- FFO 1 before tax totals EUR 89.2 million, or EUR 92.4 million (+10.1% year-on-year) when the January bond coupon payment is straight-lined over the entire year
- Rental income rises by 5.7% to EUR 215.1 million and results of asset management by 3.3% to EUR 158.9 million
- Net loss of EUR -98.4 million due to crisis-related impairment losses
- Available liquid funds (incl. credit line and bond issue in October) reach EUR 1.2 billion
- Stronger capital structure and financing profile: equity ratio increases to 48.6%, net LTV falls to 38.4%
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KEY FIGURES (IN MEUR)
Q1-3 2020
Δ IN %
Q1-3 2019
Rental income
215.1
5.7%
203.4
Results of asset management
158.9
3.3%
153.8
Results of property sales
9.5
≥+100%
3.7
Results of property development
-21.0
n/a
9.1
Results of operations
113.1
-19.1%
139.7
EBIT
-31.7
n/a
237.1
Financial results
-60.5
≤-100.0%
-25.3
Net profit/loss
-98.3
n/a
202.6
FFO 1 (before tax)
89.2
-3.9%
92.8
FFO 1 (before tax) / share in EUR
0.83
-4.1%
0.86
FFO 1 (before tax) with straight-lined coupon payment*
92.4
10.1%
84.0
*The first full year’s coupon payment for the corporate bond 2023 in Q1 2020 (EUR 13.1 million) was straight-lined over a 12-month period for this calculation.
IMMOFINANZ recorded an increase in rental income and in the results of asset management and property sales during the first three quarters of 2020 despite the Covid-19 crisis. FFO 1 (before tax) was only slightly lower than the previous year at EUR 89.2 million.
After an adjustment for the straight-lining of a bond coupon payment in Q1 2020 over 12 months, FFO 1 improved by 10.1% to EUR 92.4 million. The capital measures carried out in Q3 2020 strengthened the equity ratio and reduced the net LTV to 38.4%.
The strong cash position of EUR 601.9 million at the end of September was increased to approximately EUR 1.2 billion by the benchmark bond issued in October and an undrawn credit line.
IMMOFINANZ is therefore very well positioned to manage the current crisis and to utilise future growth opportunities.
Rental income rose by 5.7% to EUR 215.1 million due to the expansion of the portfolio through acquisitions and completions, but a crisis-related increase in the write-off of receivables in the asset management area, primarily in the second quarter, led to substantially higher property expenses.
The results of asset management still improved by 3.3% to EUR 158.9 million despite these write-offs. The pandemic had a negative influence on the valuation of investment property: revaluations totalled EUR -153.7 million, compared with clearly positive results
