CPI Europe AG — Earnings Release 2008

Dec 29, 2008

News Details

Ad-hoc | 29 December 2008 08:32

IMMOFINANZ AG: Writedowns and negative financial results lead to high losses

IMMOFINANZ AG / Half Year Results

Release of an Ad hoc announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Ad-hoc IMMOFINANZ AG: Results for the first half of 2008/09

Writedowns and negative financial results lead to high losses

Revenues: +14.1% from EUR 318.8 m to EUR 363.7 m
EBITDA: +5.9% from 148.1 m to EUR 156.9 m
Cash Flow: +11.3% from EUR 86.0 m to EUR 95.7 m
EBIT: EUR -1,849.3 m from EUR 431.6 m
EBT: EUR -2,647.6 m from EUR 427.5 m
NAV per share: -37.5% from EUR 11.32 to EUR 7.07
Book value per share: -33.4% from EUR 9.15 to EUR 6.09
Successful sales programme has already raised EUR 160.5 m
Focus on cash flow

IMMOFINANZ AG recorded high losses in the first half of the 2008/09
business year(1 May to 31 October 2008). This is a result of downward
revaluation of the real estate portfolio and writedowns as the result of a
halt to development projects. The IMMOEAST subsidiary in particular
suffered from these effects, and contributed the largest share to the
negative operating results. The financial results also suffered due to the
write-offs on other financial instruments and in shares in associated
companies.

Revenues, Cash Flow, EBITDA
The operative business developed slightly positively on the year. Revenues
rose by 14.1% from EUR 318.8 m to EUR 363.7 m, EBITDA rose by 5.9% from EUR
148.1 m to EUR 156.9 m. Cash flow rose 11.3% from EUR 86.0 m to EUR 95.7 m.

EBT and EBIT
The key corporate figures reflect the difficult economic environment for
the company, particularly in Q2 2008/09. EBIT fell to EUR -1,849.3 m from
EUR 431.6 m; EBT fell even more dramatically to EUR -2,647.6 m from EUR
427.5 m.

NAV (Net Asset Value) per share and book value per share
NAV, book value and earnings per share also underwent strong negative
developments. NAV per share fell by 37.5% from EUR 11.32 to EUR 7.07. The
book value per share fell almost a third from EUR 9.15 to EUR 6.09.
Earnings per share were EUR -3.34.

Sales revenues of EUR 160.5 m
The real estate sales programme began successfully, despite the ongoing
financial crisis. From the beginning of the business year until the middle
of December 2008, properties were sold for EUR 160.5 m. The largest
proportion of sales income was achieved by properties held by IMMOAUSTRIA.
On average, the sales prices surpassed current market valuations.

Negotiations with banks
The managing boards of IMMOFINANZ and IMMOEAST have presented a positive
prognosis for the continuation of business and a restructuring concept to
creditor banks. The bank representatives have signalled their support and
will evaluate the planned measures. Based on the restructuring concept,
negotiations on new loans begun and, pending approval by their accountable
bodies, the banks have already agreed to grant the necessary financing to
IMMOFINANZ Group.

Focus on operative cash flow
IMMOFINANZ's future business model will focus on optimising operative cash
flow. The changed market conditions mean that in addition to the
traditional focus on NAV, a much stronger focus now needs to be placed on
generating continual cash income.

Investor Relations Contact:
Margit Hermentin
investor@immofinanz.com
Tel.: +43 1 532 06 39 - 0

Press Contact:
Brandstätter Business Communications
info@brandstaetter.tv
Tel.: +43 1 907 67 67

29.12.2008 Financial News transmitted by DGAP

Language: English
Issuer: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 Wien
Österreich
Phone: +43 1 536 16 - 418
Fax: +43 1 536 16 - 491
E-mail: investor@immfinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien

End of News DGAP News-Service

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