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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

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
22.08.2007
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
www.meinleuropeanland.com.
end of announcement                               euro adhoc 23.08.2007 08:25:00

Further inquiry note:

Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.at

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

Plus de actualités: Meinl European Land Limited
Plus de actualités: Meinl European Land Limited