20.03.2013
IMMOFINANZ Group increases results of operations
KEY FIGURES (in MEUR) // 1 May 2012-31 January 2013 // Δ in % // 1 May 2011-31 January 2012
Rental income // 492.9 // 12.7% // 437.3
Income from asset management // 410.7 // 16.5% // 352.6
Income from property sales* // 62.8 // 51.1% // 41.6
Income from property development * // 3.0 // -93.8% // 48.2
Administrative expenses // 106.3 // 3.9% // 102.3
Results of operations // 396.8 // 6.7% // 372.0
Operating profit (EBIT) // 444.7 // -35.6% // 690.9
Net profit // 210.1 // -22.0% // 269.4
Net profit adjusted for currency effects and derivatives // 162.1 // -40.6% // 272.9
Gross cash flow // 315.3 // 8.9% // 289.4
* before foreign exchange effects
IMMOFINANZ Group generated solid operating results in the first three quarters of the 2012/13 financial year. A comparison with the first three quarters of the previous year shows strong growth, above all through a significant 12.7% increase in rental income to EUR 492.9 million. A substantial improvement was also recorded in income from property sales before foreign exchange effects with a plus of 51.1% to EUR 62.8 million, which offset the year-on-year decline in income from property develop¬ment. Operating earnings rose by 6.7% to EUR 396.8 million for the first three quarters of 2012/13 (Q1-3 2011/12: EUR 372.0 million). Net profit for the reporting period fell by 22.0% to EUR 210.1 million. After an adjustment for foreign exchange effects and derivatives, net profit was 40.6% lower at EUR 162.1 million. This decline is attributable to a signifi¬cant year-on-year reduction in foreign exchange-adjusted revaluation results, which totalled EUR 24.7 mil¬lion instead of EUR 160.8 million. Gross cash flow rose by 8.9% year-on-year to EUR 315.3 million.
“We continued our operating success series and can look back on the strongest quarter for rental income and income from property sales in this financial year. The portfolio’s ability to generate sustainable cash flows became stronger. In the development area we set a number of milestones and continued our expansion on the German residential market against the backdrop of a possible initial public offering by our BUWOG subsidiary. The non-cash revaluation of properties in the first three quarters was, as expected, lower than the previous year, but the many sales transactions confirm our conservative book values. In addition, our five-year sale programme is now substantially over target following the sale of the Swiss Grand Hotel“, says Eduard Zehetner, CEO of IMMOFINANZ Group. “For the fourth quarter, we are expecting further positive development in results of operations. Preparations are also underway for a second listing on the Warsaw Stock Exchange, which should increase the visibility and liquidity of the IMMOFINANZ share.“
Rental income // 492.9 // 12.7% // 437.3
Income from asset management // 410.7 // 16.5% // 352.6
Income from property sales* // 62.8 // 51.1% // 41.6
Income from property development * // 3.0 // -93.8% // 48.2
Administrative expenses // 106.3 // 3.9% // 102.3
Results of operations // 396.8 // 6.7% // 372.0
Operating profit (EBIT) // 444.7 // -35.6% // 690.9
Net profit // 210.1 // -22.0% // 269.4
Net profit adjusted for currency effects and derivatives // 162.1 // -40.6% // 272.9
Gross cash flow // 315.3 // 8.9% // 289.4
* before foreign exchange effects
IMMOFINANZ Group generated solid operating results in the first three quarters of the 2012/13 financial year. A comparison with the first three quarters of the previous year shows strong growth, above all through a significant 12.7% increase in rental income to EUR 492.9 million. A substantial improvement was also recorded in income from property sales before foreign exchange effects with a plus of 51.1% to EUR 62.8 million, which offset the year-on-year decline in income from property develop¬ment. Operating earnings rose by 6.7% to EUR 396.8 million for the first three quarters of 2012/13 (Q1-3 2011/12: EUR 372.0 million). Net profit for the reporting period fell by 22.0% to EUR 210.1 million. After an adjustment for foreign exchange effects and derivatives, net profit was 40.6% lower at EUR 162.1 million. This decline is attributable to a signifi¬cant year-on-year reduction in foreign exchange-adjusted revaluation results, which totalled EUR 24.7 mil¬lion instead of EUR 160.8 million. Gross cash flow rose by 8.9% year-on-year to EUR 315.3 million.
“We continued our operating success series and can look back on the strongest quarter for rental income and income from property sales in this financial year. The portfolio’s ability to generate sustainable cash flows became stronger. In the development area we set a number of milestones and continued our expansion on the German residential market against the backdrop of a possible initial public offering by our BUWOG subsidiary. The non-cash revaluation of properties in the first three quarters was, as expected, lower than the previous year, but the many sales transactions confirm our conservative book values. In addition, our five-year sale programme is now substantially over target following the sale of the Swiss Grand Hotel“, says Eduard Zehetner, CEO of IMMOFINANZ Group. “For the fourth quarter, we are expecting further positive development in results of operations. Preparations are also underway for a second listing on the Warsaw Stock Exchange, which should increase the visibility and liquidity of the IMMOFINANZ share.“
IMMOFINANZ – a publicly listed European commercial real estate group with focus on two asset classes: Office and retail in eight core markets.