Meinl European Land Limited

euro adhoc: Meinl European Land Limited
quarterly or semiannual financial statement
MEINL EUROPEAN LAND CONTINUES SUCCESSES IN FIRST QUARTER 2006: RENTAL INCOME MORE THAN DOUBLED POST-TAX EARNINGS ALMOST TRIPLED P/E RATIO: 10.4 REAL ESTATE PORTFO

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27.06.2006

Vienna, 27 June 2006. Vienna Stock Exchange listed real estate company Meinl European Land continued its dynamic growth in the first three months of 2006, while once again improving its performance.

The Company specialises in retail property in Central and Eastern Europe, splitting its activities more or less equally between property investment and property development. In the first quarter of this year it continued to expand in all its core investment markets, notably by acquiring an EUR 400m property portfolio in Russia. At a stroke, this has made Meinl European Land the largest retail property investor in the country. As part of the strategic extension of its country portfolio, the Company has also begun its expansion in Ukraine by entering into a cooperation agreement.

This ongoing expansion of its sphere of activity is also reflected in the growth of its property portfolio: as at 31 March 2006, Meinl European Land had on its books 178 completed properties and over 20 committed projects. Total property assets, including completed properties, properties under construction and properties for which contracts had been signed, amounted to EUR 2.6bn at balance sheet date, a year-on-year increase of 300% (31.03.2005: EUR 650m).

In the first three months of this year Meinl European Land has more than doubled its revenues in comparison with the same period last year, from EUR 11.9m to EUR 29.8m. Rental income also doubled, going from EUR 10.2m to EUR 21.5m over the same period. The improvement in post-tax earnings was even more impressive, jumping from EUR 16.1m in first-quarter 2005 to EUR 47.5m in the comparable period this year.

Earnings per share for the first quarter amounted to EUR 0.38. With a stock market price of EUR 15.85 per share at 23 June 2006, the price earnings ratio is currently 10.4.

Meinl European Land’s Management is optimistic about the prospects for the coming three quarters and expects rental income for the whole of 2006 to be around EUR 95m, which will represent an increase of roughly 50% (2005: EUR 60.2m).

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ots Originaltext: Meinl European Land Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.at

Branche: Real Estate
ISIN:      AT0000660659
WKN:        066065
Index:    Standard Market Auction
Börsen:  Wiener Börse AG / official dealing



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