Accentro Real Estate AG

Earnings Release • Nov 16, 2007

News Details

Corporate | 16 November 2007 07:25

ESTAVIS AG publishes results for the first quarter of 2007/2008 and confirms outlook

ESTAVIS AG / Quarter Results

Announcement, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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• Clear rise in revenues and earnings

• Portfolio sales of over EUR 100 million currently in preparation –
  outlook confirmed

• Expansion of property and asset management for institutional investors

• Leading market position in residential privatisations by acquisition of
  B&V GmbH

'We have made a successful start to the 2007/2008 financial year and have
gained strength, particularly in the area of residential privatisation,'
said Rainer Schorr, CEO at ESTAVIS AG. 'With the acquisition of B&V GmbH,
we are one of the leading suppliers in the strongly growing segment of
property-based investment and pension provision in Germany.'

KEY FIGURES FOR Q1 2007/2008 (comparable previous year’s period: Q1
2006/2007):
Revenues EUR 45.5 million (previous year: EUR 13.2 million); total
operating performance EUR 45.7 million (previous year: EUR 13.8 million);
gross margin 18.8% (previous year: 17.7%); EBIT (operating profit + profit
from affiliates) EUR 1.3 million (previous year: EUR 1.1 million); pre-tax
profit EUR 0.9 million (previous year: EUR 0.7 million); net profit EUR 0.9
million (previous year: EUR 0.5 million); earnings per share EUR 0.15
(previous year: EUR 0.09); sales volume in units 745 (previous year: 294);
sales volume in square metres 51,971 (previous year: 16,261).

Berlin, 16 November 2007 - ESTAVIS AG (ISIN: DE000A0KFKB3) today announced
its results for the first quarter of 2007/2008. According to the
International Financial Reporting Standards (IFRS), revenues rose in
comparison with the previous year’s period by 246% to EUR 45.5 million.
This substantial increase in revenues was achieved primarily by high growth
in the area of portfolio trading. EBIT (including non-recurring effects)
rose by 13% to EUR 1.3 million. Net profit increased to EUR 0.9 million –
an upturn of 87%.

EBIT was impacted negatively by non-recurring effects in the amount of EUR
1.2 million. In addition to effects from the purchase price allocation
necessary in accordance with IFRS for the acquisition of Hamburgische
Immobilien Invest SUCV AG (HAG) totalling EUR 0.7 million, this includes
start-up costs of EUR 0.5 million for the development of ESTAVIS property
and asset management.

Other operating expenses include provisions of EUR 2.6 million from the
sale of property by CWI Real Estate AG.

One-time effects in deferred tax receivables and liabilities from the
changes in the tax regulations as a result of the 2008 German corporation
tax reform had a positive net effect on consolidated earnings of EUR 0.4
million.

Significant portfolio sales in preparation – outlook confirmed
ESTAVIS AG is currently preparing portfolio transactions with a total
volume of over EUR 100 million. In addition to a commercial portfolio with
a transaction value of approximately EUR 45 million, additional portfolios
valued at over EUR 60 million are currently being structured.

ESTAVIS AG confirms the outlook for the current year assuming clear
revenues growth to over EUR 300 million and an EBIT margin before
non-recurring effects of between 12% and 14%.

ESTAVIS expands property and asset management services
ESTAVIS AG is clearly expanding its property and asset management services.
Services in this area will now no longer be exclusively available to the
ESTAVIS Group’s portfolio customers, but also offered to third parties
within the scope of service orders. Activities in this area will be
selectively assumed by the recently formed ESTAVIS Property Management
GmbH, based in Halle. The company now has 22 employees and has around 2,700
units under management.

Leading market position in residential privatisations by acquisition of B&V
GmbH
On 25 September 2007, ESTAVIS AG concluded a contract with the shareholders
of B&V Bauträger- und Vertriebsgesellschaft für Immobilien mbH, Berlin (B&V
GmbH), for the acquisition of the company. The Supervisory Board at ESTAVIS
AG agreed to the transaction in October 2007. With the take-over of B&V
GmbH, ESTAVIS strengthens its own activities in the strongly growing area
of property-based investment and pension provision, which are managed by
subsidiaries of the ESTAVIS Group, CWI Real Estate AG, Bayreuth and
Hamburgische Immobilien Invest SUCV AG, Hamburg. In addition to its core
business of portfolio trading, the ESTAVIS Group now has a leading position
as a supplier in this strongly growing market segment with its subsidiaries
expected to sell an overall volume of over 1,000 residential units.

The complete quarterly report in German can be found on the ESTAVIS AG
website at http://www.estavis.de/finanzberichte.0.html and in English at
http://www.estavis.de/199.0.html.

A telephone conference for analysts and investors in English will be held
at 10 am (CET).

Dial-up information:
Conference: +49 (0) 6103 485 3000
Replay: +49 (0) 69 58 99 90 568
Replay pin: 137542#

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

16.11.2007 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, Düsseldorf, München, Stuttgart

End of News DGAP News-Service

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