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EANS-Adhoc: conwert Immobilien Invest SE: record revenues and clearly positive result enable dividend payout for the financial year 2009
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Vienna, 24 March 2010. conwert Immobilien Invest SE (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) recorded a strong operating development in the financial year 2009: Massive growth in the sales and rental business led to record levels of revenues (+43% to EUR 560.1 million), earnings before interest, taxes, depreciation and amortisation (EBITDA: +11% to EUR 105.0 million) and cash earnings (FFO: +35% to EUR 72.6 million). The operating result (EBIT) rose by 35% to EUR 94.9 million. Profit for the year, at EUR 23.8 million, was clearly positive. Based on these good results, a dividend will be paid for the year 2009. The dividend proposed to the Annual General Meeting amounts to EUR 0.25 per share.
conwert was able to take advantage of the booming demand for residential properties in 2009 and significantly raised the proceeds on the sale of properties and rental income. Rental income rose by 3% due to successful new lettings in the property portfolio (without new acquisitions). At the same time, vacancies were reduced from 20% in the previous year to 17%. In the sales business the annual target was clearly exceeded and record proceeds on the sale of properties were realised. At the same time, conwert increasingly purchased properties again, especially in the second half of 2009. In the property service segment important third-party mandates were won in 2009. alt+kelber for example, conwert´s subsidiary in Germany, was commissioned to manage a closed- end residential property fund of the fund company DWS.
In addition to expanding operating business, conwert also successfully completed a programme designed to cut costs and increase efficiency in 2009. The cost/revenue relation was reduced from 16% in the previous year to less than 12%. At the same time, the integration of conwert´s German property portfolio into the property management of alt+kelber was consistently continued. Overall, a total of 11,500 units previously managed externally have been integrated into the company´s own property management to date.
Revenues increased by 43% from EUR 391.1 million to EUR 560.1 million in the financial year 2009 due to the strong development in the letting and sales business.
Rental income was up 10% on the previous year and amounted to EUR 162.3 million, which was primarily attributable to increased rents for new lettings in Austria and the reduction of vacancies in Germany. The organic growth of rental income is also documented by a 3% increase on the basis of an unchanged property portfolio (like-for-like).
In the sales segment conwert benefited from strong demand by investors for freehold flats and apartment buildings. Proceeds on the sale of properties increased by 78% to EUR 361.3 million in comparison to the previous year, thus clearly exceeding the target, which was originally set at EUR 200 million and later increased to EUR 300 million. A double-digit IFRS profit margin of 10% and a cash profit margin of 15% were again realised. In the difficult climate of the year 2009, service revenues proved to be a stable success factor. As a result of concluding new mandates for external customers, roughly 52% or EUR 36.6 million of the total service revenues were generated in third-party business.
Based on the strong operating development, conwert recorded increases in all essential earnings indicators in the year 2009 and realised clearly positive earnings. On a cash basis a new record level was achieved: funds from operations (FFO) rose 35% compared to the previous year and amounted to EUR 72,6 million. Earnings before interest, tax depreciation and amortisation (EBITDA) increased by 11% to EUR 105.0 million in comparison with the previous year. The revaluation result turned from a slightly negative result (EUR -2.3 million in 2008) into a positive one in 2009 (EUR 1.6 million). The operating result (EBIT), at EUR 94.9 million, exceeded the prior-year level by 35%. The financial result improved from EUR -98.8 million in 2008 to EUR -36.0 million. Thus the profit for the year after share attributable to equity holders was clearly positive at EUR 23.8 million (2008: EUR -30.2 million). Earnings per share improved from EUR -0.37 to EUR 0.29.
At the end of the year 2009 property assets amounted to EUR 2,517 million (vs. EUR 2,497 million in 2008). Overall, conwert owned 1,752 objects at the end of the year 2009 (vs. 1,710 in the previous year). Due to intensified sales activities the number of rental units fell from 24,931 to 24,548. Total usable space was unchanged at roughly 2 million square meters.
