EANS-Adhoc: Meinl International Power Ltd. / Extraordinary General Meeting: Board of Directors Presents Preliminary Consolidated Results for 2008

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21.04.2009

Extraordinary General Meeting: Board of Directors Presents
Preliminary Consolidated Results for 2008 Net result for the
financial year: minus EUR 35.5 million (2007: EUR + 2.8 million) -
Cash and cash equivalents as at December 31, 2008: EUR 394.3 million*
(2007: EUR 511.4 million)

Jersey/Vienna, April 21, 2009 - At the beginning of the extraordinary
general meeting (EGM) of PI Power International held today, Tuesday,
April 21, 2009, 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, has
been in charge since the middle of November 2008. In 2008, the fund
generated revenue from its subsidiaries amounting to EUR 5.7 million
(2007: EUR 10,000), as well as interest income on bank deposits and
securities as well as interest income on loans granted to the
Company´s own subsidiaries. Earnings before interest and taxes (EBIT)
were clearly negative, amounting to minus EUR 33.6 million (2007: EUR
+ 2.8 million). The financial result improved from EUR 9.8 million in
2007 to EUR 17.1 million in 2008. The net result for the year was
decidedly negative, at minus EUR 35.5 million (2007: + EUR 2.8
million). Other operating expenses, almost exclusively initiated by
the former Board of Directors, rose by 419% to EUR 36.3 million
(2007: EUR 7.0 million). The most significant items included fees
paid to the external manager Meinl Power Management Limited (MPM)
amounting to EUR 8.0 million (2007: EUR 3.3 million) as well as
consulting services totalling EUR 7.7 million. The organisation of
the general meetings held in 2008 alone resulted in expenses of EUR
4.9 million. Various fees paid directly to Meinl Bank AG in the 2008
financial year totalled EUR 3.5 million, encompassing the "market
maker fee" and the "licensing fee" for the use of the Meinl brand
name and logo. Total assets rose from EUR 565.9 million in 2007 to
EUR 646.5 million in 2008. At the close of 2008, cash and cash
equivalents equalled EUR 394.3 million* (December 31, 2007: EUR 511.4
million).

*excluding collateralised cash on deposit at Sparkasse Calw for the
Hohenlohe project Further information on PI Power International is
available at: www.powerinternational.eu

end of announcement euro adhoc
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ots Originaltext: Meinl International Power Ltd.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Hochegger Financial Relations GmbH,

Stephanie Cekon,

T: +43 1 504 69 87 - 338,

M: s.cekon@hochegger.com

Branche: Energy
ISIN: AT0000A05W59
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