euro adhoc: conwert Immobilien Invest SE / Financial Figures/Balance Sheet / conwert with strong operating development in the financial year 2007 (E)

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31.03.2008

ADHOC DISCLOSURE | 31.03.2008

conwert with strong operating development in the financial year 2007

+ Record levels for all financial indicators 2007: Revenues EUR 363.11 million
(+37 %), EBIT EUR 172.53 million (+65 %)
+ Cash inflows (FFO after financial results) up 65 % to EUR 62.41 million
+ Organic growth of rental income by 10 % in like-for-like portfolio
+ Property assets expanded by 40 % to EUR 2.35 billion, Net asset value
(NAV)/share +12 % to EUR 16.25
+ Excellent financing structure with 48 % equity and low interest on borrowed
capital (average: 5.2 %)
+ Organic growth in property investments and property services

Vienna, 31 March 2008. conwert Immobilien Invest SE, which is listed on the
Vienna Stock Exchange, completed the financial year 2007 with record levels for
all company indicators.

The conwert property indicators showed a significant improvement: property
assets rose 40 % to EUR 2.35 billion, total usable space to 1,896,900 sqm (2006:
1,322,400 sqm). At the end of the financial year, the property portfolio
comprised 1,590 properties with 23,283 rental units and 6,832 parking spaces,
following 981 properties with 15,376 rental units and 4,298 parking spaces in
the previous year.

+ Strong development of rental income and proceeds on sale
Rental income rose by 38 % to EUR 109.49 million. The strong performance in the
area of rental income is reflected above all in a like-for-like analysis of the
divisions primarily keyed to letting (analyses based on an unchanged property
portfolio at year-end 2006): In this unchanged portfolio, rental income grew 10
%.

Proceeds from the sale of properties were up 36 % to EUR 252.47 million. The
profit from the sale of properties amounted to EUR 38.78 million compared to the
IFRS values, on a cash basis in comparison to acquisition cost even to EUR 53.86
million. Profit margin was 18 % on the revalued IFRS amounts and 27 % cash
margin on acquisition costs.

Total revenues increased by 37 % to EUR 363.11 million.

+ Record earnings figures
The operating result (EBIT) rose by 65 % to EUR 172.53 million. At EUR 97.84
million, the revaluation of property assets totalled 4.2 % in the financial year
2007. Since foundation of the company, the cumulative net revaluation of the
current portfolio totalled to EUR 109.27 million.

Despite a significantly higher financing volume the financial results, at EUR
-27.37 million (2006: EUR -27.39 million), remained largely unchanged so that
the earnings before taxes (EBT) increased by 88 % to EUR 145.15 million. Profit
for the year after minority interests rose by 122 % to EUR 114.93 million.

conwert significantly increased earnings, in particular also on a cash basis, in
comparison with the previous year. Funds from operations (FFO after financial
results), which do not take into account revaluation gains on an EBT basis, were
up 65 % to EUR 62.41 million*. Cash profit, which as net cash earnings deducts
actual income taxes paid from FFO, rose to EUR 60.10 million, up 60 % on the
figure of the previous year.

+ 48 % Equity ratio and 12 % NAV increase
The equity of conwert was increased to EUR 1,407 million. The equity ratio was
48 % at the balance sheet date. The average interest rate on non-current
liabilities amounted to 5.2 % in the financial year 2007.

The net asset value (NAV) per share also developed very positively, rising 12 %
to EUR 16.25 per share in 12 months. The adjusted NAV per share, which also
takes into account hidden reserves in the property portfolio and deferred taxes,
equalled EUR 20.78 per share (2006: EUR 19.19 per share).

+ Growth strategy continued
With the strategic repositioning in 2007, conwert set the course for further,
organic growth. In the investment segment of business, conwert will continue to
expand its property portfolio in Austria, Germany and the CEE region through
selective acquisition and increase the value through modernisation and
development measures. The ongoing trading activities will also generate
attractive cash flows in the future and strengthen the internal financing power
for further projects in the long term. Activities in the property service
segment will concentrate on the integration of the newly acquired companies and
realisation of synergies and cost savings as well as the expansion of business
with external customers. Plans call for an increase in the property portfolio to
approx. EUR 2.5 - 2.6 billion during 2008 as well as growth of roughly 10 - 15 %
from property services.

conwert has sufficient funds to finance these planned projects. Both the
investment segment and the service segment will make a positive contribution to
the revenue and earnings development so that conwert expect earnings figures to
significantly exceed those of the previous year. Based on this development,
conwert expects a further increase in the substance value of the company as in
previous years.

* The calculation of funds from operations (FFO) was changed in annual reporting
in order to provide a better presentation of the actual cash earnings of
conwert: previously, the calculation of FFO was based on EBIT (i.e. before
financial results), whereas it is based on EBT now (i.e. after financial
results). Therefore, the value shown is not comparable to the figures of the
quarterly reports 2007. Comparable FFO before financial results amounted to EUR
89.78 million in 2007 (2006: EUR 65.14 million).

Key Company Figures 
                                                2007          2006      Change
Rental income                   EUR mill.     109.49         79.54        38 %
Proceeds from the sale 
 of properties                  EUR mill.     252.47        185.46        36 %
Other revenues                  EUR mill.       1.16             -           -
Revenues                        EUR mill.     363.11        265.00        37 %
EBITDA                          EUR mill.      75.53         59.18        28 %
Earnings before interest 
 and tax (EBIT)                 EUR mill.     172.53        104.42        65 %
FFO (Funds from Operations)**   EUR mill.      62.41         37.75        65 %
Cash Profit***                  EUR mill.      60.10         37.61        60 %
Equity                          EUR mill.   1,407.25        857.99        64 %
Equity ratio                     %              47.7          44.6         7 %
Gearing                          %              85.8          94.7         9 %

Key Property Figures
Number of objects                No.           1,590           981        62 %
Rental units                     No.          23,283        15,376        51 %
Parking spaces                   No.           6,832         4,298        59 %
Total usable space               sqm       1,896,898     1,322,412        43 %
Property assets                  EUR mill.  2,345.25      1,673.37        40 %

Key Stock Exchange Figures
Basic earnings/share             EUR            1.46          0.97        51 %
Diluted earnings/share           EUR            1.44          0.97        48 %
Adjusted earnings/share****      EUR            1.82          1.44        26 %
Book value/share                 EUR           16.25         14.49        12 %
Adjusted NAV/share*****          EUR           20.78         19.19         8 %
Funds from Operations/share      EUR            0.79          0.71        11 %
Price/earnings ratio             Year-end       8.23         16.91        51 %
Price / adjusted earnings ratio  Year-end       6.62         11.39        42 %

** FFO: EBT - net gain on the adjustment of fair value + cashgains on the sale
of properties in relation to IFRS gains on sale  
*** Cash Profit: FFO after the deduction of actual income taxes paid
**** Earnings per share only taking into account actual income taxes paid
***** Book value per share including hidden reserves in the property portfolio
and deferred taxes

Further inquiry note:
conwert Immobilien Invest SE, Johann Kowar, Chairman of the Executive Board,
T +43 / 1 / 521 45-200, E [email protected]

Hochegger|Financials, Roland Mayrl, T +43 / 1 / 504 69 87-31,
E [email protected]

end of announcement euro adhoc
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emitter: conwert Immobilien Invest SE
Albertgasse 35
A-1080 Wien
phone: 52145-0
FAX: 52145-111
mail: [email protected]
WWW: http://www.conwert.at
sector: Real Estate
ISIN: AT0000697750
indexes: WBI
stockmarkets: official dealing: Wiener Börse AG
language: English

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