conwert Immobilien Invest SE

EANS-Adhoc: conwert Immobilien Invest SE
conwert with record revenues and clearly positive result in the first three quarters of 2009

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The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 9-month report 24.11.2009 conwert with record revenues and clearly positive result in the first three quarters of 2009 + Strong operating development through growth in letting and sale of properties: revenues up 70% to EUR 414.50 million + Clearly positive development of results: EBITDA up 17% to EUR 80.67 million, cash earnings (FFO) up 45% to EUR 51.38 million + Best operating result expected for the whole year 2009 - dividend payment planned Vienna, 24 November 2009. conwert Immobilien Invest SE (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) recorded a strong operating development in the first three quarters of 2009: Significant increases in the sale and letting of properties business led to record levels on a 9-month basis for revenues (up 70% to EUR 414.50 million), earnings before interest, taxes depreciation and amortisation EBITDA (up 17% to EUR 80.67 million) and cash earnings (FFO: up 45% to EUR 51.38 million). For the entire year 2009, conwert expects an ongoing strong operating development and a profit that allows a dividend payment. + Strong operating performance In the sale of properties segment, conwert benefited from a strong demand for freehold flats and apartment buildings: Proceeds on the sale of properties reached a new 9-month record, while profit margins remained attractive. At the same time, conwert increasingly acted as a buyer again, acquiring more than 1,000 apartments in Berlin in the third quarter of 2009. In the letting business, rental income continued to increase. As a result of the conclusion of new rental contracts, vacancies were reduced by 15% to 17.7% compared to the previous year. In the property service segment, important mandates were won in third-party business in the first nine months of 2009. Following the cooperation with the German fund provider DWS in the first half of the year, alt+kelber won a European tender for the privatisation of some 150 apartments in Leipzig in the third quarter. The integration of conwert´s German property portfolio into the property management of the service subsidiary alt+kelber was implemented satisfactorily: to date, 10,465 units that were previously managed by third parties have now been transferred to the company´s own management. + Strong growth in rental income and proceeds on the sale of properties Revenues in the first nine months of 2009 rose by 70% from EUR 243.33 million in the previous year to EUR 414.50 million. Rental income was up 9% on the previous year and amounted to EUR 119.63 million. This growth is due above all to an increase in rents after the conclusion of new rental contracts in Austria and a reduction of vacancies in Germany. Due to the strong demand for residential properties by investors, the proceeds on the sale of properties rose by 155% to EUR 268.54 million in comparison with the previous year. Thus the target of EUR 200 million set for the year 2009 was exceeded significantly after nine months. At EUR 24.38 million, the gains on IFRS figures were 75% higher than in the same period of the previous year. Based on acquisition costs, cash profit of EUR 28.77 million was realised in the reporting period. Revenues from the service sector developed as a stable factor in the current environment. Roughly 52% or EUR 26.33 million were generated in business with customers outside the conwert Group. + Earnings development: increase in EBITDA and FFO As in the two previous quarters, conwert also recorded clearly positive results in the third quarter of 2009. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2009 were up 17% on the comparable prior-year figure and equalled EUR 80.67 million. Funds from operations (FFO) increased by 45% from EUR 35.49 million in the previous year to EUR 51.38 million. FFO/share increased by 46% to EUR 0.63. The other earnings indicators were affected by a lack of revaluation gains in the reporting period. Following revaluation gains of EUR 47.18 million in the same period of the previous year, this figure only amounted to EUR 0.20 million in the first three quarters of 2009, leading to a distortion in the comparison of key figures. Nevertheless, the operating result (EBIT), at EUR 73.22 million (1-9/2008: EUR 108.27 million), was significantly positive. Without these effects from property valuation, EBIT in the reporting period, at EUR 73.02 million, significantly exceeds the