DGAP-News: IMMOFINANZ AG:
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Quarter Results/Miscellaneous
IMMOFINANZ AG:
26.09.2011 / 08:17
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Corporate News Vienna, 26 September 2011
IMMOFINANZ Group with increasing rental income in the first quarter of
2011/12
KEY DATA (in MEUR) 31/07/2011?in % 31/07/2010The first quarter of the 2011/12 financial year for IMMOFINANZ Group was
Rental income 142.1 +2.5 138.6
Income from asset management 112.9 -3.7 117.2
Income from property sales 1.9 -71.0 6.7
Income from property development 10.5 +53.8 6.8
Results of operations 99.2 -2.9 102.2
Net profit 28.2 -52.3 59.0
Net profit excl. foreign exchange effects 78.1 +17.0 66.7
Operating cash flow (FFO) 154.0 +31.9 116.7
characterised by volatile financial markets, fluctuating foreign currencies
and unusually high negative foreign exchange effects. This was reflected in
net profit, which amounted to EUR 28.2 million for the reporting period.
However, an adjustment for foreign exchange effects shows that the company
would have been able to generate net profit of EUR 78.1 million - among
others, through a further increase in rental income (+2.5%), higher income
from property development (+53.8%) and a 13.6% reduction in administrative
costs.
'We are still in the optimisation phase. That is illustrated by higher
maintenance and renovation costs for our properties, by rising rental
income and by declining administrative costs. At the same time, our sale
programme has gone into operation: during the first three months of the
current financial year, we sold assets with a value of EUR 317.1 million.
These transactions will give us the necessary flexibility to realise
further development projects and acquire attractive properties - like the
Park Postepu, a top office property in Warsaw that we purchased last week',
commented Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group, on
developments in the company during the first quarter.
Income from asset management
IMMOFINANZ Group generated rental income of EUR 142.1 million in the first
quarter of 2011/12, which represents an increase of 2.5% over the
comparable prior year period (EUR 138.6 million). This positive development
is attributable chiefly to the retail segment, where rental income rose by
15.1% or EUR 6.6 million over the first quarter of the previous year. The
residential and logistics segments also reported a sound improvement in
rental income, with an increase of 2.3% and 0.2%, respectively. Rental
income in the office segment fell by 12.2%, primarily due to the sale of
properties. IMMOFINANZ Group sold five office properties in Austria during
the first three months of the new financial year.
Revenues for the first quarter also increased: by 2.4% from EUR 183.7
million to EUR 188.2 million. The EUR 9.5 million or 33.5% year-on-year
rise in property expenses reflects the company's optimisation course and
the related increase in maintenance and renovation activities. Income from
asset management therefore declined slightly to EUR 112.9 million (2010/11:
EUR 117.2 million). 'We expect these optimisation measures will lead to a
significant increase in occupancy rates and rental income over the
medium-term', added Zehetner on these necessary investments. 'Above all in
the residential segment, these types of measures can create additional
added value for future sales.'
Income from property sales
Property sales generated income of EUR 1.9 million for IMMOFINANZ Group
during the reporting period (2010/11: EUR 6.7 million). These transactions
were concentrated mainly on properties in Austria, Germany and Switzerland.
Income of EUR 32.1 million from properties sold during the first quarter of
the current financial year was reported during the fourth quarter of
2010/11 in accordance with International Financial Reporting Standards
(fair value measurement, IAS 40). These property sales included, among
others, the 30% stake in the MyPlace SelfStorage logistics property as well
as the Office Campus Gasometer in Vienna, the Cirrus development project in
Warsaw and various fund investments. The sale transactions reflect the
steady implementation of the Group's strategy to sell non-controlling
interests and joint venture investments or to develop them into majority
holdings.
Income from property development
The sale of inventories and the valuation of active development projects
brought IMMOFINANZ Group income from property development of EUR 11.9
million, which represents an increase of more than 100% over the previous
year (EUR 5.5 million).
Administrative expenses
The liquidation of numerous companies and the subsequent integration of the
related asset management activities into existing structures led to a
further reduction in overhead costs during the first quarter of 2011/12.
Administrative expenses (overhead costs and personnel expenses) were cut
13.6% from EUR 37.8 million to EUR 32.7 million.
Results of operations, EBIT, EBT, net profit and cash flow
Results of operations totalled EUR 99.2 million for the reporting period,
which is slightly lower than the first quarter of the previous year
(-2.9%). This development resulted primarily from the EUR 9.5 million
increase in real estate expenses.
Based on positive valuation results of EUR 44.5 million (2010/11: EUR 65.0
million), IMMOFINANZ Group recorded EBIT of EUR 143.7 million for the first
quarter (2010/11: EUR 167.2 million). The decline resulted chiefly from the
absence of positive foreign exchange effects, which totalled EUR 52.9
million in the previous year and only EUR 0.2 million for the reporting
period. Moreover, the first quarter of 2011/12 includes a negative non-cash
effect of EUR 7.8 million from the purchase of the remaining 25% stake in
the GoodZone shopping center development project in Moscow. This effect
reflects the application of IFRS 3 to a successive share purchase, with the
revaluation of the investment through profit or loss after control over a
company has been obtained.
Financial results were clearly negative at EUR -111.7 million (2010/11: EUR
-101.6 million). However, this amount also includes negative non-cash
accounting effects of EUR 40.9 million as well as negative effects from the
valuation of derivatives. The negative effects from the valuation of
derivatives amounted to EUR 14.1 million and resulted from a decline in
SWAP rates as of 31 July 2011.
Earnings before tax (EBT) fell from EUR 65.5 million to EUR 32.0 million,
above all due to the high non-cash foreign exchange effects. Net profit for
the period amounted to EUR 28.2 million. Excluding the non-cash foreign
exchange effects, net profit would have equalled EUR 78.1 million for an
increase of 17% over the first quarter of the previous year.
Operating cash flow (FFO, funds from operations), which comprises cash flow
from operating activities and cash flow from investing activities, rose by
more than 31.9% to EUR 154,0 million (2010/11: EUR 116.7 million). This
improvement resulted primarily from the sound development of earnings and
the successful sale programme. During the first quarter of the current
financial year, IMMOFINANZ Group sold assets totalling EUR 317.1 million.
In accordance with the Group's strategy, cash and cash equivalents,
including short-term deposits, were increased by EUR 42.6 million and
interest-bearing liabilities were reduced by EUR 55.6 million during the
reporting period.
NAV per share and earnings per share
The diluted net asset value (NAV) per share rose by 12.4% from EUR 4.82 on
31 July 2010 to EUR 5.42 as of 31 July 2011. Based on the share price as of
20 September 2011 (EUR 2.306), the IMMOFINANZ share is trading at a
discount of 57.4% to the NAV per share. Diluted earnings for the first
quarter of the 2011/12 financial year equalled EUR 0.04.
The full report on the first quarter of 2011/12 is published on the Group's
homepage under www.immofinanz.com.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the five largest 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 1,600 standing
investments with a carrying amount of approx. EUR 8.4 billion. The core
business of IMMOFINANZ Group covers the acquisition and management of
standing investments, the realisation of development projects and the sale
of properties. The business activities of IMMOFINANZ Group are concentrated
in the retail, office, logistics and residential segments of eight regional
core markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania,
Poland and Russia.
For additional information please contact:
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
A-1100 Wien, Wienerbergstraße 11
www.immofinanz.com
MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications | Pressesprecherin
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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26.09.2011 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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140271 26.09.2011
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Datum: 26.09.2011 - 08:17 Uhr
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