EQS-News: IMMOFINANZ AG / Key word(s): Half Year Results/Real Estate
IMMOFINANZ with strong half-year performance
28.08.2024 / 19:53 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Press Release | Corporate News
Vienna, 28 August 2024
IMMOFINANZ with strong half-year performance
• Substantial growth in all relevant indicators
• Rental income up 13.0% to EUR 292.5 million
• Results of asset management increased by 15.2% to EUR 249.8 million
• Results of operations rose significantly by 88.0% to EUR 221.9 million
• EBT (EUR 97.7 million) and net profit (EUR 43.0 million) clearly in
the plus zone
• FFO 1 increased by 46.6% to EUR 149.9 million
• Cash and cash equivalents were at a high level of EUR 767.9 million
• Very robust financial basis with equity ratio of 47.7% and net LTV of
41.6%
KEY INDICATORS (IN MEUR) Q1-2 2024 Δ IN % Q1-2 2023
Rental income 292.5 13.0 258.9
Results of asset management 249.8 15.2 216.8
Results of property sales 5.5 n. a. -53.0
Results of property development -0.3 93.7 -4.0
Results of operations 221.9 88.0 118.0
Revaluations -81.6 58.6 -197.2
EBIT 139.4 n. a. -73.0
Financial results -41.7 42.7 -72.8
EBT 97.7 n. a. -145.8
Net profit 43.0 n. a. -144.5
FFO 1 (after tax) 149.9 46.6 102.2
IMMOFINANZ Group delivered very good results for the first six months of
2024. Rental income reached a high level of EUR 292.5 million (+13.0%).
The results of asset management increased by 15.2% over the previous year
to EUR 249.8 million, and the results of operations improved by a strong
88.0% to EUR 221.9 million. FFO 1 after tax was 46.6% higher at EUR 149.9
million.
“We achieved significant growth in all relevant key figures in the first
six months of 2024 despite a persistently volatile market environment.
This positive development was based on our outstanding operating
performance and our value-creating portfolio strategy,“ commented Radka
Doehring, member of the IMMOFINANZ Executive Board.
“Our portfolio strategy is based on two key elements: growth in selected
areas and the focused reorientation of the portfolio. The strong
performance shows that we are making very good progress,” explained Pavel
Mechura, member of the IMMOFINANZ Executive Board, on the development of
business.
Revaluations (including property development and property sales) totalled
EUR -81,6 million, compared with
EUR -197.2 million in the first half of 2023, as valuation declines were
limited due to a more stable interest rate environment. Financial results
improved to EUR -41.7 million (Q1-2 2023: EUR -72.8 million). Net profit
for IMMOFINANZ Group rose from EUR -144.5 million in the first half of the
previous year to EUR 43.0 million, and earnings per share increased to EUR
0.19 (Q1-2 2023: EUR -0.59).
High occupancy rate and successful portfolio optimisation
IMMOFINANZ Group’s property portfolio included 491 properties as of 30
June 2024 with a combined value of EUR 8.2 billion. Of this total,
EUR 7.9 billion represent standing investments with 3.6 million sqm of
rentable space and a gross return of 7.3%. The occupancy rate remained
stable at 92.2%. The weighted average unexpired lease term (WAULT) for
IMMOFINANZ Group equalled 3.8 years.
IMMOFINANZ Group continued its strategic portfolio optimisation during the
first half of 2024, with sales totalling EUR 446.6 million. The properties
sold included office buildings in Austria, Croatia, Poland and Germany. In
April, the Group also acquired attractive office buildings and retail
parks in the Czech Republic from CPI Property Group.
Robust balance sheet
IMMOFINANZ Group has a robust capital and financing structure with an
equity ratio of 47.7%, a net loan-to-value ratio (net LTV) of 41.6%, and
cash and cash equivalents of EUR 767.9 million (as of end of June 2024).
Roughly 96% of financial liabilities are hedged against interest rate
increases.
The IFRS book value per share improved by 1.0% to EUR 26.85 (31 December
2023: EUR 26.60). The EPRA NTA equalled EUR 28.25 per share as of 30 June
2024, compared with EUR 28.00 at the end of December 2023.
Outlook
IMMOFINANZ Group remains optimistic for the future in spite of current
challenges. Its flexible and resilient real estate products together with
a first-rate team create an optimal position, also in the present market
environment. From today’s point of view, IMMOFINANZ Group is well
positioned to continue its growth course over the medium to long term.
The value-creating growth strategy will continue to focus on the further
expansion of the retail portfolio and the squeeze out for S IMMO AG
currently in preparation.
IMMOFINANZ also signed a framework agreement with CPI Property Group to
examine the feasibility, advantages and disadvantages of a potential
business combination, cross-border merger or other form of integration or
combination of assets, functions and key corporate entities of the two
groups with the aim of optimising the group’s capital structure to capture
both operating and cost efficiencies for the benefit of all stakeholders.
This interim report by IMMOFINANZ AG on the first half of 2024 as of 30
June 2024 will be available on the company’s website under
https://immofinanz.com/en/investor-relations/financial-reports starting on
28 August 2024.
On IMMOFINANZ
IMMOFINANZ is a commercial real estate group 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 owns more than 50% of the shares in S IMMO and fully
consolidates this company. IMMOFINANZ Group holds roughly 490 properties
with a combined value of approximately EUR 8.2 billion. The company is
listed on the stock exchanges in Vienna (leading ATX index) and Warsaw.
Further information under: (1)https://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
(2)communications@immofinanz.com
(3)investor@immofinanz.com
1100 Vienna, Wienerbergstraße 9, Austria
www.immofinanz.com
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28.08.2024 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, Tradegate Exchange; Warschau, Vienna Stock
Exchange (Official Market)
EQS News ID: 1976955
End of News EQS News Service
1976955 28.08.2024 CET/CEST
References
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2. mailto:communications@immofinanz.com
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