FranconoWest AG
FranconoWest AG: A successful start to 2008
FranconoWest 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.
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IFRS net income in Q1: EUR 1.5 million
Düsseldorf, May 29, 2008 – FranconoWest AG (WKN A0KFRM), a real estate
portfolio company specialising in residential property in the German state
of North Rhine-Westphalia, further increased its property portfolio in the
first quarter of 2008 and generated net income, calculated in accordance
with IFRS, of EUR 1.5 million. In the first quarter of 2007, net income
was EUR 0.4 million. EBIT was EUR 2.8 million in Q1 2008 (Q1 2007: EUR 0.6
million). Around EUR 0.3 million of this figure had no impact on cash
flows. EBIT was influenced by non-recurring expenses of around EUR 0.1
million. Based on an independent appraisal by Jones LangLaSalle, EBIT
includes unrealised gains of EUR 2.5 million under fair value accounting
for investment property in accordance with IAS 40. Earnings per share were
EUR 0.05.
Gross rental income was EUR 1.4 million in Q1 2008, giving rental income
after expenses of EUR 1.2 million, up from just EUR 0.04 million in the
comparable prior-year quarter. The increase was due to the steady expansion
of the real estate portfolio in recent quarters.
The real estate portfolio increased to EUR 72 million in the reporting
period. A further EUR 9.3 million had been invested in high-earning
apartment buildings and housing complexes by the reporting date but will
only be reflected in the financial statements after the end of the period.
FranconoWest’s objective is to continue to grow this year. It plans to
build up a real estate portfolio totalling EUR 120-140 million by year-end
2008. At the same time, selective portfolio sales should generate added
value. FranconoWest sold a property portfolio to a British residential real
estate company for around EUR 9 million in February 2008.
The complete quarterly report (in German) will be available in the Investor
Relations section the company’s website www.Franconowest.de.
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Information and Explaination of the Issuer to this News:
About FranconoWest:
FranconoWest AG is a listed real estate company that acquires residential
property such as apartment blocks and residential facilities in the German
state of North Rhine-Westphalia. The company creates the basis for
sustained above-average returns by purchasing real estate on the basis of
strict investment criteria and active asset management. FranconoWest AG
(WKN No. A0KFRM) is listed in the Prime Standard segment of the Frankfurt
Stock Exchange.
Contact:
FranconoWest AG
Christiane Möller
Kaistraße 20 (MedienHafen)
40221 Düsseldorf
Germany
Tel.: +49 (211) 909 962 00
Fax: +49 (211) 909 962 01
info@franconowest.de
www.franconowest.de
edicto GmbH
Dr. Sönke Knop/ Eva Ehmke
Zeißelstr. 19
60318 Frankfurt am Main
Germany
Tel. +49(0)69-90550551
sknop@edicto.de
29.05.2008 Financial News transmitted by DGAP
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Language: English
Issuer: FranconoWest AG
Kaistraße 20
40221 Düsseldorf
Deutschland
Phone: +49 (0)211 90 996 200
Fax: +49 (0)211 90 996 201
E-mail: info@franconowest.de
Internet: www.franconowest.de
ISIN: DE000A0KFRM5
WKN: A0KFRM
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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