Ad hoc announcement Final Results IMMOFINANZ AG: Preliminary results 2008/09 - Difficult financial year of IMMOFINANZ AG Ad hoc announcement transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------ August 5, 2009 Preliminary results 2008/09: Difficult financial year of IMMOFINANZ AG IMMOFINANZ AG is looking back on a very challenging financial year (May 1, 2008 to April 30, 2009). The reasons for this are, on the one hand, the worldwide financial and economic crisis, which has caused a significant economic slump in the real estate sector. On the other hand, also the malversations caused by the management of Constantia Privatbank AG had a massive impact on the business activities of IMMOFINANZ AG. Since the management change in November of last year, the company now consistently works on clearing mistakes and omissions from the past and stabilising the financial and profit situation of IMMOFINANZ. Particularly worth mentioning is the success of the conversion offer directed at convertible bond holders in April 2009, which allowed reducing the nominal liabilities from convertible bonds by EUR 344.4m and considerably improving the capital structure of IMMOFINANZ. Furthermore, it was possible to eliminate a liability threatening the existence of the company with the sale of IMMOAUSTRIA Immobilien Anlagen GmbH to IMMOEAST AG. While on the operative side, mainly increases in rent revenues (EUR 546.7m compared with EUR 501.8m in the previous year) and in sales revenues (EUR 763m compared with EUR 670.8m in the previous year) can be reported, and also the EBITDA of EUR 323.0m is higher than in the previous year (EUR 306.2m), the financial result of EUR -1,332.2m in the past financial year is considerably lower than in the previous year (EUR 40.8m). This decrease can be attributed to the assessment of financial instruments (EUR -565.3m), depreciations with associated companies (EUR -367.5m) as well as to exchange rate effects (EUR -326m) and the negative interest balance (EUR -182m). With EUR -1,347.4m, the reevaluation of real estate is markedly negative and so are the depreciations on development projects, goodwill amortisations and depreciations on receivables with EUR -881.5m. This also includes a partial depreciation (EUR -171.3m) of the amount receivable of Constantia Packaging B.V. from the so-called 'IBAG bond' to EUR 350m. Furthermore, losses are to be expected from development projects to be completed amounting to EUR 163m. Not taking into account the positive balance sheet exchange rate effects, the depreciations would have been EUR 1,808.8m. Thus, the EBIT is EUR -2,068.9m (financial year 2007/08: EUR 514.5m), the EBT EUR -3,401.1m (financial year 2007/08: EUR 555.3m). The book value per share is EUR 4.75 (financial year 2007/08: EUR 9.47) and the NAV (Net Asset Value) per share EUR 5.25 (compared with EUR 11.55 in the previous year). The result per share (undiluted) is calculated with EUR -4.41 (financial year 2007/08: EUR 0.66). The capital structure of IMMOFINANZ can be called as very sound also in the future. Thus, the IMMOFINANZ Group has net assets of EUR 4,565.3m and a balance sheet equity ratio of 39.0%. In the individual financial statement, the net assets as of April 30, 2009, are EUR 2,338.2m and the equity ratio is 56.8%. The net loss for the year in the individual financial statement of IMMOFINANZ AG amounting to EUR -530.9m can mainly be attributed to the depreciation of interests (EUR -930.4m), namely EUR -596.9m on the interest in IMMOEAST AG and EUR -333.5m on the interest in IMMOWEST Immobilien Anlagen AG, and mainly result from the effected real estate depreciations. Extraordinary profits amounting to EUR 315.7m could be achieved due to the success of the conversion offer directed at conversion bond holders. The outlook for the current financial year is cautiously positive. While in the segments IMMOWEST and IMMOAUSTRIA there are more and more signs of increasing real estate values, other depreciations in individual markets or asset classes still cannot be excluded in Eastern Europe after the expected bottom has been reached. The final results of the financial year 2008/2009 will be published on August 27, 2009. Queries regarding content: MMag. Clemens Eisinger IMMOFINANZ AG t +43 . (0) 5 7111-2315 c.eisinger@immofinanz.com Press coordination: Mag. Christoph Edelmann ACCEDO Austria GmbH t +43 .1. 