conwert Immobilien Invest SE: Second quarter 2014 hampered by high non-cash effects

Sales negotiations for part of CEE portfolio in advanced stage

Vienna (pta024/12.08.2014/17:30 UTC+2) Preliminary figures show that conwert Immobilien Invest SE, traded on the Austrian ATX, has recorded non-cash expenses of around EUR32 mn as a result of negative non-cash effects from swaps in the first half 2014 - owing to a further decline in the interest rate curve in the second quarter - following on from slightly positive effects in the previous year.

Due to advanced sales negotiations with potential buyers for the Czech and Slovakian portfolios, a negative adjustment of around EUR5 mn had to be applied to individual properties in the Czech Republic and Slovakia. Furthermore, conwert also reduced the valuation of a conwert-owned office property in the Ukraine by around EUR2 mn, yielding an overall Group loss of between EUR22 mn and EUR24 mn for the first half 2014. The Czech and Slovakian portfolios account for around half of the remaining assets in other countries, which at just under EUR100 mn represent only a fraction of conwert's entire portfolio (worth around EUR2.8 bn).

Rental income in the first half 2014 rose from EUR113.2 mn to EUR121.2 mn. Personnel expenses fell by around 18% against the same period 2013 to EUR13.8 mn; other operating expenses declined by around 8% to EUR18.5 mn.

conwert will publish its final results for the first half 2014 on 27 August 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 52145-700
E-Mail:	cwi@conwert.at
Website:	www.conwert.at
ISIN(s):	AT0000697750 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)