Quarterly Report • Nov 20, 2012
Quarterly Report
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INTERIM REPORT First Quarter 2012/13 1 July 2012 – 30 September 2012
| ESTAVIS AG | First Quarter 12/13 1 July 2012 – 30 September 2012 |
First Quarter 11/12 1 July 2011 – 30 September 2011* |
|---|---|---|
| Revenues and earnings | TEUR | TEUR |
| Revenues | 8,330 | 8,522 |
| Total operating performance | 10,394 | 9,938 |
| EBIT | 51 | 1,091 |
| Pre-tax profit | –1,738 | 68 |
| Net profit | –1,828 | 26 |
| * adapted to change in reporting |
| ESTAVIS AG | 30 September2012 | 30 June 2012 |
|---|---|---|
| Structure of assets and capital | TEUR | TEUR |
| Non-current assets | 80,564 | 80,859 |
| Current assets | 84,229 | 96,406 |
| Equity | 56,783 | 59,048 |
| Equity ratio | 34.5% | 33.3% |
| Total assets/equity and liabilities | 164,793 | 177,264 |
| Share | |
|---|---|
| Stock exchange segment Prime Standard |
|
| ISIN DE000A0KFKB3 |
|
| German Securities Code Number (WKN) | A0KFKB |
| Number of shares on 30 September 2012 | 14,759,352 |
| Free float (information according to last notification from investors) | 44.2% |
| Share price high (1 July – 30 September 2012*) | 2.06 EUR |
| Share price low (1 July – 30 September 2012*) | 1.73 EUR |
| Closing price on 28 September 2012* | 1.75 EUR |
| Market capitalisation on 30 September 2012* EUR 26.0 million |
* Closing prices in Xetra trading
Dear Shareholders, Dear Ladies and Gentlemen,
The first quarter of the ongoing 2012/13 financial year was entirely under the sign of the strategic re-orientation of ESTAVIS that we launched during the concluding months of the previous financial year. Both the setup and the expansion of the proprietary portfolio and our activities in the area of housing privatisation – these being the two strategic business areas we intend to retain and expand in the future – performed in very promising ways.
By the end of September, ESTAVIS already acquired a large residential real estate portfolio in Berlin. We have thereby substantially enlarged our proprietary portfolio, and have taken another big step toward the implementation of our growth strategy. In accordance with our objectives, this latest acquisition will make a positive contribution to our operating income as soon as its management is transferred.
At the same time, our subsidiary Accentro GmbH continues to benefit from the strong demand for condominiums that is driven by private buyers from inside and outside Germany. As early as October, the number of apartments retailed by us exceeded the year-end total of 2011. Against the background of the lingering uncertainty of the capital markets caused by the sovereign debt crisis and the increasing worries about a looming rise in inflation, we have noted that many private investors are showing a keen interest in tangible assets, specifically real estate. Add to this that Germany's residential real estate market is held in high esteem among many foreign real estate buyers because its stable environment compares favourably with other countries. As it is, the fact has clearly precipitated a corresponding growth in demand in the market. The superior sales performance of Accentro GmbH permits ESTAVIS to benefit directly from the trend.
Looking forward, we believe that the current trends of the macro-economy and the real estate market will continue to set positive parameters for the business activities of ESTAVIS. The interest in investment-grade assets that are characterised by stable long-term values and a comparatively low susceptibility to the inflation threat is likely to remain high in the months to come. At the same time, the residential letting market tends to respond to possible slowdown tendencies of the economy much less sensitively than the commercial real estate markets do.
Aside from our activities in these two strategic core business areas, we swiftly proceeded to wind down the discontinued project development activities and to optimise the financing structure of ESTAVIS during the first quarter of 2012/13. In this context, the result was impacted once more by certain encumbrances that were due to the premature repayment of a mezzanine financing, and that ultimately caused us to end the quarter with a loss. Accepting these encumbrances is justified, however, by the obvious relief effects that will result from this step and that will be reflected in the ESTAVIS reports of upcoming quarters. At this time, ESTAVIS has already disposed of all properties from the project development sector except for one. And even for the one remaining plot, a potential buyer has submitted a letter of intent. We have every confidence therefore to be able to unwind the discontinued activities according to plan.
