02. August 2010 
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Magnat closes business year 2009/2010 with a loss
Magnat Real Estate Opportunities GmbH & Co. KGaA has achieved a net result (under IFRS) of € -11.2 million after tax and minority interests in an environment which was again difficult in fiscal year 2009/2010 (1 April 2009 - 31 March 2010). This is due to unrealised fair value adjustments amounting to approximately € -9.5 million. The comparative figures for the previous year for the net result amount to € -6.2 million. Earnings per share in fiscal year 2009/2010 amount to € -1.35 after € -0.12 in the previous year. On the reporting date, the Magnat Group's consolidated equity is considerably higher at € 111.5 million and after 63.1 percent on the same date of the previous year, its equity ratio of 62.9 percent continues to remain very solid. Cash and cash equivalents increased from € 7.6 million in the previous year to € 8.8 million.
The net asset value (NAV), which is calculated according to international standards, stood at € 7.63 per share on the reporting date. In the change of the NAV are included € 0.85 per share in unrealised fair value changes.
Revenue from letting increased for the third year in succession from € 6.5 million to € 6.6 million. In the process, it was possible to increase income from letting considerably to € 2.4 million (previous year: € 1.5 million). This significant increase in earnings is primarily due to the reduction of expenses associated with generating rental income.
Following the integration of asset management, the Group also reports the result from asset management. This stands at around € 0.2 million for fiscal year 2009/2010 since completion of the integration in September 2009.
Income from companies valued at equity amounts to € -5.8 million after € 2.7 million in the previous year. Of the fair value changes contained in this result, € -5.9 million stems from the Ukraine portfolio alone.
Overall, the Magnat Group generated net operating income (EBIT) of € -9.9 million in fiscal year 2009/2010 after € 2.7 million in the previous year. The financial result amounts to € -3.6 million after € -9.2 million in the previous year. This equates to a net result before income taxes (EBT) amounting to € -13.5 million compared to € -6.5 million in the previous year.
Outlook
Aside from intensification of the re-marketing efforts Magnat continues to give absolute priority to securing liquidity. With the new strategic positioning around the real estate asset management segment, Magnat aims to broaden the revenue side sustainably. Business Segment Asset Management plans to implement two tax relief models per year in order to balance the business model. The business model 'Entrepreneurial Asset Management for Third Parties' is to be expanded more intensively as well. In the Development segment, significant inflows are anticipated from the YKB portfolio. Overall, re-marketing efforts in the CEE/SEE region will be further strengthened and investment opportunities explored in the German speaking countries.
Another important strategic step in the current fiscal year will be the conversion of the Group into a joint stock corporation, which is scheduled for the third quarter of 2010.
The net asset value (NAV), which is calculated according to international standards, stood at € 7.63 per share on the reporting date. In the change of the NAV are included € 0.85 per share in unrealised fair value changes.
Revenue from letting increased for the third year in succession from € 6.5 million to € 6.6 million. In the process, it was possible to increase income from letting considerably to € 2.4 million (previous year: € 1.5 million). This significant increase in earnings is primarily due to the reduction of expenses associated with generating rental income.
Following the integration of asset management, the Group also reports the result from asset management. This stands at around € 0.2 million for fiscal year 2009/2010 since completion of the integration in September 2009.
Income from companies valued at equity amounts to € -5.8 million after € 2.7 million in the previous year. Of the fair value changes contained in this result, € -5.9 million stems from the Ukraine portfolio alone.
Overall, the Magnat Group generated net operating income (EBIT) of € -9.9 million in fiscal year 2009/2010 after € 2.7 million in the previous year. The financial result amounts to € -3.6 million after € -9.2 million in the previous year. This equates to a net result before income taxes (EBT) amounting to € -13.5 million compared to € -6.5 million in the previous year.
Outlook
Aside from intensification of the re-marketing efforts Magnat continues to give absolute priority to securing liquidity. With the new strategic positioning around the real estate asset management segment, Magnat aims to broaden the revenue side sustainably. Business Segment Asset Management plans to implement two tax relief models per year in order to balance the business model. The business model 'Entrepreneurial Asset Management for Third Parties' is to be expanded more intensively as well. In the Development segment, significant inflows are anticipated from the YKB portfolio. Overall, re-marketing efforts in the CEE/SEE region will be further strengthened and investment opportunities explored in the German speaking countries.
Another important strategic step in the current fiscal year will be the conversion of the Group into a joint stock corporation, which is scheduled for the third quarter of 2010.
