Ad hoc announcement according to Article 17 of the Market Abuse Regulation
The Grounds Real Estate Development AG reaches revenue forecast for 2022, EBIT lower than expected
Berlin, 26 January 2023 (18:50 CET/CEST) – According to preliminary unaudited consolidated figures, The Grounds Real Estate Development AG (ISIN DE000A2GSVV5) will achieve consolidated sales revenues of more than EUR 35 million in the 2022 financial year, and has thus reached the forecast range of EUR 35 to 38 million. Thus sales revenues are above the previous year’s level of EUR 31.6 million despite difficult macroeconomic conditions. Earnings before interest and taxes (EBIT) are expected to lie between EUR 3 and 4 million, and thus not in line with the forecast. The essential reason is that, contrary to expectations, a significantly lower valuation gain was realisable from the change in value of the properties held as financial investments. Moreover, increased construction costs due to the high inflation rate had a negative impact on the result.
Publication of the Annual Report for the financial year 2022 is scheduled for 28 April 2023.
End of the ad hoc announcement