Page 16 - Hoftex Annual Report 2018 EN

Letter to Shareholders Supervisory Board Report
Group Management Report Consolidated Financial Statements Annexes
Business in both of the real estate divisions developed according to plan. Virtually all office, production and logistics space in the various commercial properties is under lease. The corresponding revenues were EUR 2.2 million (prior year: EUR 2.0 million). Following completion of extensive renovation work at the Hof-Moschendorf location, the results of operations have remained consistent for the most part.
Sales 174.1
Gross revenue 173.6
Gross profit 91.0
Cost of materials -87.2
Personnel expenses -45.6
Net income for the year 8.0
EBITDA 20.8 20.4 +0.4 2.0
The Hoftex Group was unable to maintain the strong sales performance of the previous year. Sales fell by around 5 % to EURO 174.1 million. Sales revenues had already dipped below the previous year’s le- vels in the first half of the year. However, counter to our expectations, all of the business divisions were affected by the cool down in business in the target markets. Sales were distributed evenly across the regions: Germany made up the largest share with 40 %, followed by the rest of the world with 31 % and other EU member states with 29 %.
2.4. Business performance
Results of operations
EUR million 54.3 2018 2017
Change
abs. in %
182.6 -8.5 181.0 -7.4 91.9 -0.9 -92.3 +5.1 -45.8 +0.2 6.8 +1.2
-4.7 -4.1 -1.0 -5.5 -0.5
+17.6
70.1 Germany
49.7
Other EU member states Rest of world
Fig. 6: Classification of sales by region in EUR million
16