conwert Immobilien Invest SE

EANS-Adhoc: conwert Immobilien Invest SE
conwert nearly doubles pre-tax income to 23.6 million EUR in 2011

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annual report

28.03.2012

Vienna, 28 March 2012. The Austrian ATX-listed conwert Immobilien Invest SE
("conwert") met, and in part exceeded, its most important targets for the 2011
financial year.

Revenues recorded by conwert rose by 55.9 % to 852.9 million EUR in 2011 (2010:
547.2 million EUR). Proceeds on the sale of properties nearly doubled
year-on-year to 613.4 million EUR (2010: 325.1 million EUR) and were also
slightly higher than the 2011 target of EUR 600 million EUR. At an average of
8.7 %, margins topped the IFRS carrying amount and reflected the 5 to 10 %
corridor defined for 2011. 

Rental income rose by 11.9 % to 210.0 million EUR for the reporting year (2010:
187.7 million EUR). Revenues from property services amounted to 29.5 million EUR
or 14.2 % less than the comparable prior year value of 34.4 million EUR. This
development resulted from the initial full consolidation of ECO
Business-Immobilien AG ("ECO") in 2011, which led to the reclassification of
property services provided for ECO as internal services.
With EBIT of 119.8 million EUR (2010: 103.2 million EUR), conwert not only
reached, but also exceeded its goal to increase earnings before interest and tax
by 16.6 % over the previous year.

Increased distribution through dividend and capital decrease
For the 2011 financial year, the Executive Board and Administrative Board
recommend a dividend of 0.20 EUR per share. This amount reflects the previously
announced forecast.

Furthermore, conwert plans to reduce the nominal value of issued shares from 10
EUR to 5 EUR per share through a capital decrease. This step will give the
company greater flexibility for future capital measures and share buybacks. The
capital decrease will result in 426.8 million EUR of reserves, which will be
used in part for a distribution of 0.15 EUR per share to shareholders. These
measures will be placed for a vote before the annual general meeting on 31 May
2012.

Management and the Administrative Board have also decided to issue a bond for
retail customers to refinance the 2014 convertible bond, which can be sold back
to conwert in November 2012 through a put option. This bond is expected to be
placed in summer 2012. 

Plans also call for the distribution of a dividend in 2012. The dividend is
expected to equal 0.20 EUR per share.

The annual report of conwert Immobilien Invest SE for the 2011 financial year
will be available on the company`s website under www.conwert.at shortly.

Company Indicators 

                                        2011      2010      Change
Rental income mill. EUR                 210.0     187.7     11.88 %
Proceeds on the sale of 
properties mill. EUR                    613.3     325.1     88.59 %
Service revenues mill. EUR              29.5      34.4      (14,23) %
Revenues mill. EUR                      852.9     547.3     55.83 %
Earnings before interest, 
taxes, depreciation and 
amortisation (EBITDA) mill. EUR         124.8     184.9     (67.5) %
Earnings before interest and 
taxes (EBIT) mill. EUR                  119.8     103.2     16.09 %
Funds from operations (FFO)*)
mill. EUR                               81.3      53.5      51.96 %
Net rental income (NRI) mill. EUR       119.1     103.9     14.63 %
Cash profit**) mill. EUR                73.8      44.0      67.72 %
Basic earnings per share EUR            0.28      0.29      (3.57) %
Diluted earnings per share EUR          0.28      0.29      (3.57) %
Funds from operations per share EUR     0.98      0.65      50.77 %



Balance Sheet Indicators

                                        2011      2010      Change
Balance sheet total mill. EUR           3,176.4   3,550.8   (10.54) %
Non-current loans and borrowings 
mill. EUR                               1,005.9   1,211.9   (16.7) %
Current loans and borrowings mill. EUR  408.9     456.1     (10.35) %
Equity  mill. EUR                       1,248.3   1,330.1   (6.15) %
Equity ratio %                          39.3      37.5      4.8 %
Gearing %                               137.2     151.8     (9.62) %
EPRA NAV (basic) EUR                    18.35     17.28     6.2 %


Property Indicators
                                        2011       2010      Change
Number of properties No.                1,666      1,811     (8.01) %
Rental units No.                        22,923     25,194    (9.14) %
Total usable space sqm                  2,146,097  2,453,050 (12.51) %
Property assets mill. EUR               2,828.6    3,238.3   (12.65) %

*) FFO: Earnings before tax (EBT) minus the net gain from fair value adjustments
plus the difference between cash gains on sale to IFRS gains on sale plus
depreciation plus non-cash components of financial results and other costs

**) Cash profit: FFO minus actual income taxes paid


Further inquiry note:
conwert Immobilien Invest SE	
Investor Relations - Konzernkommunikation 
T +43 / 1 / 521 45-700
E cwi@conwert.at

end of announcement                               euro adhoc 
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issuer:      conwert Immobilien Invest SE
             Albertgasse 35
             A-1080 Wien
phone:       52145-0
FAX:         52145-111
mail:     cw@conwert.at
WWW:      http://www.conwert.at
sector:      Real Estate
ISIN:        AT0000697750
indexes:     WBI, ATX
stockmarkets: official market: Wien 
language:   English
 



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