DJ euro adhoc: conwert Immobilien Invest SE / other / conwert sold EUR 200 million of properties at a double-digit profit margin in 2008
DJ euro adhoc: conwert Immobilien Invest SE / other / conwert sold EUR 200 million of properties at a double-digit profit margin in 2008
=------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. =------------------------------------------------------------------------------- 22.01.2009 conwert sold EUR 200 million of properties at a double-digit profit margin in 2008 Vienna, 22.01.2009. Preliminary figures indicate that conwert Immobilien Invest SE (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) sold properties with a total value of approx. EUR 200 million in 2008. The volume of sales exceeded EUR 90 million in the fourth quarter, despite the effects of the economic slowdown. In addition, settlement procedures are currently in progress for roughly EUR 10 million of transactions. The company has therefore met its targeted transaction volume for 2008 in spite of the difficult climate on property investment markets. During the fourth quarter of 2008 the objects sold again generated a double-digit profit margin on the latest IFRS book values. For 2008 conwert therefore recorded a double-digit IFRS profit margin and a cash profit margin of over 25% based on the acquisition price. conwert has used the proceeds generated by these sales to strengthen liquidity and in part to repay debt. The bank liabilities of EUR 113 million that were due for extension at the end of 2008 were prolonged in full. The volume of loan extensions for 2009 and 2010 amounts to EUR 55 million and EUR 50 million, respectively. 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 =-------------------------------------------------------------------------------
(END) Dow Jones Newswires
January 22, 2009 01:48 ET (06:48 GMT)
