CPI Europe AG — Earnings Release 2009

Sep 29, 2009

News Details

Ad-hoc | 29 September 2009 08:48

IMMOFINANZ AG: A successful turnaround for IMMOFINANZ – Results for the 1st Quarter of 2009/10

IMMOFINANZ AG / Quarter Results

29.09.2009

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The issuer is solely responsible for the content of this announcement.

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Ad-hoc Release
Vienna, 29 September 2009

Results for the 1st Quarter of 2009/10:
A successful turnaround for IMMOFINANZ

Key figures for the operational business showed satisfactory development in
the first quarter of the new business year for IMMOFINANZ (1 May 2009 to 31
July 2009), particularly due to the group's successful sales of real estate
and restructuring measures.

Rental income, revenues and EBITDA
In the first quarter rental income of EUR 134.6 m was generated; this is a
slight decline of 2% compared to the same period the year before (EUR 137.1
m). This decline is mainly attributed to the sales of real estate in the
last 12 months. Revenues rose in the identical period by 3% from EUR 181.6
m to EUR 186.4 m. EBITDA increased by 5% from EUR 103.6 m to EUR
108.8 m compared to the same period the year before.

EBIT, EBT and cash flow
EBIT, which was significantly influenced by the negative revaluation result
(EUR -291.0 m) and totalled EUR -190.7 m in Q1 2008/09, improved to EUR
118.2 m as a result of the balanced valuation result (EUR 13.0 m). EUR
-118.1 m of the revaluation result is accounted for by existing portfolio
objects and EUR 131.1 m of it by development projects. While the
devaluation of the existing real estate portfolio is largely attributed to
exchange rate effects, the positive revaluation result from development
projects is solely the result of a change in the provisions of the IAS 40:
as from now on continued development projects are to be reported on the
balance sheet based on the residual value (discounted fair value at the
time of completion minus open investments), hidden reserves totalling EUR
139.0 m were disclosed in the first quarter of the 2009/10 business year,
while further devaluations in the amount of EUR 7.9 m had to be made.

Earnings before tax (EBT) totalled EUR 119.2 m in the quarter just ended
(previous year: EUR
-119.4 m). Adjusted for exchange rate effects, this would be EUR 165.2 m.
Gross cash flow fell slightly from EUR 97.4 m to EUR 91.6 m. The
consolidated profit is highly satisfying at EUR 100.9 m compared to the
same period the previous year (EUR -96.7 m).

NAV per share and earnings per share
NAV (net asset value) is EUR 5.37 per share. The discount to the share
price of EUR 2.78 (28 September 2009) is 48%. Earnings per share are EUR
0.11 for the 1st quarter of 2009/10 and thus positive again.

The detailed report for the 1st quarter of 2009/10 will be published in the
course of the day on the company's website www.immofinanz.com.

Further information:

Head of Investor Relations & Corporate Communications:
Mag. Margit Hermentin
IMMOFINANZ AG & IMMOEAST AG
T +43 (0)5 7111-2290
m.hermentin@immofinanz.com

Press Coordination
Mag. Christoph Edelmann
ACCEDO Austria GmbH
T +43 1 533 87 00
christoph.edelmann@accedogroup.com

29.09.2009 Financial News transmitted by DGAP

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Language: English
Company: IMMOFINANZ AG
Gaudenzdorfer Gürtel 67
A-1120 Wien
Österreich
Phone: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290
E-mail: investor@immofinanz.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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