DGAP-News: IMMOFINANZ AG: IMMOFINANZ Group going strong in the first half of 2011/12: Group result has more than doubled compared to the previous year
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Half Year Results
IMMOFINANZ AG: IMMOFINANZ Group going strong in the first half of
2011/12: Group result has more than doubled compared to the previous
year
20.12.2011 / 08:03
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IMMOFINANZ Group going strong in the first half of 2011/12:
Group result has more than doubled compared to the previous year
KEY FIGURES (in MEUR) 31/10/2011 /?in % / 31/10/2010
Rental income 283.7 / +2.4 / 277.1
Income from asset management 229.3 / +2.3 / 224.2
Income from property sales* 24.1 / +79.8 / 13.4
Income from property developments* 42.4 / n.a. / -4.5
Administrative expenses -61.9 / -22.2 / -79.5
Results of operation 270.3 / +53.3 / 176.3
Net profit 265.1 / +144.8 / 108.3
Net profit before currency effects 198.6 / +101.8 / 98.4
Operating cash flow (FFO) 195.8 / +32.8. / 147.4
* before currency effects
IMMOFINANZ Group confirmed the successful trend that characterised recent
quarters with a strong result in Q2 2011/12. The net profit for the second
quarter 2011/12 reached EUR 236.9 million, equivalent to an increase of
740% over the first quarter of the reporting year (EUR 28.2 million).
Compared to the second quarter last year (EUR 49.3 million), the net profit
for the period grew nearly five-fold (+380%). In addition to considerable
increases in the operative components of this result, unlike in the first
quarter of the reporting year, this time IMMOFINANZ Group also benefited
from highly positive foreign exchange effects.
'We are well on the way of continuing with the stable development that we
have seen in the past quarters. This development is marked by a consistent
compliance with our optimisation strategy and by the cost reductions in the
operative area: We have managed to profitably improve our real estate
portfolio through active asset management, several transactions and through
the realisation of in-house developments. When speaking about project
developments, it was primarily the expansion of the Silesia City Center in
Poland that was a full success and a clear sign to intensify our
development activities even more in the future. The increased rental income
is mostly due to the retail segment and the fact that we were able to lease
more than 90% of our office space in Romania', commented Eduard Zehetner,
CEO of IMMOFINANZ Group, on the company's developments in Q2.
Income from asset management
Rental income amounted to EUR 283.7 million in the first six months of
2011/12, which represents an increase of 2.4% over the comparable prior
year period (EUR 277.1 million). This positive development is attributable
chiefly to the retail segment, where rental income rose by 11.9% or EUR
10.5 million over the first six months of the previous year. In the
residential segment income increased by 4.8% over the same period of the
previous year, whereas in the office (-10.5%) and logistics segment
(-1.6%), they fell (especially in Eastern Europe). The decline in the
office segment resulted from the sale of properties. Since 30/04/2011,
IMMOFINANZ Group has sold five office properties in Austria and one in
Germany.
Revenues rose by 2.9% for the first six months to currently EUR 374.7
million. Income from asset management increased in spite of the
year-on-year rise by 2.3% to EUR 229.3 millionin property expenses
(2010/11: EUR 224.2 million). These intensified optimisation measures - in
particular, maintenance and renovation projects - are reflected in an
amount of EUR 71.4 million (+7.4%). The objective of these improvement
measures is to increase occupancy rates and rental income as well as future
sales proceeds.
Income from property sales
The sale of properties during the reporting period generated income of EUR
24.1 million (2010/11: EUR 13.1 million).These transactions mainly involved
properties in Austria, Germany and Poland. Property sales during the first
six months of the reporting year included, among others, the 30% stake in
the MyPlace SelfStorage logistics property as well as the Office Campus
Gasometer office complex in Vienna, the Cirrus development project in
Warsaw, various fund investments as well as residential property of BUWOG.
These transactions reflect the steady implementation of the Group's
strategy to sell non-controlling interests or joint venture investments or
to develop them into majority holdings. After the reporting period, the 50%
joint venture interest in the Andreasquartier development project in
Düsseldorf was sold. In accordance with IFRS standards, the investment's
revaluation surplus associated with the sale was already reported in the
half-yearly report as of 31/10/2011.
