EANS-Adhoc: conwert surpasses sales targets: in 2009, properties totalling EUR 350 million were sold with a double-digit profit margin
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
12.01.2010
Vienna, 12.01.2010. conwert Immobilien Invest SE, listed on the Vienna Stock Exchange, sold properties totalling more than EUR 350 million in the 2009 financial year based on preliminary figures. The sales target, which was raised from an original EUR 200 million to EUR 300 million, was thus again exceeded significantly. conwert generated high profits by selling the properties. Taking into account the negative cash contribution resulting from the termination of a joint venture in Germany, the IFRS margin amounted to roughly 10% on average and the cash profit margin to approximately 15% based on acquisition cost. Without this extraordinary transaction, conwert realised an IFRS profit margin of roughly 13% and a cash profit margin of approximately 22%.
The good sales business was essentially influenced by the strong demand for high-quality apartment buildings and freehold flats in Austria, where roughly 63% of the proceeds on the sale of properties were realised. Business also developed clearly positively in Germany, where revenues exceeded the EUR 100 million mark for the first time.
Johann Kowar, Chairman of the Executive Board: "In the financial year 2009, we were able to optimally use the strong demand for high-quality freehold flats and apartment buildings. We clearly exceeded our sales targets and realised cash earnings of roughly EUR 45 million." Johann Kowar expects the sales business to remain strong in the financial year 2010. "Demand for top properties continues unabated. Our sales pipeline is full, and we are confident to trade 10% of our property portfolio again in 2010. We will re-invest the profits from the sales. conwert will thus also be found on the buyer side this year."
end of ad-hoc-announcement ========================================== ====================================== This press release contains forward-looking estimates and statements that were made on the basis of the information available at this time. Forward-looking statements reflect the point of view at the time they are made. We would like to point out that the actual circumstances and, consequently, the actual results realised at a later date may differ from the forecasts presented in this report for a variety of reasons.
end of announcement euro adhoc
Further inquiry note:
conwert Immobilien Invest SE
Peter Sidlo, Head of Corporate Communications - Investor Relations
T +43 / 1 / 521 45-250
E sidlo@conwert.at
Q-COM Financials
Roland Mayrl
T +43 / 1 / 504 69 87-331
E r.mayrl@qcom.at
Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wien / official dealing