Colonia Real Estate AG (ISIN: DE0006338007; WKN:633800) reports after the first nine months 2007 a conside rably increase in its result. The net profit before minorities increased from EUR 19.0mn to EUR 54.4mn, a jump of almost 186%.
Growth drivers have been noticeable accretions of the recurring income from rents of the residential portfolio and the Asset and Fund Management.Colonia Real Estate AG could therefore improve its third quarter result after tax by more then EUR 7mn without any possible additional IAS40 revaluation profits of the current residential portfolio. This positive result includes already an unrealized loss on the shareholding in Deutsche Wohnen AG at the end of the period in the amount of around EUR 8mn. Without this adjustment the company has already reached its full year target after the third quarter.
Colonia clearly improved its revenues and the net result. The total income after the first nine months 2007 rose to EUR 107.3mn (9m 2006: EUR 90.9mn), the EBIT jumped by 132% to EUR 69.4mn (9m 2006: EUR 29.9mn). The gross rental income increased considerably to EUR 34.7mn (9m 2006: EUR 9mn). The total revenue of the Asset and Fund Management broadly improved from EUR 0.9mn last year to EUR 10.4mn. The administrative expenses moved from EUR 5.4mn in 2006 to EUR 12.2mn. This includes already announced extraordinary costs for the capital increase in the amount of EUR 1.6mn and additional EUR 1.8mn IFRS valuation of the employee stock option program. The interest expense resulted to EUR 16.1mn (9m 2006: EUR 4.6mn), the interest income jumped to EUR 3mn (9m 2006: EUR 0.2mn).
The final third quarter 2007 result will be released as planned on 12.11.2007.
Information and Explaination of the Issuer to this News:
With the preliminary release of the most significant financial numbers for the first nine months 2007, the Executive Board wants to clarify that Colonia Real Estate AG continues to be on a sustainable growth track which is supported by recurring returns from all business units. 'As a result of the significant depreciation of the stock price in the past days we have experienced an increased uncertainty of our shareholders. Therefore, we have decided to use the release of the preliminary nine months result to send a clear signal that we are on a very comfortable track to reach our full year guidance of at least EUR 62mn to 65mn. A potential increase of the full year guidance is currently under review. The current share price is not at all reflecting the solid fundamental development of the company', comments Stephan Rind, CEO of Colonia Real Estate AG the preliminary result.
A detailed analyst conference for the final nine months figures takes place on Monday, 12.11.2007 at 2pm.
Growth drivers have been noticeable accretions of the recurring income from rents of the residential portfolio and the Asset and Fund Management.Colonia Real Estate AG could therefore improve its third quarter result after tax by more then EUR 7mn without any possible additional IAS40 revaluation profits of the current residential portfolio. This positive result includes already an unrealized loss on the shareholding in Deutsche Wohnen AG at the end of the period in the amount of around EUR 8mn. Without this adjustment the company has already reached its full year target after the third quarter.
Colonia clearly improved its revenues and the net result. The total income after the first nine months 2007 rose to EUR 107.3mn (9m 2006: EUR 90.9mn), the EBIT jumped by 132% to EUR 69.4mn (9m 2006: EUR 29.9mn). The gross rental income increased considerably to EUR 34.7mn (9m 2006: EUR 9mn). The total revenue of the Asset and Fund Management broadly improved from EUR 0.9mn last year to EUR 10.4mn. The administrative expenses moved from EUR 5.4mn in 2006 to EUR 12.2mn. This includes already announced extraordinary costs for the capital increase in the amount of EUR 1.6mn and additional EUR 1.8mn IFRS valuation of the employee stock option program. The interest expense resulted to EUR 16.1mn (9m 2006: EUR 4.6mn), the interest income jumped to EUR 3mn (9m 2006: EUR 0.2mn).
The final third quarter 2007 result will be released as planned on 12.11.2007.
Information and Explaination of the Issuer to this News:
With the preliminary release of the most significant financial numbers for the first nine months 2007, the Executive Board wants to clarify that Colonia Real Estate AG continues to be on a sustainable growth track which is supported by recurring returns from all business units. 'As a result of the significant depreciation of the stock price in the past days we have experienced an increased uncertainty of our shareholders. Therefore, we have decided to use the release of the preliminary nine months result to send a clear signal that we are on a very comfortable track to reach our full year guidance of at least EUR 62mn to 65mn. A potential increase of the full year guidance is currently under review. The current share price is not at all reflecting the solid fundamental development of the company', comments Stephan Rind, CEO of Colonia Real Estate AG the preliminary result.
A detailed analyst conference for the final nine months figures takes place on Monday, 12.11.2007 at 2pm.
