euro adhoc: Meinl European Land Ltd.
Financial Figures/Balance Sheet
Meinl
European Land announces first quarter results for 2008
Investment property portfolio including properties under development grew by
almost 4% since year end 2007 to EUR ...
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
3-month report
30.05.2008
Jersey, 30 May 2008. Meinl European Land Limited ("Meinl European
Land" or the "Company") whose certificates representing shares are
listed on the Vienna Stock Exchange announces its first quarter
results for the three months ended 31 March 2008.Property portfolio increased by 4% since year end 2007
At 31 March 2008, Meinl European Land owned a total of 161 investment properties. The market value of these properties amounted to approximately EUR 1.9 billion based on an external appraisal by the international property consultants Cushman & Wakefield at the end of the first quarter 2008 and is almost unchanged since year end 2007. However, Meinl European Land´s total property portfolio which also includes investment properties under development grew by almost 4% since year end 2007 to a total of EUR 2.8 billion. This reflects the Company´s progress during the first quarter 2008 on its development pipeline mainly in Russia, Poland and Turkey with spending of over EUR 100 million during the quarter on various development projects and as well as on securing a strategic land bank.
Rental income rose by 8% with like-for-like rental growth of 3%
Gross rental income increased from EUR 30.8 million in the first quarter of 2007 to approximately EUR 33.4 million in the first three months of 2008 which represents an increase of 8%. The increase in rental income is based on a larger area of lettable space due to additional investment properties or site extensions, the acquisition of new tenants and overall higher rental income per sqm. This positive trend is also seen in the rental income of properties which were part of the portfolio in Q1 2007, with like-for-like rental growth for Q1 2008 amounting to more than 3%.
Operating profit excluding revaluations increased 66% to EUR13.5m
Meinl European Land´s net operating profit in the first quarter of 2008 amounted to EUR 6.6 million compared to EUR 54.2 million in the first quarter of 2007. The result in Q1 2007 was primarily driven by the revaluation of investment properties in the amount of EUR 46.0 million. Despite a challenging environment and a general decline in the global real estate sector, the value of the Company´s investment properties remained almost unchanged since year end 2007. Higher values in Poland and Romania were offset by lower values in Russia resulting in a slight decrease of merely 0.4% or EUR 6.9 million for the total portfolio in the first quarter of 2008.
Excluding the revaluation of investment properties in both periods, net operating profit amounted to EUR 13.5 million in Q1 2008, an increase of 66% compared to EUR 8.2 million for Q1 2007.
end of announcement euro adhoc
Further inquiry note:
Contacts for enquiries:
London Austria
Citigate Dewe Rogerson Trimedia
Michael Berkeley Bernhard Hudik
+44 20 7638 9571 +43 1 5244 300
Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wiener Börse AG / official market