FranconoWest AG (WKN A0KFRM), a real estate portfolio company specialising in residential property in the German state of North Rhine-Westphalia, further increased its property portfolio in the first quarter of 2008 and generated net income, calculated in accordance with IFRS, of EUR 1.5 million. In the first quarter of 2007, net income was EUR 0.4 million. EBIT was EUR 2.8 million in Q1 2008 (Q1 2007: EUR 0.6 million). Around EUR 0.3 million of this figure had no impact on cash flows. EBIT was influenced by non-recurring expenses of around EUR 0.1 million. Based on an independent appraisal by Jones
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