Accentro Real Estate AG

Earnings Release • Sep 7, 2012

News Details

Ad-hoc | 7 September 2012 19:00

ESTAVIS AG: ESTAVIS AG adjusts forecasted results in line with increased write-downs

ESTAVIS AG / Key word(s): Profit Warning/Change in Forecast

07.09.2012 19:00

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Berlin, 7. September 2012 - In conjunction with the strategic redirection
of its business model, ESTAVIS AG will write down certain assets in its
financial statements for the 2011/12 fiscal year. Because of these
extraordinary write-downs, the previously anticipated break-even results
for the fiscal year will not be achieved, with a reported loss of approx.
EUR 3 million now expected instead.

ESTAVIS AG announced the strategic redirection in the spring of this year.
Its core business will, along with tenant privatisations, now focus on
building a residential property portfolio which delivers consistently
positive cash flows. Its other two business areas until now, property
development and marketing of listed historic buildings, have been
discontinued. This strategic decision has necessarily resulted in book
losses arising from the disposal of early-phase property development
projects and from the write-downs of amounts expected from sales partners.
In addition, the final phase of its 'Glanzfilmfabrik' development project
in Berlin is only being completed following the close of the fiscal year
ended 30 june 2012, such that the anticipated positive effect on earnings
instead be realised in the current fiscal year.

'We have acted firmly to ensure that our balance sheet is clean and that
valuations reflect our new strategic direction,' explained Andreas
Lewandowski, Managing Director of ESTAVIS. 'By taking these actions, we
ensure that our financial position is sound and that the burdens and risks
of the previous business model are put behind us. We can now concentrate
fully on implementing our return-oriented property portfolio strategy and
on the successful and well-established tenant privatisation business.'

About ESTAVIS:
ESTAVIS AG is a listed property company focusing on residential properties.
Through its purchasing network, which extends throughout Germany, ESTAVIS
AG identifies property portfolios with great value-added potential and uses
its management expertise to harness this potential efficiently. In addition
to the regular cash flows generated from its real estate holdings, ESTAVIS
delivers investment returns through gains on tenant privatisations. ESTAVIS
AG is headquartered in Berlin and is listed on the Prime Standard of the
Frankfurt Stock Exchange (ISIN: DE000A0KFKB3 / WKN: A0KFKB).

Contact:
ESTAVIS AG
Investor & Public Relations
phone: + 49 30 887 181 799
e-mail: ir@estavis.de

Stockheim Media GmbH
Dr. Hubert Becker
phone: + 49 221 420 75 24
e-mail: hb@stockheim-media.com

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Language: English
Company: ESTAVIS AG
Uhlandstr. 165
10719 Berlin
Germany
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info@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 Announcement DGAP News-Service

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