пропозиції роботи
Maciej
L.
Członek Zarządu
Fusion Invest Polska
S.A., Chief
Administ...
Temat: Jednodniowe typy :)
Results for the First Quarter of 2009/10:Positive Start to the New Business Year for IMMOEAST
Key operating figures developed satisfactorily in the first quarter of the new business
year for IMMOEAST (1 May 2009 to 31 July 2009), particularly due to IMMOEASTs purchase of
IMMOAUSTRIA and to restructuring measures.
Rental income, revenues and EBITDA
In the first quarter rental income was generated in the amount of EUR 113.6 m, which is an
increase of 79% compared to the same period the previous year (EUR 63.6 m). Revenues rose
in the same period by 92% from EUR 84.7 m to EUR 162.2 m. EBITDA rose from EUR 33.7 m to
EUR 97.9 m compared to the same period the year before. Every indicator has benefited from
the newly acquired segment IMMOAUSTRIA.
EBIT, EBT and Cash Flow
EBIT, which was significantly influenced by the negative revaluation result (EUR -293.6 m)
in the same quarter the year before and totalled EUR -261.4 m, improved to EUR 102.1 m as
a result of the balanced valuation result (EUR 7.3 m). EUR -124.0 m of the revaluation
result is accounted for by existing portfolio objects and EUR 131.3 m of it to development
projects. While the devaluation of the existing real estate portfolio is largely
attributed to exchange rate effects, the positive revaluation result from development
projects is solely the result of a change in the provision of the IAS 40: as from now on
continued development projects are to be reported on the balance sheet based on the
residual value (discounted fair value at the time of completion minus open investments),
in the first quarter of the 2009/10 business year there were hidden reserves totalling EUR
139 m disclosed, while further devaluations in the amount of EUR 7.7 m
had to be made.
The financial result is EUR 33.8 m and reflects primarily the revaluation of financial
instruments reflected in the profit and loss statement and the revaluation based on
changes in the exchange rate. Earnings before tax (EBT), which at EUR -77.0 m was negative
in the same period the previous year, was EUR 135.8 m in the quarter just ended. Adjusted
for exchange rate effects this would be EUR 179.5 m. Particularly satisfying is the
development of gross cash flow, which increased from EUR 25.5 to EUR 82.8 m. Consolidated
profit is EUR 110.2 m and very satisfactory (same period the year before: EUR - 52.6 m).
NAV per share and earnings per share
NAV (net asset value) is EUR 7.25 per share. The discount to the share price EUR 3.98 (23
September 2009) is 45%. The earnings per share for the 1st quarter of 2009/10 are EUR 0.13
and therefore positive again.
