Franconofurt AG
Franconofurt AG: Half-year 2011 activity report
Franconofurt AG / Key word(s): Half Year Results/Interim Report
Franconofurt AG, Frankfurt/Main , August 3, 2011 Franconofurt AG reports a net profit of EUR 1.3m for the first half of 2011. Sales proceeds amount to EUR 5.7m and comprise rental income and income from the sale of apartments of which EUR 5.0m relate to the sale of apartments. Book values of apartments sold account for EUR 3.8m resulting in a sales margin of 24%.
Income due to profit participation contracts with the 100% owned subsidiary FranconoResidence GmbH amount for EUR 0.5m. The balance sheet total of Franconofurt AG as of half-year 2011 amounts to EUR 63m and compares to EUR 72 as of year end-2010. The decline is to a large extend due to the EUR 8m dividend payment to shareholders as of May 2011. As of half-year 2011 real estate book values amounted to c. EUR 40m in Franconofurt Group while the cash position for the group was at c. EUR 20m. Equity of Franconofurt AG amounts to EUR 59m as of mid-2011. Outlook: Franconofurt AG aims to successfully complete the postponed IPO of its subsidiary Opera One AG in the second half of 2011 so that Opera One AG can be positioned as one of the leading residential real estate developers in Frankfurt. Franconofurt AG will continue to sell apartments in order profitably operate in in the second half of 2011.
Further information regarding the H1 2011 results in German language can be obtained through: -The management board- End of Corporate News 03.08.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Franconofurt AG | |
Rossmarkt 11 | ||
60311 Frankfurt am Main | ||
Germany | ||
Phone: | +49 (0)69 920 374 100 | |
Fax: | +49 (0)69 920 374 101 | |
E-mail: | sen@franconofurt.de | |
Internet: | http://www.franconofurt.de | |
ISIN: | DE0006372626 | |
WKN: | 637262 | |
Listed: | Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart; Entry Standard in Frankfurt | |
End of News | DGAP News-Service |
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