The Grounds Real Estate Development AG significantly increases group result to EUR 1.0 million in first half of 2020
Berlin, 25 September 2020 –The Grounds Real Estate Development AG (The Grounds/ ISIN: DE000A2GSVV5) increased its consolidated net income to EUR 2.5 million in the first half of 2020 (previous year: EUR 1.8 million) and considerably improved the group result after taxes to EUR 1.0 million (previous year: EUR -0.1 million). The management board recently significantly raised the results forecast for the whole year 2020: a predicted group result after taxes of EUR 2.0 million is expected (previous year: TEUR 54).
Initial positive effects of the growth dynamic begun in March this year were already reflected in the group’s half-year figures. Commenting on the half-year report to 30 June 2020, management board member Arndt Krienen says: “However, the full extent of this growth in the past few months will only be visible in the full consolidated financial statement for 2020. Transfer of the rights and obligations for our real estate property portfolio with 250 residential and commercial units, the takeover of five projects from the non-cash capital increase, and transfer of our most recent acquisition – 10,000 m² of land in the immediate proximity of the planned Tesla Gigafactory and two apartment blocks in Berlin Pankow – had not yet taken place by the end of the first half-year, and accordingly could not be taken into account in the balance sheet and income statement.”
The 2020 first half-year report is available immediately for download at The Grounds’ web site.
The Grounds Real Estate Development AG
Arndt Krienen /Jacopo Mingazzini, members of the Management Board
Leipziger Platz 3, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
About The Grounds
The Grounds Group implements housing projects in German metropolitan regions. The Grounds Group also holds a steadily growing residential portfolio in fixed assets. The Grounds Real Estate Development AG is listed in the high-end open market segment of the primary market on the Düsseldorf stock exchange (ISIN: DE000A2GSVV5). Its headquarters are in Berlin, and it has an office in Stuttgart.