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conwert Immobilien Invest SE

euro adhoc: conwert Immobilien Invest SE
quarterly or semiannual financial statement
conwert increases rental income and earnings in the first quarter of 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
27.05.2008
conwert increases rental income and earnings in the first quarter of 
2008
Vienna, 27 May 2008. conwert Immobilien Invest SE, listed on the 
Vienna Stock Exchange, used the first quarter of 2008 to optimise the
current property portfolio and improved essential key figures. 
Following the significant expansion of the property portfolio and the
acquisition of the property management and property service companies
in 2007, the focus was placed on sustainable asset management and the
integration of the acquired companies in the first three months of 
2008. In line with this strategy, rental income was increased by 12 %
year-on-year based on an unchanged portfolio (like-for-like). 
Overall, rental income rose by 42 % to EUR 34.64 million. Earnings 
before interest and tax (EBIT) increased to EUR 40.82 million (+24 
%). Cash earnings (FFO and cash profit), at EUR 13.64 million, were 
clearly positive. The property key figures also experienced growth, 
with transactions focusing exclusively on selective acquisitions and 
sales in the reporting period.
Property assets increased to EUR 2.42 billion in the first quarter of
2008, following EUR 2.35 billion at the end of 2007. Total usable 
space amounted to 1,946,100 sqm (12/2007: 1,896,900 sqm). At the end 
of the first quarter of 2008, the property portfolio comprised 23,818
rental units and 7,422 parking spaces. The net asset value (NAV) per 
share was up 12% to EUR 16.50 within a single year.
+ Strong growth in rental income Rental income rose by 42 % 
year-on-year to EUR 34.64 million in the first quarter of 2008. This 
growth resulted from an increase in space as well as higher prices on
new rentals. The sound organic growth in rental income is 
demonstrated above all by a like-for-like analysis (based on an 
unchanged portfolio compared with the first quarter of 2007) of 
properties designated for rental. In comparison with the first three 
months of the previous year, rental income rose by 12%.
Since the basis for trading activities was extremely high in the 
comparable prior year period, the transaction volume for the 
reporting period shows a decline. Proceeds on sale amounted to EUR 
30.12 million, following the exceptionally high level of sales in the
first quarter of 2007 (EUR 82.44 million). The gain on the sale of 
property of EUR 5.82 million was reflected in a high profit margin of
24 % compared to the IFRS figures. The margin based on acquisition 
cost equalled 47 %.
Revenues from the provision of services developed as expected, 
reaching EUR 14.58 million in the first quarter of this year. EUR 
6,18 million were accounted for by internal services and EUR 8.40 
million, or approx. 58 %, were accounted for revenues from third 
parties. Due to the lower proceeds on sale, revenues amounted to EUR 
73.16 million in the first quarter of 2008, following EUR 106.85 
million in the same period of the previous year.
+ Positive earnings development The strong growth in rental income, 
unchanged high margins on sales and the first revenues from the 
service companies as well as adjustments of EUR 19.89 million (0.8 % 
of property assets) to the fair value of properties in accordance 
with IFRS led to a further improvement in earnings indicators. 
Earnings before income tax (EBIT) rose by 42 % to EUR 40.82 million. 
Financial results were negative at EUR -13.61 million, as expected, 
due to the high volume of financing, but were positively influenced 
by the share of profit received from the associate ECO 
Business-Immobilien AG (EUR 2.17 million). Earnings before tax (EBT) 
equalled EUR 27.21 million (Q1/2007: EUR 25.62 million). Profit after
profit attributable to other equity holders increased by 8 % to EUR 
20.77 million.
Funds from operations (FFO after financial results), which on an EBT 
basis do not take into account revaluation gains, were clearly 
positive at EUR 13.64 million for the reporting period despite lower 
proceeds from the sale of property (Q1/2007: EUR 34.07 million). Cash
profit (net cash profit: FFO less actual income taxes paid) also 
improved year-on-year to EUR 13.64 million. A significantly higher 
number of shares outstanding reduced net profit for the period from 
EUR 0.33 per share in the first quarter of 2007 to EUR 0.24 per share
for the reporting period. Adjusted earnings per share equalled EUR 
0.30 (Q1/2007: EUR 0.44).
+ Increase in NAV to EUR 16.50 per share (+12 %) As of 31 March 2008 
conwert´s equity totalled EUR 1,400.06 million and the equity ratio 
equalled 45%. The average interest rate on non-current 
interest-bearing loans and borrowings was 5.5 % as of the balance 
sheet date. conwert has concluded hedges to protect roughly 71 % of 
