FranconoRheinMain AG surpasses already with H1 2007 results the full fiscal year 2006 results
- H1 profit before tax with EUR 5.35m 35 % higher than fiscla year 2006 results
- Rental income results increase to EUR 2.45m
FranconoRheinMain AG (ticker code: A0J2LC), the residential real estate investment company with regional focus on South-West-Germany has further accelerated its growth momentum in H1 2007.
Pre-tax profits in H1 2007 came out at EUR 5.38m and thus have surpassed the full fiscla year 2006 results by 35 %.
The revaluation results is EUR 4.79m while the result from the sale of real estate held as financial assets came out at EUR 0.19m. Given the fact that FranconoRheinMain AG is operationally active since May 2006 a comparison with H1 2006 is not meaningful.
The gross investment volume that was acquired and signed at notary was c. EUR 110m. The market value of acquired assets in H1 according to IFRS fair value calculation was EUR 40.16m. Thus new acquisitions in H1 alone have nearly reached the market value of the whole asset volume as of year end-2006 of EUR 46.95m.
Due to the increased asset volume operational expenses have increased to EUR 0.89m up from EUR 0.44 as of end-2006.
The FranconoRheinMain H1 results underline the dynamic growth of the company. The company as of H1 2007 has put its focus on the acquisition of multi-tenant houses and the expansion of the activity region into south-west Germany.
While the main bulk of acquisitons have been sourced in the Rhine-Main region the company is evaluating the possibilities of expanding into adjacent regions as of H2 2007 so that the acquisition process can be further accelerated.
Until end-2007 FranconoRheinMain AG expects to have a a gross investment volume of EUR 200m with a medium term target of achieving a gross investment volume of EUR 500m.