DGAP-News: Preliminary results 2018: Gateway Real Estate AG achieves a significant increase of EBITDA (adjusted) to more than 73 million Euro
06.02.2019 (www.4investors.de - in Kooperation mit DGAP - EQS Group):
DGAP-News: Gateway Real Estate AG / Key word(s): Preliminary Results/Real Estate
Preliminary results 2018: Gateway Real Estate AG achieves a significant increase of EBITDA (adjusted) to more than 73 million Euro
06.02.2019 / 17:36
The issuer is solely responsible for the content of this announcement.
Preliminary results 2018:
Gateway Real Estate AG achieves a significant increase of EBITDA (adjusted) to more than 73 million Euro
Adjusted EBITDA increases by more than 43 to 73 million Euro
Earnings before taxes grows by 68% and reaches around 42 million Euro
Current project volume with a gross development volume (GDV) of more than 3.6 billion Euro
Successful reorientation towards project development for commercial and residential real estate with the first-time consolidation of Development Partner AG
Frankfurt, 6 February 2019. The Gateway Real Estate group, a leading developer of commercial and residential real estate, expects a considerable improvement of the last year's profit on the basis of preliminary figures. The company is expected to have generated Earnings before taxes of around 42 million Euro in 2018. Compared to the previous year's level of 24.7 million Euro, this is equivalent to an increase of 68%. The core drivers of the considerable growth are the integration of the Development Partner AG as well as the successful sale of portfolio properties. Adjusted EBITDA (operating result incl. result from associated companies) is expected to reach around 73 million Euro in the 2018 financial year. Net income in 2018 is expected to be increased by around 17 million Euro to around 33 million Euro, which is equivalent to a rise of around 100% compared to the previous year's figure of 16.7 million Euro.
"The significant increase in all key figures relevant for us on a preliminary basis confirms the change of strategic course and the attractiveness of this business model. We expect a considerable further increase of the GDV with acquisitions from our project pipeline," explains Manfred Hillenbrand, CEO of Gateway Real Estate.
Attractive development portfolio
Gateway is currently developing 41 projects with an estimated gross development volume (GDV) of more than 3.6 billion Euro. The properties primarily include commercial real estate in Germany's top seven locations such as Berlin, Munich, Frankfurt, Dusseldorf, Cologne, Stuttgart and Hamburg as well as locations in metropolitan areas showing dynamic growth such as Nuremberg, Leipzig and Mannheim.
"By changing our business model to project development, we've improved our financial earning power. The increasing number of forward sales shall have a very positive impact on our future cash flow," comments Tobias Meibom, CFO of Gateway.
In the expected result for the past 2018 financial year, the acquisition of Development Partner AG was presented as a "reverse acquisition". For accounting purposes only, it is assumed that Development Partner AG acquired Gateway Real Estate AG. Therefore, the expected result for the past financial year 2018 includes the profit contribution of Development Partner AG for the entire financial year 2018 and the profit contribution of Gateway Real Estate AG only from the date of the acquisition of Development Partner AG (5 October 2018). The comparative figures for the 2017 financial year refer to Gateway Real Estate AG prior to the acquisition of Development Partner AG.
About Gateway Real Estate
GATEWAY REAL ESTATE AG is a leading publicly listed developer of commercial and residential real estate in Germany (WKN: A0JJTG / ISIN: DE000A0JJTG7). The company has a broadly diversified portfolio, excellent market access and a well-filled project pipeline. As a result, the Company achieves sustainable and profitable growth. The Group is currently developing 41 projects with an estimated gross development volume (GDV) of more than 3.6 billion Euro.
Further information: http://www.gateway-re.de/en/Contact
Gateway Real Estate AG
The Squaire No. 13, Am Flughafen
60549 Frankfurt am Main
06.02.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Gateway Real Estate AG
THE SQUAIRE - Zugang N°13
60549 Frankfurt am Main
+49 (0) 69 788 088 00 -0
+49 (0) 69 788 088 00 - 99
Regulated Unofficial Market in Stuttgart
End of News
DGAP News Service
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