annual financial statement 2011 - conwert Immobilien Invest SE

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Annual Financial Report 2011 Organisation and corporate structure incl. statement regarding branch offices conwert is a publicly listed, single-tier Societas Europaea (SE), which consists of three corporate bodies: the Administrative Board, the Executive Board and the Annual General Meeting. The company is represented by two Executive Directors together, two Administrative Board members together, one Administrative Board member together with an Executive Director or a holder of power of attorney, or by an Executive Director together with an a holder of power of attorney. Sole power of representation is thus not possible. The Administrative Board consists of a minimum of 3 and a maximum of 5 persons. The place of business of conwert Immobilien Invest SE is Vienna. The operating business is predominantly conducted through group-owned property holding companies. PROPERTY HOLDING COMPANIES In the business segment “Portfolio” conwert Immobilien Invest SE has wholly-owned subsidiaries in Austria, Germany, the Czech Republic, Hungary, Slovakia, Luxemburg and the Ukraine, which are operated as local property companies. As of 31 December 2011, the share held in ECO Business-Immobilien AG in Vienna amounted to 95.76 %. The results of ECO were fully consolidated for the first time in the third quarter of 2010. MANAGEMENT COMPANIES The management of conwert’s property portfolio, as well as trading and sales are carried out by conwert Management. The portfolios in Germany (located in Berlin & Leipzig) and Hungary (location Budapest), Slovakia (location Bratislava), the Czech Republic (location Brno) and the Ukraine (location Kiev) are each operated by local management companies. RESAG GROUP The RESAG Group is responsible for the property service business in Austria, including property management, administration, brokerage, apartment privatisations and the marketing of properties. conwert holds 100 % in RESAG Property Management GmbH and 49 % in RESAG Immobilienmakler GmbH. In 2011 the contracts with RESAG Immobilienmakler GmbH were completely renegotiated so that third-party comparisons are now possible. This will result in significant profitability and liquidity increases for conwert in the future. The property insurance brokerage business, which was previously the responsibility of RESAG Insurance Broker GmbH within the conwert Group, was externalised in 2011 for cost and efficiency reasons, and RESAG Insurance Broker GmbH was merged. CONWERT BAUDEVELOPMENT GMBH All construction management activities in Austria are currently performed by conwert Baudevelopment GmbH. The company primarily carries out modernisation projects. In the course of the corporate reorganisation conwert Bauträger GmbH was over several intermediate steps merged with RESAG Property Management GmbH. ALT+KELBER GROUP Since October 2007, alt+kelber has been a 100 % subsidiary of the conwert Group in Vienna. The alt+kelber Group is a service provider for residential properties in Germany and, with its subsidiaries in Germany, is responsible for all property services of conwert including property management, administration, brokerage and apartment privatisation. alt+kelber currently manages approx. 46,596 residential and commercial units in Germany, 13,745 units for conwert and 32,851 units for third parties. With the service segments consulting, management and marketing, alt+kelber addresses not only private and municipal housing companies, but also funds and banks as well as national and international private and 148
Annual Financial Report 2011 institutional investors. The service provider, which was established 25 years ago and is based in Heilbronn, operates 46 offices throughout Germany and more than 430 employees. The restructuring/simplification of the alt+kelber Group has already been initiated and will be completed in 2012. 149
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| MANAGEMENT REPORT | CONSOLIDATED
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sold _ EBIT increase plus 16.1% _ R
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INTRO | | CONSOLIDATED FINANCIAL ST
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_ non-diluted EPRA NAV up 6.2% to 1
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