euro adhoc: conwert Immobilien Invest AG / quarterly or semiannual financial statement / Record figures in 1-6/2006

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29.08.2006

conwert Immobilien Invest AG: Record figures in 1-6/2006

Vienna, 29 August 2006. The first six months were extremely
successful for conwert Immobilien Invest AG (Vienna Stock Exchange:
CWI, Reuters: CONW.VI, Bloomberg: CWI AV). Record results were
achieved in sales and earnings figures. Compared to last year's
period, turnover rose by 243% to EUR 89.78m. Earnings before income
and taxes (EBIT) increased by 201% to EUR 47.46m. Property assets
were expanded to EUR 1.476m. conwert will also continue its growth in
the second semester.

In the first six months of 2006, conwert was able to reach record
levels in all of its sales and earnings figures. Compared with the
same period of the previous year, sales revenues increased by 243% to
EUR 89.78m. There was particularly strong growth in sales, since the
company took advantage of the predominant demand dynamics on the
Vienna market in order to divest itself of single properties for
portfolio optimisation. In the business segment "Letting &
Development of older residential properties", 11 properties totalling
EUR 45m were sold at profit, compared to two properties sold for EUR
5.22m in last year's period. In the "Sale of flats" business segment
revenues of EUR 10.43m were achieved, an increase of 86%. All
together conwert drew a profit of EUR 7.93m from selling single
properties and freehold flats during the reporting period, compared
to EUR 1.53m in the first six months of 2005.

Compared to last year's period, revenues from rental income increased
to EUR 34.34m, a rise of 124%. Factors responsible for the strong
growth included successfully concluded development projects, the
constantly rising rental level in Vienna, Germany and the Czech
Republic as well as the consistent expansion of the company's
property portfolio.

Earnings before income and taxes (EBIT) increased by 201% to EUR
47.46m and already exceed the figures of the fiscal year 2005 (EUR
45.55m). This growth is mostly due to the profits from apartment and
property disposals as well as higher revenues from rental income. The
new appraisal of our properties by independent experts in the
framework of fair value adjustments totalling EUR 23.86m positively
affected our result, in which both new additions - especially the
properties acquired in the Alliance package - as well as properties
already in our portfolio contributed to the appreciations. Earnings
before tax (EBT) rose from EUR 10.23m to EUR 34.57m. The net result
after minority interests rose by 190% to EUR 23.15m, although this
result was disproportionally burdened with latent, not
liquidity-related income taxes due to real estate sales and fair
value adjustments. Actual, cash-related tax on profits expenses were
not assessed during the reporting period.

In expanding its property portfolio, conwert steadily continued its
dynamic growth. In the first six months of 2006, conwert was thus
able to expand its property portfolio in Austria, Germany, and the
Czech Republic to 899 properties, compared to 598 properties by
December 31, 2005 and 243 to the same period of the previous year. As
of June 30, 2006, the total usable space of these properties was
1,154,332 sqm of which, pursuant to the business model, 71% are used
as apartments. Property assets rose to EUR 1,476m - an increase of
62% in the first six months of 2006 or 149% in 12 months.

The company's acquisition activities primarily focused on the
additional purchase of property packages in Austria and Germany. The
most significant transaction in the second quarter of 2006 was the
purchase of the Allianz properties in Austria.

conwert will also continue its company expansion in the second
half-year of 2006. The management intends to use the healthy market
environment for residential properties in the 2006 fiscal year to
further expand its property portfolio. In addition to strengthening
market leadership in Vienna, conwert will also push the
internationalisation of the company. In order to do so, conwert will
consistently utilise attractive investment opportunities - as well in
markets, in which conwert is already present as well as in other
residential property markets in Europe. Thus, in July 2006, conwert
entered the Budapest property market, which, from a risk-return point
of view is one of the top locations in Europe for residential
properties.

This consistent growth strategy should also result in increased sales
and earnings figures. With regard to revenues from sales and rental
incomes, the Management Board is projecting an even more significant
increase. In accordance with the expected increase in sales, returns
should also continue to increase and the annual result of the 2005
business year should be substantially exceeded.

Selected Key Figures

Company Key Figures in EURm
1-6/2006 1-6/2005 1-12/2005
Total revenues 89.78 26.19 105.37
Revenues from rental income 34.34 15.35 37.12
Sales from property disposals 55.44 10.83 68.25
Earnings before interest and taxes (EBIT) 47.46 15.77 45.55
Earnings before tax (EBT) 34.57 10.23 33.76
Net result after minority Interests 23.15 7.98 24.68
Shareholders’ equity 826.62 367.10 520.63
Equity ratio in % * 46,9 51.2 47.6
Adjusted equity ratio in % ** 47.5 52.4 48.7
Total assets 1,763.71 716.98 1,093.58
* Shareholders’ equity including minorities
** Shareholders’ equity including rental financing contributions

~ Property Portfolio Key Figures
30.6.2006 30.06.2005 31.12.2005 Number of Properties
899 243 598 Total usable space in sqm
1,154,332 496,579 815,900 Vehicle/garage spaces
3,208 1,122 2,068 Property assets in EURm
1,476 592 912

~
Stock Market Key Figures
30.6.2006 30.6.2005 31.12.2005
Earnings per share 0.48 0.37 0.95
Share price (end of period) 14.90 13.80 14.55
Number of shares (end of period) 58,684,500 29,342,300 39,123,000
Market capitalisation in EURm 874.40 404.92 569.24

end of announcement euro adhoc 29.08.2006 08:22:30
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ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
conwert Immobilien Invest AG,
Johann Kowar, Member of the Management Board,
Tel: +43 / 1 / 521 45-200,
E-mail: kowar@conwert.at

Hochegger|Financials,
Roland Mayrl,
T: +43 / 1 / 504 69 87-31,
E-mail: r.mayrl@hochegger.com

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