Quarterly Report • Nov 17, 2008
Quarterly Report
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INTERIM REPORT First Quarter 2008/2009
| ESTAVIS AG | July 1, 2008 – September 30, 2008 |
July 1, 2007 – September 30, 2007 |
|---|---|---|
| Revenues and earnings | TEUR | TEUR |
| Revenues | 22,151 | 45,540 |
| Total operating performance | 20,966 | 45,689 |
| EBIT | –2,819 | 1,264 |
| Pre-tax profit | –4,158 | 937 |
| Net profit | –2,982 | 877 |
| ESTAVIS AG | September 30, 2008 | June 30, 2008 |
|---|---|---|
| Structure of assets and capital | TEUR | TEUR |
| Non-current assets | 39,589 | 38,644 |
| Current assets | 218,844 | 211,127 |
| Equity | 92,318 | 95,336 |
| Equity ratio | 36% | 38% |
| Total assets/equity and liabilities | 258,433 | 249,772 |
| Share | |
|---|---|
| ISIN | DE000A0KFKB3 |
| German Securities Code Number (WKN) | A0KFKB |
| Trading symbol | E7S |
| Number of shares on September 30, 2008 | 8,099,427 |
| Free float | 33% |
| Share price high (July 1 – September 30, 2008*) | EUR 6.07 |
| Share price low (July 1 – September 30, 2008*) | EUR 3.00 |
| Closing price on September 30, 2008* | EUR 3.00 |
| Market capitalisation on September 30, 2008* | EUR 24 million |
* Closing prices in Xetra trading
18 Financial Calendar
Dear Shareholders, dear Ladies and Gentlemen,
In the first quarter of 2008/2009, the ESTAVIS group considerably expanded its sales of apartments to private investors.
We achieved a record figure by notarising 259 apartment sales. In addition, 184 residential units (previous year: 74) were included in turnover, generating revenues of EUR 18 million.
With these figures, we had a good start to the 2008/2009 financial year in the business segment of property sales to private investors (retail trading). As a result of the targeted expansion of our sales activities, we laid the foundation for accelerated growth in this business segment. The first positive effects of this measure were already noticeable in the first quarter.
We set ourselves the target of selling over 1,000 apartments to private investors in the course of this financial year, which will allow us to expand our strong position in this market segment.
By contrast, business performance in the portfolio trading segment was marked by jitters on the international financial markets. Institutional property transactions came to a standstill as a result of credit markets drying up.
As a leading provider of risk-diversified property portfolios in Germany, ESTAVIS was strongly impacted by this market trend. As a result, in the last quarter, no portfolio transactions were carried out.
In the first quarter of 2008/2009, total revenues of EUR 22.2 million were achieved. Earnings before interest and taxes totalled EUR –2.8 million. Adjusted for non-cash effects from the purchase price allocation resulting from company acquisitions in line with IFRS, an EBIT of EUR –1.4 million was generated. The Group recorded a net profit of EUR –3.0 million.
According to a recent study by the Colonia Real Estate subsidiary CRE Accentro, Stuttgart, in 2007 more than 107,000 apartments were sold in the 82 cities of Germany with more than 100,000 inhabitants. This corresponds to a revenues volume of approximately EUR 14 billion.
With its unique product range, the ESTAVIS Group provides access to different propertybased investment models to a broad spectrum of investors. This includes listed properties, tailored pension provisions ("property-based pensions") and property assets held to generate yields.
As well as tax incentives for listed properties, property investment has become one of the most popular forms of pension provision ("title deeds rather than savings account"). With the expansion of the Riester pension scheme to include the acquisition of owner-occupied residential property, the legislator has further enhanced the status of property as a form of investment.
According to many experts, the expected long-term increase in demand for apartments – particularly in larger towns and economically growing regions – will lead to sustained rent and price increases.
As a result of the size of the market and a number of positive factors, we see considerable growth potential for our business in this market segment of retail trading.
According to a survey of domestic and foreign investors carried out by ESTAVIS, 75 % of investors are planning to increase or retain their property investments. This demonstrates the appeal of the German property market – even against the backdrop of the dramatic price trends in many European countries and the USA.
As a result of the current situation on the financial markets, the vast majority of investors do not expect a recovery of the property transaction market in the short-term.
With the acceleration of our growth transactions with private property investors which are less susceptible to fluctuation, we are currently pursuing the strategy of minimising the impact of the financial crisis on our revenues and earnings trend and of expanding our market position in this strongly growing segment.
In the light of our business development in the first quarter, we continue to expect year-onyear revenue growth for the 2008/2009 financial year (previous year: EUR 147.5 million) and a return to profitability.
Rainer Schorr Corina Büchold Hans Wittmann Eric Mozanowski Chief Executive Member of the Member of the Member of the Officer (CEO) Management Board Management Board Management Board
In the last quarter, the sell-out on the international stock markets impacted the price trend of the ESTAVIS share negatively. Fears of a worldwide collapse of the credit and financial markets had a particular impact on valuations of property companies, because their business activities generally show a high dependency on the functioning of the credit system.
As of 30 September 2008, the ESTAVIS share was listed at EUR 3.00 (closing price in Xetra). On the basis of this share price, the market capitalisation of ESTAVIS is approximately EUR 24 million.
In the opinion of the Management Board, this share price does not reflect the company's healthy asset situation and future prospects. Currently, ESTAVIS is valued at a significant discount on equity.
According to recent analyst estimates, ESTAVIS' shares are considered to offer significant upside potential:
In order to convince the finance community of the opportunities and potential of the ESTAVIS AG business model, over recent weeks, we made presentations at investor conferences – the "Real Estate Share Initiative" and the Equity Forum in Frankfurt. In addition, in one-on-ones with investors, analysts and journalists, the prospects of the company were explained in depth.
As a result of the acquisition of B&V Bauträger- und Vertriebsgesellschaft für Immobilien mbH, Berlin, and its affiliate Protect Vermittlungsgesellschaft für Kapitalanlagen mbH, Stuttgart (B&V Group) in the second quarter of the 2007/2008 financial year, the comparability of the figures under review and those of the previous year is limited.
The first quarter of the 2008/2009 financial year was dominated by macroeconomic turbulences, brought about by the intensification of the crisis on the international property and financial markets. Ongoing reports on ailing banks and slumps on all important international equity markets have hugely influenced the confidence of market participants. Despite political financial assistance packages given to banks and interest rate cuts made by central banks, these influences have further curtailed the development of the real economy, particularly in industrialised countries. Key industrialised nations are now finding themselves in a recession or are on their way towards one.
What had previously been a relatively robust German economy has not been left unscathed by the current downward spiral. The leading economics institutes accordingly significantly reduced their forecasts for German economic growth next year. A further decline in the German property climate accompanied these developments.
The effects of the financial market crisis also impacted business development of the ES-TAVIS Group, particularly affecting the volatile core segment of portfolio trading. This was characterised by strong investment reluctance on the part of institutional investors. On the other hand, the sale of apartments to private investors (retail trading) has previously been little influenced by the bad general economic conditions and is even rising. Just as was the strategic intention of the acquisition of the B&V Group, this less volatile business area has stabilised the economic development of the ESTAVIS Group.
As a result of the economic influences described, in the first quarter of the 2008/2009 financial year ESTAVIS Group revenues declined year-on-year from EUR 45.5 million to EUR 22.2 million. Notarised total sales in the first quarter of 2008/2009 consisted of 259 units.
Broken down for financial reporting purposes, revenues were attributable to the following company business segments:
| • | Portfolio trading | EUR 4,3m | (previous year: EUR 37,4m) |
|---|---|---|---|
| • | Sale of residential property | EUR 17,5m | (previous year: EUR 7,8m) |
| • | Other business areas | EUR 0,3m | (previous year: EUR 0,3m) |
Revenues generated in the first quarter of 2008/2009 are based on a business volume of 184 sold units (previous year: 745) with a total residential and useful area of 9,885 m² (previous year: 51,971 m²). The decline in revenues is due to the slump in sales in portfolio trading. Here revenues in the period under review were due exclusively providing construction services for the portfolio. In the sale of residential property, higher revenues are the result of the B&V Group which had not been included in the consolidated financial statements in the prior-year period.
