EQS-News: IMMOFINANZ AG / Key word(s): 9 Month figures/Real Estate
IMMOFINANZ delivers strong operating performance in Q1–3 2023
29.11.2023 / 18:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
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IMMOFINANZ delivers strong operating performance in Q1–3 2023
• Strong growth in rental income and results of operations
• Rental income rises by 79.4% to EUR 389.2 million
• Strong like-for-like rental growth of 9.3%
• Results of asset management increased by 92.2% to EUR 323.7 million
• Result of operations improved by 77.6% to EUR 209.1 million
• FFO 1 more than doubled, up 107.7% to EUR 214.4 million
• Significant increase in cash and cash equivalents to EUR 831.5 million
• Very solid financial base with equity ratio of 50.0% and net LTV of
37.8%
KEY FIGURES (IN MEUR) Q1-3 2023 Δ IN % Q1-3 2022
Rental income 389.2 79.4 216.9
Results of asset management 323.7 92.2 168.4
Results of property sales -54.0 n. a. 5.0
Results of property development -6.9 10.7 -7.8
Results of operations 209.1 77.6 117.8
Revaluation results -219.5 n. a. 79.5
EBIT -1.4 n. a. 186.6
Financial results -99.2 n. a. 122.4
EBT -100.6 n. a. 308.9
Net profit/loss -105.9 n. a. 248.6
FFO 1 (before tax) 214.4 ≥ +100.0 103.2
The investment in S IMMO was increased to 50% plus one share at year-end
2022. Therefore, the assets and liabilities held by S IMMO have been
included in the IMMOFINANZ consolidated financial statements since
31 December 2022, the income statement positions since Q1 2023.
IMMOFINANZ Group recorded strong growth in both rental income and
operating results in the first three quarters of 2023 due to acquisitions,
the full consolidation of S IMMO and successful asset management. Rental
income rose by 79.4% year-on-year to EUR 389.2 million; the results of
asset management, at EUR 323.7 million, were even 92.2% higher than in the
previous year. The results of operations increased to EUR 209.1 million
and sustainable FFO 1 from the standing investment business more than
doubled to EUR 214.4 million.
“The results show that we are in a resilient position and are operating
successfully with our strategy. Despite the challenging market
environment, we performed strongly with acquisitions, the full
consolidation of S IMMO and our asset management and recorded significant
growth in all operating key figures. We also continued to improve our
financial basis, which puts us in a solid position for the future,” says
Radka Doehring, member of the IMMOFINANZ Executive Board.
At the same time, IMMOFINANZ Group also recorded market-related property
write-downs of EUR -219.5 million, which were primarily related to
low-yielding properties. As a result, net profit fell
to EUR -105.9 million (Q1–3 2022: EUR 248.6 million) and earnings per
share declined to EUR -0.48 (Q1–3 2022: EUR 1.82).
High occupancy, high rental income
The property portfolio of IMMOFINANZ Group included 501 properties with a
combined value of EUR 7.8 billion. Of this total, EUR 7.3 billion
represented standing investments with 3.3 million sqm of rentable space
and a gross return of 7.0%. The occupancy rate remained high at 92.3%
(31 December 2022: 92.9%).
Like-for-like rental income (i.e., adjusted for acquisitions, completions
and sales, excluding S IMMO) rose significantly by 9.3% year-on-year in
the first three quarters of 2023.
The strategic sales programme to optimise the portfolio was successfully
continued despite below-average transaction market activity. Property
sales of approximately EUR 649 million (incl. S IMMO) were concluded
during the reporting period.
Robust balance sheet
IMMOFINANZ Group had a very robust balance sheet structure as of
30 September 2023. Cash and cash equivalents increased significantly to
EUR 831.5 million (31 December 2022: EUR 684.7 million). The net
loan-to-value ratio (net LTV) improved to 37.8% (31 December 2022: 40.7%)
and the equity ratio rose to 50.0% (31 December 2022: 47.9%). Roughly 92%
of financial liabilities are hedged against interest rate increases.
The IFRS book value per share amounted to EUR 27.31 (31 December 2022:
EUR 27.47). The EPRA NTA was EUR 28.50 (31 December 2022: EUR 29.82).
Outlook
Based on the results for the first three quarters of 2023, IMMOFINANZ
Group expects FFO 1 from the standing investment business (before tax) to
exceed EUR 275 million for the full year 2023.
The interim financial report of IMMOFINANZ AG for the first three quarters
of the 2023 financial year as of 30 September 2023 will be available on
the company’s website under
(1) https://immofinanz.com/en/investor-relations/financial-reports starting
from 29 November 2023.
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 real estate brands – STOP SHOP (retail), VIVO! (retail) and
myhive (office) – and also on complementary products and portfolios that
include S IMMO. IMMOFINANZ increased its investment in S IMMO to 50% plus
one share at the end of 2022 and now fully consolidates this company.
IMMOFINANZ Group holds roughly 500 properties with a combined value of
approximately EUR 7.8 billion. 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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29.11.2023 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: 1784689
End of News EQS News Service
1784689 29.11.2023 CET/CEST
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