DGAP-News: IMMOFINANZ Group closes 2011/12 financial year with improvement in results of operations despite volatile environment
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Final Results
IMMOFINANZ Group closes 2011/12 financial year with improvement in
results of operations despite volatile environment
06.08.2012 / 07:55
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KEY DATA in MEUR: 1 May 2011 - 30 April 2012 //?in % // 1 May 2010 - 30
April 2011
Rental income: 585.7 // 1.2% // 578.9
Income from asset management: 468.6 // 6.3% // 440.8
Income from property sales: 57.6 // 8.0% // 53.3
Income from property development: 43.3 // -1.2% // 43.8
Administrative expenses: -139.8 // -5.8% // -148.4
Results of operations: 478.6 // 4.3% // 458.7
Operating profit (EBIT): 691.0 // 62.9% // 424.1
Net profit for the period: 271.4 // -13.4% // 313.5
Net profit adjusted for foreign exchange effects: 311.9 // -6.1% // 332.0
Net profit adjusted for foreign exchange effects and derivatives: 385.7 //
+25.4 // 307.7
IMMOFINANZ Group confirmed the positive operating trend set in recent
quarters with the close of the 2011/12 financial year, which brought a
slight 1.2% year-on-year increase in rental income from EUR 578.9 million
to EUR 585.7 million. This positive development was supported chiefly by
the retail segment. Results of operations totalled EUR 478.6 million, which
represents a plus of 4.3% (2010/11: EUR 458.7 million). Other valuation
results of EUR 212.4 million (incl. foreign exchange effects) led to an
improvement of over 60% in EBIT to EUR 691.0 million (2010/11: EUR 424.1
million). Net profit for the 2011/12 financial year declined to EUR 271.4
million (2010/11: EUR 313.5 million), above all due to negative, non-cash
effects from the valuation of derivatives. After an adjustment for foreign
exchange effects and derivatives, IMMOFINANZ Group recorded a 25.4%
increase in net profit for the year to EUR 385.7 million.
'During the past year we took a number of important strategic decisions and
also generated sound earnings. Of special note is the fact that we earned
nearly twice the total dividend - from the improvement in operating results
alone. All in all, 2011/12 was a good year: we became the first real estate
company to be included in the ATX five, and shortly after that we were
added to the EPRA's international Emerging Europe Index. Our operating
highlights included, among others, the expansion of the Silesia City
Center, the full takeover of the Golden Babylon Rostokino and the
acquisition of the fully rented Park Postepu. These successes demonstrate
that we are on the right course', commented Eduard Zehetner, Chief
Executive Officer of IMMOFINANZ Group, on the sound results recorded for
the 2011/12 financial year. 'We now plan to further accelerate our growth
course through the continuous optimisation of the standing investment
portfolio, a reduction in operating costs and a further improvement in cash
flows. Our new orientation as a real estate machine, which was announced at
the beginning of this year, will support an increase in profitability along
the entire value chain by linking our various areas of business. However,
the most important target is - and will remain - our progressive dividend.'
INCOME STATEMENT
Income from asset management
Income from asset management comprises rental income, other revenues,
operating income and operating costs as well as real estate expenses.
Rental incomerose by a slight 1.2% to EUR 585.7 million in 2011/12. This
positive development is attributable chiefly to the retail segment, where
rental income increased by EUR 12.7 million or 6.4% year-on-year. The
opening of the extension to the Silesia City Center in Katowice, Poland,
and the Maritimo Shopping Center in Constanta, Romania, made an important
contribution to this income. The office and logistics asset classes
recorded lower rental income, whereby the decline in the office segment
resulted chiefly from the sale of properties. In the residential asset
class, rental income was 3.7% higher than the previous year. Revenues
increased 2.4% to EUR 781.4 million in 2011/12. Income from asset
management rose by 6.3% or EUR 27.8 million due to an increase in rental
income and a reduction in maintenance costs.
Income from property sales
Income from property sales increased 8.0% to EUR 57.6 million. Most of
these properties represent development projects and standing investments in
Austria and Germany. Property sales during the reporting year included the
50% joint venture investments in the Andreasquartier development project in
Düsseldorf and the Office Campus Gasometer complex in Vienna as well as
other office buildings in Vienna - above all the Bankgasse 2, a palace in
the first district of this capital city. IMMOFINANZ Group also sold its 30%
stake in the logistics company MyPlace-SelfStorage and a number of
residential properties owned by BUWOG.
Income from property development
Income from property development covers the sale of inventories as well as
the valuation of development projects completed during the reporting year
or currently in progress. This income was nearly constant in year-on-year
comparison with EUR 43.3 million generated in 2011/12: the largest positive
contributions were made by the Silesia City Center and the Maritimo
Shopping Center, while negative earnings contributions were recorded above
all from the GOODZONE project in Russia. Progress on the GOODZONE was
adversely influenced by delays and higher costs, which are now under
control following the full takeover of the project. Another negative factor
was the delayed transfer of the BUWOG development project Heller Park
(geriatric center) to the city of Vienna.
Administrative expenses
Administrative expenses (overhead expenses and personnel costs) were EUR
8.7 million lower than the previous year, although this position includes a
non-recurring negative effect of approx. EUR 10.0 million from the
transition consolidation of Adama. On a comparable basis, overhead expenses
were nearly 13% lower.
