TAG Immobilien AG: TAG adjusting revenue and earnings forecast 2008
TAG Immobilien AG / Quarter ResultsRelease of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.----------------------------------------------------------------------Ad hoc bulletinTAG Immobilien AGTAG adjusting revenue and earnings forecast for 2008(Hamburg, 12 November 2008) In the first nine months of 2008, TAGImmobilien AG’s revenues rose by 37 percent from EUR 58.3 million to EUR80.1 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 increasedrevenues and net rental income. At EUR 44.4 million, gross profit for theperiod under review remained steady at the year-ago figure despite thereduced fair value remeasurement gains. EBT came to EUR 6.7 million in thefirst nine months of 2008. A balanced figure was also achieved in the thirdquarter at the EBT level against the backdrop of the increased interestexpense resulting from the greater real estate volumes and reduced fairvalue remeasurement gains.Given the crisis afflicting the financial markets and the fall-out for thereal economy, the Company is currently unable to issue any reliableforecasts for 2008. As it is not possible to tell whether TAG will be ableto achieve its budgeted sales by the end of 2008, the Company is, however,adjusting its revenue and earnings forecast. The current conditions may notonly affect planned real estate sales but also impact the fair value ofindividual properties. Accordingly, TAG’s Management Board expects theCompany 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 washigh by sector standards. As well as this, current liabilities to bankscontracted from EUR 217 million at the end of 2007 to EUR 106 million as of30 September 2008. At the same time, non-current liabilities rose from EUR296 million to EUR 433 million. Despite the current adverse conditions inthe credit markets, TAG assumes that all loans will be renewed upon expiry.More information can be found in the press release which TAG will bepublishing in due course.Contact:TAG Immobilien AGHead of investor and public relations Kirsten SchleicherTel. +49 (0) 40 380 32 300Fax +49 (0) 40 380 32 388pr@tag-ag.com12.11.2008 Financial News transmitted by DGAP---------------------------------------------------------------------- Language: EnglishIssuer: TAG Immobilien AG Steckelhörn 5 20457 Hamburg DeutschlandPhone: 040 380 32-300Fax: 040 / 380 32-388E-mail: info@tag-ag.comInternet: www.tag-ag.comISIN: DE0008303504WKN: 830350Indices: SDAXListed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Hannover, Hamburg, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------