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Meinl International Power Ltd.

EANS-Adhoc: Meinl International Power Ltd.
Extraordinary General Meeting: Board of Directors Presents Preliminary Consolidated Results for 2008

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
21.04.2009
Extraordinary General Meeting: Board of Directors Presents 
Preliminary Consolidated Results for 2008 Net result for the 
financial year: minus EUR 35.5 million (2007: EUR + 2.8 million) - 
Cash and cash equivalents as at December 31, 2008: EUR 394.3 million*
(2007: EUR 511.4 million)
Jersey/Vienna, April 21, 2009 - At the beginning of the extraordinary
general meeting (EGM) of PI Power International held today, Tuesday, 
April 21, 2009, Chairman of the Board of Directors Wolfgang Vilsmeier
presented the preliminary consolidated and unaudited results for the 
2008 financial year to certificate holders present at the meeting. 
The new Board of Directors, which is independent of Meinl Bank, has 
been in charge since the middle of November 2008. In 2008, the fund 
generated revenue from its subsidiaries amounting to EUR 5.7 million 
(2007: EUR 10,000), as well as interest income on bank deposits and 
securities as well as interest income on loans granted to the 
Company´s own subsidiaries. Earnings before interest and taxes (EBIT)
were clearly negative, amounting to minus EUR 33.6 million (2007: EUR
+ 2.8 million). The financial result improved from EUR 9.8 million in
2007 to EUR 17.1 million in 2008. The net result for the year was 
decidedly negative, at minus EUR 35.5 million (2007: + EUR 2.8 
million). Other operating expenses, almost exclusively initiated by 
the former Board of Directors, rose by 419% to EUR 36.3 million 
(2007: EUR 7.0 million). The most significant items included fees 
paid to the external manager Meinl Power Management Limited (MPM) 
amounting to EUR 8.0 million (2007: EUR 3.3 million) as well as 
consulting services totalling EUR 7.7 million. The organisation of 
the general meetings held in 2008 alone resulted in expenses of EUR 
4.9 million. Various fees paid directly to Meinl Bank AG in the 2008 
financial year totalled EUR 3.5 million, encompassing the "market 
maker fee" and the "licensing fee" for the use of the Meinl brand 
name and logo. Total assets rose from EUR 565.9 million in 2007 to 
EUR 646.5 million in 2008. At the close of 2008, cash and cash 
equivalents equalled EUR 394.3 million* (December 31, 2007: EUR 511.4
million).
*excluding collateralised cash on deposit at Sparkasse Calw for the 
Hohenlohe project Further information on PI Power International is 
available at: www.powerinternational.eu
end of announcement                               euro adhoc

Further inquiry note:

Hochegger Financial Relations GmbH,
Stephanie Cekon,
T: +43 1 504 69 87 - 338,
M: s.cekon@hochegger.com

Branche: Energy
ISIN: AT0000A05W59
WKN:
Index: other listings
Börsen: Wiener Börse AG / Third Market

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  • 19.06.2008 – 11:45

    Change in the Board of Directors

    ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement. companies/Meinl International Power Ltd St. Helier, Jersey (euro adhoc) - Meinl International Power Limited (MIP) herewith informs that Mr. Andrew Wignall and Mr. Simon Radford have been appointed as new directors of MIP. The appointment of the new Jersey-based directors had become necessary after the change of the functions of company secretary and ...