comparable prior-year figure of EUR 61.09 million. The financial results improved from EUR -56.98 million in the comparable prior-year period to EUR -46.37 million. Profit after income taxes was clearly positive and amounted to EUR 21.39 million (1-9/2008: EUR 40.18 million). + NAV at EUR 15.57 per share - share with 46% discount despite price rally At the end of the third quarter, the value the property portfolio amounted to EUR 2.52 billion (12/2008: EUR 2.50 billion). As of 30 September 2009, conwert´s equity remained stable at EUR 1,274 million (12/2008: EUR 1,274 million). The equity ratio increased slightly to 43%, compared with 42% at the end of 2008. Cash and cash equivalents amounted to EUR 65.11 million as of 30 September 2009 (12/2008: EUR 69.92 million). Net assets per share (NAV/share) equalled EUR 15.57, thus exceeding the figure at the end of 2008 (EUR 15.55). Despite a price rally - the price of the conwert share has risen by more than 160% to EUR 8.44 - the share price still falls 46% short of the NAV. + Positive outlook for 2009 - profit to allow dividend conwert expects an ongoing favourable development in the residential property markets at the conwert locations. Therefore, conwert also expects a strong operating development for the final quarter of the year. The letting and service business will continue to develop positively. In the sale of properties, conwert will surpass the mark of EUR 300 million for the first time in 2009. From today´s perspective and in an unchanged market environment, conwert therefore expects revenues and EBITDA to increase in the financial year 2009 and cash earnings (FFO) to clearly exceed the level of 2008. Based on the expected profit, a dividend payment should be possible for the financial year 2009. Earnings Indicators | | |1-9/2009 |1-9/2008 |Change | |Rental income |EUR |119.63 |110.06 |9% | | |mill. | | | | |Proceeds on the sale of |EUR |268.54 |105.46 |155% | |properties |mill. | | | | |Service revenues |EUR |26.33 |27.82 |-5% | | |mill. | | | | |Total revenues |EUR |414.50 |243.33 |70% | | |mill. | | | | |Earnings before interest, |EUR |80.67 |68.67 |17% | |taxes, depreciation (EBITDA)|mill. | | | | |Earnings before interest and|EUR |73.22 |108.27 |-32% | |tax (EBIT) |mill. | | | | |Funds from Operations |EUR |51.38 |35.49 |45% | |(FFO)1) |mill. | | | | |Net Operating Income (NOI) | |71.30 |65.14 |9% | |Cash Profit2) |EUR |50.53 |34.89 |45% | | |mill. | | | | |Basic earnings / share |EUR |0.26 |0,46 |-43% | |Diluted earnings / share |EUR |0.26 |0.46 |-43% | |Funds from Operations / |EUR |0.63 |0.43 |46% | |share | | | | | Balance Sheet Indicators | | |09/2009 |12/2008 |Change | |Balance sheet total |EUR |2,957.60 |3,016.21 |-2% | | |mill. | | | | |Non-current loans and |EUR |944.49 |1,011.13 |-7% | |borrowings |mill. | | | | |Current loans and borrowings|EUR |336.12 |321.90 |4% | | |mill. | | | | |Equity |EUR |1,274.13 |1,274.21 |- | | |mill. | | | | |Equity ratio |% |43.08 |42.25 |- | |Gearing |% |116.84 |115.17 |- | |Book value / share |EUR |15.57 |15.55 |- | Property Indicators | | |09/2009 |12/2008 |Change | |Number of objects |No. |1,721 |1,710 |1% | |Rental units |No. |24,986 |24,931 |- | |Total usable space |sqm |2,020,014 |2,035,421 |-1% | |Property assets |EUR |2,523.61 |2,497.32 |1% | | |mill. | | | | 1) FFO: Earnings before tax (EBT) minus the net gain from fair value adjustments + Difference between cash gains on sale to IFRS gains on sale + depreciation + non-cash parts of financial result and investment costs 2) Cash profit: FFO minus actual income taxes paid The interim report 1-9/2009 of conwert Immobilien Invest SE is available at the website www.conwert.at This report contains forward-looking estimates and statements that were made on the basis of the information available at this time. Forward-looking statements reflect the point of view at the time they are made. We would like to point out that the actual circumstances and, consequently, the actual results realised at a later date may differ from the forecasts presented in this report for a variety of reasons. end of announcement euro adhoc -------------------------------------------------------------------------------- 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 Executive Board, T +43 / 1 / 521 45-200, E kowar@conwert.at Peter Sidlo, Head of Corporate Communications - Investor Relations, T +43 / 1 / 521 45-250, E sidlo@conwert.at, Q-Com Financials, Roland Mayrl, T +43 / 1 / 504 69 87-331, E r.mayrl@qcom.at Branche: Real Estate ISIN: AT0000697750 WKN: 069775 Index: WBI Börsen: Wien / official dealing

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