DGAP-News: ESTAVIS AG: ESTAVIS AG Achieves Positive Nine-Month Result for 2010/2011
(firmenpresse) - DGAP-News: ESTAVIS AG / Key word(s): Quarter Results
ESTAVIS AG: ESTAVIS AG Achieves Positive Nine-Month Result for
2010/2011
13.05.2011 / 07:30
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Corporate News
ESTAVIS AG Achieves Positive Nine-Month Result for 2010/2011
Berlin, May 13, 2011 - During the first nine month of its 2010/2011
financial year, ESTAVIS AG realised a positive consolidated income of 0.7
million Euros (compared to 0.3 million Euros from continued activities the
previous year) and successfully kept pushing its strategic focus on
projects in the prime segments.
While the turnover during the first nine month lag behind the figure
reported for the first three quarter of the previous financial year at 43.9
million Euros (down from 49.2 million Euros), the turnover in Q3 did
increase year on year at 14.0 million Euros (up from 8.9 million Euros).
Sales proceeds of the first nine months include earnings from profitable
global sales in addition to the sales in the core business field of
apartment retailing.
Earnings before interest and taxes (EBIT) improved to 4.3 million Euros
(previous year: 3.2 million Euros), whereas earnings before taxes rose to
1.1 million Euros (previous year: 0.7 million Euros). The equity ratio rose
from 33.6 percent to 37.7 percent year on year.
The big historic-monument project showed a favourable performance, and
there is reason to expect the robust demand in the segment to continue and
sales to develop accordingly. In the condominium sector, the sales
expectations continue to be hampered by the delayed handover of redeveloped
properties to buyers. This is explained by sluggish end customer financing.
ESTAVIS has initiated measures to reduce the backlog in this area, so as to
be able to post the corresponding sales after the handover of the
properties to the buyers in the balance sheet under sales and earnings
pursuant to IFRS. The notarised sales performance, which reflects the
future turnover, kept developing nicely, adding up to 38.6 million Euros by
the end of March.
Outlook for the 2010/2011 Financial Year
An essential focus for future activities of ESTAVIS will be the expansion
of the product spectrum. A first important step in this direction was taken
by acquiring the apartment retailing division of Colonia Real Estate AG. In
the remaining months of the 2010/2011 financial year, the on-schedule
development and implementation of the major historic-monument projects
'Kodak-Glanzfilmfabrik' and 'Kastaniengärten' will take centre stage in the
business activities.
The business performance of the first nine month of the ongoing financial
year of 2010/2011 has borne out the board's previous prediction that
ESTAVIS AG will conclude the year as a whole with a positive result. The
ambitious original goal of boosting turnover and consolidated income year
on year, however, may prove impossible to achieve - particularly because of
the then as now sluggish end customer financing - unless the weeks
remaining before the end of the financial year see substantial changes in
the business performance.
'With the currently ongoing projects, and owing to the successful capital
increase as well as the acquisition of the Friedrichshöhe property,
essential prerequisites are in place to ensure that the turnover and income
of ESTAVIS AG in the coming two financial years will show a positive
trend,' said Florian Lanz, CEO of ESTAVIS AG. 'The positive sales
performance of our big historic-monument projects has confirmed our belief
that continuing to focus on the prime segment is the right thing to do.
Beyond that, we intend to expand our portfolio to include more real estate
suitable for privatisation, which is to be sold at a profit following its
optimisation.'
The complete interim report for the first nine months of the 2010/2011
financial year 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 AG:
ESTAVIS offers institutional and private investors bespoke solutions in the
context of residential real estate in Germany. Options range from the
conceptualisation of new commitments all the way to the processing of
existing direct or indirect single or portfolio investments. To this end,
the entire value chain is geared toward to a successful exit, including
procurement, optimisation, and eventual sale. The key success factor and
competitive advantage of ESTAVIS is its high impact 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
Investor&Public Relations
Tel.: + 49 (0)30 - 887 181 799
E-mail: ir(at)estavis.de
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
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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124512 13.05.2011
Datum: 13.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 34087
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Kategorie:
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