Corporate | 3 July 2009 01:36
CR Capital Real Estate AG / Final Results/Dividend Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- - Group with profit after tax of EUR 3.3 million - 9% dividend yield (EUR 0.10 per share) - Focus on prime properties at top locations in Berlin - Financial flexibility enables company for substantial growth Today (July 3, 2009) Berlin based CR Capital Real Estate AG publishes results 2008. The property company, listed in the German Open Market, was founded in May 2008; due to this 2008 was a short fiscal year (May 31 to December 31, 2009). Core business of the company is the management of exclusive residential and commercial properties located in the Berlin area (acquisition, developing activities and letting/selling). In June 2009 the property portfolio consisted of five properties with letting space of more than 4,500 sqm. In 2008 Groups profit after tax came to EUR 3.3 million (EPS of EUR 0.22). Major driver for the positive result was income from the disposal of a subsidiary with properties located in the Federal State of Saxony. This disposal illustrates companies clear focus on the Berlin area. In 2008 sales structures were under construction, so income from letting activities resulted in a lower amount. Several rental contracts have been negotiated in the meantime, so 2009 results will be positively influenced by revenues from rents. Groups balance sheet as at December 31, 2008 shows an equity ration of 96% (ROE of 18%) and cash of more than EUR 8 million. This capital structure assures financial flexibility and enables the company for substantial growth by acquisitions. In November 2008 independent Creditreform Rating AG evaluated CR Capital Real Estate AG with an A+ rating, so much better than the sector average. Creditreform Rating AG appreciated financial stability and the medium-termed business plan of the company. In 2009 CR Capital Real Estate AG intends to take opportunities given by current markets and acquire properties for convenient prices. Consequently Management Board and Supervisory Board decided to pay out not 100% but 50% of achieved profit after tax as dividend. Dividend per share is EUR 0.10 (AGM on August 18, 2009), current dividend yield is 9% (based on Xetra closing price as at July 2, 2009). CEO Thomas Ehrich: 'With a payout ratio of 50% we do not comply with our guidance, but with regard to our growth plans this dividend is fair and attractive.'. Based on coming acquisitions of properties complying with the demands for a REIT, managements business plan include raising rental income and revenues from disposals. Thomas Ehrich: 'Current negotiations regarding rental contracts, acquisitions and disposals make me feel optimistic looking to year-end 2009. Group key figures 2008 (IFRS, in EUR million)Consolidated balance sheet December 31, 2008 Long-term assets 6.7 Short-term assets 12.5 - thereof cash at banks 8.4 Equity 18.3 Liabilities 0.8 - thereof short-term liabilities 0.8 Total assets 19.1 Equity ratio 95.8% ROE 18.0%Consolidated income statement May 31 to December 31, 2008 Sales and other income 3.6 EBIT/EBITDA 3.2 Profit before tax 3.3 Profit after tax 3.3Information to the share Number of outstanding shares 15,000,000 Class of shares bearer/ordinary shares Listing segment Open Market Freefloat approx. 90% Stock exchange Xetra ISIN / ticker symbol DE000A0WMQ53 / CRZThe Annual Report 2008 is available starting from July 8, 2009 (for download see http://www.capital-real-estate-ag.de). Contact: bonnIR / Hubert Bonn Phone: +49 (0)6157 9861190 Mailto: bonn@bonn-ir.com http://www.bonn-ir.com 03.07.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------