Meanwhile, the positive ramifications of our new corporate strategy have begun to be reflected in the Group's revenues in the form of tidy privatisation revenues and the growing contribution to operating income that the letting of our proprietary portfolio real estate is making.
We intend to continue and intensify this development in the coming months by acquiring additional residential real estate portfolios characterised by a positive cash flow for our proprietary portfolio, and by expanding our activities in the housing privatisation sector at the present rate.
With a view to the swift unwinding of the encumbrances associable with the discontinued activities in the area of project developments in the 2011/12 annual accounts, as well as in the interim accounts for the first two quarters of the 2012/13 financial year, on the one hand, and given the progress made in the implementation of the new corporate strategy, on the other hand, we expect to see a positive result at the end of the 2012/13 financial year.
Management Board
Andreas Lewandowski Jacopo Mingazzini
Member of the Management Board Member of the Management Board
ESTAVIS shares are listed on the Regulated Market of the Frankfurt Stock Exchange, and meet the transparency requirements of the Prime Standard.
The third quarter saw a recovery of the markdowns, some of them substantial, that had largely dominated the German stock market action during the second quarter. At the same time, the persistent sovereign debt crisis, especially in Greece, and the development of the economic environment created uncertainty on the capital markets.
On the first trading day of the reporting period, 2 July 2012, the ESTAVIS share price was quoted at EUR 2.06, which marked the highest price achieved during the first quarter of the 2012/13 financial year. The lowest price was quoted on 21 August 2012 at EUR 1.73 (this being in either case the Xetra closing price).
On 28 September 2012, the last trading day of the reporting period, the ESTAVIS AG stock closed at EUR 1.75. This put the market capitalisation of ESTAVIS AG at approx. EUR 26.0 million as of 30 September 2012. The daily trading volume averaged 14,886 shares during the reporting period.
The corporate performance of ESTAVIS AG is continuously monitored by the analysts of several institutes. The latest analyst reports resulted in the following estimates for ESTAVIS shares:
* Closing prices in Xetra trading
During the first three months of the 2012/13 financial year, Germany's gross domestic product (GDP) grew by 0.3% quarter on quarter, according to an estimate by "Gemeinschaftsdiagnose" (a project group for a joint diagnosis of the situation of the domestic economy that is semi-annually presented to the German Government in the form of an expert opinion). This means that economic growth, while low-level, remained stable. However, the sovereign debt crisis in Europe, the uncertainty regarding the future of the Euro currency, and the generally slow global economy continue to impact the economic performance of Germany. Since April, the ifo Business Climate Index has been regressive. The negative expectations of German companies are reflected in a drop in capital expenditures. What fuels the growth is the construction industry along with private and public consumption.
For the year 2012 as a whole, the DIW German Institute for Economic Research predicts a growth by 0.9%, whereas the IfW Kiel Institute for the World Economy projects 0.8%. Growth forecasts for 2013 are even less homogenous: While the DIW assumes that demand outside the Eurozone will perk up and, in combination with the robust labour market and stable domestic demand in Germany, generate growth at a rate of 1.6%, the IfW expects to see no more than 1.0% in growth.
The pace at which new jobs were created in Germany slowed down during the reporting period. According to figures released by the Federal Statistical Office, the number of gainfully employed persons in Germany matched the level of the previous quarter at 41.6 million while growing by 0.9% year on year. The number of registered jobless persons, adjusted for seasonal variation, rose slightly to 2.91 million in September. Yet the jobless rate remained stable at 6.8%, and the unemployment rate, too, remained at a low level of 5.4%. Then again, the reticent macro-economic development suggests a slowdown of the positive trend on the labour market over the coming months, or so the IfW and the Bundesbank believe.
