Bau-Verein zu Hamburg AG
Bau-Verein zu Hamburg Aktien-Gesellschaft announces a net loss for the 6-months-period ended June 30, 2009 despite improved operating income resultsBau-Verein zu Hamburg AG:
Bau-Verein zu Hamburg AG / Half Year Results Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Bau-Verein zu Hamburg Aktien-Gesellschaft, Hamburg, (Bau-Verein) announces a net loss for the 6-months-period ended June 30, 2009. Preliminary profit figures for the group reflect a loss of approximately 6 million euros after tax resp. 9 million euros before tax. Main reasons include revised assessments of fair-market-values for fixed assets of -3 million euros which are designed to anticipate potential year-end devaluations by our external auditors. Furthermore, the company has decided to make conservative accruals of -3 million euros as one-time entries for prior years' construction activities based on management's actualized and intense risk analysis in conjunction with the current financial crisis. Finally, we have accrued a provision for restructuring steps in the employment staff of the company. Conversely, the operating business is performing well which is not obvious and visible in the bottom-line figures. Overall net sales for the 6-months-period more than doubled from 19 million euros in the preceding period to 47 million euros in the reporting year. The rental profit increased from 3.8 million euros in 2008 to 5.3 million euros in 2009. All quoted figures are preliminary. The full 6-months-report will be published on August 13, 2009. Bau-Verein zu Hamburg Aktien-Gesellschaft Hamburg, August 6, 2009 Dominique Mann / Britta Lackenbauer Investor Relations Bau-Verein zu Hamburg AG Steckelhörn 5 20457 Hamburg Tel. (040) 380 32-305 / -386 Fax (040) 380 32-390 e-mail: info@bau-verein.de 06.08.2009 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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