Adhoc announcement according to article 48d section 1 BörseG
conwert Immobilien Invest SE:
conwert forges ahead with strategic repositioning as portfolio manager
Vienna, 17 January 2013 (pta020/17.01.2013/21:35) -
+ According to preliminary figures, the EBT guidance of EUR 50 million has been achieved in 2012 before one-off effects
+ Strategic refocusing leads to negative one-off adjustments
+ All conditions precedent to closing of KWG majority acquisition have been fulfilled
According to preliminary figures, the Austrian ATX-traded conwert Immobilien Invest SE has generated earnings before tax (EBT) of approximately EUR 50 million before extraordinary one-off effects.
In the current business year of 2013 the Company intends to further its strategic repositioning as a residential property portfolio manager and to set its regional focus on Germany and Austria. This leads to negative one-off adjustments that will have a negative impact on the 2012 results:
1. The sales result will be significantly lower in the future. However, conwert's goodwill is essentially based on its future sales result. The significant reduction of its activities in this area means that conwert has to make one-off write-downs of EUR 114.8 million on its goodwill and of EUR 2.2 million on its customer and management relationships.
2. The market environment of conwert's non-core markets has still not stabilised in 2012. conwert believes this persistently tough economic environment in Europe is also affecting the current potential of some of its properties, especially properties located in CEE and individual office buildings. As a result, the expert valuation has indicated negative fair value adjustments of EUR 40-45 million for the properties in CEE and Luxembourg (including ECO properties) and of around EUR 25 million for individual office properties from the ECO portfolio in Austria and Germany.
By acquiring a majority stake in KWG Kommunale Wohnen AG, conwert has already reached an important milestone in its strategic shift towards becoming a portfolio manager. All conditions precedent to this transaction have now been fulfilled. The share transfer is expected to take place in the next few days. conwert will make a separate announcement regarding the synergies resulting from this transaction.
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.
conwert Immobilien Invest SE
||Dr. Clemens Billek
||+43 / 1 / 521 45-700
||official trade in Vienna