GIEAG publishes business figures for 2019

The nationwide project developer GIEAG Immobilien AG (GIEAG) has published its business figures for 2019.
In the 2019 reporting period, total operating performance increased by 175 percent from € 53.6 million to € 147.6 million. One reason for the sharp increase is a change in accounting: in the past financial year, the increase in inventories of around 136 million euros was included in the Group’s total operating performance for the first time.
However, the operationally successful fiscal year 2019 will only be fully reflected in the results for the current year, resulting in a comparatively small loss after tax of 6.3 million euros for 2019. This is also due to the fact that the successful transaction of the “Erfurt II” logistics property to a German special fund managed by AEW Invest GmbH took place in December 2019, but the closing did not take place until March 2020. The corresponding sales proceeds can therefore only be recognized in the current year.
“The sales success of ‘Erfurt II’ in the first quarter of the current fiscal year and our solid portfolio mix of promising project developments and stable portfolio properties make us optimistic for the rest of the year. For 2020, we expect – despite the challenges posed by the Corona crisis and the partly negative economic outlook – a positive consolidated result again,” comments Philipp Pferschy, CEO of GIEAG Immobilien AG.

The annual report for the reporting year 2019 (German) can be found online here.
Due to Corona, the Annual General Meeting 2020 will not take place until the IV quarter of this year. The exact date is yet to be announced.