EANS-Adhoc: conwert Immobilien Invest SE / conwert with record revenues and clearly positive result in the first three quarters of 2009

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9-month report

24.11.2009

conwert with record revenues and clearly positive result in the first
three quarters of 2009

+ Strong operating development through growth in letting and sale of
properties: revenues up 70% to EUR 414.50 million + Clearly positive
development of results: EBITDA up 17% to EUR 80.67 million, cash
earnings (FFO) up 45% to EUR 51.38 million + Best operating result
expected for the whole year 2009 - dividend payment planned

Vienna, 24 November 2009. conwert Immobilien Invest SE (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) recorded a
strong operating development in the first three quarters of 2009:
Significant increases in the sale and letting of properties
business led to record levels on a 9-month basis for revenues (up
70% to EUR 414.50 million), earnings before interest, taxes
depreciation and amortisation EBITDA (up 17% to EUR 80.67 million)
and cash earnings (FFO: up 45% to EUR 51.38 million). For the entire
year 2009, conwert expects an ongoing strong operating development
and a profit that allows a dividend payment.

+ Strong operating performance

In the sale of properties segment, conwert benefited from a strong
demand for freehold flats and apartment buildings: Proceeds on
the sale of properties reached a new 9-month record, while profit
margins remained attractive. At the same time, conwert increasingly
acted as a buyer again, acquiring more than 1,000 apartments in
Berlin in the third quarter of 2009. In the letting
business, rental income continued to increase. As a result of the
conclusion of new rental contracts, vacancies were reduced by 15% to
17.7% compared to the previous year.

In the property service segment, important mandates were won in
third-party business in the first nine months of 2009. Following the
cooperation with the German fund provider DWS in the first half
of the year, alt+kelber won a European tender for the
privatisation of some 150 apartments in Leipzig in the third
quarter. The integration of conwert´s German property portfolio into
the property management of the service subsidiary alt+kelber
was implemented satisfactorily: to date, 10,465 units that were
previously managed by third parties have now been transferred to
the company´s own management.

+ Strong growth in rental income and proceeds on the sale of
properties

Revenues in the first nine months of 2009 rose by 70% from EUR
243.33 million in the previous year to EUR 414.50 million.

Rental income was up 9% on the previous year and amounted to
EUR 119.63 million. This growth is due above all to an increase
in rents after the conclusion of new rental contracts in Austria
and a reduction of vacancies in Germany.

Due to the strong demand for residential properties by investors,
the proceeds on the sale of properties rose by 155% to EUR 268.54
million in comparison with the previous year. Thus the target of EUR
200 million set for the year 2009 was exceeded significantly after
nine months. At EUR 24.38 million, the gains on IFRS figures were
75% higher than in the same period of the previous year. Based
on acquisition costs, cash profit of EUR 28.77 million was
realised in the reporting period.

Revenues from the service sector developed as a stable factor in
the current environment. Roughly 52% or EUR 26.33 million were
generated in business with customers outside the conwert Group.

+ Earnings development: increase in EBITDA and FFO

As in the two previous quarters, conwert also recorded clearly
positive results in the third quarter of 2009. Earnings before
interest, taxes, depreciation and amortisation (EBITDA) in the first
nine months of 2009 were up 17% on the comparable prior-year
figure and equalled EUR 80.67 million. Funds from operations
(FFO) increased by 45% from EUR 35.49 million in the previous year
to EUR 51.38 million. FFO/share increased by 46% to EUR 0.63.

The other earnings indicators were affected by a lack of revaluation
gains in the reporting period. Following revaluation gains of EUR
47.18 million in the same period of the previous year, this figure
only amounted to EUR 0.20 million in the first three quarters of
2009, leading to a distortion in the comparison of key figures.
Nevertheless, the operating result (EBIT), at EUR 73.22 million
(1-9/2008: EUR 108.27 million), was significantly positive.
Without these effects from property valuation, EBIT in the
reporting period, at EUR 73.02 million, significantly exceeds the
comparable prior-year figure of EUR 61.09 million. The
financial results improved from EUR -56.98 million in the
comparable prior-year period to EUR -46.37 million. Profit after
income taxes was clearly positive and amounted to EUR 21.39
million (1-9/2008: EUR 40.18 million).