The gross margin (gross profit/revenues) declined slightly year-on-year from 18.5 % to 16.6 %. As a result of the revenues shortfall in the portfolio trading segment, EBIT declined significantly by EUR 4.2 million and net profit was similarly down by EUR 3.9 million. At the same time, the EBIT margin (EBIT/revenues) for the ESTAVIS Group declined from 2.8 % to -12.7 % year-on-year, while the return on sales (net profit/revenues) fell from 1.9 % to -13.5 %.
In terms of the development of earnings and profitability, it should be noted that the contribution to earnings from the B&V Group in the period under review still partially relates to revenues that were already contractually agreed when the respective group was acquired. The corresponding property portfolios were thus re-valued in the context of purchase price allocation. This negatively impacted EBIT in the amount of EUR 1.4 million in the first three months of the 2008/2009 financial year.
As against the previous year period, the asset structure of the ESTAVIS Group only marginally changed in the period under review. The increase in total assets from EUR 249.8 million to EUR 258.4 million is primarily due to the inventory increase of EUR 15.9 million and the simultaneous reduction in cash and cash equivalents by EUR 7.3 million.
In terms of finance, this resulted in an increase in financial liabilities of EUR 12.4 million. This primarily relates to liabilities to banks. This rise comprises an increase in current financial liabilities of EUR 14.7 million and a decline in non-current financial liabilities of EUR 2.3 million.
As a result of the negative quarterly result, equity declined by 3.2% from EUR 95.3 million at the end of the previous period to EUR 92.3 million. Due to the parallel increase in the total assets, the ESTAVIS Group equity ratio declined from 38.2 % as of 30 June 2008 to 35.7 % as of the end of the reporting period. Despite this, the Group's financial situation and liquidity position remain stable. Although cash and cash equivalents and working capital (current assets less current liabilities) were at a lower level than at the previous year's period, at EUR 18.4 million (30 June 2008: EUR 25.7 million) and EUR 72.1 million (30 June 2008: EUR 78.9 million) respectively, these are still at a high level. Cash and cash equivalents amount to 7.1 % of total assets (30 June 2008: 10.3 %).
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 its continued existence. The risk management system allows action to be taken against potentially unfavourable developments and events in a timely manner and, where required, facilitates the implementation of countermeasures before any significant damages are incurred.
Based on the available information, the Management Board of ESTAVIS AG currently sees no specific risks that could either individually or cumulatively endanger the continued existence of the company or have a significant negative impact on its asset, finance and earnings position. This is valid despite the fact that the risk of recession in Germany has increased significantly since the assessment in the Risk Report given in the Group Management Report for the 2007/2008 financial year.
It should also be noted that all projections exhibit a significant degree of uncertainty due to the unpredictability currently prevalent concerning the effects of the crisis on the property and financial markets. It cannot currently be reliably estimated how long these negative influences will affect economic development and how significant the repercussions will be on the German property market which is still assessed as very attractive on the basis of its fundamental data. As a result, a sufficiently reliable estimate cannot be made as to when an end to the current reluctance to buy can be expected, particularly among institutional investors.
Furthermore, there have been no significant revisions to the risks for the ESTAVIS Group in the period under review compared with the Risk Report in the Group Management Report. Accordingly, reference should be made to the information contained therein.
The macroeconomic environment has worsened significantly since the end of the 2007/2008 financial year as a result of the negative influence of the global financial crisis. Aside from this, we estimate that the fundamental industry and company data which are crucial in the medium and long-term business development of the ESTAVIS Group have not substantially changed as the German property market continues to be represented positively in terms of potential yields. However, portfolio trading in particular is currently being adversely affected by the seriously restricted financing possibilities for larger property transactions and the overall uncertainty of investors. In this respect, there have been no significant changes to the opportunities profile of our company in the medium to longterm in the reporting period. The information contained in the Forecast Report given in the Group Management Report for the 2007/2008 financial year also continues to apply.
We maintain our objective for the current financial year of significant year-on-year revenue growth and a return to profitability irrespective of the currently unfavourable general economic conditions. In respect to the earnings trend, negative factors resulting from the company acquisitions in the retail area (B&V Group) will be reduced further through the appreciation of the property portfolio in the context of purchase price allocation.
Overall, we are assuming that the financial market crisis will continue and that there will be no sustainable upturn of the market environment in the short term, despite political support measures.
