First losses for s-Immo in company history

Sparkassen Immobilien AG, also known as s-Immo, said today (Weds) it suffered losses for the first time in its 22-year history last year.The company – which belongs to Austrian bank group Erste – announced annual losses reached 78.9 million Euros in 2009. The main factor for this development was a devaluation of its Eastern European (EE) properties by 97.2 million Euros.Sparkassen Immobilien AG said it was optimistic over 2010 since the year had started with a “strong first quarter”.The firm announced it expected an operative cash flow between 75 and 85 million Euros after just 49.4 million Euros last year, while cash flow should take the 100-million-Euro hurdle in 2011.