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Instone Real Estate Group SE / Key word(s): Forecast/Change in Forecast
First time outlook for financial year 2022 and revised guidance for 2021
Essen, 17 November 2021 -
For fiscal year 2022, Management expects delays in building right and building permit approvals related to the corona situation as well as a reduction in the construction speed as a result of building material supply bottlenecks to continue. Consequently, Management expects adjusted 2022 revenues of EUR 0.9 to 1.0 billion and 2022 adjusted earnings after taxes between EUR 90 and 100 million.
For 2021, Management expects a higher sales volume of over EUR 1.0 billion (previously EUR > 900 million) due to strong demand from retail as well as institutional clients. Supply bottlenecks as well as delays in building permits are expected to adversely impact construction progress. As a result management now expects adjusted revenues of EUR 780 to 800 million (previously EUR 820-900 million). However, margins are above the previous forecast. Instone's Management now expects adjusted gross profit margin of approx. 28 percent (previously 26-27 percent). Adjusted earnings after tax are expected at EUR 93-96 million (previously EUR 90-95 million).
The new forecast figures take into account the results for the first nine months of 2021 (adjusted revenues of EUR 405.6 million / adjusted earnings after tax of EUR 40.3 million), which Instone will publish as part of the full quarterly reporting for Q3 2021 on 18 November 2021.
The definitions of the alternative key performance indicators mentioned in this statement can be found in the glossary on the company's homepage at: https://ir.en.instone.de/websites/instonereal/English/3600/glossar.html
17-Nov-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Instone Real Estate Group SE
+49 201 453 550
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
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