Black Panamanian Women

Spotlight: Christoph D. Mosenthin


In December, we put in front of our participating online gallery pictures of Christopher D. Mosenthin, born 1966 in Hamburg. Raised in an artistic family, he made first attempts at painting already early and came after years of experiments with different materials and means of expression to his own style, in which the process of painting is the focus.

In the studio project, he took classes for Silke Blomeyer and Jess Walter .

can all 10 works by Christopher D. Mosenthin look at the project site, in the studio participants Warehouse December 2010, plus there is a detailed text of Vita, operation and exhibitions.

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Exhibition from participants of the courses by Stefan Zeiler

On Sunday 21 November 2010 in the studio project work from the courses by Stefan Zeiler issued "The character and her space" and "Paint-inventing an image."

With works by Claude Augustin, Eva Blümm, Zeynep Doepke, Tatjana Dose, Peter Eilfeld, Regina Hartogs, Lisa Graf-Hettig, Imke Klaus, Renate Knoll, Angela Kuenzi, Monika Nierhaus, Saevar Karl Ólason, Cordula Uter.

studio project, 16-21 clock. Drinks and buffet - welcome about 17 clock.

about your / you there, we would be welcome!

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OPEN 2010 with works by Cornelia Eichacker



open to urban tree street studios 8b / Klenzestraße 85a 27 artists and their studios for three days together with 6 guest artists show their work. The title "Last but not least, points of the expiry of the leases of all artists out of the studio building for 04/31/2011. The artist says that they will have to go look for a new studio.

By Wolfgang Aichner, Alexander Arundell, Anne Bleisteiner, Silke Eberspacher, Cornelia Eichacker , Sandra Filic, Isabel Haase, Doris Hahlweg, Heiko Herrmann, Esther, Judith Hinz, Horst Kirstein, susn Kohl, Jadranka Kosorcic, Christine Kummer Christoph Lammers, Stephanie Maier, Susanne Pittroff, Constanze Pladek, Nina Radel driving, Martin Schneider, Eva Schoeffel, Cecilia Schuck, Kristiane Semar, Christine Tanqueray, Thomas Thiede, Johannes Wende and Patricia weighting

Invited guest artist: Simon Leonard Dollinger, Mie Emori, Matthias Fuchs, Barbara

Kloiber, Christine Mauler, Kaori Nakajima

opening on Friday, 12:11:10 open from 18.00 clock house

welcome at 19.00 clock: Councillor Dr. Florian Roth

opening speech Dr. Gudrun Szczepanek

from 22 random clock DJ

Open Studios:

Friday, 12:11:10 18.00 bis 22.00 clock

Saturday, 13:11:10 14.00 bis 20.00 clock

Sunday, 11.14. 10 14.00 bis 20.00 clock

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Open Day 2010


Under the theme black and white, we have shown many very different but impressive all participants work presented our work areas and out for coffee, cakes and small snacks a lot of interesting conversations.

's great that so many guests have appeared - for our courses and many new faces! Maybe we will meet again soon in one or the other course?

detailed information and course booking on the project website studio, news, photos, and smaller messages also from time to time on Facebook .

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BLACK-WHITE - Open Day 2010


to this year days Open House on Sunday, 7 November 2010 14-19 clock, we invite all interested parties in our rooms in the RGB Landwehr Strasse 39, Munich,.. We show participants work from our courses under the slogan Black - White. Many instructor will be there to answer your questions.

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Spotlight: Lydia Mair


in November 2010 in our online gallery of floral studies Lydia Mair seen. Worked, the images with water-soluble wax pastels and acrylic. Lydia Mair attended weekend courses since 2008 in large-format painting by Jess Walter .

on the studio project website see all works by Lydia Mair and all other 22 subscriber online galleries that we have introduced since 2009, and thus the wide range of artistic techniques, themes and painterly approaches that are possible in the art classes of the studio project.

directed The courses offered by the studio project at all age groups with different rules. It is suitable for the acquisition of basic skills and to deepen an already developed artistic position.

