CPI Europe AG — Earnings Release 2008

Mar 27, 2008

News Details

Corporate | 27 March 2008 07:30

IMMOFINANZ AG: IMMOFINANZ AG announces the Results of the First Three Quarters of the 2007/08 business year

IMMOFINANZ AG / Quarter Results

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

---

IMMOFINANZ revenues up by 30.6%

• Revenues: EUR 490.2m (+ 30.6%)

• Operating profit (EBIT): EUR 471.6m (+ 1.5%)

• Net asset value (NAV) per share: EUR 11.25 (+13.1%)

In the first nine months of the current business year 2007/08 (May 1, 2007
to January 31, 2008), the revenues and rental income of IMMOFINANZ rose
steeply. The earnings situation was negatively influenced by write-downs in
the real estate portfolio of the subsidiary IMMOEAST in the third quarter
due to the internal valuation. However, the decline at IMMOEAST was offset
by the positive development of the BUWOG/ESG portfolio and of IMMOWEST.

Revenues
Rental income increased significantly. Revenues were up by 30.6% from EUR
375.3m to EUR 490.2m in the period of comparison.

EBIT and EBT
Operating profit (EBIT) went up by 1.5% and hit EUR 471.6m, following EUR
464.5m in the period of comparison. Earnings before tax (EBT) was 10.6%
lower at EUR 400.3m following EUR 447.9m in the like period of the previous
year.

Net asset value per share:
The net asset value (NAV) per share went up from EUR 9.95 to EUR 11.25.
Year-on-year, this is a gain of 13.1%. The book value per share rose by
9.8% from EUR 8.45 to EUR 9.28. In contrast, earnings per share dropped
from EUR 0.60 to EUR 0.45.

Equity
The equity ratio of IMMOFINANZ improved despite steady growth and rose to
51% as of 31 January 2008. This places it above the long-term target for
the equity ratio of 50%.

Increases in like-for-like rental income by 4.3%
In the core markets of IMMOFINANZ, including Austria, Germany and
Switzerland in the west and Central and Eastern Europe, Southeastern
Europe, Russia and Ukraine in the east, the most important submarkets
performed well. In the generally positive market environment IMMOFINANZ
raised its average rents again, while the remarkable take-up also helped
improve rental income further. Consistent active asset management also
contributed to the increase, while in the segment of existing rental
contracts, IMMOFINANZ profited from rising inflation due to the
index-linked rents. The rental income earned on properties already in the
portfolio in the previous year ('like-for-like') rose on average by 4.3% by
annual comparison.

Profitable sales
In the first nine months of the business year 2007/08, numerous property
sales were closed by the subsidiary IMMOEAST and by the Austrian regional
holding, IMMOAUSTRIA. IMMOEAST sold four properties and stakes in
properties totalling approx. EUR 200m, and all sales transactions exceeded
the appraisal values determined by external experts (Colliers) by 5.4% to
22.1%. In Austria, 17 apartment buildings were sold in the first half-year,
and in third quarter, another seven were sold. The sales profit was on
average 15.3% above the appraisal values, and overall, property sales
attained a volume of EUR 171.7m. The residential housing subsidiary, BUWOG,
sold 146 apartments from its existing portfolio in the current business
year.

Strategic focus
IMMOAUSTRIA’s growth is clearly focused in BUWOG at present. In 2008, BUWOG
will build 636 apartments in the metropolitan area of Vienna and 554
apartments in 2009; it also started its first international project in
Poznan (Poland). Final negotiations are underway for a further project in
Slovakia.

IMMOEAST is concentrating on the realization of its extensive development
pipeline. Currently there are projects under construction with an
investment volume totalling EUR 5.1 billion.

IMMOWEST is constantly expanding the logistics portfolio of the subsidiary
Deutsche Lagerhaus, and in the area of urban development projects, three
major projects under construction in Cologne and Düsseldorf at
present.

Margit Hermentin
Investor Relations
+43 1 532 06 39 - 0

27.03.2008 Financial News transmitted by DGAP

Language: English
Issuer: IMMOFINANZ AG
Bankgasse 2
A-1010 Wien
Österreich
Phone: 0043 /1/ 536 16 - 461
Fax: 0043 /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

---