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CPI Europe AG — Earnings Release 2009
Mar 31, 2009
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Earnings Release
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Ad-hoc | 31 March 2009 07:39
IMMOFINANZ AG:IMMOFINANZ results for the first three quarters of the 2008/09 business year
IMMOFINANZ AG / Quarter Results
Release 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 press release of IMMOFINANZ AG
IMMOFINANZ results for the first three quarters of the 2008/09 business
year
* Revenues: EUR 555.4 m (+ 13.3%)
* EBITDA: EUR 212.4 m (+0.4%)
* EBIT: EUR -1.75 bn
* EBT: EUR -3.32 bn
* Gross cash flow EUR 176.1 m (+59.2%)
* Book value / share: EUR 4.95 (-46.7%)
* NAV / share: EUR 5.84 (-48.1%)
* Result / share: EUR -4.06 after EUR 0.45
Despite the satisfactory development in its operative business IMMOFINANZ
AG reported significant losses in the first nine months of the 2008/09
business year
(1 May 2008 to 31 January 2009) due to extensive devaluations and
writedowns. These financial impairments were largely a result of the
serious economic crisis and related difficult environment on the real
estate market.
With significantly increased revenues of EUR 555.4 million (+13.3%), at EUR
212.4 million there was a 0.4% improvement in earnings before interest,
tax, depreciation and amortisation (EBITDA) compared to the same period the
year before.
Operating profit (EBIT) dramatically worsened, on the other hand, to EUR
-1.754 billion from EUR 476.9 million in the same period the year before.
Devaluations in the scope of the real estate portfolio's revaluation (EUR
-936.5 million in total in the first three quarters), impairment charges on
development projects, goodwill and receivables (EUR - 678.4 million) and
anticipated losses from ongoing development projects (EUR -352 million)
were primarily responsible for this.
The negative financial result of EUR -1.566 billion is another significant
burden. This loss resulted primarily from devaluations in company
stakeholdings, associated companies and investment funds. The negative EBIT
and negative financial result came to a total loss before income tax (EBT)
of EUR -3.321 billion.
Of all the factors contributing to impairment the majority were attributed
to the subsidiary IMMOEAST, which contributed the biggest share to the loss
in operating profit. There were also valuation losses in the financial
investments of IMMOWEST.
As a consequence of the losses the most important market indicators
deteriorated significantly as well. NAV / share fell by 48.1% to EUR 5.84,
book value / share by 46.7% to EUR 4.95. The result / share fell to EUR
-4.06.
The first positive effects of the company's new strategic orientation are
visible in the development of gross cash flow, which increased by 59.2% to
EUR 176.1 million. This also contributed significantly to the necessary
stabilisation in liquidity, as did the sale of a series of properties at
IMMOAUSTRIA and IMMOEAST. To date revenues totalling EUR 534.7 million have
been generated in the current business year from sale of properties,
subsidiaries and financial stakes.
This stabilised the liquidity situation and secured the existence of the
company in the short- and medium-term. Operations are already providing
stable, positive contributions the company's income and the need for
financing has been appreciably lowered due to a drastic reduction in
development activities. However, to safeguard the group in the long term
additional restructuring measures are indispensable. Due to the continuing
difficult situation in the real estate business, particularly in the
international arena, additional devaluations of real estate assets and
writedowns on development projects and financial investments cannot be
ruled out.
IR Contact:
Margit Hermentin
Head of Investor Relations
IMMOFINANZ & IMMOEAST AG
A-1120 Wien, Gaudenzdorfer Gürtel 67
Tel.: + 43/1/532 06 39-0
Fax: +43/1/532 06 39-790
e-mail:
[email protected]
[email protected]
www.immofinanz.com
www.immoeast.com
Press Contact:
Brandstätter Business Communications
+43 1 907 67 67
[email protected]
31.03.2009 Financial News transmitted by DGAP
Language: English
Issuer: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 Wien
Österreich
Phone: +43 1 536 16 - 418
Fax: +43 1 536 16 - 491
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