- Group income increases by about 95 percent to 5.0 million Euro
- Successful real estate sales and substantially increased rents
- Full-year forecast 2019 confirmed
Eschborn, 30 September, 2019 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, “Noratis”), a leading portfolio developer of residential properties in Germany, has recorded a very positive business development during the first half-year 2019. The earnings before interest and taxes (EBIT) rose by about 89 percent to 8.8 million Euro after 4.7 million Euro during the prior year period. The earnings before taxes (EBT) of 6.9 million Euro almost doubled compared to the first half-year 2018 and the group income of 5.0 million Euro was around 95 percent above the prior year value. Consequently, Noratis already earned 1.39 Euro per share during the first six months of 2019. Sales revenues amounted to 47.7 million Euro after 20.8 million Euro before. The substantial increase is due to a larger number of property sales, as a result of which gains were realised based on the development of properties. Moreover, the rental income rose by about 79 percent to 5.9 million Euro after 3.3 million Euro before.
With the transfer of benefits and encumbrances during the reporting period Noratis sold 177 apartments and purchased 164 units. As a result, the portfolio amounted to 1,778 units at the end of June 2019 keeping it on the same level as at the end of last year and around 27 percent higher than a year before with 1,404 apartments. The purchase of an additional total of 197 apartments in Frankfurt and Steinfurt (North Rhine-Westphalia) in June and in Celle (Lower Saxony) in July are not yet included in these figures. Moreover, Noratis has in the meantime acquired another 168 apartments in the Frankfurt area.
Following the results of the first half-year 2019 Noratis considers that it is well on track to reach its annual targets and hence confirms the forecast for the full year. It thus proceeds on the assumption of a stabilisation of the EBIT and the earnings before taxes on the level of the two previous years.
Igor Christian Bugarski, CEO of Noratis: “The first half-year 2019 was very successful and the outlook is good, too. We are still being offered attractive residential properties, and we intend to further expand our portfolio. Moreover, we have also successfully developed our portfolio during the reporting period and hence created the basis for future earnings.”
The half-yearly report is available on the website of Noratis AG under www.noratis.de in the Investor Relations section.