FranconoRheinMain AG: Gross rental income more than doubled to EUR 2.7 million in Q1 2008

EBIT increased to EUR 3.7 million

(PresseBox) ( Frankfurt am Main, )
FranconoRheinMain AG (WKN A0J2LC), a real estate portfolio company specialising in residential property in south-west Germany, further increased its property portfolio in the first quarter of 2008, enabling it to report a substantial rise in gross rental income. As expected given the increase in the portfolio, gross rental income increased to EUR 2.7 million, up from EUR 1.2 million in year-back period. Rental income after expenses was EUR 2.3 million compared with EUR 0.6 million in the first quarter of 2007.

EBIT also developed well, rising from EUR 2.5 million in Q1 2007 to EUR 3.7 million in Q1 2008. This includes valuation write-ups of EUR 2.2 million on investment property in accordance with IAS 40, based on an independent appraisal by Jones LangLaSalle. The equivalent prior-year figure was EUR 2.1 million. Net income for the period was EUR 0.3 million. The main influences were interest expense of EUR 1.9 million and income taxes

(including deferred taxes in accordance with IFRS) of EUR 1.5 million. In the prior-year period, net income was EUR 1.3 million.

FranconoRheinMain AG raised its real estate portfolio to nearly EUR 165 million (IFRS) in the first quarter. It had also acquired further apartment buildings at a cost of EUR 4.1 million by the reporting date which will not,however, be recognised in the financial statements after March 31, 2008.

At the start of 2008, FranconoRheinMain AG expanded its business model. In addition to holding portfolios of profitable, high-quality residential property, it now acquires real estate specifically for resale in the short term. The aim is to create value specifically by dividing properties into small units before resale or through maintenance and modernisation.

The complete quarterly report can be downloaded from the company's website at www.frm.ag.
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