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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

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DGAP-Ad-hoc: Instone Real Estate Group AG / Key word(s): Preliminary Results/Forecast
Instone Real Estate Group AG: 2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance
confirmed despite lower expected 2021 adjusted revenues
23-Feb-2021 / 18:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
2020 adjusted net income exceeds expectations; 2021 adjusted net income guidance confirmed despite lower expected 2021
adjusted revenues
- 2020 adjusted revenues of approx. EUR 480 million in line with guidance (EUR 470-500 million)
- 2020 adjusted earnings after tax amount to approx. EUR 40 million, substantially exceeding previously communicated
expectations (EUR 30-35 million) as well as analysts' consensus estimates
- 2020 adjusted gross margin of approx. 30% (forecast > 28%) a major driver of positive earnings development
- 2021 lowered adjusted revenue guidance of EUR 820-900 million (previously EUR 0.9-1.0 billion) reflects increased
Covid-19 related risks of delayed regulatory approvals
- 2021 adjusted earnings after tax guidance of EUR 90-95 million confirms previous communication and reflects increased
margin expectations
Essen, Germany, 23 February 2021
Based on preliminary, unaudited figures for its 2020 financial year, Instone Real Estate Group AG ("Instone") reports
2020 adjusted revenues of around EUR 480 million, in line with its most recent EUR 470-500 million guidance. 2020
adjusted earnings after tax have come in at approximately EUR 40 million, exceeding previous company expectations of
EUR 30-35 million as well as analyst consensus estimates (median of EUR 35.2 million).
Prices achieved in Q4 institutional as well as retail sales, reduced project costs as well as lower than anticipated
platform costs have all contributed to the better than expected bottom line. The positive developments are evidenced by
our gross margin, which is expected to be approximately 30% for fiscal year 2020 (forecast > 28%).
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.html
Investor Relations
Instone Real Estate Group AG
Burkhard Sawazki
Grugaplatz 2-4
45131 Essen, Germany
Tel.: +49 (0)201 45355-137
Email: burkhard.sawazki@instone.de
23-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and
Press Releases.
Archive at www.dgap.de
Language: English
Company: Instone Real Estate Group AG
Grugaplatz 2-4
45131 Essen
Germany
Phone: +49 201 453 550
E-mail: Investorrelations@instone.de
Internet: www.instone.de
ISIN: DE000A2NBX80
WKN: A2NBX8
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1170557

End of Announcement DGAP News Service

1170557 23-Feb-2021 CET/CEST

END) Dow Jones Newswires

February 23, 2021 12:12 ET ( 17:12 GMT)
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