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New Program 11/2010 - 4 / 2011


Effective immediately, the new studio project program online. It includes courses to April 2011, and the preview of some courses in the spring and summer program.

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exhibition Open Studio - Paintings from the prices of Sara Rogenhofer


On Monday, 1 November 2010, we show in the rooms of the studio project work from the courses by Sara Rogenhofer. All are welcome!

Sara Rogenhofer, a graduate of the Academy of Fine Arts in Munich, offers the studio project regularly two current courses "open shop" on the topic painting, with or without objective reference: Principles of color, figuration, composition, composition of the picture idea for the picture assistance in developing their own visual language. Late November weekend course on collage and monotype.

All other information on the project website studio.

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Happy Birthday!

After a small holiday break Pippa back the web! Yeah!

But there is to celebrate not only the Internet activity, but also a very special day:
saw exactly one year ago today, our herzalleriebste Filippa "of Pure Passion" the light of day. (11 10, 2009) And for that reason is now an extra dummy training and of course the appropriate reward ...
(One year Filippa, that's something.)

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Edith von Klitzing Focus


In October 2010 we put in our subscriber-line gallery of images from Edith von Klitzing. A taste you can see here - the whole picture of Edith von Klitzing , visit the website of the studio project in Munich.

provide picture galleries of our students we a month ago since January 2009. So there are already over 200 participants work come together so that you can form an impression of it, for which diversity of views of art and techniques in the courses and events of the studio project at present 12 teachers to get assistance.

Numerous photos with images from participants and, above all course situations can also be found on the pages of individual faculty. An overview of the entire site of the studio project, please visit our Sitemap .

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Studio Project Art Tip: Visit to the Museum Brandhorst


On Thursday, 09.30.2010, 17:45 clock, take a guided tour of the studio project lecturer Fred Breier held by the Museum Brandhorst .

Museum Brandhorst Museum enriches the landscape in Munich with works of contemporary art. Decisive positions current art work such as Gerhard Richter, Eric Fischl, Bruce Nauman, Cy Twombly, and many others are shown here. In the guide individual works in the collection are discussed.

meeting point: entrance Museum Brandhorst.

studio project BREI11/10 course number. Cost of the guide 9 € plus admission. Registration f.breier @ web.de or the project studio .

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group exhibition LW44 # 02


LW44 # 02 'ON, OFF, WITH PAPER'

drawings, prints, objects, paintings and installations on paper - with work by Stefan Moritz Becker , Oleksiy Koval , Kuros , Lisa Mayerhofer , Jess Walter

opening : Thu 10.21.2010, 19:00 clock
exhibition : Fri - Sun 22 - 24.10.2010, 14:00 - 19:00 clock reading
: Sun 10.24.2010, 19:00 clock, Jess Walter

The artists will be present throughout the exhibition.
LW44 is biodegradable and is committed to your cultural interests.

LW44 Kuros Nekouian, Lindwurmstraße 44 (4th floor)

www.lw44.de

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Immofinanz bought back in recent weeks bonds for EUR 50.8 million

Published today in the Financial Realty Quarterly Review of this paragraph in the notes '5. Events after the reporting date of 31 July 2010 'on page 40 is quite interesting:

Since 10 August 2010 by the IMMOFINANZ repurchased convertible bonds. The nominal value amounted to 22 September 2010 EUR 50.8 million

If you consider that the prices of the 2014er and 2017er bond - both of which can be terminated in 2012 ahead of the bondholders - well dip below the redemption price, here is a substantial exceptional profit was earned. This could be 50.8 million euros nominal bonds repurchased in order of magnitude of about 5 Million euros.
The exact value will be the company's Quarterly Report as of 10/31/2010 known, to be published on 20.12.2010.

