euro adhoc: Sparkassen Immobilien AG / other / Sparkassen Immobilien AG with excellent results for first half 2008 (E)

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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20.08.2008

For the first half of 2008, stock exchange listed Sparkassen Immobilien AG
(Bloomberg: SPI.AV, Reuters: SIAG.VI) has again posted increases in its major
financial indicators.

In the first two quarters of 2008 revenues were up by 20% to EUR 54.1m and
rental income was up 19% to EUR 42.9m due to active portfolio management and
additions to the portfolio. German properties continue to contribute the
largest share of rental income (42%), with 30% coming from Austria and 28% from
the CEE.

As a result of the prevailing market climate, there were no significant gains
on revaluation of Sparkassen Immobilien AG's properties during the first half
of 2008 (EUR 0.1m), but equally, there was also no loss in value of the total
portfolio.

EBITDA climbed 34%, from EUR 25.5m to EUR 34.3m, while EBIT was down to
EUR 32.2m after EUR 40.8m in the first six months of 2007, due to lower
revaluation gains this year so far, and increased operating expenses. For the
first six months of 2008 operating expenses came to EUR 27.4m (first half 2007:
EUR 21.4m); the increase is attributable to higher service charges and
maintenance expenses on German residential properties.

With the absence of a one-time expense incurred in the same period last year
(EUR 21m in connection with the restructuring of s IMMO INVEST participating
certificates), consolidated net profit increased particularly vigorously, from
EUR 1.0m to EUR 9.0m. Earnings per share were also up significantly, from
EUR 0.01 in first half 2007 to EUR 0.13 in first half 2008.

Net operating income (NOI) and operating cash flow in the first six months of
2008 both grew by roughly 11%: NOI came out at EUR 35.8m and cash flow at
EUR 28.3m. Net asset value (NAV) at 30 June 2008 of EUR 9.9 per share was 5%
higher than a year earlier.

Property portfolio in the first six months 2008 grew from EUR 1.3 bn to EUR 1.7
bn. The portfolio at 30 June 2008 included 265 properties with total lettable
space of 1,444,100 m2 (+ 33% as compared with the position a year earlier).
The portfolio's overall gross rental yield as of 30 June 2008 was 6.3%, with
the occupancy rate standing at 91%.

s IMMO Aktie continued to suffer under the impact of negative developments in
the world's capital markets, and in the first six months of 2008 its share
price slipped 10.6% (I-ATX down 11.6% in the same period), so that at 30 June
2008 it stood at a roughly 30% discount to NAV.

Given the continuing tensions in financial and capital markets, Sparkassen
Immobilien AG's Management confirms its guidance for 2008 issued at the
beginning of the year: revenues of EUR 99m, rental income of EUR 78m and EBIT
of EUR 72m. Management expects the overall value of the portfolio to remain
steady - any individual writedowns necessary will be compensated for by gains
on revaluations. Further sales of properties in Austria and Germany at prices
above latest valuations in the third and fourth quarters of 2008 should also
provide additional contributions to earnings.

Consolidated income statement for the half year ended 30 June 2008
EUR m / fair value basis

|01.01. - |01.01. - |Change %
|30.06.2008 |30.06.2007

|Revenues |54.1 |45.1 |+20
whereof rental income |42.9 |35.9 |+19 |
|Revaluation of properties |0.1 |16.8 | |
|Other operating income |2.2 |1.8 | |
|Gains on property disposals |5.4 |0 | |
|Operating revenue (EBIT) |61.9 |63.7 |(3) |
|Depreciation and amortisation |(2.2) |(1.5) | |
|Other operating expenses |(27.4) |(21.4) | |
|Operating profit (EBIT) |32.2 |40.8 |(21) |
|Net financing costs |(21.2) |(17.1) | |
|Expenses of restructuring |0.0 |(21.0) | |
|participating certificates | | | |
|Profit before tax (EBT) |11.0 |2.7 |+306 |
|Taxes on income |- 2.0 |(1.2) | |
|Consolidated net profit |9.0 |1.0 |+ 486 |
|Minority interests |0.1 |(0.5) | |
|Interests of shareholders |9.0 |0.1 |+814 |
in parent company

Property indicators as at 30 June 2008
|Number of properties |265 |
|Total lettable space (m2) |1,444,100 |
|- Austria |330,900 |
|- Germany |601,100 |
|- CEE |512,100 |
|Property portfolio at fair value (EUR) |1,666 |
|Gross rental yield |6.3% |

Further inquiry note:
Elke Koch
PR/IR Manager
Tel.: +43(0)50100-27867
Fax: +43(0)05100-927867
mailto:[email protected]
wwww.sparkassenimmobilienag.at

end of announcement euro adhoc
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emitter: Sparkassen Immobilien AG
Windmühlgasse 22-24
A-1060 Wien
phone: +43(0)50100-27550
FAX: +43(0)050100-927559
mail: [email protected]
WWW: www.sparkassenimmobilienag.at
sector: Real Estate
ISIN: AT0000652250
indexes: ATX Prime, Immobilien-ATX
stockmarkets: official market: Wiener Börse AG
language: English

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