TAG Immobilien AG announces a solid EUR 80 million in EBT for fiscal 2011, greatly exceeding its forecast

TAG Immobilien AG / Key word(s): Preliminary Results

21.02.2012 / 08:00

TAG Immobilien AG announces a solid EUR 80 million in EBT for fiscal 2011, greatly exceeding its forecast

- EBT for 2011 of approx. EUR 80 million

- NAV (Net Asset Value) at year-end 2011 of approx. EUR 8.75 per share

- Rental profit of approx. EUR 80 million (2010: EUR 40 million)

Hamburg (21 February 2012) - TAG Immobilien AG ('TAG' in the following) has announced its preliminary, unaudited results for the 2011 fiscal year.

TAG successfully concluded the past business year and well exceeded its forecast earnings before taxes (EBT) of EUR 50-60 million. In fiscal 2011, the company generated Group EBT of a solid EUR 80 million (prior year: EUR 22 million). It doubled its real estate portfolio during the past business year, to a volume of approximately EUR 2 billion (prior year: approximately EUR 1 billion), comprising of more than 30,000 residential units.

The Net Asset Value in accordance with EPRA guidelines was approximately EUR 8.75 per share at year-end 2011 (prior year: EUR 6.67). The NAV is a real estate specific indicator that represents a company's inherent value. A steady increase in its NAV is a reflection of the TAG Group's value-driven portfolio management. Apart from this, in 2011 the Group doubled its rental profit from EUR 40 million in 2010 to nearly EUR 80 million in 2011.

TAG's (preliminary) key balance sheet figures are also on a sound footing. The Group increased its equity in 2011 to approximately EUR 540 million after minority interests (2010: EUR 356 million). Liabilities to banks amounted to approximately EUR 1.2 billion at 31 December 2011 after EUR 0.6 billion at year-end 2010. With Loan to Value (LTV) at 59 percent (prior year: 53 percent) and an equity ratio of 26 percent (prior year: 30 percent), the TAG Group's balance sheet ratios at 31 December 2011 were appropriate for its business model. As announced earlier, the company will propose a dividend of 20 Cents per share for the 2011 fiscal year at the Annual General Meeting.

'A long-term increase in shareholder value is the key consideration in TAG's strategic direction. Our figures show that we are on the right path with our expansion strategy. We continue to expect pre-tax earnings of EUR 75 million as guidance for 2012. The Net Asset Value per share should be approximately EUR 9.75 at year-end 2012. TAG will also report its Funds from Operations for the first time in 2012. Our target FFO is EUR 27 million, which would mean that we would be able to afford a significant and lasting increase in the dividend,' says TAG CEO Rolf Elgeti.

The audited Group results for fiscal 2011 will be published on 25 April 2012.

Press enquiries:
TAG Immobilien AG
Investor & Public Relations
Britta Lackenbauer / Dominique Mann
Phone +49 40 380 32 300
Fax +49 40 380 32 390

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Company:TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Phone:040 380 32 0
Fax:040 380 32 390
Listed:Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart
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