DGAP-News: BBI Bürgerliches Brauhaus Immobilien AG grows still further in H1

BBI Bürgerliches Brauhaus Immobilien AG / Half Year Results

19.08.2008 

Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Consolidated revenues in H1 2008 up 4.7% to EUR 11.17 million compared to
H1 2007
- 14.5% revenue growth in the real estate segment to EUR 4.26 million
- Cash flow from operating activities up to EUR 2.25 million 
- Rentable space increases by 12,902 m² in first six months


Ingolstadt, August 19, 2008 – BBI Bürgerliches Brauhaus Immobilien AG (BBI
AG), a real estate company specializing in portfolio management for retail
property, again increased its revenues in H1 2008. BBI AG recorded revenues
(IFRS) of EUR 11.17 million, up 4.7% compared to the previous year's figure
of EUR 10.67 million. Growth in its core real estate business was
particularly pronounced, with revenues up 14.5% compared to H1 2007. As a
result, revenues in the first half of the current year amounted to EUR 4.26
million compared to EUR 3.72 million in H1 2007. The beverages segment
contributed revenues of EUR 6.91 million (H1 2007: EUR 6.95 million).

EBIT totaled EUR 3.51 million compared to EUR 4.70 million as of June 30,
2007. This downturn is due to positive extraordinary factors last year. For
example, BBI AG's existing portfolio was subject to a one-off write up in
the first half of 2007. Peter Schropp, BBI AG's CEO commented: 'If earnings
are adjusted for extraordinary factors, we improved EBIT by 24.2% compared
to the same period of the previous year. In addition, we are highly
profitable with an EBIT margin of 31.4%.' BBI AG recorded consolidated net
income after taxes of EUR 1.12 million (previous year: EUR 2.23 million).
This corresponds to earnings per share of EUR 0.21, after EUR 0.43 in the
same period of the previous year. Net asset value (NAV) per share increased
as a result of the positive earnings from EUR 14.59 per share (December 31,
2007) to EUR 14.84 on June 30, 2008.

The growth was clearly visible in the cash flow from operating activities,
which improved from EUR -0.18 million in H1 2007 to EUR 2.25 million in H1
2008. This increase is due, in particular, to additional rental income from
the expansion to the real estate portfolio. Peter Schropp believes that
this confirms that the strategic re-orientation is on track: 'As planned,
business developed positively in the first half of the year. Our cash flow
from operating activities at ‘half time’ in 2008 is already more than for
the whole of 2007. That is evidence of BBI AG's success and operating
strength.'

Back in 2006 and 2007, BBI AG secured an attractive package of retail
properties via both contracts and declarations of intent (in particular the
'Bavaria' and 'Bavaria-Westfalia' portfolios). BBI AG plans to further
reinforce its real estate portfolio via the successive acquisitions of
these properties. The company thus achieved key milestones in the first six
months of 2008, acquiring three commercial properties with a total rentable
area of 12,902 m². These new properties will allow BBI AG to generate
annualized net annual rent of EUR 1.68 million in fiscal year 2008 (pro
rata). A further five acquisitions are planned for the second half of the
current fiscal year. On these grounds real estate with a volume of
presumably around EUR 74.0 million including incidental acquisition costs
will be acquired in 2008. This includes both the properties already
acquired this year as well as the properties still to be transferred during
the remainder of the year. In terms of purchase prices, the new properties
will generate an annual rental return of approx. 6.5%.

The full report on the first half of the year, which is only published in
German, is available on the internet from today at
www.bbi-immobilien-ag.de.


Company Profile

The BBI Bürgerliches Brauhaus Immobilien AG (BBI AG) emerged in the year
2006 from the Bürgerliches Brauhaus Ingolstadt AG and its long-established
subsidiary Herrnbräu. Following the takeover of the property inventory of
the brewery real estate, the BBI AG positioned itself as a company focusing
on the asset management of commercial real estate in the segment close to
the consumer. In this respect, specialist retailers, retail centres and
supermarkets rank in particular among the holdings. A total of 14
properties from the previous stock balance and 19 newly acquired properties
belong to the real estate portfolio. As of June 30, 2008, these properties
have provided a total of around 130,900 square metres of lettable area to
third parties and they generate an average rental yield of 6.5% p.a. with
reference to the book value of EUR 150 million. All of the properties are
nearly full let when transferred to the company, most of them on a
long-term lease.
In order to reinforce its growth, back in 2006 and 2007, BBI AG secured an
attractive package of retail properties via both contracts and declarations
of intent in the form of the 'Bavaria' and 'Bavaria-Westfalia' portfolios.
The first two properties from these portfolios have already been
transferred this year. In addition, a self-service department store in
Pfaffenhofen/Ilm was also taken over this year, a specific individual
investment. A further 14 properties currently under development in the
'Bavaria' and 'Bavaria-Westfalia' portfolios with a volume of approx. EUR
128 million are to be transferred successively to the company through to
2010. Five of these properties are to be transferred in the second half of
2008. These new properties, most of which have already been let to
well-known anchor tenants, will contribute to further increases in revenues
and earnings at BBI AG from the date they are transferred.



Contact

Investor relations
cometis AG
Ulrich Wiehle
Phone: +49 (0)611 – 205855-11
Fax:   +49(0)611  – 205855-66 
E-mail: wiehle@cometis.de


DGAP 19.08.2008 
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Language:     English
Issuer:       BBI Bürgerliches Brauhaus Immobilien AG
              Manchinger Straße 95
              85053 Ingolstadt
              Deutschland
Phone:        +49 (0)841 6 31 - 2 05
Fax:          +49 (0)841 6 31 - 2 11
E-mail:       franz.katzenbogen@herrnbraeu.de
Internet:     www.bbi-immobilien-ag.de
ISIN:         DE0005280002
WKN:          528000
Listed:       Regulierter Markt in München; Freiverkehr in Berlin; Open
              Market in Frankfurt
End of News                                     DGAP News-Service
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