EANS-News: YOUNIQ AG publishes half year figures 2011
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6-month report
Subtitle: Successful further development of core business "Student Housing" /
Significant growth in net asset value per share to EUR 10.41 as of June 30, 2011
/ Positive net income forecast for fiscal year 2011
Frankfurt am Main (euro adhoc) - August 29, 2011 - YOUNIQ AG, the leading
provider of high-quality student apartments in Germany, has today published its
results for the first half of 2011. The company generated EUR 16.46 million of
total revenue in the reporting period (previous year: EUR 19.95 million). At EUR
11.23 million, the major proportion of this amount was generated from the core
"Student Housing" business (previous year: EUR 14.90 million). This decline is
primarily attributable to a reduction in revenues from construction contracts, a
business that is to be discontinued in the future.
Correspondingly, EBIT amounted to EUR 2.64 million in the period under review,
compared with EUR 4.45 million in the prior-year period. Following the first six
months of 2011, YOUNIQ AG reported a net income of EUR -0.76 million (previous
year: EUR 2.25 million), whereby the loss incurred in the first quarter of 2011
could be reduced in the second quarter. It should be noted in this context that
interest expenses of around EUR 1.67 million for shareholder loans impacted the
2011 first-half result. The Group would have reported a positive net income
excluding these expenses. These interest expenses will essentially no longer be
incurred from the second half of 2011 due to the waiver of shareholder loans
that was implemented as of June 30, 2011.
The company's financing structure strongly improved as of June 30, 2011. The
company's balance sheet equity underwent a marked increase from EUR 47.9 million
as of the 2010 year-end to EUR 108.5 million as a result of the successful
completion of the capital increase in June 2011, and the controlling
shareholder's subsequent waiver of EUR 37.6 million of loan receivables. Net
asset value (NAV) increased strongly from EUR 6.77 to EUR 10.41. At the same
time, the loan to value ratio - the ratio between net financial debt, including
shareholder loans, and real estate assets - improved from 66% to 37%. Marcel
Crommen, CFO of YOUNIQ AG, commented as follows: "We have significantly improved
the Group's financing structure in the past half-year. This creates a very solid
basis for the further growth of our core business."
In view of this situation, Rainer Nonnengässer, CEO of YOUNIQ AG, looks with
optimism to the future: "We are planning further acquisitions in the second half
of the year to further extend our market leadership in the Student Housing
business. Overall conditions also reflect a positive trend since student numbers
in Germany continue to grow as a result of the doubled number of high school
graduates due to the G8 reform, and the suspension of military service. Studying
at higher education level in Germany is also becoming more attractive as a
result of the recent ruling by the German Supreme Tax Court that the cost of
education are likely to be offset against future taxable income under certain
preconditions."
Given the positive overall environment, and the earnings impact as a consequence
of the waiver agreements, the Executive Board anticipates an improved result in
the second half of 2011, particularly due to the fact that further positive
income effects are expected from planned acquisitions. As a consequence, the
Executive Board is forecasting a positive net income for the full 2011 year on
the basis that the company's projects progress as planned, and in light of its
continued acquisition activity.
The 2011 half year report can be downloaded from the company's website at
www.youniq-group.de, within the Investor Relations section.
Company profile
YOUNIQ AG
YOUNIQ AG has focused on student accommodation since 2009. The company covers a
significant portion of the value chain - ranging from the purchase of properties
and land, through project development, including planning, procurement of
planning permission, construction, and all the way through to commercial and
technical management. YOUNIQ has developed into a leading provider for this
segment with currently 2,199 high-quality apartments that are in either the
management or construction phases. The properties are located at nine sites in
Germany, including Munich, Erlangen, Karlsruhe, Frankfurt am Main, Mainz and
Leipzig. YOUNIQ draws together many years of experience acquired in the areas of
project development and the portfolio management of largely residential
properties. Due to its past business operations, YOUNIQ AG holds an existing
portfolio comprising a further 951 units, thereby allowing stable rental income
to be generated. YOUNIQ AG (ISIN: DE000A0B7EZ7, WKN: A0B7EZ) is listed on the
Frankfurt Stock Exchange (Prime Standard).
Further information is available from: www.youniq-group.de
Further inquiry note:
Kontakt:
Investor Relations
cometis AG
Ulrich Wiehle
Tel.: +49 (0)611 - 205855-11
Fax: +49 (0)611 - 205855-66
E-Mail: wiehle@cometis.de
end of announcement euro adhoc
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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, Stuttgart, Düsseldorf, regulated
dealing/general standard: Frankfurt
language: English