euro adhoc: AvW Invest AG
Financial Figures/Balance Sheet
AvW Invest AG
posts operating profits in first 9 months of 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
- Operating result totals EUR 1.54 million - EUR 7.36 million in provisions puts burden on overall result - Net loss comes to EUR 7.44 million - Loss anticipated for entire fiscal 2008
AvW Invest AG, which is listed on the Prime Market of the Vienna Stock Exchange, has posted operating profits of EUR 1.54 million (2007: EUR 13.81 million) at the end of the first three quarters of 2008. Provisions in the amount of EUR 7.36 million (2007: EUR 0.00), which were required as a result of the current situation, put a burden on the overall result. Therefore, 9 months into the 2008 financial year, AvW Invest AG has posted a net loss of EUR 7.44 million (2007: EUR 10.393 in net profit). In the first three quarters, operating income fell to EUR 13.85 million (2007: EUR 16.48 million).
in Million EUR 1st-3rd Qu. 08 1st-3rd Qu. 07
Operating earnings 13.854 16.475 Operating result 1.538 13.815 Profit before taxes -6.955 13.983 Surplus for the period -7.436 10.393 Balance sheet profit 13.680 22.261 Profit/share in EUR -2.47 3.45 Employees 318 290
The balance sheet has been drawn up in accordance with IFRS, classified
according to the Austrian Banking Law
The main reason for these losses has been, in addition to the high amount of provisions required, the increasingly fierce international financial crisis, which reached a new pitch at the end of the third quarter. AvW Invest AG experienced a significant decline in earnings both in the financial services segment and in the area of equity investments, where substantial write-downs had to be made.
For the year as whole, negative results are anticipated. No dividend is expected to be paid out for 2008. A detailed forecast for 2009 will be given in conjunction with the 2008 annual results.
About AvW INVEST AG
AvW INVEST AG, which is domiciled in Krumpendorf at Lake Wörthersee, is active in two core business areas: equity participations and real estate.
AvW´s shares are listed on the Vienna Stock Exchange on the ATX Prime Market ISIN number: AT0000930409, Reuters: AVWI.VI, XETRA Vienna: AWS).
end of announcement euro adhoc
Further inquiry note:
AvW INVEST AG
Mag. Brigitte Burger
Branche: Financial & Business Services
Börsen: Börse Frankfurt / free trade
Börse Stuttgart / free trade
Wiener Börse AG / official dealing