annual financial statement 2011 - conwert Immobilien Invest SE

INTRO |
| CONSOLIDATED FINANCIAL STATEMENTS | FINANCIAL STATEMENTS
MANAGEMENT REPORT
Development of earnings
DEVELOPMENT OF EARNINGS
The strong proceeds on the sale of properties and higher rental income due to the reduction of
vacancies led to a very good development of the operating earnings figures. EBITDA (earnings
before interest, tax, depreciation and amortisation) equalled 124.8 million € at 31 December 2011.
In comparison with the previous year (2010: 184.9 million € – adjusted for the effect from the consolidation
of ECO), the result was up 32.5%, which is attributable to the lucky buy of ECO. But
the operating success of conwert in 2011 is reflected in EBIT. Here, an increase by 16.1% was
realised in comparison with the previous year. At the balance sheet date 2011, EBIT amounted
to 119.8 million € in comparison with the prior-year figure of 103.2 million €. The guidance of
conwert, with a target of a minimum increase in EBIT by 15%, was therefore exceeded in the past
financial year. Earnings before tax, EBT, also rose substantially by 95.0% to 23.6 million €.
Overview of selected earnings data 2011 2010 Change (in %)
Rental income mill. € 210.0 187.7 11.9
Proceeds on the sale of properties mill. € 613.3 325.1 88.7
Service revenues mill. € 29.5 34.4 (14.2)
Total revenues mill. € 852.9 547.2 55.9
Property expenses mill. € (90.9) (84.9) (7.1)
Disposals of properties mill. € (564.3) (287.4) (96.3)
Other operating income mill. € 9.1 9.6 (5.2)
Personnel expenses mill. € (35.3) (38.2) (7.6)
Other operating expenses mill. € (46.7) (56.7) 17.6
Gain from the acquisition of
a company below market value
mill. € 0 95.3 -
Earnings before interest, taxes,
depreciation and amortisation (EBITDA)
mill. € 124.8 184.9 (32.5)
EBITDA minus gain from the acquisition
of a company below market value
mill. € 124.8 89.6 39.3
Net gains from fair value adjustments mill. € 7.8 7.8 -
Negative fair value adjustments
to properties held for sale
mill. € (7.5) (5.4) (38.9)
Depreciation, amortisation and impairment mill. € (5.3) (84.1) 93.7
Earnings before interest and tax (EBIT) mill. € 119.8 103.2 16.1
Financial results mill. € (96.2) (91.1) (5.6)
Earnings before tax (EBT) mill. € 23.6 12.1 95.0
Group profit mill. € 18.5 25.7 (28.0)
Group profit after minority interests mill. € 23.3 23.8 (2.1)
Funds from Operations (FFO) 1) mill. € 81.3 53.5 52.0
Cash Profit 2) mill. € 73.8 44.1 67.3
Net Rental Income (NRI) mill. € 119.1 102.9 15.7
Earnings per share mill. € 0.28 0.29 (3.4)
Adjusted earnings per share 3) mill. € 0.28 0.29 (3.4)
FFO per share mill. € 0.98 0.65 50.8
1) FFO: Earnings before tax (EBT) – net gain/loss from fair value adjustments + difference between cash gains on sale to IFRS gains on sale +
depreciation + non-cash parts of fi nancial result and other costs
2) Cash Profi t: FFO – actual income taxes paid
3) Earnings per share after the deduction of actual income taxes paid
DEVELOPMENT OF EBIT (IN MILL. €)
120
100
80
60
40
20
DEVELOPMENT OF EBITDA (IN MILL. €)
200
160
120
80
40
94.9
105.0
103.2
184.9
119.8
2009 2010 2011
124.8
2009 2010 2011
19