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Germany's Vivacon announces e170m loss, delays 2008 results
Cologne-based listed Vivacon says it will post a group net loss for 2008 of e160m-e170m mainly due to the depreciation of residential portfolios and the market valuation of interest hedging instruments, and it has postponed release of final results. "The difficult market environment has further led to the withdrawal of financing on the part of the transaction partners in portfolio transactions and non-fulfillment of the necessary land register conditions in ground lease acquisitions." Vivacon will pass the 2008 dividend, and will alter its financial calendar, announcing earnings and annual meeting dates soon.