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Financing

EXCLUDING SUBSCRIPTION RIGHTS FOR THE ISSUE OF CONVERTIBLE BONDS

Report of the Management Board of IMMOFINANZ AG on excluding subscription rights for the issue of convertible bonds, as authorised by the resolution adopted at the 22nd Annual General Meeting of IMMOFINANZ AG of 1 December 2015. Please find the details in the PDFs below:

Download: Report on excluding subscription rights for the issue of convertible bonds, 23 December 2016 (476,43 kB, PDF)
Download: Report on excluding subscription rights for the issue of convertible bonds, 20 April 2016 (136,45 kB, PDF)
 

FINANCING

Financial liabilities totalled EUR 3.6 billion as of 31 October 2016 (30 April 2016: EUR 3.46 billion). Cash and cash equivalents amounted to EUR 359.5 million* (30 April 2016: EUR 371.6 million). Net debt, after the deduction of cash and cash equivalents held by the Group, therefore equalled EUR 3.3 billion (30 April 2016: EUR 3.08 billion). IMMOFINANZ has a robust balance sheet structure with an equity ratio of 37.2% (30 April 2016: 39.8%) and a net loan-to-value ratio (net LTV) of 51.6% (30 April 2016: 49.4%).

FINANCING COSTS

The average financing costs for IMMOFINANZ remained stable as of 31 October 2016 and equalled 3.84% per year including the derivatives used for interest rate hedging (2015/16: 3.85%) and 3.54% per year excluding derivatives (2015/16: 3.54%). After an adjustment for the financing arranged in Russia, the average financing costs equalled 2.91% per year including the derivatives used for hedging (2015/16: 2.97%) and 2.55% per year excluding these derivatives (2015/16: 2.58%).

UNENCUMBERED PROPERTY

In addition to properties which carry external financing and/or are encumbered through standard market collateral (e.g. mortgages, pledge of company shares), EUR 676.8 million or 12.29% of the total property carrying amount was not externally financed and therefore unencumbered as of 31 October 2016. 

COMPOSITION OF FINANCIAL LIABILITIES

The financial liabilities held by IMMOFINANZ consist of amounts due to financial institutions as well as liabilities from convertible and corporate bonds. The composition of these liabilities as of 31 October 2016 is as follows:

Download: Financial liabilities of 31 October 2016 (154,13 kB, XLSX)

The remaining balance of the financial liabilities held by IMMOFINANZ totalled EUR 3,658.0 million as of 31 October 2016. As of that date, 80.85% of the financing were denominated in Euros and 19.15% in US Dollars. 
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