ESTAVIS AG / Quarter Results


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The issuer is solely responsible for the content of this announcement.

Berlin, 16 May 2008 – ESTAVIS AG (ISIN: DE000A0KFKB3) today announced its
results for the first nine months of financial year 2007/2008. In
accordance with International Financial Reporting Standards (IFRS),
revenues increased by 11% compared with the same period of the previous
year to EUR 122.5 million. In addition to this, transactions with a volume
of EUR 50.0 million were recorded by 31 March 2008. Revenues from these
transactions are expected to be largely generated in the fourth quarter of
the current financial year.

The sale of apartments to private investors (EUR 49.0 million; previous
year: EUR 0 million) played a significant role in this revenue growth. In
contrast, revenues from portfolio trading (EUR 72.2 million, previous year:
110.7 million) fell as a result of the financing conditions for
institutional investors that have been made more difficult.

Earnings before interest and taxes (EBIT) calculated in line with IFRS of
EUR -0.4 million were negatively impacted by non-recurring effects in the
amount of EUR 6.1 million. This includes non-cash effects from the purchase
price allocation stipulated under IFRS for business acquisitions totalling
EUR 5.3 million and costs for setting up ESTAVIS Property Management in the
amount of EUR 0.8 million.
After adjustment for non-recurring effects, EBIT amounted to EUR 5.7
million. After nine months, the Group recorded a net loss of EUR -1.5
million and earnings per share were EUR -0.13 (not adjusted for
non-recurring effects in either case).

Against the backdrop of the current business performance and the status of
the portfolio transactions under negotiation, the Management Board believes
that the outlook for the current financial year communicated in February
2008 is still within ESTAVIS AG’s reach. Revenues are expected to grow
slightly compared to previous year (EUR 198 million). Present estimates
predict an EBIT margin before non-recurring events of around 10%.

KEY FIGURES for the first nine months of 2007/2008 
(1 July 2007 – 31 March 2008)compared with the first nine months of

+Notarised volume (31 March 2008): EUR 50.0 million (previous year: EUR 2.3
+Revenues: EUR 122.5 million (previous year: EUR 110.7 million);
+Total operating performance: EUR 119.2 million (previous year: EUR 111.4
+EBIT before non-recurring effects: EUR 5.7 million;
+EBIT under IFRS: EUR -0.4 million (previous year: EUR 11.5 million);
+Pre-tax result: EUR -2.6 million (previous year: EUR 10.2 million)
+Consolidated net loss for the period: EUR -1.5 million (previous year: EUR
6.3 million);
+Earnings per share: EUR -0.13 (previous year: EUR 1.26);
+Sales volume in economic units: 2,026 (previous year: 2,653);
+Sales volume in square meters: 112,046 (previous year: 147,780)


Information and Explaination of the Issuer to this News:

The complete quarterly report in German can be found on the ESTAVIS AG
website at and in English at

A telephone conference for analysts and investors in English will take
place today (Friday, May 16, 2008) at 8.30 am (CET).

Dial-in information: 
Conference:     +49 (0) 69 58 99 90 806
Replay:         +49 (0) 69 58 99 90 568 
Replay pin:     139458#

ESTAVIS AG - Peter Vogt - Investor & Public Relations - Tel: + 49 30 887
181 799 - E-Mail:

DGAP 16.05.2008 
Language:     English
Issuer:       ESTAVIS AG
              Uhlandstr. 165
              10719 Berlin
Phone:        +49 (0)30 - 887 181 - 0
Fax:          +49 (0)30 - 887 181 - 11
ISIN:         DE000A0KFKB3
WKN:          A0KFKB
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, München, Stuttgart
End of News                                     DGAP News-Service