Half Year Results 2011/Update Company Study July 2011

The Summer Auctions delivered good result!
In 2Q 2011 the proceeds from the auctions (property proceeds) of the group remained practically unchanged with approx. EUR 24 million compared to the previous year (EUR 24.2 million). Close Brothers Seydler Research AG affirms the recommendation to purchase with an unchanged target share price of EUR 12.
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04.07.2011, Berlin.
The positive development in the real estate market, in particular for investment properties, resulted in a significant increase in the turnover of our companies - both for the property turnover and the commission revenue. 

Our company sold 614 properties with a value of € 24 million at our Summer Auctions, which is approx. 1 % less than in the excellent second quarter of 2010 (approx. € 24.2 million). Approx. 83 % of the called-out properties were sold and the adjusted net revenue from commissions was at the level of the last year. 

Deutsche Grundstücksauktionen AG (DGA) and its subsidiary companies, market leaders for real estate auctions in Germany, sold a total of 1,093 properties with a value of € 50.4 million in the first half-year of 2011 (previous year: 1,002 properties with a value of € 41.5 million). This is an increase in the property turnover of more than 21 %. 

The adjusted net revenue from commissions was more than € 5.2 million compared to € 4.5 million in the previous year, which is an increase of 17 %. 

In total, 86 % of all properties called-out in the first half-year of 2011 were sold. 

We prognosticate a continuously strong demand for real estates in the second half of 2011.