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CPI Europe AG — Earnings Release 2009
Aug 27, 2009
746_rns_2009-08-27_3a9a7361-d1b0-401d-bf1f-ca6bd2e96ce8.html
Earnings Release
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Corporate | 27 August 2009 08:45
IMMOFINANZ AG:Final results 2008/09: Difficult financial year of IMMOFINANZ AG
IMMOFINANZ AG / Final Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
Vienna, August 27th 2009
Press release
Final results 2008/09:
Difficult financial year of IMMOFINANZ AG
IMMOFINANZ AG is looking back on a very challenging financial year (May 1,
2008 to April 30, 2009. The reasons for this are, on the one hand, the
worldwide financial and economic crisis, which has caused a significant
economic slump in the real estate sector. On the other hand, also the
malversations caused by the management of Constantia Privatbank AG had a
massive impact on the business activities of IMMOFINANZ AG. Since the
management change in November of last year, the company now consistently
works on clearing mistakes and omissions from the past and stabilising the
financial and profit situation of IMMOFINANZ. Particularly worth mentioning
is the success of the exchange offer directed at convertible bond holders,
which allowed reducing the nominal liabilities from conversion bonds by EUR
344.4m and considerably improving the capital structure of IMMOFINANZ.
Furthermore, it was possible to eliminate a liability threatening the
existence of the company with the sale of IMMOAUSTRIA Immobilien Anlagen
GmbH to IMMOEAST AG.
While on the operative side, mainly increases in rental income (EUR 546.7m
compared with EUR 501.3m in the previous year) and in revenues (EUR 763m
compared with EUR 670.8m in the previous year) can be reported, and also
the EBITDA of EUR 310.5m is higher than in the previous year (EUR 306.2m),
the financial result of EUR -1,332.2m in the past financial year is
considerably lower than in the previous year (EUR 40.8m). This decrease can
be attributed to the valuation of financial instruments (EUR -565.3m),
impairments of associated companies (EUR -367.5m) as well as to exchange
rate effects (EUR -326m) and the negative interest balance (EUR -182m).
With EUR -1,347.4m, the revaluation of investment properties is markedly
negative and so are the impairments on development projects, goodwill and
on receivables with EUR -871.4m. This also includes a partial write down
(EUR -171.3m) on the amount receivable from Constantia Packaging B.V. from
the so-called 'IBAG bond' to EUR 350m. Furthermore, losses are to be
expected from development projects to be completed amounting to EUR 163m.
Not taking into account the positive balance sheet exchange rate effects,
the revaluation of investment properties would have been EUR 1,810.4m.
Thus, the EBIT is EUR -2,071.3m (financial year 2007/08: EUR 514.5m), the
EBT EUR -3,403.4m (financial year 2007/08: EUR 555.3m). The book value per
share is EUR 4.75 (financial year 2007/08: EUR 9.47) and the NAV (Net Asset
Value)per share EUR 5.25 (compared with EUR 11.55 in the previous year).
The result per share (undiluted) is calculated with EUR -4.29 (financial
year 2007/08: EUR 0.66).
The capital structure of IMMOFINANZ can be called as very sound also in the
future. Thus, the IMMOFINANZ Group has equity of EUR 4,565.3m and a balance
sheet equity ratio of 39.1%. In the individual financial statement, the net
assets as of April 30, 2009, are EUR 2,338.2m and the equity ratio is
56.8%. The net loss for the year in the individual financial statement of
IMMOFINANZ AG amounting to EUR -530.9m can mainly be attributed to the
depreciation of interests (EUR -930.4m), namely EUR -596.9m on the interest
in IMMOEAST AG and EUR -333.5m on the interest in IMMOWEST Immobilien
Anlagen AG, and mainly result from the effected real estate depreciations.
Extraordinary profits amounting to EUR 315.7m could be achieved due to the
success of the exchange offer directed at convertible bond holders.
The outlook for the current financial year is cautiously positive. While in
the segments IMMOWEST and IMMOAUSTRIA there are more and more signs of
increasing real estate values, other depreciations in individual markets or
asset classes still cannot be excluded in Eastern Europe after the expected
bottom has been reached.
The annual report will be published on the company's website
www.immofinanz.com in the course of the day.
Contact:
Margit Hermentin
Head of Investor Relations
IMMOFINANZ & IMMOEAST AG
A-1120 Wien, Gaudenzdorfer Gürtel 67
Tel.: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
e-mail:
[email protected]
[email protected]
www.immofinanz.com
www.immoeast.com
27.08.2009 Financial News transmitted by DGAP
Language: English
Issuer: 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