14.11.2014
ESTAVIS AG DE000A0KFKB3
DGAP-News: ESTAVIS AG Makes Good Start to Financial Year
DGAP-News: ESTAVIS AG / Key word(s): Interim Report/Quarter Results
ESTAVIS AG Makes Good Start to Financial Year
14.11.2014 / 11:46
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- Revenues rise by 37 percent to 10.7 million euros (previous year: 7.8
million euros).
- Privatisations deliver substantially increased contribution to
operating income
- Quarterly profit of 0.14 million euros and favourable outlook for the
financial year
Berlin, 14 November 2014 - ESTAVIS AG (ISIN: DE000A0KFKB3) started into the
2014/2015 financial year with a consolidated income of 0.14 million euros
(prior-year quarter: 0.1 million euros). Sales revenues rose by 37 percent
to 10.7 million euros (prior-year quarter: 7.8 million euros).
The first quarter of the 2014/2015 financial year of ESTAVIS AG was defined
by stable contributions to operating income in the Portfolio segment and by
an increased contribution to operating income in the Trading segment.
Compared to 0.7 million euros in the prior-year quarter, the Trading
segment's contribution to operating income grew by 43% year on year as it
climbed to 1.0 million euros. This means that during the first three months
ESTAVIS already managed to generate the equivalent of nearly 40 percent of
the year-end total of the previous financial year in the Trading segment.
"This success in the privatisation business is largely attributable to
proprietary trading. It vindicates our strategy of steadily expanding our
proprietary trading through our subsidiary ESTAVIS Wohneigentum GmbH," said
Jacopo Mingazzini, the CEO of ESTAVIS AG.
Just recently, the company restocked its privatisation pipeline with assets
earmarked for proprietary trading. It spent approximately 15 million euros
to acquire 294 residential units in Berlin's Lichtenberg borough. "The
apartments are in excellent repair and are perfectly suited for private
investors and owner occupiers," as Mingazzini noted.
The Portfolio segment performed according to plan. The expansion of the
property stock through acquisitions in the town of Neubrandenburg and the
takeover of the property company J2P Real Estate AG pushed revenues up to
2.8 million euros, an increase by 14 percent. However, it implied a
year-on-year decline in the contribution to operating income in the
Portfolio segment. The income total was impacted in particular by one-off
payroll and benefit costs as well as by transaction and restructuring costs
in connection with the acquisition of a 4,300-unit portfolio. Despite the
positive group EBIT in an amount of 1.7 million euros, the consolidated
income thus came to just 0.14 million euros.
"All things considered, though, we have reason to be satisfied with the
earnings position of the ESTAVIS Group. Having expanded our housing stock
and added new assets to our trading portfolio, we created the preconditions
for an improved financial performance in the reporting periods to come.
Accordingly, we expect to see positive growth of revenue and earnings in
the ongoing financial year," said Mingazzini.
About ESTAVIS:
ESTAVIS AG is a listed property company focusing on residential properties.
The company buys up selected housing portfolios for the purpose of managing
them long-term. Accentro, a subsidiary of Estavis and the company's second
mainstay, is Germany's market leader in housing privatisations as a
service. 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: [email protected]
Dr. ZitelmannPB. GmbH
Holger Friedrichs
Tel.: + 49 30 72 62 76 157
E-mail: [email protected]
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14.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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: [email protected]
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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