DGAP-News: MAGNAT Real Estate AG: MAGNAT reports half-year results
(firmenpresse) - DGAP-News: MAGNAT Real Estate AG / Key word(s): Half Year
Results/Quarter Results
MAGNAT Real Estate AG: MAGNAT reports half-year results
30.11.2012 / 13:30
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MAGNAT reports half-year results
- Strategic realignment pursued consistently
- Loss in the first half considerably lower compared to the previous year
- Strained liquidity due to the low volume of disposals
- Safeguarding of liquidity has top priority
- MAGNAT diligently working on additional disposals
Frankfurt am Main, November 30, 2012 - Today, MAGNAT Real Estate AG
('MAGNAT', ISIN DE000A0XFSF0) published its report for the first half
(April through September) and the second quarter (July through September)
of fiscal year 2012/2013.
The first half-year was affected by two distinct trends. Firstly, the
MAGNAT Group consistently pursued its strategic realignment. In the
reporting period, a real estate company and a property in Austria were
successfully sold. The disposals resulted in cash proceeds of EUR 0.5
million. In addition and in line with its strategy, significant progress
was achieved in the further reduction of operating expenses. General and
administrative expenses declined 35 percent over the prior year's period to
EUR 1.9 million and other operating expenses declined 31 percent to EUR 0.6
million.
These favourable developments are also reflected in the earnings of the
first half of fiscal year 2012/2013. The loss before interest and taxes
declined 58 percent from EUR -2.4 million in the previous year to EUR -1.0
million. In the second quarter, the loss before interest and taxes
decreased 76 percent from EUR -1.6 million in the previous year to EUR -0.4
million. This positive trend is even more pronounced in the development of
the net loss for the period attributable to parent company shareholders,
which declined by almost two thirds from EUR -3.4 million in the previous
year to EUR -1.2 million. In the second quarter, the net loss amounted to
EUR -0.6 million after EUR -2.1 million in the previous year's quarter.
Secondly, the economic environment in MAGNAT's core markets, the countries
surrounding the Black Sea, remained extremely difficult. This trend
particularly affected the real estate markets. Therefore, the number of
real estate transactions in the region was very low and the price level
still remained at depressed levels. This has made disposals at economically
feasible conditions almost impossible in the first half of the year. As a
result of the low volume of disposals, MAGNAT Group's cash and cash
equivalents has declined significantly by EUR 2.1 million in the first half
of the year and amounted to EUR 1.5 million as of September 30, 2012 as
compared to EUR 3.6 million as of March 31, 2012. Thus, the liquidity
position is strained.
Therefore, MAGNAT's top priority in the second half of 2012/2013 will be
the safeguarding of liquidity. The Company is currently diligently working
on additional disposals.
As a result of Europe's bleak growth prospects, it has to be expected that
the real estate markets in MAGNAT's target regions will continue to be
impacted by a large degree of uncertainty which will make disposals at
economically feasible prices very difficult. Overall, the risks for the
business development of MAGNAT continue to outweigh.
About MAGNAT
MAGNAT Real Estate AG is the first publicly tradedreal estate company in
Frankfurt that focuses on real estate development in Austria and selected
countries within the emerging economies of the Black Sea region.
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.
H1 H1 Q2 Q2(Fiscal year April 1, 2012 - March 31, 2013)
Group Key Figures in EUR '000
Profit/loss on rental of real
estate inventory 283 1,661 197 753
Profit/loss on sale of real
estate companies 89 0 89 0
Profit/loss on sale of real
estate 302 0 302 0
Profit/loss on asset management 39 83 20 50
Profit/loss from investments
accounted for using the equity
method 234 -145 71 232
Profit/loss before interest and
taxes (EBIT) -1,006 -2,374 -398 -1,649
Profit/loss before taxes (EBT) -1,218 -3,121 -543 -1,910
Net profit/loss for the period
attributable to parent company
shareholders -1,199 -3,365 -569 -2,096
Group Key Figures in EUR '000 Sept. 30, 2012 March 31, 2012(Fiscal year April 1, 2012 - March 31, 2013)
Total assets 40,608 44,267
Group equity 18,700 20,229Equity ratio in percent 46.0 45.7
Net Asset Value per share in EUR 1.33 1.44
Contact
MAGNAT Real Estate AG
Investor Relations
Lyoner Straße 32
D-60528 Frankfurt am Main
Phone: +49 (0) 69-719 189 79 0
Fax: +49 (0) 69-719 189 79 11
Email: ir(at)magnat.ag
Web: www.magnat.ag
Press Relations
edicto GmbH
Axel Mühlhaus / Werner Rüppel
Phone: +49 (0) 69-905 50 55 2
Email: amuehlhaus(at)edicto.de
End of Corporate News
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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(at)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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195355 30.11.2012
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