On the basis of the available information, we currently regard as realistic the forecast statements for the future course of business and the influencing factors judged decisive. However, they naturally involve the risk that the expected developments will not actually occur either in terms of their trend or their extent.
No further events occurred after the end of the reporting period which are of particular significance to the business development of the ESTAVIS Group.
| Sept. 30,2008 | June 30,2008 | |
|---|---|---|
| ESTAVIS AG Assets |
TEUR | TEUR |
| Non-current assets | ||
| Goodwill | 20,581 | 20,581 |
| Other intangible assets | 162 | 141 |
| Property, plant and equipment | 1,263 | 1,113 |
| Investment property | 12,851 | 12,840 |
| Investments in associates | 32 | 32 |
| Other non-current financial assets | 169 | 252 |
| Deferred income tax receivables | 4,531 | 3,684 |
| Total | 39,589 | 38,644 |
| Current assets | ||
| Inventories | 119,621 | 103,703 |
| Trade receivables | 26,582 | 27,604 |
| Other receivables | 52,880 | 52,328 |
| Current income tax receivables | 1,324 | 1,759 |
| Cash and cash equivalents | 18,437 | 25,733 |
| Total | 218,844 | 211,127 |
| Total assets | 258,433 | 249,772 |
| ESTAVIS AG | Sept. 30,2008 | June 30,2008 |
|---|---|---|
| Equity | TEUR | TEUR |
| Issued capital | 8,099 | 8,099 |
| Capital reserves | 77,065 | 77,065 |
| IAS 39 reserve | 0 | 16 |
| Retained earnings | –1,382 | 1,413 |
| Equity attributable to the shareholders of the parent company | 83,782 | 86,594 |
| Minority interests | 8,536 | 8,742 |
| Total equity | 92,318 | 95,336 |
| Liabilities | ||
| Non-current liabilities | ||
| Provisions | 212 | 429 |
| Non-current financial liabilities | 14,209 | 16,517 |
| Deferred income tax liabilities | 4,917 | 5,238 |
| Total non-current liabilities | 19,338 | 22,184 |
| Current liabilities | ||
| Provisions | 5,323 | 4,416 |
| Current financial liabilities | 98,987 | 84,281 |
| Advance payments received | 14,057 | 11,055 |
| Current income tax liabilities | 4,395 | 4,430 |
| Trade payables | 5,649 | 5,297 |
| Other liabilities | 18,367 | 22,774 |
| Total current liabilities | 146,777 | 132,252 |
| Total equity and liabilities | 258,433 | 249,772 |
| July 1, 2008 – Sept. 30, 2008 |
July 1, 2007 – Sept. 30, 2007 |
|
|---|---|---|
| ESTAVIS AG | TEUR | TEUR |
| Revenues | 22,151 | 45,540 |
| Change in investment property | 0 | –170 |
| Other operating income | 1,913 | 426 |
| Changes in inventories | –3,098 | –108 |
| Total operating performance | 20,966 | 45,689 |
| Cost of materials | 15,371 | 36,987 |
| Staff costs | 1,478 | 1,134 |
| Depreciation and amortisation | 79 | 104 |
| Other operating expenses | 6,865 | 6,133 |
| Operating profit | –2,827 | 1,331 |
| Net income from associates | 8 | –67 |
| Interest income | 451 | 755 |
| Interest expenses | 1,790 | 1,081 |
| Financial result | –1,339 | –327 |
| Pre-tax profit | –4,158 | 937 |
| Income taxes | –1,176 | 60 |
| Net profit | –2,982 | 877 |
| attributable to parent company shareholders | –2,795 | 1,138 |
| attributable to minority interests | –188 | –261 |
| Earnings per share (EUR) | –0.35 | 0.15 |
Interim Report First Quarter 2008/2009 · ESTAVIS AG 13
| July 1, 2008 – Sept. 30, 2008 |
July 1, 2007 – Sept. 30, 2007 |
||
|---|---|---|---|
| ESTAVIS AG | TEUR | TEUR | |
| Net profit | –2,982 | 877 | |
| + | Depreciation/amortisation of non-current assets | 79 | 104 |
| +/– Increase/decrease in provisions | 690 | –260 | |
| +/– Change in investment property | 0 | 170 | |
| +/– Other non-cash expenses/income | 15 | 103 | |
| –/+ Increase/decrease in inventories, trade receivables and other assets that are not attributable to investing or financing activities |
–15,852 | –29,859 | |
| –/+ Increase/decrease in trade payables and other liabilities that are not attributable to investing or financing activities |
11,264 | 29,634 | |
| = | Cash flow from current operating activities | –6,786 | 767 |
