TAG Immobilien AG — Earnings Release 2003

May 21, 2003

News Details

Corporate | 21 May 2003 12:00

TAG Tegernsee english

TAG announcing figures for the first quarter of 2003 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Hamburg, May 21, 2003. Against the backdrop of sustained difficult business conditions, the TAG Group`s revenues declined from EUR 34.1 million (first quarter of 2002) to EUR 23.6 million in the first quarter of 2003, in which it applied IAS accounting rules. This resulted in a slight widening of consolidated loss from EUR 1.7 million to EUR 2.2 million, although EBITDA improved from EUR 3.4 million to EUR 3.5 million. At the same time, the TAG Groups liquidity rose to EUR 17.8 million, up from EUR 9.6 million at the end of fiscal 2002. Bau-Verein zu Hamburg AG achieved revenues of EUR 18.1 million, thus contributing 76% to total consolidated revenues. JUS AG signed sales contracts worth EUR 5.0 million in the first quarter and is satisfied with this result. Looking forward to the second quarter, JUS AG expects to achieve sales worth over EUR 10 million. For sector-related reasons, the first quarter always makes only a disproportionately small contribution to full-year earnings. The TAG Groups subsidiaries have registered a distinct recovery in property sales since April 2003. The Groups total assets widened from EUR 576.6 million at the end of 2002 to EUR 616.2 million in the first quarter. The full quarterly report will be available for downloading at the Companys web site at www.tag-ag.com as of May 22, 2003. About TAG: TAG Tegernsee Immobilien- und Beteiligungs- AG (WKN 830350, ISIN DE0008303504) is a listed property company with market capitalization of around EUR 29 million. Its core business entails the acquisition of commercial, residential and special properties via equity interests in Germany. For more information, please contact: Management Board of TAG Olaf Borkers Tel.: 040-30 60 59-40 Fax: 040-30 60 59-49 e-mail: info@tag-ag.com Große Bäckerstraße 3 20095 Hamburg Germany end of message, (c)DGAP 21.05.2003 ——————————————————————————– WKN: 830350; ISIN: DE0008303504; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Stuttgart 211200 Mai 03