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conwert Immobilien Invest AG

euro adhoc: conwert Immobilien Invest AG
quarterly or semiannual financial statement
conwert Immobilien Invest AG triples result in first quarter of 2007

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
3-month report
29.05.2007
conwert Immobilien Invest AG triples result in first quarter of 2007
Vienna, 29/05/2007. In the first quarter of 2007, conwert Immobilien 
Invest AG (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: 
CWI AV) continued the successful company development of 2006. A 
positive market environment as well as numerous acquisition 
opportunities were used to expand the property portfolio to 1,004 
properties with a total value of EUR 1.73bn. All key company figures 
improved: compared with the same period of the previous year, EBIT 
more than doubled to EUR 33.03m and EBT more than tripled to EUR 
25.62m. 2007 started well with extraordinary high earnings in the 
first quarter. A positive market development, increasing rental 
income and profitable property sales all contributed to this 
excellent result for the first quarter.
Increased key revenue and earnings figures Compared with the same 
period of the previous year, total revenues increased by 192% to EUR 
106.85m. During the reporting period, conwert took advantage 
particularly of demand on the Viennese market within the scope of its
trading activities in order to dispose more properties in the first 
quarter. This resulted in an above-average increase in proceeds from 
sales within 12 months, from EUR 19.79m to EUR 82.44m. Profit from 
the disposal of individual properties and freehold apartments 
amounted to EUR 10.45m compared with EUR 3.24m in the same period of 
the previous year. Compared with the first quarter of 2006, there was
a 45% increase in rental income to EUR 24.41m during the quarter 
under review. The main reasons for this increase were the rigorous 
expansion of the portfolio, steadily increasing rents in conwert´s 
core markets and active property management as well as successful 
development projects related to older residential properties. As a 
result of the Company´s internationalization, rental income generated
outside Austria also increased to 41% of total rental income, 
compared with 39% in the 2006 fiscal year and 38% in the first 
quarter of 2006. At 81%, the largest share of rental income was again
attributable to the Letting & Development of Older Residential 
Properties segment. In line with the positive development of revenue,
the earnings figures also increased to new record values for the 
quarter. In addition to increases in rental income and high proceeds 
from sales of properties, this was also the result of gains from fair
value adjustments required by IFRS. These were valued by independent 
experts and amounted to EUR 13.40m or 0.8% of total property assets 
in the reporting period. Compared with the previous year, EBIT 
increased by 119% to EUR 33.03m, and was therefore also above the 
value for the fourth quarter of 2006 (EUR 30.97m). As a result of an 
almost unchanged financial result, earnings before income tax (EBT) 
improved from EUR 8.23m to EUR 25.62m compared with the same period 
of the previous year, an increase of 211%. Profit for the year after 
minority interests more than tripled to EUR 19.21m, while the posted 
income tax expenditure can be chiefly attributed to deferred taxes 
from fair value adjustments. As in previous years, there was no 
actual income tax expenditure impacting liquidity. Earnings per share
for the period doubled from EUR 0.16 to EUR 0.33. However, this 
momentum will decline from the second quarter of 2007 due to dilution
resulting from the capital increase. Adjusted earnings per share, 
which takes into consideration only the income tax expenditure 
actually impacting liquidity, increased from EUR 0.21 in the first 
quarter of 2006 to EUR 0.44.
More than 1,000 properties for the first time During the quarter 
under review, conwert expanded its property assets acquiring 
high-quality properties in Austria and Germany. As at the reporting 
date, the portfolio comprised 1,004 properties, the first time the 
number of properties exceeded 1,000. The total usable space increased
to 1,355,594 sqm, after 1,322,412 sqm at year end 2006 and 1,054,681 
sqm at the end of the first quarter of 2006. The book value of the 
property portfolio was EUR 1.73bn, equivalent to an increase of EUR 
55m compared with the value at the end of 2006 (EUR 1.67b) and 43% 
