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ADLER Real Estate AG expects to break even
Notice Pursuant to § 15 of the Securities Trading Act
- Semi-annual earnings deflated by DB Immobilien GmbH
- Multiple transactions in the works
Hamburg, 14 August 2009. ADLER Real Estate AG (ISIN DE0005008007), Frankfurt, expects to break even in Fiscal Year 2009 on the strength of a few prop-erty sales. Earnings in the first six months
of the year were depressed by the ab-sence of large-scale transactions and the total write-off of the investment in DB Immobilien GmbH. Consolidated net revenues increased to EUR 0.982 million
in the reporting period, up from EUR 0.57 million in the first half of last year. In addi-tion to the sale of a few parcels by ADLER subsidiary Münchener Baugesellschaft, revenues were generated
from asset and property management fees, as well as rent. Other operating income came to EUR 0.186 million, up from EUR 0.114 mil-lion the year before. The company’s operating loss grew to
EUR 1.948 million (from EUR 1.576 million) as a result of current expenses, as well as the write-off of the EUR 0.76 million remaining from the investment in DB Immobilien GmbH, and consolidated
net earnings were EUR -2,068 million, down from EUR -1,377 million last year.
Expectations for improved earnings in the second half of the year are based on the fact that multiple promising transactions will soon be successfully concluded. The sale of the property
in Homburg an der Saar has already been notarized, for ex-ample, and the agreement will take effect once a single formality is taken care of. The company is also in final-stage negotiations
for some other projects. Münchener Baugesellschaft should benefit from reorganized marketing operations and the improvement in the general economy, and should be able to sell more properties
in the second half 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
0,56 € (29.07.2010)
...................................................................
27/04/2010
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ADLER Real Estate AG expects to break even
15/05/2009
ADLER Real Estate AG Reports Slight Growth in Sales
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