EANS-Adhoc: YOUNIQ AG publishes preliminary consolidated net income for FY 2011
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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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Preliminary Group result
24.02.2012
- Strategic decision to realise accelerated disposal of "Renting and Trading"
portfolio impacts consolidated net income by an estimated one-off EUR 20.9
million net write-down
- Adjusted, preliminary consolidated net income of around EUR 0.9 million
achieved through significantly positive Q4 2011, preliminary consolidated net
income of around EUR -20.0 million due to one-off write-down
- Management expects operative cost savings of up to EUR 1.0 million per year
from optimization of the Group´s structure as well as a reduction in investments
from accelerated disposal of "Renting and Trading" portfolio up to EUR 1.5
million
Frankfurt am Main, February 24, 2012 - In order to accelerate its sole focus on
its "Student Living" segment, YOUNIQ AG is modifying its strategy for the
planned disposal of historical inventory in its "Renting and Trading" portfolio.
Instead of the sale of individual apartments, which is inefficient from a time
and cost perspective, this existing inventory will now be sold as part of larger
portfolio transactions. For this reason, the company has modified the valuation
approach for its non-core business "Renting and Trading" portfolio so that all
properties are now valued applying the gross income method (DCF method). This
change in valuation methodology results in a one-off non-cash adjustment to the
valuation of its "Renting and Trading" portfolio. When taking into account a
deferred tax effect, the adjustment is estimated to amount to EUR 20.9 million,
Group investment properties are therefore valued at an estimated total of EUR
121.0 million as of December 31, 2011 (September 30, 2011: EUR 128.3 million).
The net asset value (NAV) per share of YOUNIQ AG as of December 31, 2011, is
reduced accordingly by an estimated 17.3°% to EUR 8.50 per share (September 30,
2011: EUR 10.28 per share).
The Management Board expects additional liquidity from the accelerated disposal
of the historical inventory, which will be used entirely for further investments
of around EUR 40 million in the "Student Housing" core business. This step
enables YOUNIQ AG to further expand its market leading position in the "Student
Housing" area.
In the 2011 financial year, YOUNIQ AG reached its growth targets with five
purchases in the "Student Housing" business area. Due to its recent purchases,
the company achieved significant net income in the fourth quarter of 2011
(around EUR 2.5 million), as a consequence of which preliminary adjusted
consolidated net income for the full year amounts to EUR 0.9 million. When
taking into account one-off write-downs, which are non-cash, the Group incurred
a preliminary consolidated net loss of EUR -20.0 million (previous year: EUR 5.0
million).
YOUNIQ AG aims to continue to grow its core business in the 2012 financial year
and plans to acquire five further locations in Germany. The Group structure will
also be significantly optimised through the accelerated disposal of its "Renting
and Trading" portfolio as well as the scheduled discontinuation of its monument
renovation business area at the end of the first quarter of 2012. As a
consequence of these measures, the Management Board anticipates operating cost
savings of up to EUR 1.0 million per year, and a EUR 1.5 million annual
reduction in investments required for existing properties. The additionally
released liquidity and improved profitability will also contribute to further
strengthening the core "Student Housing" business.
The final 2011 results will be announced with the publication of the annual
report on March 30, 2012.
Issuer: YOUNIQ AG
Neue Mainzer Strasse 28
60311 Frankfurt am Main, Germany
ISIN: DE000A0B7EZ7
WKN: A0B7EZ
Stock exchanges: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Munich, Düsseldorf, Stuttgart
< End of the ad hoc announcement >
Further inquiry note:
Kontakt:
Investor Relations
cometis AG
Ulrich Wiehle / Dirk Ulmer
Tel.: +49 (0)611 - 205855-24
Fax: +49 (0)611 - 205855-66
E-Mail: ulmer@cometis.de
end of announcement euro adhoc
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issuer: 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, Düsseldorf, Stuttgart, regulated dealing/prime
standard: Frankfurt
language: English