IMMOEAST AG
IMMOEAST AG saw the most difficult financial year since the company’s foundation
IMMOEAST AG / Preliminary 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. ---------------------------------------------------------------------- Preliminary results 2008/09: IMMOEAST AG saw the most difficult financial year since the company's foundation IMMOEAST AG is looking back on the most challenging financial year (May 1, 2008, to April 30, 2009) since the company's foundation. The reasons for this are, on the one hand, the massive economic slump, which started as real estate crisis and continued as financial and economic crisis and, on the other hand, the malversations caused by the management of Constantia Privatbank AG. Since the management change in November of last year, the company consistently works on clearing mistakes and omissions from the past and stabilising the profit situation of IMMOEAST. Particularly worth mentioning is the acquisition of IMMOAUSTRIA, thanks to which receivables of just under EUR 1.8bn against subsidiaries of the IMMOFINANZ Group could be significantly reduced and which allowed IMMOEAST to acquire a real estate portfolio in one of the soundest markets in the region. While on the operative side, encouraging increases can be reported, namely 28% in rent revenues (EUR 282.7m compared with EUR 220.7m in the previous year) and 37% (EUR 407m compared with EUR 297.2m in the previous year) in revenues and also the EBITDA of EUR 163.4m is higher than in the previous year (EUR 146.1m), the financial result of EUR -913.2m in the past financial year is considerably lower than in the previous year (EUR 251.0m). EUR -367.5m of the decrease can be attributed to depreciations of the associated companies (in particular Trigranit), EUR -331.2m to exchange rate effects and EUR -219.6m to the assessment of financial instruments. With EUR -913.2m, the revaluation of real estate is negative and so are the depreciations on development projects, goodwill amortisations and depreciations on receivables with EUR -822.9m. This also includes a partial depreciation (EUR -171.3m) of the amount receivable of 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 -141m. Not taking into account the positive balance sheet exchange rate effects, the reevaluation of the real estate assets would have been EUR -1,377.6m. Thus, the EBIT is EUR -1,713.8m (financial year 2007/08: EUR 15.0m), the EBT EUR -2,627.0m (financial year 2007/08: EUR 266.0m). The book value per share is EUR 6.45 (financial year 2007/08: EUR 9.42) and the NAV (Net Asset Value) per share EUR 7.09 compared with EUR 10.27 in the previous year. The profit per share is calculated with EUR -2.85 (financial year 2007/08: EUR 0.21). A largely stable situation is expected for the current financial year, whereas depreciations in individual countries and/or asset classes in Eastern Europe cannot be excluded. The capital structure of IMMOEAST can be called as very sound also in the future. Thus, the IMMOEAST Group has equity of EUR 5,387.1m and an equity ratio of 50.5%. In the individual financial statement, the net assets as of April 30, 2009, are EUR 5,242.8m and the equity ratio is 84.4%. The net loss for the year in the individual financial statement of IMMOEAST AG amounting to EUR -2,110.3m can mainly be attributed to the value adjustment on receivables from group financing (EUR -1,691.6m) and to the depreciation of interests (EUR -589.6m). Both effects are caused by real estate depreciations. In the current financial year it will be important to enhance the already achieved success in the stabilisation and optimisation of the existing investments and to complete the development projects, which have not been halted and fully funded on schedule. Regarding the frozen or suspended development projects, there is the chance to reactivate these selectively. The final results of the financial year 2008/2009 will be published on August 20, 2009. Queries regarding content: MMag. Clemens Eisinger IMMOFINANZ AG t +43 . (0) 5 7111-2315 c.eisinger@immofinanz.com Press coordination: Mag. Christoph Edelmann ACCEDO Austria GmbH t +43 .1. 533 87 00 christoph.edelmann@accedogroup.com Appendix: · Group Profit and Loss Account of IMMOEAST AG · Group Balance Sheet of IMMOEAST AG IMMOEAST AG Group Profit and Loss AccountValues in TEUR Feb. 1, 2009 May 1, 2009 Feb. 1, 2008 May 1. 