Interim / Quarterly Report • Feb 13, 2012
Interim / Quarterly Report
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1 July 2011 – 31 December 2011
| ESTAVIS AG | 2nd quarter 11/12 1 Oct. 2011 – 31 Dec. 2011 |
2nd quarter 10/11 1 Oct. 2010 – 31 Dec. 2010 |
1st half-year 11/12 1 July 2011 – 31 Dec. 2011 |
1st half-year 10/11 1 July 2010 – 31 Dec. 2010 |
|---|---|---|---|---|
| Revenues and earnings | TEUR | TEUR | TEUR | TEUR |
| Revenues | 19,144 | 19,237 | 27,159 | 29,898 |
| Total operating performance | 16,175 | 15,712 | 26,113 | 28,854 |
| EBIT | 1,458 | 1,581 | 2,548 | 2,625 |
| Pre-tax profit | 529 | 540 | 596 | 595 |
| Net profit | 398 | 276 | 423 | 408 |
| ESTAVIS AG | 31 December2011 | 30 June 2011 |
|---|---|---|
| Structure of assets and capital | TEUR | TEUR |
| Non-current assets | 54,738 | 55,730 |
| Current assets | 90,704 | 90,627 |
| Equity | 61,121 | 60,699 |
| Equity ratio | 42.0% | 41.5% |
| Total assets/equity and liabilities | 145,442 | 146,357 |
| Share | |
|---|---|
| Stock exchange segment | Prime Standard |
| ISIN | DE000A0KFKB3 |
| German Securities Code Number (WKN) | A0KFKB |
| Number of shares on 31 December 2011 | 14,319,352 |
| Free float (information according to last notification from investors) | 55.2% |
| Share price high (1 July – 31 December 2011*) | 2.50 EUR |
| Share price low (1 July – 31 December 2011*) | 1.68 EUR |
| Closing price on 30 December 2011* | 1.95 EUR |
| Market capitalisation on 30 December 2011* | EUR 27.9 million |
* Closing prices in Xetra trading
Dear Shareholders, Dear Ladies and Gentlemen,
During the first six months of its 2011/12 financial year, ESTAVIS AG continued to gain considerable ground on its way towards increased profitability and an expanded income basis. Our earnings figures more or less match the level of the prior-year period while turnover was slightly down. The EBIT margin continued to improve year on year.
We made substantial progress in our efforts to expand our service and product spectrum. For one thing, we expanded our activities into the construction of new housing in the medium price segment, and acquired an initial project for this purpose during the second quarter of the 2011/12 financial year. The idea is to raise a total of 161 apartments on the grounds of a former confectionary plant in Berlin, and to sell these in the form of a global sale to an institutional investor.
Moreover, we probed Berlin's housing market in depth with a view to possible acquisitions for our apartment retailing division whose sales performance we massively expanded in May 2011 by acquiring Accentro, now a subsidiary. These activities resulted in the acquisition of a housing quarter from the portfolio of a foreign investment fund, though the deed was signed in the ongoing third quarter of the financial year, i.e. after the reporting period. The apartments, totalling 214 units, are located in Berlin's Prenzlauer Berg district, and were comprehensively modernised during the year 1996 through 1999. These apartments we are planning to retail with a view to the lively demand for apartments and the corresponding yield potential in Berlin's attractive inner city locations – requirements that our supply will satisfy.
In addition to these projects, we continued to make progress with our major listed-building projects during the semester just concluded. All things considered, ESTAVIS AG thus boasts a structure and project pipeline that participates in the favourable current development of Berlin's residential real estate market.
From an investor's point of view, Berlin's housing marking has steadily gained in appeal over the past quarters. The concluding months of the calendar year 2011 did nothing to change the fact, and even the development during the opening weeks of 2012 suggests a continuation of the trend. The debates revolving around the sovereign debt crisis and the concomitant problems for the Eurozone have ensured a persistently robust demand for tangibles, and in this regard the housing market in Berlin offers sound parameters then as now.
