euro adhoc: conwert Immobilien Invest SE / quarterly or semiannual financial statement / conwert increases rental income and earnings in the first quarter of 2008

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27.05.2008

conwert increases rental income and earnings in the first quarter of
2008

Vienna, 27 May 2008. conwert Immobilien Invest SE, listed on the
Vienna Stock Exchange, used the first quarter of 2008 to optimise the
current property portfolio and improved essential key figures.
Following the significant expansion of the property portfolio and the
acquisition of the property management and property service companies
in 2007, the focus was placed on sustainable asset management and the
integration of the acquired companies in the first three months of
2008. In line with this strategy, rental income was increased by 12 %
year-on-year based on an unchanged portfolio (like-for-like).
Overall, rental income rose by 42 % to EUR 34.64 million. Earnings
before interest and tax (EBIT) increased to EUR 40.82 million (+24
%). Cash earnings (FFO and cash profit), at EUR 13.64 million, were
clearly positive. The property key figures also experienced growth,
with transactions focusing exclusively on selective acquisitions and
sales in the reporting period.

Property assets increased to EUR 2.42 billion in the first quarter of
2008, following EUR 2.35 billion at the end of 2007. Total usable
space amounted to 1,946,100 sqm (12/2007: 1,896,900 sqm). At the end
of the first quarter of 2008, the property portfolio comprised 23,818
rental units and 7,422 parking spaces. The net asset value (NAV) per
share was up 12% to EUR 16.50 within a single year.

+ Strong growth in rental income Rental income rose by 42 %
year-on-year to EUR 34.64 million in the first quarter of 2008. This
growth resulted from an increase in space as well as higher prices on
new rentals. The sound organic growth in rental income is
demonstrated above all by a like-for-like analysis (based on an
unchanged portfolio compared with the first quarter of 2007) of
properties designated for rental. In comparison with the first three
months of the previous year, rental income rose by 12%.

Since the basis for trading activities was extremely high in the
comparable prior year period, the transaction volume for the
reporting period shows a decline. Proceeds on sale amounted to EUR
30.12 million, following the exceptionally high level of sales in the
first quarter of 2007 (EUR 82.44 million). The gain on the sale of
property of EUR 5.82 million was reflected in a high profit margin of
24 % compared to the IFRS figures. The margin based on acquisition
cost equalled 47 %.

Revenues from the provision of services developed as expected,
reaching EUR 14.58 million in the first quarter of this year. EUR
6,18 million were accounted for by internal services and EUR 8.40
million, or approx. 58 %, were accounted for revenues from third
parties. Due to the lower proceeds on sale, revenues amounted to EUR
73.16 million in the first quarter of 2008, following EUR 106.85
million in the same period of the previous year.

+ Positive earnings development The strong growth in rental income,
unchanged high margins on sales and the first revenues from the
service companies as well as adjustments of EUR 19.89 million (0.8 %
of property assets) to the fair value of properties in accordance
with IFRS led to a further improvement in earnings indicators.
Earnings before income tax (EBIT) rose by 42 % to EUR 40.82 million.
Financial results were negative at EUR -13.61 million, as expected,
due to the high volume of financing, but were positively influenced
by the share of profit received from the associate ECO
Business-Immobilien AG (EUR 2.17 million). Earnings before tax (EBT)
equalled EUR 27.21 million (Q1/2007: EUR 25.62 million). Profit after
profit attributable to other equity holders increased by 8 % to EUR
20.77 million.

Funds from operations (FFO after financial results), which on an EBT
basis do not take into account revaluation gains, were clearly
positive at EUR 13.64 million for the reporting period despite lower
proceeds from the sale of property (Q1/2007: EUR 34.07 million). Cash
profit (net cash profit: FFO less actual income taxes paid) also
improved year-on-year to EUR 13.64 million. A significantly higher
number of shares outstanding reduced net profit for the period from
EUR 0.33 per share in the first quarter of 2007 to EUR 0.24 per share
for the reporting period. Adjusted earnings per share equalled EUR
0.30 (Q1/2007: EUR 0.44).

+ Increase in NAV to EUR 16.50 per share (+12 %) As of 31 March 2008
conwert´s equity totalled EUR 1,400.06 million and the equity ratio
equalled 45%. The average interest rate on non-current
interest-bearing loans and borrowings was 5.5 % as of the balance
sheet date. conwert has concluded hedges to protect roughly 71 % of
interest-bearing loans and borrowings against changes in interest
rates.

