Sparkassen Immobilien AG

EANS-Adhoc: Sparkassen Immobilien AG posts profits in first half of 2009

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6-month report


Ad hoc information      Vienna, 26 August 2009

Sparkassen Immobilien AG posts profits in first half of 2009

@@start.t2@@> s IMMO Share: strong market performance over six months (up 117%)
      > EBIT significantly positive at EUR 23.8 million (HY1 2008: EUR 32.2m)
      > Consolidated net profit of EUR 3.2 million (HY1 2008: EUR 9.0m)
      > Steady increase in revenues and rental income: up 6% and 4% respectively
      > Overall gross rental yield of 6.7%, steady occupancy rate of over 90%
      > High-quality and widely diversified property portfolio worth EUR 1.85

Stock exchange listed Sparkassen  Immobilien  AG  (Bloomberg:   SPI:AV,  Reuters: SIAG.VI) can look back on a successful first half of 2009, with a  significantly positive EBIT, a net profit, an increase in rental income  and  revenues  and  a positive performance on the stock market.

Operating results: growth in revenues and rental income Compared with the same period last year, revenues were up 6%  to  EUR 57.3m  and rental income was up 4% to EUR 44.7m. Other operating  income  rose   to  EUR 10m (HY1 2008: EUR 2.2m). This increase is mainly due to the higher income from  the Marriott Vienna and Marriott Budapest hotels after completion of renovation.

Revaluations and disposal of properties In the first six months of 2009  revaluation  of  properties  led  to  a  slight decrease in value of  EUR 4.9m,  compared  with  a  break-even  outcome  with  a minimal gain of EUR 118,000 for the same period last year. In the   same  period, two  property  sales  were  finalised,  resulting  in   gains  on    disposal    of EUR 290,000 (HY1 2008: EUR 5.43m). The properties  realised  a  profit  compared with their values at the time of the last revaluation, carried out  just  a  few months earlier.

Earnings performance: EBIT significantly positive Cash flow from operating activities was up by 17% to  EUR 33.0m  from  EUR 28.3m in the first half of 2008.  At  EUR 11.3m,  funds  from  operations   (FFO)  were marginally lower than in the same period  last  year   (EUR 11.8m).  EBITDA  fell slightly by 3% to EUR 33.5m (HY1 2008: EUR 34.3m), while EBIT was down 26%  from EUR 32.2m (first six months of 2008) to EUR 23.8m. This fall was  due  to  lower gains on disposal compared with the  first  half  of  2008  and  lower  property valuations. Finance costs were stable  at  EUR 15.0m  after  EUR 14.9m  for  the first half of 2008. Expenditure for participating certificates is  dependent  on EBIT, and therefore fell from EUR 6.4m for the first half of  2008  to  EUR 5.1m in the same period this year.  This  is  where  the  equity  character  of  this financial instrument shows to good advantage. Net profit before  tax  (EBT)   was EUR 3.8m (HY1  2008:  EUR 11.0m),  and  consolidated  net  profit came  out  at EUR 3.2m. Earnings per share (EPS) were EUR 0.05 compared with EUR 0.13 for  the first six months of 2008.

Growth of property portfolio With development projects on schedule, in the  first  half  of  2009  Sparkassen Immobilien AG's  property   portfolio  grew  to  EUR 1.85bn  (31  December  2008: EUR 1.78bn). At 30 June 2009 the portfolio comprised 261 properties  with  total lettable area of 1,517,300 sq m. The majority of the properties are   in  Austria and Germany (27% and 51% respectively), with 19% in Central  Europe  (the  Czech Republic, Slovakia, Hungary) and 3%  in Southeast  Europe  (Croatia,  Bulgaria, Romania). For the first half of  2009  the  gross  rental  yield  was  6.7%.  At 30 June 2009 the average occupancy rate was almost unchanged at 90.5%. With  the exception of a single office building  in  EU  candidate  country   Croatia,  all Sparkassen Immobilien AG's investments are in EU states.

