Colonia Real Estate AG (ISIN: DE0006338007; WKN: 633800) showed in the first quarter 2008 despite further improvements of the operating business a loss of minus EUR 10.1mn after EUR 5.2mn one year ago. The result was predominantly impacted by extraordinary effects in the amount of minus EUR 8.5mn through the mark-to-market valuation of the interest hedging swaps at the end of period date. The EBIT amounted in Q1 2008 to EUR 3.9mn after EUR 9.7mn
The first quarters' focus was on the optimization of Colonia Real Estates' residential portfolio. This led to an increase in revenues of 67% to EUR 23.6mn (last year: EUR 14.1mn). The rental income almost doubled to EUR 14.7mn from EUR 7.5mn. The net result from rental activities improved to EUR 10.1mn after EUR 6.9mn a year before.
Revenues from the asset and fund management were EUR 1.2mn after EUR 6.1mn last year. The US subprime crises and the reluctant granting of loans of the banks caused a slowing on the third party transaction activities. Nevertheless, Colonia Real Estate is in final negotiations to sign several transactions with its investment partners. The fund management was able to arrange an important co-operation for the placement of an additional fund in April 2008.
The administrative costs have been raising in the course of the increased business expansion from EUR 2.5mn to EUR 6.5mn. Including the extraordinary mark-to-market effect of the interest swaps, which occurred due to the decreased interest rate levels in the market, the net interest payment jumped to EUR 16.3mn after EUR 2.4mn last year.
The balance sheet volume improved slightly by 4% to EUR 1,038mn. The NAV grew by 20 cents to EUR 16.50 per share without any IAS40 revaluation. The entire long term debt shows a duration of 6.1 years and an effective interest rate of 4.8%.
The operating development was entirely in line with the companies expectations. The vacancy levels have been reduced as forecasted. The asset and fund management prepared for the upcoming transactions with current and new clients. All business segments are expected to show a significant expension of their revenues in 2008. The management board confirms its 2008 net guidance of EUR 72mn to 75mn.
A detailed analyst conference for the final nine months figures takes place on Monday, 12.11.2007 at 2pm. The entire report for the third quarter 2007 can be downloaded under http://www.cre.ag/...
The first quarters' focus was on the optimization of Colonia Real Estates' residential portfolio. This led to an increase in revenues of 67% to EUR 23.6mn (last year: EUR 14.1mn). The rental income almost doubled to EUR 14.7mn from EUR 7.5mn. The net result from rental activities improved to EUR 10.1mn after EUR 6.9mn a year before.
Revenues from the asset and fund management were EUR 1.2mn after EUR 6.1mn last year. The US subprime crises and the reluctant granting of loans of the banks caused a slowing on the third party transaction activities. Nevertheless, Colonia Real Estate is in final negotiations to sign several transactions with its investment partners. The fund management was able to arrange an important co-operation for the placement of an additional fund in April 2008.
The administrative costs have been raising in the course of the increased business expansion from EUR 2.5mn to EUR 6.5mn. Including the extraordinary mark-to-market effect of the interest swaps, which occurred due to the decreased interest rate levels in the market, the net interest payment jumped to EUR 16.3mn after EUR 2.4mn last year.
The balance sheet volume improved slightly by 4% to EUR 1,038mn. The NAV grew by 20 cents to EUR 16.50 per share without any IAS40 revaluation. The entire long term debt shows a duration of 6.1 years and an effective interest rate of 4.8%.
The operating development was entirely in line with the companies expectations. The vacancy levels have been reduced as forecasted. The asset and fund management prepared for the upcoming transactions with current and new clients. All business segments are expected to show a significant expension of their revenues in 2008. The management board confirms its 2008 net guidance of EUR 72mn to 75mn.
A detailed analyst conference for the final nine months figures takes place on Monday, 12.11.2007 at 2pm. The entire report for the third quarter 2007 can be downloaded under http://www.cre.ag/...
