Accentro Real Estate AG

Earnings Release • Sep 23, 2011

News Details

Corporate | 23 September 2011 07:30

ESTAVIS AG: ESTAVIS AG generates positive net income again in 2010/11 financial year

ESTAVIS AG / Key word(s): Final Results

23.09.2011 / 07:30

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Corporate News

ESTAVIS AG generates positive net income again in 2010/11 financial year

• EBIT increases by 3% to EUR 4.9 million (previous year: EUR 4.7
  million).
• Greater profitability and significant strengthening of equity base
• Further expansion of income base in residential privatisation division
• Outlook for 2011/2012 financial year: growth in revenues and pre-tax
  profit

Berlin, 23 September 2011 - In the 2010/11 financial year, ESTAVIS AG
(ISIN: DE000A0KFKB3) increased its EBIT and generated positive consolidated
net profit once again. The strategic expansion of activities in higher-end
price segments of the property market as well as in the area of residential
privatisation continued successfully.

EBIT increased by 3% in the 2010/11 financial year to EUR 4.9 million
(previous year: EUR 4.7 million), while pre-tax profit amounted to EUR 0.7
million (previous year: EUR 1.3 million). Consolidated net profit was EUR
0.7 million (previous year: EUR 1.1 million). Comparing this with the
consolidated net profit from continued operations in the previous year
indicates a rise from EUR 0.6 million to EUR 0.7 million. The financing
structure continued to improve, not least thanks to the successful cash
capital increase in April 2011. The equity ratio was 41.5% as at the
2010/11 reporting date - significantly greater than at the end of the
previous financial year (33.6%).

Consolidated revenues amounted to EUR 53.0 million in the 2010/11 financial
year (previous year: EUR 71.3 million). This decline can be attributed
predominantly to the fact that a major project for which extensive advance
payments were made in the period under review will not contribute to
revenues until the 2011/12 financial year; in addition, some end customers
had to undergo relatively lengthy procedures to secure financing. In
addition to current operating activities, further positive contributions to
income were made by the global sale from a major project, value-enhancing
optimisation measures such as structural improvements and generating rental
income from the investment properties as well as the revenues-related
significant reduction in the cost of materials. As at 30 June 2011,
notarial sales, which represent future revenues, amounted to EUR 33.6
million.

'The rise in EBIT achieved reflects our increasing focus on higher-end
price segments of the property market, in which we can realise greater
margins', explains Florian Lanz, CEO of ES-TAVIS AG. 'This strategy has
proven correct, and we will continue to pursue this development. With the
considerable strengthening of our equity base and the positive consolidated
net profit, recent months have seen us create a solid foundation for
developing ESTAVIS in the 2011/12 financial year.'

Outlook for the 2011/12 financial year
In the 2011/12 financial year, ESTAVIS AG aims to further expand its
portfolio of properties suitable for privatisation. In addition to the
planned development and implementation of the ongoing major listed projects
'Kodak-Glanzfilmfabrik' and 'Kastaniengärten', new possibilities for
acquisitions are being examined in order to realise further renovation and
listed projects in the higher-end price segment. The Management Board is
working on the assumption that both revenues and consolidated net income
can be increased again in the 2011/12 financial year compared with the
financial year just gone, provided that general economic developments do
not lead to a deterioration in general conditions. The positive outlook is
based in particular on the further strengthening of ESTAVIS AG's market
position as well as the positive developments on the residential property
markets in metropolitan regions - such as Berlin - and the current
significant increase in the interest of private and institutional investors
in tangible assets.

FIGURES FOR THE 2009/10 FINANCIAL YEAR: AN OVERVIEW

2010/11 financial year (1 July 2010 to 30 June 2011) - comparative period:
2009/10 financial year (1 July 2009 to 30 June 2010)
- Revenues: EUR 53.0 million (previous year: EUR 71.3 million)
- Total operating performance: EUR 56.6 million (previous year: EUR 83.2
million)
- EBIT: EUR 4.9 million (previous year: EUR 4.7 million)
- Net profit: EUR 0.7 million (previous year: EUR 1.1 million)
- Earnings per share: 7 cents (previous year: 13 cents)

The complete annual report for the 2010/11 financial year will be available
to download as of Friday, 23 September 2011 at
http://www.estavis.de/investor-relations/finanzberichte (German version)
and http://www.estavis.de/en/investor-relations/financial-reports (English
version).

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 and project developments with great
value-added potential and uses its management and development expertise to
harness this potential efficiently. The prime objective here is to
capitalise dynamically on the values of properties by marketing them as
portfolio sales or privatising them for tenants, owner-occupiers or
investors. The company's selling power results from its strong own sales
network, supplemented by the acquisition of the sales company Accentro
GmbH.
In addition to regular cash flow from the property portfolio acquired,
ESTAVIS AG develops its performance from income from property sales.
ESTAVIS AG is headquartered in Berlin and is listed on the Prime Standard
of the Frankfurt Stock Exchange (German Securities Code Number (WKN):
A0KFKB).

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

End of Corporate News

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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 News DGAP News-Service

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