| Payments received from the disposal of property, plant and equipment | 0 | 23 | |
| + | Payments received for the disposal of financial assets | 0 | 37 |
| – | Payments for investments in intangible assets | –32 | –26 |
| – | Payments for investment property | –10 | –1 |
| – | Payments for investments in property, plant and equipment | –217 | –243 |
| – | Payments for investments in non-current financial assets | 0 | –2 |
| = | Cash flow from investing activities | –260 | –212 |
| Payments made by shareholders | 0 | 25 | |
| – | Payments to shareholders | –20 | 0 |
| + | Payments from issuing bonds and raising (financial) loans | 0 | 3 |
| – | Repayment of bonds and financial loans | –231 | –112 |
| = | Cash flow from financing activities | –251 | –84 |
| Net change in cash and cash equivalents | –7,296 | 471 | |
| + | Cash and cash equivalents at the beginning of the period | 25,733 | 36,048 |
| = | Cash and cash equivalents at the end of the period | 18,437 | 36,519 |
| ESTAVIS AG | Issued capital |
Capital reserves |
IAS 39 reserve |
Retained earnings |
Equity attributab le to the shareholders of the parent company |
Minority interests |
Total |
|---|---|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of July 1, 2008 | 8,099 | 77,065 | 16 | 1,413 | 86,594 | 8,742 | 95,336 |
| Changes in the value of available for-sale financial assets |
– | – | –16 | 0 | –16 | 0 | –16 |
| Net profit for the period July 1, 2008–September 30, 2008 |
– | – | – | –2,795 | –2,795 | –188 | –2,982 |
| Total recognised income and expenses |
– | – | –16 | –2,795 | –2,811 | –188 | –2,998 |
| Acquisition of shares of consolidated companies |
– | – | – | –1 | –1 | –19 | –20 |
| As of September 30, 2008 | 8,099 | 77,065 | 0 | –1,382 | 83,782 | 8,536 | 92,318 |
| ESTAVIS AG | Issued capital |
Capital reserves |
IAS 39 reserve |
Retained earnings |
Equity attributab le to the shareholders of the parent company |
Minority interests |
Total |
|---|---|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of July 1, 2007 | 7,724 | 70,577 | 73 | 7,280 | 85,654 | 10,514 | 96,168 |
| Changes in the value of available for-sale financial assets |
– | – | –4 | 0 | –4 | 0 | –4 |
| Net profit for the period July 1, 2007–September 30, 2007 |
– | – | – | 1,138 | 1,138 | –261 | 877 |
| Total recognised income and expenses |
– | – | –4 | 1,138 | 1,133 | –261 | 872 |
| Capital increase | – | – | – | – | 0 | 25 | 25 |
| As of September 30, 2007 | 7,724 | 70,577 | 68 | 8,417 | 86,787 | 10,279 | 97,066 |
ESTAVIS AG and its subsidiaries trade in property upon which they undertake maintenance work partly for the purpose of resale. Furthermore, property is held as a financial investment. 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 30 September 2008, ESTAVIS AG acted as operating holding company of numerous special purpose entities. Its major operating investments are Hamburgische Immobilien Invest SUCV AG, Hamburg, CWI Real Estate AG, Bayreuth (together: HAG Group) and B&V Bauträger- und Vertriebsgesellschaft für Immobilien mbH, Berlin (B&V Group).
In view of the expansion of the scope of consolidation by the B&V Group, the figures in the reporting quarter are comparable only to a limited extent with those of the previous year's period.
These Condensed Consolidated Interim Financial Statements were approved for publication by the company's Management Board in November 2008. The Condensed Consolidated Interim Financial Statements were not checked by an auditor and subjected to review.
The Condensed Consolidated Interim Financial Statements for the first quarter of the 2008/2009 financial year that ended 30 September 2008 were compiled in accordance with the regulations of IAS 34, 'Interim Reporting' included in the directives of European law. The Condensed Consolidated Interim Financial Statements should be read in connection with the most recent Consolidated Financial Statements of ESTAVIS AG as of 30 June 2008.