within one year (first quarter of 2006: EUR 1.21bn.). In addition to 
the development of the property portfolio, as part of the company´s 
trading activities a total of 14 properties and single flats with an 
overall value of EUR 72 million were sold at a profit.
Growth course continued During the current quarter, with the 
acquisition of individual properties and portfolio transactions, 
conwert continued expanding its portfolio. At the beginning of the 
second quarter, conwert successfully concluded the largest 
residential property transaction made by an Austrian investor in 
Germany. In Potsdam, a first-class property portfolio with a total of
152 properties and total usable space of around 118,000 sqm was 
acquired. The transaction volume amounted to around EUR 160m and was 
another milestone in conwert´s expansion course in Germany. In 
Leipzig and Altenburg, further property portfolios with a total value
of around EUR 39m were acquired. conwert intends to continue on its 
growth path. In addition to the investments activated in the second 
quarter of 2007, a further EUR 600m to EUR 800m will be invested in 
the expansion of the property assets. The focus of acquisition will 
be Germany. Around a third of the targeted investment volume will be 
activated in Austria. Activities in the CEE region will complete the 
investment program. Rental income is expected to be considerably 
higher than in previous years in line with this portfolio expansion. 
In the context of trading activities, it is planned to trade real 
estate with a value of roughly 10% of the entire property portfolio. 
On the basis of this revenue trend, the Management Board is expecting
a considerable increase in key earnings figures compared with the 
previous year.
Selected Key Figures
Company Key Figures in EURm
Q1/2007      Q1/2006     Change         2006
Rental income                       24.41        16.85        45%        79.54
Proceeds from sale of properties    82.44        19.79       317%       185.46
Total revenues                     106.85        36.64       192%       265.00
Earnings before
interest and tax (EBIT)             33.03        15.07       119%       104.42
Financial results                   -7.41        -6.85         8%       -27.39
Earnings before tax (EBT)           25.62         8.23       211%        77.03
Profit for the year                 19.12         6.12       212%        51.67
Thereof attributable to
equity holders of the parent        19.21         6.12       214%        51.82
Total assets                     1,936.94     1,302.80        49%     1,921.85
Total shareholders' equity         875.46       528.53        66%       857.99
Equity ratio in %*                  45.20        40.59          -         44.6
Adjusted equity ratio in %**        45.81        45.26          -         45.3
* Equity incl. minority interest
**Equity incl. tenant-financing contributions
Property Portfolio Key Figures
                               31/03/2007   31/03/2006     Change   31/12/2006
Number of properties                1,004          788        27%          981
Rental units                       15,557       12,812        21%       15,376
Total usable space in sqm       1,355,594    1,054,681        29%    1,322,412
Parking/garage spaces               4,304        3,222        34%        4,298
Property assets in EURm          1,728.03     1,205.25        43%     1,673.37
Stock Market Key Figures
                                  Q1/2007      Q1/2006     Change         2006
Earnings per share in EUR            0.33         0.16       106%         0.97
Adjusted earnings per share in EUR*  0.44         0.21       110%         1.44
Share price (end of period)         16.48        14.90        11%        16.40
Number of shares
(end of period)                58,684,500   39,123,000        50%   58,684,500
Average number of shares       58,684,500   39,123,000        50%   53,325,185
Market capitalisation in EURm      967.12       582.93        66%       962.43
* Earnings per share taking into consideration income tax expenditure actually
impacting liquidity.
end of announcement                               euro adhoc 29.05.2007 07:40:00

Further inquiry note:

conwert Immobilien Invest AG, Johann Kowar, Chairman of the Management Board,
T +43 / 1 / 521 45-200, E-mail kowar@conwert.at

Hochegger|Financials, Roland Mayrl, T +43 / 1 / 504 69 87-31,
E-mail r.mayrl@hochegger.com

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wiener Börse AG / official dealing

Plus de actualités: conwert Immobilien Invest AG
Plus de actualités: conwert Immobilien Invest AG