GWB Immobilien AG generates profits again in the 1st half of 2011

GWB Immobilien AG / Key word(s): Half Year Results

12.08.2011 / 08:30

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- Sales increased by 18 per cent to EUR5.5 million
- Improvement in EBIT to EUR2.1 million
- Progress made with development projects

Hamburg, 12 August 2011. GWB Immobilien AG reports that profits were
generated again in the 1st half of 2011: following economically difficult
years, the company has succeeded in turning the business around, with
profits of EUR161,000 and an operating result (EBIT) of EUR2.1 million. GWB
also managed to start construction work on POSTGALERIE Speyer, the biggest
project in the company's history, in the first half of the year.
POSTGALERIE is scheduled to open at the end of 2012.

'It is still difficult to obtain funding for major property projects, which
can only be guaranteed if a large proportion of equity is contributed. This
is what prompted us to sell the Völklingen City Center project. Selling
this property has guaranteed the funds needed for the project, which we
will be continuing to carry out as planned on the basis of a project
implementation contract,' explains Dr Norbert Herrmann, CEO of GWB
Immobilien AG. 'We will be working systematically to make sure our
operations continue to go successfully in the 2nd half of 2011 too.'

The sales generated by GWB amounted to EUR5.5 million in the first six
months of the 2011 financial year - growth of 18 per cent over the previous
year. Consolidated earnings totalled EUR0.2 million compared with -EUR0.5
million in the 1st half of 2010, while EBIT improved by EUR551,000, from
EUR1.5 million in the previous year to EUR2.1 million. (Undiluted) earnings
per share were EUR0.02 after -EUR0.08 in the previous year.

The positive performance in the 1st half of the year was attributable not
only to the sale of the Völklingen project but also to GWB's systematic
cost policy. Personnel costs were, for example, reduced by 15.7%, while
operating expenses were down 10% and financial expenses were 13.1% lower.

The GWB Immobilien AG balance sheet total at Group level amounted to
EUR131.5 million on 30 June 2011, which was about EUR7.8 million higher
than in the 2010 financial year.


About GWB Immobilien AG

GWB is listed in the Prime Standard at Frankfurt Stock Exchange. Over a
period of more than 15 years, the GWB corporate group has developed into a
specialist for the implementation of large retail projects and for the
revitalisation of retail properties. The focus is on medium-sized towns and
suburban areas. The strength of the GWB business model is that the company
acts as a single, integrated source for the provision of all the necessary
services, covering the entire supply chain from project development and
construction to marketing and management. More than 40 projects have been
completed successfully.

Further information is available on the company website
www.GWB-Immobilien.de.


Press inquiries:
Kirchhoff Consult AG, Janina Schumann
Phone: +49 (0) 40 60 91 86-50, janina.schumann@kirchhoff.de


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Language:    English                                                
Company:     GWB Immobilien AG                                      
             Hauptstraße 1a                                         
             22962 Siek                                             
             Germany                                                
Phone:       +49 4107 9080-0                                        
Fax:         +49 4107 908072                                        
E-mail:      info@gwb-immobilien.de                                 
Internet:    www.gwb-immobilien.de                                  
ISIN:        DE000A0JKHG0, DE000A0JRVH4, DE000A0JRVJ0               
WKN:         A0JKHG                                                 
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart  
 
 
End of News    DGAP News-Service  
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