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CPI Europe AG — Earnings Release 2009
Dec 17, 2009
746_rns_2009-12-17_eb0c1010-1fd7-43bf-a814-d3c33d2c375c.html
Earnings Release
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Ad-hoc | 17 December 2009 08:30
IMMOFINANZ AG: Results for the First Half of 2009/10
IMMOFINANZ AG / Half Year Results
17.12.2009
Dissemination of an Ad hoc announcement, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Ad- Hoc Release
Vienna, 17 December 2009
IMMOFINANZ AG: Results for the First Half of 2009/10
(1 May to 31 October 2009)
-
Revenues: EUR 361.9 m (-0.5%)
-
EBITDA: EUR 211.0 m (+34.4%)
-
EBIT: EUR 224.6 m (previous year -1.849 bn)
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EBIT currency-adjusted: EUR 277.7 m
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EBT: EUR 207.4 m (previous year EUR -2.648 bn)
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EBT currency-adjusted: EUR 241.7 m
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Gross cash flow: EUR 173.9 m (+81.8%)
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Book value / share: EUR 4.96 (-18.7%)
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NAV / share: EUR 5.62 (-20.6%)
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Earnings / share: EUR 0.18 (previous year EUR -3.34)
IMMOFINANZ AG reported positive earnings development in the second quarter
and consequently in the entire first half of the 2009/10 business year (1
May to 31 October 2009). After the dramatic losses of 2008/09 there were
significant improvements in business operations, as there were in
revaluations and depreciations and in the financial result. This was a
positive reflection of the reassurance of the market situation, which led
to a stabilisation of real estate values, as well as the successful
restructuring and cost-cutting programme.
Revenues, EBITDA, cash flow
At EUR 361.9 million, revenues remained largely unchanged by annual
comparison (2008/09: EUR 363.7 million). The slight reduction in revenues
is attributed to the lower sales volume of residential real estate in
Serbia and Bulgaria as well as to the exchange rate effects of the USD,
particularly in Russia and Poland. Rental income was slightly lower as well
and came to EUR 264 million after EUR 273.5 million. The considerable
reduction in costs is attributed especially to the elimination of the
management agreement with Constantia Privatbank and played an essential
role in the improvement of EBITDA. This came to EUR 211 million, an
increase of 34.4% compared to the year before (EUR 156.9 million). Gross
cash flow significantly improved from EUR 95.7 million to EUR 173.9
million.
Revaluation, impairments, EBIT
The revaluation of properties brought a positive result of EUR 23.9 million
this year, while last year a depreciation of EUR 1.113 billion was
necessary. In the 2nd quarter there was a revaluation of EUR -34.9 million
adjusted for currency. This was more than offset by the currency-related
revaluation of EUR 45.7 million. At EUR 10.2 million, costs from impairment
charges were of limited extent compared to the year before (EUR 577
million). As a whole, operating profit (EBIT) improved by EUR 2.074 billion
to EUR 224.6 million. Adjusted for currency effects EBIT was EUR 277.7
million.
Financial result, EBT
The financial result, which was under considerable strain last year as a
result of impairment charges to financial investments and to stakes in
associated companies, improved by EUR 781 million to EUR -17.2 million in
the first half of 2009/10. In connection with the strong rise in EBIT this
led to a massive improvement in earnings before taxes (EBT), which came to
EUR 207.4 million this year, while EUR -2.648 billion was still posted in
2008/09. The adjusted EBT came to EUR 241.7 million.
At EUR -53.6 million, the financial result in the second quarter was
negative (after a positive EUR 36.4 million in the previous quarter due to
special items), whereby negative currency influences were only partly set
off through positive contributions from associated companies (TriGranit).
Despite this, net profit was positive in the quarter at EUR 27.3 million.
Profit / share, NAV
Positive earnings development ensured that a profit per share of EUR 0.18
was achieved this year after a loss in 2008/09 of EUR -3.34. The net asset
value per share (NAV) was EUR 5.62 and book value EUR 4.96.
Contact:
Investor Relations & Corporate Communications:
Mag. Margit Hermentin
IMMOFINANZ AG & IMMOEAST AG
T +43 (0)5 7111-2290
Pressekoordination:
Mag. Christoph Edelmann
ACCEDO Austria GmbH
T +43 (0)1 533 87 00
17.12.2009 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 Wien
Österreich
Phone: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
E-mail: [email protected]
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien
End of News DGAP News-Service