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IMMOFINANZ up after three quarters: consolidated profit up to EUR 135.0 million
DGAP-News: IMMOFINANZ AG / Keyword (s): Real Estate / Quarterly results
IMMOFINANZ up after three quarters: Group result in EUR
135.0 million
28.11.2018 / 17:52
The sender / publisher is responsible for the content of the communication.
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* Operating profit at 149.7 million euros (previous year: 66.2 million euros) more than
double
* FFO 1 (excluding CA Immo) amounts to EUR 63.0 million (+ 100%) or EUR 0.57 each
share
* Strong balance sheet: LTV net of 35.9%, liquidity at 685.4 million EUR
increased, financing costs fell to 1.80% (excluding derivatives)
* Include additional measures to optimize the funding structure
Intention to issue bonds (Eurobonds)
* Confirmation of outlook for cash flows from operations 1 in 2019 greater than 100.0 million euros
KEY FIGURES (IN ME) // Q1-3 2018 // in% // Q1-3 2017
Rental income // 175.7 // 0.9% // 174.1
Result of badet management // 134.5 // 9.7% // 122.6
Result of property sales // 28.1 //> = 100.0% // 2.7
Result of the development // 23,7 // n / a // -26,1
Operating result // 149.7 //> = 100.0% // 66.2
Financial result // 32,3 // -63,5% // 88,6
Profit before tax // 182.4 // 18.5% // 154.0
Group result // 135.0 // n / a // -59.1
FFO 1 (before taxes, excluding CA Realty) // 63.0 //> = 100.0% // 31.5 *
* retirement
IMMOFINANZ remains on track for the 2018 financial year: in the
In the first three quarters, operating profit increased to EUR 149.7 million.
More than doubled compared to the previous year (first quarter 2017: 66.2 million euros), the
Cash flows from sustainable operations 1 from existing activities increased by 100.0% to
EUR 63.0 million, or EUR 0.57 per share, and the consolidated profit amounts to EUR
Significant increase of 135.0 million euros (Q1-2017: -59.1 million euros). That corresponds
basic earnings per share of EUR 1.23 or diluted EUR
1.14.
Rental income improved by 0.9% to EUR 175.7 million, after a drop of
Q3 at 56.7 million euros due to real estate disposals made in previous quarters
to pose. Adjusted for new acquisitions, acquisitions and sales
On the other hand, rental income rose sharply by 3.0% (on a like-for-like basis).
The result of badet management shows – as a result of significant progress
Savings on real estate expenditure – an increase of 9.7% to EUR
134.5 million The result of real estate sales and the result
Real estate development has improved significantly: the result of
Property sales increased to EUR 28.1 million (EUR 2.7 million in the first quarter of 2017) and
the result of real estate development to EUR 23.7 million after a loss
in the same period of the previous year (Q1-3 2017: EUR -26.1 million).
On the one hand, the group has benefited greatly from the financial result
decrease in financing costs (down 31.5% to EUR -51.3 million) and
the accounting gain from the sale of the investment in CA Immo for EUR 66.2
On the other hand, S IMMO's share was reduced by an amount of
-25.1 million EUR The market price of the S IMMO share was 30 September 2018
to EUR 17.2 and the carrying amount to EUR 18.7 and therefore lower than
Sales charge of EUR 20.0 per share. Overall, this is
Financial result of 32.3 million euros (Q1-3 2017: 88.6 million euros). the
Group result for the first quarter of 2018: 135.0 million euros
Moreover, after the same period last year, mainly because of the sale of the
Russia portfolio (-59.1 million euros). This corresponds to a
basic earnings per share of EUR 1.23 or diluted EUR
1.14 (basic T1-3 and diluted in 2017: -0.55 EUR).
"The reorganization of IMMOFINANZ as one of the main commercial players
Real estate groups in Central and Eastern Europe focused on both
The clbades of office and retail badets are paying off and we are watching
The expected improvement of our key figures. The group has
a very solid foundation for future growth and is also for you
changing market environment put in place opportunistic opportunistic opportunities
", commented Oliver Schumy, CEO of IMMOFINANZ
Development.
Cash flows from sustainable operations 1 from existing businesses (before taxes) were included in
the first three quarters of 2018 of 100% to EUR 63.0 million. At the FFO 1
Earnings per share increased by 83.9% to EUR 0.57. In this FFO 1 are
neither the dividend nor an economic share of CA Immo or S
IMMO considered. Given the 2018 fiscal year
The dividend paid to CA Immo for an amount of 20.6 million euros would be
a FFO1 of EUR 83.5 million or EUR 0.75 per share.
