EANS-News: YOUNIQ AG releases its figures for the first nine months of 2012
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9-month report
Subtitle: Sell-out of the "Renting and Trading"-portfolio of EUR 25.1 million /
Operating profit (EBIT) amounts to EUR 3.5 million / Consolidated net result
positive / First location in Munich completed and fully let
Frankfurt am Main (euro adhoc) - November 14, 2012 - YOUNIQ AG brought the first
nine months of the financial year 2012 to a close with a satisfactory operating
and earnings trend. The sale of properties in Karlsruhe and Greifswald in the
"Student Housing" segment in February 2012 marked the closing of the first of
four transactions in total with fund manager MPC Capital. Moreover, the second
quarter saw two new properties acquired in the university locations of
Reutlingen and Düsseldorf. In addition, the first YOUNIQ project was completed
in Munich in the third quarter. The 80 apartments in the Schleissheimer Strasse
were fully let within a very short space of time. A total of 319 units from the
property portfolio, with a transaction volume totalling EUR 25.1 million, were
also sold in the first nine months of 2012.
In the period under review, the YOUNIQ Group generated profit from changes in
valuation of investment properties of EUR 7.5 million through progress made in
the construction of running projects (previous year: EUR 3.8 million). Rental
income was raised to EUR 6.4 million (previous year: EUR 5.6 million) despite
the significant downturn in profit contribution from the "Renting and Trading
Real Estate" business segment due to the sale of properties. At the end of the
first nine months of 2012, EBIT stood at EUR 3.5 million (previous year: EUR 3.5
million). Consolidated net profit climbed to EUR 0.1 million compared with the
year-earlier period when the Group disclosed a loss of EUR -1.6 million.
The main impact on the asset position of the YOUNIQ Group in the reporting
period were the two transactions with MPC Capital. There was a change in the
group of consolidated companies owing to the disposal and derecognition of the
properties in Karlsruhe and Greifswald. This was largely compensated, however,
through the acquisition of the property in Reutlingen and the increase in the
fair value pertaining to project developments. As per September 30, 2012, the
Group reported investment property worth EUR 110.4 million (December 31, 2011:
EUR 111.1 million). Total assets had fallen to EUR 164.9 million (December 31,
2011: EUR 183.7 million) by the end of the reporting period, which was mainly
attributable to disposal and deconsolidations. On the liabilities side, there
was a slight increase in equity which had risen to EUR 87.7 million by September
30, 2012 (December 31, 2011: EUR 87.6 million). The equity ratio rose from 47.4%
to 53.2% owing to the lower level of total assets. In addition, the YOUNIQ Group
scaled back non-current and current liabilities significantly by EUR 25.0
million to EUR 77.2 million (December 31, 2011: EUR 96.1 million). This
reduction was attributable first and foremost to the repayment of loans for
projects as part of transferring the Greifswald and Karlsruhe locations to MPC.
Rainer Nonnengässer, Chief Executive Officer of YOUNIQ AG, commented as follows:
"We are generally happy with the development of business in the first nine
months of 2012. We have come a great deal closer to our goal of selling the
portfolio in the "Renting and Trading Real Estate" segment through the disposals
made in the first nine months of 2012. We have also seen our first location in
Munich Schleissheimer Strasse become operational. The swift conclusion to the
letting process is not only exemplary for Munich but also for our other
locations throughout Germany. In this context, our Frankfurt-Riedberg I and
Munich Georg-Wopfner-Strasse projects are reason for us to be very positive.
Both projects are in the final stage of completion and today's letting status is
already 50% and 25% respectively.
The Executive Board considers YOUNIQ AG to be excellently positioned for
achieving further growth in the market. With conditions in the environment
remaining positive, the Executive Board anticipates that business will develop
well in 2012 and 2013 and expects positive results in the business segment
"Student Housing".
The Interim Financial Report as at September 30, 2012 is available for
downloading from the company's website at www.youniq-group.de under the Investor
Relations heading.
Further inquiry note:
Kontakt:
Investor Relations
cometis AG
Ulrich Wiehle / Dirk Ulmer
Tel.: +49 (0)611 - 205855-24
Fax: +49 (0)611 - 205855-66
E-Mail: ulmer@cometis.de
end of announcement euro adhoc
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company: YOUNIQ AG
Eschersheimer Landstraße 6
D-60322 Frankfurt am Main
phone: +49(0)69 2474720
FAX: +49(0)69 247472100
mail: ir@youniq.de
WWW: http://www.youniq-group.de
sector: Real Estate
ISIN: DE000A0B7EZ7
indexes:
stockmarkets: free trade: Berlin, Düsseldorf, Stuttgart, regulated dealing/prime
standard: Frankfurt
language: English