Semi-Annual Account of ESTAVIS AG: EBIT and Rental Income Substantially Increased
- EBIT: 3.8 million euros (prior-year period: 0.02 million euros)
- Consolidated income: 0.1 million euros (prior-year period: -2.7 million euros)
- Sales revenue from privatisation match prior-year record of 9.1 million euros
- Rental income in the Portfolio segment doubled at 5.0 million euros (prior-year period: 2.4 million euros)
Berlin, 24 February 2014 – During the first semester of its 2013/14 financial year, ESTAVIS AG substantially increased its funds from operations (FFO), realising a positive consolidated income of 0.1 million euros after a loss of 2.7 million euros at the end of the prior-year period. The EBIT at the end of the first six months of the ongoing financial year came to 3.8 million euros (prior-year period: 0.02 million euros). The gross turnover totalled 16.1 million euros (prior-year period: 18.0 million euros).
Record Sales in Apartment Retailing
In the privatisation business line, the record sales volume of the previous year was matched again at 9.1 million euros. “Fuelled by the persistently high demand for housing, we exploited our far-reaching sales channels and once more achieved an excellent result,” said Jacopo Mingazzini, Member of the Board of Estavis AG. “That being said, the interest that foreign buyers have been showing specifically for the Berlin market remains sky high.” He went on to say that the company will step up its efforts in apartment retailing as well as its housing privatisation services.
Rent Revenues More than Doubled
In the Portfolio business segment, turnover rose from 5.0 million euros, up from 4.1 million euros reported for the prior-year period. For the first time, it was composed purely of rent revenues, which more than doubled in the wake of the portfolio expansion that Estavis AG executed as planned over a one-year period (prior-year period: 2.4 million euros). “Additional acquisitions in Berlin and Saxony enabled us to massively increase our rent revenues and keep expanding our residential portfolio,” said Torsten Cejka, also Member of the Management Board of Estavis AG.
Due to the positive trend in the Portfolio business segment, and the robust sales figures in privatisation, the altogether sound situation on the housing market, all of which is reflected in great semi-annual results, the Management Board confirmed its forecast that the group will report a positive consolidated income at the end of the 2013/14 financial year again.
Estavis AG is a listed property company focusing on residential properties. The company buys up selected housing portfolios for the purpose of managing them long-term. Accentro, a subsidiary of ESTAVIS and the company's second mainstay, is Germany's market leader in housing privatisations as a service. Estavis AG is headquartered in Berlin and is listed on the Prime Standard of the Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB).
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