Germany's residential real estate investment market developed relatively briskly during the reporting period, according to data released by BNP Paribas Real Estate. Although the transaction volume lagged far behind those of the two foregoing quarters at EUR 1.8 billion, it is still twice as high as it was at the end of the same period last year. All things considered, this year is expected to conclude with the largest total transaction volume since 2007 at well over EUR 10 billion.
The business performance of ESTAVIS Group during the first quarter of the 2012/13 financial year was clearly defined by the implementation of the strategic reorientation as well as by the successful performance in the privatisation of proprietary holdings, in the brokerage business and in the management of the proprietary portfolio. The positive contributions from these three areas were offset by encumbrances in the context of the discontinued project development activities, as well as by the premature repayment of a mezzanine financing, all of which factors combined to produce a negative quarterly result.
The Group continued to pursue the setup and expansion of a high-yield proprietary portfolio by way of acquiring additional residential real estate portfolios with positive cash flow during the reporting period. In line with these efforts, ESTAVIS secured on the acquisition of a large residential real estate portfolio in Berlin in late September.
The revenues of ESTAVIS Group during the first quarter of the 2012/13 financial year came to EUR 8.3 million, after EUR 8.5 million during the same period last year.
Broken down for financial reporting purposes, revenues for continued operations were attributable to the company's following business segments:
Transactions in the Trade segment experienced a dip as the activities in the project development sector were being wound down. To some extent, this was compensated by the increase in brokerage commissions and rent revenues. The increase in revenues in the portfolio segment, while to some extent explained by the sale of a smaller property, is mainly due to the rise in rental income as a result of having enlarged the proprietary portfolio since the previous quarter.
The consolidated result after taxes equalled EUR –1.8 million (Q1 2011/12: EUR 0.03 million).
The other operating income showed a slight year-on-year decline, dropping from EUR 0.26 million in Q1 of 2011/12 to EUR 0.23 million this quarter.
Changes in inventories added up to EUR 1.8 million, having totalled EUR 1.2 million at the end of the first three months of the previous financial year.
During the reporting period, the gross margin (revenues plus changes in inventories less cost of materials/revenues) was 32.7% (previous year: 46.4%). The year-on-year decline in margin is due to encumbrance in connection with the expiring project developments, whereas the margin showed a positive trend in the two strategic business areas of setting up and managing the proprietary portfolio, and in housing privatisation. Accordingly, the margin for activities in the Trade Segment equalled 18%, while the margin for brokerage activities was 52.5%, and the margin for letting activities 69.0%. The margin for letting activities in the Portfolio segments was 64.3%.
The total operating performance rose from EUR 9.9 million to EUR 10.4 million during the first three months.
The cost of materials rose from EUR 5.7 million to EUR 7.4 million year on year.
Staff costs amounted to EUR 0.5 million during the reporting period, down from EUR 0.8 million during the same period last year, the decline being essentially due to the massive downscaling of the Group's workforce.
The other operating expenses matched the previous year's level at EUR 2.3 million.
Earnings before interest and taxes (EBIT) amounted to EUR 0.05 million (previous year: EUR 1.1 million).
The financial result in the period under review equalled EUR –1.8 million after EUR –1.0 million in the same period of the previous year. The decline is explained, among other reasons, by an early termination fee over EUR 0.5 million in connection with the premature repayment of a mezzanine financing.
With income taxes in the amount of EUR 0.09 million taken into account, the consolidated net profit equalled EUR –1.8 million (prior-year period: EUR 0.03 million). This translates into EUR –0.12 in earnings per share (previous year: EUR 0.00).
The total assets of ESTAVIS Group as of 30 September 2012 decreased by EUR 12.5 million or 7.0% to EUR 164.8 million (30 June 2012: EUR 177.3 million).