© 2010 The speculator

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net profit reached 59 million euros higher

DGAP-Adhoc: IMMOFINANZ AG: Results for the 1st quarter 2010/11

IMMOFINANZ AG: Results for the 1st quarter 2010/11

IMMOFINANZ / Keyword (s): Quarterly results

27/09/2010 08:56

Release of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG. For the message content of this announcement.

------------------------------------------------- ------------------- -------

* Turnover: EUR 183.7 million (previous year: EUR 179.2 million) * EBITDA: EUR 106.0 million (previous year: EUR 112.0 million) * EBIT: EUR 167.2 million (previous year: EUR 118.2 million) * EBT: EUR 65.5 million (previous year: EUR 154 6 million) * Net Income: EUR 59.0 million (previous year: EUR 136.2 million)

IMMOFINANZ Group posted first quarter after registration of the merger with IMMOEAST AG on the basis of reduced costs, a new operational and organizational alignment optimization is a solid, positive result, confirming the successful turnaround.

income from asset management in the 1st Quarter of the financial year 2010/11 were rental income of EUR 138.6 million achieved. This represents an increase of 3% over the same period last year (EUR 134.6 million). While sales revenue in the same period by 2.5% from EUR 179.2 million to EUR 183.7 million rose, were the proceeds from asset management to EUR 117.2 million stable (previous year: EUR 117.4 million ). Compared to the previous year, the revenue performance in retail, especially with the opening of the shopping center Golden Babylon Rostokino positive. Rental income for office declined due to property sales and the start of construction work in the previously rented quarters Gerling in Cologne.

income from property sales from the period under review, conducted real estate sales with a book value of EUR 49.9 million was generated revenues of EUR 6.7 million. Compared to last year generated income of EUR 3.1 million, this represents an increase of 113.9%. At the sold properties are predominantly residential properties in Austria.

income from real estate development through the sale of real estate stocks during the reporting period, revenues of EUR 15.1 million and revenues of EUR 6.0 million will be achieved. Compared to the previous year, the proceeds from home sales more than doubled, thus (prior year: EUR 7.2 million). The sale proceeds of real estate stocks relate to EUR 8.0 million to Austria, with EUR 5.1 million to Poland and EUR 2.0 million to Serbia.

EBITDA, EBIT, EBT, net income and cash flow, operating profit (EBITDA) decreased over the same period slightly by 5.3% from EUR 112.0 million to EUR 106.0 million, in particular to a decline in other operating income to EUR 13.4 million is due. Given the positive evaluation results in the amount of EUR 61.2 million (previous year: EUR 6.2 million), which is for the most part due to exchange rate effects, could EBIT of EUR 118.2 million by 41.4% to EUR 167.2 million increase. Since the financial result is both decreased because of the elimination of singular events (income from the repurchase of convertible bonds) and also due to exchange rate effects in the sum of EUR 36.4 million to EUR -101.6 million decreased income before taxes (EBT) of EUR 154.6 million to EUR 65.5 million. This led to a decrease in net profit of EUR 136.2 million to EUR 59.0 million.

Cash flow from earnings has fallen from above, from EUR 135.0 million to EUR 84.5 million. By demand reduction has this difference in cash flow from operating activities (EUR 113.7 million from previous year EUR 142 million) decreased significantly. Operating cash flow improved - with strategy - this year, from EUR 21.2 million the previous year to EUR 116.7 million, were offset by capital expenditure because the sales proceeds.

NAV per share and earnings per share Diluted Net Asset Value (NAV) per share increased compared to 30 April 2010 from EUR 4.78 to EUR 4.82. Thus, the IMMOFINANZ share is quoted on the basis of the share price as of 07.31.2010 (EUR 2.53) at a discount to NAV of 47.5%. Earnings per share for the first Quarter of 2010/11 EUR 0.06 (previous year: EUR 0.19). Q1

The detailed report is in the course of the day on the homepage www.immofinanz.com published

