EANS-Adhoc: conwert Immobilien Invest SE / conwert achieves record revenues in the first half of 2009 - Clearly positive results also in the second quarter - Cash earnings +72% to EUR 44 million

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6-month report

26.08.2009

conwert achieves record revenues in the first half of 2009 - Clearly
positive results also in the second quarter - Cash earnings +72% to
EUR 44 million

+ Strong operating development based on the expansion of the rental
and sales business: total revenues +31% to EUR 227.91 million +
Clearly positive earnings development in the first half-year 2009:
EBITDA +16% to EUR 55.58 million, cash earnings (FFO) +72% to EUR
44.44 million + Revenue and earnings increases expected for 2009 as a
whole

Vienna, August 26, 2009. The business development of the publicly
listed company conwert Immobilien Invest SE was characterised by a
strong operating performance in the first half of 2009. Decidedly
positive earnings could be achieved in the first as well as in the
second quarter. conwert posted record half-year results in respect to
revenues (+31% to EUR 227.91 million), earnings before interest,
taxes, depreciation and amortisation (EBITDA, +16% to EUR 55.58
million) and cash earnings (Funds from Operations, FFO: +72% to EUR
44.44 million). This improvement primarily relates to the higher
rental income and the increased proceeds from the sale of properties.
The company expects an overall positive business development in 2009.

+ Strong operating development Due to intensified marketing and sales
activities, conwert considerably expanded its rental business as well
as sales of properties compared to the first half of 2008. In the
rental business, the average rental price in the residential segment
rose 5% within one year, whereas total vacancies were reduced by 17%.
During the period under review, the sale of apartments more than
doubled from the previous year, and proceeds on the sale of
properties climbed 55%, to a new record level of EUR 130.20 million.
With an average selling price of EUR 2,035 per square meter, the sold
properties exceeded the recently assessed values (IFRS book values)
by 16%. On a cash basis, a consistently high profit margin of 27%
could be realised. In addition to expanding its operating business,
conwert implemented a programme designed to optimize the cost and
financing structure in the first half of 2009, as planned. The cost
reduction and efficiency-enhancement drive initiated at the beginning
of the year was completed and showed initial success. As a result,
personnel and other operating expenses were down to 12.9% of total
revenues in the first half of 2009 from 15.9% in the 2008 financial
year. Net debt was further reduced, enabling the equity ratio to rise
from 42% at the end of 2008 to 43% as of June 30, 2009.

+ Increased rental income and proceeds from property sales Total
revenues rose to EUR 227.91 in the first half of 2009, up from EUR
174.00 in the first six months of 2008. This improvement can be
attributed to the significant increase in rental income, the strong
development in proceeds on the sales of properties, and the stable
proceeds from the service segment. The growth in rental income (+11%
to EUR 80.34 million) primarily resulted from the reduction in
vacancies in Germany and higher rents from new rental contracts in
Austria. On a like-for-like basis (unchanged portfolio), the increase
amounted to 6%, which demonstrates the very good organic development
of rental income. Vacancies were reduced to below 18% for the first
time as a result of the consistent implementation of a letting
programme. Development vacancies were reduced from 12.67% in the
previous year to 8.84%; at roughly 9%, actual vacancies remained
stable. Due to the lively demand for freehold flats and apartment
houses, proceeds on the sale of properties were up 55% year-on-year,
amounting to EUR 130.20 million. The prices realised on these sales
once again significantly exceeded the relevant IFRS book values. The
related gains totalled EUR 17.5 million (IFRS margin: 16%). Based on
acquisition costs, a consistently high profit margin of 27% was
achieved. In the current business environment, revenues from property
services have emerged as a stable contributor to earnings. Business
with third party mandates accounted for EUR 17.37 million in
revenues.

+ Earnings development: decidely positive results also in the second
quarter As in the first quarter, conwert also achieved clearly
positive results in the second quarter of 2009 based on a strong
operating development. In the first six months of 2009, earnings
before interest, taxes, depreciation and amortisation (EBITDA)
amounted to EUR 55.58 million, up from EUR 48.03 million in the
comparable prior-year period. Cash earnings also increased
considerably. Funds from operations (FFO) rose to a record high level
of EUR 44.44 million, an increase of 72% compared to the previous
year´s figure of EUR 25.87 million. Thus, on a cash basis, 83% of the
FFO in 2008 has already been achieved in the first six months of
2009. FFO/share improved by 77% in a year-on-year comparison, from
EUR 0.31 to EUR 0.55. The other earnings indicators were affected by
non-cash effects from property valuation in the first half of 2009.
Minor impairment losses of EUR 3.12 million in the reporting period
caused considerable distortion in comparison to the first half of
2008, when revaluation gains of EUR 44.13 million were recorded.
Nevertheless, the operating result (EBIT) was clearly positive, at
EUR 47.34 million. The financial results improved on the comparable
prior-year period, amounting to EUR -29.80 million (1-6/2008: EUR
-33.02 million). The Group profit after income taxes was positive at
EUR 13.36 million (1-6/2008: EUR 43.25 million) despite the negative
non-cash effects.

