Brief: Immofinanz H1 Rental Income Rises By 79.6% To EUR 258.9 Mln

CPI Europe AG

30/08/2023 17:10

Aug 30 (Reuters) - Immofinanz Ag  IMFI.VI :
    * DELIVERS STRONG RESULTS IN H1 2023
    * H1 RENTAL INCOME RISES BY 79.6% TO EUR 258.9 MILLION
    * H1 CASH AND CASH EQUIVALENTS TOTALLED EUR 729.2 MILLION.
ROUGHLY
91% OF FINANCIAL LIABILITIES ARE HEDGED AGAINST INTEREST RATE
INCREASES.
    * H1 RESULTS OF ASSET MANAGEMENT WERE 97.1% HIGHER THAN
FIRST HALF
OF PREVIOUS YEAR
    * H1 RESULTS OF OPERATIONS AND SUSTAINABLE FFO 1 FROM
STANDING
INVESTMENT BUSINESS MORE THAN DOUBLED TO EUR 118 MILLION AND EUR
140.9 MILLION, RESPECTIVELY
    * H1 EBIT -73 MEUR
    * H1 RECORDED MARKET-RELATED PROPERTY WRITE-DOWNS OF EUR
-197.2
MILLION, PRIMARILY RELATING FROM LOWER-YIELDING PROPERTIES
    * H1 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)
    * H1 IFRS BOOK VALUE PER SHARE DECLINED SLIGHTLY BY 1.5% TO
EUR
27.06 (31 DECEMBER 2022: EUR 27.47)
    * H1 EPRA NTA PER SHARE WAS 6.0% LOWER AT EUR 28.03 (31
DECEMBER
2022: EUR 29.82)
    * OUTLOOK: PLANS FOR MEDIUM-TERM INCLUDE EXPANSION OF
OFFERING IN
CORE COUNTRIES AS WELL AS OPTIMISATION OF PORTFOLIO THROUGH
STRATEGIC SALES PROGRAMME
    * OUTLOOK: IMMOFINANZ GROUP'S STRATEGY CONTINUES TO FOCUS ON
RESILIENT AND COST-EFFICIENT RETAIL PROPERTIES AND INNOVATIVE
OFFICE SOLUTIONS
    * H1 SOLID FINANCIAL BASE WITH EQUITY RATIO OF 49.6% AND NET
LTV
OF 38.7%
    * H1 RESULTS OF OPERATIONS MORE THAN DOUBLE TO EUR 118.0
MILLION
DUE TO ACQUISITIONS AND CONSOLIDATION OF S IMMO

Source text for Eikon:  ID:nEQ5tPPnwa 
Further company coverage:  IMFI.VI 

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