EQS-News: IMMOFINANZ AG: IMMOFINANZ delivers strong results in H1 2023
EQS-News: IMMOFINANZ AG: IMMOFINANZ delivers strong results in H1 2023
EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Half Year Results
IMMOFINANZ AG: IMMOFINANZ delivers strong results in H1 2023
30.08.2023 / 18:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
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IMMOFINANZ delivers strong results in H1 2023
• Results of operations more than double to EUR 118.0 million due to
acquisitions and the consolidation of S IMMO
• Rental income rises by 79.6% to EUR 258.9 million
• Strong like-for-like rental growth of 10.3%
• Solid financial base with equity ratio of 49.6% and net LTV of 38.7%
KEY FIGURES (IN MEUR) Q1-2 2023 Δ IN % Q1-2 2022
Rental income 258.9 79.6 144.2
Results of asset management 216.8 97.1 110.0
Results of property sales -53.0 ≤ -100.0 -11.8
Results of property development -4.0 48.8 -7.8
Results of operations 118.0 ≥ +100.0 56.3
Revaluation results -197.2 n. a. 71.9
EBIT -73.0 n. a. 131.0
Financial results -72.8 n. a. 68.8
EBT -145.8 n. a. 199.9
Net profit/loss -144.5 n. a. 162.7
FFO 1 (before tax) 140.9 ≥ +100.0 66.0
The investment in S IMMO was increased to 50% plus one share at year-end
2022. Therefore, the assets and liabilities held by S IMMO have been
included in the IMMOFINANZ consolidated financial statements since
31 December 2022, the income statement positions since Q1 2023.
IMMOFINANZ Group recorded strong growth in both rental income and
operating results in the first half of 2023. Rental income rose by nearly
80% year-on-year to EUR 258.9 million and, at EUR 216.8 million, the
results of asset management were 97.1% higher than the first half of the
previous year. The results of operations and sustainable FFO 1 from the
standing investment business more than doubled to EUR 118 million and
EUR 140.9 million, respectively.
“IMMOFINANZ Group’s results for the first half of 2023 reflect two
important achievements. First, we benefited from acquisitions and the full
consolidation of S IMMO, which drove growth and substantially strengthened
our market position. Second, our superb asset management team delivered
organic growth through a significant increase in like-for-like rents,”
explained Radka Doehring, member of the IMMOFINANZ Executive Board.
IMMOFINANZ Group also recorded market-related property write-downs of
EUR -197.2 million, primarily relating from lower-yielding properties. As
a result, net profit fell to EUR -144.5 million (Q1–2 2022: EUR 162.7
million) and earnings per share declined to EUR -0.59 (Q1–2 2022:
EUR 1.20).
High occupancy, high income
IMMOFINANZ Group’s property portfolio includes 520 properties with a
combined value of EUR 7.8 billion. Of this total, EUR 7.4 billion
represent standing investments with 3.4 million sqm of rentable space and
a gross return of 6.9%. The occupancy rate remained high at 92.5%
(31 December 2022: 92.9%).
Like-for-like rental income (i.e. adjusted for acquisitions, completions
and sales, excluding S IMMO) rose by a further 10.3% year-on-year in the
second quarter of 2023.
The strategic sales programme to optimise the portfolio was successfully
continued despite a more challenging transaction market. In the first half
of 2023, real estate sales amounting to approximately EUR 598 million
(incl. S IMMO) were concluded.
Robust balance sheet
IMMOFINANZ Group had a solid balance sheet structure with a net
loan-to-value ratio (net LTV) of 38.7% (31 December 2022: 40.7%) and
equity ratio of 49.6% as of 30 June 2023 (31 December 2022: 47.9%).
Cash and cash equivalents totalled EUR 729.2 million. Roughly 91% of
financial liabilities are hedged against interest rate increases.
The IFRS book value per share declined slightly by 1.5% to EUR 27.06
(31 December 2022: EUR 27.47), and the EPRA NTA per share was 6.0% lower
at EUR 28.03 (31 December 2022: EUR 29.82).
Outlook
IMMOFINANZ Group’s strategy continues to focus on resilient and
cost-efficient retail properties and innovative office solutions. Plans
for the medium-term include the expansion of the offering in the core
countries as well as the optimisation of the portfolio through the
strategic sales programme.
Together with S IMMO and with the support of CPIPG, opportunities to
realise further synergies and efficiency improvements will be identified
in 2023 to improve transparency and profitability for all stakeholders.
The interim financial report by IMMOFINANZ AG on the first half of the
2023 financial year as of 30 June will be available on the company’s
website under
[1] https://immofinanz.com/de/investor-relations/finanzberichte starting on
30 August 2023.
On IMMOFINANZ
IMMOFINANZ Group is a commercial real estate corporation 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 increased its investment in S IMMO to 50% plus
one share at the end of 2022 and now consolidates this company in full.
IMMOFINANZ Group holds roughly 520 properties with a combined value of
approximately EUR 7.8 billion. IMMOFINANZ is listed on the stock exchanges
in Vienna (leading ATX index) and Warsaw. Further information under:
[2] https://www.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
[3]communications@immofinanz.com
[4]investor@immofinanz.com
IMMOFINANZ
1100 Vienna, Wienerbergstraße 9, Austria
www.immofinanz.com
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30.08.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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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; Warschau, Vienna Stock Exchange (Official Market)
EQS News ID: 1715259
End of News EQS News Service
1715259 30.08.2023 CET/CEST
References
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3. communications@immofinanz.com
4. investor@immofinanz.com
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