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CPI Europe AG — Earnings Release 2011
Aug 22, 2011
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Earnings Release
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Corporate | 22 August 2011 07:58
IMMOFINANZ AG: IMMOFINANZ AG on success course: Announcement of final results for 2010/11
IMMOFINANZ AG / Key word(s): Final Results
22.08.2011 / 07:58
IMMOFINANZ AG on success course
Announcement of final results for 2010/11
– Audited results confirm preliminary figures
– 60% increase in net profit
– 26% improvement in results of operations
– Dividend planned
– Optimisation course to be continued
| KEY DATA (in MEUR) | 30.04.2011 | Δ in % | 30.04. 2010 | ||
| Rental income | 578.9 | 6.9 | 541.7 | ||
| Income from asset management | 440.8 | 0.6 | 438.2 | ||
| Income from property sales | 53.8 | 74.7 | 30.8 | ||
| Income from property development | 44.6 | n/a | -19.4 | ||
| Results of operations | 458.7 | 25.7 | 364.9 | ||
| Operating profit | EBIT | 424.1 | 134.2 | 181.1 | ||
| Earnings before tax | EBT | 342.3 | 64.4 | 208.2 | ||
| Net profit for the period | 313.5 | 60.3 | 195.6 |
IMMOFINANZ Group recorded sound development for the 2010/11 financial year (1 May 2010 to 30 April 2011). Following the successful completion of restructuring, the company is now focused on the optimisation of the operating business. An increase of 60% in net profit to EUR 313.5 million confirms this course. Based on the positive development of business and diluted earnings per share of 30 cents – the difference to the preliminary figure of 31 cents per share resulted from rounding differences – the annual general meeting of IMMOFINANZ AG on 28 September 2011 will be asked to approve a dividend of 10 cents per share for the 2010/11 financial year. This distribution is defined for tax purposes as a repayment of capital, meaning Austrian shareholders who are natural persons do not pay any withholding tax.
Rental income, results of operations and net profit
The 2010/11 financial year brought an improvement in both rental income and income from asset management. Rental income rose by 6.9% from EUR 541.7 million to EUR 578.9 million. IMMOFINANZ Group expanded its investments in maintenance and renovation in 2010/11 to stabilise and/or increase the value of its properties over the long-term. Despite an increase in real estate expenses (2009/10 to 2010/11: EUR 120.7 million to EUR 164.4 million), income from asset management rose from EUR 438.2 million to EUR 440.8 million. The sound development of business was also reflected in the results of operations, which were 25.7% higher than the comparable prior year period at EUR 458.7 million. This improvement was not only supported by higher income from asset management, but also by strong growth in income from property sales (+74.7% from EUR 30.8 million to EUR 53.8 million) and property development (from EUR -19.4 million to EUR 44.6 million).
Other valuation results and financial results
Valuation results improved by a significant EUR 149.1 million from EUR -183.8 million to EUR -34.7 million. The still negative sign resulted, among others, from non-cash foreign exchange effects. The revaluation of properties in Austria, Germany, Poland and Russia produced positive results. Financial results deteriorated von EUR 27.1 million to EUR -81.8 million during the 2010/11 financial year, primarily due to the absence of foreign exchange effects.
Net asset value
Net asset value (NAV) amounted to EUR 5.71 as of 30 April 2011. Including the potential dilution through the issue of shares for the 2011 convertible bond, diluted NAV per share for IMMOFINANZ Group was EUR 5.36 in 2010/11.
Equity
Despite the negative effect of the share buyback programme (EUR -302.6 million), equity increased slightly – above all due to the outstanding net profit of EUR 313.5 million recorded for the 2010/11 financial year. A correction, in accordance with IAS 8, of deferred tax liabilities recorded in previous years increased equity by EUR 284.6 million as of 30 April 2010.
Quarterly results
Results of operations for the fourth quarter of 2010/11 rose from EUR 35.1 million to EUR 148.4 million in year-on-year comparison. In addition to an increase in rental income from EUR 140.9 million to EUR 155.8 million for this period, income from property sales grew significantly from EUR -3.6 million to EUR 28.4 million. IMMOFINANZ Group also realised another successful reduction in overhead costs following the integration of subsidiaries and holdings of Constantia Packaging B.V. and Aviso Zeta AG. With profit of EUR 84.2 million for the period and earnings per share of 9 cents (diluted) for the fourth quarter of 2010/11, IMMOFINANZ Group recorded a substantial improvement over the last quarter of the previous financial year.
Outlook
IMMOFINANZ Group will continue to focus on optimisation during the 2011/12 financial year. In accordance with the defined strategy, the company will concentrate on four core segments and eight core countries. The sale of selected properties outside the IMMOFINANZ business segments and reinvestment of the proceeds in high-quality properties will further strengthen the portfolio. The company intends to sell its fund investments and minority holdings over the medium term and thereby gradually strengthen the investment and balance sheet structure. In addition, IMMOFINANZ Group plans to expand its property development activities and accelerate the completion and acquisition of development projects and plots for project development as well as the selective reactivation of pipeline projects. In the operating business, active management of the standing investments will remain a focal point of activities during the coming year in order to raise occupancy, steadily increase rents and improve the cost structure.
The 2010/11 annual report is now available under www.immofinanz.com .
On IMMOFINANZ Group
IMMOFINANZ Group is one of the five largest listed property companies in Europe and is included in the leading ATX index of the Vienna Stock Exchange. Since its founding in 1990, the company has compiled a high-quality property portfolio that now comprises more than 1,600 standing investments with a carrying amount of approx. EUR 8.5 billion. The core business of IMMOFINANZ Group covers the acquisition and management of standing investments, the realisation of development projects and the sale of properties. The business activities of IMMOFINANZ Group are concentrated in the retail, office, logistics and residential segments of eight regional core markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.
For additional information contact:
INVESTOR RELATIONS
Clemens Eisinger
Head of Corporate Finance & Investor Relations
IMMOFINANZ AG
M +43 (0)699 1685 7315
Simone Korbelius
Investor Relations
IMMOFINANZ AG
T +43 (0)5 7111 2291
MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications | Press Spokesperson
T +43 (0)5 7111 2292
M +43 (0)699 1685 7292
End of Corporate News
22.08.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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| Language: | English |
| Company: | IMMOFINANZ AG |
| Wienerbergstraße 11 | |
| 1100 Wien | |
| Austria | |
| Phone: | +43 (0) 5 7111 – 2291 |
| Fax: | +43 (0) 5 7111 – 8291 |
| E-mail: | [email protected] |
| Internet: | http://www.immofinanz.com |
| ISIN: | AT0000809058 |
| WKN: | 911064 |
| Listed: | Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; Wien (Amtlicher Handel / Official Market) |
| End of News | DGAP News-Service |
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| 136432 22.08.2011 |