EANS-News: Meinl Airports International Ltd. / Extraordinary General Meeting: Board of Directors Presents Preliminary Results for 2008

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St, Helier Jersey (euro adhoc) - Extraordinary General Meeting: Board of
Directors Presents Preliminary Results for 2008
Earnings before tax (EBT): minus EUR 174.5 million - Cash and cash equivalents
as of December 31, 2008: EUR 369.3 million (2007: EUR 425.9 million) -
Significant impairments and write-downs - Restatement of annual results for 2007

Jersey/Vienna, April 22, 2009 - At the beginning of the extraordinary general
meetings (EGMs) of AI Airports International held today, Wednesday, Chairman of
the Board of Directors Wolfgang Vilsmeier presented the preliminary consolidated
and unaudited results for the 2008 financial year to certificate holders present
at the meeting. The new Board of Directors, which is independent of Meinl Bank
AG, has been in charge of the fund since the end of July 2008. All investments
were initiated and approved by the previous board and by the former external
manager of the fund, the Meinl Bank AG subsidiary Meinl Airports Managers
Limited (MAM). As reported, the new Board of Directors has already filed
lawsuits against MAM and Meinl Bank AG, claiming damages of about EUR 245
million.
The preliminary results reflect the extraordinarily high write-downs of assets
and impairment charges as reported in the interim report for Q3 2008, which were
necessary in order to provide a more realistic picture of the asset situation of
the fund. Write-downs and impairment charges for the 2008 fiscal year amounted
to about minus EUR 151.1. This was primarily related to the impairment charges
on the company´s stake in the publicly listed Turkish airport operating company
TAV, acquired by the previous board, write-downs on call options for TAV shares
and goodwill depreciation on existing investments. Subsequently, earnings before
tax (EBT) totalled minus EUR 174.5 million. Total consolidated revenue was EUR
4.8 million (2007: EUR 0.8 million).
Total assets declined considerably to EUR 443.2 million (2007, restated: EUR
602.3 million). At the end of 2008, the consolidated cash and cash equivalents
amounted to EUR 369.3 million (December 31, 2007: EUR 425.9 million).
Similar to the interim report for Q3 2008, the Board of Directors was also
forced to subsequently restate the income statement and balance sheet for the
2007 fiscal year in accordance with IFRS guidelines. The following chart
contains a preliminary overview of the most important restated financial
indicators for 2007:

Key figures in EUR million           FY 2007        FY 2007           2008
                                                 (Restated)2) (preliminary) 2)
Revenue                                  0.8            0.8            4.8
Impairment and depreciation              0.0           64.9          151.1
EBIT                                     4.0          (50.7)        (174.1)
Net finance income                       3.5          (34.4)        (118.6)
Loss before taxation                    (8.5)         (63.1)        (174.5)
Loss for the year 1)                    (8.4)         (63.1)        (174.8)
Total assets                           622.3          602.3          443.2
Cash and cash equivalents              425.9          425.9          369.3
Current and non-current liabilities     32.5           32.8           41.8 3)
Non-current assets                     193.9          173.9           67.2

1) After deduction of minority interests
2) Unaudited
3) Including litigation provisions of EUR 14.0 million

Further information about AI Airports International is available at:
www.airportsinternational.eu

Further inquiry note:
Investor Relations and Public Relations,
Hochegger Financial Relations GmbH,
Dieter Riedlinger,
T: +43 1 504 69 87 344,
M: [email protected],

end of announcement euro adhoc
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emitter: Meinl Airports International Ltd.
32 New Street
A-JE2 3RA St, Helier Jersey
phone: +43 676/ 840 531 202
mail: [email protected]
WWW: www.meinlairports.com
sector: Real Estate
ISIN: AT0000A053N4
indexes: other listings
stockmarkets: Third Market: Wiener Börse AG
language: English

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