Remarkably, demand is originating both inside and outside Germany, and is driven by a broad and diversified investor clientele. We keep meeting institutional investors who are either entering the asset class of residential real estate for the first time or are re-entering the market after several years of absence from it. These represent an important target group for global sales in the segment of newly constructed housing. The attractiveness that residential real estate has for these investors is based above all on the characteristics typifying the asset class, including the comparatively low susceptibility for economic cycles, and a wide smallscale spread of letting risks. Both factors ensure an advanced sense of continuity and security of income, which represent particularly important investment criteria for conservative investors with a long-term horizon, such as insurance companies, superannuation funds, and family offices.
In addition to major institutional investors, numerous high-net-worth individuals are interested in acquiring apartments or residential buildings in Berlin. These include both owner-occupiers and investors. Especially in recent months, private investors from abroad have come to play a significant role on Berlin's real estate market. Here is a figure that illustrates the point: During the past calendar year, our subsidiary Accentro sold apartments to clients hailing from 28 different countries. Some of the buyers came from abroad and were looking for an apartment in order to settle permanently in the German capital. The great majority of them, however, were in the market to acquire apartment as equity investment. This goes to show that Germany's good reputation as a stable investment destination in combination with Berlin's favourable market conditions apparently translate into a rather interesting investment environment even from an international perspective.
That being said, it needs to be remembered that the global economic environment is impaired by considerable uncertainties, and that the growth forecasts for 2012 are substantially lower than they were for the previous year. Market observers agree that lending is likely to remain the principal limiting factor for real estate investments in the months and years to come. Then again, the low interest rate level and the consequently low yield potential offered by other important asset classes continue to generate a high liquidity pressure among high-net-worth investors, which has a principally positive impact on real estate market demand. Just which influencing factors and trends will ultimately prevail in the coming months remains to be seen. According to our estimate, however, ESTAVIS AG is well positioned to handle a variety of scenarios.
Overall, we realised a slightly higher consolidated net profit of EUR 0.42 million during the first six months of the ongoing financial year than we did in the prior-year period (EUR 0.41 million). Our earnings before interest and taxes (EBIT) was slightly down year on year, totalling EUR 2.5 million compared to EUR 2.6 million during the first half of the previous financial year. Revenues came to a total of EUR 27.2 million (previous year: EUR 29.9 million). The net assets and financial position of the ESTAVIS Group remained very sound, which is expressed not least in another slight increase in equity ratio of 42.0 % (31 December 2011) and a corresponding drop of the gearing ratio.
With a view to the performance so far, we expect ESTAVIS AG to see a higher year-on-year result in the ongoing 2011/12 financial year, and the prospects of increased sales remain a realistic goal as well. In this assessment, we orient ourselves to the current assessment of the environment in the markets relevant to ESTAVIS AG as well as to our business performance, the development of our project pipeline and the sales and yield potential these represent.
Florian Lanz Chief Executive Officer (CEO)
ESTAVIS shares are listed on the Regulated Market of the Frankfurt Stock Exchange, and meet the transparency requirements of the Prime Standard.
The sovereign debt crisis in some Eurozone member states, and the threat of a serious slowdown of the economy or of an actual recession that is increasingly discussed by economists, has stirred up a profound sense of unease and triggered sometimes substantial markdowns on the stock markets during the first half year of the 2011/12 financial year. ESTAVIS stock has not been spared the effect of the situation, suffering markdowns by 21.9% during the first six months of the 2011/12 financial year.
On 30 December 2011, the last stock market trading day during the reporting period, the closing rate for ESTAVIS shares in Xetra trading of the Frankfurt Stock Exchange was EUR 1.95, down from a share price of EUR 2.50 at the start of the financial year on 1 July 2011. The market capitalisation of ESTAVIS AG equalled approximately EUR 27.92 million as of 30 December 2011. The ESTAVIS share price peaked at EUR 2.50 early in the first half year on 1 July 2011, and bottomed out at EUR 1.68 on 21 December 2011 (Xetra closing rate in each case). The daily trading volume was 27,154 shares on average during the reporting period.
