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PRESS RELEASE: YOUNIQ AG publishes preliminary consolidated net result for financial year 2013

DGAP-News: YOUNIQ AG / Key word(s): Preliminary Results/Miscellaneous YOUNIQ AG publishes preliminary consolidated net result for financial year 2013

10.03.2014 / 08:55

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- Consolidated net loss of EUR -54.1 million (2012: EUR -7.1 million) - Properties from "Renting and Trading Real Estate" segment largely sold, carrying amount of around EUR 6.9 million as of December 31, 2013 - All current projects in "YOUNIQ - Student Housing" almost fully completed and transferred to rental - Operating overhead costs cut by more than EUR 2.0 million p.a. to date

Frankfurt/Main, March 10, 2014 - YOUNIQ AG, a real estate company specialising in Student Housing, reports a EUR 23.0 million consolidated net loss (IFRS) in the fourth quarter of 2013 on the basis of preliminary and unaudited results. In particular, a reappraisal of tax loss carryforwards and a resultant write-down of deferred tax assets contributed to this loss. In a 2013 financial year characterised by operating challenges, the full-year net loss (IFRS) amounted to EUR -54.1 million on the basis of preliminary and unaudited figures (2012: EUR -7.1 million). The losses - in addition to the mentioned write-down - were incurred in both the "YOUNIQ - Student Housing" segment and the segments that are to be discontinued. In the continuing operations, retroactive construction cost adjustments placed a particular burden on the result. In the operations to be discontinued, especially expenses and charges as part of the disposal of portfolio properties, and provisions for warranties, contributed negatively to the result.

The company succeeded in realising a considerable reduction in the real estate portfolio in its "Renting and Trading Real Estate" segment in 2013. The carrying amount of the remaining properties amounted to around EUR 6.9 million as of December 31, 2013 (December 31, 2012: EUR 33.3 million). Of these properties, real estate disposals with a carrying amount of around EUR 3.5 million have already been officially recorded by notaries. The related transfer of benefits and encumbrances will occur prospectively during the first and second quarters of the 2014 financial year. The carrying amount of the properties that are still to be sold currently stands at around EUR 3.4 million as a consequence. In addition, all properties in the construction stage in the "YOUNIQ - Student Housing" segment are almost fully completed by the start of 2014, have transferred to the rental stage, and some have been sold. The Management Board has also reduced future operating overhead costs by more than EUR 2.0 million per year through savings in various business areas, although these will not impact results until during the course of the current 2014 financial year, and have also burdened the 2013 consolidated net result through one-off expenses.

All figures quoted for the 2013 financial year are preliminary. The final and audited results for the 2013 financial year will be published with the annual report on March 28, 2014.

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YOUNIQ AG

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PRESS RELEASE: YOUNIQ AG publishes preliminary consolidated net result for financial year 2013