euro adhoc: conwert Immobilien Invest AG / quarterly or semiannual financial statement / conwert Immobilien Invest AG triples result in first quarter of 2007

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3-month report

29.05.2007

conwert Immobilien Invest AG triples result in first quarter of 2007

Vienna, 29/05/2007. In the first quarter of 2007, conwert Immobilien
Invest AG (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg:
CWI AV) continued the successful company development of 2006. A
positive market environment as well as numerous acquisition
opportunities were used to expand the property portfolio to 1,004
properties with a total value of EUR 1.73bn. All key company figures
improved: compared with the same period of the previous year, EBIT
more than doubled to EUR 33.03m and EBT more than tripled to EUR
25.62m. 2007 started well with extraordinary high earnings in the
first quarter. A positive market development, increasing rental
income and profitable property sales all contributed to this
excellent result for the first quarter.

Increased key revenue and earnings figures Compared with the same
period of the previous year, total revenues increased by 192% to EUR
106.85m. During the reporting period, conwert took advantage
particularly of demand on the Viennese market within the scope of its
trading activities in order to dispose more properties in the first
quarter. This resulted in an above-average increase in proceeds from
sales within 12 months, from EUR 19.79m to EUR 82.44m. Profit from
the disposal of individual properties and freehold apartments
amounted to EUR 10.45m compared with EUR 3.24m in the same period of
the previous year. Compared with the first quarter of 2006, there was
a 45% increase in rental income to EUR 24.41m during the quarter
under review. The main reasons for this increase were the rigorous
expansion of the portfolio, steadily increasing rents in conwert´s
core markets and active property management as well as successful
development projects related to older residential properties. As a
result of the Company´s internationalization, rental income generated
outside Austria also increased to 41% of total rental income,
compared with 39% in the 2006 fiscal year and 38% in the first
quarter of 2006. At 81%, the largest share of rental income was again
attributable to the Letting & Development of Older Residential
Properties segment. In line with the positive development of revenue,
the earnings figures also increased to new record values for the
quarter. In addition to increases in rental income and high proceeds
from sales of properties, this was also the result of gains from fair
value adjustments required by IFRS. These were valued by independent
experts and amounted to EUR 13.40m or 0.8% of total property assets
in the reporting period. Compared with the previous year, EBIT
increased by 119% to EUR 33.03m, and was therefore also above the
value for the fourth quarter of 2006 (EUR 30.97m). As a result of an
almost unchanged financial result, earnings before income tax (EBT)
improved from EUR 8.23m to EUR 25.62m compared with the same period
of the previous year, an increase of 211%. Profit for the year after
minority interests more than tripled to EUR 19.21m, while the posted
income tax expenditure can be chiefly attributed to deferred taxes
from fair value adjustments. As in previous years, there was no
actual income tax expenditure impacting liquidity. Earnings per share
for the period doubled from EUR 0.16 to EUR 0.33. However, this
momentum will decline from the second quarter of 2007 due to dilution
resulting from the capital increase. Adjusted earnings per share,
which takes into consideration only the income tax expenditure
actually impacting liquidity, increased from EUR 0.21 in the first
quarter of 2006 to EUR 0.44.

More than 1,000 properties for the first time During the quarter
under review, conwert expanded its property assets acquiring
high-quality properties in Austria and Germany. As at the reporting
date, the portfolio comprised 1,004 properties, the first time the
number of properties exceeded 1,000. The total usable space increased
to 1,355,594 sqm, after 1,322,412 sqm at year end 2006 and 1,054,681
sqm at the end of the first quarter of 2006. The book value of the
property portfolio was EUR 1.73bn, equivalent to an increase of EUR
55m compared with the value at the end of 2006 (EUR 1.67b) and 43%
within one year (first quarter of 2006: EUR 1.21bn.). In addition to
the development of the property portfolio, as part of the company´s
trading activities a total of 14 properties and single flats with an
overall value of EUR 72 million were sold at a profit.

Growth course continued During the current quarter, with the
acquisition of individual properties and portfolio transactions,
conwert continued expanding its portfolio. At the beginning of the
second quarter, conwert successfully concluded the largest
residential property transaction made by an Austrian investor in
Germany. In Potsdam, a first-class property portfolio with a total of
152 properties and total usable space of around 118,000 sqm was
acquired. The transaction volume amounted to around EUR 160m and was
another milestone in conwert´s expansion course in Germany. In
Leipzig and Altenburg, further property portfolios with a total value
of around EUR 39m were acquired. conwert intends to continue on its
growth path. In addition to the investments activated in the second
quarter of 2007, a further EUR 600m to EUR 800m will be invested in
the expansion of the property assets. The focus of acquisition will
be Germany. Around a third of the targeted investment volume will be
activated in Austria. Activities in the CEE region will complete the
investment program. Rental income is expected to be considerably
higher than in previous years in line with this portfolio expansion.
In the context of trading activities, it is planned to trade real
estate with a value of roughly 10% of the entire property portfolio.
On the basis of this revenue trend, the Management Board is expecting
a considerable increase in key earnings figures compared with the
previous year.

Selected Key Figures

Company Key Figures in EURm

Q1/2007 Q1/2006 Change 2006
Rental income 24.41 16.85 45% 79.54
Proceeds from sale of properties 82.44 19.79 317% 185.46
Total revenues 106.85 36.64 192% 265.00
Earnings before
interest and tax (EBIT) 33.03 15.07 119% 104.42
Financial results -7.41 -6.85 8% -27.39
Earnings before tax (EBT) 25.62 8.23 211% 77.03
Profit for the year 19.12 6.12 212% 51.67
Thereof attributable to
equity holders of the parent 19.21 6.12 214% 51.82
Total assets 1,936.94 1,302.80 49% 1,921.85
Total shareholders' equity 875.46 528.53 66% 857.99
Equity ratio in %* 45.20 40.59 - 44.6
Adjusted equity ratio in %** 45.81 45.26 - 45.3
* Equity incl. minority interest
**Equity incl. tenant-financing contributions

Property Portfolio Key Figures
31/03/2007 31/03/2006 Change 31/12/2006
Number of properties 1,004 788 27% 981
Rental units 15,557 12,812 21% 15,376
Total usable space in sqm 1,355,594 1,054,681 29% 1,322,412
Parking/garage spaces 4,304 3,222 34% 4,298
Property assets in EURm 1,728.03 1,205.25 43% 1,673.37

Stock Market Key Figures
Q1/2007 Q1/2006 Change 2006
Earnings per share in EUR 0.33 0.16 106% 0.97
Adjusted earnings per share in EUR* 0.44 0.21 110% 1.44
Share price (end of period) 16.48 14.90 11% 16.40
Number of shares
(end of period) 58,684,500 39,123,000 50% 58,684,500
Average number of shares 58,684,500 39,123,000 50% 53,325,185
Market capitalisation in EURm 967.12 582.93 66% 962.43
* Earnings per share taking into consideration income tax expenditure actually
impacting liquidity.

end of announcement euro adhoc 29.05.2007 07:40:00
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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, Chairman of the Management Board,
T +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