IMMOFINANZ AG has been highly successful in the first half of the 2006/07 business year (from May 1 to October 31, 2006). The most important revenue figure, the operating profit (EBIT), improved by 52.5 percent from 197.6 million to 301.4 million Euro. Earnings before tax (EBT) rose somewhat more substantially with an increase of 56.7 percent from 185.7 million Euro to 291 million Euro.

Company growth was also very satisfying: revenues rose by 31.3 percent from 182.3 million to 239.3 million Euro. This is highly remarkable, particularly because in the reporting period more investments than ever were made in development projects which will generate rental income only in subsequent periods.

The development of real estate assets was particularly spectacular, however. Due to extensive investments, especially by IMMOEAST, real estate assets increased by the end of the second quarter to 10.59 billion Euro. In November directly after the closing date further transactions worth 1.17 billion Euro were carried out, resulting in a rise in real estate assets to a record level of 11.76 billion Euro. By annual comparison this is more than double, namely an increase of 109.1 percent.

The company’s net asset value (NAV) also developed very well. Based on the assets and liabilities in the balance sheet, NAV per share was 9.65 Euro as of the closing date. Based on the market cap of IMMOFINANZ’s stake in IMMOEAST, NAV per share was 10.30 Euro. This makes IMMOFINANZ one of Europe’s most favourably rated real estate shares, even after the significant growth in share price in the last few months.

“A satisfying year all the way around” says Chairman Karl Petrikovics. “Our profit situation improved further, in terms of company growth we are completely on schedule and the market position of the group was further improved in our core market, the centre of Europe. In CEE as well as in Austria we are the clear number one among institutional investors. From today’s perspective we will meet our targets for the overall year and in several aspects may even exceed them.”