conwert Immobilien Invest AG

euro adhoc: conwert Immobilien Invest AG
Financial Figures/Balance Sheet / conwert Immobilien Invest AG reports record figures in 2006

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

08.03.2007

conwert Immobilien Invest AG reports record figures in 2006

Vienna, 08.03.2007. conwert Immobilien Invest AG (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) once again achieved record sales and profit figures in 2006. Total revenues in 2006 rose by 151% to EUR 265m. Earnings before interest and taxes (EBIT) increased by 129% to EUR 104.42m, while earnings before taxes (EBT) experienced a rise of 128% to EUR 77.03m. Through systematic portfolio expansion, the value of property assets was increased by 84% to EUR 1,673m.  The dynamic expansion of the property portfolio enabled conwert to set a new record in total revenues which was mainly due to a continuous increase in revenues from rental income as well as a dynamic development in sales. Thus, total revenues increased by 151% to EUR 265.00m, compared to EUR 105.37m for the previous year.  As a result of portfolio expansion, revenues from rental income increased from EUR 37.12m to EUR 79.54m, a rise of 114% compared to the previous year’s figures. The reasons for this steep rise were the growth in total usable space, a general increase in rent levels in conwert’s core markets as well as successfully completed development projects and, as a result, new rentals of previously vacant space. Backed up by the high demand prevailing in the Viennese property market, sales in the previous reporting period attained a record high of EUR 185.46m, which meant an increase of 172%. In the course of portfolio optimization, in the business segment "Letting & Development of Older Residential Properties", 37 properties with a total value of EUR 124.84m were successfully sold (2005: 17 properties for EUR 51.30m). In the business segment "Sale of flats and houses", revenue from property disposals was gained mainly through the sale of properties from the Allianz Trading Portfolio, rising by 258% to EUR 60.63m. Altogether, conwert’s profits from sales totaled EUR 32.04m, an increase of 174% compared to the previous year’s figures. The profit margin (ratio of sales from properties to the book values of properties) reached, as it did last year, the very appealing level of 21%. Earnings before interest and taxes (EBIT) rose by 129% to EUR 104.42m. The main reasons for this were higher revenue from rental income, earnings from the sale of flats and properties as well as the positive effects of fair value adjustments. The reappraisal of properties conducted by independent appraisers according to IAS 40 showed fair value adjustments of EUR 45.24m (2005: EUR 17.60m), corresponding to 2.7% of property assets. The main reasons for profits from appreciation were low purchasing prices as part of packaged deals, which enabled appreciation, as well as increases in value and earnings from properties within the framework of development and new rentals.  Earnings before taxes (EBT) were increased from 128% to EUR 77.03m. Net results after minority interest rose by 110% to EUR 51.82m, although this result was disproportionately burdened by deferred income tax on real estate sales. Actual cash-related income tax expenditure did not accrue in the reporting period, so that despite a significant increase in the number of shares in the reporting period, the adapted profits per share rose by 12% from EUR 1.29 to EUR 1.44 per share. conwert took advantage of the positive market conditions in 2006 to expand its property portfolio. By the end of 2006, conwert’s property portfolio included 981 properties (2005: 598) in Austria, Germany, the Czech Republic and Hungary. In 2006, the number of rental units rose to 15,376 (flats: 12,722), compared to 9,722 (flats: 8,375) the previous year. Moreover, on the reporting date, the property portfolio included 4,298 parking spaces/ garage spaces, compared to 2,068 the previous year. Total usable space rose by 62% from 815,900 sqm at the end of 2005 to 1,322,400 sqm, with 53 % of this space located in Austria. Further acquisitions in Germany led to an increase in the German share to 43% of total usable space, as compared to 40% the previous year. The CEE-markets Czech Republic and Hungary made up 4%. Property assets in the business year 2006 rose by 84% to EUR 1,673m. This increase came about mainly through the acquisition of properties, but also from investments in properties in the course of development. 69% of property assets were made up of properties located in Austria, most of these in Vienna. By the closing date, 27% had been invested in Germany, although the disproportionately low share with respect to total usable space was due to much lower set-up costs compared to Austria. Investment in the CEE countries comprised 4% of property assets.  conwert plans to continue this course of expansion. Favorable market conditions in Austria, Germany, the Czech Republic and Hungary will be used by the management to realize good investment opportunities. In 2007, conwert will continue to expand its position as market leader in the Viennese market for development of older properties. Acquisitions of medium to large property portfolios of institutional investors will continue to be the major target. The internationalization which already began in 2005 will be pushed even more in 2007. In the short to mid-term, the share of foreign properties should be raised from 31% currently to about 50%. Because of its low set-up costs and thus higher yields the German market offers major opportunities for investment. In the CEE markets, where conwert has also been active in the segment "Development of New Properties" in 2006, there has been sustained growth. Depending on further developments in the properties and capital markets, conwert should be in the position to attain a total investment volume of approx. EUR 800-1,000m in the next 12-18 months. Based on planned investments, almost half of this will be realized in Germany, achieved by the acquisition of larger portfolios and selected single investments. The expansion of the properties portfolio in Austria will comprise about a third of total investment expenditures, and conwert’s investment program will be rounded off by investments in existing markets in the CEE countries. This purposeful growth strategy should lead to rising sales and profit key figures for the current year. The Management anticipates a further rise in earnings from rentals and sales. As earnings rise, net profits should also rise, leading to considerably higher figures in 2006. As always, this growth will be financed only with sufficient equity capital, on a firm financial footing. conwert plans to finance these growth measures - as economic and financial markets conditions allow - by using authorized capital to again raise share capital by up to EUR 293.42m. to up to EUR 880.25m. conwert also announced changes in its management structure to support the increasing scale and international nature of conwert’s business. Certain of these changes have effect immediately and certain changes will be implemented following a change in conwert’s articles of association in the Annual General Meeting on 4 June 2007. Günter Kerbler has retired from the management board with immediate effect and will run for a supervisory board mandate at the upcoming annual general meeting in June, thereby continuing to contribute his expertise and deep knowledge of the Austrian real estate business to conwert. The management board thanked Günter Kerbler for his outstanding contribution to the development of conwert since its foundation. Helmut Hardt also retired from the management board. The supervisory board has appointed Dr. Alexander Zartl and Andreas Nittel as management board members with immediate effect. Dr. Zartl will be primarily responsible for conwert’s international property activities, especially in Germany and Hungary. Andreas Nittel will have responsibility for asset and property management in Austria. Going forward, it is intended that the management board will be enlarged from its current three member-structure to a five member-structure. The relevant change in the company’s articles of association shall be approved by the next Annual General Meeting Johann Kowar will remain member of the management board and will assume the role of Chief Executive Officer.

Selected Key Figures

@@start.t2@@Company Key Figures in EURm
                                                                          2006                2005            Change
Revenues from rental income                              79.54              37.12                114%
Sales from property disposals                         185.46              68.25                172%
Total revenues                                                 265.00            105.37                151%
Cost of sales - property expenses                  -30.52            -13.63                124%
Cost of sales - book values of properties    -153.42            -56.56                171%
Fair value adjustments                                      45.24              17.60                157%
Earnings before interest and taxes (EBIT)      104.42              45.55                129%
Financial results                                            -27.39            -11.79                132%
Earnings before tax (EBT)                                 77.03              33.76                128%
Profit for the year                                          51.67              24.90                108%
  thereof profit of the year
  after minority interest                                 51.82              24.68                110%
Total assets                                                 1,921.85         1,093.58                 76%
Total shareholders' equity                              857.99            520.63                 65%
Equity ratio in %*                                              44.6                47.6                  -
Adjusted equity ratio in %  **                          45.3                48.7                  -
*      Shareholders’ equity including minority interest
**    Shareholders’ equity including tenant-financing contributions@@end@@

@@start.t3@@Property Portfolio Key Figures
                                                                 31/12/2006      31/12/2005            Change
Number of properties                                            981                 598                 64%
Rental units                                                    15,376              9,722                 58%
Total usable space in sqm                          1,322,412          815,932                 62%
Vehicle parking/garage spaces                          4,298              2,068                108%
Property assets in EURm                                1,673.37            911.83                 84%@@end@@

@@start.t4@@Stock Market Key Figures
                                                                          2006                2005            Change
Earnings per share in EUR                                  0.97                0.95                  2%
Adjusted earnings per share in EUR*                  1.44                1.29                 12%
Share price (end of period)                              16.40              14.55                 13%
Number of shares (end of period)              58,684,500      39,123,000                 50%
Number of shares (average)                        53,325,185      26,111,706                104%
Market capitalisation in EURm
  (end of period)                                            962.43            569.24                 69%
*  Earnings per share taking into consideration cash-related income tax
expenditure (2006: EUR 0,00m, 2005: EUR 0,10m)@@end@@

Important Information:

This information does not constitute an offer to sell or a solicitation to buy any securities of conwert Immobilien Invest AG. A public offer by conwert Immobilien Invest AG does currently not take place. Any securities orders received prior to the commencement of any offer period will be rejected. A potential public offering of securities of conwert Immobilien Invest AG in Austria will be made solely through and on the basis of a prospectus approved by the Austrian Financial Market Authority and published in accordance with the Austrian Capital Market Act.

The information contained herein is not for publication or distribution to United States Persons or to publications with a general circulation in the United States. The information contained herein does not constitute an offer for sale of the securities in the United States. No public offering of the securities of conwert Immobilien Invest AG will be made in the United States. The securities referred to herein have not been and will not be registered pursuant to the US Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration there under or pursuant to an available exemption there from.

The past performance and results of conwert Immobilien Invest AG are no indication of future performance and results.

@@start.t5@@end of announcement                                                 euro adhoc 08.03.2007 07:30:00
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ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
conwert Immobilien Invest AG, Johann Kowar, Chief Executive Officer,
Tel: +43 / 1 / 521 45-200, E-mail: kowar@conwert.at

Hochegger|Financials, Roland Mayrl, T: +43 / 1 / 504 69 87-31,
E-mail: r.mayrl@hochegger.com

Branche: Real Estate
ISIN:      AT0000697750
WKN:        069775
Index:    WBI
Börsen:  Wiener Börse AG / official dealing



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