annual financial statement 2011 - conwert Immobilien Invest SE

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CONWERT IMMOBILIEN INVEST SE ANNUAL FINANCIAL STATEMENT 2011 16 DEVELOPMENT OF PROPERTY MANAGEMENT (IN 1,000 SQM) 5 4 3 2 1 1.37 2.77 4.14 1.33 2.86 4.19 1.27 3.41 2009 2010 2011 RESAG alt+kelber Total DEVELOPMENT MANAGED SPACE (IN 1,000 SQM) 5 4 3 2 1 1.84 2.30 4.14 2.16 2.03 4.19 1.91 2.76 2009 2010 2011 conwert Third-party assets Total 4.67 4.67 PROPERTY SERVICES In Austria and Germany, the property service segment saw several changes in the financial year 2011, and many successes were achieved. Amongst other things, three asset management departments in Austria were merged into one, accomplishing significant synergies in the management and re-letting of properties. Moreover, the technical and facility management departments of the RESAG Property Management GmbH were restructured in keeping with a streamlining of the group structure. The cooperation with RESAG GmbH Immobilienmakler, a company in which conwert holds 49% and Wiener Privatbank 51%, was completely restructured in the financial year 2011. As a result, the business relationship has now been put on a basis that allows third-party comparison. An internal sales department was established for the sale of entire apartment buildings or portfolios in order to internalise the profit of the most lucrative part of the sales and marketing activities. From the perspective of alt+kelber Immobilienvertrieb GmbH, the financial year 2011 was also characterised by massive restructuring, quality improvement and cost optimisation measures, which were implemented successfully. The combination of individual sales companies of the alt+kelber Group allowed the company to reach the goal of pooling sales competence in the year 2011. Overall, 436,881 sqm were brokered in the reporting period with the help of the service companies, of which the conwert portfolio accounted for 224,139 sqm. 212.742 sqm were brokered for third parties. In total, conwert managed 63,100 units at 31 December 2011 through its service provider companies, after 57,618 units in the previous year. Space under management recorded an increase to approx. 4.67 million sqm (2010 approx. 4.19 million sqm). The sales units of the conwert Group sold 2011 6,904 apartments in 2011, with 115 objects accounting for 5,464 units. 80.3% of the sales of apartments were realised internally for the conwert Group, while business with third parties accounted for 19.7%. Newly brokered rental units totalled 7,811 units in 2011, in comparison with 6,687 units in the year 2010. Here the share of external customers came to 51.0%. At the balance sheet date, conwert had property assets totalling 2.83 billion € (2010: 3.24 billion €), which were managed by all management and service companies pertaining to the group.
INTRO | | CONSOLIDATED FINANCIAL STATEMENTS | FINANCIAL STATEMENTS MANAGEMENT REPORT Development of revenues DEVELOPMENT OF REVENUES REVENUES Due to an increase in rental income and higher proceeds on property sales, total revenues improved by 55.9% to 852.9 million € in 2011 (2010: 547.2 million €). This improvement is primarily attributable to the increase in proceeds on the sale of properties by 88.6% in the past financial year. Development revenues (in mill. €) Rental income Proceeds on the sale of properties REVENUES BY REGION Service revenues Total revenues 2009 162.3 361.3 36.6 560.2 2010 187.7 325.1 34.4 547.2 2011 210.0 613.3 29.5 852.9 in mill. € 2011 2010 Change Austria Germany Other Group Group Group (in %) regions elimination Rental income 82.5 122.6 6.0 (1.1) 210.0 187.7 11.9 Proceeds on the sale of properties 309.0 292.9 11.5 0.0 613.3 325.1 88.6 Revenues from property services 37.3 55.2 1.8 (64.8) 29.5 34.4 (14.2) Total revenues 428.8 470.7 19.3 (65.9) 852.9 547.2 55.9 RENTAL INCOME In terms of rental income, conwert recorded an increase by 11.9% to 210.0 million € in the reporting period (2010: 187.7 million €). Net rental income (NRI) improved by 15.9% to 119.1 million €. The net initial yield amounted to 5.30% after 5.24% in the previous year. Rental income by region before group elimination (in %) 2011 2010 Austria 39.3% 40.1% Germany 58.4% 57.4% Other regions 2.8% 3.0% Development NRI by region (in million €) 2011 2010 Austria 46.9 41.2 Germany 62.9 53.1 Other region 3.4 3.9 Group elimination 6.0 4.7 Group 119.1 102.9 119.1 mill. € Net Rental Income 613.3 mill. € proceeds on the sale of properties 55.9% increase in total revenues 17
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