euro adhoc: conwert Immobilien Invest SE / Financial Figures/Balance Sheet / conwert: results for 1-9/2008 supported by solid operational development - EBIT of EUR 108.27 million below prior year leve

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9-month report

26.11.2008

conwert: results for 1-9/2008 supported by solid operational
development - EBIT of EUR 108.27 million below prior year level (EUR
137.70 mill.) due to decline in revaluations- clearly positive cash
earnings

Vienna, 26.11.2008. conwert Immobilien Invest SE (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) recorded sound
operational development for the first nine months of 2008 in an
environment made challenging by the liquidity and financial crisis.
Earnings before interest, tax, depreciation and amortisation (EBITDA)
rose by 21% year-on-year to EUR 68.67 million. This growth was
supported above all by the growth of rental income, which increased
43% to EUR 110.06 million. However, earnings before tax (EBIT) fell
to EUR 108.27 million (1-9/2008: EUR 137.70 mill.) due to a decline
in revaluation income. Cash earnings (FFO) and cash profit were
clearly positive at EUR 35.49 million and EUR 34.89 million,
respectively. Net assets (NAV) per share increased 9% to EUR 16.89.
Property assets totalled EUR 2.60 billion as of 30 September 2008.

Sound development of rental income

The core rental business recorded stable growth during the first nine
months of 2008: in comparison with the prior year, rental income rose
by 43% to EUR 110.06 million. This increase was supported above all
by a reduction in vacancies and higher prices on new rentals, and to
a lesser extent by the expansion of space. The excellent organic
development of rental income is underscored by a like-for-like
analysis (unchanged property portfolio in comparison with the first
nine months of 2007), which shows an increase of 9%. The difficult
operating environment on property investment markets led to a decline
in portfolio transactions during the reporting period. As a result,
proceeds on the sale of properties fell to EUR 105.46 million from
the above-average prior year value of EUR 171.21 million. However,
property sales in the last three months of this year should exceed
the level of the first three quarters. The prices realised on these
sales exceeded the relevant IFRS figures, even under the current
challenging market conditions. The related gains totalled EUR 13.87
million, while the selling margin equalled 15% based on the IFRS
values. The cash margin based on the acquisition price amounted to
28%. The property services segment generated revenues of EUR 49.26
million for the first three quarters of 2008, for an increase of 14%
over the preceding quarter. Of this total, EUR 27.82 million were
recorded with companies outside the conwert Property Group. The
provision of property services generated revenues of EUR 243.33
million during the first nine months (1-9/2007: EUR 248.40 mill.).

Clearly positive profitability indicators and cash earnings

Earnings before interest, taxes, depreciation and amortisation
(EBITDA) rose from EUR 56.72 million in the first three quarters of
2007 to EUR 68.67 million for the reporting period. The revaluation
of properties that is required by IFRS was again clearly positive at
EUR 47.18 for the first nine months of 2008 due to the high quality
of these objects and a further increase in earnings on the existing
portfolio but as expected, these fair value adjustments failed to
match the comparable prior year level (EUR 80.98 mill.). Lower
revaluation gains and proceeds from the sale of properties were
responsible for a decline in earnings before interest and tax (EBIT),
which fell from EUR 137.70 million to EUR 108.27 million. Financial
results were clearly negative at EUR -56.98 million (1-9/2007: EUR
-21.09 mill.) due to the negative share of profit from ECO
Business-Immobilien AG (EUR -4.185 mill.) and higher interest rates
on new financing. These developments also had an impact on earnings
before tax (EBT), which decreased 56% to EUR 51.29 million (1-9/2007:
EUR 116.61 mill.). Cash earnings, which exclude non-cash effects,
were clearly positive for the reporting period. In spite of a
decrease in proceeds on the sale of properties and a further decline
in financial results, funds from operations (FFO) and cash profit
were clearly positive at EUR 35.49 million (1-9/2008: EUR 39.24
mill.) and EUR 34.89 million (1-9/2007: EUR 38.45 mill.),
respectively. Net assets (NAV) per share rose 9% to EUR 16.89
(1-9/2007: EUR 15.52).

