Meinl European Land Limited

euro adhoc: Meinl European Land Limited
Restructuring & Recapitalisations
Capital Increase for 15 million Euro nominal value - Real estate portfolio doubled - Report for the first 9 months of 2003 (E)

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Vienna, 26th November 2003

Capital Increase for 15 million Euro nominal value

Meinl European Land Limited, listed on the Vienna Stock Exchange since 21st November 2002, is coming to the market with a further share issue. The share capital will be increased from 50 million Euro to 65 million Euro nominal value. The subscription period for the 3 million new shares runs from 27th November to 12th December 2003; the subscription price is 11.85 Euro per share and trading in the pre-emption rights will take place between 3rd and 5th December. The proceeds of 35.5 Mio. Euro will be used for continued growth on Meinl European Land’s expansion path by investing in retail properties in Hungary and the Czech Republic, which are let to international retailers on long-term lease arrangements.

On 24th November Meinl European Land has acquired one of the larger shopping centres in Budapest with a total lettable area of 34.000 sq.m. The anchor tenant is Spar, occupying nearly one third of the space; the remaining two thirds are rented to 69 other national and international tenants. On a total investment of 34 million Euro, Meinl European Land will receive an annual rental income of 3.2 million Euro. Furthermore, Meinl European Land has invested 56 million Euro to acquire a portfolio of 58 retail properties in the Czech Republic. Two thirds of this package is rented to Julius Meinl, one third to other national and international retailers. The total rental income from this portfolio amounts to 5.3 million Euro. Looking at both acquisitions together, Meinl European Land can expect to generate rental income of more than 8.5 million Euro per year for a yield far in excess of 9% p.a..

Real Estate Value doubled As of today, Meinl European Land owns 132 properties in excellent locations in Hungary and the Czech Republic. Within a year, total lettable area has doubled to 363.000 sq.m.; the value of the property portfolio and rental income has increased even stronger.

Meinl European Land - successful in the first 9 months of 2003 Meinl European Land could achieve a significant growth in income and sales for the first three quarters of 2003. At 7.97 million Euro, rental income already reached the full year 2002 level (7.99 million Euro). Profit before tax increased to 765.000 Euro (against 755.000 Euro in 2002). As a result of acquisitions - other than the ones mentioned above - fixed assets increased by 23.5 million Euro when compared to year-end 2002. These acquisitions include two Interspar hypermarkets in the Czech Republic with a yield of 9.7 % and a shopping centre with Billa as anchor tenant with a yield of nearly 14 %. The rental income form the newly acquired properties will only show its full effect on sales and profit for the forth quarter of 2003 and the full year 2004.

Meinl European Land could also strengthen its position on the Vienna Stock Exchange during the third quarter as the trading volume of the company’s shares on the exchange rose to 9 million Euro per month. The share price has increased by 8.65 % since the first day of listing.

Outlook for the forth quarter of 2003 In the present forth quarter of 2003, Meinl European Land will continue to expand its portfolio and to realise further attractive investment projects.

end of announcement            euro adhoc 26.11.2003
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Further inquiry note: ECC Publico Public Relations & Lobbying Mag. Claudia Müller-Stralz Tel.: ++43 (0) 1/717 86 107 mailto:claudia.mueller@ecc-publico.com

Branche: Real Estate
ISIN:      AT0000660659
WKN:        
Index:    Standard Market Auction
Börsen:  Wiener Börse AG / official dealing



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