DGAP-News

IMMOFINANZ: Net profit for 2015/16 negatively influenced by Russia and non-recurring effects, dividend of 6 cents per share planned

DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Final Results
IMMOFINANZ: Net profit for 2015/16 negatively influenced by Russia and
non-recurring effects, dividend of 6 cents per share planned

27.07.2016 / 18:16
The issuer is solely responsible for the content of this announcement.

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KEY FIGURES (in MEUR)* // 2015/16 // Δ in % // 2014/15

Rental income // 314.5 // -18.4% // 385.6
Results of asset management // 188.5 // -33.0% // 281.4
Results of property sales // 0.8 // -98.3% // 44.4
Results of property development // -15.0 // n.a. // 11.4
Results of operations // 118.2 // -59.1%// 289.1
Revaluation of investment properties (foreign exchange-adjusted and foreign
exchange-based) // -133.8 // 43.9% // -92.9
Financial results // -319.1 // -42.5% // -554.7
Net profit // -390.4 // 3.7% // -376.6
Cashflow from operating activities // 64.9 // -55.8% // 146.9
Cashflow from operating activities adjusted** // 158.2 // 7.7% // 146.9

*The earnings contribution from the logistics properties was reclassified
to net profit from discontinued operations due to the sale of the logistics
portfolio. The comparable data for 2014/15 were adjusted accordingly.
** Adjusted to reflect non-recurring payments for settlements with
investors and a settlement payment resulting from BUWOG's exit from the
IMMOFINANZ AG tax group

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.
Earnings were also influenced by two negative non-recurring effects: cost
overruns on the Gerling Quartier had a negative impact of EUR -48.0 million
on the results of property development and the settlement of legal
proceedings with investors resulted in costs of EUR -29.4 million. The
results of operations amounted to EUR 118.2 million (2014/15: EUR 289.1
million).

"The past financial year was influenced by numerous events and decisions to
set the course for IMMOFINANZ's transformation into a leading European real
estate company, but also reflected the tense political and economic
situation in Russia. After the very successful spin-off of BUWOG and the
sale of our logistics portfolio, our concentration on the office and retail
segments was the next step required for future growth. This growth will be