Net assets per share (NAV) also experienced a positive development,
rising to EUR 16.50 during the reporting period, which reflects an
increase of 12 % within a single year. Adjusted NAV per share, which
also takes into account hidden reserves in the property portfolio and
deferred taxes, was EUR 20.95 per share (2007: EUR 18.98 per share).

+ Positive outlook for the full financial year conwert expects the
development of business will remain generally positive throughout the
remainder of the 2008 financial year. Plans call for an increase in
the property portfolio to approximately EUR 2.5 - 2.6 billion by
year-end. conwert also expects a further steady increase in rental
income. For sales activities, the second quarter of 2008 has brought
a renewed increase in the demand for individual properties,
especially in prime locations and the high-quality segment. Moreover,
conwert has responded to the strong demand for high-quality
condominiums in Austria and Germany by increasing legal preparations
for the sale of such objects and expanding its sale activities. The
Group still plans to sell 10-15% of the total property portfolio in
2008. In the property services segment, a number of important
external clients were acquired during the first quarter of 2008.
Additional growth projects are currently in preparation, and the
development of business is expected to reflect the forecasts for the
full year.

In addition to an increase in rental income and proceeds from the
sale of properties, the expansion of the services segment should have
a positive effect on revenues and earnings indicators. The forecasts
prepared by conwert remain intact, with revenues and earnings before
interest and tax (EBIT) expected to exceed the prior year by a
significant amount. Accordingly, a further improvement is also
expected in the inherent value (NAV) of the company. Further on,
conwert plans to pay out a dividend for the first time in the
financial year 2008.

The Letter to Shareholders Q1/2008 of conwert Immobilien Invest SE
can be viewed on the website www.conwert.at.

Key Company Figures
1-3/2008 1-3/2007 Change 2007
Rental income EUR mill. 34.64 24.41 +42% 109.49
Proceeds from the disposal
of properties EUR mill. 30.12 82.44 -63% 252.47
Service Revenues EUR mill. 8.40 - - 1.16
Total Revenues EUR mill. 73.16 106.85 -32% 363.11
Earning before interest, taxes,
depreciation and amortization

(EBITDA) EUR mill. 23.42 19.63 +19% 75.53
Earning before interest
and taxes (EBIT) EUR mill. 40.82 33.03 +24% 172.53
Funds from Operations
(FFO) 1) EUR mill. 13.64 34.07 -60% 62.41
Cash Profit 2) EUR mill. 13.64 34.07 -60% 60.10
Equity EUR mill. 1,400.06 875.46 +60% 1,407.25
Equity ratio % 45.16 45.20 - 47.7
Gearing % 92.49 96.60 - 85.8

Key property Figures
Number of properties No. 1,637 1,004 +63% 1,590
Rental units/ No. 23,818/ 15,557/ +53%/ 23,283/
parking spaces No. 7,422 4,304 +72% 6,832
Total useable space sqm 1,946,085 1,355,594 +44% 1,896,898
Property assets EUR mill. 2,417.55 1,728.03 +40% 2,345.25

Key Figures per share
Earnings/share EUR 0.24 0.33 -27% 1.46
Diluted earnings/share EUR 0.24 0.33 -27% 1.44
Adjusted earnings/share 3)
EUR 0.30 0.44 -32% 1.82
Book value share EUR 16.50 14.79 +12% 16.25
Adjusted NAV/share 4) EUR 20.95 18.98 +10% 20.78
Funds from Operations/share EUR 0.16 0.58 -72% 0.79

1)FFO: EBT - net gain from fair v alue adjustments + cash gains on
sales in relation to IFRS gains on sale 2)Cash Profit: FFO after
deduction of actual income taxes paid 3)Earning per share,
considering the effective liquid effect from the taxes on income.
4)Book value per share including hidden reserves in the property
portfolio (Assumption: 15 % Hold-Portfolio, 25% Trading-Portfolio)
and deferred taxes

end of announcement euro adhoc
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ots Originaltext: conwert Immobilien Invest SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

conwert Immobilien Invest SE, Johann Kowar, Chairman of the Executive Board

T +43 / 1 / 521 45-200, E kowar@conwert.at

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

E r.mayrl@hochegger.com

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