conwert Immobilien Invest SE

EANS-Adhoc: conwert Immobilien Invest SE: record revenues and clearly positive result enable dividend payout for the financial year 2009

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annual report


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

@@start.t2@@Earnings Indicators
|                                            |              |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%      |

Property indicators
|                                            |              |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.

@@start.t4@@end of announcement                                                 euro adhoc

ots Originaltext: conwert Immobilien Invest SE
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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

Metrum Communications
Roland Mayrl
T +43 / 1 / 504 69 87-331

Branche: Real Estate
ISIN:      AT0000697750
WKN:        069775
Index:    WBI
Börsen:  Wien / official dealing

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