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Vivacon AG

euro adhoc: Vivacon AG
quarterly or semiannual financial statement
VIVACON AG generates EBIT of EUR 2.7m in Q1 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
3-month report
14.05.2008
In Q1 2008, VIVACON AG (ISIN DE0006048911) sold 559 residential units
with a total volume of EUR 37.3m. Sales volume of Q1 in the previous 
year amounted to EUR 65.8m and was positively influenced by the 
disposal of the future headquarter "Rheinauhafen" in the amount of 
approximately EUR 26m at that time. In Q1 2008, revenues amounted to 
EUR 39.0m, an increase of 59% in comparison to EUR 24.5m in Q1 2007. 
The share of recurring revenues (ground rents, rental income and 
property management) increased to 55% of group revenues in Q1 2008 
(Q1 2007: 23%).
In Q1 2008, EBIT reached EUR 2.7m in comparison to EUR 6.2m in the 
previous year´s quarter. Interest rates as well as inflation 
developed favorably for Vivacon AG´s business model in the first 
quarter in principal. Due to non-cash expenses of counterbalancing 
hedging instruments, the quarterly results were affected by EUR -5.8m
in total. A respective income from a higher valuation of the ground 
lease portfolio was not recognized. The further increasing inflation 
expectations led to an expense on EBIT level of EUR -2.3m, which 
results from a market valuation of the hedging instruments (inflation
swaps). As a result of a declining interest rate, the financial 
result is additionally charged with an amount of EUR -3.5m from 
market valuation of interest hedging instruments (interest swaps). 
This led to a net income of EUR -5.9m in Q1 2008 (Q1 2007: EUR 3.3m).
The earnings per share amount to EUR -0.30 in Q1 2008 (Q1 2007: EUR 
0.17).
Since the IPO in 2001, the average net income of the first quarter 
accounts for -6.5% of the full-year net income due to the seasonality
of the business model. The significant share of added value is 
consistently generated in the last three quarters of any year. The 
company expects a similar development in 2008.
The basis for positive earnings in the coming quarters was laid by 
the operating activities in Q1 2008. The company is in various 
negotiations of acquiring ground lease portfolios directly. 
Successful acquisitions are expected in the short term. Furthermore, 
Vivacon is currently preparing a major refinancing of recently 
generated and acquired ground leases.
In addition, intensive conversations with institutional direct 
investors about a long term co-operation along the complete value 
chain - from asset sourcing and structuring of the SPV to asset and 
property management - are being conducted. The asset management team 
is currently optimizing the portfolios on the balance sheet, which 
are already in the marketing process. The management reiterates the 
communicated full-year guidance of a net income in the amount of EUR 
60m.
end of announcement                               euro adhoc

Further inquiry note:

Sven Annutsch
Head Corporate Finance / Investor Relations
Tel: + 49 221 130 5621 630
Sven.Annutsch@vivacon.de

Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX
International 100
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing

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