EQS-News: IMMOFINANZ AG / Key word(s): Annual Results/Real Estate
IMMOFINANZ 2023 with strong operating performance
27.03.2024 / 18:05 CET/CEST
The issuer is solely responsible for the content of this announcement.
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IMMOFINANZ 2023 with strong operating performance
• Strong growth in rental income and operating results
• Rental income rose by 77.8% to EUR 533.6 million
• Sound 8.5% improvement in like-for-like rental income
• Results of asset management increased by 85.1% to EUR 418.5 million
• Substantial growth of 84.7% in results of operations to
EUR 285.1 million
• FFO 1 rose by 88.4% to EUR 275.3 million
• Cash and cash equivalents high at EUR 697.1 million
• Very robust financial base with an equity ratio of 47.3% and net LTV
of 42.1%
KEY FIGURES (IN MEUR) 2023 Δ IN % 2022
Rental income 533.6 77.8 300.2
Results of asset management 418.5 85.1 226.1
Results of property sales -38.3 n. a. 4.6
Results of property development -25.6 -23.7 -20.7
Results of operations 285.1 84.7 154.3
Revaluations -376.8 ≤ -100.0 -105.7
EBIT -67.1 n. a. 258.3
Financial results -246.1 ≤ -100.0 -72.6
EBT -313.1 n. a. 185.7
Net profit -229.5 n. a. 142.0
FFO 1 (before tax) 275.3 88.4 146.1
The increase in the investment in S IMMO to 50% plus one share took place
at year-end 2022. Therefore, the assets and liabilities of S IMMO have
been included in IMMOFINANZ’s consolidated financial statements since 31
December 2022; the income statement positions have been included since the
first quarter of 2023.
IMMOFINANZ Group generated strong growth in rental income and operating
results during the 2023 financial year. This sound development was based
primarily on the full consolidation of S IMMO, the purchase of retail
properties, and solid growth in like-for-like rental income. Rental income
rose by 77.8% year-on-year to EUR 533.6 million, and the results of asset
management were 85.1% higher than the previous year at EUR 418.5 million.
The results of operations rose by a convincing 84.7% to EUR 285.1 million
and FFO 1 (before tax) by 88.4% to EUR 275.3 million.
“We achieved above-average operating results in 2023 in spite of the
difficult macroeconomic environment. This performance underscores the
success of our strategy to invest in higher-yielding properties to
strengthen our earning power“, explained Radka Doehring, Member of the
Executive Board of IMMOFINANZ.
Revaluations (including development projects and property sales) totalled
EUR -376.8 million in 2023, compared with EUR -105.7 million in the
previous year. They reflect the challenging market environment, which was
heavily influenced by the sharp rise in interest rates and the resulting
negative impact on property values. Financial results fell to
EUR -246.1 million (2022: EUR -72.6 million). The main underlying reasons
were the absence of positive non-cash valuation effects and the earnings
contribution from S IMMO, which no longer represents part of financial
results due to the full consolidation. These effects led to a decline in
net profit for IMMOFINANZ Group to EUR -229.5 million and to earnings per
share of EUR -1.31 in 2023.
High occupancy rate and high rental income
IMMOFINANZ Group’s property portfolio covered 518 properties with a total
value of EUR 8.2 billion as of 31 December 2023. Of this total,
EUR 7.8 billion are attributable to standing investments with
3.6 million sqm of rentable space and a gross return of 7.2%. The
occupancy rate remained high at 92.2% (31 December 2022: 92.9%).
Like-for-like rental income (adjusted for new acquisitions, completions
and sales, excluding S IMMO) rose by a substantial 8.5% in 2023.
The strategic sales programme to optimise the portfolio was successfully
continued in spite of the weak transaction market. Property sales
totalling EUR 751.1 million (incl. S IMMO) were concluded in 2023.
Robust balance sheet
IMMOFINANZ Group has a solid capital and financing structure with an
equity ratio of 47.3% and net loan-to-value (net LTV) of 42.1%, as well as
cash and cash equivalents amounting to EUR 697.1 million at the end of
December 2023. Roughly 95% of financial liabilities are hedged against an
increase in interest rates.
The IFRS book value per share declined by 3.2% to EUR 26.60 (31 December
2022: EUR 27.47). The net tangible assets indicator (NTA) fell by 6.1% to
EUR 28.00 as of 31 December 2023, compared with EUR 29.82 at year-end
2022. This decline resulted primarily from the loss recorded for 2023 and
reflects the market-based write-down of investment property. The
write-downs to investment property also led to a reduction in deferred
taxes.
Outlook
Experts foresee a continuation of the challenging market environment in
2024 due to the current macroeconomic and geopolitical conditions. The
market is generally not expected to recover before the second half of
2024.
IMMOFINANZ Group remains optimistic concerning the future despite these
challenges. With its flexible and resilient real estate products, the
company believes it is well-positioned in the current market environment.
“A number of important strategic steps were taken in recent months and we
can now see the first successful results. Our course will remain
unchanged, whereby we will benefit from our cooperation with CPI Property
Group. We intend to consequently develop our core business as a
growth-oriented property owner and work to optimise the portfolio further.
As seen from today’s perspective, we are optimally positioned to continue
our growth course over the medium- to long-term“, IMMOFINANZ Executive
Board member Radka Doehring concluded.
The Executive Board and Supervisory Board decided to ask the annual
general meeting on 29 May 2024 to waive the dividend for the 2023
financial year in order to strengthen IMMOFINANZ Group’s capital base and
to finance higher-yielding properties.
The financial report by IMMOFINANZ AG for the financial year 2023 as of 31
December 2023 will be available on the company’s website under
(1) https://immofinanz.com/en/investor-relations/financial-reports starting
on 27 March 2024.
On IMMOFINANZ
IMMOFINANZ Group is a commercial real estate corporation whose activities
are focused on the office and retail segments of eight core markets in
Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary,
Romania and the Adriatic region. The core business covers the management
and development of properties, whereby IMMOFINANZ relies on its
established brands – STOP SHOP (retail), VIVO! (retail) and myhive
(office) – as well as complementary products and portfolios like S IMMO.
IMMOFINANZ increased its investment in S IMMO to 50% plus one share at the
end of 2022 and now includes this company through full consolidation. The
real estate portfolio of IMMOFINANZ Group has a value of approximately
EUR 8.2 billion and covers roughly 500 properties. IMMOFINANZ is listed on
the stock exchanges in Vienna (leading ATX index) and Warsaw. Further
information under (2) https://www.immofinanz.com
For additional information contact:
Simone Korbelius
Investor Relations and Corporate Communications
T +43 (0)1 88 090 2291
M +43 (0)699 1685 7291
(3)communications@immofinanz.com
(4)investor@immofinanz.com IMMOFINANZ 1100 Vienna, Wienerbergstraße 9, Austria
www.immofinanz.com
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27.03.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 9
1100 Vienna
Austria
Phone: +43 (0) 1 88090 – 2291
Fax: +43 1 88090 – 8291
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000A21KS2
WKN: A2JN9W
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich,
Stuttgart; Warschau, Vienna Stock Exchange (Official Market)
EQS News ID: 1868879
End of News EQS News Service
1868879 27.03.2024 CET/CEST
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