DGAP-News: ESTAVIS AG achieves consolidated net profit in the first half of 2010/11
(firmenpresse) - DGAP-News: ESTAVIS AG / Key word(s): Half Year Results
ESTAVIS AG achieves consolidated net profit in the first half of
2010/11
11.02.2011 / 08:00
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Berlin, 11 February 2011 - ESTAVIS AG achieved significantly higher
revenues in the second quarter of the 2010/11 financial year at EUR 19.2
million than in the first quarter (EUR 10.7 million). Consolidated net
profit increased from EUR 0.1 million in the previous quarter to EUR 0.3
million.
For the first six months of the 2010/11 financial year (1 July 2010 to 31
December 2010) there was therefore consolidated net profit of EUR 0.4
million (previous year: EUR 1.4 million). Earnings before interest and
taxes (EBIT) amounted to EUR 2.6 million (previous year: EUR 3.4 million).
Revenues in the first half of the year totalled EUR 29.9 million (previous
year: EUR 40.3 million) and as well as revenues in the core business field
of apartment sales also comprise proceeds from the profitable sales of a
fully rented commercial centre in Pforzheim for EUR 3.6 million and two
houses from the 'Kodak-Glanzfilmfabrik' ensemble in Berlin-Köpenick.
Significant influencing factors for the business development in the first
half of the year included extensive advance payments for the major listed
projects in Berlin 'Kodak-Glanzfilmfabrik' and 'Kastaniengärten' and the
positive sales performance in this area. The Management Board considers the
good response to these two projects to confirm its strategic decision to
concentrate the activities of ESTAVIS AG even more in the higher priced
segment in the future than has been the case so far.
However, at the same time the trend in revenues was impaired in the first
half of the financial year by the delayed handover of renovated real estate
to the buyers due to slow customer finance in apartment sales. According to
the provisions of IFRS accounting, the handover of property to the buyer is
the prerequisite for recognising revenue and income. ESTAVIS has initiated
additional measures to work off the backlog that this has caused.
By contrast, notarial sales, which reflect future revenues, continued to
develop very positively and reached a level of EUR 43.4 million at the end
of December.
The first building of the 'Kodak-Glanzfilmfabrik' has now been fully sold;
construction is expected to start here on 1 June 2011.
The sales performance for the 'Kastaniengärten' listed project in
Berlin-Schöneberg also developed very dynamically. 89 percent of the
apartments have been sold here to date. The start of construction took
place here on schedule in December 2010.
Outlook for the 2010/11 financial year
During the remainder of the 2010/11 financial year, our business activities
will focus on the planned development and implementation of the major
listed projects 'Kodak-Glanzfilmfabrik' and 'Kastaniengärten' which aim to
lay the key foundations for a positive development of revenues and earnings
over the next two financial years.
In addition, further properties are to be sold from the optimisation
portfolio over the course of the current financial year. A further
commercial property in Stuttgart has accordingly already been sold in the
third quarter of the financial year currently underway for the price of EUR
3.4 million.
Based on the business development in the first six months, the Management
Board continues to expect positive consolidated net profit to be achieved
in the 2010/11 financial year. A growth in revenues and consolidated net
income compared with the previous period remains an ambitious target the
achievement of which depends largely on the realisation of planned sales
from the optimisation portfolio and the development of customer finance in
the sale of investment apartments.
The complete semi-annual report for the first six months of 2010/11 is
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 the right solution for
residential real estate in Germany. This ranges from the design of new
through to the processing of existing direct and indirect individual and
portfolio investments. To this end the entire value chain is geared towards
a successful exit from procurement and optimisation through to selling. The
key success factor and competitive advantage of ESTAVIS is its high impact
in the sale of individual real estate. ESTAVIS AG is based in Berlin and
listed on the Prime Standard of the Frankfurt Stock Exchange (securities
identification number: 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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11.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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 Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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111899 11.02.2011
Datum: 11.02.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 33189
Anzahl Zeichen: 0
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Kategorie:
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