IMMOFINANZ recorded net income from continuing operations, i.e. excluding Russia, of EUR 26.9 million in the abbreviated 2016 financial year (2015A*: EUR 60.7 million). The major factors include increased maintenance costs for modernisation projects and the roll-out of the myhive and VIVO! brands, additional costs for the completion of residential buildings in Germany and the market-oriented valuation of CA Immobilien Anlagen AG at EUR -91.9 million. The non-cash effect from the valuation of this investment has already been offset in 2017 by an increase in the price of the CA Immo share.
IMMOFINANZ generated results of operations totalling EUR 87.6 million in the first two quarters of the abbreviated 2016 financial year, for an increase of 28.2% over the comparable prior year period. This growth was supported, above all, by an improvement in the results of asset management (plus 5.1% to EUR 107.3 million) following a substantial decline in the write-off of receivables in Russia and lower vacancy-related and operating costs charged to building owners as well as a reduction in other operating expenses (from EUR -53.5 million to EUR -26.1 million).
IMMOFINANZ is continuing the expansion of its successful STOP SHOP retail park portfolio with the acquisition of eight locations in Slovakia and Hungary. The purchase price for these properties totals approx. EUR 79.0 million. The newly acquired retail parks have an occupancy rate of roughly 98% and generate annual rental income of approx. EUR 6.6 million.
The operating results recorded by IMMOFINANZ were stable in year-on-year comparison at EUR 45.3 million in the first quarter of the abbreviated 2016 financial year (Q1 2015/16: EUR 46.9 million). Rental income fell from EUR 82.2 million to EUR 76.8 million due to temporary rent reductions in Moscow and the planned sale of properties. A like-for-like analysis (i.e. after an adjustment for new acquisitions, completions and sales to achieve comparability with the fourth quarter 2015/16) shows the stable development of rental income in total during the first quarter of 2016A. The results of asset management improved by 3.9% to EUR 54.5 million based on a decline in property expenses.
IMMOFINANZ recorded net profit of EUR -390.4 million for the 2015/16 financial year (2014/15:EUR -376.6 million). The year-on-year decline resulted primarily from EUR -469.8 million of negative effects from the foreign exchange-adjusted valuation of the Russian portfolio and from a decrease in rental income to EUR 314.5 million (2014/15: EUR 385.6 million) which was caused by temporary rent reductions in Moscow and the planned sale of properties.
IMMOFINANZ is continuing the expansion of its STOP SHOP retail park chain at a fast pace: the 57th location was opened today in the Polish city of Szczytno. After Niš in Serbia and Świnoujście in Poland, this represents the third project completion in two months – and the next locations have already been identified: a STOP SHOP will open in the Serbian city of Valjevo during early autumn, and in Poland preparations are underway for retail parks in Pultusk and Gdynia.
IMMOFINANZ raised the occupancy level in its office standing investments by roughly seven percentage points to nearly 82% by the end of the 2015/16 financial year (as of 30 April 2016). Rentals in the office segment totalled approx. 388,000 sqm, or 29% of the total area, according to preliminary numbers.
Earlier today, IMMOFINANZ AG (“IMMOFINANZ”) announced that it has entered into an agreement to acquire 25,690,167 ordinary shares that represent ca. 26% of the outstanding share capital and voting rights in CA Immobilien Anlagen Aktiengesellschaft (“CA Immo”) from O1 Group Limited and Terim Limited.
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