FranconoWest AG (WKN A0KFRM), a real estate portfolio company specialising in residential property in the German state of North Rhine-Westphalia, generated net income of EUR 4.3 million in fiscal 2007 (IFRS). Its property portfolio at year-end 2007 totalled EUR 63.8 million. As of December 31, 2007 the company had also concluded purchase agreements for further properties amounting to EUR 23.0 million, to which it will acquire title in 2008. Rental earnings were EUR 1.8 million. The company steadily expanded its property portfolio in 2007, resulting in a rise in rental earnings with a corresponding time lag. Based on a valuation by independent assessor Jones LangLaSalle, unrealized gains on the fair value measurement on property in accordance with IAS 40 were EUR 7.2 million. Earnings per share were EUR 0.24 in 2007. Since the company s business model has only been focused on its real estate portfolio since the end of 2006, no comparative data are available for the prior year.
FranconoWest plans to raise its real estate portfolio further to EUR 120-140 million in 2008 and continue to report a positive EBIT.
The complete annual report (in German) will be available in the Investor Relations section the company s website www.Franconowest.de from March 27, 2008 during the course of the day.
FranconoWest plans to raise its real estate portfolio further to EUR 120-140 million in 2008 and continue to report a positive EBIT.
The complete annual report (in German) will be available in the Investor Relations section the company s website www.Franconowest.de from March 27, 2008 during the course of the day.