Outlook on 2008

The conwert Property Group is well-equipped to deal with this
difficult market environment because of its high value added,
diversification and opportunities for organic growth. However, the
group will be unable to completely disengage from the external
influence of the financing sector or the current market-based
reservation that has led to a decline in property transactions. In
order to support the further growth of organic earnings, conwert will
continue to concentrate on the intensive management and development
of the existing property portfolio. conwert therefore expects a
continuation of the steady year-on-year increase in rental income,
but sales activities will still be influenced by volatility. Proceeds
from trading activities remained below expectations for the first
three quarters of 2008, and will therefore presumably fail to meet
the target for 10-15% of the total portfolio that was announced in
June of this year. However, property sales in the last three months
of this year should exceed the level of the first three quarters. The
property portfolio, including the selective acquisition and sale of
objects, should equal approx. EUR 2.5 billion at the end of 2008. The
sound development of business in the property services segment should
continue during the fourth quarter. However, conwert expects a
decline in internal revenues from the management companies because of
the cutback in property transactions. Therefore, revenues from the
property services segment will grow less dynamically than originally
forecasted. The continuing difficult conditions on financial and
capital markets lead to expectations of a temporary slowdown in the
pace of growth originally forecasted for the conwert Property Group
in 2008. Despite strong development in the rental business and the
new service activities, operating results for the full 2008 financial
year will not match the record prior year results because of lower
proceeds from the sale of properties and revaluation gains as well as
higher financing costs. Against the backdrop of this market
situation, conwert expects solid results for the 2008 financial year.

The report by conwert Immobilien Invest SE on the first three
quarters of 2008 is available in German and English on the website
under www.conwert.at.

Key Company Figures

1-9/2008 1-9/2007 Change 2007
Rental income EUR mill. 110.06 77.18 + 43% 109.49
Proceeds from the
disposal of properties EUR mill. 105.46 171.21 - 38% 252.47
Service revenues EUR mill. 27.82 - - 1.16
Revenues EUR mill. 243.33 248.40 - 2% 363.11
Earnings before interest,
taxes, depreciation and
amortisation (EBITDA) EUR mill. 68.67 56.72 + 21% 75.53
Earnings before interest
and tax (EBIT) EUR mill. 108.27 137.70 - 21% 172.53
Earnings before tax (EBT) EUR mill. 51.29 116.61 - 56% 145.15
Funds from operations
(FFO) 1) EUR mill. 35.49 39.24 - 10% 62.41
Cash profit 2) EUR mill. 34.89 38.45 - 9% 60.10
Equity EUR mill. 1,385.32 1,351.48 + 3% 1,407.25
Equity ratio % 44.65 53.71 - 47.7
Gearing % 107.02 62.91 - 85.8

Key Property Figures

Number of objects Nr. 1,708 1,387 + 23% 1,590
Rental units Nr. 24,968 19,963 + 25% 23,283
Parking spaces Nr. 7,825 5,508 + 42% 6,832
Total usable space m² 2,045,549 1,661,015 + 23% 1,896,898
Property assets EUR mill. 2,602.66 2,146.69 + 21% 2,345.25

Key Stock Exchange Figures

Basic earnings/share EUR 0.46 1.15 - 59% 1.46
Diluted earnings/share EUR 0.46 1.15 - 60% 1.44
Adjusted earnings/share 3) EUR 0.62 1.52 - 59% 1.82
Book value/share EUR 16.89 15.52 + 9% 16.25
Adjusted NAV/share 4) EUR 21.61 19.89 + 9% 20.78
Funds from operations/share EUR 0.43 0.51 - 16% 0.79

1) FFO: Earnings before tax (EBT) - net gain on the adjustment of
fair value + cash gains on the sale of properties in relation to IFRS
gains on sale 2) Cash profit: FFO - actual taxes paid 3)Earnings per
share after an adjustment for income taxes paid 4)Book value per
share after an adjustment for unrecognised appreciation in the
property portfolio and deferred taxes

This report contains forward-looking estimates and statements that
were made on the basis of the information available at this time.
These forward-looking statements are usually described in terms such
as "expect", "estimate", "plan", "reckon", "assume", "should",
"supposed to", "can", etc. 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.

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

Peter Sidlo, Head of Corporate Communications - Investor Relations,

T +43 / 1 / 521 45-250, E sidlo@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