PTA-News: conwert Immobilien Invest SE: conwert in 2015: Preliminary figures show good operating performance
FFO I above EUR 52 mn, surpasses guidance of EUR 48 mn

2/29/2016, 5:07 PM (Source: pressetext)

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Vienna (pta028/29.02.2016/17:07) - conwert Immobilien Invest SE (conwert), listed on the Austrian ATX, reported a successful development of its operating performance in the 2015 financial year. Thanks to strong sales proceeds, revenue increased 33% in year-on-year comparison to a probable level of EUR 506 mn (2014: EUR 381 mn). The funds from operations before sales income and one-off effects (FFO I) has increased by approximately 50% to above EUR 52 mn (2014: EUR 35 mn). Accordingly, conwert surpassed the guidance of 2015 of EUR 48 mn for the most important operating earnings indicator of a real estate company. The overall vacancy rate was reduced to 6.6% as at 31 December 2015 (31/12/2014: 9.9%) and even fell to 3.1% in the company's core portfolio. The debt ratio (LTV) declined to under 50% at the end of 2015, and the average interest costs dropped to 2.3%.

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Vienna (pta028/29.02.2016/17:07) - conwert Immobilien Invest SE (conwert), listed on the Austrian ATX, reported a successful development of its operating performance in the 2015 financial year. Thanks to strong sales proceeds, revenue increased 33% in year-on-year comparison to a probable level of EUR 506 mn (2014: EUR 381 mn). The funds from operations before sales income and one-off effects (FFO I) has increased by approximately 50% to above EUR 52 mn (2014: EUR 35 mn). Accordingly, conwert surpassed the guidance of 2015 of EUR 48 mn for the most important operating earnings indicator of a real estate company. The overall vacancy rate was reduced to 6.6% as at 31 December 2015 (31/12/2014: 9.9%) and even fell to 3.1% in the company's core portfolio. The debt ratio (LTV) declined to under 50% at the end of 2015, and the average interest costs dropped to 2.3%.

"Our business development in 2015 is a clear signal that good progress is being made in implementing our strategy", comments Wolfgang Beck, CEO of conwert. "We have improved our operating result, achieved important milestones and posted business results which are better than expected. This success was possible because we were able to reduce the vacancy rate, significantly exceeded our sales objectives and further optimized our administrative and financing costs. We will continue along this path in 2016."

The announcement of its preliminary results enables conwert to provide greater transparency of its most important operating figures ahead of the Extraordinary General Meeting (EGM) on 17 March 2016. The EGM was convened within the relevant deadlines on request of the minority shareholder MountainPeak Trading Ltd, a subsidiary of conwert's competitor ADLER Real Estate. The complete results for the 2015 financial year will be announced as planned on 23 March 2016.

Note: All figures are preliminary and rounded.

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This release contains forward-looking 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 realized at a later date, may differ from the forecasts presented here for a variety of reasons.

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emitter: conwert Immobilien Invest SE
address: Alserbachstraße 32, 1090 Vienna
country: Austria
contact person: Clemens Billek
phone: +43 1 52145-700
e-mail: cwi@conwert.at
website: www.conwert.at

ISIN(s): AT0000697750 (share)
stock exchanges: official trade in Vienna

[ source: http://www.pressetext.com/news/20160229028 ]