EANS-News: YOUNIQ AG publishes half year figures 2011
29.08.2011 – 07:58
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 6-month report Subtitle: Successful further development of core business "Student Housing" / Significant growth in net asset value per share to EUR 10.41 as of June 30, 2011 / Positive net income forecast for fiscal year 2011 Frankfurt am Main (euro adhoc) - August 29, 2011 - YOUNIQ AG, the leading provider of high-quality student apartments in Germany, has today published its results for the first half of 2011. The company generated EUR 16.46 million of total revenue in the reporting period (previous year: EUR 19.95 million). At EUR 11.23 million, the major proportion of this amount was generated from the core "Student Housing" business (previous year: EUR 14.90 million). This decline is primarily attributable to a reduction in revenues from construction contracts, a business that is to be discontinued in the future. Correspondingly, EBIT amounted to EUR 2.64 million in the period under review, compared with EUR 4.45 million in the prior-year period. Following the first six months of 2011, YOUNIQ AG reported a net income of EUR -0.76 million (previous year: EUR 2.25 million), whereby the loss incurred in the first quarter of 2011 could be reduced in the second quarter. It should be noted in this context that interest expenses of around EUR 1.67 million for shareholder loans impacted the 2011 first-half result. The Group would have reported a positive net income excluding these expenses. These interest expenses will essentially no longer be incurred from the second half of 2011 due to the waiver of shareholder loans that was implemented as of June 30, 2011. The company's financing structure strongly improved as of June 30, 2011. The company's balance sheet equity underwent a marked increase from EUR 47.9 million as of the 2010 year-end to EUR 108.5 million as a result of the successful completion of the capital increase in June 2011, and the controlling shareholder's subsequent waiver of EUR 37.6 million of loan receivables. Net asset value (NAV) increased strongly from EUR 6.77 to EUR 10.41. At the same time, the loan to value ratio - the ratio between net financial debt, including shareholder loans, and real estate assets - improved from 66% to 37%. Marcel Crommen, CFO of YOUNIQ AG, commented as follows: "We have significantly improved the Group's financing structure in the past half-year. This creates a very solid basis for the further growth of our core business." In view of this situation, Rainer Nonnengässer, CEO of YOUNIQ AG, looks with optimism to the future: "We are planning further acquisitions in the second half of the year to further extend our market leadership in the Student Housing business. Overall conditions also reflect a positive trend since student numbers in Germany continue to grow as a result of the doubled number of high school graduates due to the G8 reform, and the suspension of military service. Studying at higher education level in Germany is also becoming more attractive as a result of the recent ruling by the German Supreme Tax Court that the cost of education are likely to be offset against future taxable income under certain preconditions." Given the positive overall environment, and the earnings impact as a consequence of the waiver agreements, the Executive Board anticipates an improved result in the second half of 2011, particularly due to the fact that further positive income effects are expected from planned acquisitions. As a consequence, the Executive Board is forecasting a positive net income for the full 2011 year on the basis that the company's projects progress as planned, and in light of its continued acquisition activity. The 2011 half year report can be downloaded from the company's website at www.youniq-group.de, within the Investor Relations section. Company profile YOUNIQ AG YOUNIQ AG has focused on student accommodation since 2009. The company covers a significant portion of the value chain - ranging from the purchase of properties and land, through project development, including planning, procurement of planning permission, construction, and all the way through to commercial and technical management. YOUNIQ has developed into a leading provider for this segment with currently 2,199 high-quality apartments that are in either the management or construction phases. The properties are located at nine sites in Germany, including Munich, Erlangen, Karlsruhe, Frankfurt am Main, Mainz and Leipzig. YOUNIQ draws together many years of experience acquired in the areas of project development and the portfolio management of largely residential properties. Due to its past business operations, YOUNIQ AG holds an existing portfolio comprising a further 951 units, thereby allowing stable rental income to be generated. YOUNIQ AG (ISIN: DE000A0B7EZ7, WKN: A0B7EZ) is listed on the Frankfurt Stock Exchange (Prime Standard). Further information is available from: www.youniq-group.de Further inquiry note: Kontakt: Investor Relations cometis AG Ulrich Wiehle Tel.: +49 (0)611 - 205855-11 Fax: +49 (0)611 - 205855-66 E-Mail: wiehle@cometis.de end of announcement euro adhoc -------------------------------------------------------------------------------- company: YOUNIQ AG Neue Mainzer Strasse 28 D-60311 Frankfurt am Main phone: +49(0)69 35101480 FAX: +49(0)69 351014890 mail: ir@youniq.de WWW: http://www.youniq-group.de sector: Real Estate ISIN: DE000A0B7EZ7 indexes: stockmarkets: free trade: Berlin, Stuttgart, Düsseldorf, regulated dealing/general standard: Frankfurt language: English