IMMOEAST AG
IMMOEAST AG: IMMOEAST AG saw the most difficult financial year since the company’s foundation
IMMOEAST AG / Final Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Vienna, August 20th 2009 Final 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 from 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 rental income (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 impairments of associated companies (in particular Trigranit), EUR -331.2m to exchange rate effects and EUR -219.6m to the valuation of financial instruments. With EUR -913.2m, the revaluation of investment properties is negative and so are the impairments on development projects, goodwill amortisations and depreciations on receivables with EUR -822.9m. This also includes a partial write down (EUR -171.3m) of the amount receivable from 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 devaluation of investment properties 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 devaluations 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 equity 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 impairment of interests (EUR -589.6m). Both effects are caused by real estate devaluations (and impairments). 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 annual report will be published on the company's website www.immoeast.com in the course of the day. 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: m.hermentin@immofinanz.com m.hermentin@immoeast.com www.immofinanz.com www.immoeast.com Press Relations: Mag. Christoph Edelmann ACCEDO Austria GmbH t +43 . 1. 533 87 00 christoph.edelmann@accedogroup.com 20.08.2009 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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