DGAP-News: Instone Real Estate Group AG / Key word(s): Real Estate/Quarterly / Interim Statement
Instone Real Estate continues its positive business development in the first nine months of financial year 2018
- Group revenue rose to EUR 223.5 million
- Adjusted group earnings before taxes (EBT) increased to EUR 12.3 million
- Operating performance improved significantly by more than 50 % to EUR 236.4 million
- Outlook for revenue and earnings in financial year 2018 confirmed
- Project portfolio grows significantly and is the basis for sustainable profitable growth
Kruno Crepulja, CEO of Instone Real Estate: "We have successfully continued our positive business development. That has confirmed our outlook for revenue and results for the full year 2018."
In the first nine months of 2018, Group revenue rose to EUR 223.5 million. Adjusted group earnings before taxes (EBT) improved to EUR 12.3 million. Instone Real Estate was also able to increase significantly its operating performance, consisting of revenue and changes in inventories, to EUR 236.4 million, thereby exceeding the figure achieved in the previous year by more than 50%.
Significant growth of the project portfolio
The value of the project portfolio also increased further and on 30 September 2018 amounted to more than EUR 3.6 billion. It now includes more than 45 projects with a total of 8,924 residential units. This positive development is primarily due to the acquisition of new projects.
Our acquisition pipeline is well filled. Alongside a wide range of further potential projects, we have already signed purchase contracts or are in advanced exclusive negotiations for 15 new projects with an anticipated cumulative sales volume of over EUR 1.3 billion and roughly 4,000 residential units. We are therefore well on track to exceeding our annual target of acquiring projects with a future sales volume of between EUR 900 million and EUR 1 billion this year.
Outlook for revenue and earnings in financial year 2018 confirmed
The positive business development in the first nine months of the current year, and development in line with plans in the fourth quarter, confirm our outlook for revenue and earnings in financial year 2018. We continue to expect revenues of between EUR 370 million and EUR 400 million. With regard to adjusted group earnings before taxes (EBT), we also confirm our outlook of EUR 32 million to EUR 37 million.
The quarterly statement for the third quarter of financial year 2018 is available for download from the company's website via the following link:
About Instone Real Estate (IRE)
Instone Real Estate is one of Germany's leading residential developers and is listed in the Prime Standard at the Frankfurt Stock Exchange. The company develops attractive multi-family and residential buildings as well as publicly subsidized housing, designs modern urban quarters and refurbishes listed buildings for residential use. Buyers are mainly owner-occupiers, private investors and institutional investors. In 27 years, Instone Real Estate has successfully developed more than one million square metres. More than 320 employees work at eight locations nationwide. As of 30 September 2018, Instone Real Estate's project portfolio comprised 45 development projects with an expected total sales volume of roughly EUR 3.6 billion and more than 8,900 units.
|Company:||Instone Real Estate Group AG|
|Phone:||+49 201 453 550|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|