DGAP-News: ISARIA Wohnbau AG / Key word(s): Half Year Results/Quarter
Results
ISARIA Wohnbau AG: H1 2014 Revenues of EUR 58 million for ISARIA
Wohnbau AG in H1 with on-track profits; NAV of EUR 4.33 per share
14.08.2014 / 09:37
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Press release
H1 2014
Revenues of EUR 58 million for ISARIA Wohnbau AG in H1 with on-track
profits; NAV of EUR 4.33 per share
- Revenues of EUR 58.0 million in H1 (H1 2013: EUR 6.1 million); EBIT of
EUR 6.5 million (H1 2013: EUR 2.6 million)
- Earnings after taxes in H1 of EUR 0.9 million (H1 2013: EUR -1.9
million)
- NAV of EUR 4.33 per share on 30 June 2014 (31 Dec. 2013: EUR 3.17)
- Profits expected to increase substantially over 2014 as a whole
- New acquisitions made under the APP.ARTMENTS brand
14 August 2014 - ISARIA Wohnbau AG, one of the leading project developers
for residential real estate in Munich, recorded revenues of EUR 58.0
million in H1 2014, which is already more than half of the forecast annual
revenues of EUR 100 million. EBIT was up significantly compared to the same
period of the previous year (EUR 2.7 million) to EUR 6.5 million. Earnings
after taxes were also positive in the first half of 2014 at EUR 0.9
million, which is thus an improvement of EUR 2.9 million compared to the
same period of the previous year (EUR -1.9 million).
NAV of EUR 4.33 per share
On 30 June 2014 the company also updated its calculations for NAV according
to EPRA compared to the calculation first performed at the end of 2013. NAV
is now EUR 4.33 per share This is due to the fact that property prices in
Munich have increased by 47% since 2010, and also to clear progress in
obtaining planning permission for the projects. Despite the most recent
increase in prices, the pure value of the property for the projects, plus
equity, is still higher than the share price (EUR 3.67 on 30 June 2014).
New projects for the APP.ARTMENTS brand
The company has now created more than 350 apartments in former office
properties under the APP.ARTMENTS brand. As there was no successor project
in the project pipeline, systematic acquisition activities were made in
this segment.
During the first half of the year, corresponding office properties were
acquired in Hamburg (majority acquisition via the Hamburg-based subsidiary
One Group) and also in Munich. The projects will generate future revenues
of around EUR 80 million.
Outlook for 2014
"For the second half of the current fiscal year, we will continue to focus
on successfully processing our current high order book. In our major "Nido"
project (Munich-Karlsfeld) we currently still have 188 residential units
under construction, of which more than 95% have already been sold. The next
major handovers are scheduled for the fourth quarter," explained Michael
Haupt, the spokesman for ISARIA Wohnbau AG's Managing Board. The company is
sticking to its forecast of consolidated earnings after taxes in the medium
single-digit millions range for 2014 as a whole. With respect to the 2015
revenues all of the construction stages have already been started, and
around 70% of the units have been sold.
Further details can be found in the quarterly report as of 30 June 2014,
published today, at www.ISARIA-Wohnbau.de.
About ISARIA Wohnbau AG
ISARIA Wohnbau AG is a leading project developer for residential
construction projects in Munich. The company was formed in 1995 and has
been listed in Deutsche Börse's Prime Standard since 2010. The range of
projects realised includes multi-storey apartments and terraced houses,
through to the revitalisation of existing buildings, which means that
ISARIA Wohnbau can offer residential properties to meet the needs of a wide
variety of customer groups as both owner-occupied properties or for
investment. Since the end of 2013, Hamburg-based One Group GmbH together
with its subsidiaries has been part of the ISARIA Group. The business
activities of One Group GmbH and its subsidiaries mostly comprise the issue
of project development funds for residential construction projects. More
information is available online: www.ISARIA-Wohnbau.de and www.onegroup.ag
Contact
ISARIA Wohnbau AG
LeopoldstraÃe 8 | 80802 Munich
Telephone: +49 (0)89 38 99 84-0 | Telefax: +49 (0)89 38 99 84-760
E-mail: v.gerber@ISARIA-Wohnbau.de | Web: www.ISARIA-Wohnbau.de
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14.08.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language: English
Company: ISARIA Wohnbau AG
LeopoldstraÃe 8
80802 München
Germany
Phone: +49 (0)89 38 99 84-0
Fax: +49 (0)89 38 99 84-760
E-mail: info@isaria-wohnbau.de
Internet: www.isaria-wohnbau.de
ISIN: DE000A1E8H38
WKN: A1E8H3
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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282267 14.08.2014
DGAP-News: ISARIA Wohnbau AG: H1 2014 Revenues of EUR 58 million for ISARIA Wohnbau AG in H1 with on-track profits; NAV of EUR 4.33 per share
| Source: EQS Group AG