Accentro Real Estate AG

Earnings Release • Nov 12, 2010

News Details

Corporate | 12 November 2010 08:00

ESTAVIS AG achieves break-even consolidated result in Q1 2010/11

ESTAVIS AG / Key word(s): Quarter Results

12.11.2010 08:00

Berlin, 12 November 2010 - ESTAVIS AG generated a break-even consolidated
result of EUR 0.1 million (previous year: EUR 0.5 million) in the first
three months of the 2010/11 financial year (1 July 2010 - 30 September
2010). Earnings before interest and taxes (EBIT) amounted to EUR 1.0
million (previous year: EUR 2.1 million).

Revenues in the period under review totalled EUR 10.7 million (previous
year: EUR 22.1 million) and related primarily to the core business area of
sales of individual apartments. In addition, a fully let commercial centre
in Pforzheim was sold at a profit for a price of EUR 3.6 million.

The development of revenues in the first quarter was negatively impacted by
delayed handovers of renovated properties to buyers as a result of slow
customer finance. ESTAVIS has taken additional measures to work off the
backlog that this has caused. Under the regulations of IFRS accounting, the
handover of property to the buyer is the prerequisite for recognising
revenue and income.

By contrast, notarial sales, which reflect future revenues, developed very
positively, reaching a level of around EUR 53 million as at the end of
October.

Apartments in the listed properties in Berlin, 'Kodak-Glanzfilmfabrik' and
'Kastaniengärten', met with a particularly positive response.

The first construction stage of 'Kodak-Glanzfilmfabrik' is already 70% sold
and there are reservations for another 15% of the apartments. ESTAVIS plans
to complete the sale process by the end of year and begin construction work
at the start of 2011.

The sales performance for the 'Kastaniengärten' listed project in
Berlin-Schöneberg was also highly dynamic. 85% of the apartments have
currently been sold. After complete sale of the apartments, construction
work is scheduled to begin in December of this year.

Outlook for the 2010/11 financial year
During the remainder of the 2010/11 financial year, business activities
will focus on the planned development and implementation of the major
listed projects 'Kodak-Glanzfilmfabrik' and 'Kastaniengärten'. These
projects lay the foundations for a positive development of revenues and
earnings over the next two financial years.

In addition, further properties are to be sold from the optimisation
portfolio over the course of the current financial year.

Based on the business development in the first three months, the Management
Board expects that a positive consolidated net profit will be achieved in
the 2010/11 financial year. The Management Board also considers growth in
revenues and the consolidated net profit as compared to the previous period
to be an achievable, if ambitious, goal. Whether or not this goal is
achieved is largely dependent on the realisation of planned sales from the
optimisation portfolio.

The complete interim report for the first three months of the 2010/11
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
ESTAVIS offers institutional and private investors bespoke solutions in the
context of residential real estate in Germany. Options extend from the
conceptualisation of new commitments all the way to the liquidation of
existing direct or indirect single or portfolio investments. To this end,
ESTAVIS will orient the entire supply chain to a successful exit, including
acquisition, optimisation, and eventual sale. An essential success factor
and competitive advantage of ESTAVIS is the company's clout in property
retailing. ESTAVIS AG is seated in Berlin, and is listed in the Prime
Standard of the Frankfurt stock exchange (ISIN: DE000A0KFKB3).

ESTAVIS AG
Peter Vogt
Investor & Public Relations
Tel.: + 49 (0)30 - 887 181 799
E-mail: ir(at)estavis.de

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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@estavis.de
Internet: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, München, Düsseldorf, Berlin, Stuttgart

End of Announcement DGAP News-Service

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