annual financial statement 2011 - conwert Immobilien Invest SE

INTRO |
| CONSOLIDATED FINANCIAL STATEMENTS | FINANCIAL STATEMENTS
MANAGEMENT REPORT
Development of earnings
FINANCIAL RESULTS
The financial results also deteriorated slightly by (5.6)% to minus (96.2) million € (2010:
(91.1) million €).
INCOME TAXES
Tax expenses normalised in 2011 in contrast to 2010. In the financial year 2010, the conwert Group
recorded a positive tax result of 13.5 million €. This was due to special effects related to the consolidation
of ECO. In 2011, tax expenses, at (5.1) million €, reflect a normalised tax volume.
PROFIT FOR THE YEAR AND EARNINGS PER SHARE
The group’s profit after income tax and minority interests equalled 23.3 million € at 31 December
2011, down (2.1)% on the previous year (2010: 23.8 million €).
Therefore, basic earnings per share of conwert of 0.28 € were realised taking into account minority
interests. In the prior-year period, it had been 0.29 €, which corresponds to a decline by (3.4)%.
FUNDS FROM OPERATIONS (FFO)
FFO was raised by 52.0% to 81.3 million € in the financial year 2011 thanks to the good letting
and selling business (2010: 53.5 million €). FFO per share also rose from 0.65 € to 0.98 € in the
reporting period. This corresponds to an FFO yield of 11.5% with respect to the share price at
31 December 2011. This development is attributable to a significantly increased EBIT, higher net
gains from sales and a substantially lower impact by one-off effects.
DEVELOPMENT FFO (IN MILL.€)
100
80
60
40
20
72.6
53.5
81.3
2009 2010 2011
conwert
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