IMMOFINANZ Bonds

IMMOFINANZ’s financing strategy is designed to ensure sufficient liquidity at all times, to achieve and maintain a balanced capital structure and maturity profile and to also optimise financing costs. The best possible structuring of debt financing is an important priority and, in addition to successful property management, represents a decisive factor for the results generated by IMMOFINANZ’s business activities.

First Quarter 2019

Financial liabilities totalled EUR 2.5 billion as of 31 March 2019 (31 December 2018: EUR 2.4 billion) excluding leasing liabilities of EUR 70.7 million in accordance with the initial application of IFRS 16. Cash and cash equivalents, including cash and cash equivalents held for sale, rose to EUR 672.6 million (31 December 2018: EUR 632.0 million). Net debt, i.e. debt after the deduction of cash and cash equivalents held by the Group, equalled EUR 1.9 billion (31 December 2018: EUR 1.8 billion).

IMMOFINANZ has a robust balance sheet structure with an equity ratio of 46.5% (31 December 2018: 48.0%) and a net loan-to-value ratio (net LTV) of 38.3% (31 December 2018: 37.3%).

The average financing costs for IMMOFINANZ equalled 1.94% per year as of 31 March 2019 (31 December 2018: 2.14% per year) including derivatives used for interest rate hedging. The hedging quota equalled 89.22% (31 December 2018: 73.75%).

Unencumbered property

In addition to properties which carry external financing and are encumbered through standard market collateral (e.g. mortgages, pledge of company shares), EUR 1,430.6 million, or 32.23% (31 December 2018: EUR 749.0 million or 17.0%) of the total property carrying amount was not externally financed and therefore unencumbered as of 31 March 2019.