Revaluation of a development project leads to write-downs and forecast
adjustment
EQS-Ad-hoc: Gateway Real Estate AG / Key word(s): Change in Forecast/Real
Estate
Revaluation of a development project leads to write-downs and forecast
adjustment
23-Nov-2023 / 16:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Revaluation of a development project leads to write-downs and forecast
adjustment
Berlin, November 23, 2023. As part of an upcoming refinancing, Gateway Real
Estate AG ('Company' - WKN A0JJTG / ISIN DE000A0JJTG7) has commissioned a
revaluation of a development project recognized as an investment property.
The preliminary result of the independent valuation report, which was
received by the Management Board today, shows a value that is approximately
EUR 42 million or 30 % lower than the value previously recognized for this
property in accordance with IAS 40. The project is the Company's essential
project development recognized as an investment property.
According to preliminary estimates, the revaluation will reduce the planned
EBIT adjusted (previously EUR 5 to 15 million) and the planned earnings
before taxes (EBT) (previously EUR -10 to 0 million) in the Group for the
current financial year by an amount of around EUR 42 million in each case.
The Company reports EBIT adjusted as the operating result plus the result
from financial assets accounted for using the equity method.
Contact
Sven Annutsch
Hardenbergstr. 28a
10623 Berlin
T +49 (0) 30 40 363 47 - 0
F +49 (0) 30 40 363 47 99
E-Mail: sven.annutsch@gateway-re.de
End of Inside Information
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23-Nov-2023 CET/CEST The EQS Distribution Services include Regulatory
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Language: English
Company: Gateway Real Estate AG
Hardenbergstraße 28a
10623 Berlin
Germany
Phone: +49 (0) 30 40 363 47 - 0
Fax: +49 (0) 30 40 363 47 99
E-mail: info@gateway-re.de
Internet: www.gateway-re.de
ISIN: DE000A0JJTG7
WKN: A0JJTG
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1780755
End of Announcement EQS News Service
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1780755 23-Nov-2023 CET/CEST