Gateway Real Estate AG
ISIN: DE000A0JJTG7
WKN: A0JJTG
06 May 2024 07:21PM

EQS-News: Background to BaFin's announcement of April 29, 2024 on the audit order for the half-year financial report 2023 of Gateway Real Estate AG

Gateway Real Estate AG · ISIN: DE000A0JJTG7 · EQS - Company News
Country: Germany · Primary market: Germany · EQS NID: 1896799

EQS-News: Gateway Real Estate AG / Key word(s): Statement/Real Estate
Background to BaFin's announcement of April 29, 2024 on the audit order for the half-year financial report 2023 of Gateway Real Estate AG

06.05.2024 / 19:21 CET/CEST
The issuer is solely responsible for the content of this announcement.


Background to BaFin's announcement of April 29, 2024 on the audit order for the half-year financial report 2023 of Gateway Real Estate AG

 

Berlin, May 06, 2024. On April 29, 2024, BaFin published an announcement on the audit of the condensed financial statements as of June 30, 2023 and the associated interim management report of Gateway Real Estate AG (the “Company” – WKN A0JJTG / ISIN DE000A0JJTG7). The subject of the audit is whether a property valued at around EUR 141.5 million as of June 30, 2023 may have been materially overvalued.

The background to the audit is that the company commissioned a new valuation report in the fourth quarter of 2023 at the request of the financing partner in connection with the reorganization of the current financing for its project development in Augsburg. On the basis of a new valuation procedure, the value of this property was approximately EUR 42 million or 30% lower than the value previously reported in accordance with IAS 40 in the audited consolidated financial statements as at December 31, 2022. In relation to the company's entire property portfolio, this corresponds to a write-down of 3.6 %.

The company announced this devaluation immediately in an ad hoc announcement on November 23, 2023 and already disclosed it in its interim statement as at September 30, 2023.

The project development site in Augsburg is currently used in part for commercial and industrial purposes and the company intends to use it primarily for residential purposes. The company has been working on this together with the City of Augsburg for more than three years. The rezoning was approved and the project development goal confirmed with a draft resolution from the city planning office on September 18, 2023 and a city council resolution on October 19, 2023. From an operational perspective, the company believes that project development in Augsburg remains on a positive path.

In the proceedings now initiated, BaFin is exclusively examining whether the impairment announced by the company and made in its interim statement for the third quarter of 2023 should have already been made in the Group's half-year financial report 2023. The company is convinced that it prepared the half-year financial report in accordance with the rules, as there was no reason to recognize an impairment loss at that time. The company is cooperating fully with BaFin in order to clarify the facts and assumes that the indication-based audit can be brought to an amicable conclusion in a constructive and professional dialog.

 

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



06.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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: 1896799

 
End of News EQS News Service

1896799  06.05.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 18,57 94,44 55,52 22,38 10,33 18,77 19,85
EBITDA1,2 57,01 149,56 139,54 38,45 34,22 -80,41 40,00
EBITDA-Margin3 307,00 158,37 251,33 171,81 331,27 -428,40 201,51
EBIT1,4 56,88 148,98 138,68 105,28 18,38 -142,88 22,00
EBIT-Margin5 306,30 157,75 249,78 470,42 177,93 -761,22 110,83
Net Profit (Loss)1 33,25 126,98 89,78 54,70 -31,67 -171,21 3,60
Net-Margin6 179,05 134,46 161,71 244,42 -306,58 -912,15 18,14
Cashflow1,7 -64,49 -216,21 -91,16 -91,19 -135,40 -101,74 0,00
Earnings per share8 0,20 0,69 0,48 0,27 -0,17 -0,92 0,02
Dividend per share8 0,00 0,30 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Rödl & Partner

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
Gateway Real Estate
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A0JJTG DE000A0JJTG7 AG 81,80 Mio € 12.04.2019 - 9F4MG84M+57
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
14,60 14,37 1,02 7,18 0,40 -0,80 4,36
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
30.10.2024 31.05.2024 30.09.2024 29.11.2024 20.09.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-10,61%
0,44 €
ATH 7,10 €
-40,16% -26,14% -35,11% -33,13% -89,56%

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