Corporate | 14 August 2009 07:43
CR Capital Real Estate AG / Half Year Results 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. ---------------------------------------------------------------------- CR Capital Real Estate AG, focussed on the Berlin residential and commercial property market, was able to expand its rental business within the first half-year of 2009. Rental income came to 220 kEUR. Based on other operational expense of around 350 kEUR, EBIT came to 106 kEUR and earnings after taxes came to aound 82 kEUR. Total expenses came to 456 kEUR. Other operational expenses contained up-writing of a property by approximately 240 kEUR (considering deferred taxes). Without this special item, earnings after taxes came to slightly negative -158 kEUR. Achievable sustainable rent level is EUR 13-14 per sqm per month (net cold rent). In the first half of 2009, investments in the property portfolio, to be capitalized, totalled around 9,500 kEUR. In the first half of 2009, liabilities at the group-level were increased by obtaining long-term loans, to around 2,000 kEUR. With overall equity capital of around 18,000 kEUR, the equity ratio as of 30 June 2009 remained high, at 90%. CEO Thomas Ehrich about the first half-year of 2009: 'First six months of 2009 worked well. Our focus was to start rental activities, develop our portfolio strategy and discuss further property transactions with market parties and with banks. All in all, a good basis for the second half year of 2009.'. CR Capital Real Estate AG intends to benefit from its advantageous capital structure and to acquire additional properties and developable plot. In this regard, the company is confident that it will be able to approximately double rental space by the end of the year 2009. In early August 2009, CR Capital Real Estate AG sold a city villa located in Berlin-Grunewald. The selling price corresponded with a multiplier of the annual net cold rental income of 22. Book profit was generated. Further property transactions are planned, each able to bring benefit to annual cash flow and earnings. Using the approved authorized capital, that means issuance of new shares is possible in 2010. Current institutional shareholders already sent signals to participate in an increase in capital. The report for the first half-yea of 2009 is available for download: http://www.capital-real-estate-ag.de About CR Capital Real Estate AG Berlin CR Capital Real Estate AG is a listed property company and owns the status of a Vor-REIT (pre REIT status). The Group manages high quality residential and commercial properties at top locations in the greater Berlin area. The current property portfolio consists predominantly of city villas located in Berlin-Grunewald. Group's strategy provides for growth of the property portfolio on other Berlin districts and Potsdam respectively enlargement of Group's fields of action, this by the acquisition of medical centres and new buildings subsidized by the Kreditanstalt für Wiederaufbau (KfW). Thereby Groups business operations can be developed to an expanded base. Contact: bonnIR Hubert Bonn Phone: +49 (0)6157 9861190 bonn@bonn-ir.com http://www.bonn-ir.com 14.08.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------