FranconoWest AG
FranconoWest AG: Group period earnings
FranconoWest 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.
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FranconoWest AG Group period earnings (according to IFRS) dip below zero at
EUR -0.14 m after EUR + 1.49 m in the same period of the prior year
Düsseldorf, 19 May 2009 – FranconoWest AG (ISIN DE000AOKFRM5), a real
estate investment trust focused on acquiring residential property in North
Rhine-Westphalia, posted rental income of EUR 1.49 m in the first quarter
of
2009, after EUR 1.37 m in Q1/08. Therefore, the Group was able to increase
its rental income further. Due to accounting changes, operating costs and
incidental expenses rose to EUR 0.34 m after EUR 0.13 m at the end of the
first
quarter of 2008.
The inventory of investment property (IFRS) totalled EUR 87.40 m at the end
of the first quarter 2009, up year-on-year from EUR 72.32 m. Although the
investment property saw a write-up of EUR 2.54 m in Q1 of 2008 according to
IAS 40, there were no notable valuation changes in Q1 2009. The EBIT comes
to EUR 0.81 m, down year-on-year from EUR 2.77 m. EBT (IFRS) is slightly
negative for Q1 2009 and amounts to EUR 0.15 m, down year-on-year from EUR
2.31
m.
The Group posted a period loss (IFRS) for the first quarter 2009 of EUR –
0.14 m, after earnings of EUR + 1.49 m in Q1 2008. The equals earnings per
share at the end of Q1 2009 of EUR – 0.004, down year-on-year from EUR
0.05.
In the first months of the year, FranconoWest concentrated on asset
management and tapping potential cost cuts. After calling additional debts
and liabilities owed to banks, the financial result in Q1 2009 rose, as
planned, to EUR -0.96 m down year-on-year from EUR -0.45 m.
The complete set of quarterly figures can be downloaded from the Company’s
website at www.franconowest.de starting on 29 May 2009.
19.05.2009 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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