CPI Europe AG — Earnings Release 2010

Aug 3, 2011

News Details

Corporate | 3 August 2011 22:28

IMMOFINANZ AG: Preliminary Results for the 2010/11 Financial Year

IMMOFINANZ AG / Key word(s): Preliminary Results

03.08.2011 / 22:28

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IMMOFINANZ AG: Preliminary Results for the 2010/11 Financial Year
(1 May 2010 to 30 April 2011)

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,
which ended on 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
earnings per share of 31 cents (diluted), 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 auf 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
-81.894.0 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
Equity increased by the net profit of EUR 313.5 Mio. and decreased due to
the net presentation of own shares. Due to a correction in accordance with
IAS 8 of deferred tax liabilities recorded in previous years equity as per
30 April 2010 increased by EUR 284.6 Mio.

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 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 final results of IMMOFINANZ Group for the 2010/11 financial year as
confirmed by the auditor will be published together with the annual report
at the latest on 22 August 2011 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
investor@immofinanz.com

Simone Korbelius
Investor Relations
IMMOFINANZ AG
T +43 (0)5 7111-2291
investor@immofinanz.com

MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications
T +43 (0)5 7111-2291
M +43 (0)699 1685 7291
communications@immofinanz.com

End of Corporate News

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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: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)

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