Robust balance sheet ratios
IMMOFINANZ has a robust balance sheet structure with a
Equity ratio of 48.2% (31 December 2017: 46.3%). Liquid funds
increased to EUR 685.4 million (31 December 2017: EUR 477.9 million).
The net borrowing value is therefore only 35.9% (31 December 2017:
40.8%). Average financing costs have further decreased and
end of September at 1.80% excluding derivatives (31 December 2017:
1.97%) or 2.17%, including derivatives (as at December 31, 2017: 2.31%).
The ANR EPRA has increased 3.5% to 3,334.1 MEUR since 31 December 2017
increases. The EPRA net badet value per share after the distribution of a
Dividend of EUR 0.70 in May and taking into account the dilutive
Effects of convertible loan 2024 to 27.24 EUR (31 December 2017: 28.60 EUR).
In the calculation of the EPRA net badet value as of September 30, 2018
Diluted effects resulting from the conversion of
This would result in a convertible IMMOFINANZ bond maturing in 2024. This
The effects were recognized for the first time, the convertible bond at September 30
2018 was "in the money" and therefore by investors acting rationally
The change can be expected. Adjusted for this dilution is the
EPRA net badet value per share around 28.00 EUR. Book value per share increased to EUR
25.54 (31 December 2017: 25.28 EUR) increased.
Occupancy rate increased to 94.5%
As at September 30, 2018, the real estate portfolio consisted of 223 real estate properties with a total of
Book value of € 4.3 billion, most of which – around 86% or € 3.7 billion –
are inventory items. The occupancy rate is 94.5% at the end of September
increased (31 December 2017: 94.2%). Based on IFRS rental income
a gross return of 6.2% (6.4% as of December 31, 2017).
perspective
It is expected that IMMOFINANZ in the coming months
Measures to optimize their funding structure. Who understood
the intention to issue bonds (Eurobonds) in the long term
Financing cost coverage.
The closing of the acquisition of 29.14% of the shares of S IMMO took place
September 2018. Mutual participation between IMMOFINANZ and S
IMMO offers a very good starting point for a possible merger
of both companies.
The outlook for cash flow from operations 1 will exceed EUR 100 during the 2019 financial year
Millions should be confirmed. For the current exercise
2018 also corresponds to the increase of the dividend to 0.8 EUR (2017: 0.7 EUR) each
Share planned.
Evolution of income in detail
Rental income increased by 0.9% to EUR 175.7 million during the period considered (Q1-3
2017: 174.1 million euros). Rental income in the third quarter of 2018 amounted to 56.7 million euros.
Millions of euros related to real estate sales (mainly office buildings in Cologne)
the previous year (€ 59.2 million) and previous quarters.
Adjusted for sales, completions and acquisitions, the
On the other hand, rental income in the first quarter of 2018 increased by 3% to EUR 150.8 million.
This is due to an increase in the occupancy rate in the different markets
as well as higher rental income.
Property expenses decreased by 20.4% to EUR -47.9 million.
(Q1-2017: -60.2 million euros). Decisive for who were above all
Savings on expansion costs (-1.2 million euros after -8.2 million euros) and the
Vacancy costs (-6.6 million euros after -8.9 million euros). the
The maintenance expenses for the first quarter of 2018 amounted to -16.3 million euros (of which
-8.5 million euros in the third quarter), slightly above the previous year's level of -16.0 million euros.
Mio We are here in the second half of 2018
Increase compared to the first half. Overall, the highest led
Rental income and lower real estate spending led to an increase in
The result of badet management rose 9.7% to EUR 134.5 million (Q1 2017 2017: EUR
122.6 million).
The result of the sale of real estate clearly exceeds 28.1 million euros
the figure of 2.7 million euros from the previous year (Q1-3 2017) and the results
essentially the reclbadification of differences from
Currency conversion. The result of the real estate promotion has turned into a
Strongly positive loss of 23.7 million euros over the same period last year
2017: -26.1 million euros) and is in particular a succession of positive proposals
Revaluation effects in the first half of the year on German project developments.
Operating income more than doubled to EUR 149.7 million (Q1-3
2017: 66.2 million euros). Other operating expenses up
slightly down to -41.0 million euros (Q1 2017 – -39.9 million euros), which, as
already reported in Q1 2018 – i.a. on the payment of a single
Special Council Award for the successful restructuring of the
Group amounting to EUR -4.0 million. More for that
significant one-off effects of approximately EUR -6.3 million
One-time and special projects related to simplification
the structure of the company. The adjusted for the special bonus continued
Personnel costs are down 8.6% compared to the previous year, to EUR -22.6 million
(Q1-2017: EUR -24.8 million).
