Ad-hoc notice pursuant to Article 17 of the Market Abuse Directive
Based on initial preliminary figures, The Grounds Real Estate Development AG clearly exceeds its 2021 turnover and earnings forecasts
Berlin, 1 February 2022 (16:39 CET/CEST) – Based on provisional unaudited group figures, The Grounds Real Estate Development AG (ISIN DE000A2GSVV5) earned consolidated turnovers of more than EUR 30 million and group earnings before interest and taxes (EBIT) of over EUR 8.0 million in the 2021 financial year, thus considerably exceeding the turnover and earnings forecast for 2021.
This exceeds by at least 30% the consolidated turnovers of EUR 23 million originally expected for 2021, and the expected group EBIT of EUR 6.1 million is exceeded by at least 31%.
The sale of a majority share in the Börde Bogen project in Magdeburg to a joint venture partner made a rather large contribution to significantly exceeding the planned figures. However, growth in the value of the fixed assets portfolio, and the realisation of sales revenues based on the progress of construction in project developments, also contributed to exceeding the expectations for turnover and the EBIT.
Publication of the Annual Report for the 2021 financial year is planned for 13 April 2022.