Colonia Real Estate AG / Half Year Results
15.08.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Solid Growth of Rental Income in First Half
Increase of Rental Income reaches EUR 28.9mn (H1 2007: EUR 23.7mn)
Group loss of EUR 2mn
Adjustment of guidance in difficult market environment
Cologne, August 15th 2008 Despite a solid growth in Rental Income Colonia
Real Estate AG (ISIN: DE0006338007; WKN: 633800) shows a loss of EUR 2mn
after an adjusted profit before revaluations of EUR 2.1mn in the same
period last year. EBIT felt to EUR 5.618 compared to an adjusted EBIT
before revaluations of EUR 11.54mn in the same period last year.
Rental Income increased by 23.1% to EUR 28.9mn (H1 2007: EUR 23.7 Mio.).
Net rents grew by 18.7% to EUR 18.4mn (H1 2007: EUR 15.5mn). Like-for-like
rents increased from EUR 4.53 to EUR 4.62 per sqm (+1.92%). The vacancy
decreased also on a like-for-like basis from 15.11% to 14.99%. Substantial
modernisations will be completed in selected portfolios in the third
quarter und further increase rents and decrease vacancy.
The total income from the Asset and Fund Management division fell to EUR
3.7mn from EUR 9.4mn in the same period last year. Net income for the
division declined to EUR 0.6mn (H1 2007: EUR 5.8mn). Particulary this
sector has been affected by the poor transaction activity in a weak
financing market. We expect an increase in the investment market in the
second half of 2008 along with a substantial increase in revenues and
profits in this division. Colonia Real Estate and its Co-Investment
partners are currently looking at new investment opportunities in access of
EUR 1bn. The placement of the nursery home fund 'CareConceptI' of Colonia
Fund Management in cooperation with HGA Capital with a fund volume of EUR
78mn will be distributed in early September 2008. For the first time CRE
group achieved a total income from single condominium sales of EUR 2.4mn.
In relation with the significant increase of the residential portfolio in
the last 12 months administration cost increased from EUR 9.9mn to EUR
15.6mn. Mark-to-market valuation of hedging instruments (interest rate
swaps) lead to financial gains of EUR 16.6mn in the second quarter.
Despite a challanging financing environment CRE group was able to refinance
almost all short-term loans in the second quarter of 2008. The equity ratio
remains at a solid 30.7%, just above the target corridor of 25 30%.
Due to the high uncertainty in the current financial markets the company
will conservatively adjust its annual guidance eliminating potential
revaluation results in its forecast. The new guidance will be adjusted to a
group net income of EUR 20 -25mn (previously EUR 72 75mn).
A detailed analyst conference call takes place on the 15th of August 2008
at
11am CET. The entire report can be downloaded under under the following
online address:
http://www.cre.ag/121/Investor_Relations/Financial_Reports.htm .
Contact:
Stephan Rind
CEO
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Köln
Telefon: +49 (0)221 71 60 71 0
Fax: +49 (0) 221 71 60 71 99
E-Mail: ir@cre.ag
PR and Press Contact:
edicto GmbH
Axel Mühlhaus
Tel.: +49 (0) 69 9055055-2
amuehlhaus@edicto.de
DGAP 15.08.2008
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Language: English
Issuer: Colonia Real Estate AG
Zeppelinstr. 4 - 8
50667 Köln
Deutschland
Phone: +49 221-716071-0
Fax: +49 221-716071-99
E-mail: info@cre.ag
Internet: www.cre.ag
ISIN: DE0006338007
WKN: 633800
Indices: SDAX, GPR 250, MSCI Germany Small Cap Index, FTSE EPRA/
NAREIT, E&G DIMAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Colonia Real Estate AG: Solid Growth of Rental Income in First Half
| Source: EQS Group AG