EANS-Adhoc: YOUNIQ AG publishes preliminary consolidated net income for FY 2011
24.02.2012 – 16:20
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Preliminary Group result 24.02.2012 - Strategic decision to realise accelerated disposal of "Renting and Trading" portfolio impacts consolidated net income by an estimated one-off EUR 20.9 million net write-down - Adjusted, preliminary consolidated net income of around EUR 0.9 million achieved through significantly positive Q4 2011, preliminary consolidated net income of around EUR -20.0 million due to one-off write-down - Management expects operative cost savings of up to EUR 1.0 million per year from optimization of the Group´s structure as well as a reduction in investments from accelerated disposal of "Renting and Trading" portfolio up to EUR 1.5 million Frankfurt am Main, February 24, 2012 - In order to accelerate its sole focus on its "Student Living" segment, YOUNIQ AG is modifying its strategy for the planned disposal of historical inventory in its "Renting and Trading" portfolio. Instead of the sale of individual apartments, which is inefficient from a time and cost perspective, this existing inventory will now be sold as part of larger portfolio transactions. For this reason, the company has modified the valuation approach for its non-core business "Renting and Trading" portfolio so that all properties are now valued applying the gross income method (DCF method). This change in valuation methodology results in a one-off non-cash adjustment to the valuation of its "Renting and Trading" portfolio. When taking into account a deferred tax effect, the adjustment is estimated to amount to EUR 20.9 million, Group investment properties are therefore valued at an estimated total of EUR 121.0 million as of December 31, 2011 (September 30, 2011: EUR 128.3 million). The net asset value (NAV) per share of YOUNIQ AG as of December 31, 2011, is reduced accordingly by an estimated 17.3°% to EUR 8.50 per share (September 30, 2011: EUR 10.28 per share). The Management Board expects additional liquidity from the accelerated disposal of the historical inventory, which will be used entirely for further investments of around EUR 40 million in the "Student Housing" core business. This step enables YOUNIQ AG to further expand its market leading position in the "Student Housing" area. In the 2011 financial year, YOUNIQ AG reached its growth targets with five purchases in the "Student Housing" business area. Due to its recent purchases, the company achieved significant net income in the fourth quarter of 2011 (around EUR 2.5 million), as a consequence of which preliminary adjusted consolidated net income for the full year amounts to EUR 0.9 million. When taking into account one-off write-downs, which are non-cash, the Group incurred a preliminary consolidated net loss of EUR -20.0 million (previous year: EUR 5.0 million). YOUNIQ AG aims to continue to grow its core business in the 2012 financial year and plans to acquire five further locations in Germany. The Group structure will also be significantly optimised through the accelerated disposal of its "Renting and Trading" portfolio as well as the scheduled discontinuation of its monument renovation business area at the end of the first quarter of 2012. As a consequence of these measures, the Management Board anticipates operating cost savings of up to EUR 1.0 million per year, and a EUR 1.5 million annual reduction in investments required for existing properties. The additionally released liquidity and improved profitability will also contribute to further strengthening the core "Student Housing" business. The final 2011 results will be announced with the publication of the annual report on March 30, 2012. Issuer: YOUNIQ AG Neue Mainzer Strasse 28 60311 Frankfurt am Main, Germany ISIN: DE000A0B7EZ7 WKN: A0B7EZ Stock exchanges: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Munich, Düsseldorf, Stuttgart < End of the ad hoc announcement > 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 -------------------------------------------------------------------------------- issuer: 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, Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English