GWB Immobilien AG
GWB is focused on project development
GWB Immobilien AG / Key word(s): Final Results 23.05.2011 / 09:20 - Sales increased slightly to EUR 21.3 million - EBIT at EUR 0.7 million - Residential property expected to be another key area of activity Hamburg, May 23, 2011. GWB once again faced a number of challenges in 2010. However, Group sales increased slightly over the previous year based on the sale of a property from the portfolio and the operating result also improved to EUR 0.7 million. To ensure liquidity, in March 2010 the Company carried out a capital increase, which resulted in an inflow of around EUR 1 million from the gross issue proceeds. GWB sales totaled EUR 21.3 million for the 2010 fiscal year. This was an increase of EUR 0.9 million over the previous year on proceeds of EUR 12.4 million from the sale of the Wuppertal property. Income from sales includes rental income of about EUR 7.6 million (previous year: approx. EUR 8.9 million). Net income for 2010 totaled EUR -2.9 million (previous year: EUR -8.9 million). The operating result (EBIT) improved to EUR 0.7 million from EUR -7.2 million the previous year. 'Fortunately we succeeded in financially securing the largest project in our company's history, the POSTGALERIE SPEYER, through new partnerships with financially solid companies. Construction has already begun. In addition, we sold the project company of the Bremerhaven property that is under construction. We will now complete the work on the property as planned, on a fee basis,' says Dr. Norbert Herrmann, Chairman of GWB Immobilien AG. 'Despite this, 2010 did not bring the results that we had sought. The loss of two key investors in 2009 continues to have an effect.' GWB intends to continue to strengthen its focus on project development and subsequently selling new projects. Activities will again be focused on the development of smaller shopping centers. Smaller and mid-sized cities, in particular, still have a great deal of potential. We will continue to increase cooperation with investors to secure the financing of new projects. In addition, the Board of GWB intends to tap the fast-growing sector of residential property as an additional mainstay, and an acquisition may be considered in this context. The development of the new 'health centers' segment has already proved promising; after the successful planning and construction of the Lübeck Travemünde Clinic and the Medical and Rehabilitation Centre in Bremerhaven, other projects in Wolfsburg and Heppenheim will soon follow. 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 Wismar Phone: +49 (0) 40 60 91 86-50, janina.wismar@kirchhoff.de End of Corporate News --------------------------------------------------------------------- 23.05.2011 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 Deutschland 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 --------------------------------------------------------------------- 125747 23.05.2011
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