Frankfurt (pta036/28.02.2020/23:40) - ...
* Preliminary consolidated net income stands at Euro 8.863 million (previous year: Euro 4.913 million)
Frankfurt am Main, 28 February 2020. ERWE Immobilien AG (ISIN DE000A1X3WX6), Frank-furt am Main, significantly improved its earnings in the 2019 financial year. Based on prelim-inary calculations, consolidated net income amounts to Euro 8.863 million, significantly higher than the figure of Euro 4.913 million reported for the (short) 2018 financial year. The unexpectedly high level of income is due to higher fair value measurements of ERWE's real estate holdings. These also include the pieces of land taken over in the year under report in Friedrichsdorf close to Bad Homburg v.d.H, on which ERWE will be building a business park. Income from the fair value measurement of the ERWE Immobilien Group's investment properties amounted to Euro 12.636 million in total.
The improvement in earnings was also driven by a remeasurement of deferred taxes leading to a positive tax refundrelated item of Euro 0.643 million in the year under report. In the previous year, income from fair value measurement had resulted in a deferred tax liability of Euro 2.468 million. A further factor benefiting earnings was the pleasing lettings situation at Frankfurt Airport Center, in which ERWE holds a ten-percent stake, and where income from the at-equity measurement of the associate totalled Euro 1.639 million.
The ERWE Group generated gross rental income of Euro 3.465 million in the year under re-port, compared with Euro 2.752 million in the (short) previous year which began on 2 May 2019 following the realignment of the business model and the contribution of substantial tangible assets. ERWE's strong growth is also reflected in its total assets, which rose from Euro 127.119 million to Euro 164.318 million at the end of 2019.
The Management Board
ERWE Immobilien AG focuses on developing a highly profitable commercial real estate portfolio. Its preferred sites involve promising downtown locations in German cities and exclusively prime locations in smaller towns and municipalities. ERWE acquires properties whose potential value growth can be sustainably exploited by introducing new utilisation concepts. This way, the company aims to build a highly profitable and valuable portfolio with substantial revenue growth. ERWE Immobilien AG is listed in the Regulated Market (General Standard) in Frankfurt and in open trading on the stock exchanges in Frankfurt am Main (XETRA), Berlin, Düsseldorf and Stuttgart (ISIN: DE000A1X3WX6).
Contact for enquiries:
german communications AG
Milchstr. 6 B
T. +49-40-4688330, F. +49-40-46883340
Hillermann Consulting e. K.
Streit´s Hof, Poststraße 14-16
T.+49-40-32027910, F. +49-40-320279114
|emitter:||ERWE Immobilien AG|
|contact person:||Christian Hillermann|
|phone:||+49 40 320 279-10|
|stock exchanges:||regulated market in Frankfurt; free market in Dusseldorf, free market in Stuttgart; open market in Berlin|