CR Capital AG

Earnings Release • Jul 3, 2009

News Details

Corporate | 3 July 2009 01:36

CR Capital Real Estate AG: Results 2008

CR Capital Real Estate AG / Final Results/Dividend

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• Group with profit after tax of EUR 3.3 million

• 9% dividend yield (EUR 0.10 per share)

• Focus on prime properties at top locations in Berlin

• Financial flexibility enables company for substantial growth

Today (July 3, 2009) Berlin based CR Capital Real Estate AG publishes
results 2008. The property company, listed in the German Open Market, was
founded in May 2008; due to this 2008 was a short fiscal year (May 31 to
December 31, 2009).

Core business of the company is the management of exclusive residential and
commercial properties located in the Berlin area (acquisition, developing
activities and letting/selling). In June 2009 the property portfolio
consisted of five properties with letting space of more than 4,500 sqm.

In 2008 Groups profit after tax came to EUR 3.3 million (EPS of EUR 0.22).
Major driver for the positive result was income from the disposal of a
subsidiary with properties located in the Federal State of Saxony. This
disposal illustrates companies clear focus on the Berlin area.

In 2008 sales structures were under construction, so income from letting
activities resulted in a lower amount. Several rental contracts have been
negotiated in the meantime, so 2009 results will be positively influenced
by revenues from rents.

Groups balance sheet as at December 31, 2008 shows an equity ration of 96%
(ROE of 18%) and cash of more than EUR 8 million. This capital structure
assures financial flexibility and enables the company for substantial
growth by acquisitions.

In November 2008 independent Creditreform Rating AG evaluated CR Capital
Real Estate AG with an A+ rating, so much better than the sector average.
Creditreform Rating AG appreciated financial stability and the
medium-termed business plan of the company.

In 2009 CR Capital Real Estate AG intends to take opportunities given by
current markets and acquire properties for convenient prices. Consequently
Management Board and Supervisory Board decided to pay out not 100% but 50%
of achieved profit after tax as dividend. Dividend per share is EUR 0.10
(AGM on August 18, 2009), current dividend yield is 9% (based on Xetra
closing price as at July 2, 2009). CEO Thomas Ehrich: 'With a payout ratio
of 50% we do not comply with our guidance, but with regard to our growth
plans this dividend is fair and attractive.'.

Based on coming acquisitions of properties complying with the demands for a
REIT, managements business plan include raising rental income and revenues
from disposals. Thomas Ehrich: 'Current negotiations regarding rental
contracts, acquisitions and disposals make me feel optimistic looking to
year-end 2009.

Group key figures 2008 (IFRS, in EUR million)

Consolidated balance sheet December 31, 2008
Long-term assets 6.7
Short-term assets 12.5
- thereof cash at banks 8.4
Equity 18.3
Liabilities 0.8
- thereof short-term liabilities 0.8
Total assets 19.1
Equity ratio 95.8%
ROE 18.0%

Consolidated income statement May 31 to December 31, 2008
Sales and other income 3.6
EBIT/EBITDA 3.2
Profit before tax 3.3
Profit after tax 3.3

Information to the share

Number of outstanding shares 15,000,000
Class of shares bearer/ordinary shares
Listing segment Open Market
Freefloat approx. 90%
Stock exchange Xetra
ISIN / ticker symbol DE000A0WMQ53 / CRZ

The Annual Report 2008 is available starting from July 8, 2009 (for
download see http://www.capital-real-estate-ag.de).

Contact:

bonnIR / Hubert Bonn

Phone: +49 (0)6157 9861190

Mailto: bonn@bonn-ir.com

http://www.bonn-ir.com

03.07.2009 Financial News transmitted by DGAP