DGAP-Adhoc: Bau-Verein zu Hamburg AG: Preliminary figures

Bau-Verein zu Hamburg AG / Preliminary Results

02.03.2009 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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* Improvement in operating profit - 15 % increase in rental income
* Consolidated post-tax loss from continuing activities of EUR 14 million 
* Focus on rental activities and moderate investment backed by solid
financial structure
* Strong performance in the first two months of 2009 with increased sales
volumes

Hamburg (2 March 2009) - In accordance with preliminary figures, Bau-Verein
zu Hamburg AG, a subsidiary of TAG Immobilien AG, sustained a post-tax loss
from continuing activities of EUR 14 million in 2008 despite an increase in
rental income.

The loss was primarily due to adjustments and impairment losses of around
EUR 11 million. On the basis of preliminary figures, the fair values of
residential properties were adjusted downwards by around EUR -3 million
compared with 31 December 2007. The losses of associated companies was
materially due to adjustments of real estate of these companies. The fair
value adjustments do not have any impact on the Group's liquidity or affect
the financial covenants.

The Company has reacted to the global financial market crisis and the
resultant effects on all sectors of the economy by adjusting its previous
business model. As a result, rental activities have been extended, while
new construction and portfolio development have been scaled back. Moreover,
staff costs were reduced substantially in 2008. Among other things, this
was achieved by optimising costs via synergistic benefits.

With a further improvement in the loan-to-value ratio to 63 % and an equity
ratio of 29 %, Bau-Verein has solid balance sheet ratios and financial
structures by sector standards.

In the period under review, revenues of EUR 34.6 million were generated
from the sale of residential real estate, yielding gross profit of EUR 2
million. In the first two months of 2009, the Company recorded a
considerable increase in income from sales. At EUR 20 million and with a
positive gross margin, sales were well up on the same period in earlier
years. The Company sees this as fundamental confirmation of the viability
of this business.

The final figures for fiscal 2008 will be released on April 23, 2009.
DGAP 02.03.2009 
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Language:     English
Issuer:       Bau-Verein zu Hamburg AG
              Steckelhörn 5
              20457 Hamburg
              Deutschland
Phone:        +49 (0)40 380 32-0
Fax:          +49 (0)40 380 32-388
E-mail:       info@bau-verein.de
Internet:     www.bau-verein.de
ISIN:         DE0005179006
WKN:          517900
Listed:       Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
              Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News                                     DGAP News-Service
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DGAP-Adhoc: Bau-Verein zu Hamburg AG: Preliminary figures for 2008