Revaluation of real estate badets (adjusted for currency and
in currency) amounted to 0.5 million euros (Q1 2017 – -1.1 million euros). the
On the other hand, the total revaluation in the group is significant at EUR 31.2 million
Positive (Q1 2017: 11.3 million euros). This represents 16.4 million euros (Q1-3
2017: EUR 7.9 million), the revaluation has no impact on exchange rates. Positive effect
So Upgrades in German Development Projects FLOAT
and trivago Campus, the latter on June 30, 2018 in the stock
and the Metroffice myhive desktop properties
Bucharest and Polus towers in Bratislava. The beginning of the
Modernization work in the VIVO shopping center! Cluj still had one
temporary negative evaluation effect. The whole of the linked currency
The revaluation amounted to 14.8 million euros (Q1-2017: 3.4 million euros). this
concerns real estate in non-strategic countries whose functional currency is not
the euro is.
The financing charge is due in fiscal year 2017
As expected, extensive refinancing measures increased significantly by 31.5%
-51.3 million EUR (Q1-3 2017: -75.0 million EUR). L & # 39; other
The financial result turned positive at 4.3 million euros, after falling.
Comparable period of the previous year (-10.1 million euros) coming mainly from
Derivative valuation and effect of incentive conversion
the 2018 convertible bond was negatively influenced.
Interest income accounted for using the equity method
amounted to 72.6 million euros (Q1 2017-2017: 175.1 million euros). Included in
is an accounting gain on the sale of CA Immo shares of € 66.2 million.
Million, a pro rata result CA Immo for the first half of 2018 from 24.0 EUR
Millions of dollars and a € 25.1 million write-down of S IMMO
The share price of the S IMMO share was in EUR as at 30 September 2018
17.2, the fair value at EUR 18.7 and therefore lower than the
Sales charge of EUR 20.0 per share. In the same period of
The results of the previous year have been accounted for using the equity method.
Participations through the very positive evolution of the course of action at CA Immo
and BUWOG has a strong positive impact. Overall, the financial result is
that is 32.3 million euros (Q1-2017: 88.6 million euros).
Income taxes totaled -46.7 million euros (Q1-2017: -37.7 million euros). with
Of this total, EUR -29.4 million was recorded in the form of deferred income taxes.
current taxes on profits of subsequent years
to anticipate. This includes the United States -10.7 million euros
property badessments.
Consolidated profit improved significantly to EUR 135.0 million (Q1-3
2017:
-59.1 million euros) and corresponds to a basic profit per share of
1.23 or diluted earnings per share of EUR 1.14 (Q1-3 2017
diluted and undiluted: EUR -0.55).
The report of IMMOFINANZ AG for the first three quarters of 2018 at the closing date
September 30, 2018 is on the company's website at
http://www.immofinanz.com/en/investor-relations/financial-reports from 29.
November 2018 available.
About IMMOFINANZ
IMMOFINANZ is a commercial real estate company and focuses its activities
Activities in the retail and office segments in seven key markets
Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania and
Poland. Its core business is the management and development of
Immovable. IMMOFINANZ strongly relies on its STOP SHOP brands
(Detail), VIVO! (Retail) and myhive (office), which is a quality
and represents the promise of service. The company has one
Real estate badets of about 4.3 billion euros, covering more than 220 properties
distributed. The company is listed on the Vienna Stock Exchange (ATX index) and
Warsaw listed. Additional information: http://www.immofinanz.com
For other questions, please contact:
Bettina Schragl
Head of Corporate Communications and Investor Relations
T +43 (0) 1 88 090 2290
M +43 (0) 699 1685 7290
[email protected]
[email protected]
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28.11.2018 Publication of a company bulletin / Financial news,
transmitted by DGAP – a service of EQS Group AG.
The sender / publisher is responsible for the content of the communication.
DGAP's distribution services include statutory reporting requirements,
Company News / Financial News and Press Releases.
Media archive on http://www.dgap.de
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German language
Company: IMMOFINANZ AG
Wienerbergstrbade 11
1100 Vienna
Austria
Telephone: +43 (0) 1 88090 – 2290
Fax: +43 (0) 1 88090 – 8290
E-mail: [email protected]
Internet: http://www.immofinanz.com
ISIN: AT0000A21KS2
WKN: A2JN9W
Scholarships: Freiverkehr in Berlin, Frankfurt, Munich, Stuttgart;
Warsaw, Vienna Stock Exchange (Official Trade)
End of the DGAP News Service message
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752341 28.11.2018
ISIN AT0000A21KS2
AXC0260 2018-11-28 / 17: 53
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