The decline in assets is explained primarily by the decrease in inventories, cash and cash equivalents, and non-current assets held for sale. The inventories declined from EUR 56.4 million to EUR 52.7 million, whereas cash and cash equivalents dropped from EUR 10.9 million down to EUR 4.8 million. While the value of non-current assets held for sale had equalled EUR 3.9 million by the balance sheet date of the previous financial year, no such assets were held by the end of the first quarter of the current financial year. The decrease in inventories is explained primarily by the disposal of project developments in conjunction with the strategic reorientation, whereas the drop in cash and cash equivalents, which had considerably increased by the end of the previous financial year through the inflow of the issuing proceeds from the convertible debenture issued in June 2012, is essentially due to the premature repayment of the mezzanine financing as well as to the repayment of other financings of inventories.
Financial liabilities, which mainly relate to liabilities to banks, decreased by a total of EUR 13.2 million to EUR 64.6 million (30 June 2012: EUR 77.8 million), with the decline primarily explained by the prematurely repaid mezzanine financing.
At EUR 56.8 million, the company equity was slightly lower than by the reporting date of the previous financial year (30 June 2012: EUR 59.0 million).
The reduction in total assets meant that ESTAVIS Group's equity ratio increased from 33.3% as of 30 June 2012 to 34.5% as of 30 September 2012.
Gearing (debt/total capital) declined from 66.7% to 65.5%. The ratio of cash and cash equivalents to total assets amounted to 2.9% at the end of the period under review (30 June 2012: 6.16%). The cash ratio of ESTAVIS Group (cash and cash equivalents/current liabilities) came to 6.4% as of 30 September 2012 (30 June 2012: 12.9%).
During the reporting period, net cash from operating activities amounted to EUR –6.3 million (previous year: EUR –1.0 million).
Net cash used in financing activities amounted to EUR 3.8 million during the reporting period (previous year: EUR –0.01 million).
During the first quarter of the 2012/13 financial year, the cash flow from financing activities amounted to EUR –3.6 million (prior-year period: EUR –0.04 million).
The ESTAVIS Group has implemented a risk management system that is designed for several purposes, including allowing the early recognition and appropriate communication of significant risk factors arising from its business activities that could be of relevance to its earnings situation or continued existence. The risk management system allows action to be taken against potentially adverse developments and events in a timely manner, and facilitates, where required, the implementation of countermeasures before any significant damage is incurred.
There have been no significant revisions to the risks for ESTAVIS Group in the period under review compared to the Risk Report in the Group Management Report for the previous financial year of 2011/12. Accordingly, reference should be made to the information contained therein.
The activities of the ESTAVIS Group during the months to come will focus, on the one hand, on the continued setup and expansion of the proprietary portfolio and, on the other hand, on the area of housing privatisation. With a view to the swift wind-up of the encumbrances resulting from the discontinued project development activities, on the one hand, and given the progress made in the implementation of the new corporate strategy, on the other hand, the Management Board expects the result to improve significantly, starting with Q3 of the 2012/13 financial year.
Moreover, the stable and positive contributions to operating income that are to be expected in conjunction with the then-as-now very auspicious business trend in housing privatisation make it reasonable to anticipate a very positive result both for the 2012/13 financial year as a whole and for the financial years thereafter.
