Detail

Gateway Real Estate generated EBIT adjusted of EUR 28.4 million in H1 2020
 

• EBIT adjusted rose to EUR 28.4 million in the first half of 2020 (prior-year period: EUR 22.7 million)
• Profit after tax amounted to EUR 7.7 million in H1 2020 (prior-year period: EUR 1.8 million) und earnings per share to 0.04 EUR
• Current GDV (gross development volume) amounted to approximately EUR 5 billion

Frankfurt am Main, 15 September 2020. Gateway Real Estate AG (WKN A0JJTG / ISIN DE000A0JJTG7), one of Germany's leading listed developers of commercial and residential real estate, is satisfied with the development in the first half despite the situation caused by covid-19 pandemic and was able to increase earnings in the first half compared to the relevant prior-year period. The company generated an EBIT adjusted of EUR 28.4 million in the first six months of 2020, which is an increase of 25% in comparison to prior-year period (H1 2019: EUR 22.7 million).

Profit after tax in the Q1 2020 amounted to EUR 7.7 million (H1 2019: EUR 1.8 million) and correspond to earnings per share of 0.04 EUR respectively (prior-year period: 0.01 EUR).

GDV (gross development volume) amounted to approximately EUR 5 billion at the end of the first half year.

Tobias Meibom, CFO of Gateway Real Estate AG, comments: "The H1 2020 results demonstrate, as already seen in Q1 2020 results, that the company was able to increase earnings in comparison to prior-year period. We had established the foundation for this in the past year already thanks to a very successful business model as well as a strong pipeline of projects. Despite the COVID-19 pandemic, we currently do not see any negative impact on the standing assets and the projects that are in the realization phase are progressing as planned. While negotiations for new rentals and disposals have slowed down in the past few months, we are currently observing a rising demand, and an increasing number of rental and sales transactions is being discussed at the moment."

The company is very well positioned, and the Group's pipeline is very strong due to project purchases made in the last fiscal year. The outbreak of the covid-19 pandemic led to radical changes in social and business life. The current situation of the economy and the society is dominated by large uncertainties and the pandemic's long-term consequences are still not foreseeable. Unchanged, Gateway observes the current development very closely, analyses the circumstances, risks and opportunities within the framework of the implemented risk management system and manages its decisions based on the results. Accordingly, a qualified forecast for 2020 will be issued once this is reasonably possible.

About Gateway Real Estate

Gateway Real Estate AG is a leading listed developer of commercial and residential real estate in Germany (WKN: A0JJTG / ISIN: DE000A0JJJTG7). The company has a broadly diversified portfolio, excellent market access and a well-filled project pipeline. In this way, the company achieves sustainable and profitable growth. The Group is currently developing real estate with an estimated gross development volume (GDV) of around EUR 5 billion.

Further information: https://gateway-re.de/en/

Contact
Sven Annutsch
The Squaire No. 15, Am Flughafen
60549 Frankfurt am Main
T +49 (0) 69 78808800 0
F +49 (0) 69 78 80 88 00-99
E-Mail: sven.annutsch@gateway-re.de