GWB Immobilien AG
GWB Immobilien AG generates profits again in the 1st half of 2011
GWB Immobilien AG / Key word(s): Half Year Results 12.08.2011 / 08:30 --------------------------------------------------------------------- - Sales increased by 18 per cent to EUR5.5 million - Improvement in EBIT to EUR2.1 million - Progress made with development projects Hamburg, 12 August 2011. GWB Immobilien AG reports that profits were generated again in the 1st half of 2011: following economically difficult years, the company has succeeded in turning the business around, with profits of EUR161,000 and an operating result (EBIT) of EUR2.1 million. GWB also managed to start construction work on POSTGALERIE Speyer, the biggest project in the company's history, in the first half of the year. POSTGALERIE is scheduled to open at the end of 2012. 'It is still difficult to obtain funding for major property projects, which can only be guaranteed if a large proportion of equity is contributed. This is what prompted us to sell the Völklingen City Center project. Selling this property has guaranteed the funds needed for the project, which we will be continuing to carry out as planned on the basis of a project implementation contract,' explains Dr Norbert Herrmann, CEO of GWB Immobilien AG. 'We will be working systematically to make sure our operations continue to go successfully in the 2nd half of 2011 too.' The sales generated by GWB amounted to EUR5.5 million in the first six months of the 2011 financial year - growth of 18 per cent over the previous year. Consolidated earnings totalled EUR0.2 million compared with -EUR0.5 million in the 1st half of 2010, while EBIT improved by EUR551,000, from EUR1.5 million in the previous year to EUR2.1 million. (Undiluted) earnings per share were EUR0.02 after -EUR0.08 in the previous year. The positive performance in the 1st half of the year was attributable not only to the sale of the Völklingen project but also to GWB's systematic cost policy. Personnel costs were, for example, reduced by 15.7%, while operating expenses were down 10% and financial expenses were 13.1% lower. The GWB Immobilien AG balance sheet total at Group level amounted to EUR131.5 million on 30 June 2011, which was about EUR7.8 million higher than in the 2010 financial year. About GWB Immobilien AG GWB is listed in the Prime Standard at Frankfurt Stock Exchange. Over a period of more than 15 years, the GWB corporate group has developed into a specialist for the implementation of large retail projects and for the revitalisation of retail properties. The focus is on medium-sized towns and suburban areas. The strength of the GWB business model is that the company acts as a single, integrated source for the provision of all the necessary services, covering the entire supply chain from project development and construction to marketing and management. More than 40 projects have been completed successfully. Further information is available on the company website www.GWB-Immobilien.de. Press inquiries: Kirchhoff Consult AG, Janina Schumann Phone: +49 (0) 40 60 91 86-50, janina.schumann@kirchhoff.de End of Corporate News --------------------------------------------------------------------- 12.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: GWB Immobilien AG Hauptstraße 1a 22962 Siek Germany Phone: +49 4107 9080-0 Fax: +49 4107 908072 E-mail: info@gwb-immobilien.de Internet: www.gwb-immobilien.de ISIN: DE000A0JKHG0, DE000A0JRVH4, DE000A0JRVJ0 WKN: A0JKHG Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 135407 12.08.2011
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