FranconoRheinMain AG
FranconoRheinMain AG: FranconoRheinMain AG increases rental income after nine months of 2008 to EUR 8.6 million
FranconoRheinMain AG / Quarter Results Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Frankfurt am Main (Germany), 28 November 2008 – FranconoRheinMain AG (WKN A0J2LC), a portfolio holder specialised in residential property in south-western Germany, generated rental income of EUR 8.6 million in the first nine months of 2008. Rental income for the previous year's period was reported at EUR 4.1 million. The rise is attributable to the expanded property portfolio of FranconoRheinMain, which totalled EUR 168.5 million at the end of September 2008 compared to EUR 117.1 million at the end of the third quarter of 2007. This results in earnings from letting of EUR 6.2 million compared to EUR 2.6 million in the previous year. EBIT (IFRS) of EUR 6.6 million was reported after nine months of 2008, which represents a drop from the previous year’s figure of EUR 9.2 million, resulting from less unrealized gains from revaluation of investment properties to fair value (IAS 40) for the reporting period. This is solely due to the company not disclosing any new properties in the last few months. In accordance with the independent expert appraisals of Jones LangLaSalle, positive differences between the fair values and acquisition costs amounting to EUR 2.3 million at the end of the first three quarters of 2008 were generated compared to EUR 8.3 million in the same period of the previous year. The effects in 2008 resulted solely from property acquisitions in the first two quarters. No properties were acquired in the third quarter. FranconoRheinMain generated EUR 2.4 million from the sale of real estate in the first three quarters, EUR 1.6 million of which came from the third quarter of 2008 alone. As sales prices were above their book values (fair value in line with IAS 40 which already contains unrealised gains from revaluation), sales generated a positive contribution to profit (IFRS) of EUR 0.2 million after the three quarters of 2008, coming in at a similar level to the previous year. The fact that sales prices are above bookvalue – IFRS as well as German Commercial Code (HGB) – demonstrates the value of the property portfolio. Earnings before taxes amount to EUR 1.3 million compared to EUR 7.8 million after the first three quarters of 2007. This includes incurred financing costs of EUR 5.6 million, which due to the expanding property portfolio were above the previous year’s value of EUR 1.6 million. With tax payments amounting to EUR 1.5 million, FranconoRheinMain reported a deficit of EUR 0.2 million, after generating a profit of EUR 5.5 million in last year’s period. Earnings per share totalled EUR -0.01 compared to EUR 0.20 in the previous year. This slightly negative result is mainly attributable to the considerably lower unrealised profit from the revaluation of investment property which is itself the result of the current portfolio expansion that has – for now - been completed. As now concluded investment activities are unlikely to yield any significant income from the revaluation of real estate assets held as financial investments, it cannot be ruled out that the negative EPS will continue for the rest of the year, or might even see a further slight increase. This is due to the fact that the currently concluded investment activities are not expected to provide additional significant income from the revaluation of real estate held as a financial investment. Additionally, in the current difficult market environment, no considerable increase in profits on disposals of investment properties can be anticipated before the end of the year. About FranconoRheinMain AG: FranconoRheinMain AG is a listed real estate company investing mainly in residential property in south-western Germany, with particular emphasis on the Rhine-Main region. FranconoRheinMain AG acquires individual apartment buildings based on strict investment criteria and active asset management, and seeks above-average, sustained returns. FranconoRheinMain AG (WKN A0J2LC) is listed in the prime standard of the Frankfurt stock exchange. Contact: FranconoRheinMain AG Alexander Heinz Börsenstraße 2-4 60313 Frankfurt am Main Phone: +49 (69) 920 374 200 Fax: +49 (69) 920 374 201 alexander.heinz@frm.ag edicto GmbH Dr. Sönke Knop/ Eva Ehmke Zeißelstr. 19 60318 Frankfurt am Main Tel. +49(0)69-90550551 sknop@edicto.de Contact: FranconoRheinMain AG Alexander Heinz Börsenstraße 2-4 60313 Frankfurt am Main Phone: +49 (69) 920 374 200 Fax: +49 (69) 920 374 201 alexander.heinz@frm.ag edicto GmbH Dr. Sönke Knop/ Eva Ehmke Zeißelstr. 19 60318 Frankfurt am Main Tel. +49(0)69-90550551 sknop@edicto.de Contact: FranconoRheinMain AG Alexander Heinz Börsenstraße 2-4 60313 Frankfurt am Main Phone: +49 (69) 920 374 200 Fax: +49 (69) 920 374 201 alexander.heinz@frm.ag edicto GmbH Dr. Sönke Knop/ Eva Ehmke Zeißelstr. 19 60318 Frankfurt am Main Tel. +49(0)69-90550551 sknop@edicto.de Contact: FranconoRheinMain AG Alexander Heinz Börsenstraße 2-4 60313 Frankfurt am Main Phone: +49 (69) 920 374 200 Fax: +49 (69) 920 374 201 alexander.heinz@frm.ag edicto GmbH Dr. Sönke Knop/ Eva Ehmke Zeißelstr. 19 60318 Frankfurt am Main Tel. +49(0)69-90550551 sknop@edicto.de 28.11.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: FranconoRheinMain AG Börsenstr. 2-4 60313 Frankfurt Deutschland Phone: +49 (0)69 920 374 200 Fax: +49 (0)69 920 374 201 E-mail: info@frm.ag Internet: www.frm.ag ISIN: DE000A0J2LC4 WKN: A0J2LC Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden