Accentro Real Estate AG

Earnings Release • Feb 13, 2009

News Details

Corporate | 13 February 2009 08:00

ESTAVIS reports half-year interim figures for 2008/2009

ESTAVIS AG / Half Year Results

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Berlin, 13 February 2009 – In the first half of its 2008/2009 financial
year, Estavis AG recorded revenues of EUR 50.4 million (previous year: EUR
104.5 million). The net profit from continued operations amounted to EUR
-5.0 million (previous year: EUR 3.3 million), while the earnings per share
from continued operations totalled EUR -0.56 (previous year: EUR 0.42).

In view of the negative earnings trend in the first half of the year –
caused by the international financial crisis – the Management Board agreed
on and implemented several measures to improve the company’s cost
structures. These included the sale of the majority interest in ESTAVIS
Property Management GmbH with a total of 48 employees in December 2008. The
discontinued property management operations showed a loss of EUR 1.2
million in the first half of the year. Seven additional job cuts –
particularly in the portfolio trading segment – will become effective at
the start of the current third quarter.
The Management Board of ESTAVIS AG is currently preparing further
cost-cutting measures, which are to be implemented during the financial
year. With the planned measures ESTAVIS lays the foundation to emerge
stronger from the current market phase.

The development of revenues in the first half of the year was heavily
influenced by the slump on the market for institutional property
transactions. As a result, portfolio sales failed to take place. The
portfolio trading segment recorded revenues of EUR 61 million in the same
period of the previous year.

In contrast, Estavis strengthened its position on the market for apartments
through the sale of 451 individual apartments to investors. Revenues in
this segment totalled EUR 42.9 million. By expanding its apartments
segment, Estavis significantly reduced its dependence on the volatile
institutional property market. The company plans to sell over 1,000
apartments to private investors in the 2008/2009 financial year. Estavis is
thus in a leading position in this sector of the market.

Rainer Schorr, CEO of ESTAVIS AG, on business in the first half of
2008/2009: 'Sales of apartments to investors are still at a high level.
While we are not anticipating a significant revival in the portfolio
trading segment in the next few months, we expect to meet our target in the
apartments segment and to sell at least 1,000 individual apartments to
private investors by the end of the current financial year.

KEY FIGURES*
First Half of 2008/2009 (1 July 2008 – 31 December 2008) – Comparative
period: First Half of 2007/2008 (1 July 2007-31 December 2007)

-Revenues: EUR 50.4 million (previous year: EUR 104.5 million)
-Revenues apartments: EUR 42.9 million (previous year: EUR 42.9 million)
-Revenues from portfolio trading: EUR 7.1 million (previous year: EUR 61.0
million)
-Total operating performance: EUR 50.1 million (previous year: EUR 94.4
million)
-EBIT: EUR -3.3 million (previous year: EUR 5.2 million)
-Net profit: EUR -5.0 million (previous year: EUR 3.3 million)
-Earnings per share: EUR -0.56 (previous year: EUR 0.42)
-Revenues volume in business units: 451 (previous year: 1,765)
-Revenues volume in square metres: 23,988 (previous year: 114,052)

*from continued operations

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

13.02.2009 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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