Meinl European Land Limited

euro adhoc: Meinl European Land Ltd.
Financial Figures/Balance Sheet
Meinl European Land: Financial results in the first 6 months 2007 significantly increased

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6-month report


Jersey, 23 August 2007. Prior to today´s extraordinary general meeting Meinl European Land announced its financial report for the first half year of 2007. Meinl European Land improved on the outstanding results for previous periods in the first half year 2007 and once again posted significant increases in all key financial indicators. The results, which have been excellent since years, underline the successful development of the whole Company.

Profit after tax increased by 127%

The operating profit (EBIT) increased from EUR 57m in 2006 H1 to EUR 92m in 2007 H1. This represents an increase of 61%. Even more impressive was the increase in profits after tax, which was up from EUR 49.9m by 126% to EUR 113.0m in the same period. Rental income in the first six months 2007 amounted to approximately EUR 62m after EUR 44m in the same period in 2006, an increase of 43%.

A positive trend is also recognisable for the rental income of properties which were already part of Meinl European Land´s portfolio in the previous year. The average rental growth for the total portfolio within the last year was 3.7%. In Poland, Slovakia and Romania, like-for-like rental growth amounted to more than 6% on a year-on-year basis.

Earnings per share rise to EUR 0.40

Earnings per share of EUR 0.40 represent a year-on-year increase of approximately 29% (2006 H1: EUR 0.31). This result is an impressive achievement for a company going through a period of such rapid growth, even more so as Meinl European Land finances its portfolio growth primarily with equity.

Property portfolio increases to ca. EUR 9.2 billion

At 30 June 2007 Meinl European Land´s portfolio includes 160 retail properties with a market value of more than EUR 1.8bn. This represents a year-on-year increase of ca. 42%. Furthermore the Company owns 43 committed development projects with a total investment volume of approximately EUR 3.7bn and 16 additional projects in advanced due diligence in mid 2007. The investments for these projects, which are expected to be contractually agreed within the near future, amount to ca. EUR 1.6bn. Together with the expected value upside for the development projects, management estimates the value of the total portfolio after completion of all projects at year-end 2010 will be approximately EUR 9.2bn. This portfolio is expected to generate annualised rental income of ca. EUR 700m. Based on this potential for capital appreciation the Company expects a yearly increase in net asset value of the Group of approximately 15% in the coming years.

The complete interim report as of 30 June 2007 is available under

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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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