EANS-Adhoc: conwert Immobilien Invest SE / conwert with strong earnings before tax in the first quarter of 2012

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3-month report

29.05.2012

Vienna, 29 May 2012. conwert Immobilien Invest SE, which is traded
on the Austrian ATX, completed the first quarter of 2012 with strong
earnings before tax.

The company, which specialises in residential properties, realised
revenues totalling 91.2 million EUR in the first three months of the
year with significantly fewer properties sold (1-3/2011: 126.8
million EUR).

As a result of the strong sales in 2011, rental income declined in
comparison with the previous year and amounted to 46.8 million EUR in
the reporting period (1-3/2011: 53.9 million EUR). In comparison with
Q1/2011, vacancies were reduced further to 15.1% (1-3/2011: 15.9%).
In the first quarter, conwert sold properties of a total value of
37.8 million EUR (1-3/2011: 65.3 million EUR), realising an average
margin of 16.7% above the IFRS carrying amount (1-3/2011: 11.4%).
This confirms the conservative valuation of the property portfolio
again, as a revaluation of the portfolio was performed as recently as
the end of 2011. Service revenues, at 6.6 million EUR in the first
three months of 2012, fell short of the figure of the prior-year
reference period (1-3/2011: 7.7 million EUR). Against the background
of fewer property sales of entire objects as well as the complete
outsourcing of the insurance business, however, this is a solid
result. The focus in the sale of properties was on the sale of
individual residential units.

Increases in efficiency lead to cost savings The measures designed to
optimise costs, which were initiated in the past year, already had a
positive effect in the first quarter of 2012. In comparison with the
prior-year reference period, 2.9 million EUR were saved in operating
expenses. Not least due to these efficiency enhancements, conwert
realised an only slightly lower operating result of 26.7 million EUR
in the reporting period in comparison with the prior-year period
(1-3/2011: 27.6 million EUR).

The financial results for the first three months of 2012 amounted to
(21.9) million EUR (1-3/2011: (24.1) million EUR). Here, conwert
benefited from a reduction of financial expenses, which were lowered
by 1.2 million EUR in comparison to the first quarter of 2011
especially due to the repayment of mortgages. However, a high tax
burden, which resulted primarily from differences between the IFRS
financial statements and the financial statements according to UGB
(local GAP), led to a lower profit after income taxes in comparison
with the same period of the previous year, which amounted to 2.4
million EUR (1-3/2011: 6.0 million EUR).

The loan-to-value ratio (LTV) was reduced further to 55.9% in the
first quarter (down from 57.3% at the end of the year 2011).

With a view to the whole year 2012, conwert confirmed the target
announced at the beginning of the year of earnings before tax (EBT)
amounting to 50 million EUR (including valuation results). The
loan-to-value ratio should be lowered to between 50% and 55% by the
end of the year and the equity ratio increased to 40%.

The financial report 1-3/2012 of conwert Immobilien Invest SE is
available on the website www.conwert.at.

Earnings indicators 1-3/2012 1-3/2011 Change 2011
in %
Rental income mill. EUR 46.8 53.9 (13.2) 210.0
Proceeds on sale
of properties mill. EUR 37.8 65.3 (42.1) 613.3
Service revenues mill. EUR 6.6 7.7 (14.3) 29.5
Revenues mill. EUR 91.2 126.8 (28.1) 852.9
Earnings before interest,
tax, depreciation and
amortisation (EBITDA) mill. EUR 26.0 30.2 (13.9) 124.8
Earnings before interest
and tax (EBIT) mill. EUR 26.7 27.6 (3.3) 119.8
Funds from Operations (FFO)1) mill. EUR 10.3 14.9 (30.9) 81.3
Net Rental Income (NRI) mill. EUR 28.1 32.4 (13.3) 119.1
Cash Profit 2) mill. EUR 2.5 14.8 (83.1) 73.8
Non-diluted earnings/share mill. EUR 0.03 0.06 (50.0) 0.28
Diluted earnings/share mill. EUR 0.03 0.06 (50.0) 0.28
Funds from operations/share mill. EUR 0.13 0.18 (27.8) 0.98

Balance sheet indicators 1-3/2012 1-3/2011 Change 2011
in %
Balance sheet total mill. EUR 3,131.1 3,517.1 (11.0) 3,176.4
Non-current loans
and borrowings mill. EUR 977.7 1,166.7 (16.2) 1,005.9
Current loans and borrowings mill. EUR 394.8 458.4 (13.9) 408.9
Equity mill. EUR 1,245.5 1,351.6 (7.8) 1,248.3
Equity ratio % 39.8 38.4 3.6 39.3
Gearing % 137.0 144.6 (5.3) 137.2
Book-value (NAV)/share 3) EUR 18.37 15.90 0.1 18.35

Property indicators 1-3/2012 1-3/2011 Change 2011
in %
Number of properties No. 1,641 1,790 (8.3) 1,666
Rental units No. 22,524 25,719 (12.4) 22,923
parking spaces No. 11,719 12,170 (3.7) 11,213
Total usable space sqm 2,126,237 2,426,149 (12.4) 2,146,097
Property assets mill. EUR 2,817.9 3,197.2 (11.9) 2,828.6

1) FFO: Earnings before tax (EBT) minus the net gain from fair value adjustments
plus the difference between cash gains on sale to IFRS gains on sale plus
depreciation plus non-cash components of financial results and other costs

2) Cash profit: FFO minus actual income taxes paid 3) Calculated
according to EPRA criteria, comparative value as of 31 December 2011

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.

Further inquiry note:
Clemens Billek
Head of Investor Relations - Corporate Communications
conwert Immobilien Invest SE,
T +43 / 1 / 521 45-700,
E cwi@conwert.at

end of announcement euro adhoc
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issuer: conwert Immobilien Invest SE
Albertgasse 35
A-1080 Wien
phone: 52145-0
FAX: 52145-111
mail: cwi@conwert.at
WWW: http://www.conwert.at
sector: Real Estate
ISIN: AT0000697750
indexes: WBI, ATX
stockmarkets: official market: Wien
language: English