DGAP-Adhoc Instone Real Estate Group AG: 2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance confirmed despite lower expected 2021 adjusted revenues - Seite 2
Instone continues to benefit from the ongoing positive demand environment for German residential properties in metropolitan regions. However, regulatory approvals for certain Instone projects are at risk to be delayed versus our previous expectations due to the ongoing COVID-19 related lock-down. As a result the management board now expects 2021 adjusted revenues to amount to EUR 820-900 versus previous guidance of EUR 0.9-1.0 billion. Previous expectations with respect to 2021 earnings after tax, however, are confirmed at EUR 90-95 million as the positive pricing environment, a beneficial project sales mix and construction cost benefits across our projects are expected to continue to materialise throughout fiscal year 2021.
In line with these expectations management guides for a 2021 adjusted gross margin of 26-27% and 2021 volume of concluded sales contracts of at least EUR 900 million.
Instone will publish its final results and annual report for 2020 on 18 March 2021, as planned.
The definitions of the alternative key performance indicators mentioned in the statement can be found in the glossary on the company's homepage at: https://ir.en.instone.de/websites/instonereal/English/3600/glossar.htm ...
Instone Real Estate Group AG
45131 Essen, Germany
Tel.: +49 (0)201 45355-137
23-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
|Company:||Instone Real Estate Group AG|
|Phone:||+49 201 453 550|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1170557|