Accentro Real Estate AG

Earnings Release • May 15, 2009

News Details

Corporate | 15 May 2009 08:00

ESTAVIS publishes results for first nine months of 2008/2009

ESTAVIS AG / Quarter Results

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Berlin, May 15, 2009- In the first nine months of the 2008/2009 financial
year, ESTAVIS AG sold a total of 618 apartments - including 167 units in
the third quarter - to private investors.

The strategic focus on the private investors' market segment is paying off.
In spite of the ongoing economic downturn, ESTAVIS AG is seeing strong
demand for apartments. This demand is centred on listed properties which
allow private investors to take advantage of special tax benefits.

As anticipated, only a low level of revenues was generated in the portfolio
trading segment on account of the market slump in institutional
transactions.

In the first nine months of 2008/2009, revenues amounted to EUR 64.4
million (previous year: EUR 122.0 million). The net profit from continued
activities was EUR -8.2 million (previous year: EUR -0.8 million), earnings
per share from continued activities amounted to EUR -0.89 (previous year:
EUR -0.05).

Owing to the negative earnings performance in the 2008/2009 financial year,
the Management Board implemented a series of measures to improve the
company's structures. These include the disposal of the majority investment
in ESTAVIS Property Management GmbH, Berlin, and an additional headcount
reduction in portfolio trading and related areas. As a result of these
measures, the payroll was reduced from 110 employees originally to 56.

Further steps will be implemented in the current final quarter of the
2008/2009 financial year.

The resulting savings will allow a significant reduction of the cost base
from the 2009/2010 financial year onwards (starting on July 1, 2009).

Furthermore, the extent of balance sheet receivables and liabilities was
scaled back and financing expenses were driven down in the third quarter.
Also, to a considerable extent, the lines of finance already in place were
prolonged. At around EUR 16 million, cash and cash equivalents were
unchanged as against the previous quarter's level.

In light of the greater difficulty in general economic conditions overall,
the Management Board will continue to focus strongly on optimising the
high-revenue apartment business area, tapping new business areas, improving
the cost situation and safeguarding liquidity.

Rainer Schorr, the Chief Executive Officer of ESTAVIS AG, said of the
business performance in the first nine months of 2008/2009: 'Private
investor demand for property has surged in the wake of the financial and
economic crisis. Hence, we are assuming that we will be able to sell around
1,000 apartments in the current financial year - predominantly listed
buildings with tax benefits. At the same time, we shall continue our
efforts to strengthen the future earnings power and financial muscle of
ESTAVIS.'

KEY FIGURES*
First nine months 2008/2009 (July 1, 2008 - March 31, 2009) - Comparative
period: first nine months 2007/2008 July 1, 2007 - March 31, 2008)

-Revenues: EUR 64.4 million (previous year: EUR 122.0 million)
-Apartment revenues: EUR 56.3 million (previous year: EUR 49.0 million)
-Portfolio trading revenues: EUR 7.5 million (previous year: EUR 72.3
million)
-Total operating performance: EUR 67.9 million (previous year: EUR 118.7
million)
-Earnings before interest and taxes (EBIT): EUR -6.4 million (previous
year: EUR 0.5 million)
-Net profit: EUR -8.2 million (previous year: EUR -0.8 million)
-Earnings per share: EUR -0.89 (previous year: EUR -0.05)
-Revenue volume in business units: 618 (previous year: 2,026)

*from continued operations

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

15.05.2009 Financial News transmitted by DGAP

Language: English
Issuer: 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 Berlin, München, Hamburg, Düsseldorf, Stuttgart

End of News DGAP News-Service

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