2007 April 30, 2009 April 30, 2009 April 30, 2008April 30, 2008 Sales 154,327.3 407,044.9 85,408.7 297,213.3 Other operating income 2) 41,856.4 66,434.4 27,244.7 52,039.2 Real estate expenses 1) -59,124.5 -134,925.0 -18,342.2 -77,613.6 Other operating expenses 2) -52,977.0 -151,968.2 -24,721.8 -120,758.6 Personnel expenses -4,336.9 -5,969.1 -235.1 -677.2 Costs of material -5,038.1 -17,246.3 -128.8 -4,100.0 Operative profit/loss (EBITDA) 74,707.3 163,370.8 69,225.4 146,103.1 Reevaluation of real estate -405,483.4 -913,198.8 -53,923.0 11,090.1 Depreciations 1) -188,671.2 -822,914.5 -128,844.9 -142,182.5 Provisions for anticipated losses 210,914.4 -141,036.9 0.0 0,0 Profit/loss from operations (EBIT) -308,533.0 -1,713,779.3 -113,542.5 15,010.7 Financing expenses/ income -37,719.8 61.567.9 40,131.8 101,688.1 Other financial result 24,439.5 -607,348.7 77,887.8 108,965.6 Profit/loss share in associated companies -29,046.4 -367,459.7 40,332.9 40,332.9 Financial result -42,326.5 -913,240.6 158,352.4 250,986.5 Result before taxes on income (EBT) -350,859.4 -2,627,020.0 44,809.8 265,997.2 Taxes on income -90,546.0 254,534.3 -39,592.3 -98,651.6 Group result -441,405.4 -2,372,485.7 5,217.6 167,345.6 Share of the shareholders of the holding company -387,767.1 -2,345,785.4 5,055.9 167,768.9 Minority interest -53,638.3 -26,700.4 161.7 -423.3 Undiluted result per share in EUR -0.53 -2.85 0.01 0.21 Diluted result per share in EUR -0.53 -2.85 0.01 0.211) The writedown of uncollectible receivables was reclassified from the real estate expenses to the depreciations. This change (2007/08: TEUR 1,149.9) also applies to the comparable figures. 2) Between the other operating income and the other operating expenses, TEUR 148.9 were reclassified to allow better comparison. IMMOEAST AG Group Balance Sheet as of April 30, 2009Values in TEUR April 30, 2009 April 30, 2008 Real estate assets 6,904,191.6 4,366,603.5 Real estate assets under construction 514,614.4 687,442.0 Other fixed assets 20,168.8 3,319.1 Intangible assets 172,947.4 299,412.7 Shares in associated companies 144,818.3 530,754.1 Other financial instruments 277,354.2 511,826.9 Accounts receivables and other assets 1,027,170.7 2,092,452.3 Deferral of taxes 108,760.9 58,600.1 Long-term assets 9,170,026.4 8,550,410.7 Accounts receivables and other assets 1) 741,281.1 655.914.7 Real estate assets held for sale 5,173,5 0.0 Real estate stocks 188,262.1 249,612.8 Short-term financial instruments 781.0 500,950.7 Liquid funds 1) 566,137.4 468,444.7 Short-term assets 1,501,635.1 1,874,922.9 ASSETS 10,671,661.5 10,425,333.6 Share capital 833,824.1 833,824.1 Capital reserves 6,057,753.4 6,057,753.4 Reevaluation reserve 11,424.3 3,296.1 Revenue reserves and group result -1,349,695.6 919,717.0 Adjustment item from currency conversion -171,763.4 41,564.9 5,381,542.8 7,856,155.6 Minority interests 5,527.8 29,594.6 Net assets 5,387,070.7 7,885,750.2 Financial liabilities 3) 2,917,656.7 1,357,619.0 Trade accounts payable 4,282.3 6,481.7 Provisions and accrued liabilities 142,435.5 192.8 Other liabilities 2) 3) 214,089.9 79,401.7 Deferral of taxes 767,879.5 633,226.9 Long-term liabilities 4,046,343.8 2,076,922.1 Financial liabilities 3) 824,469.7 199,130.7 Trade accounts payable 60,003.1 55,591.6 Provisions and accrued liabilities 54,428.0 29,708.2 Other liabilities 2) 3) 299,346.0 178,230.8 Short-term liabilities 1,238,246.9 462,661.3 LIABILITIES 10,671,661.5 10,425,333.61) In the reporting period, the liquid funds of the second degree were reclassified from the liquid funds to the short-term liabilities and other assets. This change (2007/08: TEUR 47,072.7) was also applied to the figures of the previous year. 2) In the reporting period, the passive derivatives were reclassified from the short-term to the long-term liabilities. This change (2007/08: TEUR 2,772.3) was also applied to the figures of the previous year. 3) To allow better comparison, TEUR 12,772.1 from the long-term and TEUR 22,490.5 from the short-term financial liabilities were reclassified to the other liabilities in the comparison period. The liabilities from the tax allocation of TEUR 14,726.0 reported in the previous year as separate item were included in the short-term other liabilities in the comparison figures. 05.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: IMMOEAST AG Gaudenzdorfer Gürtel 67 1120 Wien Österreich Phone: +43 (0) 5 7111 - 2290 Fax: +43 (0) 5 7111 - 8290 E-mail: investor@immoeast.com Internet: http://www.immoeast.at ISIN: AT0000642806 WKN: A0BLUL Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) Wien End of News DGAP News-Service ---------------------------------------------------------------------------
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