
Financial Year
29.11.2013 / 07:30
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- Sustained positive performance of strategic business lines
'Privatisation' and 'Portfolio'
- EBIT climbs to EUR 1.8 million (Q1 2012/2013: EUR 0.05 million)
- Quarterly profit at EUR 0.1 million (Q1 2012/2013: EUR -1.8 million)
- Positive Outlook for the 2013/2014 Financial Year as a whole
Berlin, 29 November 2013 - The ESTAVIS AG group (ISIN: DE000A0KFKB3) has
successfully started into its new 2013/2014 financial year, concluding the
year's first quarter with a consolidated profit of EUR 0.1 million, up from
a loss of EUR 1.8 million reported for the prior-year quarter. The
sustained positive performance of the company's two strategic business
lines 'Portfolio Management' and 'Privatisation' pushed the operating
result (EBIT) up from EUR 0.05 million at the end of the prior-year quarter
to more than EUR 1.8 million now. The Group's revenues, which amounted to
EUR 8.3 million during the same period last year, dropped to EUR 7.8
million.
Continued Expansion of Proprietary Portfolio
By the end of the first quarter, the Group's real estate inventory had
expanded by 160 residential units through a portfolio acquisition in
Chemnitz. Moreover, ESTAVIS acquired an 80-percent stake in the local
housing company J2P Real Estate AG which holds a proprietary stock of
another 160 residential units. 'This means that we consolidated our
footprint in the region not just through the acquisition of real estate,
but also by acquiring a local management with comprehensive market
know-how,' said Torsten Cejka, Member of the Board of ESTAVIS AG. 'By
integrating local co-entrepreneurs with matching interest into ESTAVIS
Group we safeguard our portfolio growth because it ensures that the
required management capacities grow in sync.'
Persistently High Demand for Privatised Flats
'We continue to operate in a highly positive and dynamic market environment
in the housing privatisation segment. The interest in condominium purchases
in Germany remains high among potential owner-occupiers as well as among
private investors, while the demand generated by foreign buyers is as high
as ever,' said Jacopo Mingazzini, Member of the Board of ESTAVIS AG. 'As
far as the upcoming quarters are concerned, we are confident that the
privatisation business will continue to grow briskly. For instance, the
council of experts colloquially referred to as the 'Wirtschaftsweisen' -
the 'economy sages' - recently noted that the introduction of the so-called
'rent freeze' will probably put a damper on housing construction, making an
increased trend toward homeownership in existing residential stock the only
way to satisfy the rising demand. Moreover, the housing privatisation
market may also benefit from the fact that housing companies will be driven
by the tightened restrictions on rent increases to look into other sources
of income, and to privatise some of their holdings. Against this
background, ESTAVIS considers itself well-positioned through its subsidiary
Accentro to acquire new mandates for privatisation services and to buy
additional housing stock earmarked for privatisation.'
Financing Structure Remains Stable - Bright Prospects for 2013/2014 Year as
a Whole
The financing structure of the ESTAVIS Group remains stable. The equity
ratio stood at 33.0 percent by 30 September 2013, thus slightly exceeding
the ratio reported by the most recent balance sheet date of 30 June 2013
(32.9 percent). The management board rates the reassuring performance of
the first quarter as a sound starting basis for the 2013/2014 year as a
whole, and is confident that ESTAVIS will conclude the ongoing financial
year, like the previous one, with a positive consolidated income.
About ESTAVIS:
Estavis AG is a listed property company focusing on residential properties.
The company buys up selected housing portfolios for the purpose of managing
them long-term. Accentro, a subsidiary of ESTAVIS and the company's second
mainstay, is Germany's market leader in housing privatisations as a
service. 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
Dr. ZitelmannPB. GmbH
Holger Friedrichs
Tel.: + 49 30 72 62 76 157
E-mail: friedrichs(at)zitelmann.com
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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242279 29.11.2013
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Datum: 29.11.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 321195
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