Meinl European Land Limited

euro adhoc: Meinl European Land Limited
Quarterly or Semiannual Financial Statements
MEINL EUROPEAN LAND LIMITED SUCCESSFUL IN THE FIRST QUARTER OF 2004 (E)

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

- SIGNIFICANT INCREASE IN TURNOVER AND OPERATING PROFIT - FURTHER INCREASE OF PROPERTY PORTFOLIO

Meinl European Land, the real estate investment company listed on the Vienna Stock Exchange with a focus on the property markets in Central and Eastern Europe, ended the first quarter 2004 with excellent operational results. All key figures show a significant increase against the same period in 2003. Growth target were met and the company has acquired additional properties in Hungary and the Cezch Republic.

Turnover and operating profit reach 50% of the 2003 values after 3 months

Turnover has grown significantly in the first quarter 2004. With total revenues of nearly 6 million Euro, Meinl European Land has reached half of the full-year 2003 sales in just the first 3 months of 2004. This strong increase is the direct result of the acquisitions that the company has made during the last months - the company has bought 6 new properties in the first quarter 2004. Based on the current portfolio, total revenues until the end of the year should reach 25 mio. Euro (2003: 11.94 mio. Euro) and due to planned acquisitions from available funds, the company expects to reach an even higher turnover. Other key financial data follow this positive trend and EBIDTA (nearly 4 mio. Euro) as well as EBIT (2.5 mio. Euro) have also reached 50% of the 2003 full-year level.

Property value reaching 270 mio. Euro - strong yield performance

The composition of the portfolio as well as property value mirror the dynamic expansion. After the acquisitions in the current year, Meinl European Land owns as of today 142 properties with a total rentable area of 400,000 square metres and a market value of more than 270 mio Euro, nearly 25% more than at the end of 2003. All newly acquired properties will generate a yield of more than 9%.

end of announcement            euro adhoc 01.06.2004
---------------------------------------------------------------------

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



Weitere Meldungen: Meinl European Land Limited

Das könnte Sie auch interessieren: