EANS-Adhoc: conwert Immobilien Invest SE / conwert nearly doubles pre-tax income to 23.6 million EUR in 2011

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annual report

28.03.2012

Vienna, 28 March 2012. The Austrian ATX-listed conwert Immobilien
Invest SE ("conwert") met, and in part exceeded, its most important
targets for the 2011 financial year.

Revenues recorded by conwert rose by 55.9 % to 852.9 million EUR in
2011 (2010: 547.2 million EUR). Proceeds on the sale of properties
nearly doubled year-on-year to 613.4 million EUR (2010: 325.1 million
EUR) and were also slightly higher than the 2011 target of EUR 600
million EUR. At an average of 8.7 %, margins topped the IFRS carrying
amount and reflected the 5 to 10 % corridor defined for 2011.

Rental income rose by 11.9 % to 210.0 million EUR for the reporting
year (2010: 187.7 million EUR). Revenues from property services
amounted to 29.5 million EUR or 14.2 % less than the comparable prior
year value of 34.4 million EUR. This development resulted from the
initial full consolidation of ECO Business-Immobilien AG ("ECO") in
2011, which led to the reclassification of property services provided
for ECO as internal services. With EBIT of 119.8 million EUR (2010:
103.2 million EUR), conwert not only reached, but also exceeded its
goal to increase earnings before interest and tax by 16.6 % over the
previous year.

Increased distribution through dividend and capital decrease For the
2011 financial year, the Executive Board and Administrative Board
recommend a dividend of 0.20 EUR per share. This amount reflects the
previously announced forecast.

Furthermore, conwert plans to reduce the nominal value of issued
shares from 10 EUR to 5 EUR per share through a capital decrease.
This step will give the company greater flexibility for future
capital measures and share buybacks. The capital decrease will result
in 426.8 million EUR of reserves, which will be used in part for a
distribution of 0.15 EUR per share to shareholders. These measures
will be placed for a vote before the annual general meeting on 31 May
2012.

Management and the Administrative Board have also decided to issue a
bond for retail customers to refinance the 2014 convertible bond,
which can be sold back to conwert in November 2012 through a put
option. This bond is expected to be placed in summer 2012.

Plans also call for the distribution of a dividend in 2012. The
dividend is expected to equal 0.20 EUR per share.

The annual report of conwert Immobilien Invest SE for the 2011
financial year will be available on the company`s website under
www.conwert.at shortly.

Company Indicators

2011 2010 Change
Rental income mill. EUR 210.0 187.7 11.88 %
Proceeds on the sale of
properties mill. EUR 613.3 325.1 88.59 %
Service revenues mill. EUR 29.5 34.4 (14,23) %
Revenues mill. EUR 852.9 547.3 55.83 %
Earnings before interest,
taxes, depreciation and
amortisation (EBITDA) mill. EUR 124.8 184.9 (67.5) %
Earnings before interest and
taxes (EBIT) mill. EUR 119.8 103.2 16.09 %
Funds from operations (FFO)*)
mill. EUR 81.3 53.5 51.96 %
Net rental income (NRI) mill. EUR 119.1 103.9 14.63 %
Cash profit**) mill. EUR 73.8 44.0 67.72 %
Basic earnings per share EUR 0.28 0.29 (3.57) %
Diluted earnings per share EUR 0.28 0.29 (3.57) %
Funds from operations per share EUR 0.98 0.65 50.77 %

Balance Sheet Indicators

2011 2010 Change
Balance sheet total mill. EUR 3,176.4 3,550.8 (10.54) %
Non-current loans and borrowings
mill. EUR 1,005.9 1,211.9 (16.7) %
Current loans and borrowings mill. EUR 408.9 456.1 (10.35) %
Equity mill. EUR 1,248.3 1,330.1 (6.15) %
Equity ratio % 39.3 37.5 4.8 %
Gearing % 137.2 151.8 (9.62) %
EPRA NAV (basic) EUR 18.35 17.28 6.2 %

Property Indicators
2011 2010 Change
Number of properties No. 1,666 1,811 (8.01) %
Rental units No. 22,923 25,194 (9.14) %
Total usable space sqm 2,146,097 2,453,050 (12.51) %
Property assets mill. EUR 2,828.6 3,238.3 (12.65) %

*) FFO: Earnings before tax (EBT) minus the net gain from fair value adjustments
plus the difference between cash gains on sale to IFRS gains on sale plus
depreciation plus non-cash components of financial results 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 cwi@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