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CPI Europe AG — Earnings Release 2010
Mar 24, 2010
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Earnings Release
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Ad-hoc | 24 March 2010 08:33
IMMOFINANZ AG: Results for the first three quarters of the 2009/10 business year
IMMOFINANZ AG / Quarter Results
24.03.2010 08:33
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, 24 March 2010
IMMOFINANZ AG: Results for the first three quarters of the 2009/10 business
year (1 May 2009 to 31 January 2010)
* Revenues: EUR 552.8 m (-0.47 %)
* EBITDA: EUR 281.7 m (+32.66 %)
* EBIT: EUR 246.7 m (previous year -1.754 bn)
* EBT: EUR 265.8 m (previous year EUR -3.321 bn)
* Gross cash flow: EUR 252.9 m (+43.64 %)
* Book value / share: EUR 4.92 (-0.63 %)
* NAV / share: EUR 5.55 (-4.90 %)
* Earnings / share: EUR 0.48 (previous year EUR -4.06)
IMMOFINANZ AG's financial results improved during the first three quarters
of the 2009/10 business year. The key earnings figures were improved
significantly compared to the previous year and indicate a sustainable
upwards trend. With shareholder approval for the merger with subsidiary
IMMOEAST in January 2010, the conditions for further structural and
strategic improvements of the group were established. This will have
positive effects in the next business years.
Revenues, EBITDA, cash flow
Revenues were stable year on the year at EUR 552.8 m following EUR 555.4 m
in the first three quarters of 2008/09. Reductions in rental income due to
the sale of properties were largely offset by completions of development
projects. However, the profit and liquidity situation has improved
significantly: EBITDA rose by 32.66 % to EUR 281.7 m and gross cash flow
was increased by 43.64 % to EUR 252.9 m.
Revaluation, impairments, EBIT
Losses resulting from the revaluation of properties and impairments was
clearly lower than in the previous year. In the first three quarters of
2009/10 the revaluation of properties resulted in a loss of EUR -9.49 m
following EUR -936.46 m the year before. Impairment charges were only a
fraction of last year's result at EUR -25.55 m following EUR -678.38 m.
This led to a massive improvement in operating profit (EBIT), which rose to
EUR 246.7 m compared to a huge loss of EUR -1.75 bn in the previous year.
Financial results, EBT
A similarly positive development was recorded for the financial results,
which achieved a turnaround and reached EUR 19.1 m after EUR -1.566 bn in
2008/09. The improvement in EBITDA, revaluation costs, impairment charges
and financial results are responsible for a dramatic increase in earnings
before taxes (EBT) from a loss of EUR -3.32 bn to a profit of
EUR 265.8 m.
Earnings / share, NAV
Earnings / share developed positively as well and improved from EUR -4.06
in the first three quarters of the previous business year to EUR 0.48 in
2009/10. However, the net asset value (NAV) / share (EUR 5.55) as well as
the book value / share (EUR 4.92) were slightly lower in an annual
comparison, falling by 4.90 % and 0.63 %, respectively. This is primarily
due to the losses in the last quarter of the previous business year and the
higher number of shares due to the conversion of portions of the
convertible bond 2011.
'IBAG-Bond'
Negotiations with Constantia Packaging B.V. on the settlement in this
regard are virtually finalised. However, the required universal settlement
including the takeover of Aviso Zeta Bank AG from five Austrian 'system
banks' (Bank Austria, RZB, Erste Bank, BAWAG and Volksbank) continues to
prove difficult.
Investor Relations 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
Press Coordination:
Christoph Edelmann
ACCEDO Austria GmbH
T +43 1 533 87 00
[email protected]
24.03.2010 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