ESTAVIS AG / Quarter Results 15.05.2009 Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Berlin, May 15, 2009- In the first nine months of the 2008/2009 financial year, ESTAVIS AG sold a total of 618 apartments - including 167 units in the third quarter - to private investors. The strategic focus on the private investors' market segment is paying off. In spite of the ongoing economic downturn, ESTAVIS AG is seeing strong demand for apartments. This demand is centred on listed properties which allow private investors to take advantage of special tax benefits. As anticipated, only a low level of revenues was generated in the portfolio trading segment on account of the market slump in institutional transactions. In the first nine months of 2008/2009, revenues amounted to EUR 64.4 million (previous year: EUR 122.0 million). The net profit from continued activities was EUR -8.2 million (previous year: EUR -0.8 million), earnings per share from continued activities amounted to EUR -0.89 (previous year: EUR -0.05). Owing to the negative earnings performance in the 2008/2009 financial year, the Management Board implemented a series of measures to improve the company's structures. These include the disposal of the majority investment in ESTAVIS Property Management GmbH, Berlin, and an additional headcount reduction in portfolio trading and related areas. As a result of these measures, the payroll was reduced from 110 employees originally to 56. Further steps will be implemented in the current final quarter of the 2008/2009 financial year. The resulting savings will allow a significant reduction of the cost base from the 2009/2010 financial year onwards (starting on July 1, 2009). Furthermore, the extent of balance sheet receivables and liabilities was scaled back and financing expenses were driven down in the third quarter. Also, to a considerable extent, the lines of finance already in place were prolonged. At around EUR 16 million, cash and cash equivalents were unchanged as against the previous quarter's level. In light of the greater difficulty in general economic conditions overall, the Management Board will continue to focus strongly on optimising the high-revenue apartment business area, tapping new business areas, improving the cost situation and safeguarding liquidity. Rainer Schorr, the Chief Executive Officer of ESTAVIS AG, said of the business performance in the first nine months of 2008/2009: 'Private investor demand for property has surged in the wake of the financial and economic crisis. Hence, we are assuming that we will be able to sell around 1,000 apartments in the current financial year - predominantly listed buildings with tax benefits. At the same time, we shall continue our efforts to strengthen the future earnings power and financial muscle of ESTAVIS.' KEY FIGURES* First nine months 2008/2009 (July 1, 2008 - March 31, 2009) - Comparative period: first nine months 2007/2008 July 1, 2007 - March 31, 2008) -Revenues: EUR 64.4 million (previous year: EUR 122.0 million) -Apartment revenues: EUR 56.3 million (previous year: EUR 49.0 million) -Portfolio trading revenues: EUR 7.5 million (previous year: EUR 72.3 million) -Total operating performance: EUR 67.9 million (previous year: EUR 118.7 million) -Earnings before interest and taxes (EBIT): EUR -6.4 million (previous year: EUR 0.5 million) -Net profit: EUR -8.2 million (previous year: EUR -0.8 million) -Earnings per share: EUR -0.89 (previous year: EUR -0.05) -Revenue volume in business units: 618 (previous year: 2,026) *from continued operations Contact: ESTAVIS AG - Peter Vogt - Investor & Public Relations - Tel: + 49 30 887 181 799 - E-Mail: ir@estavis.de DGAP 15.05.2009 --------------------------------------------------------------------------- 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, München, Hamburg, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-News: ESTAVIS publishes results for first nine months of 2008/2009
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