Coreo AG announces publication of annual results for 2016
Coreo AG announces publication of annual results for 2016Frankfurt am Main - 24 April 2017 - Coreo AG announces the publication of its financial figures for 2016. The figures reflect the restructuring phase of the company initiated since end of 2015.
The company ended the year with a net loss according to the German Commercial Code (HGB) of EUR 7.3 million. The results were primarily negatively impacted by EUR 4.8 million in valuation adjustments of financial investments of the legacy portfolio as well as losses of EUR 1.5 million from the disposal of investments.
Total assets decreased during the reporting year by EUR 19.5 million to EUR 15.5 million as at 31 December 2016. Financial assets fell to EUR 10.7 million, a decrease of about EUR 7.6 million compared to the previous year (EUR 18.3 million).
Equity decreased during the reporting year to EUR 15.3 million compared to EUR 19.4 million Euro in the previous year. The change in equity resulted from the capital increase carried out in December 2016 by making use of EUR 3.12 million of the 2013 authorised capital as well as from the net loss. The equity ratio of the company was about 98.4% as at 31 December 2016.
The company has concentrated on the real estate business since the beginning of the 2017 financial year, aiming to build a comprehensive real estate portfolio in the German market and to position itself as a portfolio manager with strong returns. The first real estate investments are expected soon.
The annual report is available for download under www.coreo.de.
About Coreo AG With the change to Coreo AG, the company is repositioning itself from the company that emerged out of the technology investment company Nanostart AG. The goal is to build a real estate portfolio of selected office, retail and residential properties with stable value.
Contact: Coreo AG Andrea Börner Grüneburgweg 18 D-60322 Frankfurt a. M. firstname.lastname@example.org T: +49 (0) 69 219396-0
24-Apr-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: Coreo AG Grüneburgweg 18 60322 Frankfurt am Main
Germany Phone: +49 69 2193 96-0 Fax: +49 69 2193 96-150 E-mail: email@example.com Internet: www.coreo.de ISIN: DE000A0B9VV6 WKN: A0B9VV Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Open Market (Basic Board) in Frankfurt End of Announcement DGAP News Service
566829 24-Apr-2017 CET/CEST