Gateway Real Estate AG Announces Preliminary Fiscal Year 2023 Results with Significant Deviations

Gateway Real Estate AG has released its preliminary financial figures for the fiscal year 2023, revealing substantial deviations from prior forecasts. The Berlin-based company reported an adjusted EBIT of approximately -EUR 142.9 million, falling significantly short of its forecasted range of EUR -37 to -27 million. Additionally, earnings before taxes (EBT) were reported at EUR -185.1 million, against a forecasted range of EUR -52 to -42 million. Equity at year-end stood at EUR 210.3 million.

The cause of these substantial deviations was attributed to further impairments of financial receivables amounting to EUR 100.5 million, necessary for risk provisioning following new information about the financial condition of the debtors. Moreover, the company enacted a partial write-down of EUR 29.7 million on its real estate projects held as inventories. These revisions contribute to the company’s operating result adjustments, along with the result from financial assets accounted for using the equity method.

Gateway Real Estate AG is scheduled to release its final financial figures and the annual report for 2023 on April 30, 2024, which will provide more detailed insights into the company's financial status and operational performance over the past fiscal year.