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⇒ ADLER Real Estate AG: Extraordinary Expenses Continue to Weigh Down Earnings
⇒ Ad-hoc-Notification pursuant to § 15 WpHG of ADLER Real Estate AG, Hamburg
→amburg, 13 ⇒ November 2009. The change of strategy adopted by ADLER Real Estate AG (ISIN DE0005008007), Frankfurt, has been weighing upon its results so far this year. In the first nine months of Fiscal Year 2009, the Group's earnings are down to EUR -3.495 million (from EUR -2.355 million the year before). Adjusting for extraordinary effects, however, ADLER's earnings were EUR -1.939 million, a slight improvement over the year before. This improvement in the operating result is attributable above all to the sale of plots by ADLER subsidiary Münchener Baugesellschaft. ADLER's consolidated revenues climbed to EUR 1.524 million at the end of September 2009, up from EUR 0.858 million.
The EUR 1.640 million in extraordinary expenses are attributable to write-downs on the Group's investment in DB Immobilien GmbH, which had to file for bankruptcy in the spring, as well as the Group's investments in the two office building portfolios held together with AIG Real Estate Group. The latter write-down was the result of the division to get out of the asset and property management business on behalf of third parties. Negotiations with AIG regarding termination of the relationship have not yet been finalized. Prospects are now good that DB Immobilien GmbH will rapidly complete its ongoing planned bankruptcy procedure, which would allow ADLER to recover accounts receivable from DBI which have been written off. The negotiations with AIG may also allow at least partial reversal of the write-downs.
In the future, ADLER will focus on investing in and acquiring cash-generating properties. In order to raise the capital needed for this purpose, efforts to sell existing properties and projects will be intensified. If the company succeeds in executing these transactions, ADLER's consolidated earnings should improve through the end of 2009, but will remain in the negative digits.
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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