euro adhoc: Sparkassen Immobilien AG / quarterly or semiannual financial statement / Sparkassen Immobilien AG - excellent Q1 2008 results

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quaterly report

20.05.2008

Vienna-listed Sparkassen Immobilien AG (Bloomberg: SPI.AV, Reuters:
SIAG.VI) has started its business year 2008 with a good first quarter
2008.

Compared with the same period last year, revenues for the first three
months of 2008 were up by 22%, to EUR 26.9m, and rental income rose
21%, to EUR 21.2m. Net operating income (NOI) grew from EUR 15.1m to
EUR 17.9m, and the NOI margin (NOI/revenues) was 67%. Compared to
first quarter 2007, gains on portfolio revaluation were down to EUR
112,000 (Q1 2007: EUR 15.6m). This was attributable to the current
market situation and the fact that, in our valuations, our policy is
to err on the side of caution. On the bright side, the sale of a
German property brought us a EUR 5m profit. The property - an office
building in the centre of Hamburg with lettable space of just under
17,000 m2 - sold for 15% more than its most recent valuation: on
average, our other recent sales have shown similar percentage gains.

EBITDA for the first three months of 2008 was up by 74%, to EUR
19.9m, compared with EUR 11.5m for the same period last year. Due to
the lower valuation gains, EBIT was down to EUR 18.9m from EUR 26.2m
for first quarter 2007. Consolidated net profit came out at EUR 6.2m
for the three-month period, compared with EUR 10.6m for first quarter
2007. Cash flows from operating activities came to EUR 14.3m,
compared with EUR 11.3m in the same period last year, and funds from
operations (FFO), was EUR 8.2m, as compared with EUR 3.7m.

Sparkassen Immobilien AG's real estate portfolio was up to EUR 1.6bn
at the end of first quarter 2008, compared with EUR 1.3bn a year
earlier (up 28%). At balance sheet date the portfolio was made up of
252 properties with total lettable space of 1,443,400 m2. As at 31
March 2008 the portfolio's average gross rental yield was 6.4% - the
occupancy rate for the portfolio as a whole was 91%.

International capital market developments in the first quarter 2008
also affected the performance of s IMMO Aktie, whose price at 31
March 2008 was 30% lower than its underlying net asset value (NAV) of
EUR 9.6.

Sparkassen Immobilien AG's Management expects 2008 to be a
challenging business year due to the prevailing state of financial
markets and the resulting repercussions on the real estate sector.
Rising financing costs for ongoing investment activities and lower
gains from revaluations will be the most significant factors.
Nevertheless Sparkassen Immobilien AG is well positioned to meet its
guidance for 2008: revenues of EUR 99m, rental income of EUR 78m and
an EBIT of EUR 72m. Beginning in 2009 and then mainly in 2010, the
development projects now under way are expected to make substantial
contributions to earnings, in the form of rental income and
revaluation surpluses, that are expected to be even more impressive
than the record achievements of 2007.

Consolidated income statement for the period 1 January 2008 - 31
March 2008 EUR m / fair value basis

01.01.- 01.01.- Change %
31.03. 31.03.
2008 2007

|Revenues |26.9 |22.1 |+22
|whereof rental income |21.2 |17.4 |+21
|Revaluation of properties |0.1 |15.6
|Other operating income |0.5 |0.2
|Gains on property disposals |5.0 |0.0
|Operating revenue |32.6 |37.9 |-14
|Depreciation and amortisation |- 1.1 |- 0.8
|Other operating expenses |- 12.6 |- 10.9
|Operating profit (EBIT) |18.9 |26.2 |-28
|Finance costs |- 11.4 |- 13.0
|Profit before tax (EBT) |7.6 |13.2 |-43
|Taxes on income |- 1.4 |- 2.6
|Consolidated net profit |6.2 |10.6 |-42

Property information as at 31 March 2008

|Number of properties |252 |
|Total lettable space (m2) |1,433,400 |
|- whereof Austria |330,900 |
|- whereof Germany |592,600 |
|- whereof CEE |509,900 |
|Property portfolio at fair value (EUR) |1,622 |
|Average rental yield |6.4% |

end of announcement euro adhoc
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ots Originaltext: Sparkassen Immobilien AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Elke Koch

PR/IR Manager

Tel.: +43(0)50100-27867

Fax: +43(0)05100-927867

mailto:elkepetra.koch@s-immoag.at

wwww.sparkassenimmobilienag.at

Branche: Real Estate
ISIN: AT0000652250
WKN: 065225
Index: ATX Prime, Immobilien-ATX
Börsen: Wiener Börse AG / official market