EANS-Adhoc: conwert Immobilien Invest SE / conwert with strong operating development in the first quarter 2009 - cash earnings: FFO +72% to EUR 23.87 million

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3-month report

26.05.2009

conwert with strong operating development in the first quarter 2009 -
cash earnings: FFO +72% to EUR 23.87 million

+ Rental income +15% to EUR 39.99 million - organic growth of rental
income by 9% (like-for-like) + Proceeds on the sale of properties
+123% to EUR 67.32 million + EBITDA +15% to EUR 26.93 million; cash
earnings increased significantly: FFO +72% to EUR 23.87 million. +
Stable-value property portfolio: property assets increase to EUR 2.54
bn + Strong financial results due to positive one-off effects and low
interest rates + Positive development of operating activities
expected in 2009

Vienna, 26 May 2009. conwert Immobilien Invest SE (Vienna Stock
Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) reported a strong
development of operating activities in the first quarter of 2009.
Despite the difficult climate caused by the financial and economic
crisis, earnings before interest, taxes, depreciation and
amortisation (EBITDA) rose by 15% to EUR 26.93 million. This increase
results primarily from the strong development of the proceeds on the
sale of properties (+123% over Q1/2008) and the good development of
rental income (+15%). Cash earnings also grew substantially: Funds
from Operations (FFO) amounted to EUR 23.87 million (+72%). Due to a
lack of revaluation gains, the operating result (EBIT) declined to
EUR 24.22 million. (Q1/2008: EUR 40.82 million). As a reaction to the
difficult market conditions, the optimisation of the property
portfolio formed the focal point of the activities in the first
quarter of 2009. Total property value amounted to EUR 2.54 billion
(after EUR 2.50 billion as of end 2008).

+ Steep increase in proceeds on the sale of properties Despite the
difficult environment on property investment markets, proceeds on the
sale of properties rose from EUR 30.12 million in the prior year to
EUR 67.32 million in the first quarter of 2009. Even in the current
market environment properties were sold above IFRS book values. The
related gains totalled EUR 7.83 million, while the selling margin
remained high at 13.5% based on the IFRS values. Based on acquisition
cost, a cash profit of EUR 13.66 million and a cash margin exceeding
25% were recorded.

The core rental business showed an increase of rental income by 15%
period-on-period to EUR 39.99 million. The average rental price in
the residential segment rose from EUR 4.80 to EUR 5.12 per square
meter and month year-on-year. Revenues in the service segment
totalled EUR 15.10 million. (+4% yoy). EUR 8.13 million were
accounted for by third-party business. Revenues totalled EUR 115.44
million in the first quarter of 2009 (Q1/2008: EUR 73.16 million).

+ Positive earnings indicators and rising cash earnings Earnings
before interest, taxes, depreciation and amortisation (EBITDA)
amounted to EUR 26.93 million (Q1/2008: EUR 23.42 million). As a
result of the lack of revaluation gains, earnings before interest and
tax (EBIT), at EUR 24.22 million, fell short of the prior-year figure
of EUR 40.82 million. The financial results of EUR -13.57 million
(Q1/2008: EUR -13.61 million), was substantially improved by positive
one-off effects and low interest rates while the financing volume was
higher, but was affected by the negative share of profit of ECO
Business-Immobilien AG in the amount of EUR -2.45 million (following
in a positive share of profit of EUR 2.17 million in the previous
year). Earnings before tax (EBT) declined from EUR 27.21 million to
EUR 10.65 million in the first three months of 2009. Cash earnings,
which exclude non-cash effects, increased significantly. Funds from
operations (FFO) totalled EUR 23.87 million (+72% on the previous
year) due to high cash profits when selling and buying back
convertible bonds.

