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Immofinanz with class numbers

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IMMOFINANZ AG: Preliminary results for the fiscal year 2009/10 (1 May 2009 to 30 April 2010)

* Turnover: EUR 719.2 million (previous year: EUR 736.2 million) * EBITDA: EUR 393.6 million (previous year: EUR 310.5 million) * EBIT: EUR 187 , 8 million (previous year: EUR -2,071.3 million) * EBT: EUR 208.3 million (previous year: EUR -3,403.4 million) * Net income: EUR 195.6 million (previous year: EUR -3051 , 1 million)

The 30 April 2010 fiscal year the IMMOFINANZ Group was marked by an extensive restructuring process, has found in the fusion of IMMOFINANZ AG and IMMOEAST its peak and with the implementation of the agreement with Constantia Packaging BV, which was reached in May 2010, is completed. IMMOFINANZ Group, the future focus on the eight core markets of Austria, Germany, Poland, Romania, Russia, Slovakia, the Czech Republic and Hungary is directed, has made it to the extremely negative crisis of 2008/09 and the turnaround in fiscal year 2009/10, a solid, positive result. The earnings figures were significantly improved over the previous year and show a sustained upward trend.

While revenue and EBITDA, revenue year over year slightly from EUR 736.2 million to EUR 719.2 million decreased, showed a significant increase in operating profit (EBITDA) of EUR 310.5 million to EUR 393.6 million was achieved, an increase of about 27%. While the decline is due in revenues to the previous year decline in rental revenues and lower revenues from the re-allocation of operating costs, which is based mainly in the made real estate sales, the increase in EBITDA was mainly due to the significant reduction of overhead costs from EUR 235 5 million to EUR 114.0 million was reduced (-52%).

assessment income and net income both the net result and the financial result have developed very positively over the previous year. Nevertheless, the net result to EUR -2,381.7 million in the previous year is also in the 2009/10 financial year is negative at EUR -205.9 million, although the property in 2009/10 revalued at constant currency in the sum of EUR 234.2 million were. The negative evaluation outcome is not influenced, non-cash foreign currency effects of EUR -254.4 million, depreciation and amortization of EUR -278.3 million.

The financial result, which was last year at EUR -1,332.2 million negative, positive, and this year amounts to EUR 20.5 million

quarter earnings from operations Earnings for the fourth quarter is due to lower real estate sales in fiscal year 2009/10 to EUR 88.5 million to EUR 20.2 million lower than last year. EBIT in the fourth quarter is negative due to one-amortization of goodwill in connection with the investment in the Golden Babylon Shopping Center at EUR -58.9 million Rostokino, balanced account of positive net income tax assets of EUR -25.5 million, almost. For the first quarter of this fiscal year and is expected to significantly positive result.

Net Asset Value The Net Asset Value (NAV) per share is 30 April 2010 EUR 5.04. Taking into account that treasury shares which IMMOFINANZ Group of Constantia Packaging BV is obtained which results in a NAV per share of EUR 5.19. With the additional involvement of the dilution of shares from the convertible bond in 2011, would result in a NAV per share of 4.90.

55 million treasury shares On 13 August 2010 IMMOFINANZ Group announced that those 55 million shares of IMMOFINANZ AG, held to be of companies of Constantia Packaging BV and the sale proceeds as agreed with Constantia Packaging BV to IMMOFINANZ Group was supposed to flow as the IMMOFINANZ Group's own Shares will be accepted. This will lead both to an increase in NAV and future refinancing . Facilitate

Outlook As the restructuring of the IMMOFINANZ Group is largely complete, is the fiscal year be characterized 2010/11 primarily from the optimization of the real estate portfolio, the completion and the selective reactivation of development projects and the sale of non-core business of IMMOFINANZ Group or its assets.

The capital structure and liquidity situation of the IMMOFINANZ Group are stable. Since the IMMOFINANZ Group in 2012, with possible maturities of convertible bonds amounting to EUR 866.6 million faces, currently refinancing possibilities of convertible bonds in 2014 and 2017 are evaluated. This funding, which one of the requirements for the financial year 2011/12 for planned distribution of dividends is to be realized within the next three quarters. The

by the auditor confirmed final results of the 2009/10 financial year the IMMOFINANZ Group together with the annual report by 31 August 2010 under www.immofinanz.com published.

The preliminary balance sheet and profit and loss account on our website.

Contact: Margit Hermentin Head of Investor Relations & Corporate Communications IMMOFINANZ AG A-1120 Vienna, Gaudenzdorfergürtel 67 Tel: +43 (0) 5 7111-2290 Fax: +43 (0) 5 7111-8290

m.hermentin @ immofinanz.com www.immofinanz.com

Press Coordinator: Jerome Tupay, MSc. ACCEDO Austria GmbH Tel: +43 (0) 1 533 87 00 Hieronymus.Tupay @ accedogroup.com

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The speculator price target for real estate financial bonds

Immofinanz: increased price target on

The prices of our 2017er Immofinanz convertible bonds (A0TMMN WKN, Symbol IMOB ISIN XS0332046043) with 96.75% have again reached a new annual high. Our 2017er bonds with an option to buy back through estate finance at a price of 113.47% in November 2012 have described to date nor a return of 8.51% pa

Like last week, we can well imagine that Immofinanz is currently active in the market and buys back bonds . The 2014er Bonds, which may be tendered in January 2012 at a rate of 100% estate finance are currently traded at 93.90%. This represents a yield of 7.35% pa, so a lot less than the 2017ern. This is quite remarkable because in the event of a successful eradication of 2014er Bonds at the beginning of the year 2012, 2017er Bonds should note at rates of 105-110% and thus have the 2014er substantially less income potential than the 2017er Bonds.

extent now, most investors would rather not 2014er 2017er and Bonds. The 2014er Bonds are wider market with 675 million € last still outstanding nominal 2017er than the € 230 million volume. If the Bond 2014er 2017er compared to Bond 'obviously too expensive', some investors will sell more 2014er Bond. Therefore, it would only be for a strategic buyer - now makes sense to the more liquid 2014er high and provide for the (attractive but illiquid) 2017er not as high - as real estate finance.
Immofinanz was last publishes cash reserves of about half a billion euros and it makes much more sense to buy its own bonds, as the money for less than 1% interest per annum to park in a bank account.

We are convinced that we see in the coming months, a corresponding (positive) message from the company be. This should then have a positive impact on bond prices (and shares), as the purchases get below par an extraordinary gain. Due to the expected price rise in the bonds it would make sense for real estate finance and to keep secret such purchases as long as possible in order to continue to grow on.

Since the model portfolio recording in February 2009 when we borrowed from 18.70% in the model portfolio shots and saw the light of the then very difficult situation of the company a price target of 40%, a lot has changed. While there was early 2009, a significant risk of insolvency, that is, in our view no longer exists. We therefore raise our target price from today least 100% once in, namely 105%. This course is equivalent to a current yield of 4.64% pa or a still very high premium of approximately 360 basis points on a bond of € 2012er Austria.


Source: http://www.derspekulant.ch/


Current price already 98%! Today after the market close, it is also the preliminary results 2009-10. Perhaps it clear whether the company is currently buying back bonds.

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