FinLab AG — Earnings Release 2008

Aug 25, 2008

News Details

Corporate | 25 August 2008 08:38

Altira Group: 1st half 2008: increase in ongoing revenues by 22% to EUR 9.9 million

Altira AG / Half Year Results

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.

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++ 1st half 2008: Altira Group increases ongoing revenues by 22% to EUR 9.9
million – lower consolidated revenues due to current situation on capital
markets
++ EBITDA of EUR 5 million close to previous year’s value
++ Positive performance of subsidiary boutiques confirms Altira business
model

Listed asset management company Altira AG ('Altira Group') was able to
successfully continue the expansion of its business activities in the first
half of 2008. This is especially reflected by the trend in ongoing revenues
(consisting of fixed management fees and excluding performance fees), which
rose by 22% to EUR 9.9 million (H1 2007: EUR 8.1 million). Due to the weak
capital markets environment, no performance fees were generated (H1 2007:
EUR 4.4 million). Ongoing revenues therefore correspond to the consolidated
revenues for the first half year of 2008. The latter amounted to EUR 12.5
million in the same period of the previous year.

Despite the decline in consolidated revenues, EBITDA was EUR 5 million,
close to the previous year's first half level (H1 2007: EUR 5.2 million).
Valuation at fair value of publicly-traded financial investments resulted
in write-downs of approximately EUR 1.5 million during the reporting
period, causing EBIT to decrease to EUR 3.4 million (H1 2007: EUR 5.1
million). Net income for the period amounted to EUR 3.5 million (H1 2007:
EUR 3.9 million).

The equity ratio at the end of the reporting period was 73 per cent,
continuing at the level of year-end 2007. Cash and cash equivalents rose by
EUR 3 million in the first half of this year to approximately EUR 28
million on account of a positive cash flow.

In the second half year, Altira Group expects earnings similar to the one
obtained in the first half of 2008, as long as the capital markets
environment does not deteriorate further.

Michael Rieder, Chairman of the Management Board of the Altira Group since
February of this year, indicates his satisfaction: 'We again continued to
establish the basis for the long-term economic success of the company in
the first six months of 2008, despite the generally difficult capital
markets and economic situation. Our subsidiary boutiques have performed
well. And the acquisition of a 40 per cent share in the private equity
fund-of-funds manager Clearsight Investments AG has enabled us to increase
our involvement in the area of turnarounds and restructuring. In addition,
we have further invested in our institutional infrastructure at group level
over the past six months and will continue to do so in coming months. As a
result, we expect discernible growth in our assets under management over
the next years, as well as the first significant performance fee payments
beginning in 2009 or 2010. All this will have a positive effect on future
financial results.'

The complete interim report for Altira Group can be found at:
http://www.altira-group.de/47-1-FINANCIAL-REPORTS.htm

++ About Altira Group

The Altira Group is an owner-managed company that is simultaneously an
exchange-listed asset management company. It manages money for
institutional investors in the areas of private markets, public markets and
real estate.

The investment approaches focus on inefficient markets. Inefficient markets
are newly forming markets and regions of the future with above-average
growth opportunities as well as established markets undergoing major
structural changes. Due to their specialised knowledge and years-long
experience, the Altira teams are able to generate a sustainable
above-average risk/yield profile ('high alpha strategies') in these markets
by using an active investment approach.

The implementation into defined investment products is then handled by the
focused, independent Altira subsidiaries. Whereas the investment decisions
are independently taken in the investment teams, all of the boutique
companies have centralised access to a common, institutional
infrastructure.

Contact:
Altira Aktiengesellschaft
Juan Rodriguez
Head of Investor Relations
Tel: +49 69 719 12 80 145
E-Mail: juan.rodriguez@altira-group.de

25.08.2008 Financial News transmitted by DGAP

Language: English
Issuer: Altira AG
Grüneburgweg 18
60322 Frankfurt / Main
Deutschland
Phone: +49 (0)69 719 12 80 - 00
Fax: +49 (0)69 719 12 80 - 011
E-mail: info@altira-group.de
Internet: www.altira-group.de
ISIN: DE0001218063
WKN: 121806
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry Standard
in Frankfurt

End of News DGAP News-Service

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