Colonia Real Estate AG (ISIN: DE0006338007;WKN: 633800) showed after the first nine months 2007 as reported with the preliminary figures a considerably increase in its result. The net profit before minorities increased from EUR 19.0mn to EUR 54.4mn, a jump of almost 186%. Through this good result and the positive outlook, the company is increasing its net profit guidance for the full year 2007 from previously EUR 62 to EUR 65mn to now EUR 67 to EUR 70mn.
Growth drivers in the first nine months have been significant increases in rental income and related revaluations in the residential portfolio and the Asset and Fund Management. Assets under management grew from EUR 0.5bn to actual EUR 2.5bn in the last 12 months. Colonia Real Estate AG could therefore improve its third quarter result after tax by almost 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 previous 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).
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/... .
Growth drivers in the first nine months have been significant increases in rental income and related revaluations in the residential portfolio and the Asset and Fund Management. Assets under management grew from EUR 0.5bn to actual EUR 2.5bn in the last 12 months. Colonia Real Estate AG could therefore improve its third quarter result after tax by almost 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 previous 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).
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/... .
