Thu, 15/11/2012 - 06:06
Youniq brought the first nine months of the financial year 2012 to a close with a satisfactory operating and earnings trend.
The sale of properties in Karlsruhe and Greifswald in the student housing segment in February 2012 marked the closing of the first of four transactions in total with fund manager MPC Capital.
Moreover, the second quarter saw two new properties acquired in the university locations of Reutlingen and Düsseldorf. In addition, the first Youniq project was completed in Munich in the third quarter. The 80 apartments in the Schleissheimer Strasse were fully let within a very short space of time. A total of 319 units from the property portfolio, with a transaction volume totalling EUR25.1m, were also sold in the first nine months of 2012.
In the period under review, the Youniq Group generated profit from changes in valuation of investment properties of EUR7.5m through progress made in the construction of running projects (previous year: EUR3.8m). Rental income was raised to EUR6.4m (previous year: EUR5.6m) despite the significant downturn in profit contribution from the renting and trading real estate business segment due to the sale of properties.
At the end of the first nine months of 2012, EBIT stood at EUR3.5m (previous year: EUR3.5m). Consolidated net profit climbed to EUR0.1m compared with the year-earlier period when the group disclosed a loss of EUR1.6m.
The main impact on the asset position of the Youniq Group in the reporting period was the two transactions with MPC Capital. There was a change in the group of consolidated companies owing to the disposal and derecognition of the properties in Karlsruhe and Greifswald. This was largely compensated, however, through the acquisition of the property in Reutlingen and the increase in the fair value pertaining to project developments.
As per 30 September 2012, the group reported investment property worth EUR110.4m (31 December 2011: EUR111.1m). Total assets had fallen to EUR164.9m (31 December 2011: EUR183.7m) by the end of the reporting period, which was mainly attributable to disposal and deconsolidations.
On the liabilities side, there was a slight increase in equity which had risen to EUR87.7m by 30 September 2012 (31 December 2011: EUR87.6m). The equity ratio rose from 47.4 per cent to 53.2 per cent owing to the lower level of total assets. In addition, the Youniq Group scaled back non-current and current liabilities significantly by EUR25m to EUR77.2m (31 December 2011: EUR96.1m). This reduction was attributable first and foremost to the repayment of loans for projects as part of transferring the Greifswald and Karlsruhe locations to MPC.
Rainer Nonnengässer, chief executive officer of Youniq, says: "We are generally happy with the development of business in the first nine months of 2012. We have come a great deal closer to our goal of selling the portfolio in the renting and trading real estate segment through the disposals made in the first nine months of 2012. We have also seen our first location in Munich Schleissheimer Strasse become operational. The swift conclusion to the letting process is not only exemplary for Munich but also for our other locations throughout Germany. In this context, our Frankfurt-Riedberg I and Munich Georg-Wopfner-Strasse projects are reason for us to be very positive. Both projects are in the final stage of completion and today's letting status is already 50 per cent and 25 per cent respectively.”
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