TAG Immobilien 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. --------------------------------------------------------------------------- Ad hoc bulletin TAG Immobilien AG TAG adjusting revenue and earnings forecast for 2008 (Hamburg, 12 November 2008) In the first nine months of 2008, TAG Immobilien AGs revenues rose by 37 percent from EUR 58.3 million to EUR 80.1 million. This was accompanied by a disproportionately strong 44 % increase in rental income to EUR 38.2 million. Operating earnings improved particularly as a result of the increased revenues and net rental income. At EUR 44.4 million, gross profit for the period under review remained steady at the year-ago figure despite the reduced fair value remeasurement gains. EBT came to EUR 6.7 million in the first nine months of 2008. A balanced figure was also achieved in the third quarter at the EBT level against the backdrop of the increased interest expense resulting from the greater real estate volumes and reduced fair value remeasurement gains. 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 tell whether TAG will be able to achieve its budgeted sales by the end of 2008, the Company is, however, adjusting its revenue and earnings forecast. The current conditions may not only affect planned real estate sales but also impact the fair value of individual properties. Accordingly, TAGs Management Board expects the Company to break even at the EBT level in 2008 as a whole. At around 33 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 217 million at the end of 2007 to EUR 106 million as of 30 September 2008. At the same time, non-current liabilities rose from EUR 296 million to EUR 433 million. Despite the current adverse conditions in the credit markets, TAG assumes that all loans will be renewed upon expiry. More information can be found in the press release which TAG will be publishing in due course. Contact: TAG Immobilien AG Head of investor and public relations Kirsten Schleicher Tel. +49 (0) 40 380 32 300 Fax +49 (0) 40 380 32 388 pr@tag-ag.com DGAP 12.11.2008 --------------------------------------------------------------------------- Language: English Issuer: TAG Immobilien AG Steckelhörn 5 20457 Hamburg Deutschland Phone: 040 380 32-300 Fax: 040 / 380 32-388 E-mail: info@tag-ag.com Internet: http://www.tag-ag.com ISIN: DE0008303504 WKN: 830350 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Hannover, Hamburg, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: TAG Immobilien AG: TAG adjusting revenue and earnings forecast 2008
| Source: EQS Group AG