DGAP-News

IMMOFINANZ Group with increase in net profit - Five-year sales programme completed earlier than planned

DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Quarter Results
IMMOFINANZ Group with increase in net profit - Five-year sales
programme completed earlier than planned

19.03.2014 / 18:41

---------------------------------------------------------------------

KEY FIGURES (in MEUR) // 1 May 2013 - 31 January 2014 // Δ in % // 1 May
2012 - 31 January 2013

Rental income // 468.3 // -5.0% // 492.9
Results of asset management // 376.8 // -4.1% // 392.9
Results of property sales // 26.0 // -56.4% // 59.6
Results of property development // 11.6 // n.a. // -6.5
Expenses not directly attributable // -70.6 // -12.2% // -80.3
Results of operations // 358.7 // -7.2% // 386.3
Operating profit (EBIT) // 486.0 // 8.4% // 448.4
Net profit for the period // 225.8 // 7.1% // 210.8
Gross cash flow // 281.8 // -10.6% // 315.3
Sustainable cash flow (FFO) // 171.8 // -31.2% // 249.7


IMMOFINANZ Group recorded net profit of EUR 225.8 million in the first
three quarters of 2013/14, for a year-on-year increase of 7.1%. Results of
operations declined slightly due to numerous property sales and the delayed
completion of the GOODZONE shopping center in Moscow.

Rental income was slightly lower year-on-year at EUR 468.3 million for the
reporting period (Q1-3 2012/13: EUR 492.9 million). The results of property
sales amounted to EUR 26.0 million (Q1-3 2012/13: EUR 59.6 million). The
results of property development improved from EUR -6.5 million to EUR 11.6
million. Property sales during the first three quarters of 2013/14 led to a
7.2% decline in the results of operations to EUR 358.7 million (Q1-3
2012/13: EUR 386.3 million). However, the offsetting effects from the
parallel reinvestment of the proceeds will only be realized in the 2014/15
financial year due to the delayed completion of the GOODZONE shopping
center in Moscow.

"We sold properties with a value of EUR 863.1 million during the first
three quarters of 2013/14. With these results, we met the target for the
five-year, EUR 2.5 billion sales programme that was launched in 2010/11 -
as expected - earlier than planned", indicated Eduard Zehetner, CEO of
IMMOFINANZ Group. Property sales from May 2010 to January 2014 totalled EUR
2.52 billion. "In the transaction area, IMMOFINANZ Group wants to maintain
this speed for property sales in the future. We recently sold two office
buildings for nearly EUR 29 million and above the book value: the Airport
Office III in Düsseldorf and the Arbes in Prague. In both cases, the buyers
were institutional investors", added Zehetner.

In addition to sound operating development, positive effects from foreign
currency translation and the valuation of derivatives were also responsible