20.12.2018 CONSUS Real Estate AG  DE000A2DA414

DGAP-News: Consus Real Estate publishes its Q3 2018 results


DGAP-News: CONSUS Real Estate AG / Key word(s): 9 Month figures
Consus Real Estate publishes its Q3 2018 results

20.12.2018 / 07:00
The issuer is solely responsible for the content of this announcement.

Consus publishes its Q3 2018 results realizing further growth in development activities

- Overall performance of EUR 349.2m in 9M 2018 with Q3 contributing EUR 106.8m
(or 31%)

- EBIT pre-PPA of EUR 81.8m translates into a margin of 23% above medium term target

- Strategic milestones achieved in Q3 2018 including cash capital increase raising gross proceeds of EUR 131m, increasing stake in CG to 75% on a diluted basis and divesting GxP stake

- Gross development volume (GDV) of EUR 9.6bn as of November 2018 (+112% vs. FY 2017) following acquisition of SSN Group

Berlin, 20 December 2018 - Consus Real Estate AG ('Consus', ISIN DE000A2DA414, CC1) reports it's 2018 nine months results and continues its growth path with strong development activities and above target EBIT pre-PPA margin.

Besides previously reported building permits in H1 2018 for large-scale projects in Cologne, Leipzig and Dresden, Consus added further development income including from one of its landmark projects Steglitzer Kreisel in Berlin to achieve its overall performance of EUR 349.2m in 9M 2018. Consus' EBIT pre-PPA increased to EUR 81.8m translating into an EBIT pre-PPA margin of 23.4%.

Significant progress on development volume

Several development milestones have been accomplished in Q3 2018 for projects in Berlin (Ernst-Reuter-Platz) and Frankfurt (Westend Ensemble) with a combined GDV of c. EUR 250m with additional forward sales achieved for one of Consus major projects in Cologne of EUR 241m after the reporting date, with further forward sales expected to be signed prior to year-end. In addition to these operational highlights, Consus organically grew its portfolio by securing thirteen new projects for a total GDV of approx. EUR 1.7bn in the year to 30 September. In addition, Consus acquired one of Germany's leading development platforms, SSN Group AG, with a development volume of EUR 3.4bn that significantly increased the gross development volume of the group to c. EUR 9.6bn. The developments will be realized progressively until 2026.

Significant reduction of debt achieved

The net debt of Consus stands at EUR 1,225m as of Q3 2018 and has been reduced significantly over the last nine months from EUR 1,518m at the end of 2017. The average cost of debt of Consus as at 30 September was 7.2%, reflecting the increase in debt financing for new project acquisitions. Equity, including Consus' minority interests, stands at EUR 943 m compared to EUR 816 m at FY 2017.

Strategic milestones achieved and medium term forecast raised

Four strategic actions shaped the course of Consus in the third quarter, with the capital increase in July, the disposal of the non-core GxP investment in August and most importantly the agreed stake increase of the shareholding in CG Gruppe from 59% to 75% on a diluted basis and, linked with this transaction, the initiation of the Extended Group Management Board. Furthermore, Consus acquired a 75% stake in DIPLAN, an innovative PropTech company which concentrates on enhancing the digitalisation process of the company's core operations in development, including construction. All these events were part of Consus' strategic plan of focussing solely on the development segment.

Consus is on track to reach the communicated financial KPI targets in 2020 of an EBIT pre-PPA of approx. EUR 450m and, an EBIT pre-PPA margin of approx. 20% and a Net Debt / EBIT pre-PPA of around 3x.

Andreas Steyer, CEO of CONSUS, concludes: "Our group has achieved great operational and organisational results over the past nine months. With SSN now being part of our Group, we continue to be fully focused on executing our targets and look ahead to more forward sales, building permits and construction milestones in 2019 and beyond."

The consolidated 9M/Q3 2018 results are available for download under: https://www.consus.ag/financial-reports-presentations?lang=en



Consus Real Estate AG
Jan-Philipp Ansorg
Corporate Finance & Investor Relations

Consus Real Estate AG

Consus Real Estate AG ("Consus") a leading German property developer with c. EUR 10bn in properties under development. The focus of the Company's business activities lies on residential property in Germany's top nine economic cities. Consus specialises in the development of entire neighbourhoods ('quartiers') and standardised flats. The use of forward sales to institutional investors, the digitalisation of construction processes and industrial series production allow the Company to operate along the entire property development value chain. Consus implements projects - from the planning phase through to construction and transfer of ownership, as well as property management and the associated services - via its subsidiaries CG and SSN. Consus Real Estate AG's shares are listed in the Scale segment of Deutsche Börse AG and m:access segment of the Munich Stock Exchange and are traded on XETRA in Frankfurt, among others.

20.12.2018 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.

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Language: English
Company: CONSUS Real Estate AG
Kurfürstendamm 188-189
10707 Berlin
Phone: +49 (0)30 965 357 90 300
E-mail: info@consus.ag
Internet: www.consus.ag
ISIN: DE000A2DA414
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt (Scale), Munich (m:access), Stuttgart, Tradegate Exchange

End of News DGAP News Service

760633  20.12.2018 


Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019e 2020e
Umsatzerlöse1 0,00 2,69 2,86 1,38 7,69 614,97 0,00 0,00
EBITDA1,2 0,00 0,31 0,20 0,06 4,70 107,90 0,00 0,00
EBITDA-Marge3 0,00 11,52 6,99 4,35 61,12 17,55 0,00 0,00
EBIT1,4 0,00 0,31 0,20 0,06 4,70 105,73 0,00 0,00
EBIT-Marge5 0,00 11,52 6,99 4,35 61,12 17,19 0,00 0,00
Jahresüberschuss1 0,00 0,29 0,24 0,06 -7,95 1,17 0,00 0,00
Netto-Marge6 0,00 10,78 8,39 4,35 -103,38 0,19 0,00 0,00
Cashflow1,7 0,00 0,01 0,39 -0,39 -4,62 132,01 0,00 0,00
Ergebnis je Aktie8 0,00 0,01 0.00 0,00 -0,28 -0,15 0,09 0,35
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2018 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Warth & Klein Grant Thornton

Consus Real Estate
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2DA41 4,895 Halten 656,13
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,79 16,79 0,583 19,58
0,68 4,97 1,07 15,900
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
0,00 0,00 0,00 24.06.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
29.05.2020 27.08.2020 12.12.2019 23.04.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-22,89% -25,89% -33,13% -23,28%
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Immobilien (Gewerbe) , A2DA41 , CC1 , XETR:CC1