Meinl European Land Limited

euro adhoc: Meinl European Land Ltd.
quarterly or semiannual financial statement
Meinl European Land: Financial results in Q1 2007 increased Portfolio reaches EUR 5.3 billion EUR 500 million credit facility secured

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3-month report


Jersey, 1 June 2007. After the record result in the business year 2006 - profit after tax went up by 135% from EUR 114 million to EUR 267 million and the other financial key data increased by similar rates - Meinl European Land continued its successful growth in the first quarter 2007 as well: Once again all relevant financial figures improved compared to the previous year.

Rental income advanced by 43%

Rental income increased from EUR 21 million in the first quarter 2006 to approximately EUR 31 million in the first three months 2007, which represents an increase of 43%. In the first three months 2007 operating profit reached EUR 52 million (Q1 2006: EUR 48 million). Profit after tax increased to EUR 51 million in Q1 2007 after EUR 47 million in the previous year.

Property portfolio increases to more than EUR 5.3 billion

At 31 March 2007 the value of investment properties was EUR 1.8 billion, up approximately 56% on the previous year. In addition, the Company has contractually agreed development projects with a total investment value of EUR 3.5 billion, which will be completed in this year and the following two years. Hence, Meinl European Land´s total portfolio amounts to approximately EUR 5.3 billion. This portfolio is expected to generate rental income of approximately EUR 500 million by the end of 2009, once all projects are complete.

EUR 2 billion project pipeline for further growth

Meinl European Land will continue its expansion in the future as well: A project pipeline currently estimated at about EUR 2 billion provides the basis for the Company´s future growth. A number of these projects are already close to beeing signed so that Meinl European Land expects to be in a position to announce new attractive projects within the coming weeks.

EUR 500 million credit facility secured

In anticipation of future projects, Meinl European Land yesterday signed an agreement to put in place a Syndicated Revolving Loan Facility in the amount of EUR 500 million. Lead Managers of the transaction are WestLB (in co-operation with Westdeutsche Immobilienbank) of Germany and RZB of Austria. The 5-year facility has been fully underwritten by both banks. Within the next weeks international banks will be approached and invited to participate in the syndiaction of the loan facility. In the second half of last year, Meinl European Land successfully issued bonds totalling EUR 600 million. The bonds have performed extremely well, reflecting the confidence of international debt investors in the Company´s growth strategy.

Net asset value per share increased to EUR 18.08

The net asset value per share (NAV) at 31 March 2007 was EUR 16.41. Including the potential valuation upside on the committed development projects, which is estimated by the Company based on today´s market yields at EUR 400-500 million, NAV amounts to EUR 18.08 per share. The share price on 31 March 2007 was at EUR 20.82, reflecting a premium of approximately 15%. A significant part of the Company´s value lies in its project pipeline, and the continuing ability of its management to identify new projects.

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ots Originaltext: Meinl European Land Limited
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Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107

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

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