Peach Property Group AG announces profit for 2013
Zurich, 28 February 2014 – Peach Property Group AG, a leading property investor and developer of high-quality residential real estate in the German-speaking region of Europe, today announced that, contrary to original estimates, it expects to have recorded a profit in the 2013 financial year. Despite one-off extraordinary charges amounting to more than CHF 13 million, earnings before taxes will be just under CHF 2.9 million, which is more than in the previous year when the company posted earnings before taxes of CHF 1.9 million. This means that earnings will surpass expectations and the preliminary figures announced on 31 January 2014.
The Company today has a different view on a planned portfolio transaction and hence maintains the balance sheet structure of its property assets unchanged from the previous year – a decision that was taken in close coordination with its auditors. In addition to facilitating comparability with the previous year, this has the effect that earnings are higher than originally estimated. All other income and expense items remain unaffected by this and have not changed significantly compared with the previously announced figures.
Peach Property Group AG will publish final figures for the 2013 financial year and further details regarding its annual result on 13 March 2014 and provide additional explanations during a media conference in Zurich on that date.
Contacts
Media, investors and analysts
Dr. Thomas Wolfensberger, Chief Executive Officer and Dr. Marcel Kucher, Chief Financial Officer
+41 (0) 44 485 50 00 | investors@peachproperty.com
Media Germany:
edicto GmbH, Axel Mühlhaus
+49 (0) 69 90 55 05 52 | amuehlhaus@edicto.de
About Peach Property Group
Peach Property Group AG one of the leading developers 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. Peach Property Group focuses on city and holiday residences in exceptional locations and featuring highest-quality fittings for a discerning clientele. The company’s integrated corporate strategy encompasses not only the development of exclusive 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 company’s shares are listed on SIX Swiss Exchange (PEAN, ISIN CH0118530366).
Visit www.peachproperty.com for more information.