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IMMOEAST AG: IMMOEAST AG: Results for the First Half of 2009/10 (1 May to 31 October 2009)

Spis treści:

1. REPORT

2. INFORMATION ABOUT THE ENTITY

3. SIGNATURE OF PERSONS REPRESENTING THE COMPANY

POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No 49 / 2009
Date of issue: 2009-12-17
Short name of the issuer
IMMOEAST AG
Subject
IMMOEAST AG: Results for the First Half of 2009/10 (1 May to 31 October 2009)
Official market - legal basis
Art. 56 ust. 1 pkt 2 Ustawy o ofercie - informacje bie¿¹ce i okresowe

Unofficial market - legal basis
Contents of the report:
• Revenues: EUR 314.0 m (+88.5%)
• EBITDA: EUR 185.1 m (+203.3%)
• EBIT: EUR 200.7 m (previous year -1.550 bn)
• EBIT currency-adjusted: EUR 253.8 m
• EBT: EUR 221.2 m (previous year EUR -1.862 bn)
• EBT currency-adjusted: EUR 252.2 m
• Gross cash flow: EUR 150.9 m (+685.6%)
• Book value / share: EUR 6.68 (-12%)
• NAV / share: EUR 7.31 (-8.0%)
• Earnings / share: EUR 0.21 (previous year EUR -1.83)

After the dramatic losses in 2008/09 IMMOEAST AG generated a clearly positive result in the second quarter and in the overall first half of the 2009/10 business year (1 May to 31 October 2009). The most important key figures substantially improved by annual comparison. This development was attributed on the one hand to a certain stabilisation of the markets and on the other hand to extensive restructuring and cost-cutting measures.

Revenues, EBITDA, rental income, cash flow

At EUR 314.0 million revenues were nearly double the value of the previous year, while at EUR 185.1 million EBITDA more than tripled year-on-year. Rental income rose by 79.79% to EUR 222.6 million. The increase was largely attributed to the purchase of IMMOAUSTRIA from the parent company IMMOFINANZ. A considerable reduction in costs due to the elimination of the management agreement with Constantia Privatbank also contributed to the positive development. The uninterrupted development of gross cash flow was also very satisfying, increasing nearly eight-fold from EUR 19.2 million to EUR 150.9 million. This was attributed to cost cuts and the takeover of IMMOAUSTRIA. Revenues declined slightly from the 1st quarter to the 2nd quarter of 2009/10. This was attributed to the lower sales volume for residential real estate in Serbia and Bulgaria as well as to the exchange rate effects of the USD, particularly in Russia and Poland.

Revaluation, impairments, EBIT
At EUR 25.4 million (after EUR -758.8 million in the previous year) the revaluation of properties brought a slightly positive result following the heavy losses of 2008/09. Of this the second quarter accounts for EUR 18 million; depreciations of EUR -27.5 million due to negative currency effects were more than set off by currency-adjusted appreciations of EUR 45.5 million. Impairment charges largely on real estate inventories and receivables were only necessary to a small extent (EUR 9.8 million after EUR 557.8 million). These improvements led to a considerably better operating profit (EBIT) of EUR 200.7 million (after EUR -1.550 billion). Adjusted for currency effects EBIT came to EUR 253.8 million.


EBT
Positive in the previous quarter due to currency influences, the “other financial results“ were negative this quarter for the identical reasons. This influence was mitigated by a positive valuation result from TriGranit, so that the quarter’s EUR -13.2 million overall financial result was only slightly negative. Earnings before tax came to EUR 221.2 million (after EUR -1.862 billion). Adjusted for currency effects, a total of EUR 252.2 million was reached.


Profit / share, NAV
Earnings per share came to EUR 0.21, the net asset value (NAV) per share came to EUR 7.31, book value per share came to EUR 6.68 at the end of the half year.


Operational successes
Of IMMOEAST’s business operations the many new lettings and lease extensions are of particular significance. These successes are a satisfying result of the decentralisation of asset management.

Contact:

Investor Relations & Corporate Communications:
Mag. Margit Hermentin
IMMOFINANZ AG & IMMOEAST AG
T +43 (0)5 7111-2290
m.hermentin@immofinanz.com


Pressekoordination:
Mag. Christoph Edelmann
ACCEDO Austria GmbH
T +43 (0)1 533 87 00
christoph.edelmann@accedogroup.com

Annexes
File Description

IMMOEAST AG
(fullname of the issuer)
IMMOEAST AG Budownictwo (bud)
(short name of the issuer) (sector according to clasification
of the WSE in Warsow)
1120 Wien
(post code) (city)
Gaudenzdorfer Gurtel 67
(street)