The corporate performance of ESTAVIS AG is continuously monitored by the analysts of several institutes. All current analyst reports assume that ESTAVIS shares continue to offer upside potential:
As in years past, ESTAVIS AG attended this year's specialist conference hosted by the Real Estate Share Initiative (IIA), a non-profit organisation of which ESTAVIS AG is a member. In addition to its agenda of expert talks, panel discussions and workshops, the IIA conference presents the perfect opportunity as a public event to meet with real estate companies, analysts, investors, service providers and journalists from inside and outside Germany. It is organised by IIA in close cooperation with the European Public Real Estate Association (EPRA) and the German Property Federation (ZIA).
The 11th IIA Specialist Conference convened in Frankfurt am Main on 19 October 2011. Florian Lanz, CEO of ESTAVIS AG, seized the opportunity to brief attendees on the company's business model and business performance, and to profile ongoing real estate projects, in a corporate presentation and several one-to-one meetings during the event.
* Closing prices in Xetra trading
During the first six months of the 2011/12 financial year, mounting evidence suggested an imminent slowdown of the global economy. This was explained, above all, by the sovereign debt crisis in Greece and by the debates revolving around the financial situation in other Eurozone member states, such as Italy, but also by the high sovereign debt in the United States and the unease it inspired on financial markets. In September 2011, the Kiel Institute for the World Economy (IfW) reached the conclusion that Germany is moving through the early stages of a slow economic cycle, citing the slow economic situation of the trading partners of Germany's strongly export-driven economy as essential influencing factors. That being said, the Germany's gross domestic product (GDP) in 2011 as a whole rose by 3.0%, and thus exceeded the Federal Government's fall forecast (+2.9%). Since the economy grew at a much faster pace during the first half of the calendar year than during the second half, experts believe that GDP growth in 2012 will be considerably slower than in 2011.
Remarkable to see, though, is that the figures released by the Federal Statistical Office not only registered a relatively robust GDP growth in the course of 2011, but that the GDP kept exceeding the pre-crisis level even when adjusted for inflation. Essential growth impulses in 2011 were generated primarily by the domestic economy, particularly by private consumers spending which increased by 1.5% when adjusted for inflation. The last time private consumer spending in Germany showed an increase of this magnitude was five years ago. Investments in equipment and buildings also surged, reporting increases to the tune of 8.3% and 5.4%, respectively.
Germany's labour market continued to develop very favourably indeed. For the first time ever, the number of 41 million gainfully employed persons was exceeded in 2011, while the number of jobless dropped by around 446,000 down to 2.5 million. This translates into an unemployment rate of 5.7%, which is relatively low even by international standards. Among the European countries, for instance, only Austria, Luxembourg and the Netherlands are on record with lower unemployment rates.
The development on the real estate market was not yet impaired by the deteriorating economic outlook during the reporting period. Rather, the year 2011 experienced a steep increase in the number of transaction volumes, and in rent rates, too, in many places. Especially Berlin's residential real estate market, which accounts for a large share of the business activities of ESTAVIS AG, saw lively demand on the buyer side in recent months. The persistent lending restrictions and the banks' mounting requirements for the credit worthiness of private property buyers continue to have a certain limiting effect for the business development in the real estate sector. Market experts estimate that the financing environment is likely to remain difficult, or indeed to deteriorate further in some respects.
The business performance of ESTAVIS Group during the reporting period was primarily defined by the sound sales performance of the big listed-building projects in Berlin. For instance, the company closed another global sale involving a house from the "Kodak-Glanzfilmfabrik" ensemble. In keeping with the stated goal of ESTAVIS AG to expand its product spectrum, the first half year 2011/12 saw continued preparations for the expansion of activities into new housing construction in the medium price segment. The first project to be acquired in this segment was a plot on the grounds of a former confectionary plant in Berlin's Alt-Hohenschönhausen ward. The idea is to create 161 rental apartments here, and to sell the project to an investor in the form of a global sale.
After the end of the reporting period, the company moreover acquired an ensemble of ten residential buildings with altogether 214 apartments in Berlin's Prenzlauer Berg district from the portfolio of a foreign investment fund. ESTAVIS AG is planning to have its subsidiary Accentro GmbH retail the apartments at a profit.
Year on year, the ESTAVIS Group revenues declined to EUR 27.2 million during the reporting period, down from EUR 29.9 million during the prior-year period.
Revenues are broken down into the following business segments for financial reporting purposes:
The posted revenues in the retail trading segment include, among other items, the revenues from the global sale of a house from the "Kodak-Glanzfilmfabrik" ensemble in a volume of EUR 3.2 million.
The consolidated result after taxes equalled EUR 0.4 million (first half year 2010/11: EUR 0.4 million).
The other operating income, which amounted to EUR 2.9 million during the same period last year, dropped to EUR 1.9 million.
The gross margin (revenues plus changes in inventories minus cost of materials/revenues) in the period under review amounted to 33.4% (previous year: 34.7%).
The total operating performance declined from EUR 28.9 million to EUR 26.1 million during the first six months of the financial year.
Staff costs during the reporting period came to EUR 1.6 million. The year-on-year increase (EUR 1.4 million) resulted essentially from an increase in the company's workforce.
At EUR 6.9 million, the other operating expenses undercut the figure of the same period last year (EUR 9.3 million), which was primarily due to lower sales costs.
Earnings before interest and taxes (EBIT) amounted to EUR 2.5 million (previous year: EUR 2.6 million). The EBIT margin (EBIT/revenue) amounted to 9.4% in the period under review, slightly increasing year-on-year (8.8%).
The financial result for the reporting period approximated the level of the prior-year period at EUR –2.0 million.
With income taxes in the amount of EUR 0.2 million taken into account, the consolidated net profit equalled EUR 0.4 million (prior-year period: EUR 0.4 million). This translates into EUR 0.03 in earnings per share (previous year: EUR 0.04).
The total assets of the ESTAVIS Group as of 31 December 2011 declined by a modest EUR 0.9 million or 0.6% to EUR 145.4 million (30 June 2011: EUR 146.4 million).
Substantial changes have been recognised in inventories (EUR –6.5 million) and in cash and cash equivalents (EUR –1.9 million), as well as trade receivables (EUR +4.4 million) and other receivables (EUR +4.0 million).
Financial liabilities, which mainly relate to liabilities to banks, decreased by a total of EUR 0.4 million to EUR 61.6 million (30 June 2011: EUR 62.0 million).
At EUR 61.1 million, company equity was slightly higher by the end of the first half year than it was at the reporting date of the previous financial year, 30 June 2011 (EUR 60.7 million).
The reduction in total assets, which coincided with a slight equity increase, meant that the ESTAVIS Group's equity ratio rose from 41.5% as of 30 June 2011 to 42.0% by 31 December 2011.
Gearing (debt/total capital) declined from 58.5% to 58.0%. The ratio of cash and cash equivalents to total assets equalled 1.2% at the end of the period under review (30 June 2011: 2.5%). The cash ratio of ESTAVIS Group (cash and cash equivalents/current liabilities) came to 2.4% as of 31 December 2011 (30 June 2011: 5.0%).
During the reporting period, net cash from operating activities amounted to EUR –1.3 million (previous year: EUR –0.4 million).
Net cash used in financing activities amounted to EUR –0.2 million in the period under review (previous year: EUR –0.0 million).
During the first half year of the 2011/12 financial year, the cash flow from financing activities amounted to EUR –0.4 million (previous year: EUR –0.0 million).
The ESTAVIS Group has implemented a risk management system that is designed for several purposes, including allowing the early recognition and appropriate communication of significant risk factors arising from its business activities that could be of relevance to its earnings situation or continued existence. The risk management system allows action to be taken against potentially adverse developments and events in a timely manner, and facilitates, where required, the implementation of countermeasures before any significant damage is incurred.
