EANS-Adhoc: conwert Immobilien Invest SE / conwert with positive results for the first nine months of 2011 despite one-off effects - strong operating development

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9-month report

23.11.2011

Vienna, 23 November 2011. The Austrian ATX-traded conwert Immobilien
Invest SE completed the third quarter of 2011 with overall positive
results.

As a result of higher rental income and higher proceeds on property
sales, overall revenues improved by 85.1% to EUR 681.2 million at the
end of the third quarter of 2011 (1-9/2010: EUR 368.0 million).

In the reporting period conwert realised an increase in rental income
by 21.6% to EUR 159.7 million (1-9/2010: EUR 131.3 million). With
property sales amounting to EUR 499.6 million at the end of the third
quarter, conwert exceeded the value of the reference period of the
previous year by 137.5% and is on track for the year 2011. The
proceeds on the sale of properties, at EUR 248.4 million in the third
quarter of 2011, were roughly as high as the two previous quarters
taken together. Service revenues amounted to EUR 21.9 million in the
first nine months of 2011, down 16.7% on the prior-year reference
period (1-9/2010: EUR 26.3 million). This development is, however,
due to the first-time full consolidation of ECO Business-Immobilien
AG in this year, whose service revenues are now recognised as
internal service revenues.

The strong proceeds on property sales and the increase in rental
income led to a growth in earnings before interest, tax, depreciation
and amortisation (EBITDA).EBITDA for the first nine months of the
year improved by 25.9% over previous year and amounted to EUR 97.1
million.

As a result of negative fair value adjustments in the third quarter,
the revaluation result amounted to EUR -10.0 million at 30 September
2011. This non-cash-effective deterioration is primarily attributable
to valuation adjustments of the ECO property portfolio as well as an
write-down of RESAG Immobilienmakler GmbH. Earnings before interest
and tax (EBIT) consequently declined by 25.6% to EUR 82.4 million in
comparison with the first three quarters of 2010.

The impairment of individual ECO properties carried out within the
balance sheet date of ECO Business-Immobilien AG at 30 September 2011
was made against the background of an extraordinary profit of EUR
77.6 million, which was realised in the third quarter of 2010 in the
course of the initial consolidation of ECO, which was acquired below
book value. In addition, following the decision communicated in
September to internalise the activities of RESAG Immobilienmakler
GmbH in order to save costs conwert wrote down EUR 3.7 million on the
value of the RESAG investment.

The financial results also deteriorated slightly by 16.9% to EUR
-79.0 million in the first nine months of 2011 (1-9/2010: EUR -67.6
million) as a result of an interest rate swap write-down amounting to
EUR 4.2 million in the third quarter of 2011.

Profit after income taxes amounted to EUR 6.1 million at 30 September
2011 and was thus 86.6% lower than in the reference period of the
previous year (1-9/2010: EUR 45.4 million). At EUR 3.6 million,
profit after minority interests at 30 September 2011 also fell short
of the value of the prior-year period (1-9/2010: 30.5 million).

In the reporting period conwert realised earnings per share of EUR
0.04 down from the prior-year period figure of EUR 0.37.

Funds from operations (FFO) after financial results rose sharply by
108.7% to EUR 74.5 million thanks to the good letting and selling
business in the first nine months of 2011 (1-9/2010: EUR 35.7
million).

At 30 September 2011, the balance sheet total amounted to EUR 3,264.7
million and has thus decreased slightly by 8.1% in comparison with
the whole year 2010 (31.12.2010: EUR 3,550.8 million). The item
"investment properties", which amounted to EUR 2,414.1 million, is
still the largest item in the balance sheet (corresponds to 74.0% of
the balance sheet total). The assets included in "properties held for
sale" equalled EUR 494.5 million on the balance sheet date.

With EUR 1,250.5 million equity as of 30 September 2011 was slightly
lower than the EUR 1,330.1 million of equity recorded per 31 December
2010 In contrast, the equity ratio slightly increased to38.3% at 30
September 2011, (31.12.2010: 37.5%).

The NAV, the book value per share, declined slightly to EUR 15.07 due
to the negative contribution to earnings despite the large number of
property sales above book value (whole year 2010: EUR 15.56).

conwert confirms its guidance for 2011. This includes a targeted
increase in proceeds from property sales to roughly EUR 600 million
as well as an improvement in the operating result by approx. 15% not
taking into account property valuations.

In addition, for the coming months, the Administrative Board of
conwert has set the target of a further reduction of leverage from
roughly 58% today and to pursue the share buyback programme and the
buyback of convertible bonds with a view to opportunities.

The interim report 1-9/2011 of conwert Immobilien Invest SE is
available on the website www.conwert.at.

Earnings indicators

1-9/ 1-9/ Change 1-12/
2011 2010 2010
Rental income EUR mill. 159.7 131.3 21.6% 187.7
Proceeds on the sale of
properties EUR mill. 499.6 210.4 137.5% 325.1
Service revenues EUR mill. 21.9 26.3 -16.7% 34.4
Total revenues EUR mill. 681.2 368.0 85.1% 547.2
Earnings before interest,
taxes, depreciation and
amortization (EBITDA) EUR mill. 97.1 77.1 25.9% 184.9
Earnings before interest
and taxes (EBIT) EUR mill. 82.4 110.7 -25.6% 103.2
Funds from Operations
(FFO)*) EUR mill. 74.5 35.7 108.7% 53.6
Net Rental Income (NRI) EUR mill. 93.4 75.6 23.5% 103.9
Cash Profit**) EUR mill. 66.7 34.8 91.7% 44.0
Basic earnings/share EUR 0.04 0.37 -89.2% 0.29
Diluted earnings/share EUR 0.04 0.37 -89.2% 0.29
Funds from Operations/
share EUR 0.90 0.44 104.5% 0.65

Balance sheet indicators
1-9/ 1-9/ Change 1-12/
2011 2010 2010
Balance sheet total EUR mill. 3,264.7 3,679.9 -11.3% 3,550.8
Non-current loans and
borrowings EUR mill. 1,071.2 1,258.3 -14.9% 1,211.9
Current loans and
borrowings EUR mill. 362,5 502,5 -27.9% 456,1
Equity EUR mill. 1,250.5 1,338.9 -6.6% 1,330.1
Equity ratio % 38,3 36,4 5.2% 37,5
Gearing % 143,8 158 -9.0% 151,69
Book value (NAV)/share EUR 15,07 15,33 -1.7% 15,56

Property indicators
1-9/2011 1-9/2010 Change 1-12/2010
Number of objects No. 1,711 1,857 -7.9% 1,811
Rental units No. 23,683 27,194 -12.9% 25,194
Total usable space sqm 2,204,839 2,514,742 12.3% 2,453,050
Property assets EUR mill. 2,908.6 3,315.7 -12.3% 3,238.3

*) FFO: Earnings before tax (EBT) minus the net gain from fair value
adjustments + difference between cash gains on sale and IFRS gains on
sale + depreciation + non-cash parts of financial result and other
costs **) Cash Profit: FFO minus actual income taxes paid

Further inquiry note:
conwert Immobilien Invest SE
Investor Relations - Konzernkommunikation
T +43 / 1 / 521 45-700
E cw@conwert.at

end of announcement euro adhoc
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issuer: conwert Immobilien Invest SE
Albertgasse 35
A-1080 Wien
phone: 52145-0
FAX: 52145-111
mail: cw@conwert.at
WWW: http://www.conwert.at
sector: Real Estate
ISIN: AT0000697750
indexes: WBI, ATX
stockmarkets: official market: Wien
language: English