+ Stable value of conwert´s property portfolio, NAV at EUR
15.56/share At the end of the first half-year 2009, the value of
conwert´s property portfolio amounted to EUR 2.52 billion (12/2008:
EUR 2.54 billion). Business operations in the period under review
focused on optimizing the property portfolio and selected property
sales. No significant impairment losses (EUR 3.12 million or 0.1% of
total property assets) were carried out in the first half of 2009,
based on the valuations carried out by independent experts. Slight
valuation gains in Austria were offset by minor impairment losses
arising from the particular situation prevailing in Germany and CEE
markets. Equity of conwert remained stable and totaled EUR 1,273
million as of June 30, 2009 (12/2008: EUR 1,274 million). The equity
ratio increased slightly from 42% to 43%, which is related to the
reduction in financing volume (buyback of convertible bonds and debt
repayment within the context of property sales). Net assets per share
(NAV) amounted to EUR 15.56, basically at the same level as at the
end of 2008 (EUR 15.55). Cash and cash equivalents amounted to EUR
65.49 million as at June 30, 2009 (12/2008: EUR 69.92 million).

+ Positive outlook for 2009

Despite the generally negative business environment prevailing at the present
time, conwert expects an ongoing stable development in the residential property
segment. Accordingly, conwert also expects the strong operating development to
continue in the second half of the 2009 financial year, featuring increases in
rental income and further property sales. In the rental business, growth will
predominantly be organic, based on new rentals on a reduction in vacancies. In
respect to the sale of properties, conwert will exceed the target volume of EUR
200 million for the year 2009.
Attractive new mandates were recently won in the property service segment, thus
serving as the basis for a stable development. Declines in the office and
commercial property segment should be offset by new contracts with external
customers in the residential property business. Moreover, the positive effects
of the efficiency-enhancement programme will become more evident in the second
half of 2009 than in the past reporting period.

In an unchanged market environment, conwert at present expects a positive
operating development in the 2009 financial year and an increase in revenues,
EBITDA and cash earnings (FFO) which will clearly exceed the performance
achieved in 2008.

The interim report 1-6/2009 of conwert Immobilien Invest SE is available on the
corporate Website www.conwert.at.

Earnings Indicators
1-6/2009 1-6/2008 Change
Rental income EUR mill. 80.34 72.25 11%
Proceeds on the
sale of properties EUR mill. 130.20 84.27 55%
Service revenues EUR mill. 17.37 17.47 -1%
Total revenues EUR mill. 227.91 174.00 31%
Earnings before interest, taxes,
depreciation (EBITDA) EUR mill. 55.58 48.03 16%
Earnings before interest
and tax (EBIT) EUR mill. 47.34 87.14 -46%
Funds from Operations (FFO)1) EUR mill. 44.44 25.87 72%
Net Operating Income (NOI) EUR mill. 47.67 42.08 13%
Cash Profit2) EUR mill. 44.34 25.35 75%
Basic earnings / share EUR 0.17 0.49 -66%
Diluted earnings / share EUR 0.17 0.47 -64%
Funds from Operations / share EUR 0.55 0.31 77%

Balance Sheet Indicators
6/2009 12/2008 Change
Balance sheet total EUR mill. 2,976.78 3,016.21 -1%
Non-current loans and borrowings EUR mill. 970.34 1,011.13 -4%
Current loans and borrowings EUR mill. 327.59 321.90 2%
Equity EUR mill. 1,273.25 1,274.21 -0,1%
Equity ratio % 42.77 42.25 -
Gearing % 116.46 115.17 -
Book value / share EUR 15.56 15.55 1%

Property Indicators
6/2009 12/2008 Change
Number of objects No. 1,699 1,710 1%
Rental units / Parking spaces No. 24,301/7,942 24,931/7,768 -3/2%
Total usable space sqm 1,990,205 2,035,421 -2%
Property assets EUR mill. 2,519.14 2,497.32 1%

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

This report contains forward-looking estimates and statements that
were made on the basis of the information available at this time.
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 87-331,

E r.mayrl@hochegger.com

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wien / official dealing