Bau-Verein zu Hamburg AG
Bau-Verein zu Hamburg AG: Bau-Verein with a successful first half
Bau-Verein zu Hamburg AG / Half Year Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- - Revenues up 33 percent - EBT increased to EUR 6.1 million - Investments in residential portfolio (Hamburg, 21 August 2008). Bau-Verein zu Hamburg Aktien-Gesellschaft (Bau-Verein for short) successfully made #use of the opportunities arising in the German residential real estate market in the first half of 2008, achieving a substantial increase in revenues and earnings compared with the previous year. After a further two successful acquisitions, Bau-Verein’s real estate portfolio, which generates strong returns and plentiful cash flows, increased in volume by 19 percent to EUR 351.3 million. Bau-Verein’s revenues in the first half of 2008 rose by 33 percent from EUR 24.5 million to EUR 32.6 million. Bau-Verein closed the second quarter of 2008 profitably, with earnings before taxes (EBT) rising from EUR 3.6 million in the previous year to EUR 6.1 million in the first half of 2008, an increase of 69 percent. An increase of EUR 3.0 million in gains from fair-value revaluation ca#used gross profit to widen by 27 percent to EUR 16.4 million, up from EUR 12.9 million in the previous year. In line with its buy, build and hold strategy, Bau-Verein has been systematically continuing to invest in its residential real estate and successfully completed two acquisitions in the first six months of the year. In addition to a plot of land for the construction of 19 new apartments and 2 commercial units by the end of 2009 in a centrally located part of Hamburg, a lucrative portfolio comprising around 1,200 residential units situated in the metropolitan regions of Hamburg, Berlin, Rhine/Main and Southern Germany was acquired. With their attractive cash flows, the 20 new properties in this portfolio offer considerable development potential and will for the most part be held on a long-term basis. Bau-Verein’s total assets rose by EUR 27.3 million as of the end of 2007 to EUR 393.1 million. Despite capital spending, the Company's equity ratio remains at a high 32.2 percent. Bau-Verein plans to continue spending on its portfolio to unlock value and invest in its real estate. Given this favourable performance in the first half of 2008, management still expects to close the year with a profit at the EBT level. However, the difficult conditions in the capital and financial markets will probably result slightly below the previous year. Press inquiries: Bau-Verein zu Hamburg AG Head of Investor & Public Relations Kirsten Schleicher Tel. +49 (0) 40 380 32 300 Fax +49 (0) 40 380 32 390 pr@bau-verein.de 21.08.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Bau-Verein zu Hamburg AG Steckelhörn 5 20457 Hamburg Deutschland Phone: +49 (0)40 380 32-0 Fax: +49 (0)40 380 32-388 E-mail: info@bau-verein.de Internet: www.bau-verein.de ISIN: DE0005179006 WKN: 517900 Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg; Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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