+ Stable financing structure As of 31 March 2009 equity totalled EUR
1,262 million. The equity ratio equalled 42% (compared with 45% in
the same period of the previous year). Net assets per share (NAV)
amounted to EUR 15.39, compared with EUR 15.55 at the end of the
financial year 2008. The financing volume amounted to EUR 1,545
million as of 31 March 2009. The average cash-effective interest rate
equalled 4.55% including effects from hedging and 3.99% before
hedging. Hedges were concluded for 76.5% of the interest-bearing
liabilities to provide protection against interest ration
fluctuations. With cash and cash equivalents totalling approx. EUR 82
million (12/2008: EUR 69,92 Mio.), conwert has sufficient liquidity
reserves.

+ Outlook on the year 2009 Economic forecasts are still negative. A
recovery of the economic situation is only expected towards the end
of 2010. As forecasts were repeatedly downgraded in the past months,
the extent and the end of the worldwide economic downturn can,
however, not be forecast reliably. Despite this negative economic
climate, conwert at present expects a largely stable development in
the residential property markets at its most important locations. In
the financial year 2009, the focus of strategic development remains
on the further improvement of the cost and finance structure, an
expansion of the service business, the sale of properties and organic
growth in rental income. Arising opportunities to acquire properties
will only be used very selectively. The target sales volume for the
year 2009 amounts to EUR 200 million. In an unchanged market
environment conwert therefore expects a positive operating
development in the financial year 2009 and cash earnings (FFO), which
should significantly exceed the level of 2008.

The quarterly report Q1/2009 of conwert Immobilien Invest SE is
available at the website www.conwert.at.

Earnings Indicators
1-3/2009 1-3/2008 Change 2008
Rental income EUR Mio. 39.99 34.64 +15% 147.74
Proceeds on the sale of
properties EUR Mio. 67.32 30.12 +123% 203.13
Service revenues EUR Mio. 8.13 8.40 -3% 40.25
Total revenues EUR Mio. 115.44 73.16 +58% 391.12
Earnings before interest, taxes,
depreciation (EBITDA) EUR Mio. 26.93 23.42 +15% 94.36
Earnings before interest
and tax (EBIT) EUR Mio. 24.22 40.82 -41% 69.98
Funds from Operations (FFO)1) EUR Mio. 23.87 13.88 +72% 53.82
Cash Profit 2) EUR Mio. 23.82 13.88 +72% 53.02

Balance Sheet Indicators
Balance sheet total EUR Mio. 3,006.83 3,100.53 -3% 3,016.21
Non-current loans and
borrowings EUR Mio. 1,007.66 995.13 +1% 1,011.13
Current loans and
borrowings EUR Mio. 323,28 275,80 +17% 321.90
Equity EUR Mio. 1,261.65 1,400.06 -10% 1,274.21
Equity ratio % 41.96 45.16 - 42.25
Gearing % 120.32 92.49 - 115.17

Property Indicators
Number of objects No. 1,696 1,637 +4% 1,710
Rental units No. 24,659 23,818 +4% 24,931
Parking spaces No. 8,109 7,422 +9% 7,768
Total usable space sqm 2,033,158 1,946,085 +4% 2,035,421
Property assets EUR Mio. 2,543.55 2,417.55 +5% 2,497.32

Stock Exchange Indicators
Basic earnings/share EUR 0.08 0.24 -66% (0.37)
Diluted earnings/share EUR 0.08 0.24 -68% (0.37)
Book value/share EUR 15.39 16.50 -7% 15.55
Funds from Operations/share EUR 0.29 0.16 +81% 0.65

1) FFO: Earnings before tax (EBT) minus the net gain from fair value adjustments

+ Difference between cash gains on sale to IFRS gains on sale +
depreciation + non-cash parts of financial result and investment
costs 2) Cash profit: FFO minus actual income taxes paid

This report 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
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ots Originaltext: conwert Immobilien Invest SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

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

Peter Sidlo, Head of Corporate Communications - Investor Relations,

T +43 / 1 / 521 45-250, E sidlo@conwert.at,

Hochegger|Financials, Roland Mayrl, T +43 / 1 / 504 69 87-331,

E r.mayrl@hochegger.com

Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wien / official dealing