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

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6-month report

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% |

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