Madison Property AG
Madison Property AG: results H1 2010/2011
Madison Property AG / Key word(s): Half Year Results 31.01.2011 / 19:25 * Net margin of 15.0% within reporting period compared to 3.3% in previous year's period * More than 80% of pre-sales targets for the full financial year already achieved * Cash and cash equivalents rise from EUR 5.6 million to EUR 24.0 million Berlin/Frankfurt, 31 January 2011 - Chinese property developer Madison Property AG (ISIN DE000A0V9KR3 / WKN A0V9KR / Ticker MPD) today announced its results for the first half of the financial year. Madison realised sales of EUR 8 million with an average gross profit ratio of 45.4%. The net profit ratio in the first half of the financial year amounted to 15.0%. Cash and cash equivalents summed up to EUR 24.0 million as of 31 October 2010. The results were fully in line with the company's expectations. Sales derived from the delivery of the Garden State Phase II project and the Sandalwood Bay project, which therefore were included in income. In the previous year's period, sales had amounted to EUR 23 million due to the delivery of the Yangguang Coast project with a volume of EUR 20 million alone. In contrast, the net profit ratio for this period had been significantly lower at 3.3% compared to the results achieved now. In respect to pre-sales of projects currently under construction, Madison already fulfilled more than 80% of its own targets for the whole financial year. Across several projects that are planned to be completed within the current financial year, residential units equivalent to around EUR 54 million have been pre-sold. Additionally, Madison received reservations for a further EUR 1.8 million. 'The fluctuations in sales and margins derive from the cyclicality of the real estate development business, as projects are only recognised in profit or loss after their final completion and delivery. The results of the first half of our financial year together with our pre-sales performance are right on track', says Qingtong Tian, CEO and founder of Madison Property. You can find the complete report at: http://www.madison-property.com/en/investor-relations/publications/financi al-reports.html About Madison Property AG Madison Property AG is a German stock corporation under the laws of Germany with its legal seat in Berlin. It is the holding company of Madison Property Group Limited which operates as a large scale property developer with its local subsidiaries in China, mainly in the Shandong Province and the municipality of Chongqing. Founded in 1998, Madison already completed and successfully sold 14 projects/project phases. It is focused mainly on residential properties with high quality and travel as well as leisure properties. Madison is recognised as a Class I property developer by the People's Republic of China Ministry of Housing and Urban-Rural Development and can therefore undertake projects nationwide without limitation on the construction scale. For further information please contact: Kirchhoff Consult AG Dr. Kay Baden T: +49 40 60 91 86 34 F: +49 40 60 91 86 60 E-Mail: baden@kirchhoff.de or visit www.madisonproperty.de Disclaimer This publication constitutes neither an offer to sell nor a solicitation to buy securities of Madison Property AG. This document is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The shares of Madison Property AG (the 'Shares') have not been registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act') and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offering of the Shares in the United States and the Shares will not be registered under the Securities Act. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). The Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. End of Corporate News --------------------------------------------------------------------- 31.01.2011 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 --------------------------------------------------------------------- 110612 31.01.2011
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