DGAP-News: ADLER Real Estate AG / Key word(s): Half Year Results
ADLER Real Estate AG: ADLER Real Estate's result for the first half of
the year into the hundreds of millions
01.09.2014 / 14:32
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ADLER Real Estate's result for the first half of the year into the hundreds
of millions
- Consolidated result increases almost threefold to EUR 105.6 million
- Fair value adjustments have considerable impact on result
- Restructuring within the Group
Hamburg, 1 September 2014. The extensive acquisitions of ADLER Real Estate
AG, Frankfurt am Main (ISIN DE0005008007), have propelled the company's
total assets and result to new dimensions in the first half of 2014.
Positive development was recorded in all key figures. Besides revenues and
earnings, the company also improved its cash flow and financial solidity.
Consolidated revenues increased almost tenfold to EUR 26.3 million in the
first six months (previous year: EUR 2.8 million) and consolidated result
more than tripled to EUR 105.6 million (previous year: EUR 33.6 million).
Undiluted earnings per share increased to EUR 5.90 (2.17) and diluted
earnings to EUR 4.08 (2.17). Net cash flow from current business activity
rose to EUR 10.9 (0.4) million. The figures reflect the first-time
consolidation of the 92.7 percent share in ESTAVIS AG, Berlin, which was
taken over in June, and the residential real estate portfolios acquired in
the reporting period.
"Two essential and closely related factors are the reason behind this
excellent performance", commented Axel Harloff, CEO of ADLER Real Estate
AG. "The company has earned the trust of the capital markets and is able to
meet the challenge of the successful acquisitions and the integration of
the real estate portfolios," he added. The number of residential units
owned by ADLER Group increased from around 7,800 at the end of 2013 to
around 21,000 in the reporting period. The improvement in the result to EUR
105.3 million (previous year: EUR 47.4 million) is largely due to the
effects of the fair value adjustments of the acquired residential real
estate portfolios. The acquisition of greater shares in three portfolios
carried out in February, which had no impact on profit or loss, an
additional portfolio acquisition, which became effective in January, and
the takeover of ESTAVIS were all accounted for according to IFRS 3. This
essentially resulted in an increase in other operating income to EUR 25.5
million (EUR 0.05 million).
ADLER Group's financial situation also improved considerably. Consolidated
total assets increased to EUR 1.24 billion (EUR 0.461 billion) as at 30
June 2014. Investment properties constituted the largest item, increasing
to EUR 1.071 billion (EUR 0.418 billion). The improvement in the result and
the rise in share capital in connection with the takeover of ESTAVIS led to
a substantial increase in equity to EUR 281.5 million (EUR 86.9 million).
This corresponds to an equity ratio of 22.7 percent, up from 18.9 percent
at the end of 2013. "We will continue to see strong growth in the second
half of 2014," emphasised Harloff. The successful increase in the volume of
corporate bond 2014/2019 by EUR 50 million to EUR 100 million in July has
provided ADLER with ample funds for future, large-scale acquisitions. "In
addition to growth, we will also continue to work on strengthening our
earnings and financial position," stated Harloff.
Restructuring at ESTAVIS AG
To enhance procedures and optimise the use of resources within the enlarged
group, ADLER has reduced the focus of ESTAVIS to one of its key areas of
business, namely the privatisation of apartments from its own portfolio and
for third parties. Real estate acquired by ESTAVIS in future will be used
for privatisation purposes and not to expand the portfolio. The existing
residential real estate portfolios held by ESTAVIS will be managed within
the Group. Torsten Cejka will resign from the Management Board of ESTAVIS.
Jacopo Mingazzini, in personal union managing director of privatisation
subsidiary ACCENTRO GmbH, will manage the company as sole member of the
Management Board. There are also some changes in the Supervisory Board of
ESTAVIS. The previous Supervisory Board resigned as at 31 August 2014. As
at 1 September 2014, Axel Harloff, Dr Dirk Hoffmann, attorney and Chairman
of the Supervisory Board of ADLER and Carsten Wolff, Head of Accounting and
Finance at ADLER Real Estate AG, have been appointed as members of the
Supervisory Board.
For inquiries please contact:
Press: german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg, Germany
Phone: +49-(0)40/46 88 33 0, Fax: +49-(0)40/46 88 33 40
presse@german-communications.com
Investor Relations: Hillermann Consulting
Christian Hillermann
PoststraÃe 14, 20354 Hamburg, Germany
Phone: +49-(0)40/32 02 79 10, Fax: +49-(0)40/32 02 79 114
c.hillermann@hillermann-consulting.de
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Language: English
Company: ADLER Real Estate AG
Alstertor 17
20095 Hamburg
Germany
Phone: +49 (0)40 - 29 8130-0
Fax: +49 (0)40 - 29 8130-35
E-mail: info@adler-ag.com
Internet: www.adler-ag.com
ISIN: DE0005008007, DE000A1R1A42, DE000A11QF02
WKN: 500800, A1R1A4, A11QF0
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg
End of News DGAP News-Service
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285002 01.09.2014
DGAP-News: ADLER Real Estate AG: ADLER Real Estate's result for the first half of the year into the hundreds of millions
| Source: EQS Group AG