533 87 00 christoph.edelmann@accedogroup.com Appendix: Group Profit and Loss Account of IMMOFINANZ AG Group Balance Sheet of IMMOFINANZ AG IMMOFINANZ AG Group Profit and Loss Account Values in TEUR Feb.1,2009- May1,2008- Feb.1,2008- May1,2007- April30,2009 April30,2009 April30,2008 April30,2008 Revenues 207,582.7 762,989.2 180,648.2 670,831.3 Other operating income 67,119.1 123,303.6 40,003.5 126,819.3 Real estate expenses 1) -79,356.7 -279,677.7 -59,497.5 -231,492.8 Other operating expenses -65,169.7 -235,260.8 -47,531.7 -236,966.6 Personnel expenses -8,423.1 -24,870.3 -4,504.8 -17,361.8 Costs of material -5,163.0 -23,493.8 -474.9 -5,650.3 Operative profit/loss (EBITDA) 116,589.3 322,990.2 108,642.9 306,179.1 Reevaluation of real estate -410,893.9 -1,347,351.5 71,059.0 370,027.5 Depreciations 1) -203,125.2 -881,505.0 -142,116.4 -161,756.0 Provisions for anticipated losses 188,928.2 -163,023.1 0.0 0.0 Profit/loss from operations (EBIT) -308,501.5 -2,068,889.3 37,585.4 514,450.6 Financing expenses/ income -40,195.0 -182,030.0 -44,463.1 -175,103.0 Other financial result 303,365.8 -782,672.8 121,497.5 175,583.7 Profit/loss share in associated companies -29,046.4 -367,459.7 40,332.9 40,332.9 Financial result 234,124.5 -1,332,162.6 117,367.2 40,813.6 Result before taxes on income (EBT) -74,377.0 -3,401,051.9 154,952.7 555,264.2 Taxes on income -213,492.1 352,320.1 -57,929.4 -180,226.4 Group result -287,869.0 -3,048,731.8 97,023.3 375,037.8 Share of the shareholders of the holding company -157,196.6 -2,024,943.9 98,933.2 304,864.7 Minority interest -130,672.4 -1,023,787.9 -1,909.9 70,173.1 1) The writedown of uncollectible receivables was reclassified from the real estate expenses to the depreciations. This change also applied to the comparison figures. IMMOFINANZ AG Group Balance Sheet as of April 30, 2009 Values in TEUR April 30, 2009 April 30, 2008 Real estate assets 7,890,236.0 9,636,190.4 Real estate assets under construction 572,674.5 849,490.9 Other fixed assets 22,382.9 23,182.0 Intangible assets 185,018.3 330,796.4 Shares in associated companies 144,818.3 531,498.9 Other financial instruments 402,605.1 1,169,418.4 Accounts receivables and other assets 629,106.3 639,021.4 Deferral of taxes 209,919.9 59,740.7 Long-term assets 10,056,761.2 13,239,339.1 Accounts receivables and other assets 1) 680,616.6 817,708.5 Real estate assets held for sale 5,173.5 0.0 Real estate stocks 236,466.8 327,020.5 Short-term financial instruments 1,775.8 502,675.2 Liquid funds 1) 712,987.1 681,656.5 Short-term assets 1,637,019.9 2,329,060.7 ASSETS 11,693,781.1 15,568,399.8 Share capital 476,579.0 476,527.7 Capital reserves 2,432,007.1 2,415,451.5 Reevaluation reserve 6,288.4 109,364.0 Revenue reserves and group result -629,092.2 1,346,405.9 Adjustment item from currency conversion -104,418.0 480.6 2,181,364.4 4,348,229.7 Minority interests 2,383,903.2 3,528,981.4 Net assets 4.565.267,6 7.877.211,1 Financial liabilities 4,548.211.3 5,443,181.7 Trade accounts payable 4,282.3 7,135.4 Provisions and accrued liabilities 171,026.8 2,709.3 Other liabilities 2) 241,136.0 256,378.5 Deferral of taxes 819,247.7 1,135,913.2 Long-term liabilities 5,783,904.0 6,845,318.1 Financial liabilities 1,008,490.7 436,604.4 Trade accounts payable 72,528.4 78,353.0 Provisions and accrued liabilities 92,570.3 68,360.5 Other liabilities 2) 171,020.1 262,552.7 Short-term liabilities 1,344,609.4 845,870.6 LIABILITIES 11,693,781.1 15,568,399.8 1) In the reporting period, the liquid funds of the second degree were reclassified from the liquid funds to the short-term liabilities and other assets. This change was also made for the previous year's figures. 2) In the reporting period, the passive derivatives were reclassified from the short-term to the long-term liabilities. This change was also made for the previous year's figures. (c)DGAP 05.08.2009 --------------------------------------------------------------------------- Language: English Issuer: IMMOFINANZ AG Gaudenzdorfer Gürtel 67 A-1120 Wien Österreich Phone: +43 (0) 5 7111 - 2290 Fax: +43 (0) 5 7111 - 8290 E-mail: investor@immofinanz.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 ---------------------------------------------------------------------------