DGAP-Adhoc: Bau-Verein zu Hamburg AG: Bau-Verein zu Hamburg

Bau-Verein zu Hamburg AG / Quarter Results

12.11.2008 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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(Hamburg, 12 November 2008) In the first nine months of 2008, Bau-Verein zu
Hamburg AG ('Bau-Verein' for short), a subsidiary of TAG Immobilien AG, was
able to further improve its business performance, with revenues rising by
more than 10 percent over the year-ago period from EUR 42.4 million to EUR
47.5 million. This growth was underpinned by an increase in the proceeds
from property sales from EUR 8.7 million in the previous year to EUR 21.9
million in the first nine months of 2008 as well as higher rental income,
which rose by 12 percent from EUR 13.8 million to EUR 15.4 million.

Earnings before tax (EBT) remained at a high level; however, at EUR 5.1
million they fell short of the year-ago periods EBT figure of EUR 6.5
million. The moderate decline was primarily due to the increased borrowing
costs resulting from the larger volume of real estate.

Given the crisis afflicting the financial markets and the fall-out for the
real economy, the Company is currently unable to issue any reliable
forecasts for 2008.

As it is not possible to determine the extent to which Bau-Verein will be
able to achieve its budgeted sales by the end of 2008 and whether the
current conditions in the financial markets may leave traces on the fair
values of individual properties, the Company is updating its revenue and
earnings forecast. As a result, the Management Board of Bau-Verein now
expects the Company to break even at the EBT level in 2008.

At around 32 percent at the end of the third quarter, the equity ratio was
high by sector standards. As well as this, current liabilities to banks
contracted from EUR 83 million at the end of 2007 to EUR 46 million as of
30 September  2008. At the same time, non-current liabilities rose from EUR
108 million to EUR 166 million.  Despite the current adverse conditions in
the credit markets, Bau-Verein assumes that all loans will be renewed upon
expiry.

More information can be found in the press release which Bau-Verein will be
publishing in due course.
DGAP 12.11.2008 
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Language:     English
Issuer:       Bau-Verein zu Hamburg AG
              Steckelhörn 5
              20457 Hamburg
              Deutschland
Phone:        +49 (0)40 380 32-0
Fax:          +49 (0)40 380 32-388
E-mail:       info@bau-verein.de
Internet:     www.bau-verein.de
ISIN:         DE0005179006
WKN:          517900
Listed:       Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
              Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News                                     DGAP News-Service
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DGAP-Adhoc: Bau-Verein zu Hamburg AG: Bau-Verein zu Hamburg adjusting its forecast for 2008
