EQS-News: The Grounds Real Estate Development AG confirms forecast in difficult market environment


EQS-News: The Grounds Real Estate Development AG / Key word(s): Half Year Results
The Grounds Real Estate Development AG confirms forecast in difficult market environment

22.09.2023 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

The Grounds confirms forecast in difficult market environment

  • Sales revenues and earnings decline in the first half-year
  • Construction progress is on schedule for current projects in Berlin, Magdeburg and Erkner
  • More than half of the newly-built residential units in the “Maggie” project in Berlin have already been sold

Berlin, 22 September 2023 – The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) achieved group sales revenues totalling EUR 16.2 million in the first half-year of 2023 (H1 2022: EUR 21.4 million). The main reason for the downturn compared to the same period in the previous year was the wait-and-see attitude of many private residential property buyers, which in turn was due to difficult framework conditions for the real estate industry during the reporting period, especially the increased interest rate level and uncertainty resulting from political discussions about the heating law. Against this background, the major part of the sales revenue achieved was accounted for by construction measures calculated according to the “percentage of completion” method. The sale of newly-built apartments in the Maggie project in Berlin-Lichtenberg contributed a large proportion of this. Here, almost 60% of the available residential units were already sold within the first six months of 2023. Moreover, all apartments except for one unit are currently reserved, so that a complete sale can be expected by the end of the year. The construction measures currently underway for projects in Berlin, Magdeburg and Erkner progressed according to plan.

The EBIT was positive in the first half of 2023 at EUR 0.4 million, although it was thus significantly lower than in the comparable period of the previous year (H1 2022: EUR 2.9 million). The financial result declined compared to the previous year from EUR -1.0 million to the present EUR -2.0 million. The decisive reason for this were higher interest expenses, which are explained by the increase in borrowed capital in connection with the acquisitions of further building ground plots and privatisation properties in the previous financial year. As a consequence, The Grounds experienced a group loss of EUR 1.1 million in the first half of 2023.

Commenting on the business development in the first half-year, Jacopo Mingazzini, Management Board of The Grounds, says: “The general conditions for the entire real estate sector were very difficult in the first half of the year. Higher interest rates made it much more difficult for private buyers to purchase a home. An additional factor was the vexed discussion about the heating law, which unsettled the whole of the real estate industry and led to the postponement of numerous planned transactions. Nonetheless – mainly thanks to the existing project pipeline – The Grounds has been able to hold its ground in this challenging environment, and we expect an improvement in the result for the second half of the year. An essential precondition for this is that the debtor warrant from the logistics property in Hangelsberg already sold in 2020 becomes due for payment in the second half of the year, which both the buyer and we ourselves currently consider to be likely. Taking into account the contribution to earnings resulting from this, we maintain our previous forecast for the full year, which assumes sales revenues of between EUR 40 and 45 million and an EBIT of EUR 4 to 5 million.”

Company contact:
The Grounds Real Estate Development AG
Jacopo Mingazzini, Management Board Member
Charlottenstrasse 79-80, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
E-mail: [email protected]
Web: www.thegroundsag.com

Investor relations:
Ingo Janssen, Managing Director
Haus der Wirtschaft, Kapstadtring 10
22297 Hamburg, Germany
Tel.: +49 (0) 40 6378 5410
E-mail: [email protected]
Web: www.ubj.de

Press contact:
Peter Dietze-Felberg
Wallstrasse 16
10179 Berlin, Germany
Tel.: +49 (0) 30 284 49 87 62
E-mail: [email protected]
Web: www.rueckerconsult.de

About The Grounds
The Grounds Group implements residential projects in German metropolitan regions. The Grounds Group also holds a steadily growing residential portfolio in its fixed assets. The Grounds Real Estate Development AG is listed in the upper free market segment of Düsseldorf Stock Exchange’s primary market (ISIN: DE000A2GSVV5), and has its headquarters in Berlin and an office in Stuttgart.

22.09.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: The Grounds Real Estate Development AG
Charlottenstraße 79-80
10117 Berlin
Phone: 030 2021 6866
Fax: 030 2021 6489
E-mail: [email protected]
Internet: www.thegroundsag.com
Listed: Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1731871

End of News EQS News Service

1731871  22.09.2023 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022
Umsatzerlöse1 0,40 18,95 31,10 13,94 31,26 31,59 36,75
EBITDA1,2 1,19 1,36 11,40 2,00 6,16 9,34 3,56
EBITDA-Marge3 297,50 7,18 36,66 14,35 19,71 29,57 9,69
EBIT1,4 1,18 1,35 11,37 1,97 6,10 9,17 3,36
EBIT-Marge5 295,00 7,12 36,56 14,13 19,51 29,03 9,14
Jahresüberschuss1 1,17 1,20 4,19 0,05 4,01 5,07 1,19
Netto-Marge6 292,50 6,33 13,47 0,36 12,83 16,05 3,24
Cashflow1,7 -3,78 -15,82 -11,03 13,28 -24,03 7,00 -12,45
Ergebnis je Aktie8 0,09 0,08 0,23 0,00 0,22 0,29 0,07
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Buschmann & Bretzel

The Grounds Real Estate Dev.
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2GSVV 0,840 14,96
KGV 2024e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 16,55 0,00 13,00
0,57 - 0,41 26,09
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
0,00 0,00 0,00 04.07.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
22.09.2023 28.04.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-2,78% -28,57% -56,70% -59,62%
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu The Grounds Real Estate Development AG  ISIN: DE000A2GSVV5 können Sie bei EQS abrufen

Immobilien (Wohn) , A2GSVV , AMMN , XETR:AMMN