All development projects on schedule Sparkassen Immobilien AG's ongoing development projects continue to make  steady progress, and the pre-letting  ratios  are  excellent.  The  students'  hall  of residence and senior citizens'  day  centre  in  Vienna's   Sechshauser  Strasse, which is let long-term to a City of Vienna service organisation,  together  with Hotel Vysoká and the office and retail building Galvaniho 4 in  Bratislava  will be completed and opened by the end of the year. Completion  of  the  residential and office building Neutorgasse in Vienna's Inner  City  is  scheduled   for  the second quarter of 2010. The sale of most of  the  apartments has  already  been contractually agreed. The two shopping centres - Serdika  Center  in  Sofia  and Sun Plaza in Bucharest - will be opened in early 2010 and both have  pre-letting ratios of over 85%.

s IMMO Share: six-month performance shows 117% gain Throughout the second quarter of 2009  s  IMMO  Share  performed  strongly.  The closing price at 30 June 2009 was EUR 4.29,  for  a  six-month  gain of 116.7%. This still represents a discount of 51% to net asset value (NAV),  which  stood at EUR 8.8 at  30 June  2009,  compared  with   EUR 9.9  a  year  ago.  Currently (closing price on 25 August 2009) the share is quoted at EUR 4.88.

Consolidated income statement for the half year ended 30 June 2009

EUR m / fair value basis

@@start.t3@@|                                                            |01.01. -         |01.01. - |Change         |
|                                                            |30.06.            |30.06.    |%                 |
|                                                            |2009                |2008        |                  |
|                                                            |                      |              |                  |
|Revenues                                                |57.3                |54.1        |+ 6              |
|        whereof rental income                  |44.7                |42.9        |+ 4              |
|Revaluation of properties                    |-4.9                |0.1         |                  |
|Other operating income                         |10.0                |2.2         |                  |
|Gains on property disposals                 |0.3                 |5.4         |                  |
|Operating revenue                                 |62.7                |61.8        |                  |
|Depreciation and amortisation              |- 4.7              |- 2.2      |                  |
|Other operating expenses                      |-34.1              |-27.4      |                  |
|Operating profit (EBIT)                        |23.8                |32.2        |- 26            |
|Finance costs                                        |- 15.0            |- 14.9    |                  |
|Expenses of participating certificates|- 5.0              |- 6.3      |                  |
|Profit before tax (EBT)                        |3.8                 |11.0        |- 66            |
|Taxes on income                                    |-0.6                |- 2.0      |                  |
|Consolidated net profit                        |3.2                 |9.0         |- 64            |

Property information as at 30 June 2009

|Number of properties                                        |261                 |
|Total lettable area in sq m                            |1,517,300        |
|- Austria                                                         |326,900          |
|- Germany                                                         |602,700          |
|- Eastern Europe / Southeastern Europe          |587,700          |
|Property portfolio at fair value (EUR m)        |1,852.0          |
|Occupancy rate                                                 |90.5%              |
|Average gross rental yield                              |6.7%                |

Sparkassen Immobilien AG Sparkassen Immobilien AG (Bloomberg: SPI.AV, Reuters: SIAG.VI) has  been  listed on the Vienna Stock Exchange for 21  years,  making  it  Austria's  oldest  real estate investment company. It is a  long-term  value  investor  in  residential, office, hotel and retail property  in  Austria,  Germany,  the  Czech  Republic, Slovakia, Croatia, Hungary, Romania and Bulgaria.  As of 30 June 2009 the  total value  of  the  portfolio  was  EUR 1.85bn  and    total    lettable    space    was 1,517,300 m2.@@end@@

@@start.t4@@end of announcement                                                 euro adhoc

ots Originaltext: Sparkassen Immobilien AG
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Further inquiry note:
Rebecca Reichmann, MRICS
Investor Relations
Tel.: 0043 50 100 27402

Bosko Skoko
Corporate Communications
Tel.: 0043 50 100 27522

Branche: Real Estate
ISIN:      AT0000652250
WKN:        065225
Index:    ATX Prime, Immobilien-ATX
Börsen:  Wien / official market

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