IMMOEAST AG
IMMOEAST AG: Results for the first three quarters of the 2009/10 business year
IMMOEAST AG / Quarter Results 24.03.2010 08:32 Dissemination of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ad-hoc Release Vienna, 24 March 2010 IMMOEAST AG: Results for the first three quarters of the 2009/10 business year (1 May 2009 to 31 January 2010) * Revenues: EUR 481 m (+90.3%) * EBITDA: EUR 246.8 m (+178.3%) * EBIT: EUR 215.8 m (previous year -1.405 bn) * EBT: EUR 307.7 m (previous year EUR -2.276 bn) * Gross cash flow: EUR 239.7 m (+219.1%) * Book value / share: EUR 6.80 (+1.09%) * NAV / share: EUR 7.43 (+5.69%) * Earnings / share: EUR 0.30 (previous year EUR -2.32) IMMOEAST AG continued recovering in the third quarter of the 2009/10 business year as well. The most important key earnings figures improved further and with shareholder approval for the merger with parent company IMMOFINANZ the conditions for lasting upward development were established. Particularly satisfying: for the first time in 1.5 years both NAV and book value per share improved on the year. Revenues, EBITDA, cash flow Revenues rose in the first nine months of the business year by 90.3% to EUR 481 million. This strong increase is attributed to the acquisition of IMMOAUSTRIA. EBITDA rose on the year by 178.3% to EUR 246.8 million, and at EUR 239.7 million and an increase of 219.1% gross cash flow rose on the year to more than three times the value of the previous year (EUR 75.1 million). Revaluation, impairments, EBIT Operating profit (EBIT) reached EUR 215.8 million. This means an improvement by more than EUR 1.6 billion on the year. EBT turned around on the year from EUR -2.28 billion to EUR 307.7 million. The revaluation of properties brought a negative result in the amount of EUR 6.18 million, as the positive development of the first two quarters was set off by a loss of EUR 31.53 million in the third quarter. The reasons for this were the strengthening of Central and Eastern European currencies compared to the euro. Impairment charges (largely on development projects) had to be taken in the amount of EUR 24.8 million. This is a significant improvement compared to the same period the year before with impairment charges of EUR 634.2 million. Earnings / share, NAV Earnings / share also substantially improved, reaching EUR 0.3 in the first three quarters after EUR -2.32 the year before. NAV / share rose year on year by 5.69% to EUR 7.43, book value / share improved by 1.09% to EUR 6.80. That both indicators improved on the year was last the case at the end of the 2007/08 business year. 'IBAG-Bond' Negotiations with Constantia Packaging B.V. on the settlement in this regard are virtually finalised. The required universal settlement including the takeover of Aviso Zeta Bank AG from five Austrian 'system banks' (Bank Austria, RZB, Erste Bank, BAWAG and Volksbank) continues to be difficult, however. Investor Relations 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 Coordination: Christoph Edelmann ACCEDO Austria GmbH T +43 1 533 87 00 christoph.edelmann@accedogroup.com 24.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: 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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