| ESTAVIS AG | 30 Sept. 2012 | 30 June 2012 |
|---|---|---|
| Assets | TEUR | TEUR |
| Non-current assets | ||
| Goodwill | 17,776 | 17,776 |
| Other intangible assets | 84 | 85 |
| Property, plant and equipment | 276 | 298 |
| Investment property | 57,490 | 57,490 |
| Investments in associates | 122 | 122 |
| Other non-current financial assets | 1,619 | 1,737 |
| Deferred income tax receivables | 3,197 | 3,352 |
| Total | 80,564 | 80,859 |
| Current assets | ||
| Inventories | 52,741 | 56,411 |
| Trade receivables | 4,147 | 4,520 |
| Other receivables | 21,658 | 19,909 |
| Current income tax receivables | 866 | 800 |
| Cash and cash equivalents | 4,817 | 10,915 |
| Assets held for sale | – | 3,850 |
| Total | 84,229 | 96,406 |
| Total assets | 164,793 | 177,264 |
| ESTAVIS AG | 30 Sept. 2012 | 30 June 2012 |
|---|---|---|
| Equity | TEUR | TEUR |
| Issued capital | 14,524 | 14,319 |
| Capital reserves | 41,523 | 40,909 |
| Special reserves from non-cash contributions | – | 1,053 |
| IAS 39 reserve | – | – |
| Retained earnings | 736 | 2,766 |
| Total equity | 56,783 | 59,048 |
| Liabilities | ||
| Non-current liabilities | ||
| Provisions | 64 | 64 |
| Financial liabilities | 30,685 | 30,956 |
| Deferred income tax liabilities | 2,397 | 2,463 |
| Total non-current liabilities | 33,146 | 33,482 |
| Current liabilities | ||
| Provisions | 1,896 | 2,319 |
| Financial liabilities | 33,926 | 46,871 |
| Advance payments received | 18,964 | 15,196 |
| Current income tax liabilities | 1,492 | 1,491 |
| Trade payables | 13,716 | 13,246 |
| Other liabilities | 4,870 | 5,612 |
| Total current liabilities | 74,864 | 84,734 |
| Total equity and liabilities | 164,793 | 177,264 |
| ESTAVIS AG | First Quarter 12/13 1 July 2012 – 30 Sept. 2012 |
First Quarter 11/12 1 July 2011 – 30 Sept. 2011* |
|---|---|---|
| TEUR | TEUR | |
| Revenues | 8,330 | 8,522 |
| Change in value of investment property | 0 | 0 |
| Other operating income | 233 | 255 |
| Changes in inventories | 1,831 | 1,161 |
| Total operating performance | 10,394 | 9,938 |
| Cost of materials | 7,434 | 5,726 |
| Staff costs | 533 | 799 |
| Depreciation and amortisation | 30 | 32 |
| Other operating expenses | 2,346 | 2,290 |
| Operating result | 51 | 1,091 |
| Net income from associates | 0 | 0 |
| Interest income | 35 | 23 |
| Interest expenses | 1,824 | 1,046 |
| Financial result | –1,789 | –1,023 |
| Net profit before income taxes | –1,738 | 68 |
| Income taxes | 90 | 42 |
| Net profit | –1,828 | 26 |
| Earnings per share (EUR)** | –0.12 | 0.00 |
* adapted to change in reporting
** The existing conversion privileges had no dilution effect.
| ESTAVIS AG | First Quarter 12/13 1 July 2012 – 30 Sept. 2012 |
First Quarter 11/12 1 July 2011 – 30 Sept. 2011 |
|---|---|---|
| TEUR | TEUR | |
| Net profit | –1,828 | 26 |
| Available-for-sale financial assets | 0 | –1 |
| Changes in fair value | 0 | –1 |
| Reclassification recognised in profit or loss | 0 | 0 |
| Income taxes | 0 | 0 |
| Income directly recognized in equity | 0 | –1 |
| Total comprehensive income | –1,828 | 25 |
| ESTAVIS AG | First Quarter 12/13 1 July 2012 – 30 Sept. 2012 |
First Quarter 11/12 1 July 2011 – 30 Sept. 2011 |
|
|---|---|---|---|
| TEUR | TEUR | ||
| Net profit | –1,828 | 26 | |
| + | Depreciation/amortisation of non-current assets | 30 | 32 |
| +/– Increase/decrease in provisions | –423 | 574 | |
| +/– Change in value of investment property | 0 | 0 | |
| +/– Other non-cash expenses/income | 1 | 0 | |
| –/+ Gains/losses from the disposal of non-current assets | 0 | 0 | |
| –/+ Increase/decrease in inventories, trade receivables and other assets that are not attributable to investing or financing activities |
2,501 | 209 | |
| +/– Increase/decrease in trade payables and other liabilities that are not attributable to investing or financing activities |
