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ADLER Real Estate AG with clear improvement in results
28/04/2011 – Press Release
- Further earnings increase in first half of 2011
- Successful sales bring EUR 1.8 million in cash inflows
Hamburg, April 28, 2011. ADLER Real Estate AG (ISIN DE0005008007), Frankfurt am Main, is on its way to a sharp improvement in results. According to the annual financial statements approved by the Supervisory Board for financial year 2010, the total consolidated result increased to –EUR 0.8 million compared to a negative result of EUR 3.5 million in the previous year. Cost savings achieved in the reporting period and write-downs that did not affect financial year 2010 to the same extent as the previous year were responsible for the improvement in results. Total operating income decreased in financial year 2010 to EUR 2.77 million after EUR 4.0 million, as the sale of a large property had contributed to earnings in the previous year.
The trend towards improved results is also continuing in the current financial year. Two transactions were able to be successfully concluded. ADLER divested from its 7.5% shareholding in the project development company De Hoek-Noord S-Park B.V., which holds a logistics and office building near the Amsterdam Airport. ADLER received back a loan previously granted to the project company. Moreover, after lengthy development plan proceedings, an approx. 7,400-m²-large subparcel in Homburg an der Saar was successfully sold. The residual space of 3,300 m² might also be sold this year. Through the two transactions, ADLER will earn liquid assets of EUR 1.8 million.
The sound economic situation and improving real estate market are leading to growing interest in ADLER projects. Clear progress is being made in building permit proceedings and sales negotiations initiated in past years. ADLER therefore anticipates a further clear improvement in results in the current year as well.
For inquiries please contact:
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
0,87 € (18.05.2012)
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Announcement according to articles 37v,
37w, 37x ff WpHG
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Announcement according to articles 37v,
37w, 37x ff WpHG
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ADLER Real Estate AG well positioned for 2010
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