• Revenues: EUR 252.7 m (+ 19.3%)
• EBITDA: EUR 88.7 m (- 2.6%)
• EBIT: EUR -1.405 bn
• EBT: EUR -2.276 bn
• Gross cash flow: EUR 75.1 m (+46.5%)
• Book value / share: EUR 6.73 (-27.9 %)
• NAV / share: EUR 7.03 (-30.6%)
• Result / share: EUR -2.32 from EUR 0.20

IMMOEAST AG continued to struggle with the extremely difficult market environment in the third quarter of the 2008/09 business year (1 November 2008 to 31 January 2009). This made additional depreciation of the real estate portfolio and writedowns resulting from the cancellation of development projects necessary.

Accumulated depreciations (revaluation of properties) from the first three quarters came to EUR -507.7 million, depreciation and amortisation on development projects, goodwill and receivables to EUR -634.2 million. This also includes partial depreciation of the outstanding claim of EUR -172 million (about one third of the claim of EUR 513 million) against Constantia Packaging B.V. (IBAG’s corporate bond). Allocation to provisions for onerous contracts of EUR - 352 million arose from development projects. Due to the continued difficult overall situation on the real estate market the Executive Board is unable to rule out further depreciation.

Excluding the positive foreign exchange rate effects on the balance sheet, depreciation totalled EUR -1.096 billion for the past nine months. Positive development was reported in the operative business, with the company’s strategic reorientation beginning to show initial results. At EUR 88.7 million, EBITDA was just 2.6% below that of last year, while revenues (+19.3%) and gross cash flow (+46.5%) made significant gains. The development in rental income was also positive: excluding foreign exchange rate effects, which bear a negative impact on this indicator, rental income rose 19.7% year on year. Acquisitions in the last few months of the expired business year and completions in the current business year are responsible for this. The occupancy rate and average rent levels remained largely unchanged.

The consolidation measures at IMMOEAST begun in the scope of the reorganisation strategy are making good progress: the high-volume project pipeline has been reduced by more than one half, whereby IMMOEAST’s future requirement for financing has declined by EUR 2.434 billion. The cancellation of further projects with a total investment volume of EUR 1.147 billion is currently in negotiation with the project partners.

So far only a comparatively small contribution to the enhancement of liquidity has been generated from the sale of properties; to date in the current business year two larger transactions have been carried out with the sale of the Mistral and Passat (Warsaw) as well as Jungmannova (Prague) office properties.