EANS-News: YOUNIQ AG publishes financial figures for the first quarter 2012
15.05.2012 – 07:25
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report Subtitle: Operating result (EBIT) comes in at EUR 1.4 million / Positive consolidated earnings / Transfer of the Karlsruhe and Greifswald projects to MPC fund Frankfurt am Main (euro adhoc) - YOUNIQ AG enjoyed positive business development in the first quarter 2012, which is reflected in income and earnings performance. Earnings from the fair-value measurement of the investment properties increased significantly to just under EUR 2.0 million (previous year: EUR 0.65 million). Construction progressed to schedule on projects in the "Student Living" segment and the disposal of four portfolio properties from the "Renting and Trading Real Estate" segment both made major contributions here. The properties are set to be transferred to the purchasers in the second quarter 2012 and, at EUR 9.7 million, the sale price is above the real estate's book value. The Group's rental income also climbed to EUR 2.1 million (previous year: EUR 1.9 million). The favorable earnings performance was also reflected in the operating result (EBIT) which came in at EUR 1.4 million in consolidated terms (previous year: EUR 1.1 million). The YOUNIQ Group also posted a positive consolidated result of EUR 26k compared with a loss of EUR 496k in the same period in the previous year. On the asset side, tangible assets and real estate held as financial investment decreased as of March 31, 2012 from EUR 113.1 million to EUR 89.9 million due to the transfer of the Greifswald and Karlsruhe projects to MPC Capital on February 29, 2012 and the resultant deconsolidation. In relation to this, total assets fell from EUR 183.7 million to EUR 164.1 million. Cash and cash equivalents climbed to EUR 17.7 million (December 31, 2011: EUR 10.4 million) due to the income generated from the disposal of the projects. On the financing side, YOUNIQ AG significantly reduced current liabilities to EUR 18.5 million (December 31, 2011: EUR 35.1 million). This is explained by the repayment of project-related loans following the transfer of the Greifswald and Karlsruhe properties to MPC. Equity remained almost unchanged at EUR 87.6 million on the reporting date of March 31 (December 31, 2011: EUR 87.6 million), but the equity ratio rose from 47.4% to 53.4% due to the decline in total assets as of March 31, 2012. Rainer Nonnengässer, CEO of YOUNIQ AG, remarked: "We are confident about the sale of further portfolio properties following the disposals in the 'Renting and Trading Real Estate' segment. To accelerate this process, we have commissioned the leading real estate firm Ernst & Young Real Estate Berlin to implement a structured sales process. In the 'Student Living' segment, the Leipzig Schützenstraße project is set for completion and incorporation into the company portfolio in the current second quarter. We are also confident that we will be able to announce new acquisitions shortly." CFO Marcus Schmitz added: "We are very pleased with the performance in the first three months of 2012 in terms of financial figures. They provide a solid foundation for positive earnings performance over the remainder of the year. To create greater transparency for our investors, we have decided to restructure the comprehensive income statement in order to show our earnings drivers clearly and comprehensibly." Given the continued favorable conditions, the Management Board is expecting positive business development for 2012 and progress as planned in acquisition activities. Positive income effects can also be expected from the intended acquisitions as well as project progress. The Management Board is therefore aiming to achieve a positive consolidated annual result for the 2012 financial year. The quarterly financial report for the period ending March 31, 2012 is available for download on the website www.youniq-group.de in the Investor Relations section. Company profile YOUNIQ AG YOUNIQ AG has focused on student accommodation since 2009. The company covers a significant range of the value chain - ranging from the purchase of real estate and land, through project development including planning, planning permission procurement and construction, all the way through to commercial and technical management. YOUNIQ has developed into a leading provider for this segment with 3,264 high-quality apartments currently in the management or construction phases. These properties are located at twelve sites in Germany, including Munich, Erlangen, Karlsruhe, Frankfurt am Main, Mainz, Potsdam and Leipzig. YOUNIQ bundles its many years of experience in project development and portfolio management for largely residential properties. Drawing on its past business operations, YOUNIQ AG holds a portfolio of 1,018 properties that generate a stable rental income stream. YOUNIQ AG (ISIN: DE000A0B7EZ7, German Securities Identification Code/WKN: A0B7EZ) is listed on the Frankfurt Stock Exchange (Prime Standard). Further information: www.youniq-group.de 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 -------------------------------------------------------------------------------- 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, Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English