DGAP-News: TAG Immobilien AG / Key word(s): Quarter Results TAG Immobilien AG reports EBT of EUR 12 million for Q1 2011 23.05.2011 / 08:00 --------------------------------------------------------------------- - Net rental profit doubled to EUR 19 million - Group's earnings before taxes (EBT)came to EUR 12 million - Integration and restructuring of Colonia Real Estate AG proceeding at full throttle Hamburg (23 May 2011) - For TAG Immobilien AG ('TAG' in the following), the first quarter of 2011 revolved around the takeover and first-time consolidation of Colonia Real Estate AG ('Colonia' in the following). This resulted in an entirely new balance sheet for TAG at the reporting date. The integration of Colonia has taken the Group to a new dimension in terms of both size and market importance. Its property volume has increased to approx. EUR 1.8 billion, and as of the end of March, the TAG Group manages 26,517 residential units. The first-quarter figures reflect the success of TAG's expansionist strategy: Total revenue increased from EUR 21.1 million in Q1/2010 to EUR 36.0 million in the first three months of 2011. First-quarter rental revenues rose from EUR 12.0 million in Q1/2010 to EUR 24.4 million in 2011, leading to consolidated net rental profit of EUR 19.1 million (TAG and Colonia) alone was able to improve its first-quarter net rental profit by nearly 30 percent to EUR 12.5 million (Q1/2010: EUR 9.7 million) thanks to successful vacancy reduction. TAG's net rental profit after interest paid on property financing came to EUR 4.6 million in Q1/2011, after EUR 3.3 million for the comparable period in 2010. This shows that TAG's growth does actually help to increase the operating result. The Group's Earnings before taxes (EBT) including Colonia came to EUR 12.0 million at the end of the first quarter 2011. The biggest contributor, in the amount of EUR 12.4 million, was the first-time consolidation of Colonia. The Colonia acquisition resulted in higher interest costs; the interest paid on the convertible bonds issued by TAG last year and higher interest on property loans resulting from acquisitions also impacted the result. Net interest income for the first quarter of 2011 was EUR -14.2 million after EUR -6.7 million in Q1/2010. TAG generated Group net income of EUR 11.1 million in Q1/2011, after EUR 4.3 million in Q1/2010. The Colonia takeover increased the Group's total assets from EUR 1.2 billion to EUR 1.9 billion. Its equity ratio before minorities is 19.3 percent and the LTV (Loan to Value) ratio is around 60 percent. TAG is sticking to the forecast issued at year-end 2010 and expects pre-tax earnings (EBT) of between EUR 50 million and EUR 60 million. 'The months ahead will contain great challenges arising from the integration of Colonia in TAG and the necessary restructuring measures. We are, however, making much faster and better progress on this than planned. At the same time we will pursue the expansion of our portfolio and continue growing based on the position we've now achieved,' says Rolf Elgeti, CEO of TAG. For details, please refer to the interim report for the quarter ended on 31 Mar 2011, which was published today. Press enquiries: TAG Immobilien AG Investor & Public Relations Britta Lackenbauer / Dominique Mann Tel. +49 40 380 32 300 Fax +49 40 380 32 390 pr@tag-ag.com End of Corporate News --------------------------------------------------------------------- 23.05.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: TAG Immobilien AG Steckelhörn 5 20457 Hamburg Deutschland Phone: 040 380 32 300 Fax: 040 380 32 390 E-mail: ir@tag-ag.com Internet: http://www.tag-ag.com ISIN: DE0008303504 WKN: 830350 Listed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 125693 23.05.2011
DGAP-News: TAG Immobilien AG reports EBT of EUR 12 million for Q1 2011
| Source: EQS Group AG