DGAP-News

BUWOG AG: Results for 2013/14 Financial Year - Seite 2

optimisation also continued with Block Sales of properties and portfolios
amounting to approx. 1,700 units at a margin of 11% above fair value. The
Property Development business area with its regional focus on the capital
cities of Vienna and Berlin contributed EUR 4.9 million* to the company's
operating results.

As of the balance sheet date on 30 April 2014, the BUWOG Group's standing
investment portfolio amounted to 33,475 units with a fair value of EUR 2.5
billion and a total floor area of approx. 2.5 million sqm. The closing of
the DGAG and Apollo acquisitions in the first quarter of the 2014/15
financial year increased the standing investment portfolio to approx.
53,000 units with a total floor area of approx. 3.7 million sqm and a fair
value of approx. EUR 3.5 billion. The sustainability of the BUWOG Group's
portfolio is underlined by the repeated realisation of margins above fair
value in the Property Sales business area. EPRA-NAV amounted to approx. EUR
1.7 billion as of the balance sheet date.

"BUWOG Group has now reached a size that allows for the highly efficient
management of its standing investments. Our personnel structure and
management capacities are capable of effectively managing our operational
growth course, also in the coming years", explained CEO Daniel Riedl. "In
2013/14 we successfully established a position on the capital market as the
leading German-Austrian residential property company and intend to expand
that position in the future."

The Executive Board plans to continue its value-creating strategy with
regards to the portfolio. Based on the expected Recurring FFO of EUR 75.0
million in the 2014/15 financial year, the Executive Board also plans to
continue its policy of distributing an attractive dividend to BUWOG AG's
shareholders.

*The formation of BUWOG Group required BUWOG AG, as the parent company, to
prepare consolidated financial statements for the first time as of 30 April
2014. These consolidated financial statements meet the requirements of
IFRS. However, BUWOG AG's historical IFRS financial data have limited
explanatory power because the company has only existed in its current
structure since the end of April 2014.

In the interest of transparency towards its shareholders and the capital
markets, the BUWOG Group has decided to prepare additional pro-forma
financial information. This pro-forma information is included in the notes,
the management report as of 30 April 2014 and the annual report.

The pro-forma financial information, in particular, includes a pro-forma