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
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- 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
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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
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