Ad hoc announcement Half Year Results IMMOFINANZ AG: Writedowns and negative financial results lead to high losses Ad hoc announcement transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------ Ad-hoc IMMOFINANZ AG: Results for the first half of 2008/09 Writedowns and negative financial results lead to high losses Revenues: +14.1% from EUR 318.8 m to EUR 363.7 m EBITDA: +5.9% from 148.1 m to EUR 156.9 m Cash Flow: +11.3% from EUR 86.0 m to EUR 95.7 m EBIT: EUR -1,849.3 m from EUR 431.6 m EBT: EUR -2,647.6 m from EUR 427.5 m NAV per share: -37.5% from EUR 11.32 to EUR 7.07 Book value per share: -33.4% from EUR 9.15 to EUR 6.09 Successful sales programme has already raised EUR 160.5 m Focus on cash flow IMMOFINANZ AG recorded high losses in the first half of the 2008/09 business year(1 May to 31 October 2008). This is a result of downward revaluation of the real estate portfolio and writedowns as the result of a halt to development projects. The IMMOEAST subsidiary in particular suffered from these effects, and contributed the largest share to the negative operating results. The financial results also suffered due to the write-offs on other financial instruments and in shares in associated companies. Revenues, Cash Flow, EBITDA The operative business developed slightly positively on the year. Revenues rose by 14.1% from EUR 318.8 m to EUR 363.7 m, EBITDA rose by 5.9% from EUR 148.1 m to EUR 156.9 m. Cash flow rose 11.3% from EUR 86.0 m to EUR 95.7 m. EBT and EBIT The key corporate figures reflect the difficult economic environment for the company, particularly in Q2 2008/09. EBIT fell to EUR -1,849.3 m from EUR 431.6 m; EBT fell even more dramatically to EUR -2,647.6 m from EUR 427.5 m. NAV (Net Asset Value) per share and book value per share NAV, book value and earnings per share also underwent strong negative developments. NAV per share fell by 37.5% from EUR 11.32 to EUR 7.07. The book value per share fell almost a third from EUR 9.15 to EUR 6.09. Earnings per share were EUR -3.34. Sales revenues of EUR 160.5 m The real estate sales programme began successfully, despite the ongoing financial crisis. From the beginning of the business year until the middle of December 2008, properties were sold for EUR 160.5 m. The largest proportion of sales income was achieved by properties held by IMMOAUSTRIA. On average, the sales prices surpassed current market valuations. Negotiations with banks The managing boards of IMMOFINANZ and IMMOEAST have presented a positive prognosis for the continuation of business and a restructuring concept to creditor banks. The bank representatives have signalled their support and will evaluate the planned measures. Based on the restructuring concept, negotiations on new loans begun and, pending approval by their accountable bodies, the banks have already agreed to grant the necessary financing to IMMOFINANZ Group. Focus on operative cash flow IMMOFINANZ's future business model will focus on optimising operative cash flow. The changed market conditions mean that in addition to the traditional focus on NAV, a much stronger focus now needs to be placed on generating continual cash income. Investor Relations Contact: Margit Hermentin investor@immofinanz.com Tel.: +43 1 532 06 39 - 0 Press Contact: Brandstätter Business Communications info@brandstaetter.tv Tel.: +43 1 907 67 67 (c)DGAP 29.12.2008 --------------------------------------------------------------------------- Language: English Issuer: IMMOFINANZ AG Gaudenzdorfer Gürtel 67 A-1120 Wien Österreich Phone: +43 1 536 16 - 418 Fax: +43 1 536 16 - 491 E-mail: investor@immfinanz.com Internet: http://www.immofinanz.com ISIN: AT0000809058 WKN: 911064 Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) Wien End of News DGAP News-Service ---------------------------------------------------------------------------