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TO 2 - Sara Rogenhofer including


compared with 2
art in the government of Upper Bavaria

work of Regine Chossy, Cosy Piero, Heike pill man, Gesa Puelles, Sara Rogenhofer, Luise Ramsauer

opening on 15 September, 15.30 clock, introduction by Klaus von Gaffron,
first Chairman of the Professional Association of Visual Artists in Munich and Upper Bavaria

Duration:
16.9. - 10/08/2010

opening times:
Mon - Fri, 7-19 clock

government of Upper Bavaria
Maximilianstrasse 39 80538 München


Also on view:

"In the world to be home"
works by Sara Rogenhofer and Lilith Lichtenberg

in the BBK gallery in the cultural memory, Würzburg

opening times:

Wed, Thu, Fri 11-18 Clock

Sat 13-20 clock

Veitshöchheimer Straße 5 97080 Würzburg

www.bbk-unterfranken.de

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Spotlight: Peter control

Peter control, sketches of fact and fiction

set in September 2010 we present in the studio project members Gallery 10 works by Peter tax, born 1947.

With visual art, he has been occupied for a long time. Since 2007, he took classes at the studio project, currently Jess Walter .

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Immofinanz with class numbers

-------------------------------------------- ------------------------ -------

IMMOFINANZ AG: Preliminary results for the fiscal year 2009/10 (1 May 2009 to 30 April 2010)

* Turnover: EUR 719.2 million (previous year: EUR 736.2 million) * EBITDA: EUR 393.6 million (previous year: EUR 310.5 million) * EBIT: EUR 187 , 8 million (previous year: EUR -2,071.3 million) * EBT: EUR 208.3 million (previous year: EUR -3,403.4 million) * Net income: EUR 195.6 million (previous year: EUR -3051 , 1 million)

The 30 April 2010 fiscal year the IMMOFINANZ Group was marked by an extensive restructuring process, has found in the fusion of IMMOFINANZ AG and IMMOEAST its peak and with the implementation of the agreement with Constantia Packaging BV, which was reached in May 2010, is completed. IMMOFINANZ Group, the future focus on the eight core markets of Austria, Germany, Poland, Romania, Russia, Slovakia, the Czech Republic and Hungary is directed, has made it to the extremely negative crisis of 2008/09 and the turnaround in fiscal year 2009/10, a solid, positive result. The earnings figures were significantly improved over the previous year and show a sustained upward trend.

While revenue and EBITDA, revenue year over year slightly from EUR 736.2 million to EUR 719.2 million decreased, showed a significant increase in operating profit (EBITDA) of EUR 310.5 million to EUR 393.6 million was achieved, an increase of about 27%. While the decline is due in revenues to the previous year decline in rental revenues and lower revenues from the re-allocation of operating costs, which is based mainly in the made real estate sales, the increase in EBITDA was mainly due to the significant reduction of overhead costs from EUR 235 5 million to EUR 114.0 million was reduced (-52%).

assessment income and net income both the net result and the financial result have developed very positively over the previous year. Nevertheless, the net result to EUR -2,381.7 million in the previous year is also in the 2009/10 financial year is negative at EUR -205.9 million, although the property in 2009/10 revalued at constant currency in the sum of EUR 234.2 million were. The negative evaluation outcome is not influenced, non-cash foreign currency effects of EUR -254.4 million, depreciation and amortization of EUR -278.3 million.

The financial result, which was last year at EUR -1,332.2 million negative, positive, and this year amounts to EUR 20.5 million

quarter earnings from operations Earnings for the fourth quarter is due to lower real estate sales in fiscal year 2009/10 to EUR 88.5 million to EUR 20.2 million lower than last year. EBIT in the fourth quarter is negative due to one-amortization of goodwill in connection with the investment in the Golden Babylon Shopping Center at EUR -58.9 million Rostokino, balanced account of positive net income tax assets of EUR -25.5 million, almost. For the first quarter of this fiscal year and is expected to significantly positive result.

