FranconoRheinMain AG
FranconoRheinMain AG: Gross rental income more than doubled to EUR 2.7 million in Q1 2008 / EBIT increased to EUR 3.7 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, May 30, 2008 – FranconoRheinMain AG (WKN A0J2LC), a real estate portfolio company specialising in residential property in south-west Germany, further increased its property portfolio in the first quarter of 2008, enabling it to report a substantial rise in gross rental income. As expected given the increase in the portfolio, gross rental income increased to EUR 2.7 million, up from EUR 1.2 million in year-back period. Rental income after expenses was EUR 2.3 million compared with EUR 0.6 million in the first quarter of 2007. EBIT also developed well, rising from EUR 2.5 million in Q1 2007 to EUR 3.7 million in Q1 2008. This includes valuation write-ups of EUR 2.2 million on investment property in accordance with IAS 40, based on an independent appraisal by Jones LangLaSalle. The equivalent prior-year figure was EUR 2.1 million. Net income for the period was EUR 0.3 million. The main influences were interest expense of EUR 1.9 million and income taxes (including deferred taxes in accordance with IFRS) of EUR 1.5 million. In the prior-year period, net income was EUR 1.3 million. FranconoRheinMain AG raised its real estate portfolio to nearly EUR 165 million (IFRS) in the first quarter. It had also acquired further apartment buildings at a cost of EUR 4.1 million by the reporting date which will not,however, be recognised in the financial statements after March 31, 2008. At the start of 2008, FranconoRheinMain AG expanded its business model. In addition to holding portfolios of profitable, high-quality residential property, it now acquires real estate specifically for resale in the short term. The aim is to create value specifically by dividing properties into small units before resale or through maintenance and modernisation. The complete quarterly report can be downloaded from the company’s website at www.frm.ag. 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 segment of the Frankfurt Stock Exchange. Contact: FranconoRheinMain AG Alexander Heinz Börsenstraße 2-4 60313 Frankfurt am Main Germany Tel: +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 Germany Tel. +49(0)69-90550551 sknop@edicto.de 30.05.2008 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 ---------------------------------------------------------------------------
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