ADLER Real Estate AG

Earnings Release • Apr 3, 2003

News Details

Ad-hoc | 3 April 2003 20:10

Adler Real Estate AG english

ADLER group: no change yet in operating results in 2002 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– ADLER group: no change yet in operating results in 2002 * Project portfolio revaluated * Management Board and Supervisory Board changes During the 2002 financial year, the downturn in the overall economic situation has affected the sales and earnings potential of ADLER Real Estate AG. Within the AGIV Real Estate AG group, ADLER Real Estate is an investor in commercial development projects. During the 2002 fiscal year, the company has not been able to realise the expected development earnings. Consequently the expected turn around in operating results in the second half of the year, has not materialised. Furthermore, ADLER has revaluated its project portfolio. Accumulated adjustments amounting to EUR 18.8 million have dominated the company’s earnings. Based on initial estimates, the annual result is expected to be in the region of approximately minus EUR 23 million. ADLER is expected to achieve a clear improvement in its results this year. Changes at Management and Supervisory levels within the parent company have also led to changes at ADLER’s Management Board and Supervisory Board. Axel Harloff who has so far been a power of attorney holder within the AGIV Real Es- tate group has been appointed as board member to replace Dr. Wolf Klinz. As pre- viously announced, Dr. Klinz who has been Deputy Chairman of the AGIV Man- agement Board will move on to the AGIV Supervisory Board. Dr. Wilfried Dechant who has retired from the ADLER Supervisory Board is to be succeeded by Busso von Alvensleben. In the event of any queries, please contact: german communications dbk AG Jörg Bretschneider Holzdamm 28-32, 20099 Hamburg, Tel.: 040/46 88 33-0, Fax: presse@german-communications.com end of ad-hoc-announcement (c)DGAP 03.04.2003 ——————————————————————————– WKN: 500800; ISIN: DE0005008007; Index: Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (General Standard) und München 032010 Apr 03