interest-bearing loans and borrowings against changes in interest 
rates.
Net assets per share (NAV) also experienced a positive development, 
rising to EUR 16.50 during the reporting period, which reflects an 
increase of 12 % within a single year. Adjusted NAV per share, which 
also takes into account hidden reserves in the property portfolio and
deferred taxes, was EUR 20.95 per share (2007: EUR 18.98 per share).
+ Positive outlook for the full financial year conwert expects the 
development of business will remain generally positive throughout the
remainder of the 2008 financial year. Plans call for an increase in 
the property portfolio to approximately EUR 2.5 - 2.6 billion by 
year-end. conwert also expects a further steady increase in rental 
income. For sales activities, the second quarter of 2008 has brought 
a renewed increase in the demand for individual properties, 
especially in prime locations and the high-quality segment. Moreover,
conwert has responded to the strong demand for high-quality 
condominiums in Austria and Germany by increasing legal preparations 
for the sale of such objects and expanding its sale activities. The 
Group still plans to sell 10-15% of the total property portfolio in 
2008. In the property services segment, a number of important 
external clients were acquired during the first quarter of 2008. 
Additional growth projects are currently in preparation, and the 
development of business is expected to reflect the forecasts for the 
full year.
In addition to an increase in rental income and proceeds from the 
sale of properties, the expansion of the services segment should have
a positive effect on revenues and earnings indicators. The forecasts 
prepared by conwert remain intact, with revenues and earnings before 
interest and tax (EBIT) expected to exceed the prior year by a 
significant amount. Accordingly, a further improvement is also 
expected in the inherent value (NAV) of the company. Further on, 
conwert plans to pay out a dividend for the first time in the 
financial year 2008.
The Letter to Shareholders Q1/2008 of conwert Immobilien Invest SE 
can be viewed on the website www.conwert.at.
Key Company Figures
                                  1-3/2008       1-3/2007     Change       2007
Rental income         EUR mill.      34.64          24.41       +42%     109.49
Proceeds from the disposal
   of properties      EUR mill.      30.12          82.44       -63%     252.47
Service Revenues      EUR mill.       8.40              -          -       1.16
Total Revenues        EUR mill.      73.16         106.85       -32%     363.11
Earning before interest, taxes,
  depreciation and amortization
(EBITDA)            EUR mill.      23.42          19.63       +19%      75.53
Earning before interest
   and taxes (EBIT)   EUR mill.      40.82          33.03       +24%     172.53
Funds from Operations
   (FFO) 1)           EUR mill.      13.64          34.07       -60%      62.41
Cash Profit 2)        EUR mill.      13.64          34.07       -60%      60.10
Equity                EUR mill.   1,400.06         875.46       +60%   1,407.25
Equity ratio          %              45.16          45.20          -      47.7
Gearing               %              92.49          96.60          -      85.8
Key property Figures
Number of properties  No.            1,637          1,004       +63%      1,590
Rental units/         No.          23,818/        15,557/      +53%/    23,283/
   parking spaces     No.            7,422          4,304       +72%      6,832
Total useable space   sqm        1,946,085      1,355,594       +44%  1,896,898
Property assets       EUR mill.   2,417.55       1,728.03       +40%   2,345.25
Key Figures per share
Earnings/share          EUR           0.24           0.33       -27%       1.46
Diluted earnings/share  EUR           0.24           0.33       -27%       1.44
Adjusted earnings/share 3)
                        EUR           0.30           0.44       -32%       1.82
Book value share        EUR          16.50          14.79       +12%      16.25
Adjusted NAV/share 4)   EUR          20.95          18.98       +10%      20.78
Funds from Operations/share  EUR      0.16           0.58       -72%       0.79
1)FFO: EBT - net  gain from fair v alue adjustments + cash gains on 
sales in relation to IFRS gains on sale 2)Cash Profit: FFO after 
deduction of actual income taxes paid 3)Earning per share, 
considering the effective liquid effect from the taxes on income. 
4)Book value per share including hidden reserves in the property 
portfolio (Assumption: 15 % Hold-Portfolio, 25% Trading-Portfolio) 
and deferred  taxes
end of announcement                               euro adhoc

Further inquiry note:

conwert Immobilien Invest SE, Johann Kowar, Chairman of the Executive Board
T +43 / 1 / 521 45-200, E kowar@conwert.at

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

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

Plus de actualités: conwert Immobilien Invest SE
Plus de actualités: conwert Immobilien Invest SE