annual financial statement 2011 - conwert Immobilien Invest SE

CONWERT IMMOBILIEN INVEST SE
ANNUAL FINANCIAL STATEMENT 2011
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EMPLOYEES
Every single employee is a central success factor for the conwert Group. It was only because of
the exceptional commitment of each team member that conwert Immobilien Invest SE realised
another good annual result in a difficult market environment in 2011. Therefore, the conwert management
attaches great importance to creating an optimal working environment for all conwert
employees. In the past financial year, the focus was primarily placed on further education of executives,
young managers and all new employees. The career academy “conwert.karriere”, which
was established in the year 2010, trained numerous executives and young managers at the conwert
locations within the leadership programme “conwert.führung” in the financial year 2011. Priority
was attached to seminars in the areas of leadership and personnel development for these target
groups. Overall, 15 persons successfully completed training at the conwert academy in the year
2011. Employees were offered courses in the areas of tenancy and tax law, IT and organisation.
Moreover, technical workshops and project management training courses were held. Expenses
for training and further education in the conwert Group totalled 103.0 T€ in the financial year 2011.
At 31 December 2011, the conwert Group employed 660 people (FTE) at more than 53 conwert
locations in six countries. Despite normal attrition and the outsourcing of individual segments,
the number of employees remained stable overall (2010: 656 employees). For example, RESAG
Insurance Broker was closed down, the activities of Lifestyle Living GmbH were discontinued and
individual alt+kelber sales companies were merged in the year 2011. conwert hired 240 new employees
in Austria and Germany in 2011, in order to meet new market requirements and to optimally
fill key positions. 75 employees worked at the Group’s headquarters in the past financial
year, 95 employees for the RESAG Group in Austria and 435 employees for the alt+kelber Group in
Germany. In the other regions, an additional 24 employees worked in order to provide optimal service
for the portfolio locally. The slightly lower personnel expenses of 35.3 million € in the financial
year 2011 (2010: 38.2 million €) essentially resulted from expiring management contracts and the
related variable remuneration.
Part-time models, and especially part-time models for parents, combined with flexitime are intended
to make the work place within the conwert Group even more attractive for employees. In
Austria and Germany, a total of 15 employees were on parental leave in the year 2011 and 159
employees worked part-time. At the same time, conwert trained 20 apprentices in Germany.
Part of the annual salary of employees in management positions consists of variable components.
They depend to the accomplishment of group targets (EBIT target), interdepartmental targets and
individual targets, which are renewed annually. In terms of social benefits, pension subsidies exist
for long serving employees. In Austria and Germany, conwert invests in a provision for the future
for employees. Life and accident insurance was provided for the Executive Directors.