MAGNAT Real Estate AG: MAGNAT publishes half-year results
MAGNAT Real Estate AG / Key word(s): Half Year Results/Quarter Results MAGNAT publishes half-year results - Sales programme will be implemented - Half-year result affected by special factors - Earnings relief for the second half of the year expected - Yet overall business environment remains extremely demanding - Gaining liquidity remains management's focus Frankfurt am Main, 30 November 2011 - Today, MAGNAT Real Estate AG ('MAGNAT', ISIN DE000A0XFSF0) are presenting their half-year report (April through September) and the second quarter report (July through September) for the 2011/2012 financial year. Currently, the overall economic environment is extremely demanding and is hampering the implementation of our sales programme. For this reason, the overall business operations during the first half-year 2011/2012 were disappointing. In addition, temporary cut-off date charges stemming from the restructuring of a Ukrainian project additionally burdened the result by As previously communicated, we were able to sell the residential portfolio in Germany after the close of the reporting period. This transaction will - after deduction of the transaction costs and the debt associated with the buildings - directly and indirectly provide MAGNAT with a cash inflow in the single-digit million amount. In addition, the sale includes impairment on the portfolio's book value totalling EUR 1.6 million that has already been taken into consideration in the current half-year report. In total, the six-month period 2011/2012 the pre-tax loss was EUR -5.9 million after a pre-tax loss of EUR -0.7 million in the previous year. The net loss attributable to parent company shareholders for the period amounted to EUR -5.4 million after a loss of EUR -1.0 in the previous year. In the second quarter, the pre-tax loss was EUR -4.7 million after a pre-tax profit of EUR 0.3 the previous year. The net loss attributable to parent company shareholders for the period amounted to EUR -4.2 million after EUR 0.1 million the previous year. Per 30 September 2011, MAGNAT's cash position was EUR 4.3 million, after a total of EUR 0.3 million at the conclusion of the previous financial year. At 59.8 per cent (63.2 per cent in the previous year), the company's equity ratio remained at a high level. The net asset value (NAV) per share - in accordance with EPRA requirements - fell to EUR 5.57, after a previous value of EUR 6.17. The continued growth of the MAGNAT Group will significantly be affected by the success of the additionally planned sales. A quick success in the implementation of the sales programme is therefore urgently required in order to ensure the liquidity of the company in future. After a brief recovery period of the global economy, the national debt crisis in both the USA and Europe have again significantly clouded the overall outlook. This can be especially felt in the availability of financing offers for larger property transactions in Eastern Europe but also in Germany. That being said, the risks for the business development of MAGNAT are significantly higher than some of the revenue losses that loom in both the third quarter and second half of the year. About MAGNAT MAGNAT is an integrated real estate group, addressing the entire value chain and covering the acquisition, development, and disposal of projects and construction land. The Group also offers real estate asset management.
(Financial year 1 April 2011 - 31 March 2012)
(Financial year 1 April 2011 - 31 March 2012) Press Relations End of Corporate News 30.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | MAGNAT Real Estate AG | |
Lyoner Straße 32 | ||
60528 Frankfurt am Main | ||
Germany | ||
Phone: | +49 (0)69 / 719 189 79 0 | |
Fax: | +49 (0)69 / 719 189 79 11 | |
E-mail: | info@magnat.ag | |
Internet: | www.magnat.ag | |
ISIN: | DE000A0XFSF0 | |
WKN: | A0XFSF | |
Listed: | Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, Stuttgart | |
End of News | DGAP News-Service |
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