–6,623 | –1,845 | |
| = | Cash flow from current operating activities | –6,342 | –1,004 |
| + | Payments received from the disposal of property, plant and equipment | 3,850 | 0 |
| + | Payments received for the disposal of financial assets | 0 | 51 |
| – | Payments for investments in intangible assets | –6 | 0 |
| – | Payments for investments in property, plant and equipment | –1 | –13 |
| – | Payments for investment property | 0 | –157 |
| = | Cash flow from investing activities | 3,842 | –120 |
| – | Payments to shareholders | –437 | 0 |
| – | Repayment of bonds and financial loans | –3,160 | –45 |
| = | Cash flow from financing activities | –3,597 | –45 |
| Net change in cash and cash equivalents | –6,097 | –1,169 | |
| + | Cash and cash equivalents at the beginning of the period | 10,915 | 3,598 |
| = | Cash and cash equivalents at the end of the period | 4,817 | 2,429 |
Consolidated Statement of Changes in Equity
| Issued capital |
Capital reserves* |
IAS 39 reserve |
Retained earnings |
Total | |
|---|---|---|---|---|---|
| ESTAVIS AG | |||||
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of 1 July 2012 | 14,319 | 41,963 | – | 2,766 | 59,048 |
| Total comprehensive income | – | – | – | –1,828 | –1,828 |
| Non-cash contribution made | 440 | –440 | – | – | – |
| Repurchase of company shares | –235 | – | – | –201 | –437 |
| As of 30 September 2012 | 14,524 | 41,523 | – | 736 | 56,783 |
* including special reserves from non-cash contributions as of 1 July 2012 as reported in the balance sheet.
| ESTAVIS AG | Issued capital |
Capital reserves |
IAS 39 reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of 1 July 2011 | 14,319 | 48,198 | 1 | –1,819 | 60,699 |
| Total comprehensive income | – | – | –1 | 26 | 25 |
| As of 30 September 2011 | 14,319 | 48,198 | 1 | –1,793 | 60,724 |
ESTAVIS AG with its subsidiaries is active both as property portfolio holder and property trader.
The company is domiciled in Berlin, Germany. The company's shares are listed on the Frankfurt Stock Exchange for trading on the Regulated Market (Prime Standard).
On 30 September 2012, ESTAVIS AG acted as operating holding company for numerous special purpose entities.
These condensed consolidated interim financial statements were approved for publication by the company's Management Board in November 2012. The condensed consolidated interim financial statements were not checked by an auditor or subjected to review.
The condensed consolidated interim financial statements for the first quarter of the 2012/13 financial year, which ended on 30 September 2012, were prepared in accordance with the provisions of IAS 34 "Interim Financial Reporting" as adopted by the EU by way of ordinance. The condensed consolidated interim financial statements should be read in conjunction with the most recent consolidated financial statements of ESTAVIS AG for the year ended 30 June 2012.
With the following exceptions, the accounting policies applied in the condensed interim consolidated financial statements are the same as those applied in the preparation of the most recent consolidated financial statements for the year ended 30 June 2012.
The current financial year is the first year in which the application of the following standards has become mandatory:
| Standard/Interpretation | |
|---|---|
| IAS 1 | Amendment: Presentation of Items of Other Comprehensive Income |
This did not result in any changes to the financial reporting for the ESTAVIS AG Consolidated Financial Statement. No regulations were applied early.
In the consolidated financial statements as of 30 June 2012, the rental income from inventory properties was for the first listed among the revenues and the corresponding operating costs among the material costs. The previous year's figures listed in this interim financial statement have been adjusted accordingly.
