euro adhoc: ALTA FIDES Aktiengesellschaft für Grundvermögen
Financial
Figures/Balance Sheet
Financial figures third quarter 2008
EBIT and revenues during the third quarter 2008 burdened due to extraordinary
effects; considerable increase of ...
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
quaterly report
13.11.2008
During its third quarter 2008 ALTA FIDES AG has achieved operating revenues of EUR 234,000 (Q3/2007: EUR 3.5 million). The annual result after taxes in the third quarter was negative amounting to EUR -965,000 (Q3/2007: EUR 2.8 million). The consolidated turnover in the third quarter amounted to EUR 8.036 million (Q3/2007: EUR 8.745 million).
A significant reason with respect to the decrease in turnover were in particular declining distribution activities as a consequence of the current capital market situation. The operating result in Q3 amounts to EUR 1.234 million after adjustments with regard to singular expenses (EUR 1 million) in relation to the acquisition of the majority stake by CORESTATE Capital Group. Deliberate investments in the growth of the business segment "Student Homes" led to a significant increase of the finance expenses and consequently to a negative result in the third quarter 2008 after taxes amounting to EUR -965,000.
ALTA FIDES AG achieved - in particular through building up the business segment "Student Homes" - an increase of its overall turnover, consolidated after the first three quarters, to EUR 71 million (corresponding period in 2007: EUR 32.4 million) and thus significantly by 119% as opposed to the previous year. With respect to the investment by CORESTATE Group ALTA FIDES AG expects to successfully continue its growth strategy in the promising business segment "Student Homes". Through the nationwide acquisition of premises and existing real estate assets as well as through several newly developed real estate assets a portfolio of student homes will be established during the next years and thus added value will be created in this new class of assets.
ALTA FIDES Aktiengesellschaft für Grundvermögen Management Board
end of announcement euro adhoc
Further inquiry note:
Rainer Fuchs
Vorstand
Tel.: +49 (0)341 35520690
E-Mail: ir@altafides.de
Branche: Real Estate
ISIN: DE000A0B7EZ7
WKN: A0B7EZ
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade