Berlin, 24 January 2024 – Today, as already announced in ad-hoc notifications of 27 and 28 December, The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) adjusted its sales revenues and earnings forecast for the 2023 financial year, and now anticipates annual sales revenues of around EUR 22 to 23 million (previous: between EUR 40 and 45 million), together with an EBIT of EUR -5.0 to -5.5 million (previous: EUR 4 to 5 million). The main causes of the change in the forecast are:
- At the buyer’s request, by mutual agreement and in conjunction with a damages compensation payment to The Grounds, the contract concluded in March 2022 for the sale of the “Terra Homes” project development in Erkner-Hohenbinde with a sales revenue volume of EUR 18.5 million was cancelled on 28 December 2023, which is reflected in a corresponding correction in sales revenues. Moreover, the property was revalued as part of the intended resale (cf. the ad-hoc notification of 28 December 2023).
- The receivable from the debtor warrant of the Hangelsberg project has been postponed into the year 2024. (Cf. the ad-hoc notification of 16 December 2023).
- The revaluation of fixed assets has resulted in a devaluation of the real estate portfolio by 3%.
- Risk provisions were made for a company investment (Terminal 3) accounted for using the equity method with a volume of EUR 2.3 million.
Company contact:
The Grounds Real Estate Development AG
Jacopo Mingazzini, Management Board member
Charlottenstrasse 79-80, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
E-mail: info@tgd.ag
Web: www.thegroundsag.com
– End of the ad-hoc notification –
