TAG AG with higher consolidated earnings in 2006
TAG Tegernsee Immobilien u. Beteiligungs AG / Preliminary ResultsRelease of a Corporate-announcement, transmitted by DGAP - a company ofEquityStory AG.The issuer is solely responsible for the content of this announcement.----------------------------------------------------------------------PRESS RELEASEPreliminary figures for fiscal 2006TAG with higher consolidated earnings in 2006 - Increase in consolidated EBT to EUR 6.4 million - Record earnings posted by subsidiary Bau-Verein zu Hamburg in 2006(Hamburg, April 3, 2007). TAG Tegernsee Immobilien- undBeteiligungs-Aktiengesellschaft, Hamburg (TAG) closed 2006 with asubstantial increase in earnings. Earnings before tax (EBT) came to EUR 6.4million, reversing the previous year’s loss of EUR 32.3 million andexceeding the guidance of EUR 6.0 million which had been raised in August2006. Consolidated post-tax earnings came to EUR 2.8 million, animprovement over the previous year’s loss of EUR 35.5 million.As expected, sales in 2006 contracted from EUR 153.6 million to EUR 107.3million as a result of the focus on portfolio management. Sales fromfacility and asset management rose from EUR 31.7 million in 2005 to EUR34.6 million in 2006, while total proceeds of EUR 72.7 million weregenerated from the sale of properties.Real estate assets rose from EUR 374 million in the previous year to EUR516 million.Equity capital increased from EUR 92 million as of December 31, 2005 to EUR289 million at the end of 2006, resulting in an improvement in the equityratio from 19.1 percent to 41.6 percent.Bau-Verein zu Hamburg AG, a subsidiary of TAG, closed 2006 with recordearnings. Consolidated earnings before tax (EBT) surged more than fourfoldfrom EUR 3.9 million in the previous year to EUR 16.4 million in 2006, withconsolidated post-tax earnings rising from EUR 1.0 million to EUR 14.6million. The equity ratio widened from 23.7 percent in the previous year to35.7 percent as of December 31, 2006.The inclusion in the S-DAX has additionally heightened the appeal of TAGstock and is strengthening the Company’s position as an established realestate company. At the end of the year under review, TAG was trading at EUR9.24 and is currently at EUR 10.24. The net asset value, which wasdisclosed for the first time in October 2006, rose in the last quarter ofthe year from € 10.22 to € 11.00 per share.Says Andreas Ibel, chairman of TAG’s management board: 'The figures for2006 testify to the success of our strategic realignment. Our 'buy, buildand hold' strategy is continuing to focus on diversified real estateportfolios with attractive rental yields and development potential in majorGerman cities.In fiscal 2006, we invested an amount of EUR 250 million in the acquisitionof German real estate. We are planning further acquisitions in 2007 toadditionally broaden our real estate holdings.The figures stated here for the financial year ending December 31, 2006 arepreliminary subject to approval and adoption by the Supervisory Board.Press inquires:TAG Tegernsee Immobilien- undBeteiligungs-AktiengesellschaftPublic RelationsKirsten SchleicherTel. +49 (0) 40 380 32 300Fax +49 (0) 40 380 32 388info@tag-ag.comDGAP 03.04.2007 ---------------------------------------------------------------------- Language: EnglishIssuer: TAG Tegernsee Immobilien u. Beteiligungs AG Steckelhörn 9 20457 Hamburg DeutschlandPhone: +49 (0)40 30 60 59-40Fax: +49 (0)40 30 60 59-49E-mail: info@tag-ag.comwww: www.tag-ag.comISIN: DE0008303504WKN: 830350Indices: SDAXListed: Amtlicher Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------