There have been no significant revisions to the risks for ESTAVIS Group in the period under review compared to the Risk Report in the Group Management Report for the previous financial year. Accordingly, reference should be made to the information contained therein.
In addition to the continuation of projects involving listed buildings, first preparatory measures for the "Friedrichshöhe" project will be initiated in the coming months. Also, the business activities of ESTAVIS AG will extend to the construction of housing units in the medium price bracket. With the acquisition of another ten residential buildings totalling 214 apartments in Berlin's Prenzlauer Berg district in February 2012, ESTAVIS AG developed additional revenue potential through the intended retailing of these apartments.
This will contribute another essential basis for a positive development of revenues and earnings over the next two financial years. With a view to the performance during the first half year, the senior management continues to expect the company to top last year's revenues and profits in the course of the 2011/12 financial year.
| ESTAVIS AG | 30 June 2011 | |
|---|---|---|
| Assets | TEUR | TEUR |
| Non-current assets | ||
| Goodwill | 17,776 | 17,776 |
| Other intangible assets | 93 | 95 |
| Property, plant and equipment | 348 | 388 |
| Investment property | 32,001 | 32,547 |
| Investments in associates | 122 | 122 |
| Other non-current financial assets | 1,659 | 1,665 |
| Deferred income tax receivables | 2,739 | 3,137 |
| Total | 54,738 | 55,730 |
| Current assets | ||
| Inventories | 55,176 | 61,642 |
| Trade receivables | 10,567 | 6,209 |
| Other receivables | 22,633 | 18,662 |
| Current income tax receivables | 649 | 516 |
| Cash and cash equivalents | 1,680 | 3,598 |
| Total | 90,704 | 90,627 |
| Total assets | 145,442 | 146,357 |
| ESTAVIS AG | 31 Dec. 2011 | 30 June 2011 |
|---|---|---|
| Equity | TEUR | TEUR |
| Issued capital | 14,319 | 14,319 |
| Capital reserves | 48,198 | 48,198 |
| IAS 39 reserve | 0 | 1 |
| Retained earnings | –1,396 | –1,819 |
| Total equity | 61,121 | 60,699 |
| Liabilities | ||
| Non-current liabilities | ||
| Provisions | 74 | 74 |
| Financial liabilities | 12,049 | 11,607 |
| Deferred income tax liabilities | 2,077 | 2,370 |
| Total non-current liabilities | 14,200 | 14,050 |
| Current liabilities | ||
| Provisions | 3,297 | 2,520 |
| Financial liabilities | 49,549 | 50,357 |
| Advance payments received | 5,334 | 3,741 |
| Current income tax liabilities | 2,051 | 2,250 |
| Trade payables | 5,536 | 8,628 |
| Other liabilities | 4,355 | 4,112 |
| Total current liabilities | 70,121 | 71,608 |
| Total equity and liabilities | 145,442 | 146,357 |
| ESTAVIS AG | 2nd Quarter 11/12 1 Oct. 2011 – 31 Dec. 2011 |
2nd Quarter 10/11 1 Oct. 2010 – 31 Dec. 2010 |
1st half-year 11/12 1 July 2011 – 31 Dec. 2011 |
1st half-year 10/11 1 July 2010 – 31 Dec. 2010 |
|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | |
| Revenues | 19,144 | 19,237 | 27,159 | 29,898 |
| Change in value of investment property | 240 | – | 240 | – |
| Other operating income | 1,115 | 1,437 | 1,876 | 2,926 |
| Changes in inventories | –4,323 | –4,962 | –3,162 | –3,969 |
| Total operating performance | 16,175 | 15,712 | 26,113 | 28,854 |
| Cost of materials | 9,479 | 6,791 | 14,921 | 15,556 |
| Staff costs | 830 | 741 | 1,629 | 1,359 |
| Depreciation and amortisation | 35 | 30 | 67 | 59 |
| Other operating expenses | 4,373 | 6,569 | 6,948 | 9,255 |
| Operating result | 1,458 | 1,582 | 2,548 | 2,626 |
| Net income from associates | 0 | 0 | 0 | 0 |
| Interest income | 61 | 16 | 84 | 55 |
| Interest expenses | 990 | 1,057 | 2,036 | 2,085 |
| Financial result | –929 | –1,041 | –1,952 | –2,030 |
