CPI Europe AG — Earnings Release 2014

Sep 19, 2014

News Details

Ad-hoc | 19 September 2014 12:11

IMMOFINANZ announces preliminary results: First quarter 2014/15 with solid operational performance, but negatively affected by FX-related revaluations

IMMOFINANZ AG / Key word(s): Real Estate/Preliminary Results

19.09.2014 12:11

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EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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IMMOFINANZ Group generated solid results of operations amounting to EUR
90.9 million in the first quarter of the 2014/15 financial year according
to preliminary data. The year-on-year decline of 6.5% (Q1 2013/14: EUR 97.2
million) resulted, above all, from the planned sale of properties in the
previous financial year. Rental income remained generally stable in
like-for-like comparison during 2013/14 (-1.3%), but the first quarter of
2014/15 saw an increase of 1.4% (versus Q4 2013/14).

In spite of this solid operating performance, preliminary figures show net
profit of EUR -14.0 million for the first quarter of 2014/15 (Q1 2013/14:
EUR 119.8 million). This development resulted primarily from negative
effects caused by the foreign exchange-based revaluation of investment
properties, which reflected the increase in the value of the Ruble versus
the Euro and US Dollar from the beginning of May to the end of July 2014.
These foreign exchange-based revaluation results of
EUR -75.9 million reduced net profit, but are non-cash. According to
preliminary data, the revaluation result adjusted for these foreign
exchange effects did not have a significant impact on net profit for the
first quarter and amounts to EUR -2.7 million.

The development of the Ruble since the beginning of August 2014 points to a
reversal of this effect during the second quarter of 2014/15. In other
words, positive foreign exchange-based results from the revaluation of the
investment properties are to be expected from the current point of view.

Excluding the negative non-cash effects from exchange rates and
derivatives, Group preliminary net profit for the first quarter of 2014/15
equals EUR 47.6 million. This represents an increase by 3.7% compared with
the first quarter of the previous financial year (EUR 45.9 million).

Preliminary figures show sustainable free cash flow (FFO) of EUR 47.7
million for the first quarter of 2014/15. This represents a preliminary
annualised FFO yield after tax of 11.4%.*

An additional factor is that the proportional share of quarterly results
for the BUWOG Group, in which IMMOFINANZ holds an investment of 49%, are
not included in first quarter earnings because BUWOG announces its
quarterly results after IMMOFINANZ Group. This timing difference in the
preparation of financial statements will lead to a one quarter shift in the
inclusion of BUWOG's quarterly results in IMMOFINANZ Group's earnings.
Therefore, the initial inclusion will take place in the second quarter of
2014/15, when the proportional share of BUWOG results for the first quarter
of 2014/15 is taken into account.

IMMOFINANZ will release its final results on Q1 2014/15 on 23 September
2014, as planned, after close of trading on the Vienna Stock Exchange.

* Recurring FFO (excl. BUWOG): Gross cash flow (80.9 MEUR) + Interest
received (MEUR 1.3) - Interest paid (MEUR 36.4) - Cash outflows for
derivative transactions (MEUR 5.4) + Result of property sales (MEUR 7.3)
based on market capitalization per 18 September 2014 (share price EUR 2.37)
excl. treasury shares and market capitalization of BUWOG stake (MEUR 731.7,
share price of EUR 14.99 per 18 September 2014).

On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe.
The company is included in the leading ATX index of the Vienna Stock
Exchange and also trades on the Warsaw Stock Exchange. Since its founding
in 1990, the company has compiled a high-quality property portfolio that
now comprises more than 520 investment properties with a carrying amount of
approx. EUR 7.2 billion. As a "real estate machine" the company
concentrates on linking its three core business areas: the development of
sustainable, specially designed prime properties in premium locations, the
professional management of these properties and cycle-optimised sales.
IMMOFINANZ Group concentrates its activities in the retail, office and
logistics segments of eight regional core markets: Austria, Germany, Czech
Republic, Slovakia, Hungary, Romania, Poland and Russia.
Further information under: http://www.immofinanz.com |
http://blog.immofinanz.com | http://properties.immofinanz.com

For additional information please contact:

MEDIA INQUIRIES
Bettina Schragl
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ Group
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com

INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance & Investor Relations
IMMOFINANZ Group
T +43 (0)1 88 090 2312
M +43 (0)699 1685 7312
investor@immofinanz.com

19.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in Open
Market ; Wien (Amtlicher Handel / Official Market)

End of Announcement DGAP News-Service

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