conwert Immobilien Invest SE: First quarter 2014 sees solid operational results

impacted by high non-cash effect from interest rate swaps

Vienna (pta033/14.05.2014/12:45 UTC+2) Preliminary figures show that conwert Immobilien Invest SE, listed on the Austrian ATX, has achieved FFO I (Funds from Operations before sales income) of EUR8.4 mn (1-3/2014: EUR9.1 mn) for the first quarter 2014. The reason for the slight yoy decrease is the higher maintenance costs in the first quarter 2014 for the newly acquired portfolios in Germany.

Personnel costs fell by over 20% against the comparable period to EUR6.9 mn, while other operating expenses were also cut by around 20% to EUR7.6 mn. However, net finance costs were impacted by the negative non-cash effect in particular of interest rate swaps. The non-cash effect totalled around EUR18 mn, following on from around EUR5 mn in the first quarter 2013. The rise was triggered by the fall in the interest rate curve in the first quarter 2014. As a result, conwert achieved a preliminary result triggered by non-cash effects of EUR(5.9) mn (EUR3.6 mn the previous year).

Owing to the current interest rate levels, which are at an all-time low, conwert believes that a further decline of the interest rate curve is improbable and that it may even rise slightly over the course of the year. This would have a corresponding positive impact on finance costs.

conwert will publish its final results for the first quarter 2014 on 28 May 2014.
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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.

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Emitter:	conwert Immobilien Invest SE Alserbachstraße 32 1090 Vienna Austria
Contact Person:	Clemens Billek
Phone:	+43 / 1 / 521 45-700
E-Mail:	cwi@conwert.at
Website:	www.conwert.at
ISIN(s):	AT0000697750 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)