| Net profit before income taxes | 529 | 540 | 596 | 595 |
| Income taxes | 131 | 264 | 173 | 187 |
| Net profit | 398 | 276 | 423 | 408 |
| attributable to shareholders of the parent company | 398 | 276 | 423 | 408 |
| attributable to non-controlling interests | – | 0 | – | 0 |
| Earnings per share (EUR) | 0.03 | 0.03 | 0.03 | 0.04 |
| ESTAVIS AG | 2nd Quarter 11/12 1 Oct. 2011 – 31 Dec. 2011 TEUR |
2nd Quarter 10/11 1 Oct. 2010 – 31 Dec. 2010 TEUR |
1st half-year 11/12 1 July 2011 – 31 Dec. 2011 TEUR |
1st half-year 10/11 1 July 2010 – 31 Dec. 2010 TEUR |
|---|---|---|---|---|
| Net profit | 398 | 276 | 423 | 408 |
| Available-for-sale financial assets | –1 | –3 | –1 | 0 |
| Changes in fair value | –1 | –3 | –1 | 0 |
| Reclassification recognised in profit or loss | 0 | 0 | 0 | 0 |
| Income taxes | 0 | 0 | 0 | 0 |
| Income directly recognized in equity | –1 | –3 | –1 | 0 |
| Total comprehensive income | 397 | 273 | 422 | 408 |
| attributable to shareholders of the parent company | 397 | 273 | 422 | 408 |
| attributable to minority interests | – | 0 | – | 0 |
| ESTAVIS AG | 1st half-year 11/12 1 July 2011 – 31 Dec. 2011 |
1st half-year 10/11 1 July 2010 – 31 Dec. 2010 |
|
|---|---|---|---|
| TEUR | TEUR | ||
| Net profit | 423 | 408 | |
| + | Depreciation/amortisation of non-current assets | 67 | 59 |
| +/– Increase/decrease in provisions | 777 | –1,062 | |
| +/– Change in value of investment property | –240 | – | |
| +/– Other non-cash expenses/income | 1 | 8 | |
| –/+ Gains/losses from the disposal of non-current assets | 0 | 3 | |
| –/+ Increase/decrease in inventories, trade receivables and other assets that are not attributable to investing or financing activities |
–609 | 4,547 | |
| +/– Increase/decrease in trade payables and other liabilities that are not attributable to investing or financing activities |
–1,743 | –4,345 | |
| = | Cash flow from current operating activities | –1,323 | –382 |
| + | Payments received from the disposal of property, plant and equipment | 0 | 26 |
| + | Payments received for the disposal of financial assets | 15 | 33 |
| – | Payments for investments in intangible assets | –10 | –15 |
| – | Payments for investments in property | –214 | – |
| – | Payments for investments in property, plant and equipment | –15 | –45 |
| = | Cash flow from investing activities | –224 | –1 |
| – | Repayment of bonds and financial loans | –371 | –5 |
| = | Cash flow from financing activities | –371 | –5 |
| Net change in cash and cash equivalents | –1,919 | –388 | |
| + | Cash and cash equivalents at the beginning of the period | 3,598 | 4,065 |
| = | Cash and cash equivalents at the end of the period | 1,680 | 3,677 |
Consolidated Statement of Changes in Equity
| Issued | Capital | IAS 39 | Retained | Total | |
|---|---|---|---|---|---|
| capital | reserves | reserve | earnings | ||
| ESTAVIS AG | |||||
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of 1 July 2011 | 14,319 | 48,198 | 1 | –1,819 | 60,699 |
| Total comprehensive income | – | – | –1 | 423 | 422 |
| As of 31 December 2011 | 14,319 | 48,198 | 0 | –1,396 | 61,121 |
| ESTAVIS AG | Issued capital |
Capital reserves |
IAS 39 reserve |
Retained earnings |
Equity attrib utable to the shareholders of the parent company |
Minority interests |
Total |
|---|---|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of 1 July 2010 | 9,546 | 45,249 | – | –2,525 | 52,270 | 0 | 52,270 |
| Total comprehensive income | – | – | 0 | 408 | 408 | 0 | 408 |
| As of 31 December 2010 | 9,546 | 45,249 | 0 | –2,118 | 52,678 | 0 | 52,678 |
ESTAVIS AG and its subsidiaries trade in real estate, undertaking reinstatement work on some properties for the purpose of reselling them.
