Essen, 20 February 2020: Instone Real Estate Group AG, a leading residential developer operating across Germany, published its preliminary results for the financial year 2019 yesterday.
According to unaudited preliminary figures, the Management Board anticipates at group level the following consolidated results for the financial year 2019:
- Adjusted revenues: EUR 733 million to EUR 738 million
- Adjusted gross margin: >25 %
- Adjusted EBIT: EUR 128 million to EUR 130 million
- Volume of sales contracts: c EUR 1.4 billion
According to the preliminary unaudited figures, Instone continues to deliver substantial top and bottom line growth. Preliminary results are in line with management guidance as revised in September 2019 in relation to adjusted revenues and volume of sales contracts. With respect to adjusted EBIT and adjusted gross margin Instone will exceed management guidance as revised in September 2019.
On 16 September 2019, the Management Board of Instone Real Estate Group AG, following the forward sale of the “Westville” project in Frankfurt, revised the forecast for the financial year 2019 and anticipated adjusted revenues in the range of between EUR 700 million and EUR 750 million, adjusted Earnings Before Interest and Tax (EBIT) of between EUR 110 million and EUR 125 million, and an adjusted gross margin of around 24 %. In addition, considering the significant volume of the “Westville” forward sales contract, the expected volume of 2019 sales contracts was increased to over EUR 1.1 billion.
Kruno Crepulja, CEO Instone Real Estate Group AG, commented: "The preliminary figures for the financial year 2019 indicate a substantial growth of revenues and profits year-on-year and confirm the very positive development of our company."
Instone Real Estate Group AG will publish the Annual Report for the year 2019 as planned on 19 March 2020. At that time - within the previously communicated revenue range - Instone will also provide further details in relation to its financial year 2020 outlook.
Instone Real Estate
Tel.: +49 (0)201 45355-365
Fax: +49 (0)201 45355-904
Instone Real Estate
c/o RUECKERCONSULT GmbH
Tel.: +49 (0)30 2844987-47
Fax: +49 (0)30 2844987-99