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Munich, Germany, May 7, 2008 - (ABN Newswire) - Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
(Munich, 7 May 2008) In a persistently difficult market with a decline of 12 percent in new residential mortgage business compared to the first quarter of 2007, Interhyp - Germany's largest independent mortgage provider - was still able to succeed: Market share compared with the first quarter of 2007 rose from 2.89 percent to 3.09 percent. Based on the last 12 months, the market share even rose to as much as 3.17 percent. At the same time, however, Interhyp could not escape the weak environment and the particularly low demand at the turn of the year: The volume of residential mortgages brokered came to EUR 1.263 billion in the first quarter (Q1 2007: EUR 1.339 billion). Net revenues - after deduction of commission payments to partners in the Intermediary Channel - came to EUR 15.3 million (Q1 2007: EUR 16.4 million). Earnings before interest and taxes (EBIT) totalled EUR 3.5 million (Q1 2007: EUR 6.1 million). This corresponds to an EBIT margin of 22.9 percent. Net income in the first quarter of 2008 reached EUR 2.5 million (Q1 2007: EUR 3.9 million). "Bundesbank statistics, surveyors' councils and building permits reflect the on-going striking weakness of the German residential real estate market. In particular, with the lack of year-end special effects such as the abolition of the housing subsidy at the end of 2005 or the reversal in the interest rate trend at the end of 2006, the seasonally very low demand in December 2007 impacted our figures for January heavily. With the costs of an organisation geared to growth, this has led, as announced, to a weak first quarter", says Robert Haselsteiner, founder and Co-CEO of Interhyp AG. He adds: "At the same time our increase in market share, customer demand and the current development of business reflect distinct momentum: In March we boosted our market share to 3.85 percent and again achieved an EBIT margin of 36 percent. With a record volume of EUR 555 million, our performance in April clearly confirms this trend. This and structural growth from cooperation agreements with institutional partners will give us substantially more impetus in the quarters ahead." In line with the overall consumer trend towards mortgage brokers Interhyp is rounding off its regional presence. Starting in summer, a regional office in Augsburg will address the attractive real estate market west of metropolitan Munich more selectively. For the entire year, Interhyp continues to expect double-digit growth for its key financial indicators mortgage volume, net revenues and EBIT. About Interhyp With EUR 5.7 billion in new residential mortgage volume in 2007, Interhyp is Germany's leading independent residential mortgage distributor. Interhyp combines the power of the Internet with high quality mortgage advice. More than 250 mortgage consultants can choose among the products of more than 50 mortgage lenders to provide borrowers with rates that are significantly below those of traditional branch-based retail banks. In addition to its direct channel, Interhyp offers face to face advice in its offices in Berlin, Bielefeld, Bremen, Cologne, Dortmund, Dusseldorf, Essen, Frankfurt, Hamburg, Hanover, Karlsruhe, Leipzig, Mannheim, Munich, Nuremburg, Stuttgart and Wiesbaden. Interhyp AG shares are listed at Frankfurt Stock Exchange (SDAX) with the code IYP and the ISIN: DE 00005121701. Press contact Christian Kraus, SVP Corporate Communications, Telephone +49 89 20 30 7 13 01
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Interhyp AG Marcel-Breuer-Str. 18 Munich Germany
WKN: 512170; ISIN: DE0005121701; Index: CDAX, CLASSIC All Share, Prime All Share, GEX, SDAX; Listed: Prime Standard in Frankfurter Wertpapierbörse, Amtlicher Markt in Frankfurter Wertpapierbörse;
