EANS-Adhoc: Vivacon AG
Vivacon AG publishes preliminary group result for
financial year 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
31.03.2009
According to the preliminary unaudited figures, Vivacon AG (ISIN 000604 8911) expects a group net loss in the range of EUR 160 - 170 million for the financial year 2008. This result is mainly due to the depreciation of the residential portfolios and the market valuation of interest hedging instruments. The difficult market environment has further led to the withdrawal of financing on the part of the transaction partners in portfolio transactions and non-fulfillment of the necessary land register conditions in ground lease acquisitions, which resulted in necessary reversals. These extraordinary effects as well as further one-off items will negatively affect the group result 2008 in the amount of EUR 140 million. In the light of these developments Vivacon AG will not pay any dividend for the financial year 2008.
In 2008, the development segment sold 465 condominiums and achieved a notarized volume of EUR 106 million, which represents an increase of 22.7% in comparison to last year.
The announcement of the final results will be postponed. As a consequence of the postponement of the final results publication for the financial year 2008, the financial calendar will be changed. The exact dates including the date of the annual general meeting will be announced nearer the time.
end of announcement euro adhoc
Further inquiry note:
Sven Annutsch
Leiter Investor Relations & Corporate Finance
Tel: +49 221 130 5621 630
Sven.Annutsch@vivacon.de
Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX
International 100
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing