IVG Immobilien AG  / Key word(s): Final Results

05.03.2013 19:20

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Based on preliminary figures, IVG Immobilien AG is reporting a consolidated
net loss of -EUR98.7 million for the 2012 financial year due to
extraordinary non-cash expenses. These extraordinary expenses, again,
relate to the development projects and financing activities initiated in
the period from 2006 to 2008. Due to recent developments the Board of
Management has decided to realise the existing risks in the area of certain
development projects, the convertible bond and deferred taxes in the fourth
quarter of 2012 in order to allow a clean start into the financial year
2013 in this respect.

In the fourth quarter of 2012, consolidated earnings were impacted by
extraordinary non-cash expenses of remaining project developments in the
amount of -EUR37.1 million. These are related to valuation adjustments
based on the current letting market on the one hand and on the other hand
to provisions for potential charges arising from outstanding final
invoices.

Due to the current market, stock market and interest rate environment, it
is expected that the majority of investors in IVG's convertible bond will
exercise their put option as of 29 March 2014. The resulting shorter
compounding period of the convertible, originally maturing in 2017 has a
one-off and non-cash effect of -EUR35.6 million in the fourth quarter of
2012.

Another extraordinary non-cash item due to the derecognition of deferred
tax assets at foreign companies in the amount of -EUR12.8 million impacted
the tax result in the fourth quarter of 2012.

As a result of the aforementioned factors, the company will not show a
virtually break-even result which had previously been forecasted for the
financial year 2012.  However, excluding the non-recurring expenses the
result is within the previously announced guidance. No dividend is expected
to be paid for the 2012 financial year. As in the previous year, the coupon
payments of the hybrid bond will be deferred for the payment dates in 2013.

Further details on the 2012 financial year will be presented during the
balance sheet press conference on 27 March 2013.


05.03.2013 DGAP's Distribution Services include Regulatory Announcements,
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Language:     English
Company:      IVG Immobilien AG
              Zanderstr. 5-7
              53177 Bonn
              Germany
Phone:        +49 (0)228 844-400
Fax:          +49 (0)228 844-372
E-mail:       ir@ivg.de
Internet:     www.ivg.de
ISIN:         DE0006205701, DE000A0JQMH5
WKN:          620570, A0JQMH
Indices:      SDAX
Listed:       Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
              Standard), München; Freiverkehr in Hamburg, Hannover,
              Stuttgart
 
End of Announcement                             DGAP News-Service
 
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