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ADLER Real Estate AG Expects Positive Overall Result
Ad hoc Publicity pursuant to § 15 Wertpapierhandelsgesetz
(WpHG/German Security Trading Act)
- Semi-Annual Result Does Not Yet Reflect Successful Transactions
Hamburg, 14 August 2008. ADLER Real Estate AG (ISIN DE0005008007), Frankfurt, managed to continue work on its real estate projects consistently and successfully in the first six months of 2008. In Asset Management, ADLER suc-ceeded in optimizing the earnings from the properties acquired last year through new leases and extensions of lease contracts in portfolio. The successes experi-enced in Project Development were not yet reflected in the income statement for the first six months of the year. As of the end of June 2008, revenue therefore reached a scale of only EUR 0.57 million (previous year: EUR 4.12 million). Earn-ings resulted from asset and property management and rent income. Other operat-ing income was EUR 0.114 million (previous year: EUR 9.20 million). No compari-son with the first half of the previous year is possible due to the extraordinary transaction involving MÜBAU Real Estate GmbH. As a result of current expenses, there was a negative operating result of EUR 1.576 million (previous year: +EUR 7.70 million) and a consolidated loss of EUR 1.376 million (previous year: consoli-dated profit of EUR 7.60 million).
Formed last year, the subsidiary Münchener Baugesellschaft mbH has performed successfully, making progress in various projects. The development work on the properties in Moosburg is already halfway completed. The first sales managed to be realized in August. In Dallgow and Großbeeren, the sales contracts for the first properties will be closed this year after a reorientation of the distribution channels.
Substantial progress was made in development projects in the reporting period, some projects yielding optimal results. Acquired only about a year ago, the logistics center development project in Duisburg was sold in July of this year. The transac-tion will render a positive earnings contribution and have a clearly positive effect on ADLER's overall result in the course of the year.
The Management Board
If you may have any request please refer as follows:
german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Tel.: 040/46 88 33 0, Fax: 040/47 81 80
presse@german-communications.com
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| NEWS |
share price
0,601 € (3.02.2012)
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