All amounts posted in the balance sheet, income statement, consolidated statement of comprehensive income, statement of changes in equity and cash flow statement, as well as in the notes and tabular overviews, are quoted in thousands of euro (TEUR), unless otherwise noted. Both individual and total figures represent the value with the smallest rounding difference. Small differences can therefore occur between the sum of the individual values represented and the reported totals.
As of 30 September 2012, the condensed consolidated interim financial statements of ESTAVIS AG included 42 subsidiaries and one associate. The status quo of the consolidated group as of 30 June 2012 remained unchanged during the first quarter of the ongoing financial year.
The segment results for the first quarter of the 2012/13 financial year and the comparison period are shown below:
| Trading | Portfolio | Group | ||||
|---|---|---|---|---|---|---|
| 2012/13 | 2011/12 | 2012/13 | 2011/12 | 2012/13 | 2011/12 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Revenues (external) | 6,409 | 7,464 | 1,921 | 1,058 | 8,330 | 8,522 |
| Revenues (internal) | – | – | – | – | – | |
| Segment result | –404 | 745 | 455 | 346 | 51 | 1,091 |
| Net income from investments carried at equity |
– | – | 0 | 0 | 0 | 0 |
| Financial result | –1,203 | –551 | –586 | –471 | –1,789 | –1,023 |
The financial result of the first quarter is burdened with an early termination fee of TEUR 535 for the premature repayment of a mezzanine financing. The expense was accounted for by the Trading segment.
Mr Florian Lanz, the former CEO of ESTAVIS AG (until 17 April 2012), and Mr Eric Mozanowski, former member of the Management Board of ESTAVIS AG (until 31 December 2011), assumed guarantees for loans granted to ESTAVIS Group. By the reporting date, the guarantee volumes amounted to TEUR 2,000 in the case of Mr Lanz, and to TEUR 1,000 in the case of Mr Mozanowski. It has been agreed to pay remuneration equal to 5% p.a. and 1% p.a., respectively.
Above and beyond this, there were no significant new related party transactions, nor were any of the related party transactions reported in the notes to the consolidated financial statements for the 2011/12 financial year changed or derecognised.
The ESTAVIS Group employed 30 staff by the end of the quarter. During the same quarter last year, there was a workforce of 49. On average, 42 staff were on the Group's payroll during the past financial year.
| 15 January 2013 | Annual General Meeting, Berlin |
|---|---|
| 11 February 2013 | Quarterly report – 2nd quarter / Half year 2012/13 |
| 13 May 2013 | Quarterly report – 3rd quarter / Nine months 2012/13 |
All dates are provisional. Please check our website www.estavis.de for confirmation.
This interim report contains specific forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events. This applies, in particular, to statements relating to future financial earning capacity, plans and expectations with respect to the business and management of ESTAVIS, growth, profitability and the general economic and regulatory conditions and other factors to which ESTAVIS is exposed.
Forward-looking statements are based on current estimates and assumptions made by the company to the best of its knowledge. Such forward-looking statements are based on assumptions and are subject to risks, uncertainties and other factors that may cause the actual results including the net asset, financial and earnings situation of ESTAVIS to differ materially from or disappoint expectations expressed or implied by these statements. The operating activities of ESTAVIS are subject to a number of risks and uncertainties that may also cause a forwardlooking statement, estimate or prediction to become inaccurate.
ESTAVIS AG Uhlandstraße 165 10719 Berlin Phone: +49 (0)30 887181-0 Telefax: +49 (0)30 887181-11 E-Mail: [email protected] Home: www.estavis.de
Andreas Lewandowski, Jacopo Mingazzini
Dr. Karl-Josef Stöhr, Berlin
ESTAVIS AG Investor & Public Relations Phone: +49 (0)30 887181-799 Telefax: +49 (0)30 887181-779 E-Mail: [email protected]
Goldmund Kommunikation, Berlin www.goldmund-kommunikation.de
Power-DesignThing GmbH www.derthing.de
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