ESTAVIS AG (FRA:E7S) ESTAVIS AG: ESTAVIS Concludes 2012/13 Financial Year with Consolidated Profit

Directive transparence : information réglementée

23/09/2013 08:03
DGAP-News: ESTAVIS AG / Key word(s): Final Results ESTAVIS AG: ESTAVIS Concludes 2012/13 Financial Year with Consolidated Profit 23.09.2013 / 08:03 --------------------------------------------------------------------- - Turnaround accomplished after strategic realignment - Successful operating performance of the business lines 'Portfolio' and 'Privatisation' - Positive outlook for 2013/14 and subsequent years Berlin, 23 September 2013 - Estavis AG Group (ISIN: DE000A0KFKB3) concluded its 2012/13 financial year with its new corporate strategy successfully implemented, and the wind-up of the discontinued activities largely completed. In its two strategic core business areas of 'Portfolio' and 'Privatisation,' ESTAVIS achieved substantial growth and a successful operating performance. In terms of its consolidated income, the Group accomplished the turnaround, realising a positive income of 1.5 million euros after a loss the previous year. Significant Expansion of the Proprietary Portfolio ESTAVIS continued to pursue the expansion of its proprietary portfolio through several acquisitions in the course of the 2012/13 financial year, thus laying the ground for a positive earnings performance in the years to come. By the end of the year, the proprietary portfolio had grown to around 2,100 residential units, mainly through the acquisition of nearly 1,400 flats within the framework of package deals in Bernau near Berlin and in Berlin-Hohenschönhausen. The recently acquired holdings are characterised by sustainably positive cash flows, low vacancy rates, and good to excellent repair. They have generated positive contributions to operating income from the start. 'In the coming months, we will continue to make an intense effort to significantly expand our proprietary portfolio,' said Torsten Ceijka, Member of the Board of ESTAVIS AG. 'A case in point, we decided just days ago to acquire a majority interest in the Chemnitz-based housing company J2P Real Estate AG. For us, it is but one step in our ongoing expansion into what is one of the most interesting regional housing markets in Germany today.' Persistently Reassuring Trend in the Privatisation Business Parallel to the effort of building up and expanding the Portfolio segment, the ESTAVIS Group has also seen the privatisation business develop very handsomely, specifically the business of retailing proprietary holding of the Group through its subsidiary ESTAVIS Wohneigentum GmbH, which more than doubled the number of condominiums sold during the year under review, and whose privatisation stock was expanded as planned by adding newly acquired residential units. At the same time, the privatisation services business pooled in Accentro GmbH experienced steady growth. 'This mirrors not least the appreciation for the high level of competence and market leadership position that Accentro GmbH has attained in recent years,' said Jacopo Mingazzini, Member of the Board of ESTAVIS AG. Financing Structure Remains Positive - Negative Effect on Earnings from Wind-up of Discontinued Activities The financing structure of the ESTAVIS Group has continued to improve, helped not least by the capital increases undertaken in the concluded financial year, by the issuance of a corporate bond in February 2013, as well as by the Group's strict cost and liquidity management. By the balance sheet date of 30 June 2013, the equity ratio equalled 32.9 percent, thereby more or less matching last year's level (33.3 percent) even though the Group's total assets substantially increased due to the much enlarged proprietary portfolio. Once again, considerable negative effects on earnings were incurred in conjunction with the wind-up of the discontinued activities in the areas of project developments and listed property marketing. At the same time, the wind-up has progressed according to plan. 'Once these activities have been wound up, we will be able to devote our entire energy on the continued expansion of our two strategic business lines,' said Jacopo Mingazzini. 'What boosts our efforts is the persistently buoyant market environment, which continues to be paced by lively investor interest in real estate, and from brisk demand for housing in Germany's major cities and their greater metro areas.' Positive Outlook for the Ongoing 2013/14 Financial Year and Subsequent Years The Management Board expects the 2013/14 financial year as well as subsequent years to see a further improvement in consolidated income. 'Since we expect no further encumbrances from our legacy business, and since we assume that the operating performance of our two strategic business lines will remain positive, the resulting contributions from the current financial year and subsequent years will be more conspicuously reflected in the consolidated income than used to be the case' said Torsten Cejka. OVERVIEW OF KEY RATIOS FOR THE 2012/13 FINANCIAL YEAR 2012/13 financial year (01 July 2012 through 30 June 2013) - 2011/12 financial year (01 July 2011 through 30 June 2012) - Revenues: EUR 118.9 million (previous year: EUR 51.3 million) - Total operating performance: EUR 111.1 million (previous year: EUR 52.9 million) - EBIT: EUR 11.4 million (previous year: EUR 1.4 million) - Consolidated income: EUR 1.50 million (previous year: EUR -2.95 million) - Earnings per share: 9 Cents (previous year: -21 Cents) The complete annual report for the 2012/13 financial year will be available to download as of Monday, 23 September 2013 at http://www.estavis.de/investor-relations/finanzberichte (in German) and http://www.estavis.de/en/investor-relations/financial-reports (in English). About ESTAVIS: Estavis AG is a listed property company focusing on residential properties. The company manages a growing proprietary housing stock. The second mainstay of the company's business model is apartment retailing of proprietary and third-party holdings. The company's subsidiary Accentro is Germany's market leader in the field. Estavis AG is headquartered in Berlin and is listed on the Prime Standard of the Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB). Contact: ESTAVIS AG Investor & Public Relations Tel: + 49 30 887 181 799 E-mail: ir@estavis.de Dr. ZitelmannPB. GmbH Holger Friedrichs Tel.: + 49 30 72 62 76 157 E-mail: friedrichs@zitelmann.com End of Corporate News --------------------------------------------------------------------- 23.09.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: ESTAVIS AG Uhlandstr. 165 10719 Berlin Germany 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, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 231324 23.09.2013