conwert Immobilien Invest AG

euro adhoc: conwert Immobilien Invest AG
quarterly or semiannual financial statement
conwert Immobilien Invest AG with twofold increase in revenues and above-average growth in earnings for first half of 2007

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

6-month report


conwert Immobilien Invest AG with twofold increase in revenues and above-average growth in earnings for first half of 2007

Vienna, 27 August 2007. conwert Immobilien Invest AG (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) continued its dynamic growth during the first half of 2007 and set new records for revenues and earnings. Revenues rose by 99% over the comparable prior year period to EUR 178.35 million. Earnings before interest and tax (EBIT) more than doubled within a single year to EUR 101.61 million and earnings before tax (EBT) increased 161% to EUR 90.09 million. Property assets grew to EUR 2.02 billion. The high quality of the portfolio expansion is also underscored in the increase in book value (NAV) per share, which rose to EUR 15.33 despite a significant increase in the number of shares outstanding and reflects growth of 6% since year-end 2006 (EUR 14.49 per share).

+          Record revenues and earnings All revenue indicators showed a
significant improvement during the reporting period. In comparison
with the first half of 2006, revenues rose by 99% to EUR 178.35
million. Rental income increased to EUR 50.13 million and exceeded
the comparable prior year value by 46%. In keeping with the
internationalisation of the property portfolio, 44% of rental income
is now generated outside Austria compared with 40% in the 2006
financial year. Proceeds on the sale of properties rose from EUR
55.44 million to EUR 128.22 million, or by 131%. The proceeds from
the sale of individual objects in the holding and trading portfolios
as well as the sale of condominium apartments exceeded the IFRS
carrying amounts of these properties by roughly 18%. The resulting
profit on these transactions equalled EUR 19.30 million (1-6/2006:
gain on sale of EUR 7.93 million or 17% of the profit margin). On a
cash basis, the total gain on sale exceeded the acquisition costs of
these objects by approx. 22%. The positive development of revenues
also supported an improvement in earnings indicators to new six month
records. Funds from operations (FFO) rose from EUR 25.80 million in
the first half of 2006 to EUR 40.76 million for the reporting period.
Earnings before interest and tax (EBIT) more than doubled in
comparison with the first six months of 2006 to EUR 101.61 million,
also nearly reaching the EBIT recorded for the full 12 months of the
previous year (EUR 104.42 million). These factors combined to produce
a significant improvement in earnings before tax (EBT) to EUR 90.09
million, which represents an increase of 161% over the first half of
2006. Profit for the period nearly tripled for a year-on-year
increase to EUR 67.18 million, whereby this figure includes only
minimal cash outflows of EUR 49,000 for income taxes. The
above-average growth in earnings, which was realised despite a higher
equity ratio of 55% after the capital increase, underscores the
earning power of conwert operations. Earnings per share rose from EUR
0.48 to EUR 0.93. Adjusted earnings per share, which includes only
cash payments for income taxes, increased from EUR 0.72 to EUR 1.26.

+          Excellent financial position and improvement in NAV Gross
cash flow increased 72% over the prior year period to EUR 36.00
million. Equity rose by 55% from EUR 857.99 million on 31 December
2006 to EUR 1,333.03 million at the end of the reporting period. The
equity ratio equalled 55% as of 30 June 2007, compared with 45% at
year-end 2006. This gives conwert an excellent balance sheet
structure to pursue the further expansion of business activities. The
conwert property indicators showed strong development during the
reporting period. The inherent value of the share (NAV/share) rose by
6% from EUR 14.49 at year-end 2006 to EUR 15.33, in spite of the
higher number of shares outstanding after the capital increase. The
adjusted net asset value per share, which also includes deferred
taxes and undisclosed reserves in the property portfolio, equalled
EUR 18.79 as of 30 June 2007. The price/earnings ratio equalled 15.38
at the end of the period, and the ratio of the share price to
adjusted earnings was 11.35.

+          Property portfolio exceeds EUR 2 billion-mark The acquisition
of further high-quality objects for the portfolio raised the total
volume of property assets above the EUR 2 billion-mark for the first
time. During the first six months of 2007, the property portfolio
rose from EUR 1.67 billion to EUR 2.02 billion, or by 21%, and now
covers 1,238 objects. The total useable space equalled 1,570,050 m²,
compared with 1,322,412 m² at year-end 2006 and 1,154,332 m² as of 30
June 2006.

