MAGNAT achieves Group net income of EUR 12.9 million in financial year 2011/12
Results largely impacted by a change in accounting
On this basis, MAGNAT reported a profit for the period of EUR 12.9 million for financial year 2011/12 (as per March 31, 2012) compared to a loss of EUR 10.3 million in the previous year. Earnings per share amounted to EUR 0.93 following EUR -0.74 in the prior year. Group equity increased to EUR 20.2 million from EUR 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 EUR 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 EUR 15.7 million following EUR 2.3 million in the previous year. Earnings before interest and taxes (EBIT) amounted to EUR 14.8 million compared to EUR -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 EUR 67.6 million in the previous year to EUR 44.3 million. Correspondingly, liabilities declined EUR 31.0 million to EUR 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.
The annual report for 2011/2012 will be available shortly on the Company's website www.magnat.ag.