EQS-News: IMMOFINANZ AG
/ Key word(s): Half Year Results/Real Estate
Press Release | Corporate News
IMMOFINANZ with strong half-year performance
IMMOFINANZ Group delivered very good results for the first six months of 2024. Rental income reached a high level of EUR 292.5 million (+13.0%). The results of asset management increased by 15.2% over the previous year to EUR 249.8 million, and the results of operations improved by a strong 88.0% to EUR 221.9 million. FFO 1 after tax was 46.6% higher at EUR 149.9 million. “We achieved significant growth in all relevant key figures in the first six months of 2024 despite a persistently volatile market environment. This positive development was based on our outstanding operating performance and our value-creating portfolio strategy,“ commented Radka Doehring, member of the IMMOFINANZ Executive Board. “Our portfolio strategy is based on two key elements: growth in selected areas and the focused reorientation of the portfolio. The strong performance shows that we are making very good progress,” explained Pavel Mechura, member of the IMMOFINANZ Executive Board, on the development of business. Revaluations (including property development and property sales) totalled EUR -81,6 million, compared with 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.
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.
For additional information contact: 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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1976955 28.08.2024 CET/CEST
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