Meinl International Power Ltd.

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

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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:

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ots Originaltext: Meinl International Power Ltd.
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Further inquiry note:
Hochegger Financial Relations GmbH,
Stephanie Cekon,
T: +43 1 504 69 87 - 338,

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

Weitere Meldungen: Meinl International Power Ltd.

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