Beitrag von Simone Korbelius, Investor Relations & Corporate Communications - IMMOFINANZ AG am 30.03.2011.- Revenues: EUR 558.6 million (2009/10: EUR 536.8 million)
- EBITDA: EUR 292.6 million (2009/10: EUR 306.1 million)
- EBIT: EUR 343.3 million (2009/10: EUR 246.7 million)
- EBT: EUR 251.4 million (2009/10: EUR 265.8 million)
- Net profit for the period: EUR 229.3 million (2009/10: EUR 221.1 million)
- Cash flow from net profit: EUR 303.2 million (2009/10: EUR 252.9 million)
- Book value per share: EUR 5.01 (2009/10: EUR 4.63)
- NAV per share (diluted): EUR 5.13 (2009/10: EUR 4.78)
- Earnings per share (diluted): EUR 0.23 (2009/10: EUR 0.20)
The IMMOFINANZ Group confirmed the successful turnaround and the upward trend of the first and second quarters with an increase in earnings during the third quarter of 2010/11. The continuous optimisation of the portfolio and costs as well as an increased focus on cash flow generation should support a further improvement in operating results during the coming quarters.
Income from asset management
Rental income amounted to EUR 423.1 million for the first three quarters of 2010/11, for a plus of 5.6% over the comparable prior year period (EUR 400.8 million). This growth was supported above all by the third quarter, which brought a substantial increase of 6.8% or EUR 9.3 million in rental income. In comparison with the second quarter of 2010/11, the increase amounted to 5.5% or EUR 7.6 million.
Rental income increased year-on-year in the retail (+24.0%), residential (+2.7%) and logistics (+8.6%) segments, but declined in the office segment (-9.4%). This decrease resulted from the sale of properties and the start of construction on the previously rented Gerling Quarter in Cologne.
Revenues rose by 4.1% from EUR 536.8 million to EUR 558.6 million for the first three quarters of 2010/11. The increase of EUR 38.9 million or 55.3% in real estate expenses reflected higher maintenance and renovation activities that are intended to improve the marketability of properties, above all in Austria. Income from asset management therefore fell slightly to EUR 333.5 million (2009/10: EUR 347.4 million).
Income from property sales
The sale of properties generated income of EU R 19.4 million in the first nine months of 2010/11 (prior year: EUR 35.4 million). These transactions focused primarily on residential properties in Austria.
Income from property development
The sale of inventories generated proceeds of EUR 56.0 million and income of EUR 10.6 million during the reporting period. Proceeds from the sale of apartments more than tripled over the prior year level (EUR 16.0 million). The proceeds from the sale of these inventories were recorded above all in Austria (EUR 45.4 million) and Poland (EUR 6.4 million).
Other operating income
Approximately one-half of the other operating income of EUR 36.7 million recorded in the third quarter is attributable to the waiver of a receivable by a financial institution. This receivable was related to a property that was taken over in connection with the agreements with Constantia Packaging B.V.
EBITDA, EBIT, EBT, net profit for the period and cash flow
Results of operations (EBITDA) clearly exceeded the comparable prior year level at EUR 111.2 million for the third quarter of 2010/11. However, EBITDA was still slightly lower in year-on-year comparison with a 4.4% decline from EU R 306.1 million to EU R 292.6 million. This decline resulted primarily from the increase in real estate expenses.
Positive valuation results of EUR 50.7 million (2009/10: EUR -59.4 million) led to a 39.2% improvement in EBIT, which rose from EUR 246.7 million to EUR 343.3 million. Financial results declined from EUR 19.1 million to EUR -91.9 million, solely due to non-cash accounting effects from foreign exchange fluctuations (EUR -48.4 million versus EUR 92.7 million in 2009/10) that were only offset in part by the positive valuation of financial instruments (EUR 30.0 million versus EUR -46.9 million in 2009/10). Earnings before tax (EBT) were therefore – still – below the previous year, with a decline from EUR 265.8 million to EUR 251.4 million. Net profit for the period rose from EUR 221.1 million to EUR 229.3 million due to a lower tax rate.
Gross cash flow rose by 19.9% from EUR 252.9 million to EUR 303.2 million. Cash flow from operating activities increased to EUR 333.1 million, which reflects an improvement of EUR 62.7 million or 23.2% in comparison with the first three quarters of 2009/10 (EUR 270.4 million). This development resulted chiefly from the reduction of receivables (EUR 181.3 million).
Operating cash flow, which comprises cash flow from operating activities and cash flow from investing activities, more than tripled to EUR 381.3 million for the first three quarters of the reporting year (2009/10: EU R 111.5 million). This development resulted above all from the proceeds on property sales, which significantly exceeded investment costs.
NAV per share and earnings per share
Diluted net asset value (NAV) per share rose from EUR 4.78 on 30 April 2010 to EUR 5.13 as of 31 January 2011. This increase is attributable to the sound earnings generated during the first three quarters of 2010/11 as well as the positive effects of the share buyback programme. Based on the share price as of 31 January 2011 (EUR 3.22), the IMMOFINANZ share traded at a discount of 37.2% to the NAV. Diluted earnings per share for the first three quarters of the reporting year amounted to EUR 0.23, which represents an increase of more than 15.0% over the comparable prior year period (2009/10: EUR 0.20).
Gross return and occupancy in the standing investments
The third quarter also brought a significant improvement in property indicators. The occupancy rate in the IMMOFINANZ properties amounted to 89.0% as of 31 October 2010, but rose to 89.7% by the end of January 2011. The gross return on the standing investment portfolio, which equaled 6.6% for the first half-year, increased to 6.9% in the third quarter.
The full report on the first three quarters of 2010/11 is published on the Group’s homepage under www.immofinanz.com.
For additional information contact:
Investor Relations & Corporate Communications:
Simone Korbelius
IMMOFINANZ Group
T +43 (0)5 7111-2291
Press Coordination:
Hieronymus Tupay, MSc
ACCEDO Austria GmbH
T +43 1 533 87 00 - 23