Results of operations, EBIT, EBT, net profit
Results of operations for the 2011/12 financial year totalled EUR 478.6
million, which reflects an increase of 4.3%. Positive other revaluation
results of EUR 212.4 million (incl. foreign exchange effects) led to an
improvement of over 60% in operating profit to EUR 691.0 million (2010/11:
EUR 424.1 million). This development is attributable, above all, to an
increase in operating results, higher results from property revaluation (+
EUR 144.1 million) and higher foreign exchange effects (EUR +107.5
million). Earnings before tax were 6.9% lower at EUR 318.8 million
(2010/11: EUR 342.3 million), whereby the decline was caused primarily by
negative, non-cash valuation effects from derivatives that followed the
drop in interest rates. The increase in results of operations was unable to
fully offset the negative shift of EUR -123.1 million in other financial
results, and net profit for 2011/12 therefore declined to EUR 271.4 million
(2010/11: EUR 313.5 million).
BALANCE SHEET
Investment property represented 84.6% of total assets and amounted to EUR
10.4 billion at the end of the 2011/12 financial year. This represents a
year-on-year increase of 9.1%. Equity rose by 7.4% to EUR 5.6 billion as of
30 April 2012, among others due to net profit and the nearly full
conversion of the 2011 convertible bond. Cash and cash equivalents amounted
to EUR 559.2 million as of 30 April 2012. IMMOFINANZ Group increased liquidfunds after the end of the 2011/12 financial year by issuing a EUR 100
million corporate bond and through credit lines from the refinancing of the
Golden Babylon Rostokino shopping center in Moscow. As of 30 June 2012
IMMOFINANZ Group held cash and cash equivalents totalling EUR 979.8 million
(including undrawn credit lines and money market funds). The net asset
value (NAV) remained nearly unchanged at EUR 5.33.
CASH FLOW
Gross cash flow rose by 4.0% from EUR 363.8 million to EUR 378.3 million
due to the improvement in operating results. Cash flow from operating
activities increased 7.1% from EUR 317.0 million to EUR 339.6 million. Cash
flow from investing activities amounted to
EUR -113.3 million for the reporting year (2010/11: EUR 173.4 million).
This shift resulted, above all, from the acquisition of the Park Postepu
office complex, the expansion of development activities and the payment of
the purchase price for the Golden Babylon Rostokino shopping center.
Positive effects were generated by the sale of investment properties and
non-core assets. Cash flow from financing activities consists primarily of
additions to and repayments of financial liabilities and convertible bonds
and totalled
EUR -267.6 million in 2011/12 (2010/11: EUR -445.2 million). Cash and cash
equivalents declined by a slight 1.4% year-on-year to EUR 559.2 million as
of 30 April 2012.
OUTLOOK
IMMOFINANZ Group will continue to concentrate on accelerating the real
estate machine during the 2012/13 financial year. Activities will focus on
linking the three core business areas: the development of sustainable,
specially designed top properties in prime locations, the professional
management of these properties and cycle-optimised sales. Through the
adjustment of the portfolio and optimisation of the balance sheet, the
Group will steadily improve the quality of the properties in its eight core
markets and four asset classes. Free cash flows from the sales programme
will be reinvested, above all, in new development projects, but also in
high-quality standing investments. In this way, the share of directly owned
property assets should increase to more than 90% of the balance sheet total
over the medium-term. IMMOFINANZ Group also intends to increase the
portfolio turnover and thereby generate the funds to strengthen property
development activities and to complete or selectively reactivate
development projects. Regional focal points are currently being set in
Russia, Austria, Poland and Germany. Operational and organisational
measures are also planned, and include a greater concentration on active
and decentralised asset management to reduce vacancies as well as the
further streamlining of overhead expenses. These optimisation measures will
support a steady improvement in earnings and form the basis for IMMOFINANZ
Group's progressive, sustainable dividend policy.
Under http://www.immofinanz.com/en/press/press-releases/ the balance sheet,
income statement and cash flow statement for the 2011/12 financial year are
now available for download.
The annual report for 2011/12 will be available beginning on 22 August 2012
under the menu point 'Financial Reports' in the Investor Relations section
of the company's homepage: www.immofinanz.com.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe
and is included in the leading ATX index of the Vienna Stock Exchange.
Since its founding in 1990, the company has compiled a high-quality
property portfolio that now comprises more than 1,820 investment properties
with a carrying amount of approx. EUR 10.36 billion. The core business of
IMMOFINANZ Group covers the acquisition and management of investment
properties, the realisation of development projects and the sale of
objects. IMMOFINANZ Group concentrates its activities in the retail,
office, logistics and residential segments of eight regional core markets:
Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and
Russia. Further information under: www.immofinanz.com.
Contact:
For additional informationcontact:
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance&Investor Relations
IMMOFINANZ AG
M +43 (0)699 1685 7312
investor(at)immofinanz.com
Simone Korbelius
Investor Relations
IMMOFINANZ AG
T +43 (0)5 7111 2291
investor(at)immofinanz.com
MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ AG
T +43 (0)5 7111 2292
M +43 (0)699 1685 7292
communications(at)immofinanz.com
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
End of Corporate News
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06.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 5 7111 - 2291
Fax: +43 (0) 5 7111 - 8291
E-mail: investor(at)immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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