The accounting methods employed in the Condensed Consolidated Interim Financial Statements are equivalent to those on which the Consolidated Financial Statements as of 30 June 2008 are based.
In the IFRS Consolidated Financial Statements for the 2008/2009 financial year, the changes to IAS 39 and IFRS 7 concerning allowed reclassifications of financial assets must be applied for the first time. This does not result in any changes to financial reporting for the ESTAVIS AG Consolidated Financial Statements. Apart from IFRS 8 on segment reporting, which was applied last year, no other regulations were applied early.
All amounts in the Balance Sheet, Income Statement, Statement of Changes in Equity and Cash Flow Statement, as well as in the notes and tabular overviews, are given in thousands of euros (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.
On 30 September 2008 (unchanged from 30 June 2008), the Condensed Consolidated Interim Financial Statements of ESTAVIS AG included 64 subsidiaries, a joint venture and two associates.
The segment results for the first quarter of the 2008/2009 financial year are shown below:
| Portfolio trading |
Retail trading |
Property manage ment |
Invest ment property |
Develop ment |
Consoli dation |
Group | |
|---|---|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Revenues (external only) |
4,308 | 17,505 | 147 | 191 | – | – | 22,151 |
| Revenues (internal only) |
40 | – | 60 | – | – | –100 | 0 |
| Segment result | –1,512 | –1,031 | –373 | 135 | –46 | – | –2,827 |
| Unallocated | – | – | |||||
| Currency gains | – | – | |||||
| Operating result | – | –2,827 | |||||
| Net income from investments carried at-equity |
0 | 8 | – | – | – | – | 8 |
| Financial result | – | –1,339 | |||||
| Net profit before income taxes |
– | –4,158 |
Following the transition from two to five segments, the segment earnings for the previous year are as follows:
| Portfolio trading |
Retail trading |
Property manage ment |
Invest ment property |
Develop ment |
Consoli dation |
Group | |
|---|---|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Revenues (external only) |
37,381 | 7,782 | 97 | 280 | – | – | 45,540 |
| Revenues (internal only) |
– | – | – | – | – | – | – |
| Segment result | 2,130 | –194 | –537 | –76 | – | – | 1,323 |
| Unallocated | – | – | |||||
| Currency gains | – | 8 | |||||
| Operating result | – | 1.331 | |||||
| Net income from investments carried at-equity |
5 | –72 | – | – | – | – | –67 |
| Financial result | – | –327 | |||||
| Net profit before income taxes |
– | 937 |
In the first quarter, an impairment of TEUR 34 was recognised on share holdings.
In the reporting period, neither significant new transactions with related parties occurred, nor were transactions which were reported in the Notes to the Consolidated Financial Statements for the financial year 2007/2008 changed or discontinued.
The ESTAVIS Group employed 101 staff at the end of the quarter. In the first quarter of the previous year, the figure was 83. On average, 88 staff were employed in the Group during the last financial year.
| 13 February | Quarterly Report – 2nd Quarter 2008/2009 |
|---|---|
| 20 February | Annual General Meeting, Berlin |
| 15 May | Quarterly Report – 3rd Quarter 2008/2009 |
| 25 September | Full Year Results 2008/2009 |
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 forward-looking statement, estimate or prediction to become inaccurate.
This translation of the original German version of the Interim Report has been prepared for the convenience of our English-speaking shareholders. The German version is authoritative.
ESTAVIS AG Uhlandstraße 165 10719 Berlin, Germany
Phone: +49 (0)30 887 181 - 0 Telefax: +49 (0)30 887 181 - 11
E-Mail: [email protected] Home: www.estavis.de
Rainer Schorr (Chairman) Corina Büchold Hans Wittmann Eric Mozanowski
Dr. Karl-Josef Stöhr, Berlin
ESTAVIS AG Peter Vogt Investor & Public Relations
Phone: +49 (0)30 887 181 - 799 Telefax: +49 (0)30 887 181 - 779
E-Mail: [email protected]
Goldmund Kommunikation, Berlin www.goldmund.biz
Power-DesignThing GmbH www.derthing.de
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