Brief: Instone says 2020 adjusted net income exceeds expectations

Instone Real Estate SE

23/02/2021 17:13

Feb 23 (Reuters) - Instone Real Estate Group AG  INS2.DE :
    * DGAP-ADHOC: INSTONE REAL ESTATE GROUP AG: 2020 ADJUSTED
NET
INCOME EXCEEDS EXPECTATIONS; 2021 ADJUSTED NET INCOME GUIDANCE
CONFIRMED DESPITE LOWER EXPECTED 2021 ADJUSTED REVENUES
    * SAYS PRELIMINARY RESULTS/FORECAST INSTONE REAL ESTATE
GROUP AG:
2020 ADJUSTED NET INCOME EXCEEDS EXPECTATIONS; 2021 ADJUSTED NET
INCOME GUIDANCE CONFIRMED DESPITE LOWER EXPECTED 2021 ADJUSTED
REVENUES
    * SAYS 2020 ADJUSTED REVENUES OF APPROX. EUR 480 MILLION IN
LINE
WITH GUIDANCE (EUR 470-500 MILLION)
    * SAYS 2020 ADJUSTED EARNINGS AFTER TAX AMOUNT TO APPROX.
EUR 40
MILLION, SUBSTANTIALLY EXCEEDING PREVIOUSLY COMMUNICATED
EXPECTATIONS (EUR 30-35 MILLION) AS WELL AS ANALYSTS' CONSENSUS
ESTIMATES
    * SAYS 2020 ADJUSTED GROSS MARGIN OF APPROX. 30% (FORECAST >
28%)
A MAJOR DRIVER OF POSITIVE EARNINGS DEVELOPMENT
    * SAYS 2021 LOWERED ADJUSTED REVENUE GUIDANCE OF EUR 820-900
MILLION (PREVIOUSLY EUR 0.9-1.0 BILLION) REFLECTS INCREASED
COVID-19 RELATED RISKS OF DELAYED REGULATORY APPROVALS
    * SAYS 2021 ADJUSTED EARNINGS AFTER TAX GUIDANCE OF EUR
90-95
MILLION CONFIRMS PREVIOUS COMMUNICATION AND REFLECTS INCREASED
MARGIN EXPECTATIONS

Source text for Eikon:  ID:nEQSc3gza 
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