The company is domiciled in Berlin, Germany. The company's shares are listed on the Frankfurt Stock Exchange for trading on the Regulated Market (Prime Standard).
On 31 December 2011, ESTAVIS AG acted as operating holding company for numerous special purpose entities.
These condensed consolidated interim financial statements were approved for publication by the company's Management Board in February 2012. The condensed consolidated interim financial statements were not checked by an auditor or subjected to review.
The condensed consolidated interim financial statements for the second quarter of the 2011/12 financial year, which ended on 31 December 2011, were prepared in accordance with the provisions of IAS 34 "Interim Financial Reporting" as adopted by the EU by way of ordinance. The condensed consolidated interim financial statements should be read in conjunction with the most recent consolidated financial statements of ESTAVIS AG for the year ended 30 June 2011.
With the following exceptions, the accounting policies applied in the condensed interim consolidated financial statements are the same as those applied in the preparation of the most recent consolidated financial statements for the year ended 30 June 2011.
The current financial year is the first year in which the application of the following standards has become mandatory:
| Standard/Interpretation | |||||
|---|---|---|---|---|---|
| IAS 24 | Amendment: Related Party Disclosures | ||||
| IFRIC 14 | Amendment: Voluntary Prepaid Contributions under a Minimum Funding Requirement | ||||
| Various | IFRS Improvements 2010 |
This did not result in any changes to the financial reporting for the ESTAVIS AG consolidated financial statements. No regulations were applied early.
All amounts posted in the balance sheet, income statement, consolidated statement of comprehensive income, statement of changes in equity and cash flow statement, as well as in the notes and tabular overviews, are quoted in thousands of euro (TEUR), unless otherwise noted. Both individual and total figures represent the value with the smallest rounding difference. Small differences can therefore occur between the sum of the individual values represented and the reported totals.
As of 31 December 2011, the condensed interim consolidated financial statements of ESTAVIS AG included 43 subsidiaries and one associate. The status quo of the consolidated group as of 30 June 2011 remained unchanged during the first half year of the ongoing financial year.
Quarter on quarter, the segment results for the second quarter of the 2011/12 financial year present themselves as shown below:
| Retail trading | Other activities | Group | ||||
|---|---|---|---|---|---|---|
| 2011/12 | 2010/11 | 2011/12 | 2010/11 | 2011/12 | 2010/11 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Revenues (external) | 16,771 | 19,172 | 2,373 | 65 | 19,144 | 19,237 |
| Revenues (internal) | – | – | – | – | – | – |
| Segment result | 550 | 1.220 | 907 | 361 | 1,458 | 1,582 |
| Unallocated | – | – | ||||
| Operating result | 1,458 | 1,582 | ||||
| Net income from invest ments carried at equity |
– | – | 0 | 0 | 0 | 0 |
| Financial result | –929 | –1,041 | ||||
| Net profit before income taxes |
529 | 540 |
Year on year, the segment results for the first half year of the 2011/12 financial year present themselves as shown below:
| Retail trading | Other activities | Group | ||||
|---|---|---|---|---|---|---|
| 2011/12 | 2010/11 | 2011/12 | 2010/11 | 2011/12 | 2010/11 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Revenues (external) | 24,091 | 26,245 | 3,069 | 3,653 | 27,159 | 29,898 |
| Revenues (internal) | – | – | – | – | – | – |
| Segment result | 1,295 | 444 | 1,253 | 2,182 | 2,548 | 2,626 |
| Unallocated | – | – | ||||
| Operating result | 2,548 | 2,626 | ||||
| Net income from invest ments carried at equity |
– | – | 0 | 0 | 0 | 0 |
| Financial result | –1,952 | –2,030 | ||||
| Net profit before income taxes |
596 | 595 |
The change in value in investment properties that was posted for the second quarter in the amount of TEUR 240 was realised through the sale of an asset. The income is allocated to the Other activities segment. During the first quarter of the previous year, provisions for disputed claims from rental guarantees in the amount of TEUR 804 were reversed. The income was allocated to the Other activities segment.
