euro adhoc: conwert Immobilien Invest AG / quarterly or semiannual financial statement / Record course continued in 1-9/2006

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29.11.2006

conwert Immobilien Invest AG: Record course continued in 1-9/2006

Vienna, 11/29/2006. conwert Immobilien Invest AG (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) continued its
record course of growth in the third quarter of 2006. Compared with
the same period of the previous year, sales revenues were increased
by 200% to EUR 131.30m and earnings before interest and taxes (EBIT)
were up by 182% to EUR 73.45m. The property portfolio was expanded to
EUR 1,599m. conwert was thus able to surpass, regarding sales and
profit key figures, the values for the entire record year of 2005
after a mere 9 months.

conwert’s growth course was positively reflected in all of the
company's key figures. Compared with the same period of the previous
year, revenues from sales were up 200 % to EUR 131.30m. Revenues from
rental income during the period under review rose to EUR 54.73 m,
i.e. 115%, thus more than doubling compared with the previous year.
The strong growth was based on successfully completed development
projects and constantly increasing rental levels in Austria, Germany
and the Czech Republic on the one hand as well as the consistent
expansion of the property portfolio on the other hand.

Revenues from sales went up disproportionately when the predominate
strong demand on the Vienna market has been utilised so that the
company could optimise its portfolio by selling certain properties.
All together, conwert generated a profit of EUR 11.88m from sales of
blocks and freehold flats, 406% more than in the period of the
previous year (EUR 2.35m). As regards profit key figures, earnings
before interest and taxes (EBIT) went up by 182% to EUR 73.45m
compared with the previous year, thus exceeding earnings for the
entire 2005 fiscal year (EUR 45.55m). Responsible for the improvement
in results were the earnings from flat and property sales as well as
higher revenues from rentals. The reappraisal of the properties by
independent experts in the framework of fair value adjustments
totalling EUR 36.66m positively affected the results, in which both
new additions - especially the properties acquired in the Allianz
package - as well as properties already in the portfolio contributed
to the appreciations. EBT rose from EUR 17.48m to EUR 54.27m, more
than tripling in value. Net result after minority interests rose by
181% to EUR 37.51m, although this result was disproportionately
burdened with deferred, non-liquidity related income taxes due to
real estate sales and fair value adjustments. Actual, cash-related
taxes on profit expenses were not assessed during the period under
review.

In the quarter under review, conwert also continued to selectively
expand its property portfolio. Thus, in the first nine months of
2006, the property portfolio was expanded to 963 properties with more
than 18,400 rental units (including parking spaces) in Austria,
Germany, the Czech Republic and Hungary, compared to 598 properties
as of 31st December 2005. The total useable space of conwert’s
properties was approximately 1,260,000 sqm as of the reference day
30th September 2006. Property value went up to EUR 1.599m - an
increase of EUR 687m in the first three quarters of 2006 or of EUR
890m in the last twelve months.

In Austria, the property portfolio was expanded to its current total
of 444 properties worth a total of EUR 1.145m. The most important
transaction in the third quarter was the acquisition of 16
residential properties in Vienna with a total useable space of around
53,000 sqm and a transaction volume of EUR 67.5m. The acquisitions
were rounded off through single investments. As of the reference day
of the period under review, conwert held a total of 486 properties in
Germany. The total value of the properties in the population centres
Berlin, Dresden, Hamburg and Leipzig amounts to EUR 390m. In the
third quarter of 2006, the property portfolio was selectively
expanded with premium city centre properties mainly in Berlin,
Dresden and Leipzig. Furthermore, in Leipzig, just about one year
after the market entry, conwert was able to conclude the first part
of a major modernisation project and has immediately let almost half
of the 195 redeveloped flats as soon as they were finished. In
Eastern Europe, conwert entered the Budapest residential real estate
market during the period under review, which, from a risk-return
point of view, is one of the top locations in Europe. With the
takeover of a Hungarian real estate company, conwert also acquired,
as a first move, a property portfolio with new property development
projects including 500 flats under construction. A development
project whose commercialisation has initiated very positively was
completed in the third quarter. Freehold flats totalling EUR 20m
should be constructed each year and the business segment, "Letting
and Development of Older Residential Properties" shall be
successively developed. conwert will also continue the company's
successful growth in the current 4th quarter and take advantage of
the attractive market environment in Austria, Germany and Eastern
Europe for further expansion of its portfolio. In addition to
strengthening its market leadership in Vienna, conwert will also push
the internationalisation of the company.

This growth strategy should also result in increased sales and
earnings key figures much higher than those of the previous year.
With regard to sales from property disposals and revenues from rental
income, the conwert management board predicts a further increase. In
accordance with the expected increase in sales revenues, returns
should also continue to increase, thus resulting in another
considerable improvement of the company results.

Selected Key Figures

Company Key Figures in EUR M
1-9/2006 1-9/2006 1-12/2005
Total revenues 131.30 43.80 105.37
Revenues from rental income 54.73 25.49 37.12
Revenue from property disposal 76.57 18.31 68.25
Earnings before interest and taxes (EBIT) 73.45 26.04 45.55
Earnings before taxes (EBT) 54.27 17.48 33.76
Equity holders of the parents 37.51 13.34 24.68
Shareholders' Equity 843.39 372.11 520.63
Equity ratio in % 45.6 48.1 47.6
Adjusted equity ratio in % * 46.3 49.6 48.7
Total assets 1,848.18 773.72 1.093.58
* Shareholders’ equity including tenant-financing contributions

Property Portfolio Key Figures
09/30/2006 09/30/2005 12/31/2005
Number of properties 963 288 598
Total usable space in sqm 1,262,827 577,202 815,932
Vehicle parking/garage spaces 3,416 1,927 2,068
Property assets in EUR m 1,598.52 708.55 911.83

Stock Market Key Figures
09/30/2006 09/30/2005 12/31/2005
Profit per Share 0.73 0.55 0.95
Share price (end of period) 15.90 14.27 14.55
Number of shares (end of period) 58,684,500 29,342,300 39,123,000
Market capitalisation in EUR m
(end of period) 933.08 418.72 569.24

end of announcement euro adhoc 29.11.2006 08:20:00
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ots Originaltext: conwert Immobilien Invest AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
conwert Immobilien Invest AG, Johann Kowar, Member of the Management Board,
Tel: +43 / 1 / 521 45-200, E-mail: kowar@conwert.at

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

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


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