FranconoWest AG
FranconoWest AG: Further growth in real estate portfolio in first half of 2008 – IFRS net profit for the period of €2.3 million
FranconoWest AG / Half Year 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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Düsseldorf, 29 August 2008 – FranconoWest AG (WKN (securities code number):
A0KFRM), an investment company specialising in residential property in
North Rhine-Westphalia, has further increased its real estate portfolio in
the first half of 2008 and generated a positive IFRS net profit for the
period of €2.3 million. The company generated a net profit of €0.9 million
in the same period of the previous year.
Its EBIT was €4.3 million after €1.5 million in the first half of 2007.
EBIT includes appreciation of €3.3 million in accordance with IAS 40
identified by independent experts at Jones LangLaSalle. Earnings per share
for the first half of 2008 amounted to €0.07.
At €2.7 million, rental income for the first half of 2008 already
significantly exceed income for the entire previous year. This is due to
net rental income of €2.3 million after only €0.2 million in the previous
year. In addition to rental income, additional income was recognised in the
first half of 2008 from the disposal of a real estate sub-portfolio.
The rise in rental income is due to the steady expansion of the real estate
portfolio and acquisitions in recent quarters. In the reporting period, the
total portfolio grew to €78.9 million. Properties were acquired in the
Rhine-Ruhr region in particular.
The Board of Management of FranconoWest AG is forecasting that business
performance will remain positive for 2008 as a whole.
The Board is planning to further increase earnings as against the previous
year. In addition to additional portfolio disposals, FranconoWest AG will
continue to focus on increasing and optimising returns and appreciation
potential with qualified asset and corporate management.
As part of its optimisation measures, FranconoWest AG will be putting
further acquisitions aside until further notice.
The full half-year report can be found under Investor Relations at
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
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
Tel. +49(0)69-90550551
sknop@edicto.de
29.08.2008 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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