+ NAV at EUR 15.57 per share - share with 46% discount despite price
rally

At the end of the third quarter, the value the property portfolio
amounted to EUR 2.52 billion (12/2008: EUR 2.50 billion). As
of 30 September 2009, conwert´s equity remained stable at EUR
1,274 million (12/2008: EUR 1,274 million). The equity ratio
increased slightly to 43%, compared with 42% at the end of 2008.
Cash and cash equivalents amounted to EUR 65.11 million as of 30
September 2009 (12/2008: EUR 69.92 million).

Net assets per share (NAV/share) equalled EUR 15.57, thus exceeding
the figure at the end of 2008 (EUR 15.55). Despite a price rally
- the price of the conwert share has risen by more than 160% to
EUR 8.44 - the share price still falls 46% short of the NAV.

+ Positive outlook for 2009 - profit to allow dividend

conwert expects an ongoing favourable development in the
residential property markets at the conwert locations. Therefore,
conwert also expects a strong operating development for the
final quarter of the year. The letting and service business
will continue to develop positively. In the sale of
properties, conwert will surpass the mark of EUR 300 million for the
first time in 2009.

From today´s perspective and in an unchanged market
environment, conwert therefore expects revenues and EBITDA to
increase in the financial year 2009 and cash earnings (FFO) to
clearly exceed the level of 2008. Based on the expected
profit, a dividend payment should be possible for the financial
year 2009.

Earnings Indicators
| | |1-9/2009 |1-9/2008 |Change |
|Rental income |EUR |119.63 |110.06 |9% |
| |mill. | | | |
|Proceeds on the sale of |EUR |268.54 |105.46 |155% |
|properties |mill. | | | |
|Service revenues |EUR |26.33 |27.82 |-5% |
| |mill. | | | |
|Total revenues |EUR |414.50 |243.33 |70% |
| |mill. | | | |
|Earnings before interest, |EUR |80.67 |68.67 |17% |
|taxes, depreciation (EBITDA)|mill. | | | |
|Earnings before interest and|EUR |73.22 |108.27 |-32% |
|tax (EBIT) |mill. | | | |
|Funds from Operations |EUR |51.38 |35.49 |45% |
|(FFO)1) |mill. | | | |
|Net Operating Income (NOI) | |71.30 |65.14 |9% |
|Cash Profit2) |EUR |50.53 |34.89 |45% |
| |mill. | | | |
|Basic earnings / share |EUR |0.26 |0,46 |-43% |
|Diluted earnings / share |EUR |0.26 |0.46 |-43% |
|Funds from Operations / |EUR |0.63 |0.43 |46% |
|share | | | | |

Balance Sheet Indicators
| | |09/2009 |12/2008 |Change |
|Balance sheet total |EUR |2,957.60 |3,016.21 |-2% |
| |mill. | | | |
|Non-current loans and |EUR |944.49 |1,011.13 |-7% |
|borrowings |mill. | | | |
|Current loans and borrowings|EUR |336.12 |321.90 |4% |
| |mill. | | | |
|Equity |EUR |1,274.13 |1,274.21 |- |
| |mill. | | | |
|Equity ratio |% |43.08 |42.25 |- |
|Gearing |% |116.84 |115.17 |- |
|Book value / share |EUR |15.57 |15.55 |- |

Property Indicators
| | |09/2009 |12/2008 |Change |
|Number of objects |No. |1,721 |1,710 |1% |
|Rental units |No. |24,986 |24,931 |- |
|Total usable space |sqm |2,020,014 |2,035,421 |-1% |
|Property assets |EUR |2,523.61 |2,497.32 |1% |
| |mill. | | | |

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

The interim report 1-9/2009 of conwert Immobilien Invest SE is
available at the website www.conwert.at

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,

Q-Com Financials, Roland Mayrl, T +43 / 1 / 504 69 87-331,

E r.mayrl@qcom.at

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