TAG Tegernsee Immobilien- und Beteiligungs-AG:
TAG Tegernsee Immobilien u. Beteiligungs AG / Half Year ResultsRelease of a Corporate News, transmitted by DGAP - a company of EquityStoryAG.The issuer / publisher is solely responsible for the content of this announcement.----------------------------------------------------------------------Report on the 1st half of 2007TAG with a fourfold increase in earnings before tax- Strong growth in real estate portfolio volume - Upbeat outlook for the year as a whole(Hamburg, 30 August 2007). In the first half of 2007, TAG TegernseeImmobilien- und Beteiligungs-Aktiengesellschaft achieved a very sharpincrease in earnings in tandem with strong growth. Earnings before tax(EBT) rose from EUR 3.8 million in the first half of 2006 to EUR 14.3million in the first half of 2007. TAG’s consolidated net profit came toEUR 6.5 million in the first six months of 2007, up from EUR 1.1 millionone year earlier.The main driving force behind earnings was the higher rental and managementincome, which rose from EUR 16.3 million in the previous year to EUR 25.6million in the period under review, as a result of the extensions toportfolio volumes and service business. As planned, revenues from sellingactivities contracted from EUR 29.0 million in the first half of 2006 toEUR 8.7 million in the first half of 2007. As a result, TAG’s consolidatedrevenues dropped from EUR 45.2 million in the first half of 2006 to EUR34.3 million in the first six months of this year.The Company expects the encouraging business performance achieved in thefirst half of the year to continue throughout 2007 as a whole. 'With oursteady expansion strategy and encouraging business performance, we are ableto confirm our full-year guidance of consolidated EBT of EUR 31 million for2007,' says Andreas Ibel, CEO of TAG.In the first six months of 2007, TAG not only achieved impressive earningsgrowth but has also nearly doubled the size of its portfolio over the pastfew months. In particular, the volume of investment properties tripled invalue from EUR 172.1 million at the end of 2006 to EUR 502.3 million as of30 June 2007.Says Andreas Ibel: 'We will be continuing TAG’s growth strategy andsteadily extending our real estate portfolios. We invested over EUR 250million in the first half, thus achieving a large part of the totalinvestment volume for 2007.'TAG’s clear strategy of assigning one company or subgroup to each of theareas in which it is engaged, namely commercial real estate, residentialreal estate and real estate asset management, allowed it to harnesssynergistic benefits and achieve further specialisation and expertise inthe individual segments. The success of our strategy is reflected in thedisproportionately strong increase in earnings in the first half of 2007.Bau-Verein zu Hamburg Group, a subsidiary of TAG which concentrates onresidential real estate in German cities, closed the first half of 2007with very encouraging results again, additionally increasing the value ofits portfolio. Bau-Verein generated consolidated earnings before tax (EBT)of EUR 3.6 million in the first half of the year, thus demonstrating thesuccessful implementation of its strategy oriented to German residentialreal estate.At EUR 24.5 million in the first half of 2007, Bau-Verein’s revenuesremained steady at the year-ago figure (EUR 25.9 million). In line withexpectations, proceeds from selling activities contracted from EUR 12.5million to EUR 5.3 million. Income from rent and asset managementactivities rose by 42 percent from EUR 13.5 million to EUR 19.2 million.TAG’s services have also been extended and integrated in the Group’s realestate asset management activities. These activities owe their success todetailed expertise, extensive knowledge of all aspects of asset managementas well as the provision of premium-quality services for externalcompanies. Revenues from management activities increased sharply in thefirst half of 2007 to EUR 9.5 million, up from EUR 4.8 million in the firsthalf of 2006.TAG has completed further important steps in preparation of the G-REIT:Thus, TAG Gewerbeimmobilien-Aktiengesellschaft has been registered as apre-REIT. With the acquisition of the Siemens portfolio in June 2007, thefuture asset volume doubled in value to around EUR 400 million.Looking ahead over the next 12 to 15 months, further transactions areplanned. TAG’s acquisition strategy will continue to focus on properties inurban locations in German cities offering development potential. Withmarket conditions still upbeat, the outlook for the Company’s businessperformance remains positive and TAG’s management is confident of beingable to reinforce the Group’s stable position and keep it on its growthtrajectory.Press inquiries:TAG Tegernsee Immobilien- undBeteiligungs-AktiengesellschaftHead of Investor & Public Relations Kirsten SchleicherTel. +49 (0) 40 380 32,300Fax +49 (0) 40 380 32 388pr@tag-ag.com30.08.2007 Financial News transmitted by DGAP---------------------------------------------------------------------- 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.comInternet: www.tag-ag.comISIN: DE0008303504WKN: 830350Indices: SDAXListed: Amtlicher Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------