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ADLER Real Estate AG: ADLER Real Estate's result for the first half of the year into the hundreds of millions

ADLER Real Estate AG / Key word(s): Half Year Results

01.09.2014 / 14:32

ADLER Real Estate's result for the first half of the year into the hundreds of millions


- Consolidated result increases almost threefold to EUR 105.6 million

- Fair value adjustments have considerable impact on result

- Restructuring within the Group

Hamburg, 1 September 2014. The extensive acquisitions of ADLER Real Estate AG, Frankfurt am Main (ISIN DE0005008007), have propelled the company's total assets and result to new dimensions in the first half of 2014. Positive development was recorded in all key figures. Besides revenues and earnings, the company also improved its cash flow and financial solidity. Consolidated revenues increased almost tenfold to EUR 26.3 million in the first six months (previous year: EUR 2.8 million) and consolidated result more than tripled to EUR 105.6 million (previous year: EUR 33.6 million). Undiluted earnings per share increased to EUR 5.90 (2.17) and diluted earnings to EUR 4.08 (2.17). Net cash flow from current business activity rose to EUR 10.9 (0.4) million. The figures reflect the first-time consolidation of the 92.7 percent share in ESTAVIS AG, Berlin, which was taken over in June, and the residential real estate portfolios acquired in the reporting period.

"Two essential and closely related factors are the reason behind this excellent performance", commented Axel Harloff, CEO of ADLER Real Estate AG. "The company has earned the trust of the capital markets and is able to meet the challenge of the successful acquisitions and the integration of the real estate portfolios," he added. The number of residential units owned by ADLER Group increased from around 7,800 at the end of 2013 to around 21,000 in the reporting period. The improvement in the result to EUR 105.3 million (previous year: EUR 47.4 million) is largely due to the effects of the fair value adjustments of the acquired residential real estate portfolios. The acquisition of greater shares in three portfolios carried out in February, which had no impact on profit or loss, an additional portfolio acquisition, which became effective in January, and the takeover of ESTAVIS were all accounted for according to IFRS 3. This essentially resulted in an increase in other operating income to EUR 25.5 million (EUR 0.05 million).

ADLER Group's financial situation also improved considerably. Consolidated total assets increased to EUR 1.24 billion (EUR 0.461 billion) as at 30 June 2014. Investment properties constituted the largest item, increasing to EUR 1.071 billion (EUR 0.418 billion). The improvement in the result and the rise in share capital in connection with the takeover of ESTAVIS led to a substantial increase in equity to EUR 281.5 million (EUR 86.9 million). This corresponds to an equity ratio of 22.7 percent, up from 18.9 percent at the end of 2013. "We will continue to see strong growth in the second half of 2014," emphasised Harloff. The successful increase in the volume of corporate bond 2014/2019 by EUR 50 million to EUR 100 million in July has provided ADLER with ample funds for future, large-scale acquisitions. "In addition to growth, we will also continue to work on strengthening our earnings and financial position," stated Harloff.

Restructuring at ESTAVIS AG

To enhance procedures and optimise the use of resources within the enlarged group, ADLER has reduced the focus of ESTAVIS to one of its key areas of business, namely the privatisation of apartments from its own portfolio and for third parties. Real estate acquired by ESTAVIS in future will be used for privatisation purposes and not to expand the portfolio. The existing residential real estate portfolios held by ESTAVIS will be managed within the Group. Torsten Cejka will resign from the Management Board of ESTAVIS. Jacopo Mingazzini, in personal union managing director of privatisation subsidiary ACCENTRO GmbH, will manage the company as sole member of the Management Board. There are also some changes in the Supervisory Board of ESTAVIS. The previous Supervisory Board resigned as at 31 August 2014. As at 1 September 2014, Axel Harloff, Dr Dirk Hoffmann, attorney and Chairman of the Supervisory Board of ADLER and Carsten Wolff, Head of Accounting and Finance at ADLER Real Estate AG, have been appointed as members of the Supervisory Board.

For inquiries please contact:

Press: german communications dbk ag
Jörg Bretschneider
Milchstr. 6 B, 20148 Hamburg, Germany
Phone: +49-(0)40/46 88 33 0, Fax: +49-(0)40/46 88 33 40

Investor Relations: Hillermann Consulting
Christian Hillermann
Poststraße 14, 20354 Hamburg, Germany
Phone: +49-(0)40/32 02 79 10, Fax: +49-(0)40/32 02 79 114

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