annual financial statement 2011 - conwert Immobilien Invest SE

More documents

Recommendations

Info

CONWERT IMMOBILIEN INVEST SE ANNUAL FINANCIAL STATEMENT 2011 40 The conwert service segment will be significantly expanded in the year 2012 so that the assets under management will total up to 1.0 billion € at the end of the financial year. Amongst other things, conwert currently manages properties with a value of approx. 288 million € from the first two DWS residential property funds with long-term contracts of 11 to 25 years; another DWS fund is already under preparation (see the post-balance-sheet report below). With respect to the key financial figures, conwert’s target is to conclude the financial year 2012 with earnings before tax (EBT) of 50 million € (including revaluation result). At the same time, the loan-to-value ratio (LTV) is to be reduced to 50 – 55%, while the equity ratio is to increase to roughly 40%. This will gain conwert more flexibility when it comes to purchases in a capital market environment that is still volatile. Based on the recently conducted revaluation of the portfolio and the positive market environment in our core regions, we expect a positive revaluation result of 1–1.5% of conwert’s property assets for 2012, which will contribute meeting the EBT target. On the liabilities side of our balance sheet, the year 2012 will be dominated by refinancing the 2014 convertible bond, which can be re-sold to conwert through a put option in November. The management and the Administrative Board have decided to place a bond for retail customers. The placement of the bond is expected to take place in June/July 2012. conwert has bought back convertible bonds with a nominal value of 45.4 million € in the past years, so that the maximum volume to be refinanced will amount to 163 million €. In 2011, the buyback of treasury shares was limited because the company’s distributable reserves were too low. The Administrative Board and the management thoroughly analysed an increase in distributable reserves by decreasing share capital and will propose a decrease of share capital to the Annual General Meeting 2012. Provided that the Annual General Meeting adopts this resolution, distributable reserves will be increased following a 6-month call to creditors, whereby both payouts and share buybacks of up to approx. 427 million € would be theoretically possible. The management and the Administrative Board will propose a dividend of 20 cents per share to the Annual General Meeting 2012 and – following a capital decrease – a payout of another 15 cents per share. The additional payout of 15 cents will be tax-free for some shareholders. It is planned that the dividend payout for the financial year 2012 will remain at the level of 2011 due to the measures planned and should amount to 20 cents per share.
INTRO | | CONSOLIDATED FINANCIAL STATEMENTS | FINANCIAL STATEMENTS MANAGEMENT REPORT Outlook and post-balance sheet date report POST-BALANCE SHEET DATE REPORT At the beginning of the year 2012, conwert Immobilien Invest SE appointed Jasmin Soravia new regional manager for Austria. In this function, she is responsible for asset management, facility management and construction as well as the establishment of an in-house sales team in Austria. With Valentino Donau, a distinguished sales expert joined conwert to lead the newly established sales team at the beginning of the year. Moreover, due to the strong performance and the good cooperation of conwert and Deutsche Bank in the first two DWS residential property funds, the approval was given for the follow-up product DWS III at the end of the year 2011. The fund volume for this third joint residential property fund will amount to approx. 120 million €. At the beginning of the year 2012, the definition of the seed portfolio was started. The preparation of a fund prospectus is scheduled for the months of March and April 2012 in close cooperation with the German financial market authority BaFin, so that an approval of the prospectus is also expected for the end of April 2012. In May the placement of the shares will be started. Based on the experience with the DWS I und DWS II funds, conwert expects the third fund to be closed in late 2012. The interim closing date for the first funding of the fund company is planned for 30 September 2012. If implemented as planned, the first property investments of the fund will be made starting in the fourth quarter of 2012 and subsequently in the year 2013. At the same time, conwert will start to take over the asset management and property management activities. They will also contribute to achieving the growth targets in the service segment in 2012 and 2013. In addition to the fund business with DWS, conwert plans to seek and use further growth opportunities through additional investments in 2012. Vienna, 26 March 2012 Executive Board of conwert Immobilien Invest SE Thomas Doll Franz Jürgen Kelber Member Member 41
Page 1 and 2: 8 11 12 14 17 19 22 26 27 28 35 41
Page 3 and 4: CONTENT 5 8 11 12 14 17 19 22 26 27
Page 5 and 6: | MANAGEMENT REPORT | CONSOLIDATED
Page 7 and 8: sold _ EBIT increase plus 16.1% _ R
Page 9 and 10: INTRO | | CONSOLIDATED FINANCIAL ST
Page 39: INTRO | | CONSOLIDATED FINANCIAL ST
Page 43 and 44: _ non-diluted EPRA NAV up 6.2% to 1
Page 45 and 46: INTRO | MANAGEMENT REPORT | | FINAN
Page 91 and 92:
INTRO | MANAGEMENT REPORT | | FINAN
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
FINANCIAL STATEMENTS CONWERT IMMOBI
Page 133 and 134:
Annual Financial Report 2011 Table
Page 135 and 136:
Annual Financial Report 2011 Proper
Page 137 and 138:
Annual Financial Report 2011 Accord
Page 139 and 140:
Annual Financial Report 2011 Resear
Page 141 and 142:
Annual Financial Report 2011 Risk t
Page 143 and 144:
Annual Financial Report 2011 Signif
Page 145 and 146:
Annual Financial Report 2011 Financ
Page 147 and 148:
Annual Financial Report 2011 accoun
Page 149 and 150:
Annual Financial Report 2011 instit
Page 151 and 152:
Annual Financial Report 2011 bearer
Page 153 and 154:
Annual Financial Report 2011 indust
Page 155 and 156:
Annual Financial Statement 2011 con
Page 157 and 158:
Annual Financial Statement 2011 Not
Page 159 and 160:
Annual Financial Statement 2011 1.6
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Annual Financial Statement 2011 The
Page 175 and 176:
Annual Financial Statement 2011 We
Page 177 and 178:
IMPRINT Owner, editor and publisher
show all

annual financial statement 2011 - conwert Immobilien Invest SE

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?