Accentro Real Estate AG

Earnings Release • Nov 14, 2008

News Details

Corporate | 14 November 2008 08:13

ESTAVIS AG Publishes Results of Q1 of 2008/2009 Financial Year

ESTAVIS AG / Quarter Results

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The issuer / publisher is solely responsible for the content of this announcement.

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Berlin, November 14, 2008 – In the concluded first quarter of the 2008/2009
financial year, ESTAVIS AG (ISIN: DE000A0KFKB3) genrated sales totalling
22.2 million Euros (compared to 45.5 million Euros the previous year). The
consolidated earnings equalled -3.0 million Euros (previous year: 0.9
million Euros), the per-share performance was -0.35 Euros (pervious year:
0.15 Euros).

The sales performance was definitively impacted by the market dip for
institutional real estate transactions. This has led to a lack of portfolio
transactions in Q1. During the same period last year, sales worth 37.4
million Euros had been realised in the portfolio trading business.

By contrast, the business with private investors continues to develop
favourably. The notarisation volume of 259 units in Q1 set a new record in
apartment retailing. Moreover, the quarter’s net income included sales
proceeds for 184 housing units (previous year: 74) in a total amount of
17.5 million Euros.

ESTAVIS AG substantially reduced its dependence on the volatile
institutional real estate market by expanding its apartment business. For
the ongoing 2008/2009 financial year, it is planned to sell more than 1,000
apartments to private investors, which would make ESTAVIS AG one of the
market leaders in this segment.

The earnings before interest and taxes (EBIT), assessed according to IFRS,
dropped to
-2.8 million Euros, down from the 1.3 million Euros realised during the
reference period last year. Adjusted for non-cash effects from the purchase
price allocation that is mandated by IFRS for corporate acquisitions (in
this case arising out of the acquisition of the HAG and B&V Groups), the
EBIT came to a total amount of -1.4 million Euros.
The first quarter of the 2008/2009 financial year is the last quarter in
which the aforementioned effects have significantly encumbered the income
profile of ESTAVIS AG.

The Board has confirmed its intention to expand the sales volume and to
return to profitability in the course of the ongoing 2008/2009 financial
year.

Rainer Schorr, Chairman of the Board of ESTAVIS AG, commented the business
trend in Q1: 'The fast-growing business with private investors makes us
less and less dependent on the volatile institutional transaction market.
Our goal is to sell more than 1,000 apartments to private investors this
year. This makes us one of Germany’s leading providers.'

RATIOS Q1 of 2008/2009 FY (JUL 1, 2008 – SEP 30, 2008) – reference period:
Q1 of 2007/2008 FY (JUL 1, 2007 – SEP 30, 2007)

*Sales: Euro 22.2m (previous year: Euro 45.5m)
*Sales, apartments: Euro 17.5m (previous year: Euro 7.8m)
*Sales, portfolio trading: Euro 4.3m (previous year: Euro 37.4m)
*Total operating performance: Euro 21.0m (previous year: Euro 45.7m)
*EBIT: Euro -2.8m (previous year: Euro 1.3m)
*Consolidated income: Euro -3.0m (previous year: Euro 0.9m)
*Earnings per share: Euro -0.35 (previous year: Euro 0.15)
*Sales volume in economic units: 184 (previous year: 745)
*Sales volume in square metres: 9,885 (previous year: 51,971)

For the full quarterly report in English or German, please visit the web
pages of ESTAVIS AG at
http://www.estavis.de/investor-relations/finanzberichte or
http://www.estavis.de/en/investor-relations/financial-reports,
respectively.

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

14.11.2008 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

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