Peach Property Group AG outlines its half-year results 2012 – earnings and EBIT up significantly
Zurich, 31 July 2012 – Peach Property Group AG, a leading developer of high-value residential property in German-speaking Europe, today issued provisional indications of its half-year results 2012. Total revenues in the first six months of 2012 showed a marked rise compared to the same period in 2011 to approximately CHF 16.0 to 16.5 Mio. (H1 2011: 6.2 Mio.). This is due to sales revenues generated by the handover of apartments at Harvestehuder Weg 36, Hamburg, additional rental income from the portfolios acquired in Germany in 2011 and 2012, and appreciation in the value of the existing property portfolios. Based on provisional figures for the first six months of 2012, Peach Property Group is expecting to report operating profit (EBIT) in the area of CHF 2.0 to 2.5 Mio, following a negative half-year result in 2011 of -5.3 Mio. Net profit is expected to be around break-even.
According to the second-quarter 2012 asset report also published today, the market value of the property portfolio based on a valuation by independent property appraisers Wüest & Partner on 30 June 2012 has risen to CHF 364.5 million (Q2 2011: 272.2 million). Of this figure, development properties account for CHF 307.0 million (84% of the portfolio), with the remaining CHF 57.5 million (16%) accounted for by existing properties.
In addition, sales status (notarized apartment sales relative to expected overall sales volume) for the current developments could be significantly increased during the first 6 months of 2012 (e.g. Beach House from 25% to 45%; Schooren des Alpes from 13% to 60% or yoo berlin from 42% to 56%). Total sales for the first 6 months of 2012 amounted to roughly CHF 49 Mio. (H1 2011: 20.4 Mio).
Peach Property Group AG is publishing its full half-year results on 23 August 2012, backed by a teleconference for analysts and the media. The second-quarter 2012 asset report may be found on the website via the following link:
Investors and analysts:
Dr. Thomas Wolfensberger, Chief Executive Officer
Bruno Birrer, Chief Operating Officer
+41 44 485 50 00
Siro Barino, Barino Consulting
+41 79 335 24 24
About Peach Property Group
Peach Property Group AG is a leading developer in the field of top-quality residential property in the German-speaking region of Europe. Its activities cover the entire prime property development value chain, from site evaluation to project planning, implementation and marketing. Properties developed by Peach Property Group AG are located on exceptional sites in or near city centres and holiday resorts. Premier amenities meet the requirements of a demanding clientele. The company’s integrated corporate strategy includes not only the development of high-quality residential properties, but also the management of investment properties for the purpose of generating consistent annual revenues.
Peach Property Group AG is headquartered in Zurich and also has a branch office in Cologne. The Group’s current projects account for a total target marketing volume of approximately CHF 800 million. Peach Property Group AG is listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366).
Visit www.peachproperty.com for more information.