IMMOFINANZ AG / AT0000A21KS2
28.08.2024 - 19:53:14IMMOFINANZ with strong half-year performance
| IMMOFINANZ AG / Key word(s): Half Year Results/Real Estate 28.08.2024 / 19:53 CET/CEST The issuer is solely responsible for the content of this announcement. Press Release | Corporate News Vienna, 28 August 2024 Substantial growth in all relevant indicators Rental income up 13.0% to EUR 292.5 million Results of asset management increased by 15.2% to EUR 249.8 million Results of operations rose significantly by 88.0% to EUR 221.9 million EBT (EUR 97.7 million) and net profit (EUR 43.0 million) clearly in the plus zone FFO 1 increased by 46.6% to EUR 149.9 million Cash and cash equivalents were at a high level of EUR 767.9 million Very robust financial basis with equity ratio of 47.7% and net LTV of 41.6%
EUR -197.2 million in the first half of 2023, as valuation declines were limited due to a more stable interest rate environment. Financial results improved to EUR -41.7 million (Q1-2 2023: EUR -72.8 million). Net profit for IMMOFINANZ Group rose from EUR -144.5 million in the first half of the previous year to EUR 43.0 million, and earnings per share increased to EUR 0.19 (Q1-2 2023: EUR -0.59). High occupancy rate and successful portfolio optimisation IMMOFINANZ Group’s property portfolio included 491 properties as of 30 June 2024 with a combined value of EUR 8.2 billion. Of this total, EUR 7.9 billion represent standing investments with 3.6 million sqm of rentable space and a gross return of 7.3%. The occupancy rate remained stable at 92.2%. The weighted average unexpired lease term (WAULT) for IMMOFINANZ Group equalled 3.8 years. IMMOFINANZ Group continued its strategic portfolio optimisation during the first half of 2024, with sales totalling EUR 446.6 million. The properties sold included office buildings in Austria, Croatia, Poland and Germany. In April, the Group also acquired attractive office buildings and retail parks in the Czech Republic from CPI Property Group. Robust balance sheet IMMOFINANZ Group has a robust capital and financing structure with an equity ratio of 47.7%, a net loan-to-value ratio (net LTV) of 41.6%, and cash and cash equivalents of EUR 767.9 million (as of end of June 2024). Roughly 96% of financial liabilities are hedged against interest rate increases. The IFRS book value per share improved by 1.0% to EUR 26.85 (31 December 2023: EUR 26.60). The EPRA NTA equalled EUR 28.25 per share as of 30 June 2024, compared with EUR 28.00 at the end of December 2023. Outlook IMMOFINANZ Group remains optimistic for the future in spite of current challenges. Its flexible and resilient real estate products together with a first-rate team create an optimal position, also in the present market environment. From today’s point of view, IMMOFINANZ Group is well positioned to continue its growth course over the medium to long term. The value-creating growth strategy will continue to focus on the further expansion of the retail portfolio and the squeeze out for S IMMO AG currently in preparation. IMMOFINANZ also signed a framework agreement with CPI Property Group to examine the feasibility, advantages and disadvantages of a potential business combination, cross-border merger or other form of integration or combination of assets, functions and key corporate entities of the two groups with the aim of optimising the group’s capital structure to capture both operating and cost efficiencies for the benefit of all stakeholders. This interim report by IMMOFINANZ AG on the first half of 2024 as of 30 June 2024 will be available on the company’s website under https://immofinanz.com/en/investor-relations/financial-reports starting on 28 August 2024. On IMMOFINANZ IMMOFINANZ is a commercial real estate group whose activities are focused on the office and retail segments of eight core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and the Adriatic region. The core business covers the management and development of properties, whereby IMMOFINANZ relies on its established real estate brands – STOP SHOP (retail), VIVO! (retail) and myhive (office) – and also on complementary products and portfolios that include S IMMO. IMMOFINANZ owns more than 50% of the shares in S IMMO and fully consolidates this company. IMMOFINANZ Group holds roughly 490 properties with a combined value of approximately EUR 8.2 billion. The company is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: https://immofinanz.com For additional information contact: Simone Korbelius Investor Relations and Corporate Communications T +43 (0)1 88 090 2291 M +43 (0)699 1685 7291 communications@immofinanz.com investor@immofinanz.com 1100 Vienna, Wienerbergstraße 9, Austria www.immofinanz.com 28.08.2024 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com |
| Language: | English |
| Company: | IMMOFINANZ AG |
| Wienerbergstraße 9 | |
| 1100 Vienna | |
| Austria | |
| Phone: | +43 (0) 1 88090 - 2291 |
| Fax: | +43 1 88090 - 8291 |
| E-mail: | investor@immofinanz.com |
| Internet: | http://www.immofinanz.com |
| ISIN: | AT0000A21KS2 |
| WKN: | A2JN9W |
| Listed: | Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart, Tradegate Exchange; Warschau, Vienna Stock Exchange (Official Market) |
| EQS News ID: | 1976955 |
| End of News | EQS News Service |
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