FranconoWest AG
FranconoWest AG:Real estate portfolio expanded further – IFRS net profit for the period of EUR 2.5 million
FranconoWest AG / Final Results
Announcement, transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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FranconoWest AG: Real estate portfolio expanded further –
IFRS net profit for the period of EUR 2.5 million
Düsseldorf, 30 March 2009
FranconoWest AG (ISIN: AOKFRM), a real estate company specialising in
residential real estate in the German state of North Rhine-Westphalia
expanded its real estate portfolio further in 2008. In the same fiscal
year, the Company also generated positive EBIT / result from ordinary
activities of EUR 6.4 million before interest and tax compared to EUR 6.7
million from the previous year.
The Group featured a positive net profit of EUR 2.5 million for the 2008
reporting year (previous year: EUR 4.3 million). The positive profit was
generated as a result of the revaluation of real estate held as financial
investments at fair value totalling EUR 4.2 million (previous year: EUR 7.2
million) as well as from the sale of real estate held as financial
investments amounting to EUR 9.0 million (previous year: EUR 0.0 million).
Earnings per share for the 2008 reporting year are calculated at EUR 0.07.
Rental income was increased considerably and, at EUR 5.8 million in the
2008 fiscal year, was well above the previous year’s income of EUR 1.6
million. This rise resulted from the constant expansion and acquisition the
real estate portfolio on the one hand and from the use of effective asset
management on the other.
The entire real estate portfolio increased to EUR 86.6 million in the
period under review (previous year: EUR 55.0 million).
FranconoWest AG will continue to put additional emphasis on increasing and
optimising the returns and value-enhancement potential of the real estate
portfolio by way of qualified asset and company management. Additional
acquisitions will initially be postponed in the course of these
optimisation measures.
In addition, the Company also aims to take advantage of any selling
opportunities arising in future.
A positive result is still planned overall for the 2009 fiscal year.
The complete report for the 2008 fiscal year is available in the Investor
Relations section of the website: www.franconowest.de.
About FranconoWest AG:
FranconoWest AG is a listed real estate company that acquires real estate
in North Rhine-Westphalia such as apartment buildings and housing estates.
FranconoWest AG lays the foundation for sustainable returns by acquiring
real estate on the basis of strict investment criteria and active asset
management. FranconoWest AG (ISIN: AOKFRM) is listed in the Prime Standard
of the Frankfurt Stock Exchange.
The Management Board and Supervisory Board of FranconoWest AG resolved to
change over from the Regulated Market (sub-segment Prime Standard) to the
Open Market of the Frankfurt Stock Exchange (sub-segment Entry Standard) on
27 February 2009. The reason for the changeover was the significant
reduction of costs associated with this.
Contact:
FranconoWest AG
Christiane Möller
Kaistrasse 20 (Medienhafen)
40221 Düsseldorf, Germany
Tel. + 49 (211) 909 96 200
Tel. + 49 (211) 909 96 201
info@franconowest.de
www.franconowest.de
30.03.2009 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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