DGAP-Adhoc

IMMOFINANZ announces preliminary results for 2014/15: improvement in results of operations, but net profit negatively influenced by valuation effects

IMMOFINANZ AG / Key word(s): Real Estate/Preliminary Results

03.08.2015 08:13

Dissemination of an Ad hoc announcement, transmitted by DGAP - a service of
EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Preliminary figures indicate that IMMOFINANZ generated results of
operations totalling approx. EUR 316.5 million in the 2014/15 financial
year - for a year-on-year increase of 17% (2013/14: EUR 270.5 Mio.). Higher
results from property sales and property development more than offset the
expected decline in asset management results, which reflected the temporary
reduction in rental income from Russia and the sale of properties during
the year.

In spite of this positive development, net profit is expected to be
negative at EUR -361.4 million for 2014/15 (2013/14: EUR 72.0 million,
resp. EUR 176.9 million incl. 100% of BUWOG). This development is
attributable above all to the current economic conditions in Russia, which
were reflected in the valuation of the Moscow shopping centers, and to the
write-down of a number of office properties in Eastern Europe because of
the competitive market environment or pending modernisation projects.
Financial results were also substantially lower than in the previous year,
primarily due to negative non-cash foreign exchange effects from the
valuation of the USD financing for the Moscow shopping centers and a
negative non-cash effect from the valuation of the exchangeable bond for
BUWOG shares.

Based on the earnings situation in 2014/15 and the uncertainty connected
with future forecasts for Russia, the Executive Board of IMMOFINANZ will
not recommend the payment of a dividend for the 2014/15 financial year to
the annual general meeting.


IMMOFINANZ will announce final results for the 2014/15 financial year as
planned on 6 August 2015 after the close of trading on the Vienna Stock
Exchange. On 7 August 2015, the Executive Board will furthermore issue a
statement on the property group's future orientation.


On IMMOFINANZ Group
IMMOFINANZ Group is the leading listed commercial real estate investor and
developer in Central and Eastern Europe. The company is included in the
leading ATX index of the Vienna Stock Exchange and also trades on the
Warsaw Stock Exchange. Since its founding in 1990, the company has compiled
a high-quality property portfolio that now comprises more than 470
investment properties with a carrying amount of approx. EUR 6.8 billion.
IMMOFINANZ concentrates its activities in the retail, office and logistics
segments of eight regional core markets: Austria, Germany, Czech Republic,
Slovakia, Hungary, Romania, Poland and Russia. Further information under:
http://www.immofinanz.com / http://blog.immofinanz.com /
http://properties.immofinanz.com


For additional information please contact:

Bettina Schragl
Head of Corporate Communications and Investor Relations
T [phone]
M [phone]
[e-mail]
[e-mail]


03.08.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: [phone] - 2291
Fax: [phone] - 8291
E-mail: [e-mail]
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Regulated Unofficial Market in Berlin, Munich, Stuttgart;
Open Market in Frankfurt ; Wien (Amtlicher Handel / Official
Market)

End of Announcement DGAP News-Service

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