Income from property development
The sale of inventories and the valuation of active development projects
generated proceeds of EUR 42.4 million before foreign exchange effects for
IMMOFINANZ Group. This represents a clear increase in comparison with the
previous year (EUR -4.5 million) from this increasingly important source of
income. The largest contribution to this outstanding result came from the
extension of the Silesia City Center shopping center in Katowice, Poland.
Administrative expenses
The deconsolidation of a number of companies and the subsequent integration
of the related asset management activities into existing structures led to
a reduction in overhead costs. Administrative expenses (overhead costs and
personnel expenses) compared to the same period last year, were reduced
from EUR 79.5 million to EUR 61.9 million. This represents a decline of EUR
17.6 million or 22.2%.
Results of operations, EBIT, EBT, net profit
As a result of the constant improvement of operative parameters, the
results of operations with EUR 270.3 million clearly increased over the
same period last year (EUR 176.3 million). Based on positive valuation
results (incl. foreign exchange effects) of EUR 349.0 million (2010/11: EUR
91.4 million), IMMOFINANZ Group's EBIT amounted to EUR 619.3 million
(2010/11: EUR 267.7 million). In addition to operative improvements, this
increase is due to improved property valuation results (EUR +74.7 million),
higher foreign exchange effects (EUR +161.2 million), lower amortisation
and depreciation (EUR -10.2 million) and lower additions to provisions (EUR
-11.6 million) over the same period in the previous year.
Financial results were clearly negative at EUR -315.7 million (2010/11: EUR
-149.3 million). This also includes negative non-cash accounting foreign
exchange effects of EUR -192.9 million (as contra items to the positive,
valuation effects resulting from foreign exchange effects) as well as
negative effects from the valuation of derivatives held for hedging
purposes amounting to EUR -29.7 million.
Earnings before tax (EBT) thus rose from EUR 118.4 million to EUR 303.6
million over the same period last year. Overall, net profits for the first
six months of 2011/12 amounted to EUR 265.1 million. Excluding these
non-cash foreign exchange effects, the net profit would have equaled EUR
198.6 million. This still would be double (+101.8%) the net profit adjusted
for non-cash foreign currency effects (EUR 98.4 million).
Cash flow and distribution of dividends, forecast
The operating cash flow rose by 32.8% to EUR 195.8 million over the same
period the previous year. The approximate relevant cash flow for dividend
distribution was increased by EUR 37.0 million to EUR 152.1 million (*). It
comprises cash flow from earnings minus interest paid and received and the
cash drain from derivatives plus income from property sales. For the
reporting period, a dividend distribution of EUR 0.15/share, equaling a
total of EUR 155.4 million is planned. 97.8% of this required amount have
already been generated in the first six months of 2011/12. Since this cash
flow calculation does not include any cash inflows from the sale of
properties, but only the income generated from it, the planned dividend
distribution will be 100% feasible from the pure operating cash flow,
provided that the company is not faced with any opposing trends.
In spite of the volatility of the financial and capital markets, we
continue to expect, however, a stable development in the IMMOFINANZ Group's
markets for the rest of the financial year.
NAV per share and earnings per share
Diluted net asset value (NAV) per share in spite of a distribution of
dividends in October 2011 was increased by EUR 0.10 per share from EUR 5.36
on 30/04/2011 to EUR 5.47. This increase is based on the good results of
the first six months of the reporting year. Based on the share price as of
30/11/2011 (EUR 2.228), the IMMOFINANZ share traded at a discount of 58.2%
to the NAV per share. Diluted earnings per share for the first six months
of 2011/12 amounted to EUR 0.25.
(*) The cash flow from the result (EUR 195.8 million) minus interest paid
(EUR -73.0 million) plus interest received (EUR 8.8 million) minus cash
outflow from derivatives (EUR -8.6 million) plus income from property sales
(EUR 24.1 million) plus income from the sale of inventories minus
production costs (EUR 4.9 million).
The current half-year report is now available at www.immofinanz.com. To
view the report, please click the Investor Relations tab and go to
Financial Reports.
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
investment properties with a carrying amount of approx. EUR 8.7 billion.
The core business of the IMMOFINANZ Group covers the acquisition and the
active 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 information 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
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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20.12.2011 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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