EQS-Adhoc 113 0 Kommentare Revaluation of a development project leads to write-downs and forecast adjustment

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Revaluation of development project leads to write-downs and forecast adjustment.
Value of property recognized as investment property is 30% lower than previously.
Revaluation will reduce planned EBIT and earnings before taxes by EUR 42 million.

EQS-Ad-hoc: Gateway Real Estate AG / Key word(s): Change in Forecast/Real Estate
Revaluation of a development project leads to write-downs and forecast adjustment

23-Nov-2023 / 16:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Revaluation of a development project leads to write-downs and forecast adjustment

Berlin, November 23, 2023. As part of an upcoming refinancing, Gateway Real Estate AG ("Company" - WKN A0JJTG / ISIN DE000A0JJTG7) has commissioned a revaluation of a development project recognized as an investment property. The preliminary result of the independent valuation report, which was received by the Management Board today, shows a value that is approximately EUR 42 million or 30 % lower than the value previously recognized for this property in accordance with IAS 40. The project is the Company's essential project development recognized as an investment property.

According to preliminary estimates, the revaluation will reduce the planned EBIT adjusted (previously EUR 5 to 15 million) and the planned earnings before taxes (EBT) (previously EUR -10 to 0 million) in the Group for the current financial year by an amount of around EUR 42 million in each case.

The Company reports EBIT adjusted as the operating result plus the result from financial assets accounted for using the equity method.

Contact
Sven Annutsch
Hardenbergstr. 28a
10623 Berlin
T +49 (0) 30 40 363 47 – 0
F +49 (0) 30 40 363 47 99
E-Mail: sven.annutsch@gateway-re.de

End of Inside Information

23-Nov-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:	English
Company:	Gateway Real Estate AG
	Hardenbergstraße 28a
	10623 Berlin
	Germany
Phone:	+49 (0) 30 40 363 47 - 0
Fax:	+49 (0) 30 40 363 47 99
E-mail:	info@gateway-re.de
Internet:	www.gateway-re.de
ISIN:	DE000A0JJTG7
WKN:	A0JJTG
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1780755