CR Capital AG

Earnings Release • Aug 14, 2009

News Details

Corporate | 14 August 2009 07:43

Positive result for the first half-year of 2009 and optimistic outlook of CR Capital Real Estate

CR Capital Real Estate AG / Half Year Results

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CR Capital Real Estate AG, focussed on the Berlin residential and
commercial property market, was able to expand its rental business within
the first half-year of 2009. Rental income came to 220 kEUR. Based on other
operational expense of around 350 kEUR, EBIT came to 106 kEUR and earnings
after taxes came to aound 82 kEUR. Total expenses came to 456 kEUR.

Other operational expenses contained up-writing of a property by
approximately 240 kEUR (considering deferred taxes). Without this special
item, earnings after taxes came to slightly negative -158 kEUR.

Achievable sustainable rent level is EUR 13-14 per sqm per month (net cold
rent). In the first half of 2009, investments in the property portfolio, to
be capitalized, totalled around 9,500 kEUR.

In the first half of 2009, liabilities at the group-level were increased by
obtaining long-term loans, to around 2,000 kEUR. With overall equity
capital of around 18,000 kEUR, the equity ratio as of 30 June 2009 remained
high, at 90%.

CEO Thomas Ehrich about the first half-year of 2009: 'First six months of
2009 worked well. Our focus was to start rental activities, develop our
portfolio strategy and discuss further property transactions with market
parties and with banks. All in all, a good basis for the second half year
of 2009.'.

CR Capital Real Estate AG intends to benefit from its advantageous capital
structure and to acquire additional properties and developable plot. In
this regard, the company is confident that it will be able to approximately
double rental space by the end of the year 2009.

In early August 2009, CR Capital Real Estate AG sold a city villa located
in Berlin-Grunewald. The selling price corresponded with a multiplier of
the annual net cold rental income of 22. Book profit was generated. Further
property transactions are planned, each able to bring benefit to annual
cash flow and earnings.

Using the approved authorized capital, that means issuance of new shares is
possible in 2010. Current institutional shareholders already sent signals
to participate in an increase in capital.

The report for the first half-yea of 2009 is available for download:
http://www.capital-real-estate-ag.de

About CR Capital Real Estate AG

Berlin CR Capital Real Estate AG is a listed property company and owns the
status of a
Vor-REIT (pre REIT status). The Group manages high quality residential and
commercial properties at top locations in the greater Berlin area.

The current property portfolio consists predominantly of city villas
located in Berlin-Grunewald. Group's strategy provides for growth of the
property portfolio on other Berlin districts and Potsdam respectively
enlargement of Group's fields of action, this by the acquisition of medical
centres and new buildings subsidized by the Kreditanstalt für Wiederaufbau
(KfW). Thereby Groups business operations can be developed to an expanded
base.

Contact:
bonnIR
Hubert Bonn
Phone: +49 (0)6157 9861190
bonn@bonn-ir.com
http://www.bonn-ir.com

14.08.2009 Financial News transmitted by DGAP