Rental income rose by 3.3% to EUR 59.0 million. The results of asset management increased by a sound 14.1% to EUR 45.0 million following a substantial reduction in property expenses. Both the results of property sales and the results of property development turned clearly positive: the results of property sales improved to EUR 3.5 million (EUR -6.0 million) and the results of property development to EUR 1.8 million (EUR -5.8 million).
“The measures implemented during the past restructuring phase are taking effect, and we can now see the expected improvement in our indicators. A significant increase in the efficiency of our portfolio led to a year-on-year reduction of approximately EUR 4.3 million, or 21%, in property expenses. In addition, financing costs fell by nearly 39%, or more than EUR 10 million, due to our extensive refinancing operations in 2017“, explained Oliver Schumy, CEO of IMMOFINANZ, on this development. “The ‘new‘ IMMOFINANZ is now very well positioned for further growth.“
Financing costs were significantly lower, as expected, at EUR -16.4 million (Q1 2017: EUR -26.7 million). The share of profit/loss from equity investments amounted to EUR 8.9 million, whereby the previous year was influenced, above all, by strong positive valuation effects from the investments in CA Immo and BUWOG (Q1 2017: EUR 134.1 million). Financial results totalled EUR -4.5 million for the reporting period (Q1 2017: EUR 93.0 million). Earnings before tax (EBT) totalled EUR 27.2 million (Q1 2017: EUR 107.0 million). Income tax amounted to
EUR -22.9 million (Q1 2017: EUR -5.3 million) and was influenced, among others, by the liquidation of Aviso Zeta and the recognition of deferred taxes for the possible sale of the CA Immo investment.
Net profit from continuing operations equalled EUR 4.3 million (Q1 2017: EUR 101.7 million). The total net profit for the IMMOFINANZ Group (including a subsequent effect from the sale of the logistics portfolio) amounted to EUR 1.0 million (Q1 2017: EUR 80.7 million).
A structured bidding process for a package sale of the approximately 26% investment in CA Immobilien Anlagen AG was started in April 2018. The outcome of this process is still open, but it is expected to be concluded during summer 2018.
Activities are current in progress to obtain the approval of the anti-trust authorities in several countries for the acquisition of a 29.1% investment in S IMMO AG. This transaction should be concluded during summer. (source: Immofinanz)