In the previous financial year, Mr. Florian Lanz, CEO of ESTAVIS AG, and Mr. Eric Mozanowski, member of the Management Board of ESTAVIS AG (until 31 December 2011), assumed guarantees amounting to TEUR 3,500 each for various loans granted to ESTAVIS Group. Remuneration of 5 % p. a. was agreed for each of them. Repayment of the loans guaranteed caused this guarantee to decline to TEUR 2,000 each by the end of the reporting period.
As of the end of the reporting period, one of the Group's member companies still has a liability to Mr. Florian Lanz in the amount of TEUR 400. This results from a profit participation that was owed to a sales partner in connection with a major project that was partially sold to Mr. Lanz.
Mr. Eric Mozanowski acquired four apartments from several subsidiaries at a price of TEUR 389. As a result, one subsidiary company still has an outstanding account receivable in the amount of TEUR 48 at the reporting date.
Above and beyond this, there were no significant new related party transactions, nor were any of the related party transactions reported in the notes to the consolidated financial statements for the 2010/11 financial year changed or derecognised.
The ESTAVIS Group employed 49 people by the end of the quarter. During the same quarter last year, there was a workforce of 46. On average, 48 staff were on the Group's payroll during the past financial year.
I state to the best of my knowledge that in accordance with the applicable auditing principles for interim reporting the interim consolidated financial statements convey an accurate picture of the Group assets, financial situation and earnings, and that the course of business including net operating profit and the condition of the Group are portrayed in the Group Interim Management Report in such a way as to convey a true and fair view, and the key opportunities and risks concerning the anticipated development of the Group in the remainder of the financial year are set out.
Berlin, 13 February 2012
Florian Lanz Member of the Management Board
| 2012 | ||
|---|---|---|
14 May 2012 Quarterly report – 3rd quarter / Nine months 2011/12
All dates are provisional. Please check our website www.estavis.de for confirmation.
This interim report contains specific forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events. This applies, in particular, to statements relating to future financial earning capacity, plans and expectations with respect to the business and management of ESTAVIS, growth, profitability and the general economic and regulatory conditions and other factors to which ESTAVIS is exposed.
Forward-looking statements are based on current estimates and assumptions made by the company to the best of its knowledge. Such forward-looking statements are based on assumptions and are subject to risks, uncertainties and other factors that may cause the actual results including the net asset, financial and earnings situation of ESTAVIS to differ materially from or disappoint expectations expressed or implied by these statements. The operating activities of ESTAVIS are subject to a number of risks and uncertainties that may also cause a forwardlooking statement, estimate or prediction to become inaccurate.
ESTAVIS AG Uhlandstr. 165 10719 Berlin Germany Phone: +49 (0)30 887181-0 Telefax: +49 (0)30 887181-11 E-Mail: [email protected] Home: www.estavis.de
Management Board
Florian Lanz
Dr. Karl-Josef Stöhr, Berlin
ESTAVIS AG Investor & Public Relations Phone: +49 (0)30 887181-799 Telefax: +49 (0)30 887181-779 E-Mail: [email protected]
Goldmund Kommunikation, Berlin www.goldmund-kommunikation.de
Power-DesignThing GmbH www.derthing.de
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