DGAP-News: ESTAVIS AG returns to profitability in the 2009/10 financial year
(firmenpresse) - ESTAVIS AG / Key word(s): Final Results
24.09.2010 08:30
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-Reorientation of company shows success
-Clear rise in EBIT and consolidated net profit after positive business
performance
-Prolongation of EUR 28.5 million in property financing
-Outlook for 2010/11 financial year: growth in revenue and earnings before
taxes
Berlin, 24 September 2010 - ESTAVIS AG (ISIN: DE000A0KFKB3) has generated
increases in revenue and earnings in the past 2009/10 financial year and
has returned to positive territory.
'Following a far-reaching process of change, ESTAVIS is back on track for
success,' said Florian Lanz, CEO of ESTAVIS AG, on the publication of the
annual report for 2009/10. 'Our return to profitability is the result of an
encouraging business performance in residential properties and solid cost
structures within the company.'
ESTAVIS generated consolidated revenues of EUR 71.3 million (EUR 70.7
million) in the 2009/10 financial year. EBIT rose to EUR 4.7 million
(previous year: EUR 23.4 million) while pre-tax earnings increased to EUR
1.3 million (previous year: EUR 28.3 million). Including income taxes (EUR
-0.7 million) and the result of discontinued operations (EUR 0.4 million),
ESTAVIS generated a consolidated net profit of EUR 1.1 million (EUR -46.2
million). This corresponds to earnings per share of 13 cents (EUR 4.67).
At the Annual General Meeting, the Management Board and the Supervisory
Board will propose carrying forward the unappropriated surplus of ESTAVIS
AG in full - in the amount of EUR 3.2 million - to new account to
strengthen the company's capitalisation.
ESTAVIS made further progress in improving the financial structure of the
Group in the 2009/10 financial year. Total assets as at 30 June 2010
declined by EUR 51.9 million to EUR 155.4 million (EUR 207.3 million). As a
result of the positive consolidated net profit and the capital increase in
April 2010, equity rose to EUR 52.3 million (previous year: EUR 49.1
million). The equity ratio improved to 33.6% (23.7%).
In September 2010, an agreement was also reached with the lending bank on
the prolongation of property finance with a volume of EUR 28.5 million
until the end of 2011. The financing covers residential properties that
ESTAVIS is holding in its portfolio for the purposes of rental plus future
optimisation and resale. The agreement covers roughly 60% of the total
property portfolio. Thus, around 85% of the portfolio has a financing term
of more than twelve months.
Outlook for the 2010/2011 financial year
In the new financial year, the Management Board will continue to pay great
attention to the improving earnings trend while at the same time taking
advantage of growth options.
The resources made available will be reinvested in further growth in
apartment sales in particular while maintaining a stable net assets and
financial position. In addition to its low volatility, this business area
also offers an attractive, stable profit margin. Its future business
activities will increasingly be geared towards the higher-end price
segments of the property market. This will lead to rising average sales
prices and income margins in the long term.
For the 2010/11 financial year, the Management Board of ESTAVIS AG is
assuming a rise in revenues and consolidated net profit before taxes on the
basis of steady sales of listed and portfolio properties.
The company's efforts will continue to focus on the planned development of
the major listed projects in Berlin, 'Glanzfilmfabrik' and
'Kastaniengärten', in the new financial year. The disposal process and
preparations for the refurbishment of both projects are already underway.
KEY FIGURES OF THE 2009/10 FINANCIAL YEAR AT A GLANCE
Financial year 2009/10 (1 July 2009 - 30 June 2010) - Comparison period:
Financial year 2008/2009 (1 July 2008 - 30 June 2009)
Total sales: EUR 71.3 million (EUR 70.7 million)
Operating performance: EUR 83.2 million (EUR 79.1 million)
EBIT: EUR 4.7 million (EUR -23.4 million)
Consolidated result: EUR 1.1 million (EUR -46.2 million)
Earnings per share EUR 0.13 EUR -4.67)
On 24 Septemeber 2010, the full Annual Report 2009/10 will be available for
download in German and English at
http://www.estavis.de/investor-relations/finanzberichte and
http://www.estavis.de/en/investor-relations/financial-reports,
respectively.
About ESTAVIS
ESTAVIS offers institutional and private investors bespoke solutions in the
context of residential real estate in Germany. Options extend from the
conceptualisation of new commitments all the way to the liquidation of
existing direct or indirect single or portfolio investments. To this end,
ESTAVIS will orient the entire supply chain to a successful exit, including
acquisition, optimisation, and eventual sale. An essential success factor
and competitive advantage of ESTAVIS is the company's clout in property
retailing. ESTAVIS AG is seated in Berlin, and is listed in the Prime
Standard of the Frankfurt stock exchange (ISIN: DE000A0KFKB3).
Contact:
ESTAVIS AG - Peter Vogt - Investor&Public Relations - Tel: + 49 30 887
181 799 - E-Mail: ir(at)estavis.de
24.09.2010 08:30 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ESTAVIS AG
Uhlandstr. 165
10719 Berlin
Deutschland
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 Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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Datum: 24.09.2010 - 08:30 Uhr
Sprache: Deutsch
News-ID 32249
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