DGAP-News: YOUNIQ AG / Key word(s): Final Results/Miscellaneous
YOUNIQ AG publishes final results and 2013 annual report
28.03.2014 / 07:55
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- Consolidated net loss of EUR 54.1 million confirmed (2012: EUR -7.1
million)
- Carrying amount of properties in "Renting and Trading Real Estate"
business area reduced to EUR 3.4 million to date
- Current projects in "YOUNIQ - Student Housing" business area largely
completed and rented
- Further charges expected for 2014 despite successful start of
restructuring measures
Frankfurt am Main, March 28, 2014 - YOUNIQ AG, a real estate company
specialising in student accommodation, has today published its final
results for the 2013 fiscal year. The FY 2013 consolidated net loss
amounted to EUR 54.1 million (previous year: EUR -7.1 million) in a year
characterised by operating challenges. Of the losses, EUR 40.8 million were
attributable to the core business of "YOUNIQ - Student Housing" (previous
year: EUR +0.1 million), and EUR 13.3 million were attributable to
discontinued operations (previous year: EUR -7.1 million). Losses of EUR
16.9 million from the market valuation of investment properties (previous
year: EUR +6.7 million) placed a major burden on earnings in the business
segments to be continued. The losses arise mainly from reductions to the
sales prices of properties in Berlin and Göttingen, as well as retroactive
construction cost adjustments of further properties in this segment. Losses
of EUR 5.9 million from the disposal of properties (previous year: EUR -1.7
million) in the business segments to be continued, and a corporation income
tax expense of EUR 8.6 million - resulting mainly from the reappraisal of
the extent to which tax loss carryforwards can be utilised in the future,
and consequently entailing a write-down applied to deferred tax assets -
also contributed to the consolidated loss.
YOUNIQ AG completed its Frankfurt-Riedberg II, Mainz, and Potsdam projects
in its "YOUNIQ - Student Housing" core business in the 2013 fiscal year and
transferred them to its own portfolio. The project in Bayreuth was also
finished in early 2014, so that all projects are now completed. The Munich
Berzeliusstrasse property was sold in the fourth quarter of 2013, and an
option contract was concluded for the Frankfurt-Riedberg II property during
the fourth quarter, too. YOUNIQ AG also significantly reduced its own
portfolio of properties from its "Renting and Trading Real Estate"
operations that are to be discontinued. The carrying amount of the
remaining properties currently stands at EUR 3.4 million. This carrying
amount was around EUR 6.9 million as of 31 December 2013 (31 December 2012:
EUR 33.3 million), although further disposals of the EUR 3.5 million were
notarially registered after the balance sheet date, with the transfer of
benefits and encumbrances occurring prospectively during the first half of
2014.
Total assets reduced to EUR 125.5 million (31 December 2012: EUR 157.6
million). Significant factors in this context included disposals in the
"Renting and Trading Real Estate" business area, investments in current
project developments in the "YOUNIQ - Student Housing" business area,
retrospective construction cost adjustments and a write-down applied to
deferred tax assets. Net financial liabilities stood at EUR 79.5 million as
of the balance sheet date (31 December 2012: EUR 57.5 million), equivalent
to net gearing (financial liabilities less liquid assets / real estate
assets) of 73.7% (31 December 2012: 43.6%). This is mainly attributable to
the increase in non-current liabilities. The equity ratio registered a
marked decline from 51.5% at the end of 2012 to 21.7% as of 31 December
2013.
Marcus Schmitz, Management Board member of YOUNIQ AG, appraises the 2013
results as follows: "YOUNIQ AG had to face significant operating challenges
last year. The consolidated loss that we incurred should be the last of its
type for YOUNIQ AG, although we are assuming that we will incur another
consolidated loss of up to EUR 5.0 million in the 2014 fiscal year. This is
particularly attributable to the properties in the "YOUNIQ - Student
Housing" business area, which have now been completed and are currently in
the marketing phase, but which will not register rising rental ratios until
later in the year, as well as borrowing costs and depreciation charges
applied to the setting-up of our student apartments. In this connection,
with the Supervisory Board we are discussing potential measures to procure
capital and liquidity in order to support our growth strategy. We are
currently continuing to work intensively on cutting our operating overhead
costs. We have already reduced them by around EUR 2.0 million per year to
date, although this will not impact us financially until during the course
of the current fiscal year. Following the full rental of our own properties
by the end of the second half of 2014, our aim is to reach operating
breakeven in the 2015 fiscal year through a further cutting of overhead
costs at the holding company level."
The 2013 annual report will be available for downloading during the course
of today from the company's website at www.youniq-group.de within the
Investor Relations area.
Company profile
YOUNIQ AG has focused on student accommodation since 2009. The company
covers a significant range of the value chain - ranging from the purchase
of real estate and land, through project development including planning,
planning permission procurement and construction, all the way through to
commercial and technical management. YOUNIQ has developed into a leading
provider for this segment with 2,816 high-quality apartments. These
properties are located at ten sites in Germany, including Munich, Erlangen,
Karlsruhe, Frankfurt/Main, Mainz, Potsdam, Leipzig and Bayreuth. YOUNIQ
bundles its many years of experience in project development and portfolio
management for largely residential properties. YOUNIQ AG (ISIN:
DE000A0B7EZ7, German Securities Identification Code/WKN: A0B7EZ) is listed
on the Frankfurt Stock Exchange (Prime Standard).
Further information is available from: www.youniq-group.de
Contact:
Investor Relations
cometis AG
Dirk Ulmer
Phone: +49 (0)611 - 205855-24
Fax: +49 (0)611 - 205855-66
Email: ulmer@cometis.de
End of Corporate News
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Language: English
Company: YOUNIQ AG
Eschersheimer LandstraÃe 6
60322 Frankfurt am Main
Germany
Phone: +49 (0)69-2474720
Fax: +49 (0)69-247472100
E-mail: info@youniq.de
Internet: www.youniq-group.de
ISIN: DE000A0B7EZ7
WKN: A0B7EZ
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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260166 28.03.2014
DGAP-News: YOUNIQ AG publishes final results and 2013 annual report
| Source: EQS Group AG