ESTAVIS AG / Final Results 26.09.2008 Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Berlin, September 26, 2008 In the 2007/2008 financial year just concluded, ESTAVIS AG (ISIN: DE000A0KFKB3) earned sales proceeds in a total amount of 147.5 million Euros (compared to 198.4 million Euros the previous year). This translates into a decrease of around 26 percent. Due to the dip in the market for real estate transactions that eventuated during the 2007/2008 financial year and was precipitated by the ongoing international financial crisis the business segment of portfolio trading reported a drop in sales by around 60 percent, down to 75.6 million Euros (previous year: 180.4 million Euros), thereby matching the trend of the institutional transaction market. By contrast, sales in the apartment business segment totalling 857 residential units sold quadrupled at 70.3 million Euros (previous year: 17.6 million Euros). Within the framework of its expansion, the intensification of the apartment sales business line, whose share in the overall turnover already accounts for about 50 percent, has helped ESTAVIS AG to reduce its dependence on the institutional market considerably while substantially boosting the business of retailing apartments to private capital investors, which is largely independent from the international financial markets. The investments in this business segment, as well as those in the recently established property management segment, put considerable strain on the performance during the 2007/2008 financial year. This includes non-cash effects from the purchase price allocation, mandated by IFRS for corporate acquisitions (in this case arising out of the acquisition of the HAG and B&V Group), in a total amount of -7.6 million Euros. Other encumbrances were generated in the form of increased legal and consulting costs, as well as through start-up costs. The earnings before interest and taxes (EBIT) assessed according to IFRS dropped to -6.8 million Euros, down from the 16.6 million Euros of the reference period last year. When adjusted to reflect the above-mentioned encumbrances, and despite the depressants associable with the financial crisis, ESTAVIS was able to earn a positive EBIT in the amount of approximately 3 million Euros. The consolidated earnings (IFRS) for the 2007/2008 financial year totalled -6.7 million Euros, while the per-share performance equalled -0.68 Euros. Before the background of the performance during the 2007/2008 financial year, the board will recommend to the shareholder meeting of ESTAVIS AG to pay no dividend this year. Outlook for the 2008/2009 Financial Year The board of ESTAVIS AG expects the 2008/2009 financial year to yield sales growth and a positive earnings figure. Provided the apartment sales and the portfolio trading match the level of the previous year, the board does expect a return to profitability. The development of the business segment of portfolio trading will definitively hinge on the situation on the financial markets. By contrast, the board of ESTAVIS AG believes that the number of apartment sales will push upward. As the concluded financial year went to show, this business line is relatively autonomous from the developments on the international financial markets. RATIOS of the 2007/2008 financial year (July 1, 2007 - June 30, 2008 reference period of FY 2006/2007 in brackets): Total sales: Euro 147.5 m (previous year: Euro 198.4 m) Sales, portfolio trading: Euro 75.6 m (previous year: Euro 180.4 m) Sales, apartments: Euro 70.3 m (previous year: Euro 17.6 m) Total operating performance: Euro 136.6 m (previous year: Euro 201.2m) Earnings before Taxes and Interest (EBIT): Euro -6.8 m (previous year: Euro 16.6 m) Consolidated income: Euro -6.7 m (previous year: Euro 8.8 m) Per-share performance: Euro -0.68 (previous year: Euro 1.54) Sales volume in economic units: 2,259 (previous year: 4,189) Sales volume in square metres: 144,689 (previous year: 388,000) --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: For the full-length report in German, see the web pages of ESTAVIS AG at http://www.estavis.de/investor-relations/finanzberichte, for the English version go to http://www.estavis.de/en/investor-relations/financial-reports. A conference call for analysts and investors in English is scheduled for today (Friday, September 26, 2008) at 9:30 am (CET). Dial-in details: Conference call: +49 (0) 6103 485 3001 Replay: +49 (0) 69 58 99 90 568 Replay Pin: 140747# Contact: ESTAVIS AG - Peter Vogt - Investor & Public Relations - Tel: + 49 30 887 181 799 - E-Mail: ir@estavis.de DGAP 26.09.2008 --------------------------------------------------------------------------- Language: English Issuer: ESTAVIS AG Uhlandstr. 165 10719 Berlin Deutschland 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, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: ESTAVIS AG Publishes Results of 2007/2008 Financial Year
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