GWB Immobilien AG
GWB Immobilien AG: sale of two properties in the third quarter of 2011
GWB Immobilien AG / Key word(s): Quarter Results 11.11.2011 / 08:30 --------------------------------------------------------------------- - EBIT of EUR1.7 million - Projects progressing according to plan - New development projects Hamburg, 11 November 2011. In the first nine months of 2011, GWB Immobilien AG generated an operating result (EBIT) of EUR1.7 million, compared with EUR2.4 million in the same period the previous year. Sales amounted to EUR7.2 million (2010: EUR18.9 million). The company succeeded in selling the Nauen property and a site in Bamberg in the third quarter of 2011. The impact of these sales will not be felt until the final quarter, however. Postgalerie Speyer, the planning work for the Wolfsburg and Heppenheim properties and the Völklingen project are progressing according to plan. Construction of the Völklingen property will probably be starting in the first quarter of 2012. GWB Immobilien AG participated in another competition in the rehabilitation and health centre development field, obtaining the commission for two more properties in Hesse. Dr. Norbert Herrmann, CEO of GWB Immobilien AG, explains: 'Our job is to stabilise the company on a sustained basis, with the aim of eliminating the accumulated losses. The proceeds generated by the large Postgalerie Speyer project, the business management contracts for existing properties, sale of the rehabilitation and health centres and disposal of revitalised portfolio properties will contribute to this.' GWB continued to implement a systematic cost policy in the first nine months. By comparison with the same period the previous year, personnel costs were reduced by 9.7%, operating expenses by 7.1% and financial expenses by 4.8%. The GWB Immobilien AG balance sheet total at Group level amounted to EUR133.4 million on 30 September 2011, which was about EUR9.8 million higher than in the 2010 financial year. Undiluted earnings per share were -EUR0.18 compared with -EUR0.10 in the same period the previous 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, Verena Rauch Phone: +49 (0) 40 60 91 86-34, verena.rauch@kirchhoff.de End of Corporate News --------------------------------------------------------------------- 11.11.2011 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 --------------------------------------------------------------------- 145819 11.11.2011
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