PresseBox
Press release BoxID: 263428 (Grainger Deutschland GmbH)
  • Grainger Deutschland GmbH
  • Weißfrauenstr. 12-16
  • 60311 Frankfurt am Main
  • http://www.graingerplc.de
  • Contact person
  • Carsten Heinrichs
  • +49 (69) 920374-200

FranconoRheinMain AG Q1 2009 revenue slightly higher than Q1 2008

consolidated profit minus EUR 0.6 million, after EUR +0.3 million in Q1 2008

(PresseBox) (Frankfurt am Main, ) FranconoRheinMain AG (ISIN DE000A0J2LC4), a portfolio holder specialised in residential property in Southwest Germany, generated in the first quarter of 2009 rental income of EUR 2.9 million. Rental income for the previous year's period was reported at EUR 2.7 million. Real estate assets held as capital investments (IFRS) were valued at the end of the first quarter of 2009 at EUR 168 million, after just under EUR 165 million in Q1 2008. After, in the first quarter of 2008,an appreciation of assets of EUR 2.2 million according to IAS 40 has been effected, there was no change in the assessment of value in Q1 2009. EBIT was EUR 1.2 million, following EUR 3.7 million in the previous year. A loss of EUR 0.6 million has been stated as net income (IFRS) for the first quarter of 2009, following profits of EUR 0.3 million in Q1 2008. Profits per share are thus EUR -0.02 after EUR 0.01 in the previous year.

Real estate assets in the balance sheet have remained unaltered in the first quarter of 2009. In the first months of 2009, FranconoRheinMain focused on asset management while exploring saving potentials. Administrative expenses were reduced to EUR 0.7 million, from EUR 0.9 million in Q1 2008. Financing costs in the first quarter 2009 amounted to EUR 1.7 million, following EUR 1.9 million in Q1 2008. For accounting reasons due mainly to the slight increase in real estate assets throughout 2008, operating and incidental expenses rose to EUR 1.0 million, after EUR 0.5 million in the first quarter of 2008.

The complete quarterly report can be downloaded as of May 15th, 2009 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 of the Frankfurt stock exchange.