TAG Immobilien AG reporting successful operating business
TAG Immobilien AG / Quarter ResultsRelease of a Corporate News, transmitted by DGAP - a company of EquityStoryAG.The issuer / publisher is solely responsible for the content of this announcement.----------------------------------------------------------------------PRESS RELEASEReport on Q1 / 2009TAG reporting successful operating business - 81 percent increase in revenues to EUR 33.5 million- 36 percent improvement in EBITDA before remeasurements to EUR 5.7 million- With a small loss of EUR 0.2 million, break-even threshold almost reached- Reduction in bank borrowings- Slight improvement in equity ratio to 30.4 percentHamburg, May 14, 2009 - In the first quarter of 2009, TAG Immobilien AG('TAG' for short) systematically and successfully pursued the targets whichit had set itself at the end of 2008 aimed at reinforcing operatingbusiness and stepping up measures to boost liquidity. Thus, revenues in itscore residential and commercial real estate business were gratifying,increasing by 81 percent from EUR 18.5 million in the first quarter of 2008to EUR 33.5 million in the first quarter of 2009.Rental income climbed by 15 percent from EUR 10.6 million to EUR 12.2million in the first quarter of 2009, accompanied by a 17 percent rise innet rental income from EUR 7.6 million in the first quarter of 2008 to EUR8.9 million in the first quarter of 2009. These figures testify to thestrength of the Company's operating business. In the first quarter,revenues from property sales climbed threefold from EUR 6.7 million to EUR20.7 million in the first quarter of 2009. This reflects not only thestrong operating business but also the quality of the portfolio, which ischaracterised by good urban locations in metropolitan regions and is theresult of active asset management aimed at unlocking value. The revenuesachieved from rentals and property sales match the Company's forecasts. In2009, sales worth over EUR 40 million have so far been finalised, meaningthat TAG's liquidity will continue to strengthen in the course of the year.Against the backdrop of the performance achieved to date, TAG is confidentof being able to continue the cost-cutting and efficiency-boosting effortscommenced in 2008 in tandem with liquidity-boosting sales in 2009.TAG recorded EBITDA before fair-value remeasurements of EUR 5.7 million inthe first quarter of 2009, up from EUR 4.2 million one year earlier,equivalent to an increase of 36 percent. At the level of EBT beforefair-value remeasurements, there was an improvement in the loss, whichcontracted to EUR 1.0 million, down from the loss of EUR 2.4 million in thefirst quarter of 2008. With a post-tax loss of EUR 0.2 million (Q1/08:post-tax profit of EUR 2.1 million), the Company came close to breakingeven.TAG continues to exhibit solid balance sheet ratios. Thus, total assetscontracted slightly to EUR 822 million, down from EUR 839 million at theend of 2008, while at EUR 249.6 million equity held steady at the levelrecorded on December 31, 2008 (EUR 254.2 million). This slight decline isdue to the negative effects of remeasuring the fair value of the interesthedges as a result of a further decline in interest. The equity ratiowidened slightly to 30.4 percent. There was a positive trend in non-currentbank borrowings, which increased thanks to the renewal of expiring loancontracts. As of the end of the first quarter of 2009, they came to EUR 419million, up from EUR 408 million as of December 31, 2008. At the sametime, current bank borrowings contracted from EUR 130.1 million as ofDecember 31, 2008 to EUR 105.8 million at the end of the first quarter of2009.Press inquiries:TAG Immobilien AGKirsten SchleicherHead of Investor & Public RelationsTel. +49 (0) 40 380 32 300Fax +49 (0) 40 380 32 390pr@tag-ag.comContact:TAG Immobilien AGHead of investor and public relations Kirsten SchleicherTel. +49 (0) 40 380 32 300Fax +49 (0) 40 380 32 388pr@tag-ag.com14.05.2009 Financial News transmitted by DGAP---------------------------------------------------------------------- Language: EnglishIssuer: TAG Immobilien AG Steckelhörn 5 20457 Hamburg DeutschlandPhone: 040 30 60 59-40Fax: 040 / 30 60 59 - 49E-mail: info@tag-ag.comInternet: www.tag-ag.comISIN: DE0008303504WKN: 830350Indices: SDAXListed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Hannover, Hamburg, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