As of 31 December 2009 the equity of conwert, at EUR 1,280 million, slightly exceeded the prior-year level of EUR 1,274 million. The equity ratio increased from 42% at year-end 2008 to 43%, thus remaining at a very high level. Cash and cash equivalents amounted to EUR 61.6 million at the end of 2009 (2008: EUR 69.92 million).
Net assets per share (book value (NAV)/share) equalled EUR 15.68, thus exceeding the value at the end of 2008 (EUR 15.55). Despite a massive increase in the price of the conwert share in the year 2009 (+167% to EUR 8.54 at year- end 2009), the share price was still 45% below the NAV.
conwert expects an ongoing stable development for the residential property markets in Austria and Germany in the year 2010. Due to low level of new construction with strong demand for residential space, especially in good locations, prices and rents are expected to continue to increase. In addition, demand for high-quality residential properties as inflation-safe investments remains high.
In this environment conwert expects an ongoing positive operating business development. In the property investment segment conwert will increasingly act as a buyer. In the sales business revenues of roughly 10% of the current property portfolio, or EUR 250 million, is planned. The sales margin is expected to level off at the historic levels recorded so far (10% - 15% IFRS profit margin). Overall purchases are expected to exceed sales in the year 2010. Moreover, vacancies will be reduced further (from 16.9% to 11% - 12%) through the constant development of the property portfolio, new high-quality residential space will be created and average rents will be raised.
In the property service segment third-party business will be extended in 2010. conwert sees good growth opportunities especially in the asset management for external funds in the financial year 2010. In addition, the optimisation measures implemented in 2009, such as the integration of rental units into the company´s own property management in Germany, will show further positive effects on the result.
Based on this positive operating development of the company, conwert expects revenues and earnings to continue to develop as successfully in 2010 as in the year 2009.
The Annual Report 2009 of conwert Immobilien Invest SE is available on the website www.conwert.at.
| | |2009 |2008 |Change |
|Rental income |EUR mill.|162.3 |147.7 |+10% |
|Proceeds on sales |EUR mill.|361.3 |203.1 |+78% |
|Service revenues |EUR mill.|36.6 |40.2 |-9% |
|Total revenues |EUR mill.|560.1 |391.1 |+43% |
|Earnings before interest, | | | | |
| taxes, depreciation and | | | | |
| amortization (EBITDA) |EUR mill.|105.0 |94.3 |+11% |
|Earnings before interest | | | | |
| and tax (EBIT) |EUR mill.|94.9 |69,9 |+35% |
|Funds from Operations | | | | |
| (FFO)1) |EUR mill.|72.6 |53.8 |+35% |
|Net rental income (NRI) |EUR mill.|94.6 |85.6 |+11% |
|Cash profit2) |EUR mill.|68.0 |53.0 |+28% |
|Basic earnings/share |EUR |0.29 |(0.37) |- |
|Diluted earnings/share |EUR |0.29 |(0.37) |- |
|Funds from operations/share |EUR |0.90 |0.65 |+39% |@@end@@
Balance sheet indicators
@@start.t3@@| | |2009 |2008 |Change |
|Balance sheet total |EUR mill.|2,962.5 |3,016.2 |-2% |
|Non-current loans and | | | | |
| borrowings |EUR mill.|968.3 |1,011.1 |-4% |
|Current loans and borrowings|EUR mill.|320.8 |321.9 |- |
|Equity |EUR mill.|1,279.9 |1,274.2 |+1% |
|Equity ratio |% |43.2 |42.3 |- |
|Balance sheet total |% |115.0 |115.2 |- |
|Book value (NAV)/share |EUR |15.68 |15.55 |+1% |
| | |2009 |2008 |Change |
|Number of objects |number |1,752 |1,710 |- |
|Rental units |number |24,548 |24,931 |-2% |
|Total usable space |sqm |2,018,254 |2,035,421 |-1% |
|Property assets |EUR mill.|2,517.4 |2,497.3 |+1% |@@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
end of ad-hoc-announcement ========================================== ====================================== 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, CEO
T +43 / 1 / 521 45-200
Peter Sidlo, Head of Corporate Communications - Investor Relations
T +43 / 1 / 521 45-250
T +43 / 1 / 504 69 87-331
Branche: Real Estate
Börsen: Wien / official dealing