conwert Immobilien Invest SE

EANS-Adhoc: conwert Immobilien Invest SE
conwert with strong earnings before tax in the first quarter of 2012


--------------------------------------------------------------------------------
  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
--------------------------------------------------------------------------------
3-month report

29.05.2012

Vienna, 29 May 2012.  conwert Immobilien Invest SE, which is traded on the
Austrian ATX, completed the first quarter of 2012 with strong earnings before
tax.  

The company, which specialises in residential properties, realised revenues
totalling 91.2 million EUR in the first three months of the year with
significantly fewer properties sold (1-3/2011: 126.8 million EUR).

As a result of the strong sales in 2011, rental income declined in comparison
with the previous year and amounted to 46.8 million EUR in the reporting period
(1-3/2011: 53.9 million EUR). In comparison with Q1/2011, vacancies were reduced
further to 15.1% (1-3/2011: 15.9%). In the first quarter, conwert sold
properties of a total value of 37.8 million EUR (1-3/2011: 65.3 million EUR),
realising an average margin of 16.7% above the IFRS carrying amount 
(1-3/2011: 11.4%). This confirms the conservative valuation of the property
portfolio again, as a revaluation of the portfolio was performed as recently as
the end of 2011. Service revenues, at 6.6 million EUR in the first three months
of 2012, fell short of the figure of the prior-year reference period (1-3/2011:
7.7 million EUR). Against the background of fewer property sales of entire
objects as well as the complete outsourcing of the insurance business, however,
this is a solid result. The focus in the sale of properties was on the sale of
individual residential units.

Increases in efficiency lead to cost savings
The measures designed to optimise costs, which were initiated in the past year,
already had a positive effect in the first quarter of 2012. In comparison with
the prior-year reference period, 2.9 million EUR were saved in operating
expenses. Not least due to these efficiency enhancements, conwert realised an
only slightly lower operating result of 26.7 million EUR in the reporting period
in comparison with the prior-year period (1-3/2011: 27.6 million EUR).

The financial results for the first three months of 2012 amounted to 
(21.9) million EUR (1-3/2011: (24.1) million EUR). Here, conwert benefited from
a reduction of financial expenses, which were lowered by 1.2 million EUR in
comparison to the first quarter of 2011 especially due to the repayment of
mortgages. However, a high tax burden, which resulted primarily from differences
between the IFRS financial statements and the financial statements according to
UGB (local GAP), led to a lower profit after income taxes in comparison with the
same period of the previous year, which amounted to 
2.4 million EUR (1-3/2011: 6.0 million EUR).

The loan-to-value ratio (LTV) was reduced further to 55.9% in the first quarter
(down from 57.3% at the end of the year 2011).

With a view to the whole year 2012, conwert confirmed the target announced at
the beginning of the year of earnings before tax (EBT) amounting to 50 million
EUR (including valuation results). The loan-to-value ratio should be lowered to
between 50% and 55% by the end of the year and the equity ratio increased to
40%.

The financial report 1-3/2012 of conwert Immobilien Invest SE is available on
the website www.conwert.at.

 

Earnings indicators                     1-3/2012  1-3/2011   Change  2011
                                                             in %
Rental income                  mill. EUR  46.8      53.9      (13.2)   210.0
Proceeds on sale 
of properties                  mill. EUR  37.8      65.3      (42.1)   613.3
Service revenues               mill. EUR  6.6       7.7       (14.3)   29.5
Revenues                       mill. EUR  91.2      126.8     (28.1)   852.9
Earnings before interest, 
tax, depreciation and 
amortisation (EBITDA)          mill. EUR  26.0      30.2      (13.9)   124.8
Earnings before interest 
and tax (EBIT)                 mill. EUR  26.7      27.6      (3.3)    119.8
Funds from Operations (FFO)1)  mill. EUR  10.3      14.9      (30.9)   81.3
Net Rental Income (NRI)        mill. EUR  28.1      32.4      (13.3)   119.1
Cash Profit 2)                 mill. EUR  2.5       14.8      (83.1)   73.8
Non-diluted earnings/share     mill. EUR  0.03      0.06      (50.0)   0.28
Diluted earnings/share         mill. EUR  0.03      0.06      (50.0)   0.28
Funds from operations/share    mill. EUR  0.13      0.18      (27.8)   0.98

Balance sheet indicators                1-3/2012  1-3/2011  Change   2011
                                                            in %
Balance sheet total            mill. EUR  3,131.1   3,517.1   (11.0)   3,176.4
Non-current loans 
and borrowings                 mill. EUR  977.7     1,166.7   (16.2)   1,005.9
Current loans and borrowings   mill. EUR  394.8     458.4     (13.9)   408.9
Equity                         mill. EUR  1,245.5   1,351.6   (7.8)    1,248.3
Equity ratio                   %          39.8      38.4       3.6     39.3
Gearing                        %          137.0     144.6     (5.3)    137.2
Book-value (NAV)/share 3)      EUR        18.37     15.90      0.1     18.35

Property indicators                     1-3/2012  1-3/2011  Change   2011
                                                            in %
Number of properties        No.         1,641     1,790     (8.3)    1,666
Rental units                No.         22,524    25,719    (12.4)   22,923
parking spaces              No.         11,719    12,170    (3.7)    11,213
Total usable space          sqm         2,126,237 2,426,149 (12.4)   2,146,097
Property assets             mill. EUR   2,817.9   3,197.2   (11.9)   2,828.6

1) 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

2) Cash profit: FFO minus actual income taxes paid
3) Calculated according to EPRA criteria, comparative value as of 31 December
2011

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.


Further inquiry note:
Clemens Billek
Head of Investor Relations - Corporate Communications
conwert Immobilien Invest SE, 
T +43 / 1 / 521 45-700, 
E cwi@conwert.at

end of announcement                               euro adhoc 
--------------------------------------------------------------------------------


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

 

 



Das könnte Sie auch interessieren: