Ad-hoc | 29 May 2007 07:30
ESTAVIS AG / Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Berlin, May 29, 2007 – ESTAVIS AG reported financial results for the first
nine months of the financial year 2006/2007 (1 July 2006 - 30 June 2007).
Under International Financial Reporting Standards (IFRS), revenues
increased by 128 percent to EUR 110.7 million. Profit before taxes climbed
53 percent to EUR 10.8 million. Net profit of EUR 6.3 million was slightly
above last year despite a higher tax burden.
The acquisition of the majority interest in Hamburgische Immobilien Invest
SUCV AG as of 30 March 2007 has not been taken into account in the
Consolidated Income Statement for the third quarter, but will be considered
for the first time in the current fourth quarter. Initial effects on the
Consolidated Balance Sheet of ESTAVIS are discussed in detail in the
interim report.
In the third quarter – the last quarter before going public – sales of EUR
31.0 million were below the comparison period (EUR 36.2 million). This is
mainly attributable to an extraordinary sales increase in the third quarter
of last year. Approximately 75% of the revenue for the first nine months of
financial year 2005/2006 was generated in that quarter.
In addition, ESTAVIS has sold a property portfolio as part of a joint
venture during the third quarter of the current financial year. This
transaction had no sales impact as ESTAVIS reports the income resulting
from the sale under 'Net income from associates' (EUR 0.9 million).
Profit before taxes amounted to EUR 1.7 million in the third quarter
(compared to EUR 5.5 million in the previous quarter). The change in the
profit before taxes is mainly attributable to one-time costs related both
to the IPO (more than EUR 1.5 million) and to the acquisition of the
majority interest in Hamburgische Immobilien Invest SUCV AG.
Despite the above mentioned one-time costs and higher tax burden a net
profit of EUR 1.1 million could be achieved (compared to EUR 5.0 million in
the previous quarter).
Five property portfolios with a total of 32 buildings were sold to
institutional investors in the third quarter. This pushed the number of
buildings sold in the first nine months of the current financial year to
113 compared to 43 buildings in the same period of the previous financial
year. The portfolios sold in the third quarter focused on the regions
Berlin, Halle/Leipzig, Hamburg and Bremen.
In procuring properties, ESTAVIS faced continued favourable conditions in
the third quarter in order to fulfil the increased demand of institutional
investors for structured portfolios. As of mid-May 2007, ESTAVIS had been
able to secure 192 buildings notarially for the planned assembly of
property portfolios at a total purchase price of some EUR 115 million.
Outlook
The Management Board expects that the dynamic business performance will
also continue in the fourth quarter and in the new financial year. This
expectation is based on agreements that already exist or are currently
being negotiated for the sale of property portfolios as well as the
continued favourable conditions for purchasing properties. In addition, the
funds grossed through the IPO provide additional financial strength to
further drive the growth of ESTAVIS AG.
The full interim report in English and German language can be found under
the following web address: http://www.estavis.de/index.php?id=12 .
About ESTAVIS AG
ESTAVIS AG serves as leading German market maker between private sellers of
individual properties and the institutional real estate market. The
company's portfolio trading operations involve the assessment and purchase
of individual properties throughout Germany, their inclusion in on-demand
structured portfolios and the subsequent sale to international
institutional investors.
ESTAVIS acquires its properties through a broad network, including more
than 200 experienced brokers. By acquiring a majority stake in the
Hamburgische Immobilien Invest SUCV AG / CWI Group, ESTAVIS has increased
its access to property acquisitions and has expanded its services in the
field of residential property privatisation.
ESTAVIS AG shares were successfully listed on the Prime Standard of the
Frankfurt Stock Exchange on April 2, 2007. The company grossed Euro 56
million which will be used for the expansion of its business activities.
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Information and Explaination of the Issuer to this News:
The full interim report in English and German language can be found under
the following web address: http://www.estavis.de/index.php?id=12 .
A conference call for analysts and investors in English language will be
held today at 11 a.m. CET.
Dial-in:
Call: +49 69 58 999 0805
Replay: +49 69 58 99 90 568 (English message)
Replay Pin: 136002#
Contact:
Peter Vogt - Investor & Public Relations - Tel: + 49 30 887 181 799 -
E-Mail: ir@estavis.de
DGAP 29.05.2007
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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
www: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Indices:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin-Bremen, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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