24. August 2012 
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Magnat achieves group net income of € 12.9 million
Magnat Real Estate AG’s results for financial year 2011/12 were largely impacted by an accounting change. Based on the examination of the accounting as per March 31, 2010 by the German Financial Reporting Enforcement Panel (Deutsche Prüfstelle für Rechnungslegung, DPR), the consolidated financial statements for financial years 2009/2010 and 2010/2011 were adjusted retrospectively concerning the integration of the R-Quadrat Group. The adjustments carried out are described in detail in the notes to the current annual report.
On this basis, Magnat reported a profit for the period of € 12.9 million for financial year 2011/12 (as per March 31, 2012) compared to a loss of € 10.3 million in the previous year. Earnings per share amounted to € 0.93 following € -0.74 in the prior year. Group equity increased to € 20.2 million from € 12.6 million due to the positive profit for the period. The equity ratio rose to 45.7 percent from 18.6 percent in the previous year. The Net Asset Value as of March 31, 2012 amounted to € 1.44 per share.
In addition, financial year 2011/2012 was characterised by a number of successful disposals of the real estate portfolio, especially the resale of the residential portfolio in Germany. As a result, the profit on sales of real estate soared to € 15.7 million following € 2.3 million in the previous year. Earnings before interest and taxes (EBIT) amounted to € 14.8 million compared to € -9.4 million in the prior year. Overall, we were successful in reducing risk positions. As a result of the disposals mentioned, total assets declined from € 67.6 million in the previous year to € 44.3 million. Correspondingly, liabilities declined € 31.0 million to € 24.0 million as compared to the previous year. In financial year 2011/2012, several measures were initiated and carried out in order to sustainably improve the Group’s earnings situation in the medium term. At the same time, securing the Group’s liquidity remains the key focus of MAGNAT’s financial planning. The measures include cost savings as well as the consistent focusing of the portfolio on the emerging markets of the Black Sea region.
On this basis, Magnat reported a profit for the period of € 12.9 million for financial year 2011/12 (as per March 31, 2012) compared to a loss of € 10.3 million in the previous year. Earnings per share amounted to € 0.93 following € -0.74 in the prior year. Group equity increased to € 20.2 million from € 12.6 million due to the positive profit for the period. The equity ratio rose to 45.7 percent from 18.6 percent in the previous year. The Net Asset Value as of March 31, 2012 amounted to € 1.44 per share.
In addition, financial year 2011/2012 was characterised by a number of successful disposals of the real estate portfolio, especially the resale of the residential portfolio in Germany. As a result, the profit on sales of real estate soared to € 15.7 million following € 2.3 million in the previous year. Earnings before interest and taxes (EBIT) amounted to € 14.8 million compared to € -9.4 million in the prior year. Overall, we were successful in reducing risk positions. As a result of the disposals mentioned, total assets declined from € 67.6 million in the previous year to € 44.3 million. Correspondingly, liabilities declined € 31.0 million to € 24.0 million as compared to the previous year. In financial year 2011/2012, several measures were initiated and carried out in order to sustainably improve the Group’s earnings situation in the medium term. At the same time, securing the Group’s liquidity remains the key focus of MAGNAT’s financial planning. The measures include cost savings as well as the consistent focusing of the portfolio on the emerging markets of the Black Sea region.
