Bau-Verein zu Hamburg AG
Bau-Verein zu Hamburg AG: Bau-Verein with increased rental income
Bau-Verein zu Hamburg AG / Quarter 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. ---------------------------------------------------------------------- - Forecast for 2008 updated - Current bank liabilities reduced (Hamburg, 13 November 2008) In the first nine months of 2008, Bau-Verein zu Hamburg AG, a subsidiary of TAG Immobilien AG, was able to further improve its business performance, with revenues rising by more than 10 percent over the year-ago period from EUR 42.4 million to EUR 47.5 million. This growth was underpinned by an increase in the proceeds from property sales from EUR 8.7 million in the previous year to EUR 21.9 million in the first nine months of 2008 as well as higher rental income, which rose by 12 percent from EUR 13.8 million to EUR 15.4 million. At EUR 5.1 million, earnings before tax (EBT) remained at a high level (previous year: EUR 6.5 million). The moderate decline was primarily due to the increased borrowing costs resulting from the larger volume of real estate. 'Given the crisis afflicting the financial markets and the fall-out for the real economy, the Company is currently unable to issue any reliable forecasts for 2008,' says Hans-Ulrich Sutter, CFO of Bau-Verein zu Hamburg. As it is not possible to determine the extent to which Bau-Verein will be able to achieve its budgeted sales by the end of 2008 and whether the current conditions in the financial markets may leave traces on the fair values of individual properties, the Company is updating its revenue and earnings forecast. As a result, the Management Board of Bau-Verein now expects the Company to break even at the EBT level in 2008. Solid financial condition At around 32 percent at the end of the third quarter, the equity ratio was high by sector standards. As well as this, current liabilities to banks contracted from EUR 83 million at the end of 2007 to EUR 46 million as of 30 September 2008. At the same time, non-current liabilities rose from EUR 108 million to EUR 166 million. Despite the current adverse conditions in the credit markets, Bau-Verein assumes that all loans will be renewed upon expiry. Bau-Verein is confident of being able to weather the challenges of the crisis. The current conditions will unleash a new appreciation of tangible assets and, in the long term, lead to a rediscovery of real estate in good locations with stable cash flows. 13.11.2008 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 ---------------------------------------------------------------------------
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found