EANS-Adhoc: conwert Immobilien Invest SE / conwert records an increase in revenues and EBITDA in 2008 - depreciation and impairment losses have a negative effect on the result

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26.03.2009

conwert records an increase in revenues and EBITDA in 2008 -
depreciation and impairment losses have a negative effect on the
result

+ Positive operating development: revenues EUR 391.12 million (+8%),
EBITDA EUR 94.36 million (+25%), FFO EUR 53.82 million + Stable value
of the property portfolio (decrease in value -0.09%) through organic
growth in rental income + EBIT (EUR 69.98 million) adversely affected
by higher financial costs, depreciation and impairment losses + Solid
financing structure: 42% equity ratio and minor refinancing needs +
Positive operating business development expected for 2009

Vienna, 26 March 2009. conwert Immobilien Invest SE (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) recorded
significant growth in its core business in the financial year 2008.
Revenues rose from EUR 363.12 million to EUR 391.12 million. This
increase by 8% results from higher rental income, the expansion of
the service business as well as clearly positive sale margins.
Earnings before interest, taxes, depreciation and amortisation
(EBITDA) rose from EUR 75.53 million to EUR 94.36 million. The
operating result (EBIT) fell to EUR 69.98 million (2007: EUR 172.53
million) due to slight fair value adjustments of property assets,
non-scheduled depreciation and impairment losses of investments as
well as higher financing costs. Cash earnings, which do not take into
account non-cash effects on the result, were clearly positive: Funds
from operations (FFO) amounted to EUR 53.82 million (2007: EUR 57.77
million). Due to the difficult framework conditions, the central
focus of business activities was placed on optimising the property
portfolio in the financial year 2008. Property assets increased by 6%
to EUR 2.50 billion in comparison with the previous year.

+ Operating business development Revenues amounted to EUR 391.12
million in the financial year 2008 (+8%). Rental income increased
from EUR 109.49 million in the previous year to EUR 147.74 million.
At EUR 203.13 million (2007: EUR 252.47 million), the target value of
EUR 200 million for proceeds on the sale of properties was
accomplished. The properties were sold 14% above the IFRS book values
and 27% above continued acquisition costs. Revenues from services
totalled EUR 70.65 million in the first fully consolidated financial
year (2007: EUR 1.16 million). 57% or EUR 40.25 million were
generated with external customers.

+ Earnings indicators affected by non-cash effects Due to the
positive operating development in the reporting period, earnings
before interest, taxes, depreciation and amortisation (EBITDA) rose
from EUR 75.53 million to EUR 94.36 million, up 25% on the previous
year despite difficult market conditions. Despite impairment losses
(EUR -2.16 million) and higher depreciation, the operating result
(EBIT) was positive at EUR 69.98 million, following EUR 172.53
million in 2007. The unpredictable effects of the financial crisis on
the office and commercial property market affected EBIT with
non-scheduled depreciation in the amount of EUR 12.00 million for ECO
Management GmbH. The financial result fell from EUR -27.37 million in
the previous year to EUR -98.80 million. The financial result was
adversely affected by higher financial costs, of which only EUR 64.52
million affected liquidity. In addition, the negative contribution to
earnings equalling EUR 8.89 million by ECO Business-Immobilien AG,
which is consolidated at equity, and an investment valuation
adjustment by EUR 18.37 million also reduced earnings. The impairment
loss was recorded within the framework of a conservative valuation
because the company, which focuses on office and commercial
properties, was affected by value decreases to a greater extent.
Overall, non-cash effects from impairment losses, depreciation and
valuation adjustments in the amount of EUR 51.65 million had a
negative impact on conwert´s earnings development. Earnings before
taxes (EBT) were negatively affected by this development and
therefore amounted to EUR -28.83 million (2007: EUR 145.15 million).

+ Solid financial position and equity ratio of 42% Equity amounted to
EUR 1,274.21 million at year-end 2008. The equity ratio was shown at
42% (2007: 48%). The total financing volume rose to EUR 1,559
million. On average, conwert financed at a premium of 80 basis points
over the EURIBOR. The average interest rate amounted to 4.75%, the
average term of the loans to 11.3 years. At the balance sheet date
conwert owned cash and cash equivalents totalling approx. EUR 70
million. On the refinancing side, only minor amounts of EUR 54
million are due for extension in 2009 and EUR 61 million 2010. The
net asset value (NAV) declined from EUR 16.25 in the previous year to
EUR 15.55 as a result of the negative group result and the negative
effects from interest rate hedges.

+ Outlook on the financial year 2009 Despite the generally negative
economic climate conwert expects a largely stable development of the
residential property market at the most important conwert locations
from its present perspective. The strategic focus will be placed on
further improvements in the cost and financing structure, expanding
the service business, the sale of properties as well as organic
growth in rental income in the financial year 2009. Acquisition
opportunities will only be used very selectively. conwert has already
sold properties worth EUR 60 million in the first months of the
financial year 2009, again at double-digit IFRS margins and cash
profit margins exceeding 25%. The target sale value for the whole
year 2009 is EUR 200 million. In an unchanged market environment,
conwert therefore expects a positive operating business development
with cash earnings (FFO) that at least maintain the level of 2008.
Subject to the operating development in the coming weeks, the
Executive Board reserves the right to propose a dividend pay-out at
the Annual General Meeting in May.

Earnings Indicators
2008 2007 Change
Rental income EUR mill. 147.74 109.49 +35%
Proceeds on the
sale of properties EUR mill. 203.13 252.47 -20%
Service revenues EUR mill. 40.25 1.16 -
Total revenues EUR mill. 391.12 363.12 +8%
Earnings before interest, taxes,
depreciation (EBITDA) EUR mill. 94.36 75.53 +25%
Earnings before interest
and tax (EBIT) EUR mill. 69.98 172.53 -59%
Funds from Operations (FFO)1) EUR mill. 53.82 57.77 -7%
Cash Profit2) EUR mill. 53.02 57.06 -7%

Balance Sheet Indicators
Balance sheet total EUR mill. 3,016.21 2,948.43 +2%
Non-current loans
and borrowings EUR mill. 1,011.13 817.30 +24%
Current loans and borrowings EUR mill. 321.90 285.85 +13%
Equity EUR mill. 1,274.21 1,407.25 -9%
Equity ratio % 42.25 47.73 -
Gearing % 115.17 85.81 -

Property Indicators
Number of objects No. 1,710 1,590 +8%
Rental units/Parking spaces No. 24,931/7,768 23,283/6,832 +7%/+14%
Total usable space sqm 2,035,421 1,896,898 +7%
Property assets EUR mill. 2,497.32 2,345.25 +6%

Stock Exchange Indicators
Basic earnings/share EUR (0.37) 1.46 -125%
Diluted earnings/share EUR (0.37) 1.44 -125%
Book value/share EUR 15.55 16.25 -4%
Funds from Operations/share EUR 0.65 0.74 -12%

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 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 87-331

E r.mayrl@hochegger.com

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