annual financial statement 2011 - conwert Immobilien Invest SE

Annual Financial Report 2011
Research & development
The business model of conwert, which focuses on the development of older residential
buildings and property services, does not require extensive research and development
activities. Therefore, there is no separate department for research and development activities
and they are not shown separately in the income statement. However, conwert continuously
works on the improvement and modernisation of its properties and consults only recognised
experts for this purpose. With these activities, conwert also takes the necessary steps in
order to realise a sustainable increase in value and to secure the value of the properties in
the long term.
Prior to renovating an apartment building, conwert reviews, together with its partner
companies, all measures that could increase the energy efficiency of the respective older
residential property. In the course of the development activities, facades are (partially)
insulated in attic conversions, windows and doors are exchanged and basements and roofs
are completely (re-)insulated. This enables conwert to enhance the energy class of buildings
from class D to class A.
conwert tries to use environmentally friendly materials wherever possible in all development
activities. In the course of refurbishments, existing residual pollution and materials containing
toxic and environmentally harmful substances are eliminated and replaced with modern
materials that present no health risks. conwert increasingly uses the ecologically outstanding
building material wood for loft extensions because it by far more CO2 neutral than other
materials. In addition, conwert ensures that material consumption is minimised through
recycling and through the combination of existing, environmentally friendly raw materials with
new materials. In this context, conwert also relies on innovative developments and consults
external experts.
In all its development activities conwert attaches great importance to primarily working with
certified partners with special quality and eco-labels. Through innovative purchasing
management costs can be cut considerably through the choice of suppliers on the one hand,
and positive contributions can be made to research and development in the area of
development activities on the other.
In the year 2010, conwert started a cooperation with GRIFFNER, the market leader for
prefabricated houses based on ecological building methods in Austria, which focused,
among other things, on research and development. This cooperation was also continued in
2011 with a project in Bujattigasse in the 14 th district of Vienna. In this project, only ecological
building materials such as wood, cellulose and cork were used. An innovative, zero-emission
heating system was developed, which is based on a heat pump system.
The large-scale earth quake test, which conwert conducted together with the Austrian
Institute of Experts for Structural Property Assessment (ÖIBI) in 2010, was part of a
European research programme to determine the earthquake safety of older properties. The
findings derived from it were used for both the development of new measuring techniques
and the targeted modernisation of historic buildings in 2011. Based on the findings, conwert
was able to plan a “loft conversion heavy” in accordance with the earthquake standard
Eurocode 8 without the additional measures required otherwise. conwert thus made a
scientific contribution and provided evidence for the safety of older properties in the course of
this field test.
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