CPI Europe AG — Earnings Release 2010

Aug 17, 2010

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Ad-hoc | 17 August 2010 02:54

IMMOFINANZ AG: preliminary results for the 2009/10 financial year (1 May 2009 to 30 April 2010)

IMMOFINANZ AG / Preliminary Results

17.08.2010 02:54

Dissemination of an Ad hoc announcement, transmitted by
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The issuer is solely responsible for the content of this announcement.

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IMMOFINANZ AG: preliminary results for the 2009/10 financial year (1 May
2009 to 30 April 2010)

* Revenues: EUR 719.2 million (2008/09: EUR 736.2 million)
* EBITDA: EUR 393.6 million (2008/09: EUR 310.5 million)
* EBIT: EUR 187.8 million (2008/09: EUR -2,071.3 million)
* EBT: EUR 208.3 million (2008/09: EUR -3,403.4 million)
* Net profit: EUR 195.6 million (2008/09: EUR -3,051.1 million)

The financial year of the IMMOFINANZ Group ending on 30 April 2010 was
characterised by an extensive restructuring process that culminated in the
merger of IMMOFINANZ AG and IMMOEAST AG and ends with the implementation of
the agreement reached with Constantia Packaging B.V. in May 2010. The
IMMOFINANZ Group - whose focus is now placed on the core markets of
Austria, Germany, Poland, Romania, Russia, Slovakia, Czech Republic and
Hungary - followed an extremely negative crisis year in 2008/09 with a
successful turnaround and generated solid positive earnings in 2009/10.
Earnings indicators improved significantly over the prior year and remain
on a sustainable upward trend.

Revenues and EBITDA
Even though revenues fell slightly from EUR 736.2 million in the prior year
to EUR 719.2 million for 2009/10, results of operations (EBITDA) rose
substantially by approx. 27% from EUR 310.5 million to EUR 393.6 million.
The decrease in revenues reflects a year-on-year decline in rental income
and lower income from operating costs charged to tenants, which resulted
above all from the sale of properties. However, a significant reduction in
overheads from EUR 235.5 million to EUR 114.0 million (-52%) supported an
improvement in EBITDA.

Valuation and financial results
Both valuation results and financial results improved considerably in
comparison with the previous year. In spite of this development, valuation
results remained negative at EUR -205.9 million for 2009/10 (2008/09: EUR
-2,381.7 million) although EUR 234.2 million of foreign exchange-adjusted
revaluations were recognised during the reporting year. The negative
valuation results were caused by EUR -254.4 million of non-cash foreign
exchange effects outside the Group's influence as well as impairment
charges of EUR -278.3 million.

Financial results, which amounted to EUR -1,332.2 million in 2008/09,
turned positive in the reporting year and totalled EUR 20.5 million.

Quarterly results
Primarily due to lower sales of properties EBITDA of the forth quarter of
the business year 2009/10 decreased by EUR 20.2 million to EUR 88.5 million
compared to the previous year. Due to goodwill impairment charges in
connection with the investment in the shopping centre Golden Babylon
Rostokino, EBIT turned negative (EUR -58.9 Mio.). Based on a deferred tax
income of EUR 32.4 million, the net loss for the period amounts to EUR
-25.5 million. IMMOFINANZ Group expects to represent clearly positive
results for the first quarter of the current business year in September.

Net Asset Value
The Net Asset Value (NAV) per share amounts to EUR 5.04 as of 30 April
2010. Considering the treasury shares, which IMMOFINANZ Group will take
over from Constantia Packaging B.V., NAV per share equals EUR 5.19. Taking
into account the dilutive effect of the shares underlying the convertible
bond 2011, the NAV per share amounts to EUR 4.90.

55 million treasury shares
On 13 August 2010 the IMMOFINANZ Group announced that it will take over 55
million IMMOFINANZ shares as treasury stock. These shares are currently
held by subsidiaries of Constantia Packaging B.V. and, based on the
agreement with Constantia Packaging B.V., the proceeds from their sale
would have been turned over to the IMMOFINANZ Group. The direct transfer of
these shares will be NAV accretive and also facilitate future refinancing.

Outlook
The restructuring of the IMMOFINANZ Group has been largely concluded, and
plans for 2010/11 consequently call for a focus on the optimisation of the
property portfolio, the completion and selective reactivation of
development projects, and the sale of assets that are not part of the core
business of the IMMOFINANZ Group.

The capital structure and liquidity of the IMMOFINANZ Group are stable.
Since the IMMOFINANZ Group will be confronted with the possible maturity of
EUR 866.6 million in convertible bonds during 2012, refinancing options for
the 2014 and 2017 convertible bonds are currently under evaluation. This
refinancing, which is one of the prerequisites for the planned payment of a
dividend for the 2011/12 financial year, should be realised within the next
three quarters.

The annual report of the IMMOFINANZ Group for the 2009/10 financial year
will be published at the latest on 31 August 2010 under www.immofinanz.com.

Please find the preliminary Balance Sheet and Income Statement on our
website.

Contact:
Margit Hermentin
Head of Investor Relations & Corporate Communications
IMMOFINANZ AG
A-1120 Vienna, Gaudenzdorfer Gürtel 67
Tel.: +43 (0) 5 7111 - 2290
Fax: +43 (0) 5 7111 - 8290

m.hermentin@immofinanz.com
www.immofinanz.com

Press-Coordination:
Hieronymus Tupay
ACCEDO Austria GmbH
Tel.: +43 1 533 87 00 - 23
Hieronymus.Tupay@accedogroup.com

17.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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 München, Berlin, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) Wien (Amtlicher Handel /
Official Market)

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