+          Entry in the Slovakian market After establishing a successful
position in the areas of older building renovation and new apartment
construction in Hungary and the Czech Republic, conwert has now
entered Slovakia, its third market in the CEE region. The company has
concluded agreements covering the investment of EUR 29 million in
this country over the next two years, and will develop 354 apartments
with approx. 28,000 m² in Bratislava and Zilina.

+          Continuation of growth course Based on the continued positive
market environment, conwert plans to invest EUR 300 - 400 million in
the expansion of the property portfolio during the second half of
2007. This will increase property assets to approx. EUR 2.2 - 2.4
billion. In addition to its expansion in Austria and Germany, conwert
will also intensify its growth activities in the neighbouring CEE
countries. The company has scheduled investments of roughly EUR 110
million for completion in the CEE region by 2009, which involve the
revitalisation or construction of nearly 1,200 apartments with
approx. 104,000 m². Another key success factor for the development of
conwert is the active management of investment properties, which is
designed to increase rental income when space is let or prices are
adjusted. The Management Board expects a continuation of the positive
development recorded by conwert, which will be supported by the
company´s strategy to increase earnings and value as well as the
attractive conditions on the residential property market. The
expansion of the portfolio will also form the basis for an increase
in rental income over the prior year. conwert plans to utilise the
high level of demand and rising prices on individual submarkets to
optimise earnings by accelerating its profitable sales activities.
The annual volume of properties sold is forecasted to rise from the
current level of approx. 10% of the total property portfolio to 15%
over the mid-term, which will also strengthen the internal financing
power of the company for new acquisitions. Therefore, the Management
Board expects a significant improvement in earnings indicators
compared with the previous year.

Selected Key Data

@@start.t2@@Key company figures in EUR million
                                                  1-6 2007        1-6 2006        Change                2006
Rental income                                  50.13            34.34          46%                79.54
Proceeds from the sale
    of properties                            128.22            55.44         131%              185.46
Total revenue                                 178.35            89.78          99%              265.00
Earnings before
    interest and tax (EBIT)            101.61            47.46         114%              104.42
Financial results                          -11.53          -12.90          11%              -27.39
Earnings before tax (EBT)                90.09            34.57         161%                77.03
Profit for the period                      67.18            23.19         180%                51.67
Profit for the periodd
    after minority interests            66.97            23.15         190%                51.82

Balance sheet total                    2,416.41        1,763.71          37%          1,921.85
Equity                                         1,333.03          826.62          61%              857.99
Equity ratio in %*                          55.2              46.9              -                 44.6
Adjusted equity ratio in %**          55.7              47.5              -                 45.3

Funds from operations (FFO)            40.76            25.80          58%                64.62

*      Equity incl. minority interest
**    Equity incl. financing contributions from tenants@@end@@

@@start.t3@@Key property figures
                                                30.06.2007    30.06.2006        Change      31.12.2006
Number of objects                            1,238                899          38%                  981
Rental units                                  18,506          13,739          35%              15,376
Total usable space in m²          1,570,050      1,154,332          36%         1,322,412
Parking/garage spaces                      5,403            3,208          65%                4,298
Property assets in EUR million  2,016,64        1,475,61          37%          1,673,37@@end@@

@@start.t4@@Key stock exchange figures
                                                30.06.2007    30.06.2006        Change                2006
Earnings per share in EUR                 0.93              0.48          94%                 0.97
Adjusted earnings per share in EUR  1.26              0.72          74%                 1.44
Share price at the end
    of the period in EUR                  14.30            14.90          -4%                16.40
Book value per share in EUR            15.33            14.00          10%                14.49
Adjusted NAV per share in EUR         18.79                n.a.          -                 19.19
Number of shares at the end
    of the period                      85,359,273    58,684,500          45%        58,684.500
Market capitalisation
    in EUR million                        1,220.64          874.40          40%              962.43
Price/earnings ratio                        15.38            31.04            -                 16.91
Price/adjusted earnings ratio         11.35            20.64            -                 11.39@@end@@

@@start.t5@@end of announcement                                                 euro adhoc 27.08.2007 07:30:00

ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar:

Further inquiry note:
conwert Immobilien Invest AG, Johann Kowar, Chairman of the Management Board,
T +43 / 1 / 521 45-200, E

Hochegger|Financials, Roland Mayrl, T +43 / 1 / 504 69 87-31,

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

Weitere Meldungen: conwert Immobilien Invest AG

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