EQS-News: IMMOFINANZ delivers strong operating performance in Q1–3 2023

EQS-News: IMMOFINANZ AG / Key word(s): 9 Month figures/Real Estate
   IMMOFINANZ delivers strong operating performance in Q1–3 2023

   29.11.2023 / 18:02 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   IMMOFINANZ delivers strong operating performance in Q1–3 2023

    

     • Strong growth in rental income and results of operations
     • Rental income rises by 79.4% to EUR 389.2 million
     • Strong like-for-like rental growth of 9.3%
     • Results of asset management increased by 92.2% to EUR 323.7 million
     • Result of operations improved by 77.6% to EUR 209.1 million
     • FFO 1 more than doubled, up 107.7% to EUR 214.4 million
     • Significant increase in cash and cash equivalents to EUR 831.5 million
     • Very solid financial base with equity ratio of 50.0% and net LTV of
       37.8%

    

    
   KEY FIGURES (IN MEUR)           Q1-3 2023   Δ IN % Q1-3 2022
   Rental income                       389.2     79.4     216.9
   Results of asset management         323.7     92.2     168.4
   Results of property sales           -54.0    n. a.       5.0
   Results of property development      -6.9     10.7      -7.8
   Results of operations               209.1     77.6     117.8
   Revaluation results                -219.5    n. a.      79.5
   EBIT                                 -1.4    n. a.     186.6
   Financial results                   -99.2    n. a.     122.4
   EBT                                -100.6    n. a.     308.9
   Net profit/loss                    -105.9    n. a.     248.6
   FFO 1 (before tax)                  214.4 ≥ +100.0     103.2

   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 three quarters of 2023 due to acquisitions,
   the full consolidation of S IMMO and successful asset management. Rental
   income rose by 79.4% year-on-year to EUR 389.2 million; the results of
   asset management, at EUR 323.7 million, were even 92.2% higher than in the
   previous year. The results of operations increased to EUR 209.1 million
   and sustainable FFO 1 from the standing investment business more than
   doubled to EUR 214.4 million.

   “The results show that we are in a resilient position and are operating
   successfully with our strategy. Despite the challenging market
   environment, we performed strongly with acquisitions, the full
   consolidation of S IMMO and our asset management and recorded significant
   growth in all operating key figures. We also continued to improve our
   financial basis, which puts us in a solid position for the future,” says
   Radka Doehring, member of the IMMOFINANZ Executive Board.

   At the same time, IMMOFINANZ Group also recorded market-related property
   write-downs of EUR -219.5 million, which were primarily related to
   low-yielding properties. As a result, net profit fell
   to EUR -105.9 million (Q1–3 2022: EUR 248.6 million) and earnings per
   share declined to EUR -0.48 (Q1–3 2022: EUR 1.82).

   High occupancy, high rental income

   The property portfolio of IMMOFINANZ Group included 501 properties with a
   combined value of EUR 7.8 billion. Of this total, EUR 7.3 billion
   represented standing investments with 3.3 million sqm of rentable space
   and a gross return of 7.0%. The occupancy rate remained high at 92.3%
   (31 December 2022: 92.9%).

   Like-for-like rental income (i.e., adjusted for acquisitions, completions
   and sales, excluding S IMMO) rose significantly by 9.3% year-on-year in
   the first three quarters of 2023.

   The strategic sales programme to optimise the portfolio was successfully
   continued despite below-average transaction market activity. Property
   sales of approximately EUR 649 million (incl. S IMMO) were concluded
   during the reporting period.

   Robust balance sheet

   IMMOFINANZ Group had a very robust balance sheet structure as of
   30 September 2023. Cash and cash equivalents increased significantly to
   EUR 831.5 million (31 December 2022: EUR 684.7 million). The net
   loan-to-value ratio (net LTV) improved to 37.8% (31 December 2022: 40.7%)
   and the equity ratio rose to 50.0% (31 December 2022: 47.9%). Roughly 92%
   of financial liabilities are hedged against interest rate increases.

   The IFRS book value per share amounted to EUR 27.31 (31 December 2022:
   EUR 27.47). The EPRA NTA was EUR 28.50 (31 December 2022: EUR 29.82).

   Outlook

   Based on the results for the first three quarters of 2023, IMMOFINANZ
   Group expects FFO 1 from the standing investment business (before tax) to
   exceed EUR 275 million for the full year 2023.
    

   The interim financial report of IMMOFINANZ AG for the first three quarters
   of the 2023 financial year as of 30 September 2023 will be available on
   the company’s website under
   [1]https://immofinanz.com/en/investor-relations/financial-reports starting
   from 29 November 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 fully consolidates this company.
   IMMOFINANZ Group holds roughly 500 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][email protected]
   [4][email protected] IMMOFINANZ
   1100 Vienna, Wienerbergstraße 9, Austria
   www.immofinanz.com

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   29.11.2023 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:      [email protected]
   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: 1784689


    
   End of News EQS News Service


   1784689  29.11.2023 CET/CEST

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