FranconoRheinMain AG: Gross rental income more than doubled to EUR 2.7 million in Q1 2008
EBIT increased to EUR 3.7 million
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.
Grainger Deutschland GmbH
FranconoRheinMain AG is a listed real estate company investing mainly in residential property in south-western Germany, with particular emphasis on the Rhine-Main region. FranconoRheinMain AG acquires individual apartment buildings based on strict investment criteria and active asset management, and seeks above-average, sustained returns. FranconoRheinMain AG (WKN A0J2LC) is listed in the Prime Standard segment of the Frankfurt Stock Exchange.