DGAP-News: Instone Real Estate Group AG
/ Key word(s): Preliminary Results/Real Estate
Instone Real Estate Group AG publishes preliminary figures for the financial year 2019
- Residential property developer continues substantial top and bottom line growth
- Adjusted fiscal year 2019 revenues almost doubled
- Adjusted fiscal year EBIT up approximately 160%
- Concluded fiscal year 2019 sales contracts reached c. EUR 1.4 billion
According to unaudited preliminary figures, the Management Board anticipates at group level the following consolidated results for the financial year 2019:
- Adjusted revenues: EUR 733 million to EUR 738 million
- Adjusted gross margin: >25 %
- Adjusted EBIT: EUR 128 million to EUR 130 million
- Volume of sales contracts: c EUR 1.4 billion
According to the preliminary unaudited figures, Instone continues to deliver substantial top and bottom line growth. Preliminary results are in line with management guidance as revised in September 2019 in relation to adjusted revenues and volume of sales contracts. With respect to adjusted EBIT and adjusted gross margin Instone will exceed management guidance as revised in September 2019.
On 16 September 2019, the Management Board of Instone Real Estate Group AG, following the forward sale of the "Westville" project in Frankfurt, revised the forecast for the financial year 2019 and anticipated adjusted revenues in the range of between EUR 700 million and EUR 750 million, adjusted Earnings Before Interest and Tax (EBIT) of between EUR 110 million and EUR 125 million, and an adjusted gross margin of around 24 %. In addition, considering the significant volume of the "Westville" forward sales contract, the expected volume of 2019 sales contracts was increased to over EUR 1.1 billion.
Kruno Crepulja, CEO Instone Real Estate Group AG, commented: "The preliminary figures for the financial year 2019 indicate a substantial growth of revenues and profits year-on-year and confirm the very positive development of our company."
Instone Real Estate Group AG will publish the Annual Report for the year 2019 as planned on 19 March 2020. At that time - within the previously communicated revenue range - Instone will also provide further details in relation to its financial year 2020 outlook.
About Instone Real Estate (IRE)
Instone Real Estate is one of Germany's leading residential developers and is listed in the SDAX. 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 intending to buy and let, and institutional investors. In over 28 years, Instone Real Estate has successfully developed more than one million square metres. Around 360 employees work at nine locations nationwide. As of 30 September 2019, the company's project portfolio comprised 52 development projects with an expected total sales volume of roughly 5.4 billion euros and more than 12,000 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|
|EQS News ID:||979495|
|End of News||DGAP News Service|