Net Asset Value The Net Asset Value (NAV) per share is 30 April 2010 EUR 5.04. Taking into account that treasury shares which IMMOFINANZ Group of Constantia Packaging BV is obtained which results in a NAV per share of EUR 5.19. With the additional involvement of the dilution of shares from the convertible bond in 2011, would result in a NAV per share of 4.90.

55 million treasury shares On 13 August 2010 IMMOFINANZ Group announced that those 55 million shares of IMMOFINANZ AG, held to be of companies of Constantia Packaging BV and the sale proceeds as agreed with Constantia Packaging BV to IMMOFINANZ Group was supposed to flow as the IMMOFINANZ Group's own Shares will be accepted. This will lead both to an increase in NAV and future refinancing . Facilitate

Outlook As the restructuring of the IMMOFINANZ Group is largely complete, is the fiscal year be characterized 2010/11 primarily from the optimization of the real estate portfolio, the completion and the selective reactivation of development projects and the sale of non-core business of IMMOFINANZ Group or its assets.

The capital structure and liquidity situation of the IMMOFINANZ Group are stable. Since the IMMOFINANZ Group in 2012, with possible maturities of convertible bonds amounting to EUR 866.6 million faces, currently refinancing possibilities of convertible bonds in 2014 and 2017 are evaluated. This funding, which one of the requirements for the financial year 2011/12 for planned distribution of dividends is to be realized within the next three quarters. The

by the auditor confirmed final results of the 2009/10 financial year the IMMOFINANZ Group together with the annual report by 31 August 2010 under www.immofinanz.com published.

The preliminary balance sheet and profit and loss account on our website.

Contact: Margit Hermentin Head of Investor Relations & Corporate Communications IMMOFINANZ AG A-1120 Vienna, Gaudenzdorfergürtel 67 Tel: +43 (0) 5 7111-2290 Fax: +43 (0) 5 7111-8290

m.hermentin @ immofinanz.com www.immofinanz.com

Press Coordinator: Jerome Tupay, MSc. ACCEDO Austria GmbH Tel: +43 (0) 1 533 87 00 Hieronymus.Tupay @ accedogroup.com

What Does Lobster Cost Off The Boat

The speculator price target for real estate financial bonds

Immofinanz: increased price target on

The prices of our 2017er Immofinanz convertible bonds (A0TMMN WKN, Symbol IMOB ISIN XS0332046043) with 96.75% have again reached a new annual high. Our 2017er bonds with an option to buy back through estate finance at a price of 113.47% in November 2012 have described to date nor a return of 8.51% pa

Like last week, we can well imagine that Immofinanz is currently active in the market and buys back bonds . The 2014er Bonds, which may be tendered in January 2012 at a rate of 100% estate finance are currently traded at 93.90%. This represents a yield of 7.35% pa, so a lot less than the 2017ern. This is quite remarkable because in the event of a successful eradication of 2014er Bonds at the beginning of the year 2012, 2017er Bonds should note at rates of 105-110% and thus have the 2014er substantially less income potential than the 2017er Bonds.

extent now, most investors would rather not 2014er 2017er and Bonds. The 2014er Bonds are wider market with 675 million € last still outstanding nominal 2017er than the € 230 million volume. If the Bond 2014er 2017er compared to Bond 'obviously too expensive', some investors will sell more 2014er Bond. Therefore, it would only be for a strategic buyer - now makes sense to the more liquid 2014er high and provide for the (attractive but illiquid) 2017er not as high - as real estate finance.
Immofinanz was last publishes cash reserves of about half a billion euros and it makes much more sense to buy its own bonds, as the money for less than 1% interest per annum to park in a bank account.

We are convinced that we see in the coming months, a corresponding (positive) message from the company be. This should then have a positive impact on bond prices (and shares), as the purchases get below par an extraordinary gain. Due to the expected price rise in the bonds it would make sense for real estate finance and to keep secret such purchases as long as possible in order to continue to grow on.

