EQS-News

IMMOFINANZ 2023 with strong operating performance - Seite 3

Robust balance sheet

IMMOFINANZ Group has a solid capital and financing structure with an equity ratio of 47.3% and net loan-to-value (net LTV) of 42.1%, as well as cash and cash equivalents amounting to EUR 697.1 million at the end of December 2023. Roughly 95% of financial liabilities are hedged against an increase in interest rates.

The IFRS book value per share declined by 3.2% to EUR 26.60 (31 December 2022: EUR 27.47). The net tangible assets indicator (NTA) fell by 6.1% to EUR 28.00 as of 31 December 2023, compared with EUR 29.82 at year-end 2022. This decline resulted primarily from the loss recorded for 2023 and reflects the market-based write-down of investment property. The write-downs to investment property also led to a reduction in deferred taxes.

Outlook

Experts foresee a continuation of the challenging market environment in 2024 due to the current macroeconomic and geopolitical conditions. The market is generally not expected to recover before the second half of 2024.

IMMOFINANZ Group remains optimistic concerning the future despite these challenges. With its flexible and resilient real estate products, the company believes it is well-positioned in the current market environment. “A number of important strategic steps were taken in recent months and we can now see the first successful results. Our course will remain unchanged, whereby we will benefit from our cooperation with CPI Property Group. We intend to consequently develop our core business as a growth-oriented property owner and work to optimise the portfolio further. As seen from today’s perspective, we are optimally positioned to continue our growth course over the medium- to long-term“, IMMOFINANZ Executive Board member Radka Doehring concluded.

The Executive Board and Supervisory Board decided to ask the annual general meeting on 29 May 2024 to waive the dividend for the 2023 financial year in order to strengthen IMMOFINANZ Group’s capital base and to finance higher-yielding properties.

 

The financial report by IMMOFINANZ AG for the financial year 2023 as of 31 December 2023 will be available on the company’s website under https://immofinanz.com/en/investor-relations/financial-reports starting on 27 March 2024.