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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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.

@@start.t2@@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.    |                 |                      |                    |@@end@@

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.

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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 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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