Since the model portfolio recording in February 2009 when we borrowed from 18.70% in the model portfolio shots and saw the light of the then very difficult situation of the company a price target of 40%, a lot has changed. While there was early 2009, a significant risk of insolvency, that is, in our view no longer exists. We therefore raise our target price from today least 100% once in, namely 105%. This course is equivalent to a current yield of 4.64% pa or a still very high premium of approximately 360 basis points on a bond of € 2012er Austria.


Source: http://www.derspekulant.ch/


Current price already 98%! Today after the market close, it is also the preliminary results 2009-10. Perhaps it clear whether the company is currently buying back bonds.

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Spotlight: Renate Scholz


Renate Scholz can be attributed to her many trips to their images suggest:

"My paintings are inspired by extensive travel, internal and external ...

exceed horizons, fly, breathe, ...

dance of the brush dance of color, movement and space to meditate ... "

painted in the studio project, they since January 2008 Sabine Berr, since September 2009, at Stefan Zeiler .

All Gallery of Renate Scholz on the studio project website look ...

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creativity instead of boredom: Summer Academy for Children


from 2.8. - 8.8. will take place this year Summer Academy of the children with studios Catherine Guardian Jugel. The two days in Hellabrunn (2./3.8.) And the Botanical Garden (6./7.8.) Drawn and sketched, on the third day, the sketches in the studio in large color images to life. The courses can be consistently booked individually or as individual days.

search result information and booking on the studio project website.

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studio project now open in Facebook

for all social networkers: the studio project is now on Facebook found. Have fun link!

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Filippa Breakdance Online Game!

have now we have a Spinone own online mini-game. Filippa be here as a B-Girl, an error-free Breakdance bring on stage. Just try it once ... You only need to press the right arrow buttons at the right moment! I'm sure it is not too difficult! Enjoy ... :-)

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hike: With big steps, and good prospects for the weekend ...

The summer makes us climb to new heights. So we hiked today from Kemptnertobel to Rosilnli . But as you can see from the map, this is not a huge hike, we were indeed about 2.5 hours on the road, but that with Bachplansche and Aussichtsgeniess breaks!

View Kemptnertobel - Rosinli (ca.2h) in a larger map

Filippa is visibly excited when they can sometimes wander off into the distance! Or she sees as its known Badeplanschort lake?

After that we cooled our heads with a piece of watermelon on Greifensee, our Filippa loves to swim!

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Reading Tip ... Cats would buy mice

The author Hans-Ulrich Grimm born in the Allgäu, lives in Stuttgart. He was 1989-1996 correspondent of the news magazine Der Spiegel, has since been a freelance writer (including for Stern, Geo, Neue Zürcher Zeitung and Tages-Anzeiger Zurich). His most important work 'The soup lies', is translated into many languages, and is considered a classic of modern food criticism. The book Cats would buy mice he delivers shocking facts were researched in detail for animal feed production and associated industries.

The book shows how ruthlessly affects the problems of our consumer society at home and livestock. You get an insight into the food production and his own eating habits and his domestic animals forced to question. It soon becomes clear how the modern man to the can opener and was in the advertising so advertised kibble, because way into the wells of our loved ones found.


A book for anyone wishing to address the issue of animal nutrition!

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wet food and dry food are very popular!

We had to Filippa's blog the survey as you walk your dog feeds. And the results are now here! Unfortunately, the proportion is not quite the number of visitors accordingly. So here's the official call to all " http://spinone-filippa.blogspot.com/ is attending, click it to the polls to vote quickly on a little more give expression to ... Well here the latest evaluation.

• None of the dog owners who have taken part in feeding his dog vegetarian
• Because multiple answers were possible, a certain understanding for the once- selected response "from the table " there.
• The most common answers were "dry food ", " wet food" and " I cook for my dog .
• The dogs in the magazines yet so "trendy" Rohfütterung seems, but also to have taken collection, since it at least a small proportion of the respondents have indicated in response.

The next vote is now online, give us yet again this time a small insight into your dog's life ... If you also

have an idea for a vote once, please write a comment.

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Photos: Refreshing trip to the Töss