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DGAP-News: Instone Real Estate Group AG / Key word(s): Real Estate/Interim Report Instone Real Estate Group AG: planned start of 2019 financial year with significant increase in revenues and profits - Adjusted revenues show substantial increase of 59.8% to EUR 84.2 million in the first quarter of 2019 (Q1 2018: EUR 52.7 million) - Adjusted earnings before interest and taxes (EBIT) also show significant growth of 93.8 % to EUR 15.7 million due to positive business development (Q1 2018: EUR 8.1 million) - Volume of concluded sales contracts more than double to EUR 62.8 million (Q1 2018: EUR 30.0 million) - Adjusted gross profit margin of 32.2% - Management board confirms outlook for the 2019 financial year
Kruno Crepulja, CEO of Instone Real Estate, comments: "Instone's sustainable course of growth continues in 2019. For us, the first quarter's highly favourable results are further confirmation of the strategy we have embarked upon." In the reporting period Instone showed marked growth in adjusted revenues, which at EUR 84.2 million increased by 59.8% compared to the same period last year (Q1 2018: EUR 52.7 Mio million). A significant rise in the number of concluded sales contracts and substantial improvement in the progress of construction in the first quarter of 2019 contributed to this growth. The volume of concluded sales in the first three months of 2019 totaled EUR 62.8 million based on the expected sale of 170 new housing units. As a result, Instone began the year with a significantly higher sales volume than in the same period last year (Q1 2018: EUR 30.0 million). Due to the positive business development, adjusted earnings before interest and taxes (EBIT) also improved considerably to EUR 15.7 million, exceeding the previous year's figure (Q1 2018: EUR 8.1 million) by 93.8%. The EBIT margin increased accordingly to 18.6% (Q1 2018: 15.4%). With an adjusted gross profit margin of 32.2% in the first quarter, Instone is within the full-year outlook for 2019 of around 28%. At approximately 90%, the volume of concluded sales contracts realised in the first quarter is largely concentrated in Germany's important metropolitan regions. Prospering medium-sized cities account for about 10%. As of the reporting date on 31 March 2019, Instone's project portfolio included a total of 45 projects with 11,041 units and an anticipated sales volume of around EUR 4.8 billion. The management board confirms its outlook for the year and continues to anticipate the following development for the 2019 fiscal year: - Adjusted revenues: EUR 500 million to EUR 550 million - Adjusted gross profit margin: around 28% - Adjusted EBIT: EUR 85 million to EUR 100 million The report on the first quarter of 2019 is available on the company website for download at the following address: Â About Instone Real Estate (IRE) Instone Real Estate is one of Germany's leading residential developers and is listed in the Prime Standard on the Frankfurt Stock Exchange. The company develops attractive residential and multi-family buildings as well as publicly subsidized housing, designs modern urban quarters and refurbishes listed buildings for residential use. Buyers are mainly owner-occupiers, private investors and institutional investors. In 28 years, Instone Real Estate has successfully developed more than one million square metres. Around 340 employees work at eight locations nationwide. As of 31 March 2019, Instone Real Estate's project portfolio comprised 45 development projects with an expected total sales volume of roughly EUR 4.8 billion and more than 11,000 units. Â Contact Investor Relations
28.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Instone Real Estate Group AG |
| Grugaplatz 2-4 | |
| 45131 Essen | |
| Germany | |
| Phone: | |
| E-mail: | |
| Internet: | |
| ISIN: | DE000A2NBX80 |
| WKN: | A2NBX8 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 816363 |
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| End of News | DGAP News Service |
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816363Â Â 28.05.2019Â
