conwert Immobilien Invest SE

euro adhoc: conwert Immobilien Invest SE
Financial Figures/Balance Sheet / conwert with strong development of operating business in first half of 2008

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6-month report

27.08.2008

conwert with strong development of operating business in first half of 2008

Vienna, 27.08.2008. conwert Immobilien Invest SE (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) recorded strong
operating performance during the first half of 2008 against the
backdrop of challenging conditions on global financial markets. In
addition to sustainable asset management as well as selective
acquisitions and sales, activities for the first six months focused
on the integration of the property service companies that were
acquired at the end of 2007 and the beginning of 2008. The sound
year-on-year growth of 44% in rental income to EUR 72.25 million
supported an increase of 29% in earnings before interest, taxes,
depreciation and amortisation (EBITDA) to EUR 48.03 million. Lower
gains from fair value adjustments were reflected in a decline in
earnings before interest and tax (EBIT) to EUR 87.14 million
(1-6/2007: 101.61 mill.). Funds from operations (FFO) and cash profit
were clearly positive at EUR 25.87 million and EUR 25.35 million,
respectively. Net assets per share (NAV) rose to EUR 17.08 during the
reporting period, which represents an increase of 11% within the past
year. +                Strong growth in rental income Rental income rose to
a new record level of EUR 72.25 million during the first half of
2008, which represents a 44% increase over the comparable prior year
period. This development was supported above all by higher prices on
new rentals, a reduction in vacancies and the expansion of space. The
strong organic growth in rental income is illustrated by a
like-for-like analysis: based on an unchanged portfolio compared with
the first half of 2007, the rental income generated by properties in
the investment portfolio rose by 10%. A change in the business
climate led to a substantial drop in momentum on the property
investment market compared with 2007, which was reflected in a
decline in both portfolio and individual property transactions.
Proceeds on the sale of objects during the first half of 2008
totalled EUR 84.27 million, in relation to a strong EUR 128.22
million for the first six months of 2007. The focus on high cash
transactions resulted in a gain on sale of EUR 12.21 million as well
as a continued sound IFRS profit margin of 17% and a cash margin of
29% based on acquisition and investment costs. Service revenues rose
by 28% from the first to the second quarter of 2008, equalling EUR
33.19 million for the reporting period. Of this amount, EUR 17.47
million represented third party revenues. Revenues totalled EUR
174.00 million for the reporting period, compared with EUR 178.35
million in the first half of 2007.

+                Sound profitability indicators and cash earnings Earnings
before interest, taxes, depreciation and amortisation (EBITDA) rose
to EUR 48.03 million during the first half of 2008 (1-6/2007: EUR
37.18 mill.). The fair value adjustment to properties that is
required by IFRS was again clearly positive at EUR 44.13 for the
reporting period due to the high quality of the properties and a
further improvement in earnings generated by the existing portfolio.
However, it reflects an expected decrease from the comparable prior
year value of EUR 64.43 million, which was influenced by the initial
measurement of the Kirchsteigfeld portfolio (revaluation gain of EUR
32.6 mill.). As a consequence of lower revaluation gains, earnings
before interest and tax (EBIT) equalled EUR 87.14 million for the
reporting period (1-6/2007: EUR 101.61 mill.). Financial results were
negative at EUR -33.02 million (1-6/2007: EUR -11.53 mill.) due to a
decline in the share of profit from ECO Business-Immobilien AG and
higher finance costs (1-6/2007: EUR -11.53 million). Earnings before
tax (EBT) equalled EUR 54.12 million (1-6/2007: EUR 90.09 mill.).
Cash earnings, which exclude revaluation gains, were clearly positive
for the reporting period. Funds from operations (FFO) equalled EUR
25.87 million and nearly matched the comparable prior year period
level of EUR 28.01 million. Cash profit equalled EUR 25.35 million,
compared with EUR 28.01 million for the first half of 2007. Net
assets per share (NAV) rose by 11% to EUR 17.08 for the reporting
period (6/2007: EUR 15.33).

+                Outlook on 2008 In this difficult market environment
conwert profits from the high value added that is inherent in the
group as well as the related opportunities for organic growth.
However, the company is unable to completely disengage from the
external factors that influence the financing sector or the current
market-based reservation that has led to a decline in property
transactions. Activities during the second six months of 2008 will
therefore remain focused on the intensive management and development
of the existing property portfolio. The forecasts for rental income
show a further steady increase for the reporting year. Selling
activities will most likely remain volatile over the short-term, and
proceeds on the sale of properties are therefore expected to reflect
the lower end of the target range (10-15% of the total property
portfolio). The property portfolio should total roughly EUR 2.5
billion at year-end following the selective purchase and sale of
objects. In the service segment, the sound development of business
should continue throughout the second half of 2008. However, revenues
generated by the management companies from intergroup transactions
are forecasted to decline as a result of the decrease in trading
activities and the slower expansion of the portfolio. The growth in
service revenues will therefore be less dynamic than originally
expected. A continuation of the difficult conditions on financial and
capital markets leads to expectations of a temporary slowdown in the
pace of growth originally forecasted for the conwert Property Group
in 2008. Operating earnings are forecasted to roughly match the
record prior year level due to the strong development of the rental
business and the new service activities, in spite of a decline in
revaluation gains and higher financing costs. The strong operating
development of the company should support a further steady
improvement in the substance value per share during 2008 and payment
of the company´s first dividend. The report on the first six months
of 2008 by conwert Immobilien Invest SE is published on the company´s
website under www.conwert.at.

Key Company Figures

@@start.t2@@1-6/2008        1-6/2007    Change        2007
Rental income in EUR mill.                        72.25            50.13      +44%         109.49
Proceeds from the disposal of
  properties in EUR mill.                         84.27          128.22      -34%        252.47
Service revenues in EUR mill.                  17.47                  -          -          1.16
Revenues in EUR mill.                              174.00          178.35        -2%        363.11
Earnings before interest,
  taxes, depreciation and
  amortisation (EBITDA) in EUR mill.        48.03            37.18      +29%         75.53
Earnings before interest and
  tax (EBIT) in EUR mill.                         87.14          101.61      -14%        172.53
Earnings before tax
  in (EBT) EUR mill.                                 54.12            90.09      -40%        145.15
Funds from operations
  (FFO) 1) in EUR mill.                            25.87            28.01        -8%         62.41
Cash profit 2) in EUR mill.                      25.35            28.01        -9%         60.10
Equity  in EUR mill.                            1,407.36        1.333.03        +6%    1,407.25
Equity ratio in %                                      45.26            55.17          -         47.7
Gearing in %                                              99.61            55.48          -         85.8@@end@@

@@start.t3@@Key Property Figures
Number of objects Nr.                                1,677            1,238        +35%        1,590
Rental units Nr.                                      24,424          18,506        +32%      23,283
Parking spaces Nr.                                    7,559            5,403        +40%        6,832
Total usable space in m²                    2,004,515      1,570,050        +28% 1,896,898
Property assets in EUR mill.                2,537.95        2,016.64        +26%  2,345.25@@end@@

@@start.t4@@Key Stock Exchange Figures in EUR
Basic earnings / share                                0.49              0.93        -47%         1.46
Diluted earnings / share                            0.47              0.93        -50%         1.44
Adjusted earnings / share 3)                      1.07              1.26        -15%         1.82
Book value/ share                                      17.08            15.33        +11%        16.25
Adjusted NAV / share 4)                            21.82            18.79        +16%        20.78
Funds from operations / share                    0.31              0.39        -21%         0.79@@end@@

@@start.t5@@1) FFO: Earnings before tax (EBT) - net gain on the adjustment of fair value + cash gains on the sale of properties in relation to IFRS gains on sale + depreciation + non-cash parts of the financial result 2) Cash Profit: FFO after the deduction of actual income taxes paid 3) Earnings per share after an adjustment for income taxes paid 4) value per share after an adjustment for unrecognised appreciation in the property portfolio and deferred taxes@@end@@

@@start.t6@@end of announcement                                                 euro adhoc
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ots Originaltext: conwert Immobilien Invest SE
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
conwert Immobilien Invest SE, Johann Kowar, Chairman of the Management Board, T
+43 / 1 / 521 45-200, E kowar@conwert.at,

Peter Sidlo, Head of Corporate Communications, T +43 